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 把goldriver先生的帖子搬拷过来 -- Hedge Fund Manager Jim Rogers Says Industry Peaked |
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把goldriver先生的帖子搬拷过来 -- Hedge Fund Manager Jim Rogers Says Industry Peaked -- 大甩 - (3510 Byte) 2004-12-03 周五, 03:40 (1027 reads) |
大甩
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加入时间: 2004/11/19
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作者：大甩 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Reuters Thursday, December 2, 2004
TOKYO Fund managers piling into hedge funds and private equity investments are on the tail end of a passing fancy that is likely to leave them disappointed, a prominent U.S. investor said Wednesday.
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"It is a fashion," said the investor, Jim Rogers, author and co-founder with George Soros of the Quantum Fund.
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"It is a class. It is a moment. But it is wildly overcompetitive. People have got to find somewhere to squander investors' money. These are two new places that 10 years ago were undertapped and underexplored."
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Interest in private equity - where firms typically buy, fix and sell companies - and hedge funds, which make money through a wide range of investment styles such as selling stocks short, has mushroomed as stocks prove volatile and bond yields languish.
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As a result, in recent years money has flowed into hedge funds, which are now estimated to control about $1 trillion in assets worldwide.
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In Asia alone, hedge fund assets under management doubled in the past year to $47 billion by the end of June, according to AsiaHedge, an industry data provider, while the Asian Venture Capital Journal estimated that private equity firms had raised more than $5 billion by mid-2004.
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But Rogers, known for his contrarian investment views, said growing competition and a ballooning pool of money would increase pressure on private equity investors to make acquisitions - a recipe for disaster.
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"Everybody reads the great success stories," he said, "then they rush out and try to do the same thing. You should always sell hysteria and buy panic. Hysteria always ends badly. And panic nearly always ends well."
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Rogers, an Alabama native and a graduate of Yale University, added, "You can't believe the lunacy the hedge fund industry is right now."
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One popular investment that Rogers likes is China, which he said would come into its own in this century. But he is pessimistic on India, citing infrastructure challenges and a diverse culture that he said could often lead to conflict.
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Rogers is unfazed that investors are piling into parts of the world he refuses to look at.
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"One of the things I have learned is when the foreigners show up in a market, it's time to leave," he said.
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作者：大甩 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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