Last few days in office have not been less than sheer disaster and this day, 13th October 2008, I see one of the hedge funds being the scapegoted purely because of whats going on in the financial markets world-wide.
This incidentally is (was) the first fund (and only till date) that I created by myself. Right from deciding on the capital allocation to checking the custody agreements and blah blah was done by me when we had launched this fund in August 2007. Wasn't perfect timing; however, everything we could do to protect our capital was done....infact the fund outperforms its benchmark by more than 10% YTD.
Sometimes I wonder what financial sense is? .. is to redeem out of relatively better performing positions or is it staying away from the bad one's. Incidentally whats been happening off late is that investors are selling good positions to fund some of the bad one's. How is that logical... when the market is at peak every one wants to be a part of it and when it turns bad everyone wants to leave ... bizzaaare isn't it ... however that behavioral finance. It feels disgusting to the fund manager though when peer's lose more than you do and you are bashed because you were better than the rest .... I am always gonna keep this email from my boss which said that investors are redeeming all their money from our fund and we have to close it down.... and most f*$%king thing of all we had to prepare the proposal ourselves.
Sometimes when you get up in the morning you feel there is something not right .. this has clearly been a bad day ... right from 9AM (when I saw this mail) the mood's just been terrible ...
Just as I write this blog ..my boss walked into my office ... and I said ... 'what a dis-appointing day ... we are left with only one fund ... I fail my driving license final test ...' and my boss told me strikingly ...'atleast you have a job' (pun intended)
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