market folly

A while back we mentioned on the blog that there would be quite a cast of hedge fund characters at the Absolute Return + Alpha Hedge Fund Symposium. That event recently took place in the beginning of November and we'll have a full post covering the event shortly. But in the mean time, we wanted to present the keynote address given by Millennium Partners' Israel Englander.

Englander addressed the issue of transparency and 'friendly' relations between hedge funds and investors. Due to the crisis, investors have (rightfully) demanded more information and more rights. The credit crisis certainly highlighted some of the flaws in the industry and Englander also points out that the manager's interests need to be aligned with that of the investor.

We highly recommend checking out this hedge fund great's take on the current industry. Courtesy of Dealbook, embedded below is the transcript of his keynote address (RSS & Email readers come to the blog to view it):



Unfortunately, Dealbook blocked downloading privileges so you'll have to make-do with the Scribd embedded document. We recommend selecting 'full screen' so it's easier to read. Stay tuned as we'll pen a separate post detailing the event where we'll cover insight from other prominent hedgies.