Third Wave - March 2008

When Robert Birnbaum and Laurence Smith formed their hedge fund, they had a hard time deciding what to name it. They discussed various options and then realised, as Birnbaum says: "There was the first wave of hedge fund investing, which was to go short to protect your capital. There was the second wave, when managers would ‘have a good idea and leverage it'." Then there was what he calls "the third wave, of putting risk and return together to get consistency of returns". So Third Wave Global Inv