Avoiding the next catastrophe
This piece is taken from Daniel J. Kramer's speech which was the keynote address at IMN and the International Herald Tribune's Symposium on high performance investing in Monte Carlo, Monaco.
The bursting bubble of the bull market and the technology boom has exposed a fair amount of fraud in the hedge fund industry.
Recent years have seen money pouring into hedge funds in unprecedented amounts. One survey that tracked 2,200 funds, reported that assets were $50bn in 1993, doubled to $99bn in 1996 and doubled once again to $197bn in 1999.
In this environment, new untested managers had a
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