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Group Of 10 Elite Hedge Fund Managers Made $7.7 Billion In 2018
Remarkably enough considering investors just endured a year that will be remembered as one of the worst for cross-asset performance in recent memory, Citadel founder and hedge fund billion Ken Griffin - who capped off a $700 million real-estate buying binge by dropping more than $450 million for properties in London and New York City - still finished the year well in the black.
According to Bloomberg, Griffin was one of the leaders of a pack of well-compensated hedge fund billionaires who saw their wealth expand by $7.7 billion in 2018. Griffin alone saw his fortune swell by $870 million, bringing his total net worth to $10 billion.
Citadel had a good year last year, but its returns didn't include anything on the scale of George Soros' legendary pound short or John Paulson's bet against the housing market. So how did he do so well?
The answer is that funds like Citadel and Ray Dalio's Bridgewater Associates have grown so large, they effectively throw off hundreds of millions - if not billions - of dollars in fees a year, even during relatively lean stretches for the market.
"We still want the mega funds to produce returns that are better than a typical hedge fund, that’s why we’re willing to pay the 2 and 20 percent fees," said Tim Ng, CIO of Clearbrook Global Advisors, which invests in hedge funds. "We’re willing to tolerate lower performance from some in a market like 2018 because they have for years outperformed their peers."
rest at link
https://www.zerohedge.com/news/2019-02-16/group-10-elite-hedge-fund-managers-made-77-billion-2018
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here you baker
NEW YORK (AP) — A series of manhole fires in midtown Manhattan on Saturday forced the evacuation of a theater complex where performances of plays including “Jersey Boys” and “Avenue Q” were underway.
No injuries were reported from the manhole fires at around 8 p.m. at West 50th Street near Eighth Avenue.
But a representative for the theater complex New World Stages said patrons were evacuated as a precaution.
“Thankfully, no one was hurt,” said Michael Coco, senior director of theater operations for the Shubert Organization.
The plays that were canceled for the night also included “The Play That Goes Wrong,” ″Puffs” and “As Spirited History of Drinking.”
Photos posted on social media show flames shooting into the air. Tim Teeman, a senior editor at the Daily Beast, posted on Twitter that he was inside the theater complex when he heard “4 or 5 bangs/explosions” and smelled smoke.
The Fire Department says the fires were under control by 9:15 p.m.
Subway trains skipped the 50th Street station on the C and E lines while firefighters investigated.
A spokesman for Consolidated Edison said no one lost power. The cause of the fires was not known.
https://www.apnews.com/410090bf4cf9465aac42490fb15481e0?utm_medium=AP&utm_source=Twitter&utm_campaign=SocialFlow
https://twitter.com/TimTeeman/status/1096949089890111490
same. was up in rafters once and sparked a line with a flat-head screwdriver, tripped mains…fuck electricity ever since.