Friday, September 21, 2007
One thing will be much better by February - there will be fewer Lamborghinis in London. They are ugly, unwieldy cars and their drivers have 'tosser' stamped on their foreheads in letters of fire. There will be fewer because, as I was told by an investment manager the other night, the hedge funds are finished. They will carry on but not as remotely fashionable or exciting enterprises. The unravelling of this horrible industry - I include private equity operations - is rapid and welcome. Welcome because life is always better without these destructive hot money, 'we've beaten the market' schemes and because hedge funders might be forced to do something useful like drive taxis. Perhaps, in the not too distant future, I shall even be able to eat at the Mirabelle again.
Posted by Bryan Appleyard at 7:23 am