Mon, Jan 22, 2018
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Delivering Alpha roundup - managers hate bitcoin, love store brands

Wednesday, September 13, 2017

Bailey McCann, Opalesque New York:

Investment managers really hate bitcoin. At least that was the overwhelming takeaway from the panels yesterday at the CNBC Institutional Investor Delivering Alpha Conference in New York. When asked, nearly every manager at the event suggested that bitcoin was overhyped and potentially dangerous. JP Morgan's Jaime Dimon went so far as to call it a "fraud".

"Let's talk about a bubble I have no interest in - bitcoin," Saba Capital Management's Boaz Weinstein said from the stage during a panel that was supposed to be about debt. "People watch it go from zero to four thousand and they get FOMO. That's all it is," he added.

That hatred also extends to bitcoin's underlying ledger technology blockchain as well as the rampant growth of initial coin offerings which allow entities to create their own virtual currencies. ICOs have been in the news lately, following an announcement from Chinese regulators that they were cracking down on the offerings, citing concerns about the rigor of all of these new virtual tokens.

Only one manager - Social Capital's Chamath Palihapitiya was willing to come out in support of bitcoin and blockchain. "We've been massively long [bitcoin] since the beginning," he said during a separate panel. "When it comes to this technology the genie is out of the bottle." Notabl......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Statsure Financial launches captive insurer for hedge funds[more]

    Bailey McCann, Opalesque New York: Hedge fund managers have a new option for protecting their business. Launching this week at the annual MFA Conference, Statsure Financial is offering a captive insurance solution for hedge fund managers. Many large companies have captive insurers - insurance

  2. Legal - Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says, Hedge fund blasts defense of Puerto Rico restructuring law[more]

    Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says From A former hedge fund executive faces federal charges for defrauding a UK-based charity over investments in Africa, according to a grand jury indictment made public Wednesday.

  3. U.S. economy, inflation and alternative investments to dominate 2018 markets, says family office Wilmington Trust[more]

    Komfie Manalo, Opalesque Asia: The emergence of a late-cycle economy in the U.S., the mystery of inflation and growth from a domestic and global perspective, and the potential for alternative investments to prosper against a backdrop of rich valuations, low yields, and higher volatility are the t

  4. Performance - Some hedge funds deliver double-digit gains for 2017, Brevan Howard's hedge fund suffers biggest annual loss in 2017, Crispin Odey's flagship hedge fund plummeted about 20% in 2017, Profits fall 90% at ex-Morgan Stanley banker's hedge fund, Fannie-Freddie overhaul might mint hedge fund riches, losses[more]

    Some hedge funds deliver double-digit gains for 2017 From Reuters/ A handful of hedge funds ended 2017 with double digit returns, their investors said, at a time the $3 trillion industry took in fresh money and posted its best returns in years, industry data show. Act

  5. Investing - Hedge funds start 2018 with record $19 billion bet on the euro, Hedge fund Kora Management invests in Satin Creditcare[more]

    Hedge funds start 2018 with record $19 billion bet on the euro From Hedge funds have kicked off 2018 with their biggest bet ever on the euro rising, a clear vote of confidence in the single currency but, with positioning so stretched, one which could backfire in the near ter