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New Managers March 2013

47N Series - Where's the beef?

Fraser McKenzie

This article was authored by Fraser McKenzie, Manager Partner, 47 Degrees North Capital Management is a specialist alternative investment firm, and a pioneer in early-stage hedge fund investing. It was selected as one of three successful candidates out of 97 applicants to manage the emerging hedge fund managers program at CalPERS.

47N is a leading proponent of corporate governance in the hedge fund industry; so the objective of this series of articles is to discuss and inform on current corporate governance issues.

Almost 30 years ago, during the US presidential primaries in the Spring of 1984, the Democratic Party presidential candidate, Walter Mondale, famously retorted to Republican Senator Gary Hart during a televised debate; "When I hear your new ideas, I'm reminded of that ad; "Where's the beef?".

Mondale was referring to an advertising campaign run by the Wendy's fast-food chain earlier that same year, designed to denigrate a competitor's hamburger. The slogan went on to become a famous catch-phrase, although it didn't win Mondale the election against Ronald Reagan - who had a few good lines of his own. It became the rhetorical question posed to anyone or anything that appeared to lack substance.

In financial market terms, investors in hedge funds and, in particular, fund of funds are also entitled to ask; "Where's the beef?" Amongst the wreckage that litters the fund of hedge fund business landscape, it's an increasingly difficult question to answer.

Long gone are the days when a ......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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