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Due to the current political climate, the young hedge fund industry in Germany is not having an easy time communicating its positive message. The industry is suffering increased criticism and one is ever more reminded of the beginnings of this industry in the 90s, when crass misunderstandings ruled and no prejudices remained unexpressed against hedge funds. A subtle ironic reply to this criticism is written by Manfred Kastner, founding partner of Vienna Portfolio Management AG and Absolute Plus Zurich AG, who was one of the first to offer hedge fund products in Germany and is highly respected for his vast knowledge of the international hedge fund scene. This article was originally published in German by Absolut Report.

Many of the current, one-sided hedge fund discussions and the media headlines can be summed up in one sentence by the famous Karl Kraus: ”It is not sufficient to have no thoughts. One must also be unable to express them.” Today, many things seem to be coming to a head. For example, the art of asserting oneself often reaches a climax during election campaigns. This leads to facts being far removed from their context and spectacularly twisted to make headlines. This may help short-term political goals and numbers of sold issues, but unfortunately, it serves neither for objective reporting nor for knowledge about connections. Yet, we are already drowning in information, and are starving for knowledge instead of propaganda. Once again, one hears the fall......................

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