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Wednesday, 30 July 2008
The Gambler by Kenny Rogers
You got to know when to hold them, know when to fold them, Know when to walk away and know when to run. You never count your money when you’re sitting at the table. There’ll be time enough for counting when the dealing is done.
On a warm summers evening on a train bound for nowhere, I met up with the gambler; we were both too tired to sleep. So we took turns a starring out the window at the darkness Til boredom overtook us, and he began to speak.
He said, son, I’ve made a life out of reading peoples faces, And knowing what their cards were by the way they held their eyes. So if you don’t mind my saying, I can see you’re out of aces. For a taste of your whiskey I’ll give you some advice.
So I handed him my bottle and he drank down my last swallow. Then he bummed a cigarette and asked me for a light. And the night got deathly quiet, and his face lost all expression. Said, if you’re gonna play the game, boy, you gotta learn to play it right.
You got to know when to hold them, know when to fold them, Know when to walk away and know when to run. You never count your money when you’re sitting at the table. There’ll be time enough for counting when the dealing is done.
Now every gambler knows that the secret to surviving Is knowing what to throw away and knowing what to keep. cause every hands a winner and every hands a loser, And the best that you can hope for is to die in your sleep.
So when he’d finished speaking, he turned back towards the window, Crushed out his cigarette and faded off to sleep. And somewhere in the darkness the gambler, he broke even. But in his final words I found an ace that I could keep.
For the first time, more hedge funds will fail this year than are originated, according to Philip Duff, of Duff Capital Advisors.
In a rare interview with CNBC, Duff said the difficulty in gauging the health of banks has made it a challenging year for the fund industry.
“The dream of starting a hedge fund has been an enormous pull for people coming in off the streets,” he said. “At the same time, delivering a consistent risk-adjusted return ... is not an easy thing to do.”
Yet Duff said the future continues to be strong for hedge funds. He welcomed more government regulation and predicted that as investment banks continue to experience problems funds will continue to grow.
“I think the hedge funds will take over a lot of the roles of investment banking in the basic function of intermediating capital and intermediating risk in the marketplace,” he said. “I do think there will be more regulation, and I view that as a good thing.”
He said hedge funds are ultimately a great investment despite the risk with which the vehicles are traditionally associated.
“The reality is the vast majority of hedge funds frankly are considerably less risky than owning a large, diversified portfolio of common stocks,” Duff said. “Perception and reality aren’t always the same.”
2 comments:
Gambler – Kenny Rogers
On a warm summers evening on a train bound for nowhere,
I met up with the gambler; we were both too tired to sleep.
So we took turns a starring out the window at the darkness
Til boredom overtook us, and he began to speak.
He said, son, I’ve made a life out of reading peoples faces,
And knowing what their cards were by the way they held their eyes.
So if you don’t mind my saying, I can see you’re out of aces.
For a taste of your whiskey I’ll give you some advice.
So I handed him my bottle and he drank down my last swallow.
Then he bummed a cigarette and asked me for a light.
And the night got deathly quiet, and his face lost all expression.
Said, if you’re gonna play the game, boy, you gotta learn to play it right.
You got to know when to hold them, know when to fold them,
Know when to walk away and know when to run.
You never count your money when you’re sitting at the table.
There’ll be time enough for counting when the dealing is done.
Now every gambler knows that the secret to surviving
Is knowing what to throw away and knowing what to keep.
cause every hands a winner and every hands a loser,
And the best that you can hope for is to die in your sleep.
So when he’d finished speaking, he turned back towards the window,
Crushed out his cigarette and faded off to sleep.
And somewhere in the darkness the gambler, he broke even.
But in his final words I found an ace that I could keep.
Hedge Fund Veteran Sees A Shakeout Ahead
29 Jul 2008
For the first time, more hedge funds will fail this year than are originated, according to Philip Duff, of Duff Capital Advisors.
In a rare interview with CNBC, Duff said the difficulty in gauging the health of banks has made it a challenging year for the fund industry.
“The dream of starting a hedge fund has been an enormous pull for people coming in off the streets,” he said. “At the same time, delivering a consistent risk-adjusted return ... is not an easy thing to do.”
Yet Duff said the future continues to be strong for hedge funds. He welcomed more government regulation and predicted that as investment banks continue to experience problems funds will continue to grow.
“I think the hedge funds will take over a lot of the roles of investment banking in the basic function of intermediating capital and intermediating risk in the marketplace,” he said. “I do think there will be more regulation, and I view that as a good thing.”
He said hedge funds are ultimately a great investment despite the risk with which the vehicles are traditionally associated.
“The reality is the vast majority of hedge funds frankly are considerably less risky than owning a large, diversified portfolio of common stocks,” Duff said. “Perception and reality aren’t always the same.”
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