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MIELLE: After 2008? RITHOLTZ: 2008, ’09. MIELLE: And then the biggest luck of it all, is I joined Canyon in the ‘90s and there was a tsunami that literally lifted all waves of hedge funds from ‘90 to 2008 and even beyond. I guess other than Lehman Brothers, most of them were either rescued or absorbed into another entity.
And that could be painful, because someone will have to take the pain, even if, unlike 2008, where the risk was concentrated on banks’ balance sheet, today is much more spread across, let’s say, asset managers. And I think this is where the industry should be heading.
One area that deserves some blame is the fees that these fund managers charge. For example, more sophisticated hedge funds typically charge a flat management fee of 2%, coupled with a performancefee that takes 20% of annual profits. Apple: if you invested $1,000 when we doubled down in 2008, youd have $48,196 !*
Apple: if you invested $1,000 when we doubled down in 2008, youd have $43,181 !* Is that revenue largely recurring, or were there one-time delivery or performancefees lumped in there? And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, youd have $302,501 !*
Apple: if you invested $1,000 when we doubled down in 2008, youd have $44,179 !* billion was up 13% year on year, predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performancefees. Revenue of 5.8 Expenses of 3.8
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $44,153 !* Michael, as the third quarter went through, I believe we typically get some annual performancefees that hit in Q4. And maybe what type of earnings impacts that may have as far as margin on those performancefee in fourth quarter?
By significantly expanding our credit platform in 2008 in advance of the extraordinary investment opportunities that arose from the global financial crisis. And then if you could just remind us of what the -- what you think the comp ratio overall on core plus is maybe that's kind of the by product.
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