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Back in 2009 or maybe it was ’10, if you remember, hedge funds were largely short Lululemon. He’s clearly getting bid back and they’re upset, they’re embarrassed, they feel maybe they have egg on their face and there’s a lot of positioning and jockeying that goes– RITHOLTZ: Little ego involved also.
Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. Performancefees decreased by $621 million driven by fewer realization events in the private equity portfolio given the low transaction activity through the year, partially offset by strong performance of hedge funds.
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