Last Updated on November 18, 2008 by stlplace
It seems to me the panic selling in the stock market never ends. I can think of the following sources of sellers:
1) Hedge fund. Yesterday Congress has an testimony on Hedge Fund, and five famous Hedge Fund managers were there. Hedge fund industry has grown rapidly in last 10 years. Besides wealthy clients, they manage money for pension funds and university endowment funds, which in hindsight are not suitable investors for hedge funds. A recent example is T. Boone Pickens lost his $165 million endowment to his alma mater University of Oklahoma. How big is hedge fund? One source I heard is the hedge fund industry manages $1.3 trillion in the US.