Gosh... I just don't have $42 million to throw around anymore, times, I guess, are tough all over.
So the pressure begins to build, and eventually, said Andy Kessler, a former hedge fund manager, “you stop spending.” Why? Fear, mostly.
“You worry about redemptions,” Mr. Kessler said, “you worry about margin calls, and you worry about working for free. Down 7 percent may be no big deal, but when your investors say, ‘Get me out,’ you have to sell everything.”
After years of eye-popping returns, sudden losses can be wrenching. Aware of the psychological impact that high-pressure trading can have, several funds have retained psychologists to counsel stressed managers.
“It has been a very challenging period for these people,” said Jonathan F. Katz, a psychologist who works with large hedge funds. “I have seen people shaken, their confidence eroded. They are upset and depressed.”
Guess they'll just have to pick 'em selves up, dust 'em selves off and wait 'till next year for the 11-acre estate, with its 2 swimming pools, 21 bedrooms and sweeping view of Lake Agawam.
Oh! The humanity...
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