A few years back, a fellow named Wylie Tollette faced some uncomfortable questions as he sat before the public oversight committee of the California Public Employees Retirement System (“CalPERS”). As the pension fund's Chief Operating Investment Officer, Tollette was responsible for updating the [...]
From 47th Street to Wall Street
My grandfather was from Queens. He was a great guy, and he taught me a lot. He was also a native New Yorker, so he was street smart, and he was tough. Among the lessons he taught me, this one stands out: One day, while we were walking together down 47th Street, near Times Square, I stopped to look [...]
From Wimbledon to the broom closet to bankruptcy
Sometimes the most surreal things happen. For example, anyone who remembers the 1980s tennis prodigy Boris Becker may be shocked to learn that last month, in a London courtroom, Becker was declared bankrupt. After winning Wimbledon and countless other tournaments, Becker's personal fortune was [...]
Warren Buffett’s best advice
In a classic episode of the TV show Seinfeld, Jerry and his friends invoke the term “bizarro” to describe an odd, alternate version of their own world. This term — bizarro — actually originated in the 1960s, in Superman comics, and it has entered popular usage to refer to any situation which seems [...]
A careful look at private funds
When asked why he robbed banks, Willie Sutton replied, "because that's where the money is." Similarly, private funds are attractive to high net worth investors because they carry the potential for outsized returns - that's where the money is. Several factors explain this potential. Among them: [...]
