Hedge funds intro

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Hedge funds intro발음듣기

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In this video I want to see if we can understand the idea of a hedge fund a little bit better.발음듣기

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And these tend to be pretty mysterious, and sometimes get a bad name because some hedge funds do do some fairly strange things and secretive things in the market.발음듣기

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So people are, rightfully so, suspicious of many of them.발음듣기

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But the real difference between a hedge fund and the types of mutual funds that we just talked about are that they're not regulated by the SEC.발음듣기

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And because they are not regulated they can't market themselves.발음듣기

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That's why when you watch financial shows, or you get a magazine, a finance magazine you will not see ads for hedge funds.발음듣기

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The mutual funds are all over the place, marketing them left and right.발음듣기

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Hedge funds the largest hedge funds in the world are definitely not even household names.발음듣기

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Very few people even know what those largest hedge funds in the world are.발음듣기

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And that's because they can't market themselves.발음듣기

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No matter how good of a track record, or really how reasonable of a fund they might be - some might not be reasonable, some are - they can't market themselves.발음듣기

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And they also can't take money from the public.발음듣기

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So in general, in order to invest in a hedge fund, you have to be an accredited investor, which means you have a certain net worth, or maybe you have a certain income, or maybe by virtue of your education you can prove that you have a certain level of sophistication to invest in these things that aren't regulated.발음듣기

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You, I guess, don't need the SEC to watch your back.발음듣기

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So the regulation is a key difference.발음듣기

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Marketing, no money from the public.발음듣기

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And then the other key difference is how the managers tend to be incented.발음듣기

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I know incented is not a word, or motivated.발음듣기

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In the mutual fund world, managers get a percent of assets.발음듣기

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So for mutual fund manager, larger is better.발음듣기

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The more under management the more money the mutual fund manager's going to make.발음듣기

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So they really just want to keep marketing it, marketing it, marketing it.발음듣기

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They don't get a cut of the profits.발음듣기

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So you really there's not a lot of incentive to kind of really beat the market here.발음듣기

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Because if they kind of don't be the market one year, then all of a sudden, their fund will shrink.발음듣기

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So they really just get a fee on the size of the fund.발음듣기

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In a hedge fund, and usually the implication is that a hedge fund will be more actively managed, they'll get a larger management fees.발음듣기

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So larger management fee, instead of the 1%, 1% is actually a lot for mutual fund.발음듣기

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Instead of that, hedge funds tend to be 1% to 2%.발음듣기

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So 1% to 2% management fee, and sometimes even larger than that.발음듣기

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But the even I guess bigger difference, and this is where hedge funds are very different from a traditional mutual fund, is that the management company, the general partner, gets a percentage of the profits.발음듣기

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So with a hedge fund manager or the management company, the going rate tends to be about 20$ of the profits of the fund.발음듣기

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Sometimes it's less, sometimes it's a lot more.발음듣기

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Some very successful hedge funds get 25%, 30% or even a larger percentage of the profits.발음듣기

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So with that out of the way in the next video, I'm going to do some different mechanics of essentially the same returns, but one by hedge fund and then one by a traditional mutual fund.발음듣기

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