(Bloomberg)Investor appetite for hedge funds has waned after too many managers started such vehicles in the past decade, Oaktree Capital Group LLC’s Howard Marks said.
“People have grown appropriately skeptical,” the billionaire investor, whose firm doesn’t manage hedge funds, said Thursday when asked about the $2.9 trillion industry on an earnings conference call. “The performance of the greatest hedge funds, run by geniuses, created a huge umbrella over this industry, which permitted the other 9,990 hedge fund managers to start hedge funds and command hedge fund fees.”
