Re: How have hedge funds weathered the credit crisis?
Thomas F. Cooley is the Richard R. West Dean and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He was appointed Dean of NYU Stern in 2002.
The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has received numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and business education. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms.
Before joining NYU Stern, Dean Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Dean Cooley was a systems engineer for IBM Corporation. Dean Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
Question: How have hedge funds weathered the credit crisis?
Thomas Cooley: Well, again, some of the hedge funds are doing very well. The hedge fund that bet against mortgages that sort of made big bets against sub-prime lending, did phenomenally well. And many of the others did very well also. So Renaissance Technologies, for example, which is a quantitative hedge fund, had a banner year. So they made lots of money. A lot of people thought that the problems-- that risks of the credit markets were going to come from hedge funds. Instead they came from investment banks and other banks. And so, I think there will be though, at the end of this process, a bit of a shakeout in the hedge fund industry. We'll see a lot of the less successful, weaker funds, going out of business. I don't think we've seen all the losses yet, so.
The ones that bet against mortgages did phenomenally well, Cooley says.
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