The spot-on quote can make a journalist’s dayand indeed, his story, especially if it comes from an indisputable or ancient authority. But what writer doesn’t live to be first to spot the dwarf star soon to be a giant. That said, this article builds upon Matt McCleery’s observation in last month’s Marine Money, ” Another compelling source of capital for shipping, both debt and equity, in the United Sates in 2002 will be hedge funds.” (MM Vol. 18, No. 1). Self-serving say some to quote the family? In his oft-spoken refrain of simply “Follow the liquidity,” Matt McCleery has been right first consistently from shipping high yield bonds to IPOs and now to hedge funds. And not only in recognizing the instrument, but also in defining what is required to access it. So if hedge funds are where the liquidity trail and hence, the course of ship finance, are next headed, owners should know more about them since they are among the most inscrutable finance instruments used today.
This is only an excerpt of HEDGE FUNDS – TAKE TWO
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