The Go-Go Years
Some epitaphs for the go-go years:
In mid-October 1970, the week before Gramco Management suspended redemptions and sales of its collapsed offshore-fund, Director Pierre Salinger sat perched on the desk in his London office and said amiably to a reporter, “The offshore business is a dead duck.” Gramco stock, which had once sold at 38, was then available for 1½.
In June 1972, a block of preferred shares of Bernie Cornfeld’s (more properly, formerly Bernie Cornfeld’s) Investors Overseas Services changed hands in Geneva at one cent a share.
Between the end of 1968 and October 1, 1970, the assets of the twenty-eight largest hedge funds declined by 70 percent, or about $750 million. (Theoretically, hedge funds alone among ...