Hedgefonds: Das dicke Ende kommt später.

PHILADELPHIA: Stellen Sie sich vor, Sie wollen einen Sportwagen kaufen, aber ein Blick unter die Haube wird Ihnen verwehrt. Weil das Innenleben ein Geheimnis ist. Mehr noch: Sie können nicht in Erfahrung bringen, welche Leistung ähnliche Fahrzeuge bringen, denn es gibt keine. Und schließlich gibt es auf den Wagen keine Garantie.

Dies ist die Art von Logik, wie sie für Hedgefonds gilt: Man lässt die Anleger in der Regel nicht wissen, wie sie funktionieren, und es werden keinerlei Garantien angeboten. Außerdem können Hedgefonds-Manager mit Leichtigkeit eine hohe Performance „vortäuschen“, ohne dabei erwischt zu werden.

Wie sich eine hohe Performance vortäuschen lässt? Stellen Sie sich ein relativ seltenes Ereignis vor, z.B., dass der S&P 500-Index im kommenden Jahr um mehr als 20% fällt. Derartige Ereignisse werden üblicherweise auf dem Derivatemarkt bewertet, der in diesem Fall den Kurs für ein solches S&P-Ereignis auf 10 Cents pro Dollar festsetzt. Eine Option kostet also jetzt zehn Cents und bringt einen Dollar ein, falls das Ereignis bis Jahresende eintritt – und nichts, falls es nicht eintritt.

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