Institutional Investor's Alpha Magazine - February 2009 - (Page 41) Patrizio Torregiani, left, a Greenwich luxury-car salesman, has seen fewer hedge fund managers coming in. Mary Ann Morrison, president and CEO of the Greenwich Chamber of Commerce, says many businesses feel the pinch. with the phrase “capital management” somewhere in the name. Men in well-cut business suits filled the Starbucks on Greenwich Avenue and stood in line at the delis. “Ten years ago you’d walk down Greenwich Avenue and, if you were a hedge fund guy, you were an anomaly,” Murray says. “Today you walk down Greenwich Avenue and BlackBerries are buzzing and everyone’s 30.” Managers (and their spouses) were drawn for any number of reasons: the People Like Us syndrome, the many affluent private and public schools, the favorable tax structure (the town itself, though it has probably been tempted to do so, doesn’t tax hedge funds and does not levy income or school taxes on residents), the ten country clubs, the polo club, the nine yacht clubs and the 15 gar- den clubs. The good life and the good times were marred only from time to time. Long-Term Capital Management, which turned out to be notoriously short-term, blew up in 1998, four years after its launch. Founder John Meriwether promptly scraped a new fund together in LTCM’s former quarters at One East Weaver Street, but JWM Partners is hard-hit these days; it announced the loss of four of its seven partners in December, as well as plans to lay off ten of 35 staff members this year. Amaranth Advisors, which ran $9 billion at its peak in 2006, exploded shortly thereafter; all that’s left are the memories. But prosperity was the norm, and Greenwich Avenue, the town’s main drag, flourished alongside the hedge fund set. Among the high-end shops that line the street are FEBRUARY 2009 • INSTITUTIONAL INVESTOR’S ALPHA • 41
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - February 2009 Institutional Investor's Alpha Magazine - February 2009 Contents Letter From the Editor Longs & Shorts Digging Out A Call to Mentor Dicey Detroit The Constant Skeptic Cover Story: The Undaunted What Were They Thinking? Dark Days in Greenwich True Stories from the Commodities Files Return of the Native The Quest for Cover Moving On from Madoff Institutional Investor's Alpha Magazine - February 2009 Institutional Investor's Alpha Magazine - February 2009 - Institutional Investor's Alpha Magazine - February 2009 (Page Cover1) Institutional Investor's Alpha Magazine - February 2009 - Institutional Investor's Alpha Magazine - February 2009 (Page Cover2) Institutional Investor's Alpha Magazine - February 2009 - Contents (Page 1) Institutional Investor's Alpha Magazine - February 2009 - Contents (Page 2) Institutional Investor's Alpha Magazine - February 2009 - Letter From the Editor (Page 3) Institutional Investor's Alpha Magazine - February 2009 - Letter From the Editor (Page 4) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - February 2009 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - February 2009 - Digging Out (Page 14) Institutional Investor's Alpha Magazine - February 2009 - Digging Out (Page 15) Institutional Investor's Alpha Magazine - February 2009 - Digging Out (Page 16) Institutional Investor's Alpha Magazine - February 2009 - Digging Out (Page 17) Institutional Investor's Alpha Magazine - February 2009 - A Call to Mentor (Page 18) Institutional Investor's Alpha Magazine - February 2009 - Dicey Detroit (Page 19) Institutional Investor's Alpha Magazine - February 2009 - The Constant Skeptic (Page 20) Institutional Investor's Alpha Magazine - February 2009 - The Constant Skeptic (Page 21) Institutional Investor's Alpha Magazine - February 2009 - The Constant Skeptic (Page 22) Institutional Investor's Alpha Magazine - February 2009 - The Constant Skeptic (Page 23) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 24) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 25) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 26) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 27) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 28) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 29) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 30) Institutional Investor's Alpha Magazine - February 2009 - Cover Story: The Undaunted (Page 31) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 32) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 33) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 34) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 35) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 36) Institutional Investor's Alpha Magazine - February 2009 - What Were They Thinking? (Page 37) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 38) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 39) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 40) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 41) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 42) Institutional Investor's Alpha Magazine - February 2009 - Dark Days in Greenwich (Page 43) Institutional Investor's Alpha Magazine - February 2009 - True Stories from the Commodities Files (Page 44) Institutional Investor's Alpha Magazine - February 2009 - True Stories from the Commodities Files (Page 45) Institutional Investor's Alpha Magazine - February 2009 - True Stories from the Commodities Files (Page 46) Institutional Investor's Alpha Magazine - February 2009 - True Stories from the Commodities Files (Page 47) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 48) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 49) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 50) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 51) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 52) Institutional Investor's Alpha Magazine - February 2009 - Return of the Native (Page 53) Institutional Investor's Alpha Magazine - February 2009 - The Quest for Cover (Page 54) Institutional Investor's Alpha Magazine - February 2009 - The Quest for Cover (Page 55) Institutional Investor's Alpha Magazine - February 2009 - Moving On from Madoff (Page 56) Institutional Investor's Alpha Magazine - February 2009 - Moving On from Madoff (Page Cover3) Institutional Investor's Alpha Magazine - February 2009 - Moving On from Madoff (Page Cover4)
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