Institutional Investor's Alpha Magazine - April 2008 - (Page 64) Cover Story Washington Light Hedge fund managers emerge from the shadows to help shape the regulation debate in Washington. By Imogen Rose-Smith Into the I n February 2003, James Chanos, founder of the $3 billion hedge fund firm Kynikos Associates, invited a Washington lobbyist named Andrew Lowenthal to talk at his annual “Bears in Hibernation” conference in New York. Being neither a hedge fund manager nor an investor, the lobbyist was a curious choice for an investment symposium. But then, Chanos is a curious sort of hedge fund manager. A renowned short-seller who isn’t afraid to say what he thinks, Chanos was one of the first people to publicly question the now notorious accounting tactics of Enron Corp. and had made a name for himself as a fundraiser in Democratic circles. He was pleased to see that when Lowenthal spoke, the audience listened. “He said, ‘I am beginning to hear about hedge funds in the halls of Congress,’” Chanos recalls. “‘And no one in D.C. knows what you all do.’” That got people’s attention, for the debate over hedge fund registration was just heating up, and managers were becoming newly aware of a proposal that the Securities and Exchange Commission be deputized to begin registering funds. What Chanos was coming to realize well before most of his colleagues was that although Washington wanted to start regulating hedge funds, it knew next to nothing 64 • INSTITUTIONAL INVESTOR’S ALPHA • APRIL 2008
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - April 2008 Institutional Investor's Alpha Magazine - April 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Here to Eternity The Good Guys: Voice of Hope Cover Story: The Kings of Cash Where the Money Is Into the Light Interview: Proceeding with Caution Strategies: A Convenient Truth Alpha Bytes: Village Voice Unhedged: Commentary: No Time for Complacency Institutional Investor's Alpha Magazine - April 2008 Institutional Investor's Alpha Magazine - April 2008 - Institutional Investor's Alpha Magazine - April 2008 (Page Cover1) Institutional Investor's Alpha Magazine - April 2008 - Institutional Investor's Alpha Magazine - April 2008 (Page Cover2) Institutional Investor's Alpha Magazine - April 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - April 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - April 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - April 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 18) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 19) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 20) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 21) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 22) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 23) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 24) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 25) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 26) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 27) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 28) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 29) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 30) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 31) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 32) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 33) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 34) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 35) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 36) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 37) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 38) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 39) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 40) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 41) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 42) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 43) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 44) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 45) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 46) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 47) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 48) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 49) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 50) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 51) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 52) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 53) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 54) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 55) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 56) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 57) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 58) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 59) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 60) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 61) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 62) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 63) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 64) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 65) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 66) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 67) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 68) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 69) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 70) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 71) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 72) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 73) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 74) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 75) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 76) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 77) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 78) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 79) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 80) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 81) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 82) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 83) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page 84) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page Cover3) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page Cover4)
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