Hedge fund bests Buffett

Christopher Joye

Coolabah Capital

In The Australian Financial Review I argue that the best traders make money through consistent short-term investing rather than via irregular long-term bets given volatility and uncertainty scale with time and in this context reflect on the incredible net returns produced by the world's greatest investor, Renaissance Technologies, which have bested most folks' favourite Warren Buffett by 2.4 times annually over the last 29 years with much lower downside risk. Also check out my chart of their year-on-year performance below. Excerpt enclosed: "Whereas I can predict with certainty what you will be doing in the next 30 seconds---reading this enthralling column!---I have scant hope of divining your decisions in 30 minutes or 3 hours. The probability of the US Federal Reserve raising rates in December oscillated wildly like a yo-yo all year, dropping to 16 per cent the day before Donald Trump was elected president. Yet within 24 hours of Thursday's Fed meeting traders had correctly handicapped a hike as a 100 per cent certainty." Free (VIEW LINK)


Portfolio Manager & Chief Investment Officer
Coolabah Capital

Chris co-founded Coolabah in 2011, which today runs over $8 billion with a team of 26 executives focussed on generating credit alpha from mispricings across fixed-income markets. In 2019, Chris was selected as one of FE fundinfo’s Top 10 “Alpha...

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