What is Platt cooking?
What caused BlueCrest success in recent years. I know they’ve opened a bunch of energy pods, anyone have intel on this?
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Return on margin
The fact that this question comes up every year and the answer is the same gives me more faith in the existence of long term alphas.
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LOL I can assure you it's not about the energy pods, this has always been about the rates business.
Yes they are very good, but reported returns are not apples to apples with HFs because they play around big time with the denominator, and it's a family office so not charging fees.
https://www.bloomberg.com/news/articles/2024-01-05/michael-platt-s-winn…
Curious then what you think their “real” returns are?
Generally rates funds run >= 50% unencumbered cash and depending on times 70-80%. So divide absolute returns 2-4.
Do they do any equities? I think they tried in the past - is that still a thing there?
Know he’s a macro guy but don’t see why he wouldn’t want to do equities
He shut down equities 5-6 years ago, because he clearly sees much better returns in fixed income than in equities. There is some old interview where he derides equities as an asset class.
Rates are easily 70%+ of their returns.
No idea what their "real" returns are. Some of the tricks in reporting the numbers apparently involve using utilized capital in the denominator as opposed to AUM. Also, every year he takes most of the profits out of the Bluecrest vehicle and starts over again with the old baseline AUM, so the returns haven't really compounded.
If the reported returns were over compounded AUM, Platt would be Elon&Bezos-level rich by now, if not the richest guy in the world.
How much of their returns are from rates u reckon?
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