The Iconoclast Thing: A Presidential Candidate's Reflection in Hedge Fund Managers' Eyes
From "Hedge Fund Investing and Politics" in the New York Times:
So why is Mr. Obama such a popular choice among the hedge fund crowd?
In a word, access. Unlike Mr. McCain and Mrs. Clinton, Mr. Obama is relatively new to national politics and is therefore open to bringing new people — and new money — into the tent. For money types who want a table, or at least to look involved and get an invitation to the right parties, Mr. Obama is the candidate.
As one of the hedge fund managers on the Alpha list said, “To be in Hillary’s inner circle, you had to be giving a decade ago, when Bill was president.” The same goes for Mr. McCain. [...]And then there is what some Wall Streeters describe as the “iconoclast thing.” Hedge fund managers like to think of themselves as outsiders with fresh perspectives. The Obama campaign is trying to project a similar image. Mr. Obama might be struggling with the blue-collar vote in Pennsylvania, but he has nailed the hedge fund vote.
Then again, politics, like the markets, can change fast. As one hedge fund manager who is backing Mr. Obama said, “It is very possible I may change my mind.” They don’t call them hedges for nothing.
Gong Szeto
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