Maureen,
I think that sometimes people stay away from discussions on matters
like this because we feel that:
1. "I have no idea what is being discussed here. This conversation is
way beyond me."
2. "Does this talk about Madison Marquette's investors have anything
to do with me?"
Let's dig into these legitimate concerns/questions and do some
explaining. For everyone's benefit, can you please answer the
following questions in a way that even a novice on these matters
could understand?
1. What is a "fund"?
2. Who is Capital Guidance?
3. How much of Madison Marquette does Capital Guidance own?
4. If Capital Guidance loses billions of dollars, how might this
impact Madison Marquette and their dealings here in Asbury Park?
5. What is a hedge fund? And why would it matter if Capital Guidance
was or was not a hedge fund?
6. What is PERS and what does there using a strategy called "portable
alpha" have to do with Asbury Park?
7. What is a Wall Street trading partner and why does PERS have to
pay them $2.5 billion and again, what does this have to do with
Asbury Park?
8. What does "liquidating investments" mean and how does one "shore
up their losses" by doing this?
9. What should Capital Guidance have "locked up for a couple of
years"? And again, what does this mean for Asbury Park?
I think that answering these questions may help people understand the
situation a little better and could give all of us the information we
need to make intelligent comments.
Now, I am sure that I am not the only person that had questions like
this, so for those of you on the list that had similar
thoughts/questions and did not speak up, please do so in the future.
There is no reason to be embarrassed about a lack of knowledge or
understanding on these complex financial/investing matters. This is
serious stuff. Give yourself a break, if this is not your field of
expertise, why would you have any/all of the answers or even the
right questions? However, given the current global, national and
local financial situation, it is important for all of us to start to
understand these things better and to make policy decisions for our
community in light of the best data and analysis available.
Ok, Maureen, fire away.
Peace, Councilman Jim Keady
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