There is no shortage of people who could come up with an attractive portfolio. What’s less clear is whether a small group of people — mostly self-made multimillionaires — could make any meaningful investment of assets at all.
That is why a growing number of large hedge funds — including those run by the famous billionaire John Paulson and the New York hedge fund executive Steven A. Cohen — now offer a “day trade” investment option that lets investors sell stocks or futures or whichever instruments they like most at the end of a trading day.
In addition, a growing number of hedge funds now accept a commission for the day trades they make; a lot of that money goes back into the hands of the managers, who then use it to buy back shares for the next investors who wanted to purchase them. In theory, the more you trade, the more money there is going out.
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And when you think about it, it’s worth it. Many times, the very best hedge fund managers do not even make a profit on a single day. If you have $80 billion at stake in a major hedge fund, you might be on the hook for roughly $3 billion, in the form of commissions or gains on assets that were not included in the $1 billion you actually owned.
On Tuesday the Supreme Court of Canada made it clear, once again, that a man’s right to privacy is sacrosanct and absolute. It ruled in a case like this — that police can violate a man’s rights against unreasonable intrusion into his life without warning, without even a criminal conviction — that “no individual has a constitutional right to be free from state interference with his private affairs.” But what the court apparently didn’t understand is that it also means that he can’t be forced to comply with that state interference.
At issue is Bill 28, which allows police to tap phones without a warrant, to access computers, search people’s texts, and to obtain records of the content of phone calls and emails without a warrant.
What the court’s reasoning amounts to is a rule that the government can be as intrusive as it wants to a particular individual or group, without causing the individual or group any personal injury and without making them less safer. This is how it’s supposed to work, right?
Well, not so fast. The Supreme Court of Canada and its judge in the case have made it clear that there are limits to this policy of the police. For
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