• Fast Money: A New Risk Factor
  • The composition of holders in a security have an influence on it's future risk and return
  • "Fast Money" managers tend to behave predictably in how they manage risk during periods of stress
  • Securities predominantly owned by "fast money" tend to be hit the worst during periods of stress
  • Crowded hedge fund positions also held by "fast money" managers demonstrate significantly lower returns than crowded trades owned by "slow money"