Great article. I agree with the premise and believe OZM is under followed and under owned. I think it is far better to own the shares of the hedge fund managers than their products. In addition, many hedgies use their shares as additional compensation, meaning management has a very vested interest in keeping share prices high.
One interesting note is that during the financial crisis, other funds were hedging their redemptions while OZM embraced them. This higher transparency has led to a better reputation in the sector.
Jon Parepoynt Seeking Alpha
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