Catch that wave

just like a hedgie

just like a hedgie

Why is running a hedge fund like competitive surfing? Apparently, it’s a mixture of the length of your wave and how aggressive your moves are.

That is the opinion of Pedro de Noronha, one of the few who have done both for a living. Mr de Noronha, who left surfing for the world of financial services because he wanted more intellectual stimulation, says the kind of strategic thinking that stood him in good stead while on a board helps in managing Noster Capital, his hedge fund.

On surfing: “Although a lot of surfers were more talented than I, I guess I was smarter than them and played the rules better.”

On managing a hedge fund: “I don’t think I’m smarter than everyone else, I just have a lot of common sense and a long term view”.

Time has yet to tell how the common sense and long term view will work as an investment philosophy. His global value fund was launched in March last year, since when it has had a pretty rocky time – down 6 per cent in 2008, up some 18 per cent this year.

Because it’s almost all his own money – the fund has only just opened to new investors – Mr de Noronha can sit it out, waiting to be proved right.

About the blog

FTfm is no longer updated but it remains open as an archive.

FTfm's specialist writing team offer their insights into the global fund management industry.

About the authors

Pauline Skypala has been editor of FTfm for four years having previously been deputy personal finance editor. She joined the FT in 1999 and has been writing on savings and investment issues throughout her career.

Steve Johnson, FTfm deputy editor, has been a journalist for 17 years, 10 of which have been with the FT.

Sophia Grene, reporter on FTfm, has been a financial journalist in print and online for 12 years.

Ruth Sullivan has worked as a financial/business journalist and foreign correspondent and for the past 10 years has been at the FT.