Monday, 29 October 2007

Algebris wants to force change at Generali

UK hedge fund Algebris has a small shareholding in Italy's largest insurer, Generali, and is trying to gain support among investor groups to force changes upon the company.

This reminds me of the time when I was working at Shaman Money Management and I was trying to force the company in a new direction. The bosses wanted to invest in the latest technology - powerful computers and the like. I wanted to invest in old technology. As far as I was concerned, we didn't have enough crystal balls, scrying fluid or even tarot cards. It was a joke. Financial shamans and money mystics were having to share basic equipment. On one occasion I ran out of fortune oil. The company refused to buy any more until the end of the month and we lost a massive amount of business as a result. I just hope Algebris knows what it is doing.