Total return on the Shadow Stock Fund has averaged 9% a year during its existence, to 13% for the S&P 500.
Witness the Shadow Stock Fund, which opened not quite ten years ago with just this strategy and has badly underperformed the market averages.
We keep no learning that AIG, this triple-A, very closely regulated insurance company, also had under its roof this unregulated, unsupervised shadow hedge fund that was doing all this structured-finance stuff.
New York is the place to be this week for the newest generation of shadow political fund-raisers.
According to prosecutors, Mr Gray's efforts in 2010 were helped by a massive "shadow campaign" funded by a city contractor, so far unnamed by prosecutors.
After decades in the shadows, the fund, the Abu Dhabi Investment Authority, is turning heads on Wall Street and in Washington by making high-profile investments in the United States and elsewhere.
And, as grim news followed grim news that autumn, bank after bank – among them, most dramatically, Northern Rock – admitted that they too had their own Jersey-based shadow operations funding the mortgages that eventually blew up the British financial system.
For many years Greenhill's anti-commercial stance bothered Walker and the company's main board member, Nick Singer, a banjo-playing design engineer who took care of about a third of Shadow's funding in the 1990s.
