Despite Economic Downturn, Hedge Funds Remain Popular With the Wealthy

A Bank of America survey found that hedge funds are still popular with the rich.

The survey, of 400 clients with $3 million or more in investible assets, found that more than half of those with hedge-fund investments were “satisfied” with the funds’ performance.

According to Hedge Fund Research, the hedge-fund industry was down 3.2% for the month through July 24. That’s the worst July performance since the research firm starting tracking the business in 1990, and the worst monthly performance since 2000.

Yet stocks have fared even worse. The S&P is down 16% for the year, and the Dow is down about the same.

The survey also found that investors who had held hedge funds the longest were the most satisfied. Those who had been investing in hedge funds for 10 years or more were twice as likely as those with less experience to be “extremely satisfied."

Excerpted from the Wall Street Journal Wealth Report

Most Successful Fundraiser Ever on Martha's Vineyard

There are some places in the nation that seem to be relatively immune to the economic downturns - resort destination Martha's Vineyard, for one.  A recent telethon for the Island Affordable Housing Fund broke all Vineyard fundraising records for money banked from a single event.  The telethon, underwritten in part by Plum TV, raised over $1 million for the fund.

Wealthy Consumers Turn to Web for Education About Luxury Products

Wealthy consumers are turning to the Web for much of their education on potential high-end purchases, according to a Luxury Institute survey of Americans with annual incomes of at least $150,000.

64% of the wealthy go directly to the company's website for information on the luxury good/ service; 57% solicit input from friends and family. Ratings and review sites attract 38% of wealthy consumers.

La Cornue, Bertazzoni and Viking Ranked Most Prestigious Appliance Brands

High net worth consumers rated La Cornue the most prestigious luxury appliance brand in the 2008 Luxury Brand Status Index study completed by the Luxury Institute.  Here are the top 10 rankings:

1.  La Cornue

2.  Bertazzoni

3.  Viking

4.  Wolf

5.  Sub-Zero

6.  Gaggenau

7.  AGA

8.  Thermador

9.  Bosch

10.  U-Line