Browsing: Archive for 2013

Archive for 2013

Climate Change: the Science that Dare Not Speak Its Name

Jul 31st, 2013 | By | Filed under: Alternative energy

Guest columnist Doug Friedenberg looks at climate change's investment potential.Read More

Axioma on those Low-Vol Picnic Baskets

Jul 25th, 2013 | By | Filed under: Alpha Strategies, CAPM / Alpha Theory, Indexes

The success of low-volatility strategies has been noted in the literature at least since the mid-1970s, with the publication of a seminal work by Haugen and Heins. And such strategies continue to prove successful today. Why do they still work? Why don't the excess profits draw in the bears, consuming all the picnic baskets, driving profit levels down to normal? Read More

Alternative Entrepreneurs Generating Alpha

Jul 18th, 2013 | By | Filed under: Alpha Seekers, Alpha Strategies

Guest columnist Andrew Cohan explores the challenges in today's alpha hunt.Read More

East Asian Chickens Come Home to Roost

Jul 17th, 2013 | By | Filed under: Institutional Investing, Liability Driven Investing

In east Asia, savings rates have long been high and constant, and cannot plausibly be expected to get much higher. Indeed, they may in certain respects be too high. Thus, progress in addressing the pension/demographic crunch has to come on the asset management side. Read More

Better Portfolio Management through Music Appreciation

Jul 16th, 2013 | By | Filed under: Alpha Strategies

Guest columnist Doug Friedenberg looks at alpha with a musical perspective.Read More

Stop Loss (and Gain) Rules as Alpha Generators

Jul 15th, 2013 | By | Filed under: CAPM / Alpha Theory

A strategy based largely on stop-loss and stop-gain rules, one that uses such rules as the sole means of shifting assets from one asset class to another, can earn statistically significant CAPM alpha, according to a provocative study from the University of Arizona. Read More

The Morgans Hotel Group Fight: Part Two

Jul 14th, 2013 | By | Filed under: Private Equity, Venture capital

Yucaipa has filed a federal lawsuit that accuses OTK of deceiving the shareholders of Morgans Hotel by misrepresenting the recommendations of two shareholder advisory services. As a legal argument this is ... surprising. Read More

The Morgans Hotel Group Fight: Part One

Jul 11th, 2013 | By | Filed under: Private Equity, Venture capital

The holding in Kalisman v. Friedman says that there are limits to what the majority of the board can do to keep its dissident isolated and in the dark. That is the right way to grow mushrooms, not the right way to treat a fellow director. Read More

Indexical Question: How Much Transparency is Enough?

Jul 10th, 2013 | By | Filed under: ETFs, Regulatory

In an initial consultation report in January of this year, the IOSCO Board took an aggressive position on transparency, saying that transparency of indexes used for ETFs should be such that market participants have "the ability to replicate a published Benchmark level...." The new final statement, EDHEC complains, has lost that language.Read More

JOBS ACT Hedge Fund Marketing Strategy

Jul 9th, 2013 | By | Filed under: Hedge Fund Industry Trends

Don Steinbrugge, guest columnist, on what the US JOBS Act may mean for hedge fund marketing. Read More

Tolstoy, Happy Families and Asian Managerial Success

Jul 8th, 2013 | By | Filed under: Alpha Seekers, Alpha Strategies, Emerging markets, Hedge Fund Industry Trends, Hedge Fund Strategies

Asset managers within the Asian boutique universe keep telling GFIA that "asset raising is hard" in the present climate. It isn't going to become easy any time soon, but there is a new level of stability.Read More

Producing Energy: The Closest Thing to a Perfect Asset

Jul 7th, 2013 | By | Filed under: Alpha Seekers, Commodities, Energy

Guest columnist Paul Thomas looks at the energy markets.Read More

After You Go as Low as You Can Go

Jul 2nd, 2013 | By | Filed under: Commodities, CTA

Welton has modeled an investment approach, specifically a multi-asset class trend following approach, and has measured how it would have performed if back-fitted into certain periods of sustained and sharp interest rate increases in the decades since the death of Bretton Woods. Read More

Marc Rich: A Life, Not Just a Pardon

Jul 1st, 2013 | By | Filed under: Commodities, Currencies

We pause to mark the death of a man who, more than any other, was responsible for the creation of a spot market in crude oil in the hectic period after the Yom Kippur War. Read More

A Third Wave of Alt-Industry Growth is Upon Us

Jun 30th, 2013 | By | Filed under: Alpha Strategies, Alternative Mutual Funds, Hedge Fund Industry Trends, Retail Investing

Private fund managers who want to be part of this wave, who hope to compete for the retail investment market with their absolute-return and non-correlation toolkit, shouldn’t think it is going to be easy. One of the sections of the SEI report is headed “understanding the hurdles.”Read More