Browsing: Featured Post

Featured Post

Puerto Rico and Bankruptcy

May 30th, 2016 | Filed under: Business News, Event-Driven Hedge Funds, Finance & Economics, Hedge Funds, Insolvency, Newly Added

The bankruptcies of public bond-issuing entities, such as Orange County, Calif.; Jefferson County, Ala.; and the City of Detroit, Mich. are still rare events, but they exert a lot of influence, in part because they demonstrate the possibility of that which isn’t supposed to be possible. The sort of entityRead More


Investors ‘Misoverestimate’ ETFs and a Push Towards ESG

May 26th, 2016 | Filed under: Allocating to A.I., ETFs, Industry Size & Managers, Newly Added, Other Topics in A.I., Socially responsible investing, SRI and Clean Energy, The A.I. Industry

In a newly released report, Natixis Global Asset Management speaks to the quite positive views of passive investment vehicles and exchange traded funds that it finds in today’s marketplace.  Their report inspires the neologism “misoverestimate,” as a logical analog of a former U.S. president’s term, “misunder ….” A Natixis surveyRead More


Hedge Funds are Still Relevant in a Diversified Portfolio: 4 Fundamental Criteria for Superior Manager Selection

May 25th, 2016 | Filed under: Asset allocation, Asset Allocation Models, Hedge Fund Industry Trends, Hedge Fund Strategies, Hedge Funds, Newly Added

By Appomattox Advisory, Inc. The discussion has revived again:  are hedge funds still relevant in a diversified portfolio? We believe that a thoughtful allocation to hedge funds continues to be an impactful, prudent and profitable strategy for institutional portfolios. For allocators seeking to achieve stable returns in a difficult investing environment,Read More


A Review of the Commodity Index/Global Hunger Controversy

May 24th, 2016 | Filed under: CAPM / Alpha Theory, Commodities, Finance & Economics, Financial Economics Theory, Investing in Commodities, Newly Added

The consensus in market scholarship seems to be not only that “still waters run deep” but that deep waters run still. The greater the depth of volume in a commodity, the lesser the volatility of that commodity’s price. (This of course requires the usual “other things being equal” caveat.) ThisRead More


Tricky Times for Hedge Funds and a Lot of Negative YTD Performances

May 22nd, 2016 | Filed under: Benchmarking & Performance Attribution, Equity Hedge Funds, Fees, Hedge Fund Strategies, Hedge Funds, Indexes, Newly Added, Performance, Analytics & Metrics, Structure of the Hedge Funds Industry

A slim majority of hedge fund managers are in the red year to date, through April, according to the latest report from Eurekahedge. Specifically, 51.4% of managers have negative YTD performance. Over the same period in 2015, the analogous number was only 21.2%. That is a good indication of whatRead More


The Alberta Approach to Benchmarking & Performance Attribution

May 18th, 2016 | Filed under: Allocating to A.I., Benchmarking & Performance Attribution, Industry Size & Managers, Newly Added, The A.I. Industry

The Alberta Management Investment Corp. began life in 2008, as a successor to a division of Alberta Finance. It became a crown corporation in order to better manage the allocation of assets for twenty-six pension funds and investment plans. Its leaders initiated a review and soon discovered that they hadRead More


10 Phrases To Jettison From Every Marketing Pitch

May 17th, 2016 | Filed under: Investor Relations, Newly Added, Sales & Marketing in the AI Industry

By Diane Harrison Spring is typically filled with tailored events for investors and managers to engage, learn about industry happenings and market views, and find investment opportunities with each other. One of the newer trends at such events includes the speed-date, in which pre-arranged, one-on-one sit down meetings allow investorsRead More


Global Focus Capital: Market’s Inflationary Expectations Are Too Low

May 12th, 2016 | Filed under: Allocating to A.I., Benchmarking & Performance Attribution, Commodities, Currencies, Finance & Economics, Macroeconomics, Newly Added, The Global Economy & Currencies

Investors can get ahead of events by aligning their portfolios to “a world of lower expected capital market returns and higher forward volatility.” That, at any rate, is the upshot of a thoughtful analysis by Eric J. Wiegel of Global Focus Capital, a Boston based asset allocation advisor. Why doesRead More


Trust Isn’t Just a Nice Warm Feeling

May 10th, 2016 | Filed under: Behavioral finance, Finance & Economics, Financial Economics Theory, Newly Added

Ross Levine, professor of finance at the University of California, Berkeley, and two scholars from Hong Kong (Professors Chen Lin and Wensi Xie) have published a study of corporate resilience in the face of a banking crisis. Their paper addresses a problem inherent in the relationship between Wall Street andRead More


Escape to the Internet? Or Build Better Communities?

May 8th, 2016 | Filed under: Currencies, Digital currencies, Newly Added, Operations, Other Topics in A.I., Risk Management & Operations, Technology, The Global Economy & Currencies

Dissatisfaction with the fiat money issued by or on signals from central bankers will not go away. Talk of “printing press” money seems quaint, as when people of my generation still refer to a keyboard as a “typewriter.” Central banks and their servants (and their servers) around the world engage,Read More


Risk Management & the Trouble with Capacity-Driven Decisions

Apr 28th, 2016 | Filed under: Commodities, Investing in Commodities, Newly Added, Risk management, Risk Management & Operations, Risk Management Strategies & Processes

A recent CAIA member contribution by Kathryn Kaminski, director of investment strategies at Campbell & Co., discusses the quantification of CTA risk management.  It is worth a look, not least because it amounts to a warning about how underperformance can result for the re-jiggering of allocation for capacity constraints. KaminskiRead More


Thoughts on the Valuation of Secured Assets of a Bankrupt Debtor

Apr 26th, 2016 | Filed under: Business News, Event-Driven Hedge Funds, Finance & Economics, Hedge Funds, Insolvency, Newly Added

How should one value the assets of a bankrupt entity, especially those that secure its debt instruments? That is obviously a key question in the world of distressed-debt investing.  A 2014 report from a commission of the American Bankruptcy Institute, and the continued controversy over that commission’s proposals, offers usRead More


March Improved, but 2016 Still Rains Red for Hedge Funds

Apr 24th, 2016 | Filed under: Allocating to A.I., Alpha & Beta, Benchmarking & Performance Attribution, Equity Hedge Funds, Hedge Fund Industry Trends, Hedge Fund Strategies, Hedge Funds, Newly Added

The latest report from Eurekahedge indicates that hedge funds worldwide gained in March, though by far less than the underlying markets gained during the same period. Specifically, the Eurekahedge Hedge Fund Index gained 1.33 percent over the month, while the MSCI World Index, representing those underlying markets, gained 5.47 percent.Read More


Active vs. Passive Money Management

Apr 11th, 2016 | Filed under: Allocating to A.I., High-net-worth investors, Institutional Asset Management, Newly Added, Other Topics in A.I., Retail Investing

By Baird’s Asset Manager Research Exploring the costs and benefits of two alternative investment approaches Synopsis Proponents of active and passive investment management styles have made exhaustive and valid arguments for and against both approaches. Each has its merits and inherent drawbacks, and this paper will not endorse one styleRead More


The Impending Market Abuse Regulation (MAR) Mandates

Apr 10th, 2016 | Filed under: Newly Added, Regulatory, Regulatory Environment, The A.I. Industry

On July 3, 2016 the new Market Abuse Regulation comes into effect throughout Europe, pursuant to 2014 legislation. The member states have transposed the MAR into national law.  Stefan Hendrickx is the founder and executive Director of Ancoa, recently looked at the “race to the MAR deadline” from the point ofRead More


2016 Allocator Trends Report: Consensus and Dissension

Apr 7th, 2016 | Filed under: Commodities, Commodities, Investing in Commodities, Newly Added

Context Summits has published a detailed report on the views of those who allocate money into hedge funds. Almost everybody they talked to is in on the act. Ninety-six percent of investors expect to allocate to two or more hedge funds in 2016.  A majority (57%) were prepared to investRead More


Greek Debt: Back in the Headlines

Apr 4th, 2016 | Filed under: Business News, Finance & Economics, Insolvency, Newly Added, The Global Economy & Currencies

The issue of Greece’s insolvency had receded a bit from the headlines since the stormy days of last summer. Alpha-savvy readers will surely recall, though, that in July 2015, the Greek government and its European creditors reached a bailout agreement that required actions by the former, especially on pensions andRead More


Don’t Blame Bass for the Failure of Bear Stearns

Apr 3rd, 2016 | Filed under: Hedge Funds, Newly Added, Other Topics in A.I., Personalities in AI, The A.I. Industry, Who's Who

Prominent alpha seeker Kyle Bass is named in the March 29 Wall Street Journal with a headline and lead paragraph that suggest that he was the man who set in motion the avalanche that brought down Bear Stearns in the spring of 2008. The truth, as one discerns only fromRead More


Updating CAIA’s Curriculum to Meet Industry Needs

Nov 22nd, 2015 | Filed under: Newly Added, The A.I. Industry

With a revised and updated curriculum, the CAIA Level I textbook offers the latest thinking and practices in the AI industry. Now is the best time to get started on earning the designation and demonstrating the credibility employers seek. Take a look as Keith Black, CAIA’s Managing Director of CurriculumRead More


China’s Oil Giant At Center Of Corruption Probe

May 27th, 2014 | Filed under: Energy

Oilprice.com's Ky Krauthamer looks at corruption in China's oil industry.Read More


CAIA Corner: The Keys to Successful Investing by Endowments and Foundations

Dec 9th, 2012 | Filed under:

Endowments and foundations typically are considered the early adopters in alternative investments. Watch this video with CAIA Association's Director of Curriculum Keith Black, PhD, CFA, CAIA, as he explains the different structures of endowments and foundations and why they are uniquely geared for successful alternative investing.Read More


Top 10 Operational Risks: The first two risk areas in a 10-part series

Sep 20th, 2012 | Filed under:

Operational risk within investment management firms can stem from many sources. Firms also have varying tolerance levels for accepting or handling such risk. Read More


Video: Topic Overview on Managed Futures

Jul 16th, 2012 | Filed under:

Director at Castle Hall Alternatives, Esther Zurba, MBA, CAIA, gives a general overview of Managed Futures and its coverage as part of the CAIA Program. She discusses some of the benefits and applications of Managed Futures programs and the intricacies of using them in a brief but informative presentation.Read More


Video: CAIA New York Real Estate Panel, Part 4

Jul 1st, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: On March 8, 2012 the CAIA New York Chapter held an educational panel focusing on real estate alternative investment strategies. The panel event was moderated by James Crystal (Managing Director & Senior Portfolio Manager, Rockefeller Capital Partners, Director of HedgeRead More


Video: CAIA New York Real Estate Panel, Part 3

Jun 18th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association:


Video: CAIA New York Real Estate Panel, Part 2

Jun 4th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: On March 8, 2012 the CAIA New York Chapter held an educational panel focusing on real estate alternative investment strategies. The panel event was moderated by James Crystal (Managing Director & Senior Portfolio Manager, Rockefeller Capital Partners, Director of HedgeRead More


Video: CAIA New York Real Estate Panel, Part 1

May 20th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: On March 8, 2012 the CAIA New York Chapter held an educational panel focusing on real estate alternative investment strategies. The panel event was moderated by James Crystal (Managing Director & Senior Portfolio Manager, Rockefeller Capital Partners, Director of HedgeRead More


Video: John Ruffolo, CEO, OMERS Ventures

May 6th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: John Ruffolo, Chief Executive Officer of OMERS Ventures and Head of Knowledge Investing for OMERS Strategic Investments, discusses opportunities now and in the future for private equity, venture capital, and the benefits of a direct investing approach. Mr. Ruffolo spokeRead More


Video: David McMillan, CFA, Partner, Mercer Investment Consulting

Apr 22nd, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: David McMillan, CFA, Partner, Mercer Investment Consulting, discusses the role of consultants, risk management, trends in the hedge fund industry, and the need for education—now and in the future. Mr. McMillan spoke with Wendy L. Coleman, CAIA, CFA, FRM, inRead More


Video: Mark O’Hare, Founder & CEO, Preqin

Apr 8th, 2012 | Filed under:

Mark O'Hare, Founder & CEO, Preqin, discusses the future of alternative investments and their role in institutional portfolios, private equity, data transparency, and the need for education in the alternative investment industry.Read More


Video: Cristian Tiu, Assistant Professor of Finance University at Buffalo

Mar 25th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: Cristian Tiu, Assistant Professor of Finance University at Buffalo; Investment Committee Member, University at Buffalo Foundation, discusses endowment fund issues, including investing in hedge funds, the different types of risk, and meeting the needs of a university budget. Mr. TiuRead More


Video: David Rogers, Founding Partner of Caledon Capital Management on the Role of Alternatives (P2)

Mar 5th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: David Rogers, CA, CBV, Founding Partner, Caledon Capital Management, discusses constructing an institutional portfolio with private equity, what premium above public markets institutional clients are seeking from private equity, and infrastructure investing. Mr. Rogers spoke with Wendy L. Coleman, CAIA,Read More


Video: Erik Knutzen of NEPC Speaks on the Role of Alternatives

Feb 12th, 2012 | Filed under:

From Lynne Feldman, Director of Marketing at the CAIA Association: Introducing CAIA Conversations, a series of interviews with leading alternative investment experts that showcases current viewpoints on the alternative assets covered by the CAIA curriculum. The series launches with Erik L. Knutzen, CAIA, CFA, Chief Investment Officer, NEPC, who commentsRead More


Fiduciary Alpha

Apr 12th, 2011 | Filed under: Hedge Fund Regulation

Fiduciaries think of a client's needs before their own - sacrificing the latter if required. But does the requirement for a hedge fund manager to put their client's interests before their own help or hinder the search for alpha? It depends on who you ask.Read More


When it comes to real estate debt, embrace the gap

Dec 2nd, 2010 | Filed under:

The global real estate downturn is presenting some fantastic opportunities in the debt markets - for those who don't mind jumping into the growing funding gap between borrowers and lenders, and for those who think the worst in terms of asset market bubbles and busts is over.Read More


Hedge Fund Transparency: Careful what you wish for…

Oct 7th, 2010 | Filed under:

Quarterly government filings allow "copy-cats" to mimic hedge fund portfolios. But in an ironic twist, hedge funds themselves may actually have the last laugh. Read More


Founder of the Journal of Environmental Investing: “It’s all about alpha!”

Aug 11th, 2010 | Filed under: Institutional Investing

For many institutional investors, investing in the environment is now all about alpha, not social change.Read More


What the World Cup Can Teach Us About Modern Portfolio Theory

Jun 14th, 2010 | Filed under:

To celebrate the World Cup, our resident “sports reporter” (yes, apparently we now have a sports beat) draws on the Beautiful Game to make a point about CAPM… By: Miran Ahmad, AllAboutAlpha.com Editorial Board With the World Cup upon us and all eyes turned to South Africa, I could notRead More


6 Questions for Barbara Novick, Vice Chairman of BlackRock

May 9th, 2010 | Filed under:

An asset management firm that is ubiquitous in the fixed income and pension fund world, BlackRock is a world-leading alternative asset management franchise. Read More


What exactly is a “sophisticated” investor anyway?

Feb 21st, 2010 | Filed under:

How can you tell if a pension fund is "sophisticated"? Apparently, it may not be that tough...Read More


The Ineichen Dialogues Act III: Life is Like a Box of Chocolates

Dec 31st, 2009 | Filed under:

By: Alexander Ineichen. Once upon a time, not so long ago, there was a bear named Winnie-the-Bear who lived in the Trillion Acre Wood. On some level, he was a silly old bear. Nevertheless, he was wondering what the fuss about hedge funds was all about. He invited his twoRead More


The Ineichen Dialogues Act II: LaRasmussteinmontians in Yellowstone Park

Nov 27th, 2009 | Filed under:

This month, we bring you Act II of Alexander Ineichen’s “Ineichen Dialogues” (Act I here)  In it, his three characters Winnie-the -Bear, George Jones and Ben Put discuss recent developments in the financial world with the kind of clarity your children will surely appreciate (pdf version). By: Alexander Ineichen, CFA,Read More


The Ineichen Dialogues: A Green Pig Down Wall Street

Oct 28th, 2009 | Filed under:

Regular readers will recognize the name Alexander Ineichen from his book Asymmetric Returns (see related post) and from his several popular monographs on the “Search for Alpha”.  CAIA charter holders may also recognize his name from the bottom of their charter – he is a board member of the CAIARead More


Fish, a near-death experience and other notes from Boston

Oct 22nd, 2009 | Filed under:

What do you get when you mix a former president of Pakistan, the world's leading expert on marine ecosystems, various central bankers, several trillion dollars of hedge fund assets and some Nobel laureates? Read More


Fisheries, tipping points, and disease “super-spreaders” in Boston

Oct 20th, 2009 | Filed under:

A unique event in Boston this week takes a fresh look at the financial ecosystem.Read More


7 Questions for John Rowsell of Man Investments

Sep 27th, 2009 | Filed under:

Man Investments' John Rowsell sits down with AllAboutAlpha.com Editorial Board member Andrew Saunders and discusses managed accounts, the shifting regulatory landscape and the investment opportunities facing Man over the next year. Read More


Summer of 1000 Posts: Alternatives in the Mainstream

Aug 30th, 2009 | Filed under:

Today, we bring you the final installment of our “Summer of 1,000 Posts” (more…) This week we’ll be looking at alternative investments in the mainstream by pulling from our archives of posts on media coverage of hedge funds and hedge fund investing for retail investors.  Enjoy. Report shows that someRead More


Summer of 1000 Posts: Institutional Investing

Aug 23rd, 2009 | Filed under:

Today, we bring you another installment of our “Summer of 1,000 posts” (more…) This week’s sampling from our archives covers the topic of Institutional Investing… Shipping as an alternative investment Thought shipping was just a global growth play?  Apparently, it depends on how you measure it. BCG Forecast: Institutions toRead More


Summer of 1000 Posts: Hedge Fund Regulation

Aug 16th, 2009 | Filed under:

Today, we bring you another installment of our “Summer of 1,000 Posts” (more…) This week’s sampling from our archives covers the topic of Hedge Fund Regulation… Hedge Fund Standards Board issues rules on how to exit crowded theatres when someone yells “Fire!” Here’s a set of safety instructions every movieRead More


Summer of 1000 Posts: CAPM/ Alpha Theory

Aug 9th, 2009 | Filed under:

Today, we bring you another installment of our “Summer of 1,000 posts” (more…) This week we’ll be looking back through our archives to cull posts on the topic of CAPM/Alpha Theory… How Hollywood, lotteries and mutual funds show that all risk is relative Since the birth of the CAPM, empiricalRead More