The Deputy Solicitor General for the U.S. took Argentina's side in a discovery dispute arising from the debt collection efforts of NML Capital, arguing for international reciprocity: that is, from the notion that sovereign nations must help each other keep some things secret.
Einhorn explained to his investors his view that the markets are engaged in a new tech bubble, an echo of the infamous dotcom bubble of the 1990s. Accordingly, he says, Greenlight has created a basket of bubble stocks worth shorting.
Some respondents told Intralinks that Germany is a less attractive M&A target for international investors than it might be, due to the impact of rising energy costs there, especially on manufacturing.
Guest columnist Don Steinbrugge looks at how hedge funds can and do use social media
Christopher Faille makes it clear that he has no Keynesian sympathies. In his humble opinion, the Austrians are in general right on the economics, though they could use some empirical/pragmatic assistance on the matter of epistemology.
But Basel is still part of the multinational push to fit the peg of credit derivatives into the square hole of standardized contracts and central clearing. Is the peg going to fit?
Consciousness did evolve. Why? I submit that there is no good answer to this question unless consciousness makes a difference to behavior. Trading and investing must be included as "behaviors" in that generalization.
Japan-focused funds had three consecutive months of negative returns this quarter. These numbers look particularly jarring in contrast to the 2013 returns, from back in the days when Abenomics was being hailed as a success.
By Jeff Malec, CAIA CEO, Founding Partner Attain Capital Management, LLC The Twittersphere couldn’t get enough of the news last week that hedge fund legend Paul Tudor Jones was shutting down one of his eponymous funds, the Tudor Tensor Fund (try saying Tudor Tensor 10 times fast). And critics of hedge funds will jump to the [...]
Charles Skorina looks at the implications of El-Erian "disappearing" from PIMCO.
If you wish, you can take the idea that humans are purposive as a very broad empirical generalization. Or you can take it in various other ways. What matters is that it certainly isn’t as specific or historical as the kind of fact-gathering that the historicists of yore had in mind. And that continues to serve as a sore point in discussions within and about Austrian economics.
Michael Lewis portrays Aleynikov, the Russian born coder convicted of two counts of theft in 2010 and imprisoned, then released by decision of an appeals court two years later, as a central figure in this dramatic tale about high-frequency trading. Aleynikov is not one of the bad guys, as such: but he is a self-blinkered tool of the bad guys. Some sympathy is extended: not much.
The patent dispute at issue before the Supreme Court March 31st involved a computerized escrow system that serves as a third party to a deal, eliminating settlement risk. A business-method patent, in short: nothing at all to do with speed of execution, or data compression, or other such trading-infrastructure-related feats.
Guest columnist Ginger Szala on Michael Lewis' new book.
One informed observer suggests that bitcoin could become a permanent, mainstream, and regulated fixture in the world precisely by maturing past the dreams of its founders and enthusiasts.
Vikas Shah interviews Dr. Bob Swarup, CAIA, founder of Camdor Global and author of Money Mania: Booms, Panics and Busts from Ancient Rome to the Great Meltdown.
The lesson for investors in the new Wachtell Lipton document may simply be that a corporation that is careless about compensation at the highest level, that cannot carefully document the reasons for payouts, is asking for trouble and that one must consider whether the market has fully discounted the trouble.
Spring and the opening of the baseball season bring fresh hope, so we thought it only appropriate to look at the U.S. stock market and its relationship to baseball with guest columnist Thomas Schneeweis.
I admire a new "direct alpha" approach to measuring the success of PE portfolios. So will anyone who has had to tell a friend or loved one, "just come out and ask me please!"
The way to keep growing is to keep changing. For the European ETF market, that means product innovation, from infrastructure funds to smart beta.
Yes, an article in a recent issue of The New Republic, by Dean Starkman, is right to dismiss certain simplistic views of the crisis of 2007-08 as offensive. But what is Starkman's alternative? In providing that, he gets simplistic himself, even complacent.
Andrew Beer, Beachhead Capital, and AllAboutAlpha.com guest columnist, takes a different look at alternative beta.
Have the emerging market assets and the funds focused thereon warranted this return of confidence by their recent returns? The answer to this question can't be any more emphatic than, "yes, somewhat."
After a lengthy CFTC deliberation and some controversy, the SEF system, with a "made available to trade" component, has gotten itself up and running. Some early observations from Celent.
There is an arm's race aspect to the trend toward ever-higher speeds in trading, and this has created a "latency risk" in the markets that has an adverse impact on liquidity, a new study shows. This feeds into some ongoing arguments.
Guest columnist Diane Harrison looks at the basics of managed futures.
Big Items" luxury is the subsector of the luxury industry that involves the marketing and sale of yachts and private jets. A full 87% of the respondents from that subsector expect growth in revenue this quarter.
Early on in this book the author mentions that Deutsche Bank has made a small play in Royal Boskalis, a Dutch dredging and infrastructure company, one which may be in a position to capitalize on rising sea levels by building the sea walls this will require.
Arjuna Sittampalam, editor of Investment Management Review and a Research Associate with EDHEC-Risk Institute, cautions the asset management industry in Europe that even if the idea of a continent-wide FTT is defeated, it may encounter a "worse development."
The dust-up over Newsweek's recent article on bitcoin's real or alleged founder is great fun, and will do bitcoin itself no harm.
Few choose to act on the U.S. JOBS Act 'benefits.'
The story told here of Bruce Kovner and a botched soybeans trade conveys a lesson about the value of persistence, and a lesson about risk management.
My own quite speculative view is that Europe as a project is coming apart, and that some of the constituent nations may split into underlying parts in the process, but that this is happening slowly and messily so the world is as yet far from seeing any new equilibrium.
Lawson, the whistle blowing employee of an investment advisor, is protected by SOX. Six Justices agreed on that, although they disagreed on exactly why, or on how far the implications might take future courts.
Hoarding bad news bears this meaning: at some point a lot of bad news is going to break through the informational dam all at once, producing a flood, that is, a firm-specific crash.
The SEC says that it does not believe that “merely” providing analysis or information to the active members of a policy-making committee within a fund management firm is the same thing as making policy for the firm. That seems likely to provoke some wonderful hair-splitting disputes going forward.
Why convert a hedge fund to a mutual fund instead of establishing a stand-alone vehicle available to retail investors that could invest alongside the existing hedge fund?
AIFMD brings many changes to the table. Grant Thornton Ireland has issued a new paper looking at the ramifications.
Financial firms still have people manually implementing Excel spreadsheets in connection with various mandated stress tests, a fact that suggests to a Celent research director that Fred Flintstone runs the back office.
Cutting latency in any one layer is a task distinct from that of cutting it in any of the others. For the physical or interface layer (the ground floor of our ziggurat), optimization involves fiber optics and efficient queue management.
Farallon founder and Koch Brothers at odds over energy. Daniel J. Graeber, Oilprice.com, looks the issues.
In June 2010, pursuant to an order of that BVI court, the court-appointed liquidators of a Madoff feeder fund in liquidation in BVI petitioned the bankruptcy court in the Southern District of New York to recognize those proceedings as the foreign main proceeding under Chapter 15.
U.S. Energy Administrator Adam Sieminski speaks candidly about the U.S. energy opportunities with James Stafford, Oilprice.com.
Four researchers have developed an "event-based" understanding of Liquidity, measuring it as a characterization (from 0 to 1) of the predictability of asset price trajectories. Illiquidity is surprise.
Global macro was the strategy of choice for many of the big managers early in their careers. Big-name brands including Soros, Tudor and Moore saw the value of the strategy in the 1990s. This oft-misunderstood strategy is returning to the forefront. Diane Harrison looks at why.
Unless Reuters has been utterly misled, a recent report there suggests that Europe's greybeards are considering an astonishingly bad approach to the insolvency of their banking system: soak the pensioners.
That gadfly of financial modelers and quants is back. This time, Taleb writes in such a way as to establish that he isn't a mere popularize/diluter of familiar academic arguments -- which is how the critics of many of his earlier books have painted him. And them.
Maury Cartine, CPA, JD, Partner in Charge of Alternative Investment Group Tax, Marcum, LLP, looks at the tax changes and what this means for managers and investors.
The separation of alpha and beta is becoming a matter of routine, and the result will (PwC suggests) eliminate the division between "alternatives" investing on the one hand and "traditional" investing on the other.
The multi-state, multi-national law firm Pillsbury Winthrop Shaw Pittman has offered its clients, especially the banking entities among them, a guide to the principal elements of the newly finalized Volcker Rule, and it touches upon several significant concerns that industry participants have expressed.