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	<title>AllAboutAlpha.com</title>
	<link>http://allaboutalpha.com/blog</link>
	<description>Hedge funds, portable alpha, 130/30 and alpha-centric investing</description>
	<lastBuildDate>Fri, 19 Mar 2010 18:02:03 +0000</lastBuildDate>
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		<title>From Altriusm to Alternative Investment: The &#8220;Three Pillars&#8221; of a carbon markets institution</title>
		<description><![CDATA[In a world where choosing plastic over paper is deemed a deadly sin, carbon credits trading has gained strong momentum, particularly among institutional investors looking to allocate to "green" strategies and managers. But research suggests the practice is far more complicated than the theory. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/18/from-altriusm-to-alternative-investment-the-three-pillars-of-a-carbon-markets-institution/</link>
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		<title>Study: Private equity managers&#8217; incentives may be twice as high a previously thought</title>
		<description><![CDATA[Ever noticed that the marketers of alternative investments are just as excited about good returns as the portfolio managers - even though they may not share in any performance fee?]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/17/study-private-equity-managers-incentives-may-be-twice-as-high-a-previously-thought/</link>
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		<title>Fat tails. For hedge fund investors, the last free item on the lunch menu</title>
		<description><![CDATA[Thought there was no such thing as a free lunch? For hedge fund investors, there apparently is, according to a new research study, especially if they're looking to avoid a little kurtosis. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/16/fat-tails-for-hedge-fund-investors-a-free-item-on-the-lunch-menu/</link>
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		<title>Regulators take note: New research finds mutual fund managers do better, not worse, when they also manage &#8220;side-by-side&#8221; hedge funds</title>
		<description><![CDATA[Past research has shown that when mutual fund companies offer hedge funds, mutual fund performance suffers.  But a new study finds that when individual mutual fund managers also manage hedge funds, this actually helps the mutual fund performance.  ]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/15/regulators-take-note-new-research-finds-mutual-fund-managers-do-better-not-worse-when-they-also-manage-side-by-side-hedge-funds/</link>
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		<title>Study: Hedge funds&#8217; role in 2008 market drawdown &#8220;questionable&#8221;</title>
		<description><![CDATA[A comprehensive review of the events of Q3 and Q4, 2008 show that hedge funds may not have been the liquidity providers they have been made out to be (at least, in equity markets).  But even if not, it seems they didn't really exacerbate the sell-off either. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/14/study-hedge-funds-role-in-2008-market-drawdown-questionable/</link>
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		<title>Exchange-listed hedge funds: The last ones voted off the island</title>
		<description><![CDATA[As a new regulatory regime for hedge funds continues to unfold, hedge funds listing on exchanges seems oh-so 2007. But a recent academic study finds that a surprise peripheral benefit is survival.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/11/exchange-listed-hedge-funds-the-last-ones-voted-off-the-island/</link>
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		<title>Pennsylvania pension fund examines birds of two very different feathers</title>
		<description><![CDATA[A recent decision taken by one large pension to invest in two alpha-centric strategies is notable for several reasons.  Chief among them is the fact that one is from a hedge fund manager while one is from a traditional manager. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/10/pennsylvania-pension-fund-examines-birds-of-two-very-different-feathers/</link>
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		<title>Selling umbrellas in Times Square</title>
		<description><![CDATA[Portable Alpha has always been a convenient scapegoat for those who lost money in the stormy days of 2008.  But now that the rain has gone, signs of balance and perspective are beginning to emerge.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/09/selling-umbrellas-in-times-square/</link>
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		<title>Biggest winners in financial calamity: Investment consultants</title>
		<description><![CDATA[Guess who totally underestimated the amount of business they would see in 2009...]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/08/biggest-winners-in-financial-calamity-investment-consultants/</link>
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		<title>A new round of short-sale bans sure to ire the hedge fund industry, but do they work?</title>
		<description><![CDATA[Debate still rages over whether efforts to curb short-selling in the dark days of 2008 were fair and effective. With the SEC and others now putting into effect new, more permanent rules governing short sales, the question has re-surfaced.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/07/a-new-round-of-short-sale-bans-sure-to-ire-the-hedge-fund-industry-but-do-they-work/</link>
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		<title>Clean up your room, hedge fund manager, or no dessert for you</title>
		<description><![CDATA[A new survey notes that managers are beefing up their operations as a way to mitigate counterparty risk and put potential investors at ease. Figuring out what the right standards and procedures should be is easier said than done.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/04/clean-up-your-room-hedge-fund-manager-or-no-dessert-for-you/</link>
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		<title>Private equity found not to contribute to boom &amp; bust after all</title>
		<description><![CDATA[Private equity has been at the center of rancorous social and political debates over the past few years.  But a recent report on the industry suggests that PE actually does provide tangible benefits.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/03/private-equity-found-not-to-contribute-to-boom-bust-after-all/</link>
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		<title>Day 2 from GAIM Ops: Questions and conundrums for policy makers and hedge fund managers</title>
		<description><![CDATA[Sessions and panels at the "GAIM Ops" conference in Grand Cayman today underscored how unintended consequences can plague otherwise good ideas.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/02/day-2-from-gaim-ops-questions-and-conundrums-for-policy-makers-and-hedge-fund-managers/</link>
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		<title>GAIM Ops Wire: Sunny days for the due diligence crowd</title>
		<description><![CDATA[Over the next couple of days, we’re pleased to bring you our take on the annual “GAIM Ops” conference in the Cayman Islands – a gathering of operations heads, CFOs, and due diligence analysts from leading hedge funds and institutional investors around the world.]]></description>
		<link>http://allaboutalpha.com/blog/2010/03/01/gaim-ops-wire-sunny-days-for-the-due-diligence-crowd/</link>
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		<title>&#8220;Alpha Extension&#8221; extended to emerging markets</title>
		<description><![CDATA[Advocates of &#8220;short-extension&#8221; or &#8220;alpha-extension&#8221; strategies such as 130/30 funds often point out that traditional long-only managers are only able to bet against a stock by as much as that stock represents in the benchmark index.  After all, they argue, you can do no more than simply deciding not to hold a stock at all. [...]]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/28/alpha-extension-extended-to-emerging-markets/</link>
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		<title>Asset managers rockin&#8217; down the M&amp;A highway&#8230;</title>
		<description><![CDATA[Merger and acquisition activity in the asset management space continues to rev up, according to a new report. But the reasons behind the activity aren't all positive.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/25/rockin-down-the-ma-highway/</link>
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		<title>Elephant in the Room: Washington&#8217;s giant hedge fund.</title>
		<description><![CDATA[Strain really hard and the IMF's recent announcements on commodities and gold almost appear as if they're talking up the markets ahead of deploying some sort of massive carry trade. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/24/elephant-in-the-room-washingtons-giant-hedge-fund/</link>
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		<title>Islamic finance as an alternative investment</title>
		<description><![CDATA[If the concept of interest is central to traditional notions of investing, then Islamic finance is about as alternative as it gets.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/23/islamic-finance-as-an-alternative-investment/</link>
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		<title>Global macro trend is your friend, alternative investors say</title>
		<description><![CDATA[The latest quarterly survey of alternatives investors from Brighton House Associates is chock full of good news. So what's the bad news?]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/22/global-macro-trend-is-your-friend-alternative-investors-say/</link>
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		<title>What exactly is a &#8220;sophisticated&#8221; investor anyway?</title>
		<description><![CDATA[How can you tell if a pension fund is "sophisticated"?  Apparently, it may not be that tough...]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/21/what-exactly-is-a-sophisticated-investor-anyway/</link>
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		<title>Who said hedge funds don&#8217;t like chaos?</title>
		<description><![CDATA[A report from Moody's shows that hedge funds seem to hate volatility.  But is this always true?]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/18/who-said-hedge-funds-dont-like-chaos/</link>
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		<title>Despite regulators&#8217; concerns about placement agents, third-party marketing industry alive and well</title>
		<description><![CDATA[A new survey points to new trends in the third party marketing space, most notably the re-emergence of third-party marketers.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/17/despite-regulators-concerns-about-placement-agents-third-party-marketing-industry-alive-and-well/</link>
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		<title>Research from the other side: What happens before the birth and after the death of a hedge fund?</title>
		<description><![CDATA[A new academic study uses 13-F filings to peer before a hedge fund begins to report to a hedge fund database and to look beyond when those funds stop reporting.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/16/research-from-the-other-side-what-happens-before-the-birth-and-after-the-death-of-a-hedge-fund/</link>
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		<title>What up with the Hedge Funds of Funds Index last year?  Theories abound.</title>
		<description><![CDATA[Academics and researchers who study the hedge fund industry sometimes say that the best way to gauge the average performance of hedge funds is to look at an index of funds of funds (FoFs), not an index of hedge funds themselves.  The funds of funds, the argument goes, contain many funds that do not report [...]]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/15/what-up-with-the-hedge-funds-of-funds-index-last-year-theories-abound/</link>
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		<title>Survey finds acrimony over fees may be subsiding</title>
		<description><![CDATA[Sure, pension funds always want to pay lower investment fees.  But a new survey reveals that many feel they are getting more value for money now than last year.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/11/survey-finds-acrimony-over-fees-may-be-subsiding/</link>
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		<title>Proposed regulation means shorts going to the dogs?</title>
		<description><![CDATA[A new study addresses the impact of potential disclosure requirements on managers engaged in short-selling. The conclusion: It won't be pretty for anyone.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/10/proposed-regulation-means-shorts-going-to-the-dogs/</link>
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		<title>How you know it may be time to rip off the Band-Aid&#8230;</title>
		<description><![CDATA[Some hedge funds are still loathe to let go of their toxic and/or illiquid assets, the latest Hedgebay trading figures show. The question is: Why?]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/09/how-you-know-it-may-be-time-to-rip-off-the-bandaid/</link>
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		<title>High Water Marks: The other hedge fund &#8220;lock-in&#8221;</title>
		<description><![CDATA[An academic study finds that the presence of a high water mark can induce the kind of loyalty usually forced upon investors with redemption gates.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/08/high-water-marks-the-other-hedge-fund-lock-in/</link>
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		<title>7 Questions for Adam Patti, CEO of IndexIQ</title>
		<description><![CDATA[By: Andrew Saunders, Member of the Editorial Board of AllAboutAlpha.com, &#38; Director, EFX Prime Services
In January the Wall Street Journal reported that ETF assets had crested $1 trillion. No longer is it simply another way to capture S&#38;P 500 beta. It seems that every day there is an innovative new investment idea that is packaged [...]]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/07/7-questions-for-adam-patti-ceo-of-indexiq/</link>
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		<title>New data shows that thanks to alternative investments, endowments did relatively well in 2009</title>
		<description><![CDATA[Sure, US university endowments took a dive last year.  But a closer look reveals that, on the whole, alternative investments were a help, not a hindrance.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/04/new-data-shows-that-thanks-to-alternative-investments-endowments-did-relatively-well-in-2009/</link>
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		<title>Fire, ice but not everything nice for hedge funds</title>
		<description><![CDATA[On the backburner for the past two years, talk of regulation and policy change to reshape the investment management industry is aplenty.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/03/fire-ice-but-not-everything-nice-for-hedge-funds/</link>
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		<title>How a bright idea 60 years ago laid the groundwork for hedge fund ETFs</title>
		<description><![CDATA[A new study sheds light on listed private equity funds.]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/02/how-a-bright-idea-60-years-ago-laid-the-groundwork-for-hedge-fund-etfs/</link>
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		<title>Examining &#8220;Real Alpha&#8221; and &#8220;Exotic Beta&#8221; in mutual funds</title>
		<description><![CDATA[Usually the term "exotic beta" is associated with hedge funds.  Finally, it's being applied to the largest pool of active management - mutual funds. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/02/01/examining-real-alpha-and-exotic-beta-in-mutual-funds/</link>
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		<title>A favorite going into the games of 2010</title>
		<description><![CDATA[There seems to be little consensus at the beginning of each year about which hedge fund strategies may be poised to outperform.  This year may be just a little different though...  ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/31/a-favorite-going-into-the-games-of-2010/</link>
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		<title>Live Blogging &#8220;Battle of the Quants&#8221;</title>
		<description><![CDATA[Today, we report live from the annual New York edition of the "Battle of Quants."    ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/28/live-blogging-battle-of-the-quants/</link>
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		<title>New study of mutual fund alpha shows that what-goes-around-comes-around</title>
		<description><![CDATA[A study of the variables driving mutual fund alpha also reveals something about the changing nature of markets themselves. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/27/new-study-of-mutual-fund-alpha-shows-that-what-goes-around-comes-around/</link>
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		<title>SEC enforcement: same old song, or new foreboding tune?</title>
		<description><![CDATA[Post Madoff, Galleon and financial crisis, the US Securities and Exchange Commission is looking to beef up its enforcement management and oversight significantly. So why should alternative investment managers take it seriously this time?]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/26/sec-enforcement-same-old-song-or-new-foreboding-tune/</link>
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		<title>Metal Round Update: Hedgistan&#8217;s Dream Team to compete for gold</title>
		<description><![CDATA[Stop the press!  There is a late entry in this year's competition for gold.  ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/25/metal-round-update-hedgistans-dream-team-to-compete-for-gold/</link>
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		<title>Survey: &#8220;Crisis has reinforced ongoing trend toward alternative investing&#8221;</title>
		<description><![CDATA[With institutional investor now credited for providing three-quarters of new hedge fund assets, we take a closer look at an new survey tracking how their beliefs have changed over the past year.   ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/24/survey-crisis-has-reinforced-ongoing-trend-toward-alternative-investing/</link>
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		<title>Up-capture: A different way of defining value-added in fund management</title>
		<description><![CDATA[A new paper suggests that just because your manager has trailed the index in the past three years doesn't mean she's going to trail in the future - particularly if you have your own expectations for the direction of markets. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/21/up-capture-a-different-way-of-defining-value-added-in-fund-management/</link>
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		<title>2010 seen to be a year of bottom fishing for institutional real estate investors</title>
		<description><![CDATA[Commercial real estate investors have been reeling in empty hooks for some time.  But according to one survey of institutional investors, their may be some good fishing grounds right around the corner.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/20/2010-seen-to-be-a-year-of-bottom-fishing-for-institutional-real-estate-investors/</link>
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		<title>UCITS and NEWCITS and Hedge Funds, oh my&#8230;</title>
		<description><![CDATA[The expected EU Directive in addition to generally more heightened demand for regulatory compliant alternative investments has already set in motion a wave of so-called UCITS- and NEWCITS-based funds. The question is whether they can truly live up to expectations, particularly with higher costs and lower returns?]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/19/ucits-and-newcits-and-hedge-funds-oh-my/</link>
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		<title>Quant funds to terminate human-managed ones?</title>
		<description><![CDATA[A new study compares quant hedge funds to qualitatively-managed ones.  While there were interesting differences, the debate between these two camps is unlikely to terminate any time soon.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/18/quant-funds-to-terminate-human-managed-ones/</link>
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		<title>Flotsam and Jetsam that raise some lingering questions</title>
		<description><![CDATA[Today, we revisit a few notable news items that raised some interesting questions over the past week or two.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/17/flotsam-and-jetsom-and-some-lingering-questions/</link>
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		<title>Comment: &#8220;Risk-based compensation&#8221; a more equitable approach</title>
		<description><![CDATA[The past few years have seen discontent about return-based hedge fund fees growing amongst investors. Here's a proposal from one manager that attempts to balance both risk and return.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/14/comment-risk-based-compensation-a-more-equitable-approach/</link>
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		<title>M&amp;A in the asset management space? Yes. Fire-sale distressed prices? Not necessarily.</title>
		<description><![CDATA[Horrific returns, mass redemptions and seemingly unreachable high water marks were predicted to unleash a wave of M&#038;A activity in the alternative asset management space. The wave has begun, but not for any of those reasons, according to a new report.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/13/ma-in-the-asset-management-space-yes-fire-sale-distressed-prices-not-necessarily/</link>
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		<title>Credit Ratings Agencies: The 19th century&#8217;s other &#8220;Gangs of New York&#8221;</title>
		<description><![CDATA[The street battles between the "Natives" and the "Dead Rabbits" depicted in Martin Scorsese's "Gangs of New York" weren't the only ones being fought in the 1850's.  Over on Wall Street, another battle was brewing. ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/12/credit-ratings-agencies-the-19th-centurys-other-gangs-of-new-york/</link>
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		<title>Study finds secondary HF markets can predict future fund returns</title>
		<description><![CDATA[Thought hedge fund investors were all just return chasers?  Turns out they're also return predictors... ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/11/study-finds-secondary-hf-markets-can-predict-future-fund-returns/</link>
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		<title>A Golden Age for &#8220;pre-owned&#8221; investments?</title>
		<description><![CDATA[As car shoppers know, you can save yourself a fortune by picking up a gently-used model.  According to some, now is a perfect time to apply this axiom to private equity.  ]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/10/a-golden-age-for-pre-owned-investments/</link>
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		<title>Hedge funds and investors to have a tearful reunion in 2010?</title>
		<description><![CDATA[Capital is all but set to flow back into the hedge fund industry this year, according to a recent survey by third-party marketer Agecroft, though it will be a new and more competitive landscape that the money flows in to.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/07/hedge-funds-and-investors-to-have-a-tearful-reunion-in-2010/</link>
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		<title>Once bitten, twice shy: Caution reigns for private equity investors</title>
		<description><![CDATA[Like everyone, private equity investors have been bitten over the past two years.  And like everyone, they now seem to be a little more cautious.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/06/once-bitten-twice-shy-caution-reigns-for-private-equity-investors/</link>
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		<title>Study aims to shed light on &#8220;darkness&#8221; in hedge fund databases</title>
		<description><![CDATA[Researchers have adjusted for a reporting bias in hedge fund databases for many years.  But a new study suggests these biases run both ways.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/05/study-aims-to-shed-light-on-darkness-in-hedge-fund-databases/</link>
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		<title>A January Tradition: Investors&#8217; love/hate relationship with hedge funds.</title>
		<description><![CDATA[As investors reflect on last year, they are apparently of two minds regarding hedge funds.]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/04/a-january-tradition-investors-lovehate-relationship-with-hedge-funds/</link>
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		<title>Cold Snap: What&#8217;s a &#8220;frozen&#8221; hedge fund asset really worth?</title>
		<description><![CDATA[The administrator in charge of distributing the frozen assets of Lehman Brothers Holdings Inc. announced last week that it had struck a deal to return some $11 billion to creditors. But how exactly are those assets being valued?]]></description>
		<link>http://allaboutalpha.com/blog/2010/01/03/cold-snap-whats-a-frozen-hedge-fund-asset-really-worth/</link>
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		<title>The Ineichen Dialogues Act III: Life is Like a Box of Chocolates</title>
		<description><![CDATA[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 two best friends, George Jones, the famous [...]]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/31/the-ineichen-dialogues-act-iii-life-is-like-a-box-of-chocolates/</link>
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		<title>Should old posts be forgot&#8230;? (Answer: No.)</title>
		<description><![CDATA[There are always predictions that could well be forgotten by the time reality sets in.  Here's one that deserves remembering since it wasn't that uncommon as 2009 dawned on a then-scorched hedge fund landscape.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/30/should-old-posts-be-forgot-answer-no/</link>
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		<title>A Year of Downs and Ups: Our top 10 posts from 2009</title>
		<description><![CDATA[Can a whole year be summed up in 10 posts?  You decide.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/29/a-year-of-downs-and-ups-our-top-10-posts-from-2009/</link>
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		<title>2009: The year of transparency &#8211; and third parties</title>
		<description><![CDATA[A new association of wealthy investors has come up with new standards that make  independent, third-party oversight of managers' valuation techniques mandatory. Is this good or bad news for the alternatives business? ]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/28/2009-the-year-of-transparency-and-third-parties/</link>
			</item>
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		<title>Holiday Newsreel</title>
		<description><![CDATA[Here's a selection of news from the cutting room floor.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/27/holiday-newsreel/</link>
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		<title>Letter from 8 year old reader: &#8220;Is there hedge fund alpha?&#8221;</title>
		<description><![CDATA[Yes Virginia, there is hedge fund alpha.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/23/letter-from-8-year-old-reader-is-there-hedge-fund-alpha/</link>
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		<title>And the big get bigger&#8230;</title>
		<description><![CDATA[A new report from Barclay Capital's prime services group shows that assets are flowing in the right direction again when it comes to hedge funds. But the findings also show that not all in the hedge fund world are privy to the same good fortune.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/22/and-the-big-get-bigger/</link>
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		<title>The grass is always greener&#8230; mutual fund managers&#8217; walk on the wild side not so wild after all.</title>
		<description><![CDATA[The allure of making big money and being your own boss was plenty to lure many a mutual fund manager to the hedge fund world. The reality, according to a new study published last month, is that there was almost no way to obtain the same level of compensation or better. ]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/21/the-grass-is-always-greener-mutual-fund-managers-walk-on-the-wild-side-not-so-wild-after-all/</link>
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		<title>ECB Hedge Fund Stocking Stuffers</title>
		<description><![CDATA[Looking for a few interesting charts and data points to go with your breakfast on Christmas morning?  You're in luck.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/20/ecb-hedge-fund-stocking-stuffers/</link>
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		<title>Where’s the (counter)party?</title>
		<description><![CDATA[If there's one party all the cool investors are clamoring to get into, it's the counterparty, according to a research report released this week by TABB Group.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/17/where%e2%80%99s-the-counterparty/</link>
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		<title>Investors respond to private equity managers with new &#8220;principles&#8221;</title>
		<description><![CDATA[An association of private equity investors has added its voice to the complex debate about private equity terms and conditions.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/16/investors-respond-to-private-equity-managers-with-new-principles/</link>
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		<title>Hedge Fund Alpha: Knowing when to hold &#8216;em and when to fold &#8216;em.</title>
		<description><![CDATA[Kenny Rogers was right when he wrote his iconic anthem about hedge funds.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/15/hedge-fund-alpha-knowing-when-to-hold-em-and-when-to-fold-em/</link>
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		<title>Eurozone Hedge Fund AUM: What up!?</title>
		<description><![CDATA[The hedge fund industry is reportedly on a comeback.  So what's going on in the Eurozone?]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/14/eurozone-hedge-fund-aum-what-up/</link>
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		<title>Are private equity managers being asked to play poker with their cards facing up?</title>
		<description><![CDATA[A recent survey suggests that private equity investors may now want to see all the cards in their managers' hands - before those managers start to make bets.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/13/are-private-equity-managers-being-asked-to-play-poker-with-cards-facing-up/</link>
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		<title>Punxsutawney Goose Lays Golden Egg: Six more weeks of &#8220;freeze&#8221; for asset management industry</title>
		<description><![CDATA[According to a McKinsey report, the global asset management industry will eventually start producing golden eggs again.  It's just that it's suppliers will need to go on a low-gold diet first.   ]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/10/punxsutawney-goose-lays-golden-egg-six-more-weeks-of-freeze-for-asset-management-industry/</link>
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		<title>Who isn&#8217;t more focused on operational risk management these days? Somebody.</title>
		<description><![CDATA[The vast majority believe there is, and should be, a new world order when it comes to operational due diligence. Yet not everyone believes new and improved methods can accomplish much more than before.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/09/who-isnt-more-focused-on-operational-risk-management-these-days-somebody/</link>
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		<title>In departure from tradition, merger arb funds now seem to be hitching their wagons to the S&amp;P</title>
		<description><![CDATA[Merger Arbitrage has long been described as short put on the S&#038;P.  But the times may be a changin'...]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/08/in-departure-from-tradition-merger-arb-funds-now-seem-to-be-hitching-their-wagons-to-the-sp/</link>
			</item>
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		<title>Does the prime brokerage sec lending model need resuscitation?</title>
		<description><![CDATA[Securities lending in it's old-school, pass-around-the-securities-and-collect-the-fees form is seemingly gone for good. But what form it will take now?  ]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/07/the-death-of-sec-lending-in-prime-brokerages/</link>
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		<title>Infrastructure fund fees &#8220;make us much less supportive&#8221; of the asset class: Watson Wyatt</title>
		<description><![CDATA[A report by one consulting firm shows that hedge funds certainly don't have a monopoly on complex and confusing fee structures.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/06/infrastucture-fund-fees-make-us-much-less-supportive-of-the-asset-class-watson-wyatt/</link>
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		<title>Hedge funds plowing into stocks, short</title>
		<description><![CDATA[Recent reports and anecdotal evidence suggest hedge funds are still throwing money at stocks. The only problem is the majority of the cash is going into shorts.]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/03/hedge-funds-plowing-into-stocks-short/</link>
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		<title>Two amazingly simple rules for making alpha/beta allocations</title>
		<description><![CDATA[Leave it to the investment practitioners to come up with, well, "practical" tools...]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/02/two-amazingly-simple-rules-for-making-alphabeta-allocations/</link>
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		<title>It&#8217;s all hedge funds&#8217; fault &#8211; again</title>
		<description><![CDATA[Who else to blame but hedge funds for going for low-hanging emerging markets fruit and forcing more credit crisis-inspired woes?]]></description>
		<link>http://allaboutalpha.com/blog/2009/12/01/its-all-hedge-funds-fault-again/</link>
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		<title>7 Questions for Anthony Scaramucci of Skybridge Capital</title>
		<description><![CDATA[You might be surprised at how many of today's hedge fund behemoths began life as a seeding project - as hedge fund seeder Anthony Scaramucci tells AllAboutAlpha's Andrew Saunders.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/30/7-questions-for-anthony-scaramucci-of-skybridge-capital/</link>
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		<title>Hedge fund alpha remains in the eyes of the beholder</title>
		<description><![CDATA[A recent study questions the validity of alpha calculations based on common hedge fund indices.  Others have wondered the same for years, but is this concern really just a red herring?]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/29/hedge-fund-alpha-remains-in-the-eyes-of-the-beholder/</link>
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		<title>The Ineichen Dialogues Act II: LaRasmussteinmontians in Yellowstone Park</title>
		<description><![CDATA[This month, we bring you Act II of Alexander Ineichen&#8217;s &#8220;Ineichen Dialogues&#8221; (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, CAIA
Once upon a time, not so [...]]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/27/the-ineichen-dialogues-act-ii-larasmussteinmontians-in-yellowstone-park/</link>
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		<title>Illegal Alpha</title>
		<description><![CDATA[Sure, alpha exists and can be obtained. The question, though, in the age of frauds, blowups and misnomers, is: can it be attained legally?]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/26/illegal-alpha/</link>
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	<item>
		<title>A cornucopia of scrumptious news</title>
		<description><![CDATA[All the news that's fit to eat this Thanksgiving.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/24/a-cornucopia-of-scrumptious-news/</link>
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	<item>
		<title>ETF hedge funds: The Infinite Monkey Theorem</title>
		<description><![CDATA[If a monkey hitting keys on a typewriter at random can eventually reproduce Shakespeare's works, can an ETF loosely based on a hedge fund strategy eventually replace a hedge fund manager, and the fees he or she charges?]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/23/etf-hedge-funds-the-infinite-monkey-theorem/</link>
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		<title>Is the vaunted &#8220;illiquidity premium&#8221; partially an illusion?</title>
		<description><![CDATA[An academic study finds that a hedge fund's source for pricing data can tell you a lot about its propensity to "smooth" returns.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/22/is-the-vaunted-illiquidity-premium-partially-an-illusion/</link>
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		<title>When skittish hedge fund investors and lenders become a problem for everyone</title>
		<description><![CDATA[A study by the European Central Bank explores what happens when hedge fund investors and prime brokers want their money back in a hurry.  ]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/19/when-skittish-hedge-fund-investors-and-lenders-become-a-problem-for-everyone/</link>
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		<title>Pass the fees, please</title>
		<description><![CDATA[Still more evidence that hedge fund managers aren't going to climb back above their high water marks for the foreseeable future. The question is how much longer managers will be willing to tough it out.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/18/pass-the-fees-please/</link>
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		<title>Morningstar: Alternative investments not derailed by recession</title>
		<description><![CDATA[Morningstar's second annual survey of advisors' and institutions' views on alternative investments suggests the industry keeps on chugging along.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/17/morningstar-alternative-investments-not-derailed-by-recession/</link>
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	<item>
		<title>Weathering the perfect storm of taxes, risk, regulation and the wrath of investors</title>
		<description><![CDATA[E&#038;Y's recent survey of 100 major hedge fund managers shows that many now acknowledge inevitable regulation, the downside to "gating" and the importance of risk communication.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/16/weathering-the-perfect-storm-of-taxes-risk-regulation-and-the-wrath-of-investors/</link>
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	<item>
		<title>The NAV, the whole NAV and nothing but the NAV&#8230;</title>
		<description><![CDATA[Gone are the days where calculating NAV was a guesstimate and where an administrator's role was the rubber stamp it. Say hello to the new era of daily NAV calculations, third-party verifications and accountable administrators.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/15/the-nav-the-whole-nav-and-nothing-but-the-nav/</link>
			</item>
	<item>
		<title>How to succeed at long/short without really trying</title>
		<description><![CDATA[If watching indexes and indicators made for perfect stock-picking, wouldn't everyone do it? Another methodology on how to figure out in advance where a sector might be headed. ]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/12/how-to-succeed-at-longshort-without-really-trying/</link>
			</item>
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		<title>In portfolio management, sometimes the sum of the parts is greater than the whole</title>
		<description><![CDATA[It's not that active managers are using the wrong parts, it's just that they're using the wrong numbers of them, says this must-read document.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/11/in-portfolio-management-sometimes-the-sum-of-the-parts-is-greater-than-the-whole/</link>
			</item>
	<item>
		<title>&#8220;1.75 and 21.93&#8243;: The new, new, new fee structure?</title>
		<description><![CDATA[Investors will still cough up for alpha if they think they can get it, but aren't going to be as tolerant paying for beta anymore.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/10/1-75-and-21-93-the-new-new-new-fee-structure/</link>
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		<title>Equity long/short mutual funds &#8220;could easily grow twenty-fold over the next five years:&#8221; Report</title>
		<description><![CDATA[Are "hedged mutual funds" finally ready for prime time? ]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/09/equity-longshort-mutual-funds-could-easily-grow-twenty-fold-over-the-next-five-years-report/</link>
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	<item>
		<title>Why bother separating alpha and beta?  Here&#8217;s why.</title>
		<description><![CDATA[With the un-alpha-like performance of the hedge fund portion of portable alpha strategies last year, it's easy to disregard alpha/beta separation as hype.  But here's a must-read paper that shows why the concept is fundamentally sound.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/08/why-bother-separating-alpha-and-beta-heres-why/</link>
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	<item>
		<title>Can of worms?  Supreme Court discusses &#8220;fair&#8221; compensation for fund advisory services</title>
		<description><![CDATA[According to experts, a case currently before the US Supreme Court will "define the contours of a mutual fund adviser’s fiduciary duty with regard to compensation."  Will it impact hedge funds too?]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/05/can-of-worms-supreme-court-discusses-fair-compensation-for-fund-advisory-services/</link>
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		<title>What lurks for hedge funds beneath the deep, dark waters of dark pools?</title>
		<description><![CDATA[Liquidity is sacred, so long as you can see it, says the SEC, as it puts dark pools on its next-to-hit list.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/05/what-lurks-for-hedge-funds-beneath-the-deep-dark-waters-of-dark-pools/</link>
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	<item>
		<title>More evidence that distressed debt funds are a phoenix, not a vulture</title>
		<description><![CDATA[A new study suggests that distressed debt investors play a critical role in the rebirth of ailing companies.
]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/03/more-evidence-that-distressed-debt-funds-are-a-phoenix-not-a-vulture/</link>
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		<title>VC overcrowding means AUM must fall for returns to recover: Expert</title>
		<description><![CDATA[Once the dot-com boom slips out of the 10-year horizon for VC funds, reported industry returns are going to take a dive.  So what's needed to fix this sector in the long run?]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/02/vc-overcrowding-means-aum-must-fall-for-returns-to-recover-expert/</link>
			</item>
	<item>
		<title>Gone in 45 days: Who said hedge funds were illiquid?</title>
		<description><![CDATA[For most businesses, completely taking down the sails and ceasing operations involves a lot more than a letter to investors and six-week's notice. Not for Galleon, apparently.]]></description>
		<link>http://allaboutalpha.com/blog/2009/11/01/gone-in-45-days-who-said-hedge-funds-were-illiquid/</link>
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		<title>Alternative Viewpoints: Due to funds’ lack of persistence, the Sharpe ratio has no validity as an investment decision tool</title>
		<description><![CDATA[There have been many studies on hedge fund manager return “persistence”.  Persistence, after all, is a necessary precondition for the existence of alpha.  Like alpha itself, you might expect that the persistence of a good Sharpe ratio may be possible in less mature (more informationally inefficient) markets.  But a new study by Siewling Lay, CAIA, [...]]]></description>
		<link>http://allaboutalpha.com/blog/2009/10/29/alternative-viewpoints-due-to-funds%e2%80%99-lack-of-persistence-the-sharpe-ratio-has-no-validity-as-an-investment-decision-tool/</link>
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		<title>One reason why equity allocations may never fully recover from recent injuries</title>
		<description><![CDATA[Institutional equity allocations have dropped along with the markets over the past 2 years.  But even as the market rebounds, there may be some fundamental reasons why institutional investors will throw in the towel on "60/40" for good this time around.]]></description>
		<link>http://allaboutalpha.com/blog/2009/10/28/one-reason-why-equity-allocations-may-never-fully-recover-from-recent-injuries/</link>
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