Monday, May 11, 2009

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 Top Stories


Hedge Funds Are Piqued by White House
Source: The Wall Street Journal
Hedge-fund managers are showing rare public outrage against the Obama administration, saying that it has wrongly rebuked investors necessary to salving the financial crisis. More...

Inflows add to optimistic signs for hedge funds
 Source: eFinancialNews.com
 Leading hedge fund managers are beginning to see inflows into some of their most popular products, adding to signs that the industry’s recovery may be gathering pace. More...

Bill Ackman To Make Case For Changing Target Board
 Source: The Wall Street Journal
One of Wall Street's most high-profile investors is focusing his firepower on Target Corp., whose flailing performance in the recession has left it with a big bull's eye on its back. More...

 Hedge fund chief Crispin Odey ready to join tax exodus
 Source: Times Online
HEDGE-FUND BOSS Crispin Odey has threatened to move his firm out of Britain to avoid the 50% income-tax rate on high-earners. More...


More of Today's Stories continued below...  or  Today's Stories unabridged on the web

  Term of the Day & Related News

Market Risk
Market risk is the risk that the value of an investment will decrease due to moves in market factors.

Volatility frequently refers to the standard deviation of the change in value of a financial instrument with a specific time horizon. It is often used to quantify the risk of the instrument over that time period. Volatility is typically expressed in annualized terms, and it may either be an absolute number ($5) or a fraction of the initial value (5%). More...
 
Related News:

Fed Could Regulate Market Risk, Fund Exec Says
Source: Insurancenewsnet.com
The chief executive of one of the country's largest retirement systems said Thursday he believes the Federal Reserve is set to assume the role of systemic risk regulator for the financial markets.  More...

Market Volatility Falls to an Eight Month Low
Source: Seeking Alpha
From Ian Ayres at the Freakonomics Blog on December 24, 2008:

One of the most important but underreported financial indicators is the CBOE’s Volatility Index (^VIX), which measures the market’s expectation of future volatility in stock prices. (The CBOE has written a nice technical paper describing how it is calculated here.) Traditionally, the annualized volatility of the S&P 500 has been 20%, but in both October and November the VIX reached an apocalyptic 80%. The huge drop in stock prices is bad, but it would be a lot better if the market thought that the major gyrations were mostly in our past. So the good news is that the volatility index has retreated to 45%. More...
  Scholarly Article & Related News
Closed Form Solutions For Term Structure Derivatives With Log-Normal Interest Rates
by Kristian R. Miltersen, Klaus Sandmann, & Dieter Sondermann
We derive a unified term structure of interest rates model which gives closed form solutions for caps and floors written on interest rates as well as puts and calls written on zero-coupon bonds. The crucial assumption is that the simple interest rate over a fixed finite period that matches the contract, which we want to price, is log-normally distributed. Moreover, this assumption is shown to be consistent with the Heath-Jarrow-Morton model for a specific choice of volatility... More...
 
Related News:

Poor Bets in Oil & Derivatives, Rethinking the Buffett Game (BRK-A, BRK-B, COP, WFC, DOW)
Source: 24/7 Wall Street
Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) may have had the wind behind its back from its annual shareholder meeting, but that wind now may breaking wind. This was Warren Buffett’s first loss for a quarter since 2001. More...

Crisis drives student interest in derivatives law
Source: Reuters UK
Max Romanik from New Mexico went to law school to study the way auctions of luxury works of art are regulated. More...
  Top Stories by Category
  Book of the Day & Related News
 
   
Emerging Markets
by Jeffrey C. Hooke
Average Customer Review: 5.0 out of 5 stars
Price: $47.97
 
 
Book Description
Explores recurring patters of business behavior and market conditions in developing countries, offering prospective investors information on which to base decisions. Explains what emerging markets are and why companies choose them as investments, including detailed examples of the author's experiences in this area. DLC: Investments, Foreign--Developing countries.

Related News:

World Regains Taste for Risk
Source: The Wall Street Journal
Investors are aggressively piling back into markets shunned as too risky just a few weeks ago -- driving up stocks in the developing world and raising concerns that the euphoria may be overdone. More...

Private equity investing in emerging markets
Source: The Jamaica Observer
Whether in developed or developing countries, a broad range of companies possess risk profiles that inhibit their ability to raise capital through conventional channels such as bank borrowings or public securities issues. More...
 
  Personal Interest


Healthcare groups vow to cut spending
 Source: The Los Angeles Times
Reporting from Washington -- Leading health industry groups have agreed to slow the explosive growth of healthcare spending, according to administration officials and others knowledgeable about the agreement. More...

Legacy will long outlive the Hubble telescope, due for its final tune-up
 Source: KansasCity.com
The time machine that already has given humanity its deepest glimpse into the past is poised for an upgrade that should reveal even greater wonders of the cosmos. More...
 

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   Top Stories (Continued)


Machines rise and prosper through market turmoil
 Source: eFinancialNews.com
Last October, Jaffray Woodriff, founder, chief executive and portfolio manager of Quantitative Investment Management, a $3.2bn (€2.4bn) hedge fund, was on the verge of interrupting his computer-generated models and pulling out of his positions. More...

Greenlight Capital: Underwriting Has Potential to Accelerate or Damage Returns
 Source: Seeking Alpha
In February, we purchased a 10% position in Greenlight Capital Re, Ltd. (GLRE), a reinsurance company which invests its "float" in the David Einhorn run hedge fund Greenlight Capital. More..

 Steady Schroders steals a march on rival Aberdeen
 Source: eFinancialNews.com
Aberdeen Asset Management has slipped back into second place behind Schroders in the race for the title of largest UK-listed asset manager, according to a trading statement issued last week by Aberdeen. More...

Hedge funds cut fees for investors
 Source: FT.com
The hedge fund industry, infamous for imposing high fees, is finally beginning to cut these charges amid heavy outflows and investor complaints after a year of losses. More...

How Is the New Hedge Fund Strategy ETF Doing?
 Source: Seeking Alpha
The innovators were out with guns blasting as they introduced an ETF that acts like a hedge fund. How has it been doing since the March 25 launch? More...

Neuberger Berman targets brokers, advisers
Source: InvestmentNews
Executives of Neuberger Berman Group LLC, now running the $155 billion money manager as an independent firm, plan to share some of their institutional-only investment strategies with investment advisers and individuals for the first time. More...

Shrewd Snapshot
Source: Citywire
US property hedge fund manager Mercury Real Estate Advisors has upped its stake in hotel, office and retail space group MWB Group Holdings. More...

Use 'real alpha' and 'exotic beta' when considering active vs. passive management
 Source: InvestmentNews
The debate over the virtues of active versus passive portfolio management probably will live forever. Much of the debate boils down to ingrained theories related to the impact of fees on performance and the probabilities of active managers beating benchmarks in different market cycles. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor

One evening after dinner, my five-year-old son Brian noticed that his mother had gone out. In answer to his questions, I told him, "Mommy is at a Tupperware party."

This explanation satisfied him for only a moment. Puzzled, he asked, "What's a Tupperware party, Dad?"

I've always given my son honest answers, so I figured a simple explanation would be the best approach. "Well, Brian," I said, "at a Tupperware party, a bunch of ladies sit around and sell plastic bowls to each other."

Brian nodded, indicating that he understood this curious pastime. Then he burst into laughter. "Come on, Dad," he said. "What is it really?"
 

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