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Howard Marks on alpha and making money

“It used to be easier to make money,” Oaktree Capital Management founder and chairman, Howard Marks muses as he discusses meeting the demands and goals of his clients in 2014. Marks is an avid communicator, and has been writing memos to clients for 24 years. The result is his book “The Most Important Thing”, which […]
Research

Manager risk contribution in a multi-manager portfolio

This paper by MSCI creates a framework in order to answer the question: given a portfolio of managers, how does the active risk of each manager relate to the active risk of the portfolio? Asset owners often measure manager risk (the active risk of each manager) and have difficulty relating it to the contribution each […]
Research

Persistently high equity risk premium unprecedented

This paper by the Federal Reserve Bank of New York looks at the equity risk premium information from 20 models and estimates the ERP for various time periods. Extraordinarily it finds that the (preferred) estimator places the one-year equity premium in July 2013 at 14.5 percent, the highest level in 50 years and well above the […]
Research

Investor pitfalls in setting up a satellite office

As part of the broader trend to become professional organisations, pension funds and soverieng wealth funds are expanding geographically with the establishment of satellite offices. This expansion raises concerns of governance, culture, politics and talent. This paper looks at the case studies from 12 funds that have launched or considering launching satellite offices and offers […]
Investor Profile

Ohio SERS reduces hedge funds

This year the $12 billion Ohio School Employees Retirement System is prioritising projects that fulfil the board’s desire to find income from alternative sources and manage risk, including allocating more to real assets, and initiating an RFP on a risk management system. Farouki Majeed speaks to Amanda White about the fund’s investment program.   With […]
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