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Eisman doesn’t see another Big Short
Steve Eisman, whose bet against subprime mortgages was chronicled in a popular movie and book, says reforms have reined in the leverage that led to his ‘end-of-the-world’ short from a decade ago.
Specialised short positions challenge beta behaviour
Long/short funds with specialised short positions have greater beta convexity and present greater liquidity strain in rebalancing, according to new research by Morgan Stanley.
Quants in need of a makeover
Quantitative investing needs to change, and should do so by scaling up to produce more proprietary data, reducing excessive numbers of signals and becoming more “market savvy”, according to the global head of equity research at BlackRock, Ronald Kahn.
Hedging pays off for Industriens Pension
Industriens Pension is one of very few pension funds globally to achieve a positive return in 2008. Kristen Paech talks to chief investment officer, Jan Ostergaard, about what drove the positive return, and the fund’s upcoming merger with two small Danish funds.
Deforestation gets the chop
Heightened awareness of the role of rain forests in global supply chains, and of the related risks, has led many large investors to join initiatives calling for an end to destruction of woodlands.
Texas Teachers’ CIO questions TPA, DAA value-add
Chief investment officer of the $225 billion Teacher Retirement System of Texas Jase Auby has voiced reservations about the total portfolio approach, particularly regarding the robustness of its central feature, the top-down decision-making process. He also outlined why the fund doesn’t consider dynamic asset allocation a durable source of alpha.
Australian industry degraded by inflated fees
The Australian superannuation industry is often quoted as among the world’s best. However a new report by the Grattan Institute reveals Australian funds charge on average three times the OECD median rate. The report says that superannuation fee reform is the biggest opportunity for micro-economic reform in that country’s economy. The report, Super sting: how
CIC expands global reach
The Chinese Investment Corporation will hire a throng of investment professionals to join its nearly 200-member global investment team, following the second meeting of its international advisory council in Shanghai this month.
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