A Simple Theory of the Financial Crisis; or, Why Fischer Black Still Matters

Tyler CowenIn this month’s Financial Analysts Journal, Tyler Cowen professor of economics at George Mason University, Virginia makes sense of the current financial crisis by drawing on some of Fischer Black’s ideas.

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UK Universities scheme focuses on emerging markets

The £27 billion ($44 billion) Universities Superannuation Scheme has made three new appointments and reorganised its equities team with a new dedicated global emerging markets capability, the first internal restructure under new chief investment officer Roger Gray. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Washington State prioritises excellence

The $70.5 billion Washington State Investment Board has prioritised hiring the best managers in public equities and is willing to sacrifice the number of active investment relationships in lieu of the managers it believes are “truly exceptional” as it enters 2010 with plans for global manager searches. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

CalPERS sets investment strategy

The $206 billion California Public Employees’ Retirement System (CalPERS) set its investment strategy roadmap for 2010 at a board offsite last week, as chief investment officer, Joe Dear, attributes strong gains in 2009 to a “sharpened investment focus”. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Back to normal

In this research brief, Tim Barron suggests the entire notion of the “new normal” being somehow different is an exaggeration or an embellishment. He says there is nothing “new” about this normal but it is more appropriately described as “back to normal.” And, that if it lasts for three or more years, it will then

Passive tilt for Massachusetts state fund

The $42 billion Massachusetts Pension Reserves Investment Management (PRIM) will move half of its developed non-US equity portfolio and 25 per cent of its emerging market equity portfolio into passive strategies and has begun a search for a single manager for each asset class with a commencement date of May. mrec4inarticleinline Sponsored Content scnative1 scnative2

Ontario Teachers’ buys UK schools from private equity

The private capital arm of the $87.4 billion Ontario Teachers’ Pension Plan (OTPP) has acquired a UK special education and fostering services provider believed to be valued at about £200 million ($326 million).   mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

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