Eww

04Oct08

I just realized I dreamt last night about failing the CAIA exam.  Eww. Results for level one are out on Tuesday I think.

In other news, a number of sources latched onto HFR’s report that September was the Worst Month for Hedge Funds Ever.  Check out some of the better stories on Friday’s Abnormal Returns.

Had a good chat last night about the market’s response or lack thereof to the bailout.  I was glad to see a small dip because it means investors are still in the business of assessing the long term prospects of companies instead of just gaming the system.  Monday’s fall and Tuesday’s recovery, to me, made it apparent how market movements are driven by speculation. The long term effects of the bailout are nearly impossible to guess.  If anything, it has been interesting to learn that many companies are very much affected by the overall health of the credit/mortgage industry.

I’m semi-serious.  I’d like somebody to explain to me why coca-cola’s prospects are any dimmer because Wall Street is dying and nobody can pay off their mortgages.  I don’t necessarily choose between paying my rent and buying a soda, yknow?  I have completely different economic thought processes for discretionary spening on consumable goods vs. larger expenditures.

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Tags: CAIA, hedge funds