Archive for the 'Uncategorized' Category
Seeing as I’m logged on…
One of the reasons that I have been updating less frequently is that I’ve felt an increasing need to keep my ideas private. I’m developing a bit of a business plan and while I appreciate the feedback that I’ve received from colleagues and mentors, I don’t think I’m ready to expose my plan to [...]
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Tags: SWF
Personal Update
I passed the exam, paid my fee, and now I can insert a jumble of letters after my name. For whatever reason, I felt a lot more confident about the level 2 exam. Though I was never 100% sure that I was going to pass, I was actually less excited when I got my level [...]
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Tags: business school, CAIA, Chicago Booth, kellogg
Transparency: What Counts
Just a quick thought. What enabled frauds like Madoff, Petters, Dreier, and Israel was not the opacity of their strategies or processes, it was the opacity of their operations. For all I care, a manager can use astrology to make his investment decisions. So long as there are material accounting, legal, and [...]
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Tags: hedge funds, madoff
Oh, also, I *have* to link to this graphic illustrating Fairfield Greenwich Group’s due diligence process.
Goodbye, FFG.
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Quick Update
Where have I been? Things have been really, really busy. Not posting is kind of a self-sustaining loop. The less often I look at my own blog, the less inclined I am to post.
So here’s where I am: got my study materials for CAIA level 2 a few weeks ago. I’m somewhat [...]
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Tags: business school, CAIA, hedge funds, madoff
Sellout?
I think this article at naked capitalism touches on an interesting point: could forced selloffs by hedge funds really explain recent dips in the market?
I do not believe we have seen the full effect of hedge fund redemptions yet. We don’t know everything about every fund’s redemption terms, but Dec 31 is a fairly common [...]
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Tags: hedge funds
It’s not so bad in the middle
First, congrats to all who passed their exams & better luck next time to those who’ll have to try again. My overall feeling about CAIA level I is that it was surprisingly light on the quantitative stuff. I studied performance and risk measures so hard and BAM there are like 20 questions on convertible bonds. [...]
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Tags: CAIA, hedge funds
Eww
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 [...]
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Tags: CAIA, hedge funds
CAIA Anxiety
One post about the CAIA exam has led to an enormous (relatively speaking. this blog gets usually about 2 hits a day. now it gets 20) spike in the traffic on this blog. In a shameless attempt to generate more traffic, here’s a nother CAIA post.
I’ve spent most nights and the last couple weekends locked [...]
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Tags: CAIA
AllAboutAlpha has an interesting take on a recently published study regarding the relationship between tenure, size, and returns in fund of funds. Briefly, young, small funds tend to outperform their larger peers, but as they age, small funds underperform funds with more AUM. AllAboutAlpha also points out the really interesting dispersion of size and performance [...]
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Tags: hedge funds
