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Dear Alpha Mail Subscriber:
The past month seems to have yielded a bumper crop of fascinating alternative investment research. Academic papers on survivorship biases and "side-by-side" management of hedge funds and mutual funds seemed to have grabbed the attention of AAA readers. In addition, some meaty industry surveys also satisfied our hunger for insight into what makes the AI industry tick (recent data on "fat tails" in the hedge fund industry, what it now takes to raise capital, and how recent industry growth may be a "yay-boo"). Regular contributor Steve Deutsch of Morningstar reviews a new CFA monograph and guest contributor Erik Einertson of First Quadrant writes about how alpha seems to have a multiple personality disorder.
So, lots to chew on this month. Without further ado... |
| Last Month's Most Popular Posts |
- What US college basketball can teach us about "survivorship bias"
On April 6th, the only team that remained in the NCAA Men's basketball tournament had a record of 6-0. Imagine trying to extrapolate Duke's record across all 65 tournament participants.
- Exchange-listed hedge funds: the last ones voted off the island
As a new regulatory regime for hedge funds continues to unfold, hedge funds listing on exchanges seems oh-so 2007. But a recent academic study finds that a surprise peripheral benefit is survival.
- How to attract institutional investors: get an edge, manage risk, and emphasize pedigree
The pendulum has clearly switched to investor from manager in the post-2008 institutional allocation world. The question is whether managers can do what it takes to get past the velvet rope and into the institutional investor party.
- Regulators take note: new research finds mutual fund managers do better, not worse, when they also manage "side-by-side" hedge funds
Past research has shown that when mutual fund companies offer hedge funds, mutual fund performance suffers. But a new study finds that when individual mutual fund managers also manage hedge funds, this actually helps the mutual fund performance.
- Fat tails. For hedge fund investors, the last free item on the lunch menu
Thought there was no such thing as a free lunch? For hedge fund investors, there apparently is, according to a new research study, especially if they're looking to avoid a little kurtosis.
- The Five Faces of Alpha
Following the asset crash of 2008 and the strong rebound of 2009, much has been made about the failure of alpha to remain uncorrelated to beta.
- Dot-coms and hedge funds: not such strange bedfellows
Exit strategies have long been an issue among hedge fund principals: How to bow out of the business without winding it down. Weston Capital has figured out a new and unusual method.
- CFA Research Foundation takes a first crack at writing the history book of the 2008 financial crisis
How will history remember 2008? A "monograph" on the financial crisis assembled by the CFA Research Foundation finds no easy answers.
- It's official: Hedge fund industry assets are growing again. Maybe.
PerTrac's annual hedge fund database study confirms what many have already been witnessing: assets are flowing back into the hedge fund industry. But a closer look at the numbers suggests there is more than meets the eye.
- Biggest winners in financial calamity: investment consultants
Guess who totally underestimated the amount of business they would see in 2009...
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It was great to meet readers in San Francisco, Los Angeles and Boston last month. For those who wrote the recent CAIA exams in these cities and around the world, a hearty congratulations!
April will be pretty busy for us. I'll be in Singapore next week giving a presentation to CAIA and AIMA members (April 19th) that I guess you might call "The Best of AllAboutAlpha.com" over the past two quarters. Discover more about that event here at the CAIA website.
If you're in Hong Kong, join us on April 22nd in the wings of the Fund Forum Asia conference for a gathering of CAIA members, candidates and tire-kickers (info here). This conference is shaping up to be a great melding of traditional and alternative investing and I'll be chairing Day Three (Thursday).
Finally, if you're in Sao Paulo, Brazil the last week of April, you might want to check out the Brasil Investment Summit. Brazil is receiving renewed interested, and I understand from conference organizers that this event will be attracting record numbers. Several CAIA members and friends will be attending and I will be moderating a panel on, you guessed it, alternative investments. If you are interested in learning more about CAIA, join me, local members and candidates for dinner on April 26th (info here).
Looking ahead into May, one our favorite events lands in London May 17-19. The Global Absolute Return Congress is one of the world's premier institutional alternative investment events. More on that next month. But in the meantime, you can download the agenda here.
Happy Alpha Hunting,
Christopher Holt, Managing Editor
AllAboutAlpha.com
editor@allaboutalpha.com
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Wed, Apr 14, 2010 |  | |
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A Service of the Chartered Alternative Investment Analyst Association | |
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News that caught our eye last month- "Birds of a Feather" Edition
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