Central Bank Policies Put the Squeeze on Pension Funds
Amundi-CREATE Research has offered its independent assessment on challenges now faced by the worldâs pension funds, given the policies of central banks. The subject is of great significance to...
View ArticleHow to Evaluate Smart Beta ETFs
By Nicolas Rabener of FactorResearch (@FactorResearch) Beta is like ice cream and comes in many flavors. Broadly we can categorize it into the following four types: Plain beta: Market...
View ArticleInvestment Management: Time for New Leaders and Exiting Comfort Zones
Disruption is the trend of the moment in many industries and the investment world is no exception. Deloitte Insights has just posted an article that takes a comprehensive look at the investment world...
View ArticlePairs Trading Suggested for Energy Stocks
Carlos Salas Najera, of the New York City Data Science Academy, has tested an old idea (pairs trading) for a strategy that could be tailored to energy stocks and related ETFs. The resulting paper is...
View ArticleA Critique of (Non-forensic) Short Selling
In a new paper, three quants with Robeco suggest that the âshortâ side of the activity of many long/short equity trades is pointless. These quants are David Blitz, Guido Baltussen, who is also...
View ArticleAfrica: Alpha for the Bold
The CFA Institute, in conjunction with the African Stock Exchanges Association (ASEA), has put together a book on the challenges and opportunities in the African capital markets. In Africa as...
View ArticleReport: Convertible Bonds Attractive for 2020
A new report from Schroders looks at global convertible bonds, instruments that straddle the boundaries of debt/equity/derivatives. It tells usâin a discussion that might be of interest to the...
View ArticleThe Imminent Demise of the LNG/Crude Oil Link
Liquified natural gas has long been sold through long-term contracts that are benchmarked to the price of crude oil. This makes a certain intuitive sense. The two commodities are in many contexts...
View ArticleGreenfields and Brownfields: Asian Investors Backing Infrastructure Investments
The Asian Infrastructure Investment Bank has taken a 30% stake in Bayfront Infrastructure Management. Clifford Capital, with the backing of the government of Singapore, has the other 70%. They have...
View ArticleEbenezer Scrooge: An Alternative View
By Bill Kelly, CEO, CAIA Association Ebenezer Scrooge was not exactly a cuddly CEO. The way he treated poor Bob Cratchit alone would not have exactly put Scrooge & Marley Ltd. in the top quartile...
View ArticleFrom SRI to Shariah: A Bridge Not too Far
Usman Hayat, for the CFA Institute has written a provocative paper about the relationship between socially responsible investing on the one hand and Islamic finance on the other. His bottom line is...
View ArticleCommodities:Waiting for a Paradigm Shift
Ray Dalio, in reference to the current financial scene, with its long period of expansion over more than a decade has said, âThis set of circumstances is unsustainable and certainly can no longer be...
View ArticleConsidering Investing in Qualified Opportunity Funds? Caveat Emptor
By David O’Brien, CFP, CAIA The Opportunity Zones Program, enacted as part of the Tax Cuts and Jobs Act of 2017, has great potential to create jobs and spur economic growth while creating a potentially...
View ArticleHigh-frequency Trading: More Flash to Come
There has been little ânewsâ about high frequency trading in 2019. On the one hand that silence, as a certain famous detective might say, is âthe curious incident.â On the other hand, the...
View ArticleStart Your Algorithms: Speed is Good Again, or is it?
Until the final days of 2019, it has been a quiet year for high-frequency trading-related news. The whole concept of a trade executed in nanoseconds, and the related concept of a trading program...
View ArticleSHARE BUYBACKS OR COMPOSITE EQUITY ISSUANCE?
By Daniel Fang, CFA, CAIA, Quantitative Research, and Diana Olteanu-Veerman, CFA, Quantitative Strategy, Northern Trust Asset Management Composite Equity Issuance (Cei) Can be a Proxy for Intangible...
View ArticleEurope’s Hedge Fund Numbers Growing Again
Eurekahedgeâs latest monthly report includes a special section on the key trends in European hedge funds. It tells us that the total number of European hedge funds grew in 2019, after a decline in...
View ArticleOpportunities Emerge in Emerging Markets Debt
A new year ushers in new opportunities and 2020 is no different in that respect. Emerging markets debt is one such opportunity, according to the global fixed-income team at Morgan Stanley Investment...
View ArticleThe Dog Days of… print(“Season is”,season)
By Bill Kelly, CEO, CAIA Association As a global organization, it is pleasing to know there is always a CAIA Association Member, somewhere in the world, enjoying the dog days of summer. Although we...
View ArticleShorting NMC Health: The Waters are Muddy
NMC Health, an Abu Dhabi-based firm listed on the London Stock Exchange, has suffered a sharp loss in value as a consequence of its dispute with a forensic short seller, Carson Block, the man behind...
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