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By Max Darnell, Partner, Chief Investment Officer and Dori Levanoni, Partner, Co-Director of Global Macro
Perhaps the most common reason investors chose not to make carefully examined, conscious choices about what to do with currency risk is that it is assumed that if you simply wait long enough, "everything will come out fine." Currency risk is zero-sum, right? Assuming it is, the choice for inaction over action implies a level of patience inconsistent with most investment horizons. Over the horizon in which you need to eat, that roast duck is unlikely to find its way into your mouth. You starve... MORE> |
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Asset/Liability management has almost exclusively focused upon asset growth. While current liabilities can be immunized through techniques such as Liability Directed Investment (LDI), there is still risk that assets will not be enough to cover new liabilities as the work force of a firm increases, wages rise, and longevity increases. Equities rise with economic growth and so hedge against future liabilities that come from growth in the underlying business of the fund’s participants. MORE > |
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A well-diversified portfolio of equities provides the best passive returns over the long term, provided the economy is also growing. However, the current market environment reminds us that equities can also be highly volatile and can suffer prolonged periods of negative or flat performance. The solution involves adding additional asset classes, but that only balances capital. We believe a truly balanced portfolio must also have balanced risk. MORE > |
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On October 24th, 2008, First Quadrant hosted a webinar entitled "Diversification & Risk Management: What Volatility Tells Us." We presented the results of our recent analysis of how increased market volatility affects our clients' portfolios. Our findings are especially relevant in these turbulent times, and the feedback to our presentation has been well-received. MORE> |
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Contrary to popular belief, our research shows that the ability to take unconstrained short positions in equity portfolios does not necessarily lead to superior performance compared to long-only or rextended equity strategies such as 130/30. Subsequently published as "How Variation In Signal Quality Affects Performance" in Financial Analysts Jornal, July/August 2008. MORE> |
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July 7, 2009
New York Marriott Downtown, New York, USA; www.fxweekusa.com. |
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July 9, 2009
Le Meridien Piccadilly, London, England; www. spsconferences.com. |
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