THE HEDGE FUND JOURNAL

Download Issue	Regulation Issue 38, June 2008 Hedge funds have had an icy reception from the movers and shakers in Europe. Nicolas Sarkozy pitched in last year, telling the world what he’d like to do to “these aggressive hedge funds [that] buy into a company, sell it off in pieces, sack 25% of the staff, collect 25% profit and create zero wealth” and, in doing so, made the basic error of lumping all hedge funds into one highly questionable category.

Download Issue	Regulation and Best Practice Issue 38, June 2008 Many corners of the hedge fund industry in the US and Europe are beginning to voice concerns about the apparently never-ending stream of initiatives which are designed to help the industry conform to common standards of operation and to provide greater assurance for investors and regulators.

Download Issue	Short Selling Issue 36, April 2008 This elusive group of ‘short’ investors have taken the blame for many of the crashes of the last 400 years; from the East India Company of 1609, the Great Wall Crash of 1929, Black Monday in 1987 and the bursting of the dot-com bubble in the early-2000s. Short sellers have been labelled as “stock-bashing rumour mongers” (Albert et al, 1997) and the “assassins of Corporate America” (Business Week, 1996).

Download Issue	Hedge Fund Regulation Issue 36, April 2008 The last few years have emerged as a pivotal time in the evolution of hedge fund regulation. In early 2006, the industry scrambled to comply with a deadline requiring hedge fund managers to register with the SEC.

Download Issue	Prime Brokers and Hedge Funds Issue 36, April 2008 Until recently, large investment banks with significant prime broker units were happy to allow some elements of the business to run as a ‘loss leader’ for the accolade of having the big hedge fund names as their clients, particularly if they could claim sole prime broker status.

Download Issue	Structured Products Issue 36, April 2008 Up to last year, most people regarded valuation as a necessary but unexciting aspect of running an investment operation. Spotting future price changes was the skill to which traders aspired, not the humbler job of correctly measuring today’s price.

Download Issue	FAIFs Issue 36, April 2008 Following the introduction of funds of hedge funds and commercial property into the FTSE APCIMS (private clients’ investment indices produced by the FSTE) there has been a growing appetite for alternative investment vehicles.

Download Issue	Islamic Finance Issue 35, March 2008 he Islamic finance market is very young but expanding very rapidly. One of the drivers of that expansion, of course, is the huge amount of liquidity in the Gulf.

Download Issue	Institutional Assets Issue 35, March 2008 The international capital flows associated with today’s global marketplace have created tremendous fund raising opportunities for hedge fund managers who can adapt to the needs of global institutions. Managers who have succeeded in raising capital from ‘friends and family’ and who are now seeking additional sources of capital must develop an understanding of needs and the nuances of global institutional investors.

Download Issue	Long-Term Economic Outlook Issue 35, March 2008 Oscar Wilde’s phrase “the triumph of hope over experience” could be applied to investors who assume that equities will always be sound in the long-term.

Download Issue	2008: The Year of the Activist Hedge Fund Issue 35, March 2008 For the past year people have speculated activist-style investing would go the way of the Internet boom and bust witnessed earlier this decade. However, despite a weaker economic outlook, shaky credit markets, and a subprime turmoil upending financial markets worldwide, activist hedge funds continue to grow at remarkable rates in both number and in assets under management.

Download Issue	Top Political Risks for 2008 Issue 34, February 2008 The biggest story in this entire forecast is that the United States is a serious (indeed, the serious) macro risk factor.

Download Issue	Structured Credit Issue 33, December 2007 / January 2008 It is conspicuous how applicable basic game theory is to the events unraveling in the credit markets this autumn. Research in insurance theory (more or less applied game theory) has focused on the principal agent problem – the problem of aligning the interests of a principal with his agents.

Download Issue	Shining a Bright Light Issue 33, December 2007 / January 2008 Issues surrounding the OTC derivatives confirmations backlog following the July-August volume surge are forcing both dealers and hedge fund managers to re-examine alternatives for improving contract settlement.

Download Issue	What Ratings Mean Issue 32, November 2007 The credit rating industry has been a focus of criticism during the recent market turbulence. While all market participants are learning in this process, much of this commentary has misrepresented the basic role of credit ratings.

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Many corners of the hedge fund industry in the US and Europe are beginning to voice concerns about the apparently never-ending stream of initiatives which are designed to help the industry conform to common standards of operation and to provide greater assurance for investors and regulators.

The last few years have emerged as a pivotal time in the evolution of hedge fund regulation. In early 2006, the industry scrambled to comply with a deadline requiring hedge fund managers to register with the SEC.

Until recently, large investment banks with significant prime broker units were happy to allow some elements of the business to run as a ‘loss leader’ for the accolade of having the big hedge fund names as their clients, particularly if they could claim sole prime broker status.

Up to last year, most people regarded valuation as a necessary but unexciting aspect of running an investment operation. Spotting future price changes was the skill to which traders aspired, not the humbler job of correctly measuring today’s price.

Following the introduction of funds of hedge funds and commercial property into the FTSE APCIMS (private clients’ investment indices produced by the FSTE) there has been a growing appetite for alternative investment vehicles.

he Islamic finance market is very young but expanding very rapidly. One of the drivers of that expansion, of course, is the huge amount of liquidity in the Gulf.

Oscar Wilde’s phrase “the triumph of hope over experience” could be applied to investors who assume that equities will always be sound in the long-term.

The biggest story in this entire forecast is that the United States is a serious (indeed, the serious) macro risk factor.

It is conspicuous how applicable basic game theory is to the events unraveling in the credit markets this autumn. Research in insurance theory (more or less applied game theory) has focused on the principal agent problem – the problem of aligning the interests of a principal with his agents.

Issues surrounding the OTC derivatives confirmations backlog following the July-August volume surge are forcing both dealers and hedge fund managers to re-examine alternatives for improving contract settlement.

The credit rating industry has been a focus of criticism during the recent market turbulence. While all market participants are learning in this process, much of this commentary has misrepresented the basic role of credit ratings.