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All About Alpha wrote a new blog post titled Caveat Emptor: Leveraged Loans and the Credit Cycle
AllianceBernstein, the Nashville-based, asset management firm released a white paper on high-yield bank loans. Buying these loans seems, to some investors, a fix for the ongoing low-interest-rate environment. But the white paper is a warning. In two words, “buyer beware.”  The paper is the work of Douglas J. Peebles andRead More
yesterday
All About Alpha wrote a new blog post titled The ‘Vortex of Volatility’ and the Merger Market  
Intralinks, the provider of inter-enterprise collaboration products that is perhaps best known for its Deal Flow Predictor, recently interviewed Paul Aversano, a managing director at the consultancy Alvarez & Marsal. Aversano leads A&M’s private equity services practice, and he is the global practice leader of the transaction advisory group. HeRead More
4 days ago
All About Alpha wrote a new blog post titled Accommodating Ambiguity Aversion in Portfolio Modeling
By standard definition, “ambiguity aversion” is the preference for known risks over unknown risks, the known unknowns over the unknown unknowns. A recent paper discusses the portfolio-level consequences of this aversion. The paper, written by Valery Polkovnichenko and Hui (Grace) Wang, explains that for an ambiguity-neutral investor, “adding active portfolio withRead More
6 days ago
All About Alpha wrote a new blog post titled Canada’s Venture Capitalists: A Gender Gap
Female Funders, a program within the venture capital company Highline BETA, with offices in both Canada and the United States, has produced a new Women in Venture report, which works with data gathered from more than 300 VC firms and corporate venture arms in both countries “to try to paintRead More
7 days ago
All About Alpha wrote a new blog post titled HEDGE FUND ETFS: BETTER THAN THE ORIGINALS
By Nicolas Rabener of FactorResearch (@FactorResearch) INTRODUCTION As Amazon has been decimating large parts of the retail industry over the last two decades, ETFs have done the equivalent to the mutual fund industry in the financial world. Today ETFs are covering nearly all areas of the markets, no matter howRead More
8 days ago
All About Alpha wrote a new blog post titled A Fintech Revolution in Commercial Real Estate
Cushman & Wakefield, Chicago, has released a discussion of blockchains in connection with real estate. The paper argues that the technology could “transform CRE transactions ranging from property listings, asset management, and the purchase and sale of properties.” It reminds us that blockchains are shared digital ledgers, both tamper-proof andRead More
11 days ago
All About Alpha wrote a new blog post titled Bart Chilton: A Career of Regulating Commodities, Futures and Cheetahs
Bart Chilton, a senior adviser at DLA Piper who was from 2007 to 2014 a Commissioner of the Commodity Futures Trading Commission, passed away April 27. Chilton had a colorful reputation in the largely grey-hued world of commodities regulation. President George W. Bush appointed Chilton to the CFTC at aRead More
13 days ago
All About Alpha wrote a new blog post titled ‘There You Go Again’
By Bill Kelly, CEO, CAIA Association This now famous line was uttered by then citizen Ronald Reagan almost 40 years ago in a presidential debate with the incumbent Jimmy Carter. It was a simple and clever turn of a phrase acting as a counter-punch to Carter’s excoriation of Reagan’s priorRead More
14 days ago
All About Alpha wrote a new blog post titled Who is Investing in Fintech and Why?
CB Insights, the New York-based machine intelligence platform, has just released its Global Insights Report Q1 2019. The report finds that in the first quarter of 2019, financial technology companies backed by venture capitalists closed 445 deals globally, raising $6.3 billion. The sheer number of deals, then, was up quarter-over-quarterRead More
15 days ago
All About Alpha wrote a new blog post titled Hedge Funds: The Strongest Quarterly Return Since the GFC
March was a good month and the first quarter of 2019 was promising, according to the April report from Eurekahedge. The Eureka Hedge Fund Index gained 1.06% in March. This yields a first quarter return of 4.36%. As the report says, this is the strongest quarterly return since the globalRead More
18 days ago
All About Alpha wrote a new blog post titled Price Discovery in the Bitcoin Markets
Tatja Karkkainen, a scholar on financial technology who is pursuing a PhD at the University of Glasgow, has written an illuminating paper on price discovery in the bitcoin markets. She begins with the observation that CBOE and CME introduced bitcoin futures in December 2017, “as the first institutional standard cryptocurrencyRead More
20 days ago
All About Alpha wrote a new blog post titled IN THE EYE OF THE BEHOLDER
By Diane Harrison Spring represents a fresh opportunity for investors and fund managers to have meaningful discussions about each other’s needs and solutions. Both parties want to arrive at congruence; sadly, the getting there often brings conversational hiccups and missed opportunities. Managers new to the business of talking to investorsRead More
21 days ago
All About Alpha wrote a new blog post titled Impact Investing: How Big is the Market?
The Global Impact Investing Network recently issued a report on the size of the market for impact investing. The report explores how many investors want to invest how much of their money in ways that will do good for the planet and for the human social structures it hosts, asRead More
21 days ago
All About Alpha wrote a new blog post titled Hedge Funds and the EUR/CHF Trade
Three scholars affiliated with JP Morgan Chase have written a paper on hedge fund behavior ahead of meetings of the Swiss National Bank, with the idea of shedding light on the consequences of the timing of central bank announcements more generally. They conclude that the SNB contributed to the volatilityRead More
21 days ago
All About Alpha wrote a new blog post titled The Big List: 5-year Endowment Performance
By Charles Skorina In February we published an abbreviated list of five-year endowment performance for fiscal year end June 30, 2018 for 61 schools to compliment the release of the annual NACUBO TIAA study.  Today, we introduce our big list with one hundred large endowments. Every CIO on our listRead More
21 days ago
All About Alpha wrote a new blog post titled The Effects of US VC Money for Sweden’s Startups
The relationship between US venture capitalists and Swedish startup companies is the subject of a recent working paper from researchers at the University of Oxford’s Said Business School. This is a striking field of research, if only because in pop culture terms the US is often considered the haven ofRead More
21 days ago
All About Alpha wrote a new blog post titled State of the European Union: Alternative Lending
The state of alternative lending and pertinent regulation within the European Union is the topic of a new white paper co-authored by Allen & Overy, the multinational law firm, and the Alternative Credit Council (an affiliate of AIMA). The paper begins with the observation that over the last four yearsRead More
21 days ago
All About Alpha wrote a new blog post titled Hedge Funds: Deep-Diving Into the 2018 Numbers
Martin McCubbin, a senior research analyst at Fidante, looks at the hedge fund performance numbers for 2018 in a new paper, which shows it was a difficult year. Early going in 2019 has been somewhat better, but that the “better” cannot be relied upon. The rest of this year couldRead More
21 days ago
All About Alpha wrote a new blog post titled REPLICATING FAMOUS HEDGE FUNDS
By Nicolas Rabener of FactorResearch INTRODUCTION In 1973, the U.S. Food and Drug Administration (FDA) published the first regulations that required the nutrition labeling of certain foods as consumers were left in the dark about what they were eating. The regulations evolved and culminated in the widely-recognized nutrition facts panelRead More
21 days ago
All About Alpha wrote a new blog post titled Earth to Kerth… It’s Our Day 
By Bill Kelly, CEO, CAIA Association The Urban Dictionary turned 20 years old last month. If staying power means anything, perhaps it is time to use it as a citable source for modern day lexicon of words like Kerth. It seems Kerth is a name for someone who connotes sweetness, politeness,Read More
21 days ago