Eugene Fama News
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Much has been made of Apple Inc.’s recent decision to begin paying regular dividends, given the company’s large free cash flow (about $1 billion a week) and cash balance (close to $100 billion).
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Clifford Asness , who runs AQR Capital Management LLC, one of the world’s biggest hedge funds, says fellow fund managers gouge their clients by charging exorbitant fees for just tracking the markets. He also takes a dim view of the administration of President Barack Obama , calling his economic team “Cossacks on a shtetl,” a reference to the Russian cavalrymen who sacked Jewish villages in Eastern Europe in the 19th century.
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After losses of more than 50 percent in 2007 and 2008, Cliff Asness of AQR Capital Management is starting new hedge and mutual funds--and sounding off on everything from taxes to Tea Partiers.
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As Robert Arnott was deciding whether to start his own investment firm, he met with his hero John Bogle for dinner. At a steakhouse in downtown Philadelphia in 2001, the founder of indexing powerhouse Vanguard Group Inc. spoke with enthusiasm about running his own firm. Bogle, who’s now 82, told Arnott that starting a company could be rewarding once your investing ideas catch fire.
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Just tell the government to back off and all will be fine.
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The skunk works at IShares’ headquarters in San Francisco is buzzing. Researchers in the development lab pore over data flashing across computer screens while colleagues refill their mugs at the coffee bar and huddle in conference rooms illuminated by translucent blue partitions.
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Exchange-traded funds--many stuffed with exotic derivatives--are shaking up the mutual fundindustry. Regulators want to make sure they don’t become the next financial time bomb.
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By Edward Robinson July, 2010 (Bloomberg Markets) -- Exchange-traded funds--many stuffed with exotic derivatives--are shaking up the mutual fundindustry. Regulators want to make sure they don’t become the next financial time bomb. The skunk works at IShares’ headquarters in San Francisco is buzzing. Researchers in the development lab pore over data flashing across computer screens while colleagues refill their mugs at the coffee bar and huddle in conference rooms illuminated by translucent blue partitions. These brainiacs, who create the exchange-traded funds that have made the BlackRock Inc. unit the kingpin of the global ETF market, took a radical departure in November from the index trackers IShares has churned out for a decade. They released a hedge fund in a box. The IShares Diversified Alternatives Trust ETF packs the complex bets favored by hedge fund managers into one security.
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