Tuesday, 21 April 2015
Last updated 7 min ago
Feb 2 2010 | 9:19am ET
Burton Malkiel is famous for declaring active portfolio management little better than gambling. But that’s apparently not stopping him from trying his own hand at running a hedge fund.
Malkiel, the Princeton University economist best known for his classic A Random Walk Down Wall Street, is managing a China-focused hedge fund for AlphaShares Investments, the California firm where he serves as chief investment officer. The long-only vehicle recently debuted with $30 million, HedgeFund.net reports.
The move is quite the turnaround for Malkiel, who, in addition to poo-pooing active management, has also been a fierce critic of the hedge fund industry. Five years ago, he warned that the hedge fund industry had become too large and too risky, with insufficient prospects for outperformance.
In 2008, Malkiel published a book about investing in China titled From Wall Street to the Great Wall: How Investors Can Profit from China's Booming Economy. He now aims to do just that with his new China-focused fund.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…