Wednesday, 17 September 2014
Last updated 9 hours ago
May 13 2011 | 12:49pm ET
One mutual fund manager has called the United States the worst epithet imaginable: a hedge fund.
Not just any old hedge fund, either, according to Old Mutual Asset Managers' Stewart Cowley: an overlevered hedge fund.
"U.S. borrowing is nearly at the $9 trillion mark," Cowley sneered at the Morningstar Investment Conference this week. "This kind of borrowing is grotesque and simply cannot go on."
Cowley called on the U.S. to tighten its monetary policy and rein in spending, as European countries, including his own, the U.K., have been forced to do. And then he dropped the H-bomb.
"U.S. reserves look like an 80-times leveraged hedge fund, and no one would want to buy that, but the country just keeps on unreservedly spending $1.5 trillion a year," he said. "The consequences will eventually result in inflation being embedded in the economy."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.