Thursday, 23 October 2014
Last updated 12 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."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...