Sunday, 24 May 2015
Last updated 1 day ago
May 26 2011 | 10:49am ET
Lots of hedge funds are high on gold, and many others can't get enough silver. But only one, as far as we know, has chosen a girl's best friend as its chief inflation hedge.
Covenant Financial Services said this week that it has poured some of its $275 million in assets into building a portfolio of "large, rare and highly-sought-after" diamonds. The Oklahoma City-based firm has been buying the precious stones since November instead of gold or oil.
"One of the trends we are seeing now is an enormous multi-generational transfer of wealth take place from the West to the East, and moving a small portion of our capital into diamonds is one of the ways we are profiting from this," Steve Shafer, chief investment officer, said. And that transfer is taking place at just 50 cents to 60 cents on the dollar.
Covenant plans to hold the stones for between one and three years.
Diamonds and other gems currently make up less than 5% of Covenant's assets.
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…