Monday, 24 November 2014
Last updated 2 days ago
Feb 10 2014 | 11:43am ET
Short-selling was bad business last year, when stocks soared. Unfortunately for Kynikos Associates' founder James Chanos, it is the business he's in.
New York-based Kynikos' Opportunity Fund fell 14% last year, its worst annual performance in at least a decade, The Wall Street Journal reports. The huge decline was also Kynikos' second-straight losing year; the fund fell by less than 1% in 2012.
The last two years have been an abrupt change for Kynikos, which enjoyed double-digit gains in four of the previous five years.
The Standard & Poor's 500 Index rose 32% last year, catching short-sellers like Kynikos off-guard. But in spite of last year's big loss, the hedge fund manager remains bearish, telling investors at a Morgan Stanley hedge-fund event last month that he remains skeptical of Chinese real-estate developers and of coal-related investments. Chanos is also still short Caterpillar—one of his few successful shorts last year, but a stock that has posted gains this year.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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