Archive January 2019
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Week InAdvance: January 28, 2019
Week InReview: January 25, 2019
The day after Christmas, a hedge fund manager who made the remarkable promise that he would never lose investors' money was accused of stealing from his clients by U.S. regulators.
But then the partial government shutdown hit and the Securities and Exchange Commission's case went into purgatory, with all court proceedings put on hold.
In the ensuing weeks, one of the few SEC cops still on the beat put what seemed to be a reasonable request to the fund manager, Statim Holding's Joseph Meyer. As long as the case was stayed, would Meyer agree not to pull assets from a Statim hedge fund. Meyer refused, the regulator said in a Jan. 17 court filing.
- Bloomberg Wealth
Week InAdvance: January 22, 2019
Week InReview: January 18, 2018
Week InAdvance: January 14, 2019
Week InReview: January 11, 2019
"We document a striking pattern: while the investors display clear skill in buying, their selling decisions underperform substantially. Positions added to the portfolio outperform both the benchmark and a strategy which randomly buys more shares of assets already held in the portfolio. This result holds both in terms of raw returns and adjusted for risk. In contrast, selling decisions not only fail to beat a no-skill strategy of selling another randomly chosen asset from the portfolio, they consistently underperform it by substantial amounts. PMs forego between 50 and 100 basis points over a 1 year horizon relative to this random selling strategy, depending on the specification. As with buys, the selling result is robust when adjusting for systematic risk of the assets sold."
Selling Fast and Buying Slow:
Heuristics and Trading Performance of Institutional Investors
Week InAdvance: January 7, 2019
- Homebuyers and lenders are beginning to see effects of the shutdown as an IRS income verification operation goes dark. The move may lead to delays in borrowers getting approved for mortgages. The IRS said it is barred from processing paperwork without a deal.
- The Securities and Exchange Commission, for the most part, isn't opening fresh probes for new initial public offerings or applications from mutual fund companies to launch exchange-traded funds.
- If shutdown standoff continues, all workers in the agencies and departments affected will miss their next paycheck on January 11.