Rolf Banz on investment
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Hedge funds

The Economist and CalPERS

By Rolf on 23 September 2014

After a series of posts that were rather critical of the media, it seems only fair to praise an article that makes its points succinctly. This week’s Buttonwood column in the Economist discusses hedge funds and pension deficits in the context of the decision of CalPERS to abandon hedge fund investment. It makes for rather […]

Posted in Comments/ramblings | Tagged Hedge funds, Pension funds

Perfectly aligned interests?

By Rolf on 28 January 2013

Their performance has been disappointing lately and they are too expensive but, at least, their managers’ interests are perfectly aligned with ours. This is a widely held view on hedge funds. But in fact, two of the three statements are false. The only one that is correct is that they are too expensive. I will […]

Posted in Comments/ramblings | Tagged Hedge funds | 1 Response

Alpha – real and fake

By Rolf on 15 May 2012

A few weeks ago, a friend asked me what I thought about a recently published study, entitled “The value of the hedge fund industry to investors, markets and the broader economy”. Written by the Centre for Hedge Fund Research of the Imperial College in London, it is published by KPMG and the Alternative Investment Management […]

Posted in Active/passive management | Tagged Alpha, Hedge funds, Performance

Lies, damn lies and FTfm statistics

By Rolf on 15 April 2012

This week’s FTfm (the FT’s financial market supplement) ran an article headlined Hedge fund gains are other funds’ losses (access reserved to subscribers). It finds that hedge fund managers outperformed over the past thirteen years and that this outperformance was “financed” by a corresponding underperformance of traditional asset managers. This would be very good news […]

Posted in Comments/ramblings | Tagged Hedge funds, Market efficiency, Performance, Statistics | 1 Response

About this weblog and its author

Rolf Banz spent his career in the investment industry in the US, the UK and, most recently, in Switzerland. To older people, he is known as the "father of the small firm effect". This weblog consists of a series of essays and shorter pieces on a range of issues at the intersection of institutional investment and investment theory. Please see this post for a description of the objectives of the weblog and the About page for further information on the author and the site.

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