Alpha Opportunities in High Quality Corporate Bonds: Combining Agility with Portfolio Risk Management Jul14

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Today, being bigger is not necessarily better when focusing on investment grade corporate bond management, especially if you are expected to outperform the familiar bond indices. Being nimble, with a short-term focus combined with a small footprint can allow you to convert trading opportunities into significant alpha for investors

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Active Versus Passive Management May15

Posted by & filed under Hedge Fund Performance, White Papers/ Thought Pieces.

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Not to state the obvious but…beating the market is hard. Really hard! It seems that every financial publication has already emphasized how passive investing has won the race for assets and returns. The idea that investment managers cannot beat the index has become an investing truism; that the single best choice for most individual investors, wishing to gain market exposure, is simple low-cost indexing. In fact, legendary investor Warren Buffett advocated this very idea in his most recent annual newsletter

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Free Cash Flow: An Upgrade to Management Reporting Feb17

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3D illustration of a folder tab with the text cash-flow. Accounting concept. Horizontal image.

The general connection between a company’s profits and its stock price is well established. However, both over the short and long run, that degree of connection is not as robust as investors might hope. Clearly, many factors influence individual stock prices: dividends, revenues, and balance sheets among the obvious. While generally the case, these other metrics do not necessarily move in lock step with profits, particularly over shorter horizons. Still, most studies show that profits are the most influential of these factors on stock prices

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Blue Chip Investing: Exploiting the Rise of Passive Index Funds Jan13

Posted by & filed under Hedge Fund Performance, White Papers/ Thought Pieces.

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Decades ago, Benjamin Graham explained the stock market was like a voting machine in the short run. It tallied which companies were popular and unpopular based on investor sentiment. That sentiment or conviction was based on some sort of fundamental or technical rationale. In the long run, however, Graham said the stock market was like a weighing machine. It assessed the substance of a company’s business performance; rewarding winners and punishing losers. At least, that’s the way the stock market used to work

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