bingo1

As we commence another year of the great capital raising dance, I thought it would be fun to channel all of the back and forth, yes and no, hide and seek frustration into a little game. One that harkens back to a happier and simpler time, and one that anyone who has ever been under

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nyse

On Monday, the SEC hit two New York-based brokers with charges and issued an investor alert warning the public against excessive trading in brokerage accounts at investors’ expense. The SEC alleges registered brokers Gregory T. Dean and Donald J. Fowler sold customers on a high-cost trading strategy primarily focused on the excessive buying and selling of stocks, which they ran from 2011 to 2015. Frequent stock purchases and sales led to high commissions and other fees for Dean and Fowler, while their customers — apparently sold on the pair’s stock-picking expertise — ended up with significant losses

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blue_lrg-07

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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maxresdefault

Much has been written over the past several years dissecting reasons for the disappointing results of the hedge fund industry overall. Critics decry mediocre returns, the tendency to lag the overall market, and steep fees. What most critics fail to point out, however, is the lack of usefulness in focusing on aggregate hedge fund performance. With hedge funds currently numbering somewhere north of 14,000, the array of investment choices a buyer of such funds might make is staggering. But the vast majority of these hedge funds have, for reasons good or bad, failed to live up to their hype

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