Month: November 2017

Delivering Negative Alpha

“No matter how you “slice-and-dice the data,” hedge funds are struggling to meet their promise to clients to consistently produce high returns with low correlation to markets. It’s kind of: ‘I promise you a Rolls Royce and I give you a Honda.’” – Matt Granade, Chief Market Intelligence Officer, Point72 Asset Management There are more Hedge […]

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The Bond Expectations Bubble

“By any measure, real long-term interest rates are much too low and therefore unsustainable. When they move higher they are likely to move reasonably fast. We are experiencing a bubble, not in stock prices but in bond prices. This is not discounted in the marketplace. The real problem is that when the bond-market bubble collapses, […]

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