Proxy access reinforces the capitalist way
By Mark Anson November 16, 2009If the third time is a charm, investors might luck into proxy access.
SEC oversight could end fantasy game for private equity, hedge funds
By Mark Anson October 19, 2009In the fall of every year, fantasy football leagues establish playing fields all across the U.S., and even (gasp!) Europe. If I were playing fantasy football, I would make the SEC my top draft pick.
Changing the way to construct portfolios
By Mark Anson September 21, 2009Inflation is like an unwelcome houseguest — it's hard to get rid of once it arrives. And it has implications for the way portfolio construction should change to be oriented to achieving an investment outcome.
New shareholder in town could muddy the governance waters
By Mark Anson August 10, 2009A quote from Graham and Dodd in the first edition of their path-breaking book, “Security Analysis,” describes the essence of corporate governance. They made this statement in the middle of the Great Depression when shareholder rights were scarce and underutilized.
Last chance power drive on the hedge fund highway
By Mark Anson July 13, 2009Bernie Madoff's saga is, unfortunately, not an isolated data point. The hedge fund highway is littered with the junk heaps of other masters of the universe who burned out on a last-chance power drive. Let's have a look.
FASB's accounting alchemy
By Mark Anson June 15, 2009FAS 157 is the new accounting rule that applies to corporations, investment managers, private equity managers and banks. But pressured by lawmakers, the Financial Accounting Standards Board added a little accounting alchemy of its own.
Hedge funds are hurting but they still have an edge
By Mark Anson May 4, 2009Hedge funds have taken their lumps as of late. Take the Bernie Madoff Ponzi scheme. But to distill Mr. Madoff into some practical lessons, we need to identify three different asymmetries between hedge funds and investors. To wit: the asymmetry of alpha, incentives and risk taking.
Godzilla vs. King Kong
By Mark Anson April 6, 2009In good times, also known as bull markets, investors are happy and money managers seem like geniuses or clairvoyants. But these are not good times. As a result, institutional investors are reviving the great debate between active investing and passive investing.
How securities lending programs went astray
By Mark Anson March 9, 2009A wise man once said the road of excess leads to the palace of wisdom. It wasn’t a reference to securities lending but it could have been. In recent years, the pedestrian practice has veered unwisely into a huge revenue-seeking activity — while turning a blind eye to some of the risks involved.
One-two punch to pension funds
By Mark Anson January 22, 2009In 2008, pension funds were hit hard by declining Treasury rates and declining asset classes. The long recovery will likely include cutting equity allocations.
Portable alpha: what went wrong
By Mark Anson December 22, 2008Beyond the disturbing impact of the current recession, questions are now being raised about an asset management strategy designed to enhance the performance of pension fund investments — portable alpha.
The impending TARP tax hike
and its impact on tax-exempt investors
By Mark Anson
November 24, 2008
President-elect Obama has stated that he will make the U.S. economy his No. 1 priority. He will inherit the $700 billion bailout package passed by Congress — and a virtually inevitable need to raise taxes to support it.
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