Hedge funds have been criticized for pricey fees and other issues, but they still have a role in portfolio construction — just don't get taken for a ride.

If 2009 was about beta capture in investing, this year should be about capturing alpha.

Looking back at 2008-2009 and looking forward to 2010, pension funds and other institutional investors have begun to consider “macro buckets” of risk exposure that take into account liquidity.

If the third time is a charm, investors might luck into proxy access.

In 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.

Inflation 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.

A 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.

FAS 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.

In 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.

In 2008, pension funds were hit hard by declining Treasury rates and declining asset classes. The long recovery will likely include cutting equity allocations.

Beyond 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.

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.

The ongoing credit and liquidity crisis in the U.S. and globally has produced some amazing results.