One of my favorite journalists makes the case that the Swiss central bank is a hedge fund with a small country appended to it. In the modern era of international finance, even supposedly neutral players, like central bankers, have hedge fund-like qualities. In the U.S. the too-big-to-fail banks with their proprietary trading desks are essentially depositer funded hedge funds. When that fails, then they are insured by taxpayers.
Jason Voss, CFA, is a content director at CFA Institute, where he tirelessly focuses on improving the ability of investors to better serve end clients. He is the author of the Foreword Reviews Business Book of the Year Finalist, The Intuitive Investor. Jason also ran a successful blog titled What My Intuition Tells Me Now. Previously, Voss was a portfolio manager at Davis Selected Advisers, L.P., where he co-managed the Davis Appreciation and Income Fund. He holds a BA in economics and an MBA in finance and accounting from the University of Colorado.
My statement of ethics is very simple, really: I treat others as I would like to be treated. In my opinion, all systems of ethics distill to this simple statement. If you believe I have deviated from this standard, I would love to hear from you: email@example.com
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Inspections next year by the Securities and Exchange Commission's Office of Compliance Inspections and Examinations are expected to prioritize cybersecurity vulnerabilities and the way financial firms treat investments by baby boomers and retirees, industry experts say. ThinkAdvisor (free registration) (21 Nov.)
Bank of England officials are pushing back against calls to improve how they communicate interest-rate and monetary policy changes, saying being too definite would be risky. "It's tempting to think the bank could promise where rates will be in future, but this would create more uncertainty," Monetary Policy Committee member Michael Saunders told Parliament. Bloomberg (free registration) (21 Nov.)
Winning the right to host the European Banking Authority was a major victory for Paris in its competition with Frankfurt, Germany, to become the dominant financial hub for Europe and attract many financial-sector jobs leaving London because of Brexit. Frankfurt's leaders thought they were certain to get the EBA, but the city did not reach the final round of voting. Handelsblatt (Germany) (free content) (21 Nov.)
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