Jason Voss, CFA, provides his picks for Weekend Reads for Investors. This edition curates stories on the potential repeal of the tax deduction corporations in the United States receive on debt payments, the end of Big Oil, how we can recognize machine consciousness, and more.
The author provides a thorough guide to the key trading strategies used by hedge funds and offers an overview of active management. He also explains such diverse approaches as quantitative, macro, dedicated short bias, and many more.
Post-financial crisis, the volume of outstanding bonds has grown. At the same time, however, consolidation among banks and broker/dealers has cut the number of market makers, and new regulations have reduced the capital these companies can commit to fixed-income inventories.
Markets are usually not systemic. Instead, from the bird’s-eye perspective of "Capitalism," many businesses are "opportunities" in the same way that it feels good to hit yourself in the head with a hammer: It's much better once you stop.
Markets are useful but imperfect, says Jason Voss, CFA. One imperfection is that they assume fungibility. Assuming that a dollar spent on one thing is equivalent to a dollar spent on something else has serious consequences for investors.
In a sweeping survey of the financial crises that shook East Asia and other developing countries, the author explores the compatibility of emerging market economies with inherently volatile global financial markets.
The book is a collection of 15 papers on the current challenges in sovereign debt restructuring and alternatives for resolving them. For investment analysts, it is a valuable resource of systematic analysis, insight, and data on an increasingly important topic.
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The Securities and Exchange Commission and the Financial Industry Regulatory Authority have increased scrutiny of investor fees and high-fee share classes, a shift due partly to the Labor Department's fiduciary rule, as well as a trend toward passive investing, industry participants say. "The regulatory bodies believe that the all-in cost of retirement is too high," said Whitfield Athey, CEO of Delta Data. InvestmentNews (tiered subscription model) (14 Dec.)
Japan's major corporations are more confident about the economy than at any time in the past 11 years, according to the Bank of Japan's Tankan survey. The quarterly reading reached 25 for December, up from 22 in September. Nikkei Asian Review (Japan) (tiered subscription model) (15 Dec.)
The Republican-controlled Federal Communications Commission has voted 3-2 to repeal net neutrality, which prohibits internet service providers from favoring some users over others. Supporters of net neutrality, which was enacted during the Obama administration, said they might challenge the FCC's action in court. Bloomberg (free registration) (14 Dec.)
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