Silver as an investment

Category Archives: Expert Networks

How Much Is Equity Research Actually Worth? Probably Less Than You Thought

Over the past several months, investment banks all across Europe have scrambled to put a price tag on their equity research after years of giving it way as a ‘freebie’ in return for trading commissions. Of course, for wall street’s titans of finance, you know, the same guys who will look you straight in the […]

Hedge Funds Haven’t Generated Any Alpha Since 2011: This Is What They Blame It On

To say that hedge funds have had a tough time navigating the world of activist central banks and pervasive central-planning, would be a vast understatement. As Barclays writes in a recent report titled “Against All Odds“, looking at hedge fund alpha and returns, from 1993 – May 2016, HFs produced cumulatively ~134% of alpha. However, […]

Is Steve Cohen Back To His Criminal Ways

Over five years ago, months before most had heard of “expert networks”, soon to be the fixture in the biggest FBI/DOJ/SEC crackdown against hedge fund insider trading in history, and years before it would become clear to everyone that the now defunct SAC Capital was nothing but a fund making billions by trading on inside […]

More Bad News From Tom DeMark: “We Should See The Market Drift Lower For The Next Month”

While most technicians, especially under central planning when the best laid charts can collapse overnight when Yellen sneezes or the BOJ decides to monetize more than 100% of its gross annual treasury issuance,  have the same track record as a windsock some are most respected than other, thereby creating a self-fulfilling prophecy based on their […]

Nassim Taleb’s Fund Made $1 Billion On Monday; This Is How The Other “Hedge” Funds Did

You can’t say Nassim Taleb didn’t warn you: the outspoken academic-philosopher, best known for his prediction that six sigma “fat tail”, or black swan, events happen much more frequently than they should statistically (perhaps a main reason why there is no longer a market but a centrally-planned cesspool of academic intervention) just had a black […]

The Biggest Surprise About Claren Road’s Upcoming Liquidation

That one (and pretty much all) of Carlyle’s hedge funds, namely the commodity-focused Vermillion Asset Management, did not have a good 2015 was well-known after as Bloomberg reported, its founders – Chris Nygaard and Drew Gilbert – left after losses. Actually, losses is putting it mildly: AUM imploded to a paltry $50 million from $2 […]

Steve Cohen Is Now Hiring “Creative And Innovative” Traders Right Out Of College

To all 20-something math PhDs whose hopes of rigging markets and igniting (upward) momentum with the Fed’s explicit blessing, leading to 8 figure annual salaries, had been dashed in recent years as Getco, Citadel, and all other HFT firms now directly cannibalize each other in a imploding market in which there are almost no size […]

How The World’s Most Leveraged Hedge Fund Got Away With Insider Trading

While everyone is aware by now that the biggest component of SAC’s abnormal outperformance over the years was its recourse to “information arbitrage” and its reliance on “expert networks”, both of which managed to send the SAC logo to Federal Purgatory, if not the hedge fund’s infamous art-collecting founder, one player in the massive hedge […]

The News Industry Isn’t Dead… But Has 1 Foot In The Grave

Journalism and investment research have a lot in common, notes ConvergEx's Nick Colas; after all, both essentially ask the customer to freely part with three scarce resources: time, attention and money. It’s been a tough decade or two for both the newsroom and the research department in that effort, but at least one prominent venture […]

Who Will Play Steve Cohen In Martin Scorsese’s Upcoming Wall Street Tragicomedy?

One look at the chart below from the NYT, and a pattern emerges. However, we are not sure which is the correct pattern: Either SAC, or whatever it will be called soon, has some truly impressive hiring hurdles and an even more impressive background check company , or Slowly but surely the investigation around Steve […]