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	<title>AllAboutAlpha.com</title>
	<link>http://allaboutalpha.com/blog</link>
	<description>Hedge funds, portable alpha, 130/30 and alpha-centric investing</description>
	<lastBuildDate>Tue, 06 Jan 2009 00:45:57 +0000</lastBuildDate>
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		<title>2009: The year of the high water mark</title>
		<description><![CDATA[A majority of hedge funds are below their high water marks as we start off 2009.  This should make for an interesting year since, in most cases, only the existing investors will enjoy a performance fee holiday.  ]]></description>
		<link>http://allaboutalpha.com/blog/2009/01/05/2009-the-year-of-the-high-water-mark/</link>
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		<title>Survivors to Benefit from &#8220;Hedge Fund Industry Life Cycle&#8221;</title>
		<description><![CDATA[Guest contributor Tommaso Sanzin, CAIA says that the natural ebbs and (asset) flows of the hedge fund industry will yield more untapped opportunities and fewer unskilled managers. ]]></description>
		<link>http://allaboutalpha.com/blog/2009/01/04/survivors-to-benefit-from-hedge-fund-industry-life-cycle/</link>
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		<title>Post-Madoff HF Investors: Some stop, some go, and some start their own funds</title>
		<description><![CDATA[Rather than driving them away from hedge funds, the Madoff affair may actually encourage some larger institutional investors to launch their own funds.]]></description>
		<link>http://allaboutalpha.com/blog/2009/01/01/post-madoff-hf-investors-some-stop-some-go-and-some-start-their-own-funds/</link>
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		<title>Most Popular AllAboutAlpha.com Posts of 2008</title>
		<description><![CDATA[The envelope please...]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/29/most-popular-allaboutalphacom-posts-of-2008/</link>
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		<title>Newsreel: Why the Madoff saga doesn&#8217;t support &#8220;clamping down&#8221; on HF industry, 80% of HFs gone by spring, bad things happening to good funds and other &#8216;09 predictions</title>
		<description><![CDATA[End of the Hedge Fund? Unlikely, according to Washington Post columnist Sebastian Mallaby who writes, &#8220;Even if you define Madoff&#8217;s investment outfit as a hedge fund, which for various reasons is debatable, there&#8217;s nothing in this saga that supports clamping down on the industry.&#8221;
Hedge funds return to roots as alpha claim refuted: This prediction of the hedge fund apocalypse tops all others.  Robert McAdie, a credit strategist at Barclays Capital, was quoted by Reuters last week as saying &#8220;Eighty percent of the hedge fund sector will not be here in three to four months&#8220;.  Check back in April for an [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/28/newsreel-why-the-madoff-saga-doesnt-support-clamping-down-on-hf-industry-80-of-hfs-gone-by-spring-bad-things-happening-to-good-funds-and-other-09-predictions/</link>
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		<title>Letter from 8 year old reader: &#8220;Is there hedge fund alpha?&#8221;</title>
		<description><![CDATA[Yes Virginia, there is hedge fund alpha.]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/23/letter-from-8-year-old-reader-is-there-hedge-fund-alpha/</link>
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		<title>Study says big hedge funds have several advantages including economies of scale, alpha, and &#8220;well known&#8221; auditors</title>
		<description><![CDATA[It's not just hokey hedge fund marketing to say that "due diligence is a source of alpha".  Here's a study that says the fixed cost nature of due diligence means larger hedge funds have a serious head start.    ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/23/study-says-big-hedge-funds-have-several-advantages-including-economies-of-scale-alpha-and-well-known-auditors/</link>
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		<title>Form ADV: Would hedge fund registration have helped Madoff investors?</title>
		<description><![CDATA[A 2006 academic study and a 2008 SEC form filled out by Bernard L. Madoff Investment Securities LLC raise some interesting questions.]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/21/form-adv-would-hedge-fund-registration-have-helped-madoff-investors/</link>
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		<title>Short-Ban study finds no evidence of &#8220;expected effect of the new regulations&#8221;</title>
		<description><![CDATA[As expected, this fall's ban on shorting of financial stocks has provided academics with a unique opportunity to examine the effect of short-selling on price behaviour.  And one of the first comprehensive studies on the topic contains some surprising findings.   ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/18/short-ban-study-finds-no-evidence-of-expected-effect-of-the-new-regulations/</link>
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		<title>November (Pre-Madoff) HF returns were just getting back on line</title>
		<description><![CDATA[Asset-weighted hedge fund indexes are beginning to factor in the various Madoff feeder funds, causing massive drop-offs in performance - particularly in market neutral sub-indexes.  So do we now need a new "No Bernie" index?]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/17/november-pre-madoff-hf-returns-were-just-getting-back-on-line/</link>
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		<title>ECB nonplused about hedge funds&#8217; newfound conservatism</title>
		<description><![CDATA[The European Central Bank makes some interesting hedge fund industry observations in its latest Financial Stability Review. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/16/ecb-nonplused-about-hedge-funds-newfound-conservatism/</link>
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		<title>New study on redemption gates requires a closer look</title>
		<description><![CDATA[A new study on redemption gates was widely publicized last week.  We take a closer look at its findings and discover that some media reports may have oversimplified things a little.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/15/new-study-on-redemption-gates-requires-a-closer-look/</link>
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		<title>Asset Management Holiday Sale: 60% Off</title>
		<description><![CDATA[Just in time for the Holiday season asset managers - particularly hedge funds - are going on sale!]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/14/asset-management-holiday-sale-60-off/</link>
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		<title>&#8220;Putting it all on black&#8221;</title>
		<description><![CDATA[For years, hedge fund investors have wondered whether their managers would ever goose their fund's risk profile just to try for a performance fee.  Apparently, the answer may depend on how far into the year your talking about. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/11/putting-it-all-on-black/</link>
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		<title>London Day Two: Separation Theorem, Core/Satellite Redux &#038; New HF Metrics</title>
		<description><![CDATA[What happens when academics and hedge fund managers mix it up?  Something like this...]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/10/london-day-two-separation-theorem-coresatellite-redux-new-hf-metrics/</link>
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		<title>London Notebook: HF regulations in 1609, VIX to the rescue, and no premature demise for clones</title>
		<description><![CDATA[We're on location in London today reporting on Edhec's annual hedge fund extravaganza.  Like us, this event aims to bridge the gap between academic research and the real world.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/10/london-notebook-hf-regulations-in-1609-vix-to-the-rescue-and-a-premature-demise-for-clones/</link>
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		<title>Did Pennsylvania take a wrong turn with portable alpha?</title>
		<description><![CDATA[After the announcement by Pennsylvania's state employees pension plan that it lost money on its portable alpha strategy, some are saying this is proof that portable alpha is "exotic and risky" and that its promoters are "thieves".  We examine the validity of these claims.]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/09/did-pennsylvania-take-a-wrong-turn-with-portable-alpha/</link>
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		<title>Fee-conomics</title>
		<description><![CDATA[For years, hedge funds have enjoyed pricing power.  The second half of 2008 has changed all that and has ushered in an era of not just lower, but "differentiated", fee structures.]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/08/fee-conomics/</link>
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		<title>Attendees at Hedge Funds World Zurich wonder: Should risk models now anticipate the &#8220;statistically impossible&#8221;?</title>
		<description><![CDATA[Couldn't make it to Zurich this week?  No worries.  Here is our summary of the event that featured Nassim Taleb, Peter Clarke and several other hedge fund notables.   ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/04/attendees-at-hedge-funds-world-zurich-wonder-should-risk-models-now-anticipate-the-statistically-impossible/</link>
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		<title>Mystical Dates on the Hedgistanian Calendar</title>
		<description><![CDATA[Mystics, shamen and astrologers often associate calamities with specific calendar dates.  It turns out that financial journalists may not be that different. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/04/mystical-dates-on-the-hedgistanian-calendar/</link>
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		<title>Securities lending starting to dry up a little?</title>
		<description><![CDATA[The hedge fund industry relies on short-selling.  Short-selling relies on securities lending.  And securities lending relies on the willingness of institutional investors to temporarily part with their stocks.  So what happens if those lenders get nervous?  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/02/securities-lending-starting-to-dry-up-a-little/</link>
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		<title>Back-of-the-envelope analysis shows hedge fund indexes not lining up with each other this fall</title>
		<description><![CDATA[Investors, academics and media outlets rely on a bevy of hedge fund indexes each month to get a big picture view of the global hedge fund industry.  But our analysis of October's index results shows little agreement in the data. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/12/01/back-of-the-envelope-analysis-shows-hedge-fund-indexes-not-lining-up-with-each-other-this-fall/</link>
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		<title>Douglas issues bold HF forecast: &#8220;Golden Age&#8221; of higher returns, new managers &#038; smaller funds on its way</title>
		<description><![CDATA[Peter Douglas, the widely-quoted hedge fund consultant and manager, forecasts golden times ahead for the hedge fund industry - at least, for those who survive.]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/30/douglas-issues-bold-hf-forecast-golden-age-of-higher-returns-new-managers-smaller-funds-on-its-way/</link>
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		<title>Hedge fund industry enters time-warp in January 1970, pops out virtually unchanged in 2008</title>
		<description><![CDATA[This article in the January 1970 edition of FORTUNE magazine just might change your entire perspective on the hedge fund industry.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/27/hedge-fund-industry-enters-time-warp-in-january-1970-pops-out-virtually-unchanged-in-2008/</link>
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		<title>Study finds many hedge funds simply hold back liquidity to power returns</title>
		<description><![CDATA[As many hedge fund investors are now discovering, their holdings aren't as liquid as they thought.  So has the alpha they have come to expect actually just been fair compensation for this liquidity risk all along?  Unfortunately, the answer is yes according to a new study (at least, for several hedge fund categories).  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/26/study-finds-many-hedge-funds-simply-hold-back-liquidity-to-power-returns/</link>
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		<title>Report: Second half of &#8216;08 just a warm-up for more &#8220;slashing&#8221; at asset managers</title>
		<description><![CDATA["Slashing" can get you thrown out of a hockey game.  But in 2009, it just might keep asset managers in the game.]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/25/report-second-half-of-08-just-a-warm-up-for-more-slashing-at-asset-managers/</link>
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		<title>From the Floor: &#8220;Taleb-isms&#8221; and other quotes from Hedge Funds World Zurich</title>
		<description><![CDATA[AllAboutAlpha contributor Timothy Laing reports from the floor of Hedge Funds World Zurich this week.  Below is some of what Laing heard in the hallways at the storied Dolder Grand hotel.  (The hotel was built in 1899 as a health spa.  So this year, there is probably no better venue for the hedge fund sector to address its ailments.)
&#8220;How many of you believe that Sharpe ratio is bull****? How many of you use portfolio theory, optimal portfolio and all that cr*p?&#8230;If someone starts talking about Sharpe, VaR and all that, throw them out of your office.&#8221;
&#8220;I make my life as [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/25/from-the-floor-taleb-isms-and-other-quotes-from-hedge-funds-world-zurich/</link>
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		<title>Despite ongoing skepticism, two-thirds say they are willing to believe in &#8220;hedge fund replication&#8221;</title>
		<description><![CDATA[Newly-release government UFO files aren't the only controversy pitting skeptics against "believers" these days...]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/24/despite-ongoing-skepticism-two-thirds-say-they-are-willing-to-believe-in-hedge-fund-replication/</link>
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		<title>Managers&#8217; views on voluntary hedge fund standards: an about-face?</title>
		<description><![CDATA[The year began with an outpouring of goodwill toward to the UK's new "Hedge Fund Standards Board".  But a new survey finds that only 1 in 10 managers has actually signed-up.  What gives?  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/23/managers-views-on-voluntary-hedge-fund-standards-an-about-face/</link>
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		<title>Short Extension Strategies: The active management canaries in the coal mine</title>
		<description><![CDATA[By virtue of their reliance on active security selection, short-extension funds are quick to reflect the prevailing opportunities for active management in general. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/21/short-extension-strategies-the-active-management-canaries-in-the-coal-mine/</link>
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		<title>Returns of so-called &#8220;dead&#8221; hedge funds found not to be that bad after all</title>
		<description><![CDATA[When hedge funds "die" do their assets go to the great hedge fund-of-funds in the sky?  No, says a team of researchers.  They say they have found a way to calculate the returns of these funds even after they stop reporting to hedge fund databases.   ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/19/returns-of-so-called-dead-hedge-funds-found-not-to-be-that-bad-after-all/</link>
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		<title>Exclusive results from our second annual 130/30 poll: Despite recent distractions, underlying interest remains</title>
		<description><![CDATA[What ever happened to 130/30, 2007's "it" strategy?   Well according to our exclusive survey it may have simply gone underground for a while.  A majority of respondents still told us it represents a "new investment paradigm."]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/18/exclusive-results-from-our-second-annual-13030-poll-despite-recent-distractions-underlying-interest-remains/</link>
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		<title>Asness: Quant funds not actually &#8220;HAL 9000&#8243; black boxes</title>
		<description><![CDATA[In an article released today by Alpha magazine, AQR's Clifford Asness says that quant funds can still profit from new opportunities and that they are actually far more transparent than most fundamentally-driven funds (or than the "HAL 9000", for that matter).]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/17/asness-quant-funds-not-actually-hal-9000-black-boxes/</link>
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		<title>Signs of Hope</title>
		<description><![CDATA[Barton Biggs says the hedge fund industry isn't coming to an end after all.  What if he's right?]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/16/signs-of-hope/</link>
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		<title>AllAboutAlpha Exclusive: An interview with one of the witnesses called to testify at the Congressional hedge fund hearings this week</title>
		<description><![CDATA[Some of the world's most prominent hedge fund managers and academics testified in front of a US Congressional committee today.  Among them was an AllAboutAlpha.com reader with a strong opinion about the role of hedge funds in the financial crisis.  In this exclusive interview, we ask him to elaborate on his testimony.]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/13/allaboutalpha-exclusive-an-interview-with-one-of-the-witnesses-called-to-testify-at-the-congressional-hedge-fund-hearings-this-week/</link>
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		<title>Hedge fund report looks ahead and asks &#8220;How soon is it safe to invest again?&#8221;</title>
		<description><![CDATA[By now, we all know that hedge funds are experiencing the twin problems of redemptions and poor returns.  But some people are starting to look ahead. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/12/hedge-fund-report-looks-ahead-and-asks-how-soon-is-it-safe-to-invest-again/</link>
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		<title>Best way to regulate hedge funds is to regulate prime brokers better, says new paper</title>
		<description><![CDATA[If you can't regulate hedge funds directly, what about deputizing the prime brokers? ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/11/best-way-to-regulate-hedge-funds-is-to-regulate-prime-brokers-better-says-new-paper/</link>
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		<title>Majority say alternative investments will be &#8220;as&#8221; or &#8220;more&#8221; important than traditional investments in next 5 years: survey</title>
		<description><![CDATA[A new survey finds that a small majority of investors believe alternative investments will be important over the next 5 years.  But nearly half disagree with that assessment.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/10/majority-say-alternative-investments-will-be-as-or-more-important-than-traditional-investments-in-next-5-years-survey/</link>
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		<title>Comment: The Problem of &#8220;Missing Factors&#8221; in Hedge Fund Replication</title>
		<description><![CDATA[Hedge fund replication using factor models is a balancing act between using so many factors that the model doesn't hold up in the future, and using so few factors that the model doesn't hold up at all. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/09/comment-the-problem-of-missing-factors-in-hedge-fund-replication/</link>
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		<title>Comment: Whither the US Dollar?</title>
		<description><![CDATA[ 
GUEST CONTRIBUTION BY RONALD SOLBERG, MANAGING DIRECTOR, ARMORED WOLF LLC - The US dollar as measured against six major world currencies has appreciated approximately 19% during the last three months through end-October. In particular, the US Dollar index stands at 85, up from a recent low of 71.3. This trend reversal takes the US dollar&#8217;s valuation back to levels not seen since October, 2006 and represents nearly a 38.2% retracement from its index peak of 120 in January, 2002; by any measure a significant move and one largely unexpected by the financial markets both in terms of its timing, [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/06/comment-whither-the-us-dollar/</link>
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		<title>Life after death for hedge funds?</title>
		<description><![CDATA[Reports suggest that the hedge fund sector died on the operating table this fall.  But apparently some of the surgeons are refusing to sign the death certificate just yet.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/06/life-after-death-for-hedge-funds/</link>
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		<title>On the road to alpha, it&#8217;s okay to ask for directions</title>
		<description><![CDATA[With acrimony over hedge funds reaching a feverish pitch, AIMA has just released a major report that tries to take a step back from the brink to revisit the very rationale for alternative investments.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/05/on-the-road-to-alpha-its-okay-to-ask-for-directions/</link>
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		<title>Who&#8217;s more interested in &#8220;secrecy&#8221; - hedge fund managers, governments, or corporations?</title>
		<description><![CDATA[Do hedge funds keep secrets because it's their part of their nefarious strategy, or because if they don't they'll be, say, arrested and thrown in jail?]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/04/hedge-funds-and-transparency/</link>
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		<title>Stigma of redemption gates fading fast</title>
		<description><![CDATA[Back in the old days (like, in August), shutting a "redemption gate" used to be a form of punishment.  Now it's more like "tough love".  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/03/stigma-of-redemption-gates-fading-fast/</link>
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		<title>Catastrophe Bonds: When the &#8220;100 year flood&#8221; really is a 100 year flood&#8230;</title>
		<description><![CDATA[With the insurance industry in enough trouble as it is, are "cat-bonds" the way forward?]]></description>
		<link>http://allaboutalpha.com/blog/2008/11/02/catastrophe-bonds-when-the-100-year-flood-really-is-a-100-year-flood/</link>
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		<title>&#8220;Overlay hedging&#8221; in funds of funds improves alpha: Edhec</title>
		<description><![CDATA[A research paper by Edhec details a technique that might have helped some funds of funds navigate through this year's September from hell.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/30/overlay-hedging-in-funds-of-funds-improves-alpha-edhec/</link>
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		<title>Liquidity and Emotion in Beantown</title>
		<description><![CDATA[Think pensions and endowments are obsessed with liquidity now?  Think again. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/29/liquidity-and-emotion-in-beantown/</link>
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		<title>Boston Notebook</title>
		<description><![CDATA[What do the Wizard of Oz, distressed debt, and the "mammalian brain" have in common?    ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/28/boston-notebook/</link>
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		<title>Hedge funds learn to revere volatility, correlation and the &#8220;option value of cash&#8221;</title>
		<description><![CDATA[As we guessed in our post yesterday, the meeting of pensions, endowments and hedge funds in Boston today was standing room only.  We can't report any of the details, but here is a quick overview of the issues on the minds of the world's biggest institutional investors. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/27/hedge-funds-learn-to-revere-volatility-correlation-and-the-option-value-of-cash/</link>
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		<title>Pension funds, endowments and hedge funds meet in Boston to talk it out</title>
		<description><![CDATA[One of the largest annual meetings of pensions, endowments, and hedge funds occurs this week in Boston.  We aren't allowed to cover the details since the event is closed to the media, but we can report generally what people are talking about here.  And this year, there is plenty to talk about.      ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/26/pension-funds-endowments-and-hedge-funds-meet-in-boston-to-talk-it-out/</link>
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		<title>Born Free: Benchmark hedging liberates your risk budget</title>
		<description><![CDATA[ 
BY TRISTRAM LETT, MANAGING DIRECTOR, ABSOLUTE RETURN STRATEGIES, INTEGRA CAPITAL CORPORATION -   Benchmark hedging, a process designed to reduce the investment risk in a benchmark, is not new. However, doing it successfully and efficiently is. This article has two parts: in the first we explore the process of benchmark hedging and how it is possible to efficiently implement the process. As well, we look at the benefits it provides. We then move on to put this into an important context-the use of hedge funds in institutional portfolios. This has some unexpected conclusions for those who have recently become interested [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/24/born-free-benchmark-hedging-liberates-your-risk-budget/</link>
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		<title>Hedge funds discovered not to be an &#8220;asset class&#8221; after all</title>
		<description><![CDATA[When is an asset class not really an asset class?]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/23/hedge-funds-discovered-not-to-be-an-asset-class-after-all/</link>
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		<title>Exactly how bad was September for hedge funds?</title>
		<description><![CDATA[If hedge funds beat equity markets in September, then what's all the fuss about?  For a visual answer to that question, just take a look at these charts...]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/22/exactly-how-bad-was-september-for-hedge-funds/</link>
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		<title>130/30 Survey - Year 2</title>
		<description><![CDATA[ 
A little over a year ago, AllAboutAlpha and media partner Terrapinn conducted a landmark survey of institutional investors, asset managers and service providers on what was then one of the most anticipated developments in the asset management industry: 130/30 investing.
A lot has changed over the past year.  As anticipated by respondents last year, many new funds have been launched.  But performance has been lackluster.  Many attribute this to negative returns for both the beta component of these funds and the quantitative nature of many of their alpha components.  As a result, questions still remain about the approach that was [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/22/13030-survey-year-2/</link>
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		<title>Alpha Magazine Releases 2008 &#8220;Alpha Awards&#8221;</title>
		<description><![CDATA[Alpha Magazine is releasing the winners of its 2008 Alpha Awards this week.  The four categories judged by a survey of hedge fund manager in the spring and summer are: law firms, prime brokerages, accounting firms and administrators.  Results are being released at Alpha&#8217;s website all this week.
Shartsis Friese and Walkers scored top spots for law firms in yesterday&#8217;s release.  And today (October 22), in what is surely a relief to the overworked and overstressed folks at Morgan Stanley, that firm took top spot in the prime brokerage rankings.
No category has been impacted as much by the credit crunch as [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/21/alpha-magazine-releases-2008-alpha-awards/</link>
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		<title>Hedge fund &#8220;families&#8221; growing larger every year</title>
		<description><![CDATA[The first ever study to examine hedge fund "families" comes to some some useful conclusions about hedge fund managers with growing broods. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/21/hedge-fund-families-growing-larger-every-year/</link>
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		<title>Apocalypse Now?</title>
		<description><![CDATA[Media organizations seem to be trying to outdo each other with colourful apocalyptic analogies for the hedge fund industry.  But some have begun to dial back the rhetoric in the past few days.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/20/apocalypse-now/</link>
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		<title>Hedge funds should rue the day that the term &#8220;absolute returns&#8221; was coined</title>
		<description><![CDATA[Are hedge fund returns supposed to be "absolute" or "relative"?  As it turns out "absolutely relative" may have been a better moniker.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/19/hedge-funds-should-rue-the-day-that-the-term-absolute-returns-was-coined/</link>
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		<title>Exactly how much of the hedge fund industry is about to get chopped anyway?</title>
		<description><![CDATA[Recent estimates about the imminent shrinkage of the hedge fund industry have varied widely.  So we asked one expert to help us cut through the confusion.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/16/exactly-how-much-of-the-hedge-fund-industry-is-about-to-get-chopped-anyway/</link>
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		<title>With commodities boom waning, what&#8217;s in store now for some of its greatest beneficiaries?</title>
		<description><![CDATA[With the commodities boom quickly coming to an end, what's in store for Canada's hedge funds?  To help answer this question, one Canadian family office has crunched the numbers and given us permission to show you their full analysis. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/15/with-commodities-boom-waning-whats-in-store-now-for-some-of-its-greatest-beneficiaries/</link>
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		<title>Funds of Funds: A &#8220;diminishing slice of a growing pie&#8221;</title>
		<description><![CDATA[Funds of funds may simultaneously be the winners and the losers in the post-credit-crunch world of hedge fund investing.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/14/funds-of-funds-a-diminishing-slice-of-a-growing-pie/</link>
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		<title>Leaving Lake Wobegon</title>
		<description><![CDATA[What faces the asset management after the dust settles?  Hopefully, a sober and renewed examination of alpha across all investments - not a renunciation of it. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/13/leaving-lake-wobegon/</link>
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		<title>&#8220;High volatility&#8221;, &#8220;systemic risk&#8221;, &#8220;inconsistent alpha&#8221;: Terms now associated with long-only investing</title>
		<description><![CDATA[For years long-only managers have accused hedge funds of being highly risky, of posing systemic financial risks and of not really delivering alpha.  But is this a matter of the pot calling the kettle black?]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/12/high-volatility-systemic-risk-inconsistent-alpha-terms-now-associated-with-long-only-investing/</link>
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		<title>Hedge funds not bad at reading tea leaves finds new study</title>
		<description><![CDATA[Hedge funds have been dropping their net exposure since last summer.  Now a new study finds that changes in hedge fund market betas may actually portend the future.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/09/hedge-funds-not-bad-at-reading-tea-leaves-finds-new-study/</link>
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		<title>Redemption Gates: Not looking like such a bad idea after all</title>
		<description><![CDATA[With concerns mounting over a "run on hedge funds", disdain for so-called "redemption gates" is on the rise.  But redemption gates may actually save the hedge fund industry and - if those who believe hedge funds have the potential to crash the entire financial system are correct - the rest of the world with it.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/08/redemption-gates-not-looking-like-such-a-bad-idea-after-all/</link>
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		<title>130/30 funds: So much for $2 trillion by 2010&#8230;</title>
		<description><![CDATA[Forecasts for the 130/30 sector have been dramatically downsized recently.  But how much of this reassessment is the result of short term factors and how much is a result of fundamental questions about 1X0/X0 strategies?]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/07/13030-funds-so-much-for-2-trillion-by-2010/</link>
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		<title>New Putnam funds separate alpha and beta (nearly)</title>
		<description><![CDATA[Too little, too late?  Putnam swims against the current with a new fund that contains a sort of "hidden hedge fund" inside it.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/06/new-putnam-funds-separate-alpha-and-beta-nearly/</link>
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		<title>Comment: Pension buyouts can make the bailout plan look small</title>
		<description><![CDATA[Despite complaints about Henry Paulson, Alan Greenspan, and Ben Bernanke, the real problems in today's financial system began with German Chancellor Otto von Bismarck. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/05/comment-pension-buyouts-make-the-bailout-plan-look-small/</link>
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		<title>Comment: It&#8217;s time for a bit of Schumpterian &#8220;creative destruction&#8221;</title>
		<description><![CDATA[Hedge fund manager and author ]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/02/comment-its-time-for-a-bit-of-schumpterian-creative-destruction/</link>
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		<title>If hedge funds are &#8220;heading for the rocks&#8221;, it&#8217;s to rescue long-only castaways</title>
		<description><![CDATA[There's no question that it's rough seas ahead for hedge funds.  But the industry will weather this storm better than many think.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/02/if-hedge-funds-are-heading-for-the-rocks-its-to-rescue-long-only-castaways/</link>
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		<title>Study examines the &#8220;quiet controversy&#8221; in the asset management business</title>
		<description><![CDATA[A new study aims to put an end to the age-old debate over quantitative vs. fundamental investment strategies.]]></description>
		<link>http://allaboutalpha.com/blog/2008/10/01/study-examines-the-quiet-controversy-in-the-asset-management-business/</link>
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		<title>Another kind of leverage they&#8217;re watching closely in Basel&#8230;</title>
		<description><![CDATA[Apparently banks aren't the only financial institutions the Bank for International Settlements is watching these days.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/30/another-kind-of-leverage-theyre-watching-closely-in-basel/</link>
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		<title>&#8220;Have a contingency plan for 750-1000 bank failures over the next six months&#8221;: Leading Academic</title>
		<description><![CDATA[Duke professor and Journal of Finance Editor Campbell Harvey warns that we need to "get in front" of the storm clouds gathering over the banking system. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/30/have-a-contingency-plan-for-750-1000-bank-failures-over-the-next-six-months-leading-academic/</link>
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		<title>Congress votes against bailout plan - but CFAs not actually huge fans either</title>
		<description><![CDATA[The bailout plan has quickly become the topic de jour for pollsters.  While it's often described as Main Street vs. Wall Street, it appears that CFA charter holders share approximately the same level of concern over the plan as US citizens in general.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/29/congress-votes-against-bailout-plan-but-cfas-not-actually-huge-fans-either/</link>
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		<title>Far from straightforward, performance fees revealed by study to be a dog&#8217;s breakfast</title>
		<description><![CDATA[It turns out that man's best friend should actually be his accountant - particularly if he is involved with a performance fee contract in any way.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/28/far-from-straightforward-performance-fees-revealed-by-study-to-be-a-dogs-breakfast/</link>
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		<title>Annus horribilis for hedge funds illustrates benefits of performance-based fees</title>
		<description><![CDATA[Hedge fund fees are often accused of being too high and too unresponsive to client or market pressures.  But difficult periods - such as 2008 - show how the hedge fund fee model actually benefits investors.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/25/annus-horribilis-for-hedge-funds-illustrates-benefits-of-performance-based-fees/</link>
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		<title>Hedge Funds and Mutual Funds: Not such an odd couple - as long as conflicts of interest are managed</title>
		<description><![CDATA[With the world of hedge funds and traditional long-only funds hurtling into each other, we examine some of the conflicts of interest and performance implications of hedge funds and mutual funds co-habitating.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/24/hedge-funds-and-mutual-funds-not-such-an-odd-couple-as-long-as-conflicts-of-interest-are-managed/</link>
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		<title>Andrew Lo: Hedge fund replication is an &#8220;elegant solution in search of a problem&#8221;</title>
		<description><![CDATA[Thought leaders in the hedge fund community remained ensconced at the Princeton Club of New York today as they continued to debate the future of their industry.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/23/andrew-lo-hedge-fund-replication-is-an-elegant-solution-in-search-of-a-problem/</link>
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		<title>Will &#8220;hedge fund replication&#8221; benefit from new short selling bans?</title>
		<description><![CDATA[Hedge funds from the US and Europe met in New York today to discuss ways to discuss "hedge fund replication".  Now that shorting financials has been banned, will "replication" be closest thing we'll see to actual hedge funds for the next while?]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/22/will-hedge-fund-replication-benefit-from-new-short-selling-bans/</link>
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		<title>Monday, September 22: The Day the Contrails Faded</title>
		<description><![CDATA[By removing a ubiquitous part of the financial landscape, this week shares something in common with another week exactly 7 years ago.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/21/monday-september-22-the-day-the-contrails-faded/</link>
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		<title>In reversal, traditional investments now giving hedge funds a headache</title>
		<description><![CDATA[Remember back when hedge funds were the ones who caused nightmares on Wall Street...]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/18/in-reversal-traditional-investments-now-giving-hedge-funds-a-headache/</link>
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		<title>Whither the Clones?</title>
		<description><![CDATA[2007 was a break-through year for so-called "hedge fund replication".  But what's up with 2008?    ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/17/whither-the-clones/</link>
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		<title>&#8220;Convergence&#8221; gets another shot in the arm from recent calamities</title>
		<description><![CDATA[It seems like there is a new surprise nearly every day in the asset management industry.  But recent calamities simply accelerate trends that have been in place for a few years already.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/16/convergence-gets-another-shot-in-the-arm-from-recent-calamities/</link>
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		<title>Apples to Apples: the case for liquidity adjustments to hedge fund of funds returns</title>
		<description><![CDATA[Are your fund of funds "Granny Smiths" or "Golden Delicious"?   ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/15/apples-to-apples-the-case-for-liquidity-adjustments-to-hedge-fund-of-funds-returns/</link>
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		<title>Researchers to hedge fund investors: Don&#8217;t throw away Sharpe ratios just yet</title>
		<description><![CDATA[It's commonly believed that hedge funds require new and special metrics to evaluate properly.  But research is beginning to find that plain old Sharpe ratios work fine after all.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/14/researchers-to-hedge-fund-investors-dont-throw-away-sharpe-ratios-just-yet/</link>
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		<title>New government report is latest political football in Hedgistan</title>
		<description><![CDATA[The latest hedge fund political football entered play in Washington last month.  Like so many before it, this one seems destined to bounce around for some time.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/11/new-government-report-is-latest-political-football-in-hedgistan/</link>
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		<title>McKinsey: Banner year for asset managers masks &#8220;toxic combination&#8221; of higher costs and lower growth</title>
		<description><![CDATA[The results from a report released on Wednesday paint a sobering picture for asset managers. ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/10/mckinsey-banner-year-for-asset-managers-masks-toxic-combination-of-higher-costs-and-lower-growth/</link>
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		<title>Asset management barbell getting heavier</title>
		<description><![CDATA[A new report from Morgan Stanley confirms their (and our) longstanding belief that the asset management industry is turning into a "barbell". ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/09/asset-management-barbell-getting-heavier/</link>
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		<title>Funds of Funds: The elderly are vibrant - as long as they grow up first</title>
		<description><![CDATA[Is youth wasted on the young?  In Hedgistan, small funds that stay small as they age would probably say "yes".]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/08/funds-of-funds-the-elderly-are-vibrant-as-long-as-they-grow-up-first/</link>
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		<title>Alpha Beta Separation: A separation of church and state</title>
		<description><![CDATA[Not since Martin Luther tried to nail a redemption notice on the door of his Cayman-domiciled convert arb manager has there been such a spiritual revolution in investing.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/07/alpha-beta-separation-a-separation-of-church-and-state/</link>
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		<title>Hedge Fund Indices: Seeing the industry through a prism</title>
		<description><![CDATA[The same industry reports in, but a kaleidoscope of color comes out the other side.]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/04/hedge-fund-indices-seeing-the-industry-through-a-prism/</link>
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		<title>Ospraie Down</title>
		<description><![CDATA[What are we to make of the news that hedge funds are falling from the sky?  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/03/ospraie-down/</link>
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		<title>That&#8217;s quite a &#8220;distinctive&#8221; strategy&#8230;</title>
		<description><![CDATA[A new study finds that "distinctive" hedge funds outperform in the long run.  Can you guess which strategies have the most "distinctive" funds?]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/02/thats-quite-a-distinctive-strategy/</link>
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		<title>Poll reveals explosive growth in LDI</title>
		<description><![CDATA[SEI released a poll of pension plans last week that reveals what is probably the biggest story in institutional investing last year - and it's not hedge funds (per se).]]></description>
		<link>http://allaboutalpha.com/blog/2008/09/01/poll-reveals-explosive-growth-in-ldi/</link>
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		<title>Labor Day Newsreel</title>
		<description><![CDATA[You may have noticed that our fancy-schmancy new website displays all of our discarded news clippings and displays them on right behind this panel in our &#8220;news clippings&#8221; section (check it out right now if you like).  However, if you don&#8217;t have the time or inclination to click on every link you see in that section, then you&#8217;ll still find some value in our (semi) regular &#8220;newsreel&#8221; segments that provide you with a brief explanation about why we were drawn to each story.  If you&#8217;re interested in more of these snippets from the cutting-room floor, click on the &#8220;AAA Newsreels&#8221; in our [...]]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/31/labor-day-newsreel/</link>
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		<title>Musical Chairs - Asset Manager Edition</title>
		<description><![CDATA[Recent market turmoil is starting to take its toll on asset managers - both traditional and alternative.  ]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/28/musical-chairs-asset-manager-edition/</link>
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		<title>When the absence of incentive fees can give investors an Olympic-sized headache</title>
		<description><![CDATA[Performance-based fees are often derided as way for hedge fund managers to fleece their clients.  So why do institutions keep paying them?]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/27/when-the-absence-of-incentive-fees-can-give-investors-an-olympic-sized-headache/</link>
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		<title>Alternative Viewpoints: &#8220;Higher Moment&#8221; Betas</title>
		<description><![CDATA[Thought beta was a pretty down-to-earth concept?  That's what we thought too...]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/26/alternative-viewpoints-higher-moment-betas/</link>
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		<title>Hedge fund marketers remain stuck between a rock and a hard place</title>
		<description><![CDATA[Are you a hedge fund marketer?  If so, you need to read this.]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/25/hedge-fund-marketers-remain-stuck-between-a-rock-and-a-hard-place/</link>
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		<title>Are financial advisors serving your lunch to hedge funds?</title>
		<description><![CDATA[An upcoming article in the Journal of Investing questions the value of non-fee-based financial advisors.]]></description>
		<link>http://allaboutalpha.com/blog/2008/08/24/are-financial-advisors-serving-your-lunch-to-hedge-funds/</link>
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