Browsing: Other Topics in A.I.

Other Topics in A.I.

How Often Do Investors Google ‘Climate Change’?

Jun 2nd, 2020 | Filed under: Newly Added, Socially responsible investing, Alternative Investments in Context, ESG, Climate change, Other Topics in A.I.

Two scholars at Copenhagen Business School, Denmark  have devised what they call a “text-based sustainability sentiment measure,” that is, a quantification of when and to what extent concerns about climate change are rising amongst investors, with a likely consequence for the success of an ESG-oriented trading policy. The authors areRead More


Stat Arb, Algos and the Difference Between Cats and Dogs

Jun 1st, 2020 | Filed under: Algorithmic and high-frequency trading, Hedge Fund Strategies, Newly Added, Artificial Intelligence, Business News, The A.I. Industry, Machine Learning, Hedge Funds, Other Topics in A.I.

A co-founder of Quantigic Solutions has presented what he calls “the freshmanlevel” answer to the question: why did dollar-neutral quant trading strategies, such as equities stat arb, fail so markedly during the COVID-19 market sell-off? Zura Kakushadze, a professor at the Free University of Tblisi, is on reasonably solid groundRead More


Diving Deeper into the Deep Learning Pool

May 17th, 2020 | Filed under: Newly Added, Technology, Artificial Intelligence, Machine Learning, Other Topics in A.I.

Dmitry Borisenko, an independent scholar and a former quantitative analyst at Krauspartner Investment Solutions, posted a complicated article last year with the deceptively simple title, Dissecting Momentum: We Need to Go Deeper. As the title suggests, Borisenko begins with the momentum strategy as a means of reaching alpha. Variables basedRead More


Data Scientists Should Do Drugs!

May 14th, 2020 | Filed under: Newly Added, Alternative data, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Alternative Investments in Context, Machine Learning, Other Topics in A.I.

By Keith Black, PhD, CFA, CAIA, FDP Now that this attention-grabbing headline has drawn you in, let me clarify. Data scientists should not partake in illegal drugs. Data scientists should participate in pharmacological research, as artificial intelligence and machine learning can add value, even when the data scientist does notRead More


Model Risk Management as Algo Trading Expands

May 10th, 2020 | Filed under: Algorithmic and high-frequency trading, Newly Added, Technology, Artificial Intelligence, The A.I. Industry, Machine Learning, Risk Management & Operations, Other Topics in A.I.

The FICC Market Standards Board Ltd. (FMSB) is a London-based standards body for participants in the wholesale fixed income, currencies, and commodities (FICC) markets. It has been looking into the root causes of market misconduct, and pursuant to that research it recently published a report on the “themes and challenges”Read More


ETFs, Systemic Risks, and a Real-Time Test

May 5th, 2020 | Filed under: Retail Investing, Newly Added, Liquid Alts, ETFs, The A.I. Industry, Liquid Alternative Investiments

ETFs are one of the routes by which once alternative and elite-access-only strategies have become democratized or gone retail. As a result of this trend, we have synthetic ETFs, smart beta ETFs, leveraged ETFs, and inverse ETFs. A recent study study provides some reassurance about concerns that have motivated kickbackRead More


Major PE/VC Firms Back New Approaches to Quantum Computing

Apr 23rd, 2020 | Filed under: Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Technology, Artificial Intelligence, The A.I. Industry, Private Investments, Other Topics in A.I.

In October 2019, Google announced quantum supremacy: the creation of a special-purpose computer using quantum processors that could perform a calculation impossible for a digital computer. A computer Google named Sycamore resolved in just three minutes a computational challenge that would have required a digital computer 10,000 years. Remarkable asRead More


The Algorithms that will Find the ESG Tipping Point

Apr 16th, 2020 | Filed under: Newly Added, Technology, Artificial Intelligence, ESG, The A.I. Industry, Machine Learning, Other Topics in A.I.

A recent literature review conveys the state of scholarly understanding of ESG alpha.It also discusses how machine learning may help alternatives managers to track, and at the right time to pounce upon, a critical tipping point. Joachim Erhardt, a managing director at Landesbank Baden-Württemberg (LBBW) and an independent scholar, startsRead More


Peeling Back the Wrapper of Hedge Fund Strategies

Apr 13th, 2020 | Filed under: CAPM / Alpha Theory, Hedge Fund Strategies, Alpha & Beta, Equity Hedge Funds, Newly Added, Institutional Investing, Alpha Strategies, Event-Driven Hedge Funds, CAIA Alternative Viewpoints, Liquid Alts, Institutional Asset Management, Macro and Managed Futures Funds, Hedge Funds, Relative Value Hedge Funds, Liquid Alternative Investiments, Allocating to A.I., Other Topics in A.I.

By Aaron Filbeck, CAIA, CFA, CIPM, Associate Director, Content Development at CAIA Association During CAIA Association’s most recent Virtual Chapter event, Keith and I (virtually) sat down with Chris Tidmore, CFA, CPA at The Vanguard Group to discuss Vanguard’s recent whitepaper, “The Wrapper Matters: Comparing Liquid Alternatives to Hedge Funds”Read More


Hedge Funds, Sustainable Investing, and the Data Gap

Apr 12th, 2020 | Filed under: Newly Added, ESG, The A.I. Industry, Hedge Funds, Other Topics in A.I.

KPMG and CREATE have collaborated on a new report on the involvement of hedge funds in sustainable investing, which they define as investing that aims at three interlocking results: avoid harm and mitigate ESG risks; benefit all stakeholders; and contribute solutions to societal problems. The involvement of hedge funds inRead More


Machine Learning, Quant Models, and ESG factors: Who Uses Them and What Data Do They Mine?

Apr 9th, 2020 | Filed under: Newly Added, Alternative data, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, ESG, Machine Learning, Other Topics in A.I.

Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy, CAIA Association CAIA Association and FDP Institute recently had a conversation with Mike Chen and George Mussalli. Dr. Chen is the director of equity investments and Mr. Mussalli is the managing director and CIO of equity investments at PanAgora.Read More


Where has all the diversification gone?

Apr 7th, 2020 | Filed under: Newly Added, Liquid Alts, The A.I. Industry, Liquid Alternative Investiments, Allocating to A.I., Other Topics in A.I.

By Beth Anne Byrne and Kara O’Halloran, FS Investments Warren Buffett’s famous quote reads “You only learn who has been swimming naked when the tide goes out”. The tide is most certainly out now, and many portfolios have been exposed. The historic bull market has ended, and with it theRead More


The Unmasking of ESG 

Apr 6th, 2020 | Filed under: Newly Added, What about beta?, ESG, SRI and Clean Energy, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association PPE has entered the global vernacular, courtesy of another (deadly) acronym now known as COVID-19. The latter needs no additional introduction, as the former (Personal Protective Equipment) has been one of the many combat weapons to staunch the relentless march of what is now a global pandemic. Of the many things we are learningRead More


Using Alternative Data and Machine Learning in Alternative Asset Classes

Mar 30th, 2020 | Filed under: Algorithmic and high-frequency trading, Newly Added, Alternative data, Fintech, Risk management, Technology, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Machine Learning, Risk Management & Operations, Other Topics in A.I.

Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy, CAIA Association Michael Oliver Weinberg and Peter Strikwerda work at the Dutch pension fund APG and serve as the head of hedge funds and alternative alpha and the global head of digital and innovation, respectively. CAIA Association and FDPRead More


Wedding ESG with Modern Portfolio Theory

Mar 29th, 2020 | Filed under: Newly Added, Socially responsible investing, ESG, The A.I. Industry, Other Topics in A.I.

Three executives at AQR Capital have proposed a new variant on modern portfolio theory, an elaboration of the classical idea of an efficient frontier. The idea, going back to Markowitz’ 1952 paper, is that there exists a set of possible portfolios such that each achieves the best possible risk-return tradeoff.Read More


THOU SHALL NOT SHORT THE VIX

Mar 26th, 2020 | Filed under: Newly Added, Alpha Strategies, Hedge Funds, Other Topics in A.I.

By Nicolas Rabener of FactorResearch (@FactorResearch) INTRODUCTION Scratching the surface of most people’s knowledge often does not reveal depth, but a lack thereof. When the former US Democratic candidates Tom Steyer and Amy Klobuchar were asked to name Mexico’s president, who is one the key counterparties for any US president,Read More


Machine learning is not magic—It is just a tool!

Mar 20th, 2020 | Filed under: Algorithmic and high-frequency trading, Newly Added, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Business News, Machine Learning, Other Topics in A.I.

Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy, CAIA Association “Building your dream has to start now There’s no other road to take You won’t make a mistake I’ll be guiding you You have to believe we are magic Nothin’ can stand in our way” – OliviaRead More


Artificial Intelligence and the Cambrian Explosion

Mar 17th, 2020 | Filed under: Algorithmic and high-frequency trading, Newly Added, Business News, The A.I. Industry, Machine Learning, Other Topics in A.I.

Three scholars affiliated with University College London have posted a paper on the dangers that increasingly sophisticated algorithms pose for markets, employing a fascinating analogy from paleontology. But we begin with their big picture. The authors are concerned that in the near future an “ecology of trading algorithms across differentRead More


ESG ETFs: A Warning About Opacity

Mar 15th, 2020 | Filed under: Newly Added, Liquid Alts, ESG, ETFs, The A.I. Industry, Liquid Alternative Investiments, Other Topics in A.I.

A recent paper by two legal scholars warns of the absence of transparency, of the opacity, that investors may face in ESG funds and ESG exchange-traded funds. “Buyer Beware: Variation and Opacity in ESG ad ESG Index Funds,” is the work of Dana Brackman Reiser and Anne M. Tucker, whoRead More


Are there any ‘real’ ESG unicorns?

Mar 10th, 2020 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, ESG, The A.I. Industry, Private Investments, Other Topics in A.I.

Unicorns (privately owned start-ups with a valuation of at least $1 billion) have long been the great sought-after beasts of the VC and PE worlds. But are they good for the planet? The unicorn boom was driven by the combination of easy credit and old-fashioned hype, combined with the wayRead More


3 Threats to Hedge Funds

Mar 8th, 2020 | Filed under: Hedge Fund Industry Trends, Hedge Fund Regulation, Hedge Fund Strategies, Newly Added, Regulatory Environment, Liquid Alts, The A.I. Industry, Fees, Hedge Funds, Liquid Alternative Investiments, Allocating to A.I.

A recent paper by a scholar at Tilburg University and a market participant at Robeco outlines the difficulties that the hedge fund industry has faced over the last decade. These problems arose, at least in part, from the democratization of alternative investing. There are three important challenges to the hedgeRead More


Are the Robots Really Taking Over?

Mar 5th, 2020 | Filed under: Newly Added, Fintech, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Asset Allocation Models, Machine Learning, Hedge Funds, Allocating to A.I., Other Topics in A.I.

By Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Excerpted from the Alternative Investment Analyst Review, Volume 8, Issue 3 The Alternative Investment Analyst Review is the official publication of the CAIA Association.  Access to the most current issue is an exclusive benefit of CAIA Membership whileRead More


A Walk Through the Forest with Joe Simonian

Mar 4th, 2020 | Filed under: Newly Added, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Machine Learning, Other Topics in A.I.

What Does Machine Learning Have to do with Fama and French? By Keith Black, PhD, CFA, CAIA, FDP, Managing Director, CAIA Association “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what itRead More


ESG vs Low-Carbon Investing

Mar 1st, 2020 | Filed under: Newly Added, Liquid Alts, ESG, ETFs, The A.I. Industry, Liquid Alternative Investiments, Allocating to A.I., Other Topics in A.I.

By Nicolas Rabener of FactorResearch @FactorResearch INTRODUCTION Investors seeking exposure to global equities with a low carbon footprint could consider the iShares MSCI ACWI Low Carbon ETF (CRBN) or SPDR MSCI ACWI Low Carbon ETF (LOWC). CRBN has $500 million of assets under management, compared with $90 million for LOWC.Read More


In the room where it happens: An investigation of the potential of regulatory technology

Feb 26th, 2020 | Filed under: Newly Added, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, Machine Learning

Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy at CAIA Association Do you want to be in the room where it happens, when “The Smartest Guys in the Room”* are plotting their fraud and trying to prevent the demise of Enron? Look around at how lucky weRead More


Wall Street Tackles Sustainable Development Goals

Feb 25th, 2020 | Filed under: Retail Investing, Newly Added, Institutional Investing, Socially responsible investing, ESG, The A.I. Industry, Institutional Asset Management, SRI and Clean Energy, Other Topics in A.I.

In 2015 the United Nations defined 17 Sustainable Development Goals [no poverty, no hunger, health & well-being, etc.] along with 169 targets that were devised to allow for quantitative measurement of progress. It also set 2030 as the bull’s eye for the attainment of the goals. Since governments alone areRead More


Avoiding Silver Bullets

Feb 24th, 2020 | Filed under: Retail Investing, Newly Added, What about beta?, Liquid Alts, Smart Beta, Hedge Funds, Liquid Alternative Investiments, Allocating to A.I., Other Topics in A.I.

By Aaron Filbeck, CFA, CAIA, CIPM – Associate Director, Content Development at CAIA Association Whether it’s that some retail versions of alternative investments have not lived up to their private counterparts, or that retail investors may be last in the buffet line for private placements, there are several arguments againstRead More


Alpha Comes in Waves

Feb 20th, 2020 | Filed under: Retail Investing, Newly Added, Alternative Beta & Hedge Fund Replication, Smart Beta, The A.I. Industry, Hedge Funds, Liquid Alternative Investiments, Commodities, Structure of the Hedge Funds Industry, Allocating to A.I.

The brief history of replication funds may already be divided into three waves, the third of which is still in formation. The first wave was about democratization: putting hedge fund strategies in the hands of people who cannot meet the accreditation requirements to invest in hedge funds proper, or ofRead More


Big Data is a Big Deal

Feb 17th, 2020 | Filed under: Newly Added, CAIA Alternative Viewpoints, The A.I. Industry, Machine Learning

By Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy, CAIA Association CAIA’s second webinar starring the authors of papers that are required readings for the FDP exam featured Gene Getman, CAIA, a client portfolio manager and product specialist for Lombard Odier Investment Managers. He detailed how LombardRead More


Making Your Portfolio About #Goals

Feb 13th, 2020 | Filed under: Performance, Analytics & Metrics, Retail Investing, Newly Added, Institutional Investing, Asset allocation, Benchmarking & Performance Attribution, CAIA Alternative Viewpoints, High-net-worth investors, Asset Allocation Models, Endowments & Foundations, The A.I. Industry, Institutional Asset Management, Real Estate Equity Investments, Family Offices, Hedge Funds, Commodities, Private Investments

By Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Central Issue of the Paper If you’re a social media junkie, you have probably seen “#goals” in your timeline. In most cases, the hashtag is referring to an attractive couple or an aesthetically pleasing plate of food.Read More


Lessons from CAIS 2020

Feb 11th, 2020 | Filed under: Debt Types of Private Equity, Newly Added, Institutional Investing, Socially responsible investing, Equity Types of Private Equity, Artificial Intelligence, CAIA Alternative Viewpoints, Alternative Investments in Context, ESG, Economics, Climate change, Institutional Asset Management, Hedge Funds, Macroeconomics, Private Investments, Personalities in AI, SRI and Clean Energy, Allocating to A.I., Other Topics in A.I.

John Bowman, CFA, Senior Managing Director at CAIA Association “You’re a kite dancing in a hurricane, Mr. Bond.” (Mr. White to 007, Spectre) Despite the crystal blue island water, softly rolling Caribbean tide, and perfect skies outside the hotel all week, I opened my conference wrap-up panel reminding delegates forRead More


Climate: The ‘OUR’ Between Dog and Wolf

Feb 10th, 2020 | Filed under: Newly Added, Institutional Investing, Media Coverage of Hedge Funds, Socially responsible investing, The Global Economy & Currencies, What about beta?, Alternative Investments in Context, ESG, Economics, Climate change, Institutional Asset Management, Hedge Funds, Macroeconomics, Private Investments, SRI and Clean Energy, Finance & Economics, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association While this week’s post may harken to a certain book written by John Coates, there is a different play on the metaphor at work here, with our wheezing planet spinning in the center. Consider the wolf: powerful, aggressive, and risk-seeking. The wolf is alsoRead More


Biofuels and Deforestation: A CSR/ESG Cautionary Tale

Feb 9th, 2020 | Filed under: Newly Added, Alternative energy, ESG, Energy, Climate change, The A.I. Industry, Commodities, SRI and Clean Energy, Other Topics in A.I.

The Republic of France, in March 2019, decided that it would no longer consider fuel made from palm oil to be a “biofuel,” effective as of January 2020. So that  redefinition is now in effect. Meanwhile, the EU recently set tariffs on palm oil coming in from Indonesia or Malaysia:Read More


Beyond the Meat; Beyond the Traditional

Feb 6th, 2020 | Filed under: Private Equity, Newly Added, Equity Types of Private Equity, CAIA Alternative Viewpoints, ESG, Hedge Funds, Private Investments, Allocating to A.I., Other Topics in A.I.

By Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Building the Burger I love when our industry uses analogies to describe investment concepts, so I must applaud one of the introductory pieces to JPMorgan’s 2020 Global Alternatives Outlook. In their introduction to the report, the authorsRead More


The Case for ESG as a Performance Additive

Feb 4th, 2020 | Filed under: Retail Investing, Newly Added, Institutional Investing, ESG, The A.I. Industry, Institutional Asset Management, Other Topics in A.I.

Sustainability-sensitive investing has a net positive impact on performance, according to a paper released by Robeco. According to the paper written by Chris Berkouwer, a Robeco equity analyst, ESG was responsible for 20% of the outperformance of a Robeco fund over a period of three years. His findings are presentedRead More


Alternative Data: A Road to Alpha

Feb 2nd, 2020 | Filed under: Hedge Fund Industry Trends, Real Estate, Private Equity, Newly Added, Fintech, Technology, Artificial Intelligence, The A.I. Industry, Real Estate Equity Investments, Machine Learning, Hedge Funds, Private Investments, Allocating to A.I., Other Topics in A.I.

Investment management firms are increasingly hard-pressed to hedge away risks, increase alpha, and lower costs: a daunting agenda. One way of going about that is by knowing what is going on in the underlying markets more quickly than the competitors and counterparties do.  To that end: alternative data. Investment firms,Read More


A Conversation with the Institute of Business Ethics

Jan 30th, 2020 | Filed under: Newly Added, Technology, Artificial Intelligence, CAIA Alternative Viewpoints, The A.I. Industry, Machine Learning, Other Topics in A.I.

By Keith Black, PhD, CFA, CAIA, FDP | Managing Director, Content Strategy at CAIA Association Recently, CAIA Association sat down for a conversation with Guen Donde, the Head of Research for the Institute of Business Ethics (IBE).  Life moves pretty fast in the world of GDPR, big data, and artificialRead More


Taleb: What Size Tail Does the Smart Money Bet On?

Jan 28th, 2020 | Filed under: Financial Economics Theory, Newly Added, Risk management, Behavioral finance, The A.I. Industry, Risk Management Strategies & Processes, Machine Learning, Finance & Economics, Other Topics in A.I.

Statistician/philosopher Nassim Nicholas Taleb critiques “behavioral” economics and finance as he looks at the differences between “binary forecasts” and “real world payoffs,” in a recent paper for the International Journal of Forecasting. Much of the argument will be familiar to those who have some acquaintance with Taleb’s work as itRead More


Leery Funk’s Open Letter to Sovereign Leaders

Jan 27th, 2020 | Filed under: Consultants, Retail Investing, Private Equity, Newly Added, Institutional Investing, The Global Economy & Currencies, What about beta?, Alternative Investments in Context, Endowments & Foundations, Economics, Climate change, Institutional Asset Management, Macroeconomics, Private Investments, Finance & Economics

By Bill Kelly, CAIA Association CEO In the interest of brevity, I am going to skip the salutation and get right to the heart of the matter. As my name implies, I am Leery of the lofty promises that depend on solving our long-term problems and I do remain inRead More


SASB + TCFD = Common ESG Disclosure Standards?

Jan 26th, 2020 | Filed under: Newly Added, Institutional Investing, Risk management, ESG, Climate change, The A.I. Industry, Institutional Asset Management, Risk Management Strategies & Processes, Macroeconomics, Risk Management & Operations, Other Topics in A.I.

The Sustainability Accounting Standards Board (SASB), a non-profit organization has developed industry-specific standards across environmental, social, and governance topics, working toward a consensus on the sorts of disclosures that the issuers of securities should and will make to their investors. In November 2018, SASB released complete standards for 77 industries.Read More


False Positives and Machine Learning

Jan 23rd, 2020 | Filed under: CTA, Newly Added, Alternative data, Fintech, Risk management, Technology, Artificial Intelligence, Alternative Investments in Context, The A.I. Industry, Risk Management Strategies & Processes, Machine Learning, Hedge Funds, Other Topics in A.I.

There is a high rate of failure among quant funds. These include smart beta, factor investing, statistical arbitrage, and CTAs. Such false positive strategies are a widespread industry problem. Since psychiatrists have long traded on the ability of the human mind to find an elaborate narrative in a random inkRead More


Hope May Not Be a Strategy…But Neither is a 60/40

Jan 21st, 2020 | Filed under: Consultants, Retail Investing, Alpha & Beta, Newly Added, Institutional Investing, Risk management, Asset allocation, What about beta?, Asset Allocation Models, Alternative Investments in Context, Institutional Asset Management, Risk Management Strategies & Processes, Allocating to A.I.

By Guest Contributor Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development The death of the 60/40 may be a welcome change for multi-asset investors who understand that exposure to risk premia is perhaps a far better long-term investment strategy. Diversification remains an important facet of asset allocation, but weRead More


ESG: Why the Ratings Diverge

Jan 20th, 2020 | Filed under: Newly Added, Socially responsible investing, The Global Economy & Currencies, Business News, ESG, The A.I. Industry, SRI and Clean Energy, Allocating to A.I., Other Topics in A.I.

A recent MIT Sloan research paper looks at the degree to which various environmental, social, and governance (ESG) ratings diverge and why. The paper is the work of Florian Berg and Roberto Rigobon, both of MIT Sloan, and Julian F. Kolbel, who is affiliated with the University of Zurich’s departmentRead More


Fossil Fuel: Divestment By the Numbers

Jan 16th, 2020 | Filed under: Private Equity, Social investing, Debt Types of Private Equity, Newly Added, Venture capital, Socially responsible investing, Equity Types of Private Equity, Alternative energy, Other Issues in Private Investments, The A.I. Industry, Private Investments, SRI and Clean Energy, Allocating to A.I., Finance & Economics, Other Topics in A.I.

Bill Gates, the founder of Microsoft and one of the world’s wealthiest humans, attracted a good deal of attention last fall by saying, “Divestment, to date, probably has reduced about zero tons of emissions.” He thereby put his finger on a key fault line amongst those who regard ESG investmentRead More


How Expensive Are ESG Stocks?

Jan 12th, 2020 | Filed under: Social investing, Newly Added, Socially responsible investing, The A.I. Industry, Other Topics in A.I.

By Nicolas Rabener, FactorResearch (@FactorResearch) INTRODUCTION Europeans seem far more focused on the environment than Americans, which might be considered unusual given that both share an interest in the outdoors and have great national parks. Perhaps this is explained by Europe’s higher population density, which puts living space at aRead More


The Dog Days of… print(“Season is”,season)

Jan 6th, 2020 | Filed under: Algorithmic and high-frequency trading, Industry Size & Managers, Alternative data, Fintech, What about beta?, Alternative Investments in Context, Business News, The A.I. Industry, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association As a global organization, it is pleasing to know there is always a CAIA Association Member, somewhere in the world, enjoying the dog days of summer. Although we can’t get Portfolio Management Research to recognize the Southern Hemisphere of seasons on the cover ofRead More


Start Your Algorithms: Speed is Good Again, or is it?

Dec 30th, 2019 | Filed under: Algorithmic and high-frequency trading, Hedge Fund Strategies, Newly Added, Fintech, Alpha Strategies, Technology, Artificial Intelligence, Business News, The A.I. Industry, Hedge Funds

Until the final days of 2019, it has been a quiet year for high-frequency trading-related news. The whole concept of a trade executed in nanoseconds, and the related concept of a trading program managed with only sporadic human intervention or oversight, have all faded into background assumptions. What remains isRead More


Considering Investing in Qualified Opportunity Funds? Caveat Emptor

Dec 25th, 2019 | Filed under: Real Estate, Newly Added, Qualified Opportunity Zones, Other Issues in Private Investments, The A.I. Industry, Real Estate Equity Investments, Private Investments, Real Assets, Other Topics in A.I.

By David O’Brien, CFP, CAIA The Opportunity Zones Program, enacted as part of the Tax Cuts and Jobs Act of 2017, has great potential to create jobs and spur economic growth while creating a potentially powerful tax strategy for investors and asset managers. The Opportunity Zone Program is designed toRead More


From SRI to Shariah: A Bridge Not too Far

Dec 24th, 2019 | Filed under: Newly Added, Socially responsible investing, The A.I. Industry, SRI and Clean Energy, Other Topics in A.I.

Usman Hayat, for the CFA Institute has written a provocative paper about the relationship between socially responsible investing on the one hand and Islamic finance on the other. His bottom line is that “emerging trends may enable financial services to develop products that satisfy criteria of both approaches.” In anRead More


Ebenezer Scrooge: An Alternative View

Dec 23rd, 2019 | Filed under: Alpha-centric Companies, Social investing, Industry Size & Managers, Newly Added, Asset Managers, Institutional Investing, Socially responsible investing, What about beta?, The A.I. Industry, Institutional Asset Management, Hedge Funds, SRI and Clean Energy, Other Topics in A.I.

By Bill Kelly, CEO, CAIA Association Ebenezer Scrooge was not exactly a cuddly CEO. The way he treated poor Bob Cratchit alone would not have exactly put Scrooge & Marley Ltd. in the top quartile of the Sustainalytics’ ESG Risk Ratings, as he routinely gutted any notion of social responsibility.Read More