EQIRA: Empirical and Quantitative Investment Research and Analysis

News Worth Reading: December 4, 2015

There’s always great information out there if you know where to look. The following comprises our list of news worth reading from the past week.

Hedge Funds

  • It’s tough to be a start-up hedge fund these days (pionline)
  • Smaller hedge funds have outperformed over the long run (barrons)
  • Global macro funds continue to attract capital despite recent closures in the space (reuters)
  • Hedge funds had their lowest Q3 net inflows in six years (bloomberg)
  • The challenges in hedge fund investing (thereformedbroker)
  • Has the rise of indexing made alpha generation more difficult for hedge funds? (awealthofcommonsense)

Factor Investing


  • The liquid alts universe is overdue for a culling (fa-mag)
  • The S&P 500 has matched private equity performance for the 2006-2010 vintages (fortune)
  • CalPERS paid $700 million in carried interest to private equity managers last year (pionline)


  • Harvard’s endowment is re-thinking everything (bloomberg)
  • Investors suffer when investment consultants all say the same things (awealthofcommonsense)
  • Almost everything beats cap-weighting (if you exclude taxes and transaction costs) (evidenceinvestor)
  • You overvalue the assets you already own (ft)
  • Morgan Stanley thinks we’re headed for an extended period of low returns (bloomberg)
  • An argument for allocating to USD-denominated emerging market debt (econompicdata)


  • Commodity mutual funds aren’t very good, on average (ssrn)
  • Mutual funds might actually produce more alpha than previously thought (ssrn)
  • Stop-loss strategies tend to underperform due to excessive trading costs (ssrn)

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