New Moon Today

O Mister MoonO Mister Moon, moon, bright and shiny moon,Won't you please shine down on me?O Mister Moon, moon, bright and shiny moon,Won't you please shine down on me?Here comes the farmer with a big shotgun!He's after me, and I can't run!O Mister Moon, moon, bright and shiny moon,Won't you please shine down on me?Is this a "butter in...

The Sushi Economy

On the plane back from Central America the other day I read a good article in Vanity Fair called "If You Knew Sushi". It details the worlds largest fish market - Tokyo's Tsukiji. Many investors can relate to this type of frenzied greed:Occasionally tuna mania overtakes an auction. Hiroyasu Ito, the president of Chuo Gyorui, the biggest...

Want to Invest in the Weather?

Alternative asset classes fascinate me. James Altucher does a good job covering the space, and even has a book on the subject (but James, please hire a graphic designer for your next cover!). For example, I had no idea there was a closed-end fund that invests in cat bonds - HNW (Anyone that has launched a...

Renaissance to Launch New $25B Managed Futures Fund

When the best hedge fund on the planet decides to launch a new fund, it bears watching. Even more interesting is the area Rentech has decided to pursue. The full press release is at the end of the post, and below are my comments as there seems to be a great deal of misunderstanding in the commodities...

The Market Portfolio

The market portfolio is a portfolio consisting of a weighted sum of every asset in the market, with weights in the proportions that they exist in the market.The concept of a market portfolio plays an important role in many financial theories and models, including the Capital Asset Pricing Model where it is the only fund in which investors need...

Invest Like John Griffin – Blue Ridge Capital

If you had to name the top 5 best hedge fund managers ever, Julian Robertson would certainly be on the list. (He's also from Salisbury, NC which is pretty close to where I grew up in Winston-Salem, and there is a book written about him titled, Julian Robertson: A Tiger in the Land of Bulls and Bears.)...

Gene Therapy Comes of Age?

I started out my undergraduate at the University of Virginia in Aerospace Engineering. After a year or so in that track (and a summer internship at Lockheed where all I did was play on the corporate softball team), I decided that aerospace was definitely not for me. (My childhood astronaut fantasies certainly were not the same as...

AlphaLetters Weekly Paper Review

I am excited to announce a new feature to World Beta readers - a weekly review of some of the top academic working papers in quant research.I mentioned AlphaLetters a few weeks ago when discussing a paper that CXO had reviewed. AlphaLetters is a bi-weekly subscription newsletter focused on summarizing the deluge of quant-based working papers in investment...

CBOE S&P 500 PutWrite Index (PUT)

(Note: Original table is corrected, thanks for the heads up)CBOE just introduced a new PutWrite index to complement their BXM covered call strategy. I imagine this data would be A LOT different had the start date been one year prior (instead of the Summer 1988 date they use).I have blogged about options writing before, and here is an...

New Listed Diamond Hedge Fund

Foreign markets, especially London, continue to innovate with listed alternatives far more than the US. The US just recently listed the first quasi-hedge fund (GLRE), although there is news that Man is preparing to list the first true hedge fund in the US.(Although I must say I am looking forward to returning to the "cheaper" cities of NYC...