Hints and tips:
...Millennium’s investment approach focuses on four areas: relative value fundamental equity, equity arbitrage, fixed income and quantitative strategies....
...Saba’s losses follow a much stronger performance in recent years. Its flagship fund tends to perform well in volatile or falling markets....
...The trading houses’ shares have since reversed years of so-so performance....
...Another complication is that significant volumes of these instruments are purchased by arbitrage traders. They typically short shares against their equity position....
...They have certainly been short-sighted, just as bank watchdogs were — a stubborn focus on consumer pricing rather than the broader health of the sector invited arbitrage and undermined investment....
...LVMH does not break down financial performance for any of its 75 plus brands but the group said the division’s performance “reflect[ed] the exceptional performance achieved by Sephora worldwide” as well...
...It also allows capital arbitrage and potential period-to-period capital volatility that should concern regulators. Neither CECL accounting nor fair value accounting is perfect....
...Duplicates in the baskets are netted off and performance is subdivided into “overnight news” and “intraday news”, for reasons we’ll come back to....
...“In the end, what [investors] need to worry about is how climate risks impact economic growth and company performance,” she said....
...Such funds, which typically aim to turn a profit regardless of the performance of underlying stock markets, say a drought in dealmaking has seen the number of opportunities traders can bet on dry up....
...Factor quants like AQR aren’t using machine learning in the same way as high-frequency traders or statistical-arbitrage funds like Renaissance....
...This is such a hurtful topic to her, the terrible performance of the UK market, that I don’t think she’d be able to be objective. Ethan WuI think that’s right....
...For starters, inflation is coming down, and so the biggest headwind to a more positive view of the president’s economic performance is fading....
...Bankers say this amounts to a management fee, which the market values more highly than more volatile performance fees....
...But the firm’s crown jewel is still its statistical arbitrage strategy, which uses algorithms to exploit patterns in securities pricing, investors say....
...The strong performance so far in 2021 marks a stark contrast to early last year, when merger arbitrage funds were left reeling in March in a so-called “arb-ageddon” in which many deals threatened to fall...
...And that leads to a third point: it is hellishly difficult to create a “fair” and “diverse” educational system when smart parents are so adept at arbitrage....
...One very much possible, if not obviously practicable: catalysing a standard piece of demerger arbitrage. The other may be near impossible: eliminating the Murdoch discount....
...We have seen other examples where arbitrage opportunities disappear rapidly after attracting a lot of new money,” he said....
...Buffett is no doubt more focused on the trading companies’ increasing profits than any possibility of currency arbitrage....
...Obviously, game subscribers aren’t a typical line item in accounts but since 2014 Jagex (like the Telegraph) has disclosed them as a key performance indicator....
...Operating earnings — Buffett’s preferred performance measure for Berkshire’s diverse group of businesses — rose 12.6 per cent from the year to $8.1bn....
...The French luxury group has lagged behind competitors such as LVMH and Hermès in recent years, in part due to wavering performance at its biggest brand Gucci....
...Wall Street couldn’t figure out algorithmic trading, suffering from a lack of data, illiquidity, and bad performance in down markets....
...Finding confidence in organic performance metrics amid the many acquisitions is one of the challenges Teleperformance investors face....
International Edition