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Market Recap Feb 9, 2016

Market Recap Feb 9, 2016

After a moderate gap down to open the day indexes traded in a narrow range as most seem to be waiting for Yellen testimony; bulls yearning for her to ride in on a white horse and bears remembering how central bankers have chopped their heads off constantly for 6 years.  We’ll see if any such […]

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FOR PRACTITIONERS OF RISK PARITY: DON’T PANIC

FOR PRACTITIONERS OF RISK PARITY: DON’T PANIC

I’ve written about Risk Parity here before. Cliff Asness has kindly given me a chance to do so again, with a new paper about the proper perspective in which to view recent performance figures. Start with the basics, the RP portfolio is defined by its contrast with the Capital Asset Pricing Model. RP entails two […]

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INSIDER TRADING: BIG-MOUTH BANKERS AND REMOTE TIPPEES

INSIDER TRADING: BIG-MOUTH BANKERS AND REMOTE TIPPEES

The US Supreme Court has accepted an appeal from a Ninth Circuit decision on insider trading. Whatever the Justices do with this case, they will surely shed some light on the future of this sometimes very confusing body of law. Specifically: on January 19, the high court granted cert on Salman v. United States.  This […]

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MORE ABOUT ARCH COAL AND THE DUSTY TRAIL AHEAD

MORE ABOUT ARCH COAL AND THE DUSTY TRAIL AHEAD

I wrote here last week about the demise of Arch Coal.  I was reminded of the incompleteness of my treatment there by the commenters on that piece, and I’ve been reminded again by subsequent developments. More then: in December 2013 Arch made a tender offer for its $600 million of senior notes due in 2016, […]

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