How Imperfect Knowledge Shapes Financial Markets
A discussion of various theories of how financial markets set prices.
Read more...Category Archives: Investment management
Hubert Horan: Can Uber Ever Deliver? Part Seventeen: Uber’s 2018 Results Still Show Huge Losses and Slowing Growth as IPO Approaches
It is hard to see how Uber’s IPO story will hold up to scrutiny, particularly at a planned valuation of $120 billion.
Read more...Can Shareholder Activism Tame the Financial System?
Is shareholder activism capable of achieving lasting change?
Read more...Even Endowments Not Beating Vanguard….So What Good Are Those High Fee Private Equity and Hedge Funds?
Even endowments, the supposed best of best among diversified investors, are finding that their old alternative investment mojo isn’t working these days.
Read more...Reining in Leveraged Lending
Yves here. This article pre-supposes that readers understand that most leveraged lending is taking place as a result of private equity, via two routes. First, private equity funds use a great deal of borrowed money when buying companies. One of the biggest sources is so-called leveraged loans, which are normally originally made by banks, but […]
Read more...Is CalPERS Private Equity Architect John Cole So Clueless He Doesn’t Know He’s Lying?
CalPERS is at it again…this time in the form of its private equity architect John Cole showing the world that he is way over his head.
Read more...The Real Reason Stock Buybacks Are a Problem
Chuck Schumer and Bernie Sanders propose what are actually modest restrictions on corporate stock buybacks to force their to give workers higher priority.
Read more...Private Equity Expert Dr. Ashby Monk Repudiates CalPERS CEO Marcie Frost’s Private Equity Scheme During and Immediately After Presentation at CalPERS
CalPERS can’t even get friendly private equity experts to back Marcie Frost’s hare-brained scheme.
Read more...BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash
BlackRock CEO Larry Fink urges corporate CEOs to go to the ramparts and take on the challenge of populists and oh so demanding Millennials.
Read more...Trillions In IPO Funds At Risk Over Government Shutdown
It turns out the often-maligned SEC is much missed as the Federal partial shutdown puts the IPO market on hold.
Read more...CalPERS’ Private Equity “Fire, Aim, Ready”: Railroading Board by Screening Candidates Before Scheme Approved; Seeking to be Victimized Again by Silver Lake Partners
Another CalPERS PR gambit backfires, revealing yet more problems with CalPERS private equity scheme.
Read more...CalPERS’ Bill Slaton (Again) Embarrasses Himself and the CalPERS Board
CalPERS board member Bill Slaton demonstrates why he needs to go sooner rather than later.
Read more...Our New York Magazine Article: “‘Alpha Wolves in the Henhouse’: California’s Multibillion-Dollar Private-Equity Boondoggle”
Putting CalPERS under the hot lights for its questionable private equity plans.
Read more...Pathbreaking Fiduciary Duty Suit Against KKR/Prisma, Blackstone, PAAMCO, and Others to Proceed
An important fiduciary duty lawsuit against some of the biggest names in the hedge fund and private equity worlds is moving forward. If the plaintiffs win, it could change the balance of power between investors and fund managers.
Read more...IMF, Warren Sound Alarm on Leveraged Lending
Concerns are building over the extent of leveraged lending, among regulators and politicians and the private sector alike. Some, such as Sen. Elizabeth Warren see troubling signs that recall risks that triggered the Great Financial Crisis.
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