Hedged
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Some Like It Hedged
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Author : Momtchil Pojarliev
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018-11-07
Some Like It Hedged written by Momtchil Pojarliev and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-07 with Business & Economics categories.
Foreign currency exposure is a by-product of international investing. When obtaining global asset exposure, investors also obtain the embedded foreign currency exposure. Left unmanaged, this currency exposure acts like a buy-and-hold currency strategy, which receives little or no risk premium and adds unwanted volatility. In “Some Like It Hedged,” the author shows that the impact of foreign currency exposure on institutional portfolios depends significantly on the base currency of the investors and the specific composition of their portfolios. In general, investors whose base currency is negatively correlated with global equities, as are the US dollar and the Japanese yen, will reduce the volatility of their portfolios by fully hedging foreign currency exposure. In contrast, investors whose home currency is positively correlated with global equities, as is the Canadian dollar, will benefit from keeping some unhedged foreign currency exposure—in particular, exposure to the US dollar. Finally, investors with larger allocations to domestic assets will experience only small reductions in volatility from hedging. Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices. Do nothing (i.e., maintain unhedged foreign currency exposure). Doing nothing is always the easiest option, but from a risk–return perspective, it could be the worst available choice. Currency has no long-term expected return because, although it is a risk exposure, it is not an economic asset. Hence, long-term currency returns are expected to be zero. Hedging should, therefore, have no long-term impact on the return and only affect the volatility. The volatility reduction from hedging can be redeployed more efficiently by increasing exposure to economic assets for which a risk premium exists. Hedge passively (i.e., maintain a constant hedge ratio).In general, hedging some of the foreign currency risk will decrease the volatility of the portfolio. The relationship between a specific hedge ratio and the decrease in volatility depends on the particular portfolio and, most importantly, on the base currency of the investor. Yet, passive hedging creates its own problems, including negative cash flow generation when foreign currencies are appreciating and detraction from returns because of hedging costs. Passive hedging might also introduce a major market-timing risk. If the base currency weakens after a passive policy is implemented, the investor will suffer substantial hedging losses when the forward currency hedging contracts settle. Hedge actively (i.e., vary the hedge ratio). One way to address the market-timing risk of implementing a passive hedging program is to actively time the hedging of the foreign currencies. An active hedging program seeks to reduce the risk of the foreign currency exposure but varies the hedge ratios for the various currencies based on market views to avoid negative cash flow and to generate positive returns. A successful active hedging program should both add to the return of the portfolio and lower the volatility, and it should outperform both an unhedged and a passive hedging benchmark. The best choice to address foreign currency exposure will differ from institution to institution, but it boils down to two fundamental factors. First, the optimal solution depends on the importance of risk versus return and the institution’s tolerance for negative cash flow. Second, investors must decide whether they believe that currency managers are able to achieve a positive information ratio over the long run after fees and, importantly, whether they will be able to identify these currency managers. Any currency policy will depend on the details of the specific portfolio—in particular, on the base currency of the investor and the size of the foreign currency exposure.
Understanding Hedged Scale Trading
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Author : Thomas McCafferty
language : en
Publisher: McGraw Hill Professional
Release Date : 2001
Understanding Hedged Scale Trading written by Thomas McCafferty and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
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Buy And Hedge
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Author : Jay Pestrichelli
language : en
Publisher: FT Press
Release Date : 2011-09-29
Buy And Hedge written by Jay Pestrichelli and has been published by FT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-29 with Business & Economics categories.
If you're trying to build wealth, sharp market downturns are your worst enemy. And today, they're happening far more often: in the last 18 years, the S&P 500 has experienced sixteen violent market declines. Institutions and professional investors have mastered powerful hedging strategies for dramatically reducing the risks of market volatility. Now, you can do it, too--and you can't afford not to. In Buy and Hedge , two leading investment experts show how to apply hedging as part of a long-term program for growing and preserving your assets. CNBC Fast Money guest Jay Pestrichelli and seasoned financial industry veteran Wayne Ferbert show how to systematically protect yourself against violent downward moves while giving your portfolio maximum room to run in upward markets. The authors' techniques are easy to use, can be applied to most investment vehicles, and require surprisingly little "care and feeding" once implemented. You'll discover how to: · Take advantage of the hedge-building mechanisms built into low-cost index funds · Invest in your ideas with confidence, because you've hedged the downside · Systematically manage portfolios for risk as well as return · Master and apply the "5 Iron Rules of Buy & Hedge” · Use options to manage risk, not to create excess leverage · Generate more dividends · Effectively manage cash
Currency Hedging For International Portfolios
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Author : Jochen M. Schmittmann
language : en
Publisher: International Monetary Fund
Release Date : 2010-06-01
Currency Hedging For International Portfolios written by Jochen M. Schmittmann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-01 with Business & Economics categories.
This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment horizon. Contrary to previous studies, the paper finds that at longer investment horizons of up to five years the case for hedging for risk reduction purposes remained strong.In addition to its impact on risk, hedging affected returns in economically meaningful magnitudes in some cases.
The Currency Hedging Debate
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Author : Lee R. Thomas
language : en
Publisher: Ifr Publishing
Release Date : 1990
The Currency Hedging Debate written by Lee R. Thomas and has been published by Ifr Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This title provides a forum for the discussion surrounding the use of currency hedging for portfolio managment and examines the arguments for the different hedging techniques. The main arguments are outlined with contributions from both academics and practitioners. The evidence on the performance of various funds is examined in detail.
Hedged Out
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Author : Megan Tobias Neely
language : en
Publisher: Univ of California Press
Release Date : 2022-01-11
Hedged Out written by Megan Tobias Neely and has been published by Univ of California Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-11 with Business & Economics categories.
A former hedge fund worker takes an ethnographic approach to Wall Street to expose who wins, who loses, and why inequality endures. Who do you think of when you imagine a hedge fund manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? These tropes capture the public imagination of a successful hedge fund manager. But behind the designer suits, helicopter commutes, and illicit pursuits are the everyday stories of people who work in the hedge fund industry—many of whom don’t realize they fall within the 1 percent that drives the divide between the richest and the rest. With Hedged Out, sociologist and former hedge fund analyst Megan Tobias Neely gives readers an outsider’s insider perspective on Wall Street and its enduring culture of inequality. Hedged Out dives into the upper echelons of Wall Street, where elite white masculinity is the standard measure for the capacity to manage risk and insecurity. Facing an unpredictable and risky stock market, hedge fund workers protect their interests by working long hours and building tight-knit networks with people who look and behave like them. Using ethnographic vignettes and her own industry experience, Neely showcases the voices of managers and other workers to illustrate how this industry of politically mobilized elites excludes people on the basis of race, class, and gender. Neely shows how this system of elite power and privilege not only sustains itself but builds over time as the beneficiaries concentrate their resources. Hedged Out explains why the hedge fund industry generates extreme wealth, why mostly white men benefit, and why reforming Wall Street will create a more equal society.
Hedge Funds
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Author : Greg N. Gregoriou
language : en
Publisher: John Wiley & Sons
Release Date : 2011-08-04
Hedge Funds written by Greg N. Gregoriou and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-04 with Business & Economics categories.
Whether already experienced with hedge funds or just thinking about investing in them, readers need a firm understanding of this unique investment vehicle in order to achieve maximum success. Hedge Funds unites over thirty of the top practitioners and academics in the hedge fund industry to provide readers with the latest findings in this field. Their analysis deals with a variety of topics, from new methods of performance evaluation to portfolio allocation and risk/return matters. Although some of the information is technical in nature, an understanding and applicability of the results as well as theoretical developments are stressed. Filled with in-depth insight and expert advice, Hedge Funds helps readers make the most of this flexible investment vehicle.
The World Of Hedge Funds
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Author : H. Gifford Fong
language : en
Publisher: World Scientific
Release Date : 2005
The World Of Hedge Funds written by H. Gifford Fong and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
The World of Hedge Funds is a compendium of distinguished papers focusing on the cutting-edge analysis of hedge funds. This area is arguably the fastest growing source of funds in the investment management arena. It represents an exciting opportunity for the investor and manager in terms of the range of return and risk available. A source of rigorous analysis is therefore both sought after as well as needed. This book aims to fill this gap by presenting an eclectic collection of papers contributed by influential academics and practitioners covering the characteristics and problems of hedge funds.
Hedged
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Author : Juliana Jones
language : en
Publisher: CG Holdings
Release Date : 2021-12-27
Hedged written by Juliana Jones and has been published by CG Holdings this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-27 with Business & Economics categories.
You wanna take a risk…You better be H E D G E D When she blows up her account in a day trade gone awry, she dives into a morally corrupt abyss of Wall Street to earn it all back, and finds danger with a hedge fund gang member who steals her heart, giving new meaning to the words, "I lost everything." Thank you for the purchase of this book. 5% of all net proceeds are going to Breast Cancer Alliance in honor of the world’s greatest author, Jackie Collins. RIP Jackie, I love you 💕 ”Get Get ready to ride the rails into the depths of hell,” Ex-Trader, anonymous, 8 years in prison ⭐⭐⭐⭐⭐ “QUEEN GAMBIT but for the stock and crypto world.” John Bernstein ⭐⭐⭐⭐⭐ “Can't even believe how a person can lose so much money. Wow.” Jennifer Koswalski ⭐⭐⭐⭐⭐ “A captivating Wall Street thriller that grabs you by the hair and doesn't let go. Couldn't stop reading once I picked it up, loved it. And Noel...WANT.” Linda Feinberg ⭐⭐⭐⭐⭐ “She's a magician with words... really takes you into the Queen's chair of day trading, nothing else out there like it.” Bobby Murphy. ⭐⭐⭐⭐ “A very good read . . .one that will leave you shaken for a very long time. Is this really how the market works?" Kyle H. The book has already hit #1 on Amazon under New Releases and this financial thriller takes you into the queen’s chair of day trading! When Jolette Marco loses everything in a day trade gone awry, she takes a job on a trading floor at a top brokerage firm, dealing with hedge funds and the world’s top 1% of high net worth individuals and investors. When she meets Noel Sheffield, a maverick broker at a rival firm, he takes her under his wing and shows her the real ropes of Wall Street, and how the game is really played. This book takes into account all the manipulation that happens in the Crypto, Stock and NFT markets and shows the retail guy trying to fight Goliath but coming up empty. In the end, the heroine...blows the top off of everything. About The Author: Juliana Jones (Citygirl!) Juliana Jones started her career at Robertson Stephens working in the Venture Capital Group, was promoted to Institutional Sales, and then transferred to New York where she was hired at Morgan Stanley as a Senior Vice President. She ended her career at Carlin Financial, the firm talked about in Michael Lewis’ financial thriller, Flash Boys. CONTACT: Twitter: @citygirlj Instagram: @citygirljuliana Website: www.citygirllovescoffee.com Currently, she is Chief Investment Strategist for a proprietary trading account and runs the esteemed website www.citygirllovescoffee.com 😍 Volatility trader. 💰 She day trades and then tastes lattes ☕️ around the world.
Hedge Funds Humbled The 7 Mistakes That Brought Hedge Funds To Their Knees And How They Will Rise Again
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Author : Trevor Ganshaw
language : en
Publisher: McGraw Hill Professional
Release Date : 2009-12-18
Hedge Funds Humbled The 7 Mistakes That Brought Hedge Funds To Their Knees And How They Will Rise Again written by Trevor Ganshaw and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-18 with Business & Economics categories.
The fall and rise of a trillion-dollar industry Just three years ago, hedge funds were at the top of the investment world. Years of unparalleled growth had pushed assets to nearly $3 trillion. Leverage was used so aggressively that total long and short investments approached an astonishing $10 trillion. Thousands of new funds had sprouted in every corner of the market, and managers, enjoying an almost unimaginable pool of fees, were dubbed the new “masters of the universe.” Then came 2008.The industry suffered its worst performance ever, losing $600 billion or roughly 20% in a single year. Multibilliondollar hedge funds collapsed overnight, epic frauds were revealed, and assets plummeted as spooked investors scrambled to get their money back. The near collapse of the industry is one of the most dramatic stories of the global economic meltdown. It’s also among the most instructive—because hedge funds are still alive and, if managed wisely, will emerge stronger than ever in the coming years. In Hedge Funds Humbled, industry insider Trevor Ganshaw provides a detailed primer of the industry and explains how the people who earned more than $100 billion in fees during their short but happy heyday planted the seeds of their own destruction. He paints a vivid picture of how the industry leaders’ major mistakes destroyed hundreds of billions of investor capital; Ganshaw calls them the “seven deadly sins” of the hedge fund industry: Out-of-control leverage Inadequate risk management Flawed fee structures Overcrowded strategies The Peter Principle of too much capital Capital instability Fraud, enabled by lax controls Ganshaw examines the future of the industry and shows investors what to look for and what to avoid. There’s still money to be made in hedge funds and, in his estimation, the industry is poised for a comeback. “As all good hedge fund managers know, greed is good,” he writes. “Humility, it seems, may now be an essential part of keeping it that way.” More dramatic than fiction, Hedge Funds Humbled is a timely work that provides a critical look at an industry gone bad—and an optimistic look at its future.