For what feels like forever, I've been waiting for a sign that Ex-US equities might begin to outperform. The valuation differences between domestic and international equities, has been so significant that I've entered positions despite the lackMy experience stems from the hedge fund industry beginning in the mid-90's, working as a Portfolio Manager, Domestic Equity Analyst and Trader. I was the Portfolio Manager of a domestic Long/Short Equity product with gross assets that peaked over 1 Billion dollars. I ...

Dan Morehead (in image) was first introduced to Bitcoin by his brother in 2011. | Credit: Steve Jennings / Stringer / Getty Images. Key Takeaways Dan Morehead created one of the first Bitcoin hedge funds in 2013. Morehead’s investment firm, Pantera Capital, pivoted to crypto on the advice of fellow Princeton alumni, Pete Briger and Mike Novogratz. Today, Pantera manages crypto and venture capital investments worth $4.7 billion. In 2013, Dan Morehead set out to pitch his network of wealthy acquaint ...

The Securities and Exchange Commission on Wednesday punted on finalizing a disclosure deadline for a year, delivering a win to hedge funds who won't have to comply with new reporting requirements until at earliest Oct. 2026. Wall Street's chief regulator delayed putting into effect a new obligation for investment funds to report the state of their financial positions during market turmoil for a year. They would do so under a so-called "Form PF", a confidential filing already in use for enforcement actions ...

Arrowpoint Investment Partners is planning to raise up to $400m in fresh capital by the first quarter of 2026 as part of its strategy to expand its investment teams, Bloomberg reported citing a person with knowledge of the matter. The $1.2bn firm is led by Jonathan Xiong, a former co-CEO of Millennium Management Asia. This initiative marks the first time that Arrowpoint is seeking additional funding since October last year. The firm aims to achieve $2bn in assets by the end of 2026, with some commitments ...

基金业绩表现 - Bill Aman管理的Persian Square Holdings Fund年初至今上涨33% 同期标普500指数上涨12% [1] - 过去5年Persian Square基金累计上涨127% [1] 新产品特点 - Vista Share推出名为Target 15 Activist Distribution的ETF 代码ACKY [2][10] - 该ETF复制Bill Aman的公开投资组合并叠加期权策略 [3] - 采用备兑看涨期权策略 每月目标收益率为1.25% 年化收益率达15% [3][4] - 每月支付收益 超额收益将计入基金净值 [5] - 底层持股的股息不包含在15%收益中 同样会计入基金净值 [5] 投资策略细节 - 投资组合集中度较高 包含Howard Hughes、Uber、Brookfield、Restaurant Brands和Alphabet等公司 [7] - Bill Aman以高信念长期投资著称 不频繁调仓 [8] - 采用数据驱动策略 追求稳定月度收益而非收益最大化 [5] - ETF可季度调整持仓 并能捕捉季度内的调仓变化 [9] 费用结构 - 该ETF收取95个基点的管理费 远低于对冲基金费用水平 [6] 同类产品表现 - 公司3月推出的模仿巴菲特投资策略的ETF OMAH 资产管理规模在6个月内突破5亿美元 [12] - OMAH持有21只股票证券 最大持仓为BRKB 随后是伯克希尔哈撒韦最大的20只公开交易持股 [13] - OMAH同样提供15%的年化收益率 按月支付1.25% [12] - 该产品不包含伯克希尔完全持有的非上市公司 [13]

职业经历 - 约30年职业空头从业经验，于1989年底被Gordon Ringoen聘请为其在旧金山的偏空头对冲基金担任交易员 [1] - 在1990年代牛市期间，为一位杰出人士担任空方交易员、分析师和投资组合经理，这是一段紧张且宝贵的学习经历 [1] - 1990年代后期曾在Fleckenstein Capital和East Shore Partners任职 [1] - 1999年1月开始与PrudentBear合作16年，直至2014年底，期间与David Tice在达拉斯担任策略师和投资组合经理，直至2008年12月熊市基金出售 [1] - 在进入投资行业前，曾在美国丰田总部担任资金分析师，正是在日本泡沫时期和1987年股市崩盘期间在丰田的工作，使其首次认识到对宏观分析的热爱 [1] - 大学毕业后曾在普华永道担任注册会计师 [1] 教育背景与早期影响 - 以最高荣誉毕业于俄勒冈大学（主修会计和金融，1984年），之后获得印第安纳大学MBA学位（1989年） [1] - 在1990年代初期成为《The Richebacher Letter》的热情读者，伟大的Richebacher博士使其接触到奥地利经济学，并巩固了对经济学和宏观分析的终身热情 [1] - 有幸在1996年至2001年期间协助Richebacher博士完成其出版物 [1] 分析理念与出版物 - 到1990年代末期，确信金融、市场和政策制定领域正在发生重大发展，但这些未被传统分析和媒体所认识 [1] - 受到启发开始撰写博客，后成为Credit Bubble Bulletin，旨在阐明这些发展 [1] - 认为同期分析具有巨大价值，并引用本杰明·安德森在咆哮的二十年代和大萧条时期为《大通经济公报》所写的杰出文章 [1] - 认为理解导致大萧条的力量是经济学的“圣杯”，但相信“圣杯”将通过认识和理解当前非凡的全球泡沫时期而被发现 [1]

Capstone Investment Advisors, a New York-based hedge fund, is planning to close its Hong Kong office after approximately four years of operation, reported Bloomberg. This move underscores the difficulties faced by newcomers in the region, who must contend with established firms such as Millennium Management and Point72 Asset Management, both of which boast substantial financial resources and over 15 years of operational experience in the area, reported the publication. Additionally, they are competing ag ...

Donald A. Steinbrugge, CFA – Managing Partner, Agecroft Partners Don is Chairman of Agecroft Partners, a global consulting and third party marketing firm for hedge funds. Agecroft is in contact with over a thousand hedge fund investors on a monthly basis and devotes a significant amount of time performing due diligence on hedge fund managers. Don is a frequent guest on business television including Bloomberg Television, Fox Business News and Reuters Insider. In addition, he has been quoted in hundreds of ar ...

事件概述 - 前Two Sigma量化研究员Jian Wu因涉嫌欺诈被起诉，其被指控操纵公司算法模型为自己牟利2350万美元，并导致客户损失1.65亿美元 [1] 公司背景与影响 - Two Sigma是一家总部位于纽约的对冲基金，成立于2001年，管理资产规模超过600亿美元 [3] - 公司在2024年解雇了Jian Wu，结束了其六年的雇佣关系，并向客户赔偿了相关损失 [2] - 公司取消了Wu在2021年和2022年共计800万美元的绩效授予，但未追回其在这两年获得的1780万美元现金奖金 [6] 涉嫌欺诈行为细节 - Jian Wu创建或协助创建了14个模型，这些模型规避了公司要求新模型必须产生独特且互补预测的规定 [4] - 公司因误以为Wu的模型具有足够差异性而更频繁地使用它们，导致在为客户买卖证券时偏离了既定策略 [4] - 欺诈行为在2023年开始暴露，因员工发现Wu的模型与其他模型之间存在高于预期的相关性，随后公司展开调查 [5] - 在调查期间，Wu进行了额外的未授权修改以掩盖其先前行为 [5] 法律与监管行动 - Jian Wu面临电汇欺诈、证券欺诈和洗钱等刑事指控 [1] - 美国证券交易委员会（SEC）已对Wu提起相关民事诉讼 [2] - 目前Wu在逃，其律师身份尚未确认 [2]

市场观点 - 美国市场面临金融"心脏病发作"风险 因债务成本飙升挤压经济支出[1][6] - 黄金作为非相关性资产 在危机期间表现优于其他资产类别[2] - 投资者应将投资组合的10%-15%配置于黄金资产[2] 黄金市场表现 - 现货黄金价格达3,641.10美元/盎司 年内涨幅近40%[2] - 黄金期货开盘报3,680.60美元/盎司 创数十年最强年度涨幅[2] - 2008年金融危机期间黄金上涨5% 同期标普500下跌近40%[15] - 2020年疫情期间黄金突破2,000美元/盎司[15] 机构投资动态 - 央行成为黄金主要买家 推动储备多元化远离美元[14] - 中国、印度和俄罗斯今年均增加黄金储备[14] - 标普500指数年内上涨11% 纳斯达克指数上涨13%[13] - 欧洲STOXX指数2025年上涨逾8%[13] 行业推动因素 - 美联储宽松政策预期推动黄金需求增长[14] - 地缘政治风险(乌克兰、台湾)刺激避险需求[14] - 美国财政可持续性担忧促使投资者转向黄金[14] - 债务积累和货币贬值环境支撑黄金长期价值[3][4]