Institutional Investor's Alpha Magazine - December 2007/January 2008 - (Page 1) December 2007/January 2008 Institutional Investor’s Alpha Contents www.alphamagazine.com 20 COVER STORY Marathon Men For Marathon Asset Management founders Louis Hanover and Bruce Richards, investing is a race marked by discipline, endurance — and opportunism. By Stephen Taub 3 5 ETHAN HILL LETTER FROM THE EDITOR LONGS & SHORTS Lone Pine standing tall; Goldman’s $ 7 billion launch; and others. 17 When opportunity knocks: Marathon is poised to pounce on the world’s troubles PENSION CORNER Liberal Returns Flexibility and a hefty dose of alternatives have boosted the University of Michigan near the top of its class. By Frances Denmark 20 19 THE GOOD GUYS Inner-city MVP Longtime All Stars Project supporter Richard Sokolow helps students realize their dreams. By Danielle Beurteaux 30 REN ZHENGLAI/XINHUA/WPN INTERVIEW Rizk Management As the head of D.E. Shaw’s real estate unit, George Rizk is leading his firm’s charge into global property investing. By Frances Denmark 36 PROFILE Living on Hostile Ground Tokyo-based Asuka Asset Management has learned how to survive in the world’s least hospitable hedge fund market. By Kevin Hamlin Asian wallflower: An unfriendly market is hindering hedge funds in Japan 36 42 PROFILE Buy and Hold Próxima Alfa Investments has built a business around seeding and supporting promising hedge fund managers. By Joshua Levitt 50 IN THEORY The Fallacy of Portable Alpha Investors can create portfolio efficiency without splitting alpha from beta. By Mark Kritzman 56 STRATEGIES Changing Course As traditional merger arbitrage opportunities are drying up, managers are moving into more unusual deals. By Neil O’Hara CHAD BATKA 61 Looking to the future: Hostile takeovers could help make up for a falloff in LBOs ALPHA BYTES Behind the Scenes Picking the right hardware makes all the difference. By Irwin Speizer 56 64 UNHEDGED: COMMENTARY An Activist Alternative By Kevin Dolan Cover photo by Ethan Hill for Alpha http://www.alphamagazine.com
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - December 2007/January 2008 Institutional Investor's Alpha Magazine - December 2007/January 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Liberal Returns The Good Guy: Inner-city MVP Cover Story: Marathon Men Interview: Rizk Management Profile: Living on Hostile Ground Profile: Buy and Hold In Theory: The Fallacy of Portable Alpha Strategies: Changing Course Alpha Bytes: Behind the Scenes Unhedged: Commentary: An Activist Alternative Institutional Investor's Alpha Magazine - December 2007/January 2008 Institutional Investor's Alpha Magazine - December 2007/January 2008 - Institutional Investor's Alpha Magazine - December 2007/January 2008 (Page Cover1) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Institutional Investor's Alpha Magazine - December 2007/January 2008 (Page Cover2) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Pension Corner: Liberal Returns (Page 17) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Pension Corner: Liberal Returns (Page 18) Institutional Investor's Alpha Magazine - December 2007/January 2008 - The Good Guy: Inner-city MVP (Page 19) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 20) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 21) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 22) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 23) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 24) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 25) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 26) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 27) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 28) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Cover Story: Marathon Men (Page 29) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 30) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 31) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 32) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 33) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 34) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Interview: Rizk Management (Page 35) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 36) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 37) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 38) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 39) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 40) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Living on Hostile Ground (Page 41) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 42) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 43) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 44) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 45) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 46) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 47) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 48) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Profile: Buy and Hold (Page 49) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 50) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 51) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 52) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 53) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 54) Institutional Investor's Alpha Magazine - December 2007/January 2008 - In Theory: The Fallacy of Portable Alpha (Page 55) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Strategies: Changing Course (Page 56) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Strategies: Changing Course (Page 57) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Strategies: Changing Course (Page 58) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Strategies: Changing Course (Page 59) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Strategies: Changing Course (Page 60) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Alpha Bytes: Behind the Scenes (Page 61) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Alpha Bytes: Behind the Scenes (Page 62) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Alpha Bytes: Behind the Scenes (Page 63) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Unhedged: Commentary: An Activist Alternative (Page 64) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Unhedged: Commentary: An Activist Alternative (Page Cover3) Institutional Investor's Alpha Magazine - December 2007/January 2008 - Unhedged: Commentary: An Activist Alternative (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.