Institutional Investor's Alpha Magazine - September 2008 - (Page 1) SEPTEMBER 2008 Institutional Investor’s Alpha Contents www.alphamagazine.com 30 COVER STORY Rethinking Chris Hohn The golden boy of activist investing, bloodied by proxy battles and a lengthy court fight, is toning down his act and beginning to wonder if it is all really worth it. BY LOCH ADAMSON DERRICK SANTINI 3 5 18 Unlikely agitator: Chris Hohn gives CEOs fits, and children lots of money. LETTER FROM THE EDITOR LONGS & SHORTS Ash Williams returns; a wedding in Asia; brainiacs at D.E. Shaw; remaining calm; Pallotta’s breakup; the chill in Brazil; and more. PENSION CORNER 30 Culling the Herd Amy Falls lowers the ax on hedge fund managers. BY KATIE GILBERT 22 24 42 MIKE MCGREGOR THE GOOD GUYS Ending the Cycle Untangling poverty and failure. INTERVIEW BY DANIELLE BEURTEAUX Press Credentials Joel Press, the hedge fund accountants’ accountant. STRATEGIES BY UDAYAN GUPTA At the Edge of the Earth Seeking alpha in out-of-the way locales, investors look to backwaters like Zambia and Kazakhstan. BY ROBERT J. ROSENBERG 50 Leading lady: Renee Haugerud manages $2 billion at hedge fund Galtere. PROFILE 50 Alpha Females Savvy women are now outperforming men in a historically male-dominated industry. BY FRANCES DENMARK 58 STRATEGIES Tails, You Lose Acknowledging the increasing risk of catastrophe in a catastrophic world. BY IRWIN SPEIZER 65 MARK HARTMAN RESEARCH CENTER The Top Equity Trading Firms Friends matter most in times like these. BY IMOGEN ROSE-SMITH 69 Damage control: Greg van Inwegen on the art of avoiding disaster. ALPHA BYTES The Light Is On At hedge fund hotels, a spate of new landlords. BY IRWIN SPEIZER 58 72 UNHEDGED: COMMENTARY Not-So-Dire Diagnosis BY JOON YUN Cover photo by Derrick Santini for Alpha http://www.alphamagazine.com
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - September 2008 Institutional Investor's Alpha Magazine - September 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Culling the Herd The Good Guys: Ending the Cycle Interview: Press Credentials Cover Story: Rethinking Chris Hohn Strategies: At the Edge of the Earth Profile: Alpha Femals Strategies: Tails, You Lose Research Center: The Top Equity Trading Firms Alpha Bytes: The Light Is On Unhedged: Commentary: Not-So-Dire Diagnosis Institutional Investor's Alpha Magazine - September 2008 Institutional Investor's Alpha Magazine - September 2008 - Institutional Investor's Alpha Magazine - September 2008 (Page Cover1) Institutional Investor's Alpha Magazine - September 2008 - Institutional Investor's Alpha Magazine - September 2008 (Page Cover2) Institutional Investor's Alpha Magazine - September 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - September 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - September 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - September 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - September 2008 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - September 2008 - Pension Corner: Culling the Herd (Page 18) Institutional Investor's Alpha Magazine - September 2008 - Pension Corner: Culling the Herd (Page 19) Institutional Investor's Alpha Magazine - September 2008 - Pension Corner: Culling the Herd (Page 20) Institutional Investor's Alpha Magazine - September 2008 - Pension Corner: Culling the Herd (Page 21) Institutional Investor's Alpha Magazine - September 2008 - The Good Guys: Ending the Cycle (Page 22) Institutional Investor's Alpha Magazine - September 2008 - The Good Guys: Ending the Cycle (Page 23) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 24) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 25) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 26) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 27) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 28) Institutional Investor's Alpha Magazine - September 2008 - Interview: Press Credentials (Page 29) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 30) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 31) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 32) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 33) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 34) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 35) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 36) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 37) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 38) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 39) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 40) Institutional Investor's Alpha Magazine - September 2008 - Cover Story: Rethinking Chris Hohn (Page 41) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 42) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 43) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 44) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 45) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 46) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 47) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 48) Institutional Investor's Alpha Magazine - September 2008 - Strategies: At the Edge of the Earth (Page 49) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 50) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 51) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 52) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 53) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 54) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 55) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 56) Institutional Investor's Alpha Magazine - September 2008 - Profile: Alpha Femals (Page 57) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 58) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 59) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 60) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 61) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 62) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 63) Institutional Investor's Alpha Magazine - September 2008 - Strategies: Tails, You Lose (Page 64) Institutional Investor's Alpha Magazine - September 2008 - Research Center: The Top Equity Trading Firms (Page 65) Institutional Investor's Alpha Magazine - September 2008 - Research Center: The Top Equity Trading Firms (Page 66) Institutional Investor's Alpha Magazine - September 2008 - Research Center: The Top Equity Trading Firms (Page 67) Institutional Investor's Alpha Magazine - September 2008 - Research Center: The Top Equity Trading Firms (Page 68) Institutional Investor's Alpha Magazine - September 2008 - Alpha Bytes: The Light Is On (Page 69) Institutional Investor's Alpha Magazine - September 2008 - Alpha Bytes: The Light Is On (Page 70) Institutional Investor's Alpha Magazine - September 2008 - Alpha Bytes: The Light Is On (Page 71) Institutional Investor's Alpha Magazine - September 2008 - Unhedged: Commentary: Not-So-Dire Diagnosis (Page 72) Institutional Investor's Alpha Magazine - September 2008 - Unhedged: Commentary: Not-So-Dire Diagnosis (Page Cover3) Institutional Investor's Alpha Magazine - September 2008 - Unhedged: Commentary: Not-So-Dire Diagnosis (Page Cover4)
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