Institutional Investor's Alpha Magazine - November 2007 - (Page 1) November 2007 Institutional Investor’s Alpha Contents www.alphamagazine.com 30 COVER STORY Comeback Kid After several years of struggling to beat the market, Maverick Capital’s Lee Ainslie is once again on top of his game, trying to disprove the skeptics who questioned his strategy. By Imogen Rose-Smith RAYON RICHARDS 3 5 18 Trade talk: Bill Lipschutz on the allure of currency trading LETTER FROM THE EDITOR LONGS & SHORTS Diamond ambition; Japan awakes; Citi dweller; setting standards; and more. PENSION CORNER 24 ERICH LESSING/ART RESOURCE, N.Y./(DETAIL) ART © JASPER JOHNS/ LICENCED BY VAGA Patriot State Despite losing money in a couple of high-profile collapses, Massachusetts’ PRIT stands by hedge funds. By Dave Simons 22 THE GOOD GUYS College Connection After a student takes his own life, Marc Mazur works to focus on mental health issues on campus. By Danielle Beurteaux 24 INTERVIEW Currency of Change A top currency trader in the ’80s, Bill Lipschutz now looks to capitalize on investors’ appetite for foreign exchange. By Frances Denmark 40 The $80 million question: How much to pay for a Jasper Johns? STRATEGIES Masters of Art By using skills they’ve honed in the financial markets, hedge fund managers are helping to shape the future of contemporary art. By Danielle Beurteaux 40 49 RESEARCH CENTER Alpha Awards: Top Technology Providers Our second annual ranking of the leading technology providers to hedge funds. By Irwin Speizer 58 69 CHAD BATKA Top Analysts Here are the top U.S. analysts who have adapted their research coverage to help hedge funds generate alpha. By Pam Abramowitz ALPHA BYTES Critical Choice Picking the right trading algorithm can mean the difference between success or failure — particularly in volatile markets. By Irwin Speizer Goldman’s guru: Helping hedge funds navigate electronically 69 72 UNHEDGED: COMMENTARY Banking on a Bubble By Kevin Hebner Cover photo by Corey Hendrickson/Aurora for Alpha http://www.alphamagazine.com
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - November 2007 Institutional Investor's Alpha Magazine - November 2007 Contents Letter from the Editor Longs & Shorts Pension Corner: Patriot State The Good Guys: College Connection Interview: Currency of Change Cover Story: Comeback Kid Strategies: Masters of Art Research Center: Alpha Awards: Top Technology Providers Top Analysts Alpha Bytes: Critical Choice Unhedged: Commentary: Banking on a Bubble Institutional Investor's Alpha Magazine - November 2007 Institutional Investor's Alpha Magazine - November 2007 - Institutional Investor's Alpha Magazine - November 2007 (Page Cover1) Institutional Investor's Alpha Magazine - November 2007 - Institutional Investor's Alpha Magazine - November 2007 (Page Cover3) Institutional Investor's Alpha Magazine - November 2007 - Contents (Page 1) Institutional Investor's Alpha Magazine - November 2007 - Contents (Page 2) Institutional Investor's Alpha Magazine - November 2007 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - November 2007 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - November 2007 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - November 2007 - Pension Corner: Patriot State (Page 18) Institutional Investor's Alpha Magazine - November 2007 - Pension Corner: Patriot State (Page 19) Institutional Investor's Alpha Magazine - November 2007 - Pension Corner: Patriot State (Page 20) Institutional Investor's Alpha Magazine - November 2007 - Pension Corner: Patriot State (Page 21) Institutional Investor's Alpha Magazine - November 2007 - The Good Guys: College Connection (Page 22) Institutional Investor's Alpha Magazine - November 2007 - The Good Guys: College Connection (Page 23) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 24) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 25) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 26) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 27) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 28) Institutional Investor's Alpha Magazine - November 2007 - Interview: Currency of Change (Page 29) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 30) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 31) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 32) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 33) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 34) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 35) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 36) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 37) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 38) Institutional Investor's Alpha Magazine - November 2007 - Cover Story: Comeback Kid (Page 39) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 40) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 41) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 42) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 43) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 44) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 45) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 46) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 47) Institutional Investor's Alpha Magazine - November 2007 - Strategies: Masters of Art (Page 48) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 49) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 50) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 51) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 52) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 53) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 54) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 55) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 56) Institutional Investor's Alpha Magazine - November 2007 - Research Center: Alpha Awards: Top Technology Providers (Page 57) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 58) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 59) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 60) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 61) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 62) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 63) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 64) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 65) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 66) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 67) Institutional Investor's Alpha Magazine - November 2007 - Top Analysts (Page 68) Institutional Investor's Alpha Magazine - November 2007 - Alpha Bytes: Critical Choice (Page 69) Institutional Investor's Alpha Magazine - November 2007 - Alpha Bytes: Critical Choice (Page 70) Institutional Investor's Alpha Magazine - November 2007 - Alpha Bytes: Critical Choice (Page 71) Institutional Investor's Alpha Magazine - November 2007 - Unhedged: Commentary: Banking on a Bubble (Page 72) Institutional Investor's Alpha Magazine - November 2007 - Unhedged: Commentary: Banking on a Bubble (Page Cover3) Institutional Investor's Alpha Magazine - November 2007 - Unhedged: Commentary: Banking on a Bubble (Page Cover4)
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