Institutional Investor's Alpha Magazine - December 2008 - (Page 1) DECEMBER 2008/ JANUARY 2009 Institutional Investor’s Alpha Contents www.alphamagazine.com 25 COVER STORY 26 29 31 3 5 The New Regulatory Reality UNITED STATES: THE USUAL SUSPECTS Registration is just the first step of many. BY IMOGEN ROSE-SMITH EUROPE: FLIRTING WITH UNITY A passport to greater reporting and disclosure. BY UDAYAN GUPTA ASIA-PACIFIC: WHAT ASIAN CONTAGION? Seeing little reason to clamp down. BY HENRY SCOTT STOKES LETTER FROM THE EDITOR LONGS & SHORTS OLIVIA ARTHUR/MAGNUM PHOTOS 20 Reluctant retiree: Former Man Group CEO Stanley Fink is hedging again. Not so prime; Flameout in the U.K.; Media meltdown; and others. 1 4 16 18 20 34 INSIDE THE TRADE Negative Exposure Counterparty risk upends an ideal bet. BY IMOGEN ROSE-SMITH PENSION CORNER Doubling Down Drexel University is upping the hedge fund ante. BY KATIE GILBERT THE GOOD GUYS Beneficent Chord Helping an orchestra build a new home. BY DANIELLE BEURTEAUX OTTO DETTMER INTERVIEW: STANLEY FINK Back into the Fray IN THEORY BY LOCH ADAMSON The Not-So-Real McCoy 40 Made to measure: All in favor of hedge fund ratings raise your hands. Two leading academics show how easy it is to fake alpha. BY DEAN P. FOSTER AND H. PEYTON YOUNG 40 44 49 MARK HARTMAN IN FOCUS Ratings, Interrupted Hedge fund ratings aren’t going away. BY JANICE FIORAVANTE STRATEGIES Repairing the Damage Questioning the role of consultants. BY FRANCES DENMARK RESEARCH CENTER The Top U.S. Equity Analysts Hedge funds pick their favorite researchers. BY PAUL SWEENEY 54 ALPHA BYTES CrackBerry Alert Compliance in the age of text messaging. BY TOM GROENFELDT 44 Positive light: Consultant Kevin Lynch sees huge opportunities in hedge funds. 56 UNHEDGED: COMMENTARY Back to Basics BY LISA VIONI AND ANDREW SAUNDERS Cover photograph by Fredrik Broden http://www.alphamagazine.com
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - December 2008 Institutional Investor's Alpha Magazine - December 2008 Contents Letter from the Editor Longs & Shorts Inside the Trade Pension Corner The Good Guys Interview: Stanley Fink Cover Story: The New Regulatory Reality United States: The Usual Suspects Europe: Flirting with Unity Asia-Pacific: What Asian Contagion? In Theory In Focus Strategies Research Center Alpha Bytes Unhedged Commentary Institutional Investor's Alpha Magazine - December 2008 Institutional Investor's Alpha Magazine - December 2008 - Institutional Investor's Alpha Magazine - December 2008 (Page Cover1) Institutional Investor's Alpha Magazine - December 2008 - Institutional Investor's Alpha Magazine - December 2008 (Page Cover2) Institutional Investor's Alpha Magazine - December 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - December 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - December 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - December 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - December 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - December 2008 - Inside the Trade (Page 14) Institutional Investor's Alpha Magazine - December 2008 - Inside the Trade (Page 15) Institutional Investor's Alpha Magazine - December 2008 - Pension Corner (Page 16) Institutional Investor's Alpha Magazine - December 2008 - Pension Corner (Page 17) Institutional Investor's Alpha Magazine - December 2008 - The Good Guys (Page 18) Institutional Investor's Alpha Magazine - December 2008 - The Good Guys (Page 19) Institutional Investor's Alpha Magazine - December 2008 - Interview: Stanley Fink (Page 20) Institutional Investor's Alpha Magazine - December 2008 - Interview: Stanley Fink (Page 21) Institutional Investor's Alpha Magazine - December 2008 - Interview: Stanley Fink (Page 22) Institutional Investor's Alpha Magazine - December 2008 - Interview: Stanley Fink (Page 23) Institutional Investor's Alpha Magazine - December 2008 - Interview: Stanley Fink (Page 24) Institutional Investor's Alpha Magazine - December 2008 - Cover Story: The New Regulatory Reality (Page 25) Institutional Investor's Alpha Magazine - December 2008 - United States: The Usual Suspects (Page 26) Institutional Investor's Alpha Magazine - December 2008 - United States: The Usual Suspects (Page 27) Institutional Investor's Alpha Magazine - December 2008 - United States: The Usual Suspects (Page 28) Institutional Investor's Alpha Magazine - December 2008 - Europe: Flirting with Unity (Page 29) Institutional Investor's Alpha Magazine - December 2008 - Europe: Flirting with Unity (Page 30) Institutional Investor's Alpha Magazine - December 2008 - Asia-Pacific: What Asian Contagion? (Page 31) Institutional Investor's Alpha Magazine - December 2008 - Asia-Pacific: What Asian Contagion? (Page 32) Institutional Investor's Alpha Magazine - December 2008 - Asia-Pacific: What Asian Contagion? (Page 33) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 34) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 35) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 36) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 37) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 38) Institutional Investor's Alpha Magazine - December 2008 - In Theory (Page 39) Institutional Investor's Alpha Magazine - December 2008 - In Focus (Page 40) Institutional Investor's Alpha Magazine - December 2008 - In Focus (Page 41) Institutional Investor's Alpha Magazine - December 2008 - In Focus (Page 42) Institutional Investor's Alpha Magazine - December 2008 - In Focus (Page 43) Institutional Investor's Alpha Magazine - December 2008 - Strategies (Page 44) Institutional Investor's Alpha Magazine - December 2008 - Strategies (Page 45) Institutional Investor's Alpha Magazine - December 2008 - Strategies (Page 46) Institutional Investor's Alpha Magazine - December 2008 - Strategies (Page 47) Institutional Investor's Alpha Magazine - December 2008 - Strategies (Page 48) Institutional Investor's Alpha Magazine - December 2008 - Research Center (Page 49) Institutional Investor's Alpha Magazine - December 2008 - Research Center (Page 50) Institutional Investor's Alpha Magazine - December 2008 - Research Center (Page 51) Institutional Investor's Alpha Magazine - December 2008 - Research Center (Page 52) Institutional Investor's Alpha Magazine - December 2008 - Research Center (Page 53) Institutional Investor's Alpha Magazine - December 2008 - Alpha Bytes (Page 54) Institutional Investor's Alpha Magazine - December 2008 - Alpha Bytes (Page 55) Institutional Investor's Alpha Magazine - December 2008 - Unhedged Commentary (Page 56) Institutional Investor's Alpha Magazine - December 2008 - Unhedged Commentary (Page Cover3) Institutional Investor's Alpha Magazine - December 2008 - Unhedged Commentary (Page Cover4)
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