Exact(2)
Theoretically, a hedge fund, or any managed account, adds value only if it can outperform an unmanaged portfolio invested in the same asset classes and with the same allocations.
At the same time Americans were investing money in the company, Citic Trust, a Chinese state-owned company, was selling investments in the same asset to Chinese investors, saying -- evidently correctly -- that it controlled the asset.
Similar(58)
It believes that "herding" behaviour – as fund managers charge into the same asset classes simultaneously in order to hit their performance targets – is "prevalent and increasing" – particularly in emerging market assets.
This risk was particularly acute on desks where funds were traded in the same assets.
"Everybody tends to invest in the same assets and employ the same strategies," Mr. Bookstaber says, noting how just as Citigroup and Merrill Lynch suffered billions in losses from subprime loans, so did banks in France, Germany and Britain.
On the one hand, the "riding the yield curve" strategy in which the benchmark selected is an equally-weighted portfolio, as in the ladder strategy, taking long positions in the same assets selected by each econometric model in the original strategy.
That means that the auditor could accept wildly divergent values of the same asset in differing audits.
The average A-share trades at a still-expensive 25 times earnings, even when precisely the same asset, listed in Hong Kong or New York, is priced at half that.
Since taxes are not priced this leads to the same asset prices in both economies.
Had Mr. Horrigan held the same assets in a traditional I.R.A. account, all that growth would have been subject to income tax when he withdrew the money.
The damage index on the Y-axis in Fig. 1 refers to the total cost of repairing the building fabric of a group of buildings exposed to volcanic ash fall divided by the total cost of fully rebuilding the same assets in the existing locality to current local building regulations (Maqsood et al., 2014, p8).
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Justyna Jupowicz-Kozak
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