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Bloomberg Markets MagazineBloomberg Markets Magazine

Bloomberg Markets Magazine

June/July 2019

Bloomberg Markets is the best kept secret in the financial industry. Get Bloomberg Markets Magazine digital subscription today and learn what many Hedge Fund and Portfolio Managers already know. Bloomberg Markets is the must have guide to what's happening now, and what will happen in global finance.

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United States
Idioma:
English
Editor:
Bloomberg Finance LP
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the contrarians issue

In the markets, the true legends are always the contrarians. They’re willing to challenge the status quo. They’re never certain they’ll succeed—many contrarians don’t. In this issue, Bloomberg Markets examines some of the people and organizations taking new, difficult, controversial, or unpopular positions.Mekong Capital Ltd.’s founder, Chris Freund, took an unusual path when he started a private equity firm in Ho Chi Minh City, Vietnam. But as Tom Redmond and Giang Nguyen explain in “The Convert” (page 52), Freund’s management approach is what really sets Mekong apart.From its base in Los Angeles, Capital Group Cos. is resisting the trend toward low-fee passive investing. “Staying Active” (page 58), by John Gittelsohn, tells the story of the mutual fund giant’s efforts to preserve a three-generation tradition of research-driven stock-picking. Ben Axler is…

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bloomberg markets

EditorChristine HarperDesign DirectorJosef ReyesFeatures EditorStryker McGuire<GO> EditorJon AsmundssonSpecial Reports EditorSiobhan WagnerGraphics EditorMark GlassmanBloomberg Markets draws on the resources of Bloomberg News, Bloomberg TV, Bloomberg Businessweek, Bloomberg Intelligence, Bloomberg Economics, and Bloomberg LP.Editor-in-Chief John MicklethwaitDeputy Editor-in-ChiefReto GregoriAdvisory BoardChris Collins, Caroline Gage, David Gillen, Chris Nagi, Jenny Paris, Marty Schenker, Joe WeisenthalCreative DirectorChristopher NosenzoPhoto Director Donna CohenManaging Editor Kristin PowersCopy ChiefLourdes ValerianoCopy EditorsBrennen Wysong, Marc MillerProduction ManagerSusan FingerhutMap ManagerIlse WaltonProduction Associate Loly ChanHead of U.S. Financial SalesMichael Craig / 1 646 324-4751Head of Europe SalesDamian Douglas / 44 20 3525-8974Head of APAC SalesMike Jackson / 65 6499-2674Production/Operations Steven DiSalvo, Debra Foley, Thomas Gambardella, Dan Leach, Daniel W. Murphy, Carol Nelson, Bernie SchramlGlobal Chief Commercial Officer Andrew Benett / 1 212 617-8225comments@bloombergmarkets.com…

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markets almanac

Jun6–8For an economic snapshot, type {ECST RU <GO>}. To monitor Russian financial markets, go to {OTC RU <GO>}.St. Petersburg International Economic ForumSt. PetersburgRussian President Vladimir Putin hosts business leaders17–19ECB Forum on Central BankingSintra, PortugalThis year’s conference marks 20 years of economic and monetary union20–23To start a search of Asean fixed-income securities: {SRCH @ASEAN <GO>}. Try typing {BI ASEAN <GO>} for a Bloomberg Intelligence dashboard.Asean SummitThailandThe 34th meeting of leaders from the Association of Southeast Asian Nations23–29Aspen Ideas FestivalAspen, Colo.Gathering hosted by the Aspen Institute and the Atlantic magazineJul7World Chess Federation’s amateur championshipManzanillo, MexicoLast day of the annual weeklong tournament8–12Type {FTW <GO>} to view factors sorted by quantile spreads and pure factor returns. Type {N QUANT <GO>} for news about quantitative science.International Conference on Computational FinanceCoruña, Spain14Cricket World Cup FinalLord’s Cricket…

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how do you bet against crowded trades?

NIGOL KOULAJIAN, founder of New York-based Quest Partners, has beaten rival hedge fund managers over two decades by refusing to follow them into crowded trades. Since the financial crisis, commodity-trading advisers (CTAs), which specialize in trading futures or options, have piled into long-term bullish bets, riding the market up in search of steady gains. That’s left them vulnerable to big losses when volatility strikes—the very moments when Koulajian’s $1.35 billion quant firm cleans up. His AlphaQuest flagship fund has posted an annualized gain of 9.7 percent since its inception in 1999, almost three times that of the BarclayHedge BTOP 50 managed futures index and nearly 4 percentage points more than the S&P 500, according to a document seen by Bloomberg. Here Koulajian, who turns 52 in June, talks about style…

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el petro, or what we can learn from venezuela’s doomed crypto-petrocurrency

SHAKESPEARE tells us, “Misery acquaints a man with strange bedfellows.” Venezuela’s 20-year slide from peaceful, prosperous democracy to violent, impoverished dictatorship has caused misery on a vast scale. And it brought together the protagonists in the story of el petro—a mashup of fringe economists and cypherpunks, socialists and libertarians, real-asset fundamentalists and next-generation financial engineers, the “Dutch disease” and exorbitant privilege. Their experiment ended in failure, but their ideas deserve exposure.Consider the French Revolution in 1789. Its political accomplishments were short-lived: a century alternating among monarchy, republic, and empire. But the metric system it introduced spread throughout the world and persists today.When revolutionaries took over France, they looked to the cahiers de doléances, lists of grievances. Among the most common demands was one for standard weights and measures. Peasants hated…

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fresh approach

SUMMERTIME MEANS strawberries in many parts of the Northern Hemisphere. Strawberry festivals abound throughout the U.S. and Canada. At Wimbledon, the prestigious tennis tournament on the outskirts of London, strawberries and cream are a courtside tradition. The berries are red; the cream is white.In Japan, where peak season ends in April, things are different. White strawberries are particularly prized. Sold in high-end department-store food halls and packaged like jewelry (and often purchased as gifts), the white berries can cost more than 1,000 yen ($9) apiece. (The one shown here, from Teshima Farm in Saga prefecture, cost 720 yen.) Although they taste similar to red berries, they have advantages: They stain less and attract fewer birds, and the plants resist some diseases. Perhaps just as important, they challenge your assumptions.To find…

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