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2010 Employment Report Career Management Center Visit the Career Management Center Online At
2010 Employment Report Career ManageMent Center Visit the Career Management Center online at www.gsb.columbia.edu/recruiters. Post positions online at www.gsb.columbia.edu/jobpost. reCruItIng at CoLumbia Business schooL Columbia Business School students continue to distinguish themselves with their ability to be nimble and flexible during a shifting economic and hiring landscape. employers report that Columbia MBas have the right mix of tangible business skills and social intelligence—enduring assets for any organization. the School’s focus on educating versatile business leaders who can excel in any environment is proven by a curriculum that bridges academic theory and real-world practice through initiatives like Columbia CaseWorks and the Master Class Program. the School’s cluster system and learning teams, as well as the Program on Social Intelligence, foster a team-oriented work ethic and an entrepreneurial mindset that makes creating and capturing opportunity instinctual. Students are able to add value to a wide range of organizations on day one, and the School’s extraordinary network of alumni, global business partners, and faculty members, along with its seamless integration with new York City, makes Columbia Business School stand out among its peers. the Career Management Center (CMC) works with hiring organizations across the public, private, and nonprofit sectors to develop effective and efficient recruiting strategies. recruiters can get to know the School’s talented students in a variety of ways, such as on-campus job fairs, prerecruiting functions, drop-in sessions, interviews, and educational presentations with student clubs, among other opportunities. Companies can also collaborate with the CMC to interview students closer to the time of hiring on an as-needed basis. -
Julian Robertson: a Tiger in the Land of Bulls and Bears
STRACHMAN_FM_pages 6/29/04 11:35 AM Page i Julian Robertson A Tiger in the Land of Bulls and Bears Daniel A. Strachman John Wiley & Sons, Inc. STRACHMAN_FM_pages 6/29/04 11:35 AM Page i Julian Robertson A Tiger in the Land of Bulls and Bears Daniel A. Strachman John Wiley & Sons, Inc. STRACHMAN_FM_pages 6/29/04 11:35 AM Page ii Copyright © 2004 by Daniel A. Strachman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permis- sion of the Publisher, or authorization through payment of the appropriate per- copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www. copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fit- ness for a particular purpose. -
Weekly Column” for November 2, 2020 1
Section by Section Briefs November 2, 2020 OPENING: The Bear Growls Are we entering a Bear market or will seasonality win out? We are leaning towards the former The SCORECARD: Broken Ranges NDX and SPX trending lower. Biden Bump continues as Mids, small gain on S&P and Asian Markets gain steam WEEKLY RISK MANAGEMENT: Big Reversal in Risk Watching the VXST for a reversal and will help confirm if we are sitting in a bull or bear market. COLUMN EARNINGS: ERT Reversing Down from Column E Advisors A downward trending ERT has not been a support for rising stocks historically. The ERT is set to rollover this week. A Weekly Newsletter from the COMMODITIES & PRICES: Falling research department at Column Commodities E Advisors Crude products are falling, Gold is languishing but Natural gas is driving higher. Ultimately it comes down to the CRB and the signals are not good. RATES AND MONEY: Tight Money, higher yields and trouble? The jump in long bond yields has been a long time coming from a chart perspective. However, is this from a fall on money momentum? What are the follow on effects? PORTFOLIO UPDATE: Oversold? Over the past week, several stocks dropped into short term downtrends but we suspect that too many of them did. In August, there was the polar opposite effect with too many buys. CHART QUICK HITS - Industrial Metals over S&P’s - Bitcoin breakout continues - Euro turn lower, discretionary stocks lagging and more COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 1 Leading Off The Bear Growls? by Brendan McCarty On Twitter last week, I posited that the current trading of the S&P 500 was much like what occurred in 2018 – an analysis we also posted in this opening last week. -
What Happened to the Quants in August 2007?∗
What Happened To The Quants In August 2007?∗ Amir E. Khandaniy and Andrew W. Loz First Draft: September 20, 2007 Latest Revision: September 20, 2007 Abstract During the week of August 6, 2007, a number of high-profile and highly successful quan- titative long/short equity hedge funds experienced unprecedented losses. Based on empir- ical results from TASS hedge-fund data as well as the simulated performance of a specific long/short equity strategy, we hypothesize that the losses were initiated by the rapid un- winding of one or more sizable quantitative equity market-neutral portfolios. Given the speed and price impact with which this occurred, it was likely the result of a sudden liqui- dation by a multi-strategy fund or proprietary-trading desk, possibly due to margin calls or a risk reduction. These initial losses then put pressure on a broader set of long/short and long-only equity portfolios, causing further losses on August 9th by triggering stop-loss and de-leveraging policies. A significant rebound of these strategies occurred on August 10th, which is also consistent with the sudden liquidation hypothesis. This hypothesis suggests that the quantitative nature of the losing strategies was incidental, and the main driver of the losses in August 2007 was the firesale liquidation of similar portfolios that happened to be quantitatively constructed. The fact that the source of dislocation in long/short equity portfolios seems to lie elsewhere|apparently in a completely unrelated set of markets and instruments|suggests that systemic risk in the hedge-fund industry may have increased in recent years. -
Crises and Hedge Fund Risk∗
Crises and Hedge Fund Risk∗ Monica Billio†, Mila Getmansky‡, and Loriana Pelizzon§ This Draft: September 7, 2009 Abstract We study the effects of financial crises on hedge fund risk and show that liquidity, credit, equity market, and volatility are common risk factors during crises for various hedge fund strategies. We also apply a novel methodology to identify the presence of a common latent (idiosyncratic) risk factor exposure across all hedge fund strategies. If the latent risk factor is omitted in risk modeling, the resulting effect of financial crises on hedge fund risk is greatly underestimated. The common latent factor exposure across the whole hedge fund industry was present during the Long-Term Capital Management (LTCM) crisis of 1998 and the 2008 Global financial crisis. Other crises including the subprime mortgage crisis of 2007 affected the whole hedge fund industry only through classical systematic risk factors. Keywords: Hedge Funds; Risk Management; Liquidity; Financial Crises; JEL Classification: G12, G29, C51 ∗We thank Tobias Adrian, Vikas Agarwal, Lieven Baele, Nicolas Bollen, Ben Branch, Stephen Brown, Darwin Choi, Darrell Duffie, Bruno Gerard, David Hsieh, Luca Fanelli, William Fung, Patrick Gagliar- dini, Will Goetzmann, Robin Greenwood, Philipp Hartmann, Ravi Jagannathan, Nikunj Kapadia, Hossein Kazemi, Martin Lettau, Bing Liang, Andrew Lo, Narayan Naik, Colm O’Cinneide, Geert Rouwenhorst, Stephen Schaefer, Tom Schneeweis, Matthew Spiegel, Heather Tookes, Marno Verbeek, Pietro Veronesi, and seminar participants at the NBER -
The Blow-Up Artist: Reporting & Essays: the New
Annals of Finance: The Blow-Up Artist: Reporting & Essays: The New ... http://www.newyorker.com/reporting/2007/10/15/071015fa_fact_cassid... ANNALS OF FINANCE THE BLOW-UP ARTIST Can Victor Niederhoffer survive another market crisis? by John Cassidy OCTOBER 15, 2007 n a wall Niederhoffer’s approach is eclectic. His funds, a friend says, appeal “to people like him: self-made people who have a maverick streak.” O opposite Victor Niederhoffer’s desk is a large painting of the Essex, a Nantucket whaling ship that sank in the South Pacific in 1820, after being attacked by a giant sperm whale, and that later served as the inspiration for “Moby-Dick.” The Essex’s captain, George Pollard, Jr., survived, and persuaded his financial backers to give him another ship, but he sailed it for little more than a year before it foundered on a coral reef. Pollard was ruined, and he ended his days as a night watchman. The painting, which Niederhoffer, a sixty-three-year-old hedge-fund manager, acquired after losing all his clients’ money—and a good deal of his own—in the Thai stock market crash of 1997, serves as an admonition against the incaution to which he, a notorious risktaker, is prone, and as a reminder of the precariousness of his success. Niederhoffer has been a professional investor for nearly three decades, during which he has made and lost several fortunes—typically by relying on methods that other traders consider reckless or unorthodox or both. In the nineteen-seventies, he wrote one of the first software programs to identify profitable trades. -
Integrating Neurally Enhanced Fundamental Analysis, Technical Analysis and Corporate Governance in the Context of a Stock Market Trading System
Fusion Analysis: Integrating Neurally Enhanced Fundamental Analysis, Technical Analysis and Corporate Governance in the Context of a Stock Market Trading System Safwan Mohd Nor DiA (UiTM), BA (Hons) AFS (UCLan), MFA (LTU), CFTP Thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Finance and Financial Services Discipline Group College of Business Victoria University, Melbourne 2014 Abstract This thesis examines the trading performance of a novel fusion strategy that amalgamates neurally enhanced financial statement analysis (traditional fundamental analysis), corporate governance analysis (new fundamental research) and technical analysis in the context of a full-fledged stock market trading system. In doing so, we build and investigate the trading ability of five mechanical trading systems: (1) (traditional) fundamental analysis; (2) corporate governance analysis; (3) technical analysis; (4) classical fusion analysis (a hybrid of only fundamental and technical rules) and (5) novel fusion analysis (a hybrid of fundamental, corporate governance and technical rules) in an emerging stock market, the Bursa Malaysia. To construct the full-fledged trading systems, we employ a backpropagation algorithm in enhancing buy/sell rules, and also include anti-Martingale (position sizing) and stop loss (risk management) strategies. In providing valid empirical results, we compare the trading performance of each trading system using out-of-sample analysis in the presence of a realistic budget, sample portfolio, short selling restriction, round lot constraint and transaction cost. The effects of data snooping, survivorship and look-ahead biases are also addressed and mitigated. The results show that all the trading systems produce significant returns and are able to outperform the benchmark buy-and-hold strategy. -
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities This Website is Sponsored by: Law Offices of LES GREENBERG 10732 Farragut Drive Culver City, California 90230-4105 Tele. & Fax. (310) 838-8105 [email protected] (http://www.LGEsquire.com) BUSINESS/INVESTMENT LITIGATION/ARBITRATION ==== The following excerpts of articles, arranged mostly in chronological order and derived from the Wall Street Journal, New York Times, Reuters, Los Angles Times, Barron's, MarketWatch, Bloomberg, InvestmentNews and other sources, deal with due diligence in hedge fund investing. They describe "red flags." They discuss the hazards of trying to recover funds from failed investments. The sponsor of this website provides additional commentary. "[T]he penalties for financial ignorance have never been so stiff." --- The Ascent of Money (2008) by Niall Ferguson "Boom times are always accompanied by fraud. As the Victorian journalist Walter Bagehot put it: 'All people are most credulous when they are most happy; and when money has been made . there is a happy opportunity for ingenious mendacity.' ... Bagehot observed, loose business practices will always prevail during boom times. During such periods, the gatekeepers of the financial system -- whether bankers, professional investors, accountants, rating agencies or regulators -- should be extra vigilant. They are often just the opposite." (WSJ, 4/17/09, "A Fortune Up in Smoke") Our lengthy website contains an Index of Articles. However, similar topics, e.g., "Bayou," "Madoff," "accountant," may be scattered throughout several articles. To locate all such references, use your Adobe Reader/Acrobat "Search" tool (binocular symbol). Index of Articles: 1. "Hedge Funds Can Be Headache for Broker, As CIBC Case Shows" 2. -
Top 100 Hedge Funds
P2BW14403B-0-P01100-1--------XA P22 BARRON'S May24,2010 May24,2010 BARRON'S P11 BLACK Top 100 Hedge Funds The market’s horrors of 2008 gave way to the pleasures of 2009. John Paulson’s Paulson Credit Opportunities fund has gained a phenomenal 123% annually over the past three years. The worst-performing member of Barron’s Top 100 has returned roughly five times what the average hedge fund has risen. Currencies (USD, GBP and Euro) refer to specific currency classes of a fund. Fund 3-Year RANKING Assets Compound 2009 Total Firm 05/24/2010 2009 ’08 Name (mil) Fund Strategy Annual Return Return Company Name / Location Assets (mil) 1. nr Paulson Credit Opportunities a $4,000 Credit 122.92% 35.02% Paulson / New York $32,000 2. 2. Balestra Capital Partners 1,050 Global Macro 65.63 4.22 Balestra Capital / New York 1,225 3. nr Medallion 9,000 Quantitative Trading 62.80 38.00 Renaissance Tech / East Setauket, NY 15,000 4. 13. Element Capital 1,214 Macro/Relative Value 45.02 78.82 Element Capital / New York 1,214 IF THERE WERE EE,EU,MW,NL,SW,WE 5. nr Providence MBS Offshore 333 Mortgage-Backed Securities 44.29 85.67 Providence Investment Mgmt / Providence, RI 400 6. nr OEI Mac (USD) 355 Equity Long/Short 41.78 18.56 Odey Asset Mgmt / London 2,834 7. 1. Paulson Advantage b 4,750 Event Arbitrage 41.31 13.60 Paulson / New York 32,000 EVERATIMETOASK 8. nr SPM Structured Servicing 1,049 Mortgage-Backed Securities 39.80 134.60 Structured Portfolio Mgmt / Stamford, CT 2,725 9. -
Lbex-Docid 3285232 Lehman Brothers Holdings, Inc
FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 3285232 LEHMAN BROTHERS HOLDINGS, INC. Agenda I FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 3285232 LEHMAN BROTHERS HOLDINGS, INC. ,--------------------------------------------------------------------------------------------------------------~ Agenda Agenda • Key Themes • Risk Governance - Our Control Environment - Risk Philosophy - Committee Structures • Risk Management Overview - Risk Management Function - Risk Management Organization - External Constituents • Risk Analysis and Quantification - Risk Management Integrated Framework Risk Appetite Risk Equity Risk Appetite Usage Risk Limits • Risk Exposure • Areas of Increased Focus - Subprime Exposure - High Yield and Leveraged Loans - Hedge Funds • Conclusion • Appendix - Stress Scenarios 3 FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 3285232 LEHMAN BROTHERS HOLDINGS, INC. Key Themes I FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 3285232 LEHMAN BROTHERS HOLDINGS, INC. Key Themes Key Themes Risk Management is one of the core competencies of the Firm and is an intrinsic component of our control system. As a result of our focus on continuously enhancing our risk capabilities, in the current challenging environment, we feel confident that our risk position is solid. • Risk Management is at the very core of Lehman's business model - Conservative risk philosophy- supported by approximately 30% employee ownership - Effective risk governance -unwavering focus of the Executive Committee - Significant resources dedicated -
BLUE RIDGE BANKSHARES, INC. Form S-4/A Filed 2020-12-09
SECURITIES AND EXCHANGE COMMISSION FORM S-4/A Registration of securities issued in business combination transactions [amend] Filing Date: 2020-12-09 SEC Accession No. 0001193125-20-313857 (HTML Version on secdatabase.com) FILER BLUE RIDGE BANKSHARES, INC. Mailing Address Business Address 17 WEST MAIN STREET 17 WEST MAIN STREET CIK:842717| IRS No.: 541470908 | State of Incorp.:VA | Fiscal Year End: 1231 LURAY VA 22835 LURAY VA 22835 Type: S-4/A | Act: 33 | File No.: 333-249438 | Film No.: 201378263 540-843-5207 SIC: 6022 State commercial banks Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents As filed with the Securities and Exchange Commission on December 9, 2020 Registration No. 333-249438 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BLUE RIDGE BANKSHARES, INC. (Exact name of registrant as specified in its charter) Virginia 6021 54-1470908 (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer Incorporation or organization) Classification Code Number) Identification Number) 1807 Seminole Trail Charlottesville, Virginia 22901 Telephone: (540) 743-6521 (Address, including zip code, and telephone number, including area code, of registrants principal executive offices) Brian K. Plum President and Chief Executive Officer 17 West Main Street Luray, Virginia 22835 Telephone: (540) 743-6521 (Name, address, including -
Standard & Poor's Update on Risk, Liquidity and Capital Adequacy
Confidential Presentation to: Standard & Poor’s Update on Risk, Liquidity and Capital Adequacy August 17, 2007 FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 2031705 LEHMAN BROTHERS HOLDINGS INC. Introduction In October 2005, S&P upgraded Lehman Brothers to A+. Since then, we have continued to grow and broaden our franchise, while maintaining our hallmark expense, risk, and capital discipline. We believe that our size, diversity, and franchise indicate significant credit strength. In 2006 and 2007, we achieved record growth and profitability – Since 2005, our revenues and net income have grown by 44% and 50% respectively, with ROE increasing from 21.6% to 25.8%. The growth has been broad-based, with non-US regions and non-FID segments growing faster than the overall portfolio This performance was achieved despite a more challenging environment than in prior years and without compromising our commitment to the Firm’s creditors – Reflects the power of the Firm's franchise and diversification – Continued on the same strategic path, building customer-oriented and diversified businesses Discipline in risk-taking is a major contributor to our success. It is also one of our core competencies – Effective risk reduction through syndication and securitization of our exposure (we are in the moving business not storage business) – Active hedging of positions using both traditional and innovative products – Reliable liquidity, sufficient to meet all of our funding obligations in all market environments – Comprehensive, multi-tiered risk management, capital management, and liquidity management frameworks 1 FOIA CONFIDENTIAL TREATMENT REQUESTED BY LBEX-DOCID 2031705 LEHMAN BROTHERS HOLDINGS INC. Agenda Overview and Key Themes Today, we are going to cover three areas: Risk Management, Liquidity, and Equity Adequacy 1.