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Current Issue
Cover Story
Reflex action
Panic and fear gripped the markets during the last global turmoil as mispricing flourished and the nature of risk became difficult to predict. Ben Hunt examines how events have undermined the theory of intrinsic market efficiency.
Comment
Market theories did not cause the crisis
Critics can easily pick holes in the efficient markets hypothesis (EMH) as an explanation of financial market behaviour. But blaming the EMH for the recent economic crisis, as some are doing, is absurd.
News
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IMF stresses need for consolidation in Europe
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Second quarter will not be repeated, says expert
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Bernanke delivers ‘uncertain’ report
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Mair shrugs off fears of 'overcommitment'
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Company cash ‘likely to aid Japan’s refinancing’
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Cenkos urges F&C to oppose merger
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Long/short plans shelved until ‘sector settles’
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Boutique boosts international range
News Analysis
Isaac blasts America’s ‘campaign document’ reforms
The phrase “elephant in the room” could have been invented for financial institutions that are deemed too big to fail.
Q&A
Lower cost of shipping raises raw questions
Melissa Kidd of Lombard Street Research talks to Tomas Hirst about falling demand for commodities.
Focus
Fledgeling still to prove its strength
Launched into a competitive market at the worst of times, Alliance Trust Asset Management is holding its own but needs some good performance to tempt advisers, writes Cherry Reynard.
Investment Trusts
Flexible players put strategies first
Performance soared since BlackRock took over the management of the Eastern European trust, which Sam Vecht, the manager, attributes to managing risk and introducing put options.
Patrick Collinson
Boldness keeps the barbell swinging
BlackRock UK Income has so far avoided the pitfalls that afflict many so-called barbell funds after its manager, Nick McLeod-Clarke, took a decision last year to move out of defensives.
Fund of funds
Backing for the bottom-up brigade
Despite markets’ sensitivity to macroeconomic shocks, Rob Burdett and Gary Potter of Thames River Cautious Managed are relying on stock-driven managers to outperform.
Strategy
Strong firms lead jobless recovery
Markets fear a double dip as American housing data disappoints and China cools, but companies are in good shape and expanding their workforces, which is crucial to sustaining the recovery.
Trends
Growth story offers happy ending
East Asia offers patient investors a chance to generate alpha in the long term as the economies in the region become more prosperous, despite stockmarket wobbles and political instability.
Fund Managers Diary
Fund managers diary
Douglas Turnbull is the manager of the Neptune Greater China Income Fund and assistant manager of the Neptune China Fund. His diary runs from May 15-21.
SCAM
Scam
The chairman acknowledges a lapse from accepted standards of cynicism by his friend and colleague over the government’s “weasely” switch of indices for measuring inflation.
