WALL STREET @MainandWall™: October 2014

Monday, October 20, 2014

Fw: [New post] Interview: Charley Ellis Speaks Out about Active Management (Podcast)

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-----Original Message-----
From: Enterprising Investor <donotreply@wordpress.com>
Date: Mon, 20 Oct 2014 17:48:05
To: <mainandwall@gmail.com>
Subject: [New post] Interview: Charley Ellis Speaks Out about Active Management (Podcast)

Post : Interview: Charley Ellis Speaks Out about Active Management (Podcast)
URL : http://blogs.cfainstitute.org/investor/2014/10/20/interview-charley-ellis-speaks-out-about-active-management-podcast/
Posted : October 20, 2014 at 1:47 pm
Author : Pat Light
Tags : active vs passive investing, FAJ Author Interviews
Categories : Portfolio Management, Private Wealth Management

"The Rise and Fall of Performance Investing," a recent article by Charles D. Ellis, CFA, in the Financial Analysts Journal, has sparked a lot of chatter in the financial press. The coverage from Jason Zweig in the MoneyBeat section of the Wall Street Journal generated lots of commentary from readers, and MarketWatch is currently running […]

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Monday, October 6, 2014

Fw: U.S. subprime murkiness is back, regulators take notice

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From: "CFA Institute Financial NewsBrief: Asia Pacific Edition" <cfa_ap@smartbrief.com>

Date: Mon, 6 Oct 2014 17:30:20 -0500 (CDT)

To: <mainandwall@yahoo.com>

Subject: U.S. subprime murkiness is back, regulators take notice

Hong Kong protesters win agreement for talks with government | Sporadic fighting threatens truce in Ukraine | Policymakers squabble over ECB asset purchase plan

Created for mainandwall@yahoo.com | Web Version

October 7, 2014

CFA Institute: Financial NewsBrief - Aisa Pacific Edition

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Top Stories

Hong Kong protesters win agreement for talks with government
Hong Kong pro-democracy demonstrators and the government agreed on three principles for direct talks, and protests that had filled the streets began to thin. The quieter scene came as something of a victory for the protesters, with the negotiated agreement including provisions of equal standing for both sides and a government pledge to abide by any decision that emerges. Bloomberg (10/6), The Wall Street Journal (tiered subscription model) (10/5)

Sporadic fighting threatens truce in Ukraine
Ukraine is struggling to establish an agreed-on buffer zone between government and opposition forces with sporadic fighting reported in several eastern areas Monday. NATO expressed concern about the festering violence and called on Russia to restrain rebel forces to secure the truce. Bloomberg (10/6)

Policymakers squabble over ECB asset purchase plan
Even as the European Central Bank contemplates quantitative easing to lift a moribund eurozone economy, its more modest plan for asset purchases is running into difficulties. Policymakers are disputing the ECB's decision to seek outside expertise for the purchases as well as the extent of the program and how the purchases would be implemented. Reuters (10/6)

U.S. subprime murkiness is back, regulators take notice
The murky non-transparent characteristic of securities backed by subprime mortgages that led to the global financial meltdown is back in full flower in the U.S. in the form of subprime bonds backed by car loans. The Justice Department and other regulators are looking into the market. The Business Times (Singapore) (10/6)

World Bank: China growth to slow in 2015 as region outperforms
The World Bank is forecasting 7.2% growth for China next year but paints a brighter picture for the rest of the East Asia-Pacific region, with gains expected to exceed those for other developing areas. Globally, however, gross domestic product this year is projected to grow 2.6%, down substantially from the bank's prediction of 3.2% in January. CNBC (10/6)

Goldman, BlackRock split over when U.S. Fed will raise rates
Financial giants Goldman Sachs Group and BlackRock are at odds over how soon the U.S. Federal Reserve will lift interest rates after last week's encouraging employment report. Goldman says the Fed will hold off until the third quarter next year, but BlackRock anticipates a much quicker move given growing evidence of a healthy economy. Bloomberg (10/6)

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Market Activities

Regulatory Update

New York bank regulator cites JPMorgan data breach in warning others
In the wake of a major data breach at JPMorgan Chase, New York state's top bank regulator is calling on various financial institutions' senior executives to discuss cyberthreats. Financial Times (tiered subscription model) (10/6)

Taiwanese regulator seeks to ease capital requirements for insurers
Taiwan's Financial Supervisory Commission aims to expand overseas investment opportunities for life insurance companies by introducing looser capital requirements. The move would free about NT$200 billion for investment. The Taipei Times (Taiwan) (10/6)

Economic Trends & Outlook

German factory orders in deep skid
German factory orders fell 5.7% in August, more than double the amount forecast and the sharpest decline in five years. The drop is thought to reflect a wider second-quarter slump and loss of confidence as the eurozone struggles and geopolitical tension continues to bubble up in Ukraine. Bloomberg Businessweek (10/6)

Profit growth slows at China's listed banks
China's listed banks posted an average 10.67% annualized rise in profit for the first half, down nearly 3 percentage points from the year-earlier gain. Net interest margin, meanwhile, was 2.5%, down 1.91 percentage points from a year before. Xinhuanet.com (China) (10/5)

Taiwan maintains steady growth outlook
For the seventh straight month, Taiwan's National Development Council reported stable economic growth in August. The composite score for the "green" signal was up two points with particular strength noted in the industrial production index and traditional electromechanical equipment imports. China Economic News Service (Taiwan) (10/6)

World Bank sees below-potential growth in Vietnam
The World Bank forecasts cooling inflation and a stable economy for Vietnam, with 5.4% growth this year ticking up to 5.5% in 2015. However, the bank notes missed potential for greater growth given low domestic demand and structural problems posed by Vietnamese banks and state-owned enterprises. Reuters (10/6)

Laos growth forecast raised
The World Bank raised its growth outlook for Laos' economy this year to 7.5% from the earlier 7.2%, citing stronger-than-expected performance of the wood and construction industries. In 2015, growth is expected to fall back to 6.4% before picking up again. Xinhuanet.com (China) (10/6)

Capital Markets & Financial Products

Hong Kong may get huge RQFII increase after Shanghai link
With Hong Kong hitting its RQFII quota ceiling, a major expansion is expected shortly after the Shanghai linkup. However, some aren't so certain, noting that nearly half of Hong Kong's current quota remains unused. AsianInvestor.net (10/6)

Investors have second thoughts on Indonesia
Signs that Indonesia's opposition is gaining increasing political strength are raising doubts about newly elected President Joko Widodo's ability to implement reforms and stocks are falling. The Jakarta Composite Index has fallen 3.3% this month after a coalition of opposition parties won the speakership of parliament, where the president's backers hold only 37% of the seats. Bloomberg (10/6)

Investors hesitate as more junk bonds come to market
Global investors are beginning to back away from low-yielding emerging-market and lower-grade European corporate "junk" bonds. Yields are up and prices down since the second quarter as a rush of new issues come to market. The Business Times (Singapore) (10/6)

People & Personalities

Richard Yacenda takes on additional Hong Kong role for BofA Merrill
Richard Yacenda has been named Hong Kong country executive by Bank of America Merrill Lynch. Yacenda, who will retain his title of Asia-Pacific chief operating officer, succeeds Jayanti Bajpai. FinanceAsia.com (Hong Kong) (10/6)

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