I was sixty-years-old and had been running Bridgewater for thirty-five years,” he writes. “Though I expected to be good for another ten years or so, I was ready to put my energy into other things, My plan was to step out as CEO while helping my replacements as a mentor, remain in my investment role, and take the time I gained from no longer managing the company to suck the marrow out of life, while I still could.”
Ray Dalio: How Bridgewater Will Succeed Without Me – (AICIO)
Although the third-quarter net inflows of $96bn was slightly lower than last quarter’s $104bn, the continued demand for BlackRock’s suite of exchange-traded funds and buoyant financial markets helped boost the company’s total assets under management by 5 per cent quarter on quarter to $5.98tn.
BlackRock AUM nears $6tn on rapid flows into passive funds – (FT)
Bets on shifts in the economic cycle have gone bust as they failed to anticipate key trends, such as slow U.S. inflation, the German bank said in a research report published Wednesday.
Alpha Macro FX Traders Should’ve Just Been Beta – (Bloomberg)
The U.S. dollar has lagged other currencies so far this year, as persistently low inflation suggested that the Federal Reserve (Fed) would not be as aggressive as global investors originally feared.
Time for a Stronger Dollar? – (LPL Research)
The herd mentality is strong in the institutional investment community. Everyone wants to mimic the Ivy League endowment funds and FINRA is apparently no different:
Worst Practices in Institutional Asset Management – (A Wealth of Common Sense)
Gross, who oversees the $2.1 billion Janus Henderson Global Unconstrained Bond Fund, said the Fed’s loose monetary policy had resulted in investors chasing yield and thus producing tight corporate spreads everywhere around the globe.
Bill Gross of Janus blames Fed for ‘fake markets’ – (Reuters)