「investment」タグアーカイブ

ショート・スクイーズ

　法律時評の執筆を依頼されました。テーマは、Gamestop株価の乱高下についてです。紙幅の関係で掲載できなかった部分をこちらに載せておきます。続きは、法律時報2021年5月号を御覧ください。

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WSJ, How Much New Investor Cash Did BlackRock Attract in 2017? $1 Billion a Day, Jan. 13–14, 2018

The world’s largest asset manager reached a new milestone during 2017: the equivalent of $1 billion of new client cash every day.

The annual net inflow of $367.3 billion helped BlackRock Inc. BLK 3.27% pass $6 trillion in assets for the first time, up more than $1 trillion from the end of 2016. The record haul during 2017 amounted to more than $698,000 a minute.

The pace of new investor cash into BlackRock puts it in the same league as rival Vanguard Group, which attracted a net $369.3 billion in new money last year. The two managers now oversee a combined $11.2 trillion, higher than the gross domestic product of China in 2016.

In Pursuit of the Perfect Portfolio: Eugene F. Fama

via Barry Ritholtz

  • 効率的市場仮説（efficient market hypothesis）という名称について

FAMA: A kind of bad choice though.

LO: Why do you say that?

F: Because it gets mixed with efficient portfolios. …. I don’t know what is the alternative.

Landon Thomas, Jr., At BlackRock, Machines Are Rising Over Managers to Pick Stocks, New York Times, March 28, 2017

On Tuesday, BlackRock laid out an ambitious plan to consolidate a large number of actively managed mutual funds with peers that rely more on algorithms and models to pick stocks. …

Some $30 billion in assets (about 11 percent of active equity funds) will be targeted, with $6 billion rebranded BlackRock Advantage funds. These funds focus on quantitative and other strategies that adopt a more rules-based approach to investing.

“The democratization of information has made it much harder for active management,” Mr. Fink said in an interview. “We have to change the ecosystem — that means relying more on big data, artificial intelligence, factors and models within quant and traditional investment strategies.”