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Liquidity Risk and Hedge Fund Ownership
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The Federal Reserve Reserve Board, Working Paper, September 19, 2011 , Charles Cao and Lubomir Petrasek
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What Moves the Interest Rate Term Structure?
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FRBSF Economic Letter, November 7, 2011 , Michael Bauer
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Creative Destruction at its Best: The History of the Dow Jones Industrial Average, 1896-2010
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Over 106 stocks have been a member of the Dow at some point or another.
This chart marks the span of time that each one of these stocks spent in the Dow, and shows the rise and fall of the index over this time frame.
Financial Graph & Art , John Paul Koning
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Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System
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Between 2003 and 2008, institutional cash pools’ cumulative demand for short-term government guaranteed instruments (as alternatives to insured deposits) exceeded the supply of such instruments by at least $1.5 trillion. The “shadow” banking system rose to fill this vacuum, through the creation of safe, short-term and liquid instruments.
IMF Working Paper, WP/11/190 , Zoltan Pozsar
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It’s OK to Admit You’re a Macro Investor
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"...portfolios contain less stock-specific risk than you
think."
Morgan Stanley Research , US Equity Strategy, June 19, 2011
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Bubble Trouble: Can a Law Describe Bubbles and Crashes in Financial Markets?
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When a stock market rises unsustainably, it can create a financial bubble that sooner or later will burst.
Tobias Preis and H Eugene Stanley examine whether concepts from physics can be used to create a
law describing exactly how such crashes occur.
Physics World 24[5], 29-32 (May 2011). , H. Eugene Stanley
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Inflation and Gold, hedging the unexpected?
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Whilst Gold clearly does a better job of hedging inflation surprises over a 5-year horizon, the ability of Gold to hedge is partial at best and the available evidence suggests that the Gold price, in itself, is also a very poor predictor of future inflation trends.
Lombard Odier , Investment Strategy Group, April 7, 2011
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Are Large-Scale Asset Purchases Fueling the Rise in Commodity Prices?
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"...daily data indicate that Federal Reserve announcements of large-scale asset purchases tended to lower commodity prices even as long-term interest rates and the value of the dollar declined."
Reuven Glick and Sylvain Leduc, Federal Reserve Bank of San Fransisco , Economic Letter, 2011-10 April 4, 2011
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There Are No Policy Remedies for Debt Deflation
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My greatest complaint however is that the Fed is producing a plutocracy by demonstrating that they are willing to go to alllengths to prevent a market inpired liquidation of the economy’s bad debts. This is what happened in Weimar Germany.
The Eclectica Fund , Manager Commentary, December 2010
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Past Bear-Market Rallies
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The great derpression and "the lost decade" in Japan experienced many market rallies
Goldman Sachs , May 15, 2009
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