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12 OctMon
  1. AQR: Research38

    Misconceptions About Tax-Aware Long-Short Strategies: The Misleading Analogy to Direct Indexing (Part 3)

    AQR has released the third part of its research series on tax-aware long-short (TA LS) strategies, clarifying two common misconceptions. As an active investment strategy, TA LS deliberately retains tracking error to express alpha models and capture excess returns and tax deferral benefits, rather than minimizing tracking error like direct indexing. Portfolio construction for TA LS requires balancing expected returns, risk, costs, and taxes, rather than simply realizing capital losses or deferring capital gains.

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21 SeptMon
  1. Bridgewater: Research & Insights53

    Bridgewater Research: The Impact of Carbon Pricing on Global Industries is Quietly Expanding

    Bridgewater released a research report pointing out that current carbon pricing mechanisms cover approximately 30% of global emissions, mainly dominated by the emissions trading systems of the European Union and China. The EU Carbon Border Adjustment Mechanism (CBAM) is amplifying its impact and promoting the adoption of carbon pricing worldwide.

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15 SeptTue
  1. AQR: Research42

    Will Inflation Make a Comeback? AQR Updates Inflation Sensitivity and Inflation Hedging Analysis

    AQR has updated its previous analysis of inflation sensitivity and inflation hedging, based on over 50 years of market data. While global inflation has fallen rapidly from its 2022 peak, inflation uncertainty persists in major markets, stock-bond correlations are at multi-decade highs, and traditional stock-bond portfolios are vulnerable to simultaneous losses during inflation shocks. Commodities and trend-following strategies perform strongly during inflation upcycles and can serve as inflation diversification tools, with implementation methods significantly affecting long-term returns and macro diversification outcomes.

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8 SeptTue
1 SeptTue
  1. AQR: Research44

    AQR Research on Investing in a Warming World: Analysis of Differences Between Mainstream Portfolio Carbon Metrics and Financed Emissions

    AQR has released the research Investing in a Warming World, noting that mainstream portfolio carbon metrics such as carbon footprint and carbon intensity are easily affected by rising stock market valuations, and may show improvement even when corporate emissions change little, potentially overestimating decarbonization progress when used as time-series measures of decarbonization. Financed emissions are more directly linked to real-world emissions outcomes. The study also explores approaches to constructing climate-oriented portfolios, noting that combining multiple metrics can provide a more comprehensive assessment of climate-related investment progress.

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11 AugTue
  1. Aswath Damodaran：Musings on Markets56

    Damodaran on the Situational Awareness fund blowup: the collateral damage of investment conviction

    Aswath Damodaran, a valuation professor at New York University, uses the complete journey of Leopold Aschenbrenner's Situational Awareness hedge fund—from explosive growth to liquidation following a blowup—as a case study to systematically break down the definition, sources, and real-world impact of investment conviction.

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27 FebFri
  1. PyPortfolioOpt：GitHub Releases20

    PyPortfolioOpt v1.6.0 released

    PyPortfolioOpt v1.6.0 has been officially released, adding support for Python 3.14 and pandas 3.0, while dropping support for Python 3.8 and 3.9. This version reduces dependency size; existing dependencies can be used as optional dependencies via the newly added all_extras dependency set. It also optimizes CLA calculation speed and includes multiple maintenance and documentation updates.

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22 SeptMon
  1. Bridgewater: Research & Insights52

    Bridgewater: Inflation Risks Enter a New Era of Structural Uptrend

    Bridgewater released a research report, arguing that the inflation center in the post-pandemic era has risen compared with that before the pandemic, 2% is more like a bottom than an upper limit, and the distribution of inflation outcomes is wider and skewed upward. The report compares the current environment with that in the 2010s, pointing out that restraining factors such as China's export of low-priced goods, shale oil production, and post-crisis deleveraging have weakened; while the medium-term expansion deficit of about 7% of US GDP, the compromised independence of the Federal Reserve, tariffs and trade restructuring, potential depreciation of the US dollar, and AI power and commodity demand constitute structural inflationary pressures.

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