1. Chase Coleman III scored the top gains in 2012 with his Tiger Global fund, achieving returns of 45%. Other funds associated with Julian Robertson's Tiger Management also distinguished themselves with strong performance when most others struggled.
2. Chase Coleman is a descendant of Peter Stuyvesant, the last Dutch governor of New York, and grew up in an affluent New York community. He attended prestigious schools and worked as an analyst for Julian Robertson at Tiger Management after graduating from Williams College.
3. Julian Robertson's Tiger Management is credited with helping establish the hedge fund industry. Some of its top alumni have gone on to lead their own successful funds, including Chase Coleman with Tiger Global.
As our environment is degrading day by day it's an important tool for the study of environmental health. Ecological indicators provide us information about the sudden change in the environment. So that we can take appropriate steps for its protection.
This document summarizes the sulfur cycle. It explains that sulfur is an essential element found in proteins, amino acids, vitamins and enzymes that is important for plant and animal life. It goes through the major steps of the sulfur cycle, including the biological oxidation and reduction of elemental sulfur, assimilation of sulfate by plants, mineralization of organic sulfur sources, and oxidation and reduction of sulfide. The sulfur cycle is essential for transforming sulfur between different forms and transporting it through ecosystems.
Pure cultures are important in microbiology because they allow for the accurate study and identification of microorganisms. There are three main techniques involved in obtaining a pure culture: sterilization of materials to prevent contamination, aseptic transfer of microbes to growth media, and isolating single cells or their progeny. Some common isolation methods are streak plating, spread plating, and serial dilution plating. Once a pure culture is obtained, its purity can be demonstrated by the uniform appearance of colonies and identical growth characteristics of isolated colonies. Pure cultures must then be maintained through refrigeration, paraffin coating, cryopreservation, or lyophilization to preserve them for long-term storage and future use.
Microbiology is the study of microscopic organisms. There are several branches of microbiology including bacteriology, mycology, and virology. Microbes are found in diverse habitats and have relationships with other organisms. Important bacterial genera include Escherichia, Lactobacillus, Streptococcus, and Clostridium. Viruses can cause diseases like hepatitis, smallpox, and the common cold. Fungi include yeasts and molds and are found worldwide in various environments. Yeasts are used to produce alcoholic beverages and leaven baked goods.
This document discusses aero-microbiology, which is the study of microorganisms that are suspended in air. It notes that microbes can be transmitted through the air via coughing, sneezing, or being carried by dust or droplet nuclei. Various airborne diseases caused by bacteria, viruses, and fungi are described, including how they are transmitted and their symptoms. The document also outlines some methods to control microorganisms in the air, such as through ultraviolet radiation, chemical agents, filtration, and laminar airflow systems.
This document discusses techniques for ecological monitoring. It begins by listing "sins" or mistakes that commonly occur in ecological monitoring like not having a clear purpose, not storing data properly, or changing methodologies. It then defines ecological monitoring as the systematic collection of ecological data over time related to a specific problem. Key areas where monitoring is needed are described. The document uses the example of monitoring amphibians in the Sharavathi River basin to illustrate how to plan a monitoring study, including setting objectives, understanding the study species, reviewing literature, determining sampling methods, and statistical analysis. Details are provided on amphibian biology and their importance as ecosystem and environmental indicators. The study area and sampling methods used are described.
Dokumen tersebut membahas penerapan manajemen risiko di BPKP, meliputi kerangka kerja manajemen risiko yang terdiri dari mandat dan komitmen, desain kerangka kerja, penerapan, pemantauan dan peninjauan, serta perbaikan kerangka kerja berkelanjutan.
As our environment is degrading day by day it's an important tool for the study of environmental health. Ecological indicators provide us information about the sudden change in the environment. So that we can take appropriate steps for its protection.
This document summarizes the sulfur cycle. It explains that sulfur is an essential element found in proteins, amino acids, vitamins and enzymes that is important for plant and animal life. It goes through the major steps of the sulfur cycle, including the biological oxidation and reduction of elemental sulfur, assimilation of sulfate by plants, mineralization of organic sulfur sources, and oxidation and reduction of sulfide. The sulfur cycle is essential for transforming sulfur between different forms and transporting it through ecosystems.
Pure cultures are important in microbiology because they allow for the accurate study and identification of microorganisms. There are three main techniques involved in obtaining a pure culture: sterilization of materials to prevent contamination, aseptic transfer of microbes to growth media, and isolating single cells or their progeny. Some common isolation methods are streak plating, spread plating, and serial dilution plating. Once a pure culture is obtained, its purity can be demonstrated by the uniform appearance of colonies and identical growth characteristics of isolated colonies. Pure cultures must then be maintained through refrigeration, paraffin coating, cryopreservation, or lyophilization to preserve them for long-term storage and future use.
Microbiology is the study of microscopic organisms. There are several branches of microbiology including bacteriology, mycology, and virology. Microbes are found in diverse habitats and have relationships with other organisms. Important bacterial genera include Escherichia, Lactobacillus, Streptococcus, and Clostridium. Viruses can cause diseases like hepatitis, smallpox, and the common cold. Fungi include yeasts and molds and are found worldwide in various environments. Yeasts are used to produce alcoholic beverages and leaven baked goods.
This document discusses aero-microbiology, which is the study of microorganisms that are suspended in air. It notes that microbes can be transmitted through the air via coughing, sneezing, or being carried by dust or droplet nuclei. Various airborne diseases caused by bacteria, viruses, and fungi are described, including how they are transmitted and their symptoms. The document also outlines some methods to control microorganisms in the air, such as through ultraviolet radiation, chemical agents, filtration, and laminar airflow systems.
This document discusses techniques for ecological monitoring. It begins by listing "sins" or mistakes that commonly occur in ecological monitoring like not having a clear purpose, not storing data properly, or changing methodologies. It then defines ecological monitoring as the systematic collection of ecological data over time related to a specific problem. Key areas where monitoring is needed are described. The document uses the example of monitoring amphibians in the Sharavathi River basin to illustrate how to plan a monitoring study, including setting objectives, understanding the study species, reviewing literature, determining sampling methods, and statistical analysis. Details are provided on amphibian biology and their importance as ecosystem and environmental indicators. The study area and sampling methods used are described.
Dokumen tersebut membahas penerapan manajemen risiko di BPKP, meliputi kerangka kerja manajemen risiko yang terdiri dari mandat dan komitmen, desain kerangka kerja, penerapan, pemantauan dan peninjauan, serta perbaikan kerangka kerja berkelanjutan.
Bacteria use quorum sensing to coordinate behaviors in large populations through the production and detection of signaling molecules called autoinducers. As the population grows, autoinducer concentration increases until it reaches a threshold that triggers a change in gene expression across the entire population. This allows bacteria to behave differently as solitary cells versus when in large groups. Quorum sensing regulates behaviors important for bacterial virulence like biofilm formation. Inhibiting quorum sensing is a potential approach to attenuating bacterial pathogenesis without using antibiotics.
Antibiotics were discovered accidentally through the work of Alexander Fleming and others studying microbes. Penicillin was the first widely used antibiotic, discovered when Fleming noticed bacteria-free zones around a contaminated mold. Since then, scientists have discovered many classes of antibiotics through soil sampling and culturing microbes, including streptomycin, cephalosporins, chloramphenicol, and gentamicin. However, overprescription and misuse have contributed to increased antibiotic resistance, highlighting the need for appropriate usage and new antibiotic development.
The document discusses fluorescence microscopy and fluorescent proteins. It describes how fluorescence microscopy works using light sources like mercury lamps and filters to excite and detect fluorescence. Common fluorescent proteins discussed include GFP, DsRed, and their variants. GFP derives its fluorescence from internal cyclization reactions forming a chromophore, and it and its variants are widely used as biological markers and reporters of gene expression. DsRed fluorescence comes from similar reactions and it and its variants emit light across the visible spectrum, enabling multi-color labeling experiments.
The document discusses aeromicrobiology, which is the study of airborne microorganisms and their effects on human health and the environment. It defines aeromicrobiology and describes the various microbes that can be found in air, such as viruses, bacteria, fungi, and protozoa. The document also discusses how these microbes can be transmitted through the air and cause diseases in humans and other organisms. It provides examples of common airborne pathogens and the diseases they cause. Furthermore, the document discusses the sizes of airborne biological particles known as bioaerosols and different methods for sampling and analyzing bioaerosols in air, including various impactor and impinger sampling devices.
This document discusses biopesticides, which include biological materials and organisms that can be formulated as pesticides. It focuses on microbial pesticides including bacteria like Bacillus thuringiensis (Bt), fungi such as Beauveria bassiana, viruses, and entomopathogenic nematodes. Bt forms crystal proteins that are toxic to pest caterpillars when ingested. Fungal pesticides act through enzymes and antibiotics. The document also covers the production, advantages, and disadvantages of various microbial pesticides.
This document discusses aero-microbiology, which is the study of living microbes suspended in air. It covers topics such as the transmission of airborne microorganisms through coughing, sneezing, and being carried by dust particles or droplet nuclei. It also discusses indoor and outdoor aero-microbiology, including the microorganisms present in indoor environments and those that can cause diseases when inhaled, such as bacteria that cause diphtheria, tuberculosis, and meningitis, as well as viruses that cause smallpox, measles, and influenza. Additionally, it covers fungal diseases transmitted through the air, environmental factors affecting airborne microbes, and methods for controlling microorganisms in air
The document discusses the history and development of electron microscopes. It describes how J.J. Thomson discovered electrons in 1897 and how subsequent scientists like de Broglie, Ruska, and Knoll contributed to the development of the first electron microscope in the 1930s. It then explains the basic workings and components of transmission electron microscopes and scanning electron microscopes, how they produce images, and some examples of their applications in biology and materials science.
This document provides an overview of mycorrhiza, which is a symbiotic relationship between fungi and plant roots. It defines mycorrhiza and explains that 95% of plant species form these relationships. It then classifies and describes the main types of mycorrhizal associations like ectomycorrhiza, endomycorrhiza, and orchid mycorrhiza. The document outlines the importance and benefits of mycorrhizal relationships for plant growth and health. It also discusses methods for isolating, mass producing, and applying mycorrhizal fungi.
This document provides information about bright field microscopes. It describes how bright field microscopes work by using light to illuminate specimens on a slide, which appear dark against a bright background. It outlines the basic components of a microscope like the stage, objectives, and eyepieces. The document discusses using bright field microscopy to view stained specimens and provides tips for microscope care, setup, use, and troubleshooting common problems.
Bioleaching is a process that uses microorganisms like bacteria and fungi to extract metals from ores. It involves microbes transforming metal compounds into soluble forms that can then be recovered. Some key microbes used are Thiobacillus ferrooxidans and Thiobacillus thiooxidans, which produce acids that dissolve metals. Bioleaching is commercially done through methods like slope leaching, heap leaching, and in situ leaching. It provides a cost-effective way to extract low-grade ores and is more environmentally friendly than smelting. However, it is a slower process and requires careful control of temperature, pH, and other environmental factors.
Microbes In The Environment-Microorganisms for Bioremediation,Bacteria Generate Electricity from Pollution ,Geobacter Consume Radioactive Contamination,Plastic-Eating Bacteria Breaks Down Bags
Soil microorganisms play important roles in maintaining soil health and fertility. They are involved in nutrient cycling by decomposing organic matter, fixing nitrogen, and carrying out other biochemical processes. The main types of microbes found in soil are bacteria, actinomycetes, fungi, algae, and protozoa. Soil microbes affect soil structure, plant growth, and carry out important processes like nitrogen fixation, nutrient availability, and degradation of pollutants. However, human activities like agricultural practices, urbanization, and climate change threaten soil microbes by reducing organic matter, increasing salinity, and introducing pollutants. Proper management is needed to protect these vital soil microorganisms.
The document describes different types of centrifuges based on their design features and intended applications. Centrifuges vary in maximum speed, capacity, temperature control, and sample volume capabilities. Small benchtop centrifuges are used in clinical labs for blood separation and can hold around 100 tubes. Microcentrifuges are very common in biology labs, can hold small tube volumes, and generate forces up to 15,000g. High speed centrifuges spin at 15,000-20,000 RPM and are used for research applications requiring separation of cellular components. Ultracentrifuges provide the highest speeds and forces but are expensive and require special rotors and cooling due to heat generation.
Bio mining uses microorganisms like bacteria and fungi to extract metals from ores. It involves two main processes: bioleaching and biooxidation. Bioleaching involves dumping low-grade ore into a heap and soaking it with acid and bacteria, which degrade the ore and release minerals into fluid. This technique is commonly used to extract gold, copper, nickel, zinc, uranium, and silver. The most common microbes used are Thiobacillus and Leptospirillium.
The document discusses the simple microscope. It defines a simple microscope as using a single lens for magnification rather than multiple lenses like a compound microscope. A simple microscope works by using a convex lens to produce a virtual, erect and magnified image of an object placed within the lens' focal point. The maximum magnification of a simple microscope is around 10x. Key parts of a simple microscope include a metal stand, stage to hold samples, plano-convex mirror to illuminate samples, and a biconvex lens for magnification. Simple microscopes are used to examine small biological specimens, watch parts, jewelry, book text, soil particles, and skin.
This document discusses the microbiology of air, including aero-microbiology, transmission of airborne microorganisms, common bacterial and fungal species found in indoor and outdoor air, and airborne diseases like tuberculosis, meningitis, influenza, and histoplasmosis. It also covers physical stresses on microorganisms in the air and methods to control microorganisms, such as ultraviolet radiation, chemical agents, filtration, and laminar airflow systems.
This document provides an overview of electron microscopy techniques. It begins with a brief history of microscopy and an introduction to electron microscopes. It describes two main types: scanning electron microscopes (SEM) which scan the surface of samples to create 3D images, and transmission electron microscopes (TEM) which use transmitted electrons to reveal internal structure of thin samples. SEM typically provides lower magnification but allows viewing of larger sample areas, while TEM provides higher resolution down to the atomic scale but requires thinner sample preparation. Examples of images from each microscope are shown and their applications and differences are summarized. More advanced scanning probe microscopes are also mentioned.
Streaking is a technique used to isolate a pure strain of microorganisms, usually bacteria, from a mixed culture or sample. It involves using a sterilized inoculation loop to streak bacteria in successive sections of an agar plate to separate individual colonies. This allows microbiologists to purify strains, identify organisms through biochemical tests, and study colony morphology. The procedure involves flaming and cooling a loop between streaking bacteria in four sequential quadrants or in a T or pentagon shape on the agar plate from the edge to the center.
This document discusses categorizing different types of projects. It suggests classifying projects based on their product or deliverable, such as administrative (installing a new accounting system), construction (building a road), or computer software development (new computer program). The most useful breakdown is by the type of product a project produces. A project's required management approach depends on characteristics common to its type. Other variables like size, duration, location, cost and complexity also influence projects.
The document discusses infrastructure finance in Iraq and the potential role of public-private partnerships (PPPs). It recommends that Iraq take a gradual approach to involving the private sector by first meeting basic needs through traditional budget and contract approaches. Successful pilot PPP projects could then be established by selecting low-risk projects, providing guarantees to mitigate risks, and building centralized institutional capacity. Over time, the use of PPPs and private sector involvement could be further institutionalized by carefully monitoring value for money and developing additional legal and regulatory frameworks as outlined in the OECD Principles on private sector participation in infrastructure.
Bacteria use quorum sensing to coordinate behaviors in large populations through the production and detection of signaling molecules called autoinducers. As the population grows, autoinducer concentration increases until it reaches a threshold that triggers a change in gene expression across the entire population. This allows bacteria to behave differently as solitary cells versus when in large groups. Quorum sensing regulates behaviors important for bacterial virulence like biofilm formation. Inhibiting quorum sensing is a potential approach to attenuating bacterial pathogenesis without using antibiotics.
Antibiotics were discovered accidentally through the work of Alexander Fleming and others studying microbes. Penicillin was the first widely used antibiotic, discovered when Fleming noticed bacteria-free zones around a contaminated mold. Since then, scientists have discovered many classes of antibiotics through soil sampling and culturing microbes, including streptomycin, cephalosporins, chloramphenicol, and gentamicin. However, overprescription and misuse have contributed to increased antibiotic resistance, highlighting the need for appropriate usage and new antibiotic development.
The document discusses fluorescence microscopy and fluorescent proteins. It describes how fluorescence microscopy works using light sources like mercury lamps and filters to excite and detect fluorescence. Common fluorescent proteins discussed include GFP, DsRed, and their variants. GFP derives its fluorescence from internal cyclization reactions forming a chromophore, and it and its variants are widely used as biological markers and reporters of gene expression. DsRed fluorescence comes from similar reactions and it and its variants emit light across the visible spectrum, enabling multi-color labeling experiments.
The document discusses aeromicrobiology, which is the study of airborne microorganisms and their effects on human health and the environment. It defines aeromicrobiology and describes the various microbes that can be found in air, such as viruses, bacteria, fungi, and protozoa. The document also discusses how these microbes can be transmitted through the air and cause diseases in humans and other organisms. It provides examples of common airborne pathogens and the diseases they cause. Furthermore, the document discusses the sizes of airborne biological particles known as bioaerosols and different methods for sampling and analyzing bioaerosols in air, including various impactor and impinger sampling devices.
This document discusses biopesticides, which include biological materials and organisms that can be formulated as pesticides. It focuses on microbial pesticides including bacteria like Bacillus thuringiensis (Bt), fungi such as Beauveria bassiana, viruses, and entomopathogenic nematodes. Bt forms crystal proteins that are toxic to pest caterpillars when ingested. Fungal pesticides act through enzymes and antibiotics. The document also covers the production, advantages, and disadvantages of various microbial pesticides.
This document discusses aero-microbiology, which is the study of living microbes suspended in air. It covers topics such as the transmission of airborne microorganisms through coughing, sneezing, and being carried by dust particles or droplet nuclei. It also discusses indoor and outdoor aero-microbiology, including the microorganisms present in indoor environments and those that can cause diseases when inhaled, such as bacteria that cause diphtheria, tuberculosis, and meningitis, as well as viruses that cause smallpox, measles, and influenza. Additionally, it covers fungal diseases transmitted through the air, environmental factors affecting airborne microbes, and methods for controlling microorganisms in air
The document discusses the history and development of electron microscopes. It describes how J.J. Thomson discovered electrons in 1897 and how subsequent scientists like de Broglie, Ruska, and Knoll contributed to the development of the first electron microscope in the 1930s. It then explains the basic workings and components of transmission electron microscopes and scanning electron microscopes, how they produce images, and some examples of their applications in biology and materials science.
This document provides an overview of mycorrhiza, which is a symbiotic relationship between fungi and plant roots. It defines mycorrhiza and explains that 95% of plant species form these relationships. It then classifies and describes the main types of mycorrhizal associations like ectomycorrhiza, endomycorrhiza, and orchid mycorrhiza. The document outlines the importance and benefits of mycorrhizal relationships for plant growth and health. It also discusses methods for isolating, mass producing, and applying mycorrhizal fungi.
This document provides information about bright field microscopes. It describes how bright field microscopes work by using light to illuminate specimens on a slide, which appear dark against a bright background. It outlines the basic components of a microscope like the stage, objectives, and eyepieces. The document discusses using bright field microscopy to view stained specimens and provides tips for microscope care, setup, use, and troubleshooting common problems.
Bioleaching is a process that uses microorganisms like bacteria and fungi to extract metals from ores. It involves microbes transforming metal compounds into soluble forms that can then be recovered. Some key microbes used are Thiobacillus ferrooxidans and Thiobacillus thiooxidans, which produce acids that dissolve metals. Bioleaching is commercially done through methods like slope leaching, heap leaching, and in situ leaching. It provides a cost-effective way to extract low-grade ores and is more environmentally friendly than smelting. However, it is a slower process and requires careful control of temperature, pH, and other environmental factors.
Microbes In The Environment-Microorganisms for Bioremediation,Bacteria Generate Electricity from Pollution ,Geobacter Consume Radioactive Contamination,Plastic-Eating Bacteria Breaks Down Bags
Soil microorganisms play important roles in maintaining soil health and fertility. They are involved in nutrient cycling by decomposing organic matter, fixing nitrogen, and carrying out other biochemical processes. The main types of microbes found in soil are bacteria, actinomycetes, fungi, algae, and protozoa. Soil microbes affect soil structure, plant growth, and carry out important processes like nitrogen fixation, nutrient availability, and degradation of pollutants. However, human activities like agricultural practices, urbanization, and climate change threaten soil microbes by reducing organic matter, increasing salinity, and introducing pollutants. Proper management is needed to protect these vital soil microorganisms.
The document describes different types of centrifuges based on their design features and intended applications. Centrifuges vary in maximum speed, capacity, temperature control, and sample volume capabilities. Small benchtop centrifuges are used in clinical labs for blood separation and can hold around 100 tubes. Microcentrifuges are very common in biology labs, can hold small tube volumes, and generate forces up to 15,000g. High speed centrifuges spin at 15,000-20,000 RPM and are used for research applications requiring separation of cellular components. Ultracentrifuges provide the highest speeds and forces but are expensive and require special rotors and cooling due to heat generation.
Bio mining uses microorganisms like bacteria and fungi to extract metals from ores. It involves two main processes: bioleaching and biooxidation. Bioleaching involves dumping low-grade ore into a heap and soaking it with acid and bacteria, which degrade the ore and release minerals into fluid. This technique is commonly used to extract gold, copper, nickel, zinc, uranium, and silver. The most common microbes used are Thiobacillus and Leptospirillium.
The document discusses the simple microscope. It defines a simple microscope as using a single lens for magnification rather than multiple lenses like a compound microscope. A simple microscope works by using a convex lens to produce a virtual, erect and magnified image of an object placed within the lens' focal point. The maximum magnification of a simple microscope is around 10x. Key parts of a simple microscope include a metal stand, stage to hold samples, plano-convex mirror to illuminate samples, and a biconvex lens for magnification. Simple microscopes are used to examine small biological specimens, watch parts, jewelry, book text, soil particles, and skin.
This document discusses the microbiology of air, including aero-microbiology, transmission of airborne microorganisms, common bacterial and fungal species found in indoor and outdoor air, and airborne diseases like tuberculosis, meningitis, influenza, and histoplasmosis. It also covers physical stresses on microorganisms in the air and methods to control microorganisms, such as ultraviolet radiation, chemical agents, filtration, and laminar airflow systems.
This document provides an overview of electron microscopy techniques. It begins with a brief history of microscopy and an introduction to electron microscopes. It describes two main types: scanning electron microscopes (SEM) which scan the surface of samples to create 3D images, and transmission electron microscopes (TEM) which use transmitted electrons to reveal internal structure of thin samples. SEM typically provides lower magnification but allows viewing of larger sample areas, while TEM provides higher resolution down to the atomic scale but requires thinner sample preparation. Examples of images from each microscope are shown and their applications and differences are summarized. More advanced scanning probe microscopes are also mentioned.
Streaking is a technique used to isolate a pure strain of microorganisms, usually bacteria, from a mixed culture or sample. It involves using a sterilized inoculation loop to streak bacteria in successive sections of an agar plate to separate individual colonies. This allows microbiologists to purify strains, identify organisms through biochemical tests, and study colony morphology. The procedure involves flaming and cooling a loop between streaking bacteria in four sequential quadrants or in a T or pentagon shape on the agar plate from the edge to the center.
This document discusses categorizing different types of projects. It suggests classifying projects based on their product or deliverable, such as administrative (installing a new accounting system), construction (building a road), or computer software development (new computer program). The most useful breakdown is by the type of product a project produces. A project's required management approach depends on characteristics common to its type. Other variables like size, duration, location, cost and complexity also influence projects.
The document discusses infrastructure finance in Iraq and the potential role of public-private partnerships (PPPs). It recommends that Iraq take a gradual approach to involving the private sector by first meeting basic needs through traditional budget and contract approaches. Successful pilot PPP projects could then be established by selecting low-risk projects, providing guarantees to mitigate risks, and building centralized institutional capacity. Over time, the use of PPPs and private sector involvement could be further institutionalized by carefully monitoring value for money and developing additional legal and regulatory frameworks as outlined in the OECD Principles on private sector participation in infrastructure.
This document provides context about the book "Tanwir al-Miqbas min Tafsir Ibn 'Abbas", which is a commentary on the Quran. It discusses:
1) The book has been attributed to either the companion Ibn 'Abbas or the scholar al-Firuzabadi, but it was likely compiled by unknown authors centuries after Ibn 'Abbas.
2) Ibn 'Abbas's interpretations of the Quran are well documented, but this book contains references that prove it was not written by him.
3) The book provides an example of the tafsir genre of commentary, but does not represent a genuine transmission of Ibn 'Abb
This document provides an overview of several Microsoft technology partnerships and implementations in the financial services industry:
- Sequel Business Solutions completed the first phase of an implementation of its Eclipse Underwriting software at London insurer Faraday on time and on budget.
- The London Market Network, a Microsoft partnership, announced new projects from Finsbury Solutions and Sequel Business Solutions to address challenges for London insurers.
- Global broker Willis Group implemented Sequel's Eclipse broking software to speed up its transaction processing.
- Insurer Faraday chose Eclipse to integrate with its systems and enable electronic trading with counterparties. Sequel delivered the implementation in two phases on schedule.
The document discusses timing issues in digital circuits such as synchronization, clock skew, and clock jitter. It provides definitions and examples of these timing phenomena. Sources of skew and jitter are explained, including clock signal generation, manufacturing variations, interconnect variations, and environmental factors. The dynamic behavior of a CMOS inverter is analyzed by examining its parasitic capacitances. Solutions to timing issues include reducing clock skew through careful clock distribution, tolerating skew with circuit designs, and minimizing jitter.
The document summarizes the key outcomes and issues surrounding a recent peace conference on the conflict in Indonesian Papua. It discusses how the conference highlighted divisions between Papuan civil society and the Indonesian government in their approaches to addressing Papuan grievances. While the conference produced proposals for improved policies, its final declaration calling for formal independence negotiations concerned many and complicated the government's stance of avoiding political discussions. The document examines the conference origins and analyzes the challenges in building trust between sides for meaningful conflict resolution.
The Kashmir conflict is a territorial dispute over the Kashmir region between India and Pakistan that has involved violence and unrest since 1947. The key combatants are the Indian military, which maintains control over part of Kashmir, and various Pakistani-backed militant groups who oppose Indian control. There are religious and political motivations for both sides, as India sees it as an internal issue and Pakistan views it as a crisis necessitating protection of Kashmiri Muslims. Over 70,000 lives have been lost in the ongoing conflict, and human rights abuses like rape have been perpetrated by both state and non-state actors.
The document is Anadarko Petroleum Corporation's 2008 Fourth Quarter Operations Report. It summarizes Anadarko's operational performance and key accomplishments in the fourth quarter of 2008. Specifically, it discusses:
1) Strong operational performance and sales volumes above guidance despite challenges.
2) Exciting results from Anadarko's deepwater exploration program including a major Gulf of Mexico discovery.
3) Encouraging results from U.S. onshore exploration including the Marcellus and Haynesville shale plays.
4) Continued growth in Anadarko's major Rockies natural gas assets and enhanced drilling efficiencies across development programs.
Tetra Pak is focused on environmental sustainability through its 2020 strategy. The strategy has three pillars: renew, reduce, recycle. It aims to renew materials with sustainable supplies, reduce environmental impacts across the value chain, and increase carton recycling rates. Tetra Pak uses renewable paperboard from well-managed forests and is innovating to use renewable polymers and less material in packaging. It has also increased the number of carton recyclers and the accessibility of carton recycling for consumers.
For millennia people have been travelling to stadia to watch and participate in spectacles of pure brutality and sport sponsored by kings, emperors, states, individuals. Today sport and other entertainment events have become a major global business sector with executive facilities, commercial sponsorship, broadcast and full media coverage. But, in many respects, the crowds and their experience has changed little. However, technology is impacting this situation and looks set to accelerate the rate of change.
In a similar manner to the airline business; the few pay around 80% of the costs, whilst the many fulfil the 20% or so. All the attention is lavished on the few and the many are neglected and remain a latent opportunity. The technologies of communication, networking, apps, Big and Meta Data can change all this by creating a ‘market of one’. Satisfying the needs of every individual and every group should be pursued as it leads to a world of new services and ‘pre-selling’.
The technological opportunities are endless with augmented reality able to furnish a view from every angle to mobile devices and wearables supported by real time details, data and statistics. Clouds and ‘networks without infrastructure’ can overcome the limitations of 3, 4, 5G and wifi systems that will never satisfy the need for growing customer connectivity and bandwidth. They can also help solve entry congestion and simultaneously support security and vending operations. Branded mobile devices with pre-loaded apps are also an obvious step towards the creation of ‘The Club’ identity and ‘belonging’ that goes way beyond the latest strip, scarves and hats etc with far more kudos than a gold card!
“On a grand scale this all involves Big Data, but for a ‘market of one’ it is the Meta Data that counts - that is where the opportunity and the $$$ reside”
All of this comes at a price of management and operational change! Embracing the new takes a positive mind and considerable energy in the face of day to day operations, but the workforce and the customer base is also changing fast with the old and old of mind being replaced by the young and young of mind. The tech savvy are on the move and making up an increasing proportion of society - and the trick is to leverage their knowledge and abilities at every level possible.
“Change is inevitable and accelerating - and you have to decide to be a driver or a victim”
IKEA is the world's largest furniture retailer founded in Sweden in 1943. It sells flat-pack furniture and home goods through its 301 stores across 37 countries. IKEA pioneered affordable yet functional design through cost-cutting like flat-packing and using its trademark style guide. It aims to improve everyday life through well-designed, affordable home products while maintaining sustainability and positive social and environmental practices.
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known as Chase, 1 Tiger Global, chase coleman, feroz dewan tiger Global Management, u.s. long/short 6.0 45.0% 18.0%
Is as Close as one 2 Renaissance Institutional equities, peter brown, robert Mercer renaissance technologies, u.s. Quantitative 7.0 33.1 16.4
gets to aMerICan 3 Pure alpha II, ray dalio Bridgewater associates, u.s. Macro 53.0 23.5 44.8
arIstoCraCy. 4 Discus managed Futures Program, Team managed Capital Fund Management, France Managed futures 2.5 20.9 –6.7
A descendent of Peter Stuyvesant, 5 Providence mBs, russell Jeffrey Providence Investment Management, u.s. Mortgage-backed arbitrage 1.3 20.6 30.3
the last Dutch governor of New York,
6 oculus, david e. shaw D.E. shaw & Co., u.s. Multistrategy 7.0 19.0 6.9
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posh enclave on New York’s Long Is- 7 all Weather 12%, ray dalio Bridgewater associates, u.s. Macro 4.4 17.8 21.2
land. He went to Deerfield Academy in Dymon asia macro, danny yong Dymon asia Capital, singapore Macro 1.6 17.8 15.2
Massachusetts and then, like his father
and grandfather, attended Williams 9 Citadel, Ken griffin Citadel Investment Group, u.s. Multistrategy 11.0 17.7 10.8
College, where he played lacrosse. He 10 Coatue management, philippe laffont Coatue Capital Management, u.s. long/short 4.7 16.9 18.7
graduated in 1997 and went to work as
11 stratus multi-strategy Program, Team managed Capital Fund Management, France Multistrategy 3.7 16.6 1.6
a technology analyst for Julian Robert-
son, a godfather of the hedge-fund in- 12 oxam Quant Fund, andre stern, steve Mobbs, steven Kurlander oxForD asset Management, u.K. Quantitative 2.0 16.4 25.9
dustry, at Tiger Management LLC. 13 sPm Core, don brownstein, william Mok structured Portfolio Management, u.s. fixed income 1.0 15.7 34.8
Coleman had a connection at Tiger.
He had grown up with Robertson’s 14 Pure alpha I, ray dalio Bridgewater associates, u.s. Macro 11.0 14.9 27.4
son, Spencer, who lived in nearby Lo- Julian 15 autonomy Global macro, robert gibbins autonomy Capital, u.K. Macro 2.1 13.9 26.3
cust Valley. robertson’s Tiger
16 BlackRock Fixed Income Global alpha, Tim webb Blackrock alternative Investors, u.s. fixed income 2.4 13.8 10.8
Soon after Robertson, 79, closed his management has engineer and mathematician. “I have
spawned more than
fund in 2000, he handed his son’s for- 70 new funds.
known Chase since he was a small boy,” 17 sPm structured servicing holdings, don brownstein, william Mok structured Portfolio Management, u.s. fixed income 1.6 13.5 51.0
mer playmate more than $25 million to Robertson wrote in a statement. “He’s 18 Gsa Capital International, Jonathan hiscock, david Khabie-Zeitoune Gsa Capital Partners, u.K. Quantitative 1.0 13.0 12.1
manage. Coleman was 25 at the time. a great competitor and an immensely
That made him one of at least 30 so- gifted portfolio manager. I would al- 19 JaT Capital, John Thaler Jat Capital Management, u.s. long/short 2.5 12.7 11.0
called Tiger cubs—fund managers who ways bet on Chase.” 20 Brevan howard master, alan howard Brevan Howard asset Management, u.K. Macro 26.4 10.8 1.0
are Tiger Management alumni. There networking phenomenon Facebook Joining the Tiger team takes more
21 mKP opportunity offshore, patrick McMahon MKP Capital Management, u.s. Macro 1.2 10.7 –0.3
are another 40-odd so-called Tiger Inc. and another in Zynga Inc., creator than good breeding and connections.
seeds—funds backed by Robertson dol- of the Mafia wars and FarmVille online Robertson used to give prospective 22 Paulson Gold, John paulson Paulson & Co., u.s. commodities 1.2 9.8 35.0
lars. Coleman and his Tiger Global LP, games. Zynga raised more than $1 bil- hires a written test to gauge their intel-
23 Cerberus International, stephen feinberg Cerberus Capital Management, u.s. distressed 1.8 8.9 7.4
along with a half dozen others, are both. lion in a Dec. 15 initial public offering. ligence, competitiveness and ability to
Chase Coleman has been handed a Coleman’s flagship $6 billion Tiger work on a team. Tiger Management, 24 Capula Tail Risk, yan huo Capula Investment Management, u.K. Tail risk 2.3 8.6 –1.8
lot in his life, and he’s made good with Global fund returned 45 percent in the which still exists to invest money for macquarie asian alpha a, nick bird, andrew alexander MQ Portfolio Management, australia long/short 1.6 8.6 10.3
the gifts. He took his Robertson stake first 10 months of 2011, putting it at the Robertson’s family and a few outsiders,
melissa golden/redux
and built a $10 billion firm, partly by in- top of the BloomBerg markets list of uses a similar exam to find managers to Tiger asia, bill hwang tiger asia Management, u.s. long/short 1.3 8.6 0.5
vesting in Internet companies before the 100 best-performing hedge funds seed, a person familiar with the test says. 27 Drawbridge special opportunities, peter l. briger Jr. Fortress Investment Group, u.s. credit 5.0 8.4 25.5
they sold shares to the public. These managing $1 billion or more. He man- Tiger cubs learned at the right hand
28 saba Capital offshore, boaz weinstein saba Capital Management, u.s. credit 3.9 8.1 11.0
days, he owns, among other things, a ages the fund with Feroz Dewan, a of Robertson, who vetted almost every
stake of undisclosed size in social Princeton University–educated idea before it became a trade, the 29 D.e. shaw Composite, david shaw D.E. shaw & Co., u.s. Multistrategy 16.0 8.0 2.5
February 2012 bloomberg markets 33
4. The
world’s
100 richesT
hedge
100 ToP-PeRFoRmInG LARGE HEDGE FUNDS 100 ToP-PeRFoRmInG LARGE HEDGE FUNDS
funds
assEts, In ytD total 2010 assEts, In ytD total 2010
Fund, manager(s) management Firm, location strategy BIllIons rEturn rEturn Fund, manager(s) management Firm, location strategy BIllIons rEturn rEturn
30 Claren Road Credit master, John eckerson, sean fahey, brian riano Claren road asset Management, u.s. credit 4.2 7.3 4.6 66 Discovery Global opportunity, robert citrone Discovery Capital Management, u.s. emerging markets 5.2 3.7 16.9
31 Brevan howard asia master, Kaspar ernst Brevan Howard asset Management, u.K. Macro 1.7 7.2 1.8 scopia PX International, Matthew sirovich scopia Management, u.s. long/short 1.0 3.7 1.6
32 Gso special situations, louis salvatore, Jason new, Michael whitman Gso Capital Partners, u.s. credit 3.1 7.0 17.8 Wolverine Convertible arbitrage Trading, chris gust Wolverine asset Management, u.s. convertible arbitrage 1.4 3.7 15.4
saC Capital International, steven cohen saC Capital advisors, u.s. long/short 14.0 7.0 14.3 69 Trilogy Financial Partners, Jonathan rosenstein trilogy Capital, u.s. credit 1.2 3.6 20.9
34 aQR absolute Return, Team managed aQr Capital Management, u.s. Multistrategy 1.3 6.8 16.9 Winton Futures, david winton harding Winton Capital Management, u.K. Managed futures 26.1 3.6 14.5
35 oceanic hedge, cato brahde oceanic Investment Management, u.K. Transport/energy 1.5 6.7 –0.5 71 Brigade leveraged Capital structures, don Morgan Brigade Capital Management, u.s. long/short 5.0 3.5 3.8
36 aQR Global Risk Premium, Team managed aQr Capital Management, u.s. Macro 5.0 6.5 29.4 72 Bluemountain Credit alternatives, andrew feldstein BlueMountain Capital Management, u.s. credit 3.4 3.3 12.3
37 Fore multi strategy, Matthew li Fore research & Management, u.s. Multistrategy 1.4 6.4 13.4 Pelagus Capital, bruno usai Mako Investment Managers, u.K. fixed income 1.1 3.3 12.2
millennium International, israel englander Millennium International Management, u.s. Multistrategy 7.8 6.4 13.2 74 Brevan howard Credit Catalysts, david warren DW Investment Management, u.s. credit 2.0 3.2 13.5
39 Tarpon all equities, Jose carlos Magalhaes tIG Holding, Brazil long/short 1.9 6.2 47.1 silver Point Capital offshore, edward Mule silver Point Capital, u.s. event driven 4.3 3.2 19.4
40 Brummer & Partners nektar, Kent Janer and team nektar asset Management, sweden Macro 3.2 6.1 16.1 76 Tudor BVI Global, paul Tudor Jones tudor Investment, u.s. Macro 7.9 2.9 7.4
41 Tewksbury Investment, Matthew Tewksbury stevens Capital Management, u.s. Managed futures 3.4 5.9 10.5 77 Quantitative Investment management Global Program, Jaffray woodriff Quantitative Investment Management, u.s. Managed futures 3.9 2.8 –3.4
42 Vantage Global Investment, andrew veglio di castelletto vantage Investment Management, u.K. long/short 1.0 5.8 9.7 78 Gracie International Credit opportunities, James palmisciano Gracie Capital, u.s. credit 1.8 2.7 4.3
43 Brevan howard multi-strategy master, alan howard Brevan Howard asset Management, u.K. Multistrategy 1.3 5.5 2.1 79 Graham Discretionary Portfolio 6V, Kenneth Tropin Graham Capital Management, u.s. Macro 1.7 2.4 7.2
Pine River, aaron yeary Pine river Capital Management, u.s. Multistrategy 1.1 5.5 13.9 80 Golden Tree master, steven Tananbaum Golden tree asset Management, u.s. credit 2.7 2.2 23.6
45 VR Global offshore, richard deitz vr Capital Group, russia distressed 1.4 5.4 58.4 81 Tarpon hG, Jose carlos Magalhaes tIG Holding, Brazil long/short 1.5 2.1 40.3
46 Viking Global equities III, andreas halvorsen viking Global Investors, u.s. long/short 8.5 5.3 3.9 82 element Capital, Jeffrey Talpins Element Capital Management, u.s. fixed income 3.0 2.0 27.6
47 exane archimedes, cesar Zeitouni, gilles lenoir Exane asset Management, France long/short 1.1 5.2 6.8 83 Pimco absolute Return IV, bill gross Pacific Investment Management, u.s. fixed income 2.3 1.9 11.4
Prologue Feeder a, graham walsh, david lofthouse Prologue Capital, u.K. fixed-income 1.2 5.2 6.7 84 BlackRock multi-strategy, grace gu Blackrock alternative Investors, u.s. Multistrategy 1.4 1.8 10.3
49 Capula Global Relative Value a$, yan huo, Masao asai Capula Investment Management, u.K. fixed-income 6.7 5.0 9.6 Greenlight Capital, david einhorn Greenlight Capital, u.s. long/short 7.8 1.8 15.9
50 ortus Currency Program, Joe Zhou ortus Capital Management, Hong Kong Macro 3.0 4.9 27.9 86 Brummer & Partners Futuris, arne vaagen, Karl-Mikael syding, Mattias nilsson Futuris asset Management, sweden long/short 1.3 1.7 7.8
51 halcyon asset-Backed strategy, Joseph wolnick, James coppola, Joe godley Halcyon asset Management, u.s. asset-backed 1.7 4.7 25.3 highbridge statistical opportunities a, evan dick, alain sunier, Highbridge Capital Management, u.s. Market neutral 1.1 1.7 na
Jerome benveniste, peter beebee
52 BlueCrest Capital International, Michael platt BlueCrest Capital Management, u.K. Macro 9.1 4.6 12.8
litespeed Partners a, Jamie Zimmerman litespeed Management, u.s. distressed 1.0 1.7 16.8
Goldman sachs Investment Partners offshore, ranaan agus, Kenneth eberts Goldman sachs asset Management, u.s. Multistrategy 8.5 4.6 6.5
Psam Worldarb Partners, peter schoenfeld P. schoenfeld asset Management, u.s. event driven 1.0 1.7 8.0
Graham Discretionary Portfolio 12V, Kenneth Tropin Graham Capital Management, u.s. Macro 1.5 4.6 14.2
90 CQs aBs Feeder Class B, alistair lumsden CQs Investment Management, u.K. asset backed 1.9 1.6 19.2
55 atlas Global Investments Unrestricted, dmitry balyasny Balyasny asset Management, u.s. Multistrategy 1.3 4.4 13.4
exane Templiers, Jean-francois roussel Exane asset Management, France long/short 1.1 1.6 2.3
Ionic Capital master, bart baum, dan stone, adam radosti Ionic Capital Management, u.s. volatility 1.4 4.4 –7.5
Green, luis stuhlberger Credit suisse Hedging-Griffo, Brazil Macro 1.5 1.6 7.8
57 elliott associates, paul singer Elliott Management, u.s. Multistrategy 19.0 4.3 7.4
steadfast International e, robert s. pitts Jr. steadfast Capital Management, u.s. long/short 2.2 1.6 7.0
58 Ikos Futures UsD, elena ambrosiadou Ikos asset Management, Cyprus Managed futures 2.0 4.2 21.8
94 seligman Tech spectrum, paul wick Columbia Investment advisers, u.s. long/short tech 1.8 1.4 8.4
59 QVT, daniel gold Qvt Financial, u.s. Multistrategy 4.0 4.0 12.0
95 Green T G2 Fund, darryl green, geoff sherry lucidus Capital Partners, u.K. credit 1.0 1.2 5.9
Renaissance Institutional Futures, robert lourie renaissance technologies, u.s. Managed futures 3.4 4.0 22.8
96 Davidson Kempner International Class C, Thomas l. Kempner Jr. Davidson Kempner Capital, u.s. Multistrategy 6.6 1.1 9.3
61 BTG Pactual Global emerging markets and macro, simeon schwartz BtG Pactual Global asset Management, u.s. Macro 2.3 3.9 22.4
97 Balestra Capital Partners, Jim Melcher Balestra Capital, u.s. Macro 1.8 0.9 –3.2
Golden Tree Credit opportunities, steven Tananbaum Goldentree asset Management, u.s. credit 1.9 3.9 34.9
oak hill Credit alpha offshore, robert okun, scott Krase, glenn august oak Hill advisors, u.s. credit 1.1 0.9 15.5
hudson Bay, sander gerber Hudson Bay Capital Management, u.s. Multistrategy 1.1 3.9 9.0
Third Point offshore, daniel loeb third Point, u.s. event driven 4.3 0.9 33.8
Pine River Fixed Income, steve Kuhn Pine river Capital Management, u.s. Mortgage backed 1.8 3.9 31.8
100 Watershed Capital Partners, Meridee Moore Watershed asset Management, u.s. event driven 1.4 0.8 10.7
65 Comac Global macro, colm o’shea Comac Capital, u.K. Macro 4.7 3.8 5.3
returns are for the 10 months ended on oct. 31. Includes funds with more than $1 billion in assets. sources: Bloomberg, hedge-fund databases, hedge-fund firms, investors
February 2012 bloomberg markets 35
5. The
world’s
100 richesT
hedge
funds
person says. Robertson prized on-site
research and once sent a commodity
WoRlD’s laRGesT HEDGE-FUND FiRMS also the most profitable, earning
$2.48 billion for its managers in 2011
the worst. Such a trade protects
against wild swings in the overall mar-
analyst to Brazil to estimate the num- Firm assEts unDEr ManaGEMEnt, In BIllIons
through Oct. 31, according to Bloom- ket, defines the hedge in hedge fund
ber of coffee bushes under cultivation berg data. and is what the industry uses to justify
in the eastern state of Bahia before Ken Griffin’s Citadel fund, with a 17.7 the standard 1 to 2 percent of assets
betting that the commodity’s price 1 Bridgewater associates (westport, connecticut) $77.6 11 Baupost Group (boston) 23.0 percent return, was the second most and 20 percent cut of any profits that
would decline. 2 man Group (london) 64.5 Cerberus Capital management (new york) 23.0 profitable, at $2.1 billion. go to managers.
Most of the Tiger seeds are housed in Last year’s No. 1 fund, Don Brown- Coleman’s Tiger Global bucked the
3 JPmorgan asset management (new york) 46.6 D.e. shaw & Co. (new york) 23.0
Tiger Management’s offices on the 47th stein’s Structured Servicing Holdings gloomy trend partly by behaving as
and 48th floors of 101 Park Ave. 4 Brevan howard asset management (london) 36.6 14 angelo Gordon & Co. (new york) 22.0 LP, rose 13.5 percent and is ranked much like a venture capital fund as a
in midtown Manhattan. Robertson is 5 och-Ziff Capital management Group (new york) 28.5 15 aQR Capital management (greenwich, connecticut) 20.5 No. 17, after gaining 51 percent in 2010. hedge fund. Coleman uses a group of
the landlord, charging each fund rent. His firm, Structured Portfolio Manage- private-equity funds to buy into pri-
He also takes an ownership stake, which 6 Paulson & Co . (new york) 28.0 16 Farallon Capital management (san francisco) 20.0 ment LLC, had a second fund in the vate companies, according to filings
entitles him to a cut of the hefty fees that 7 BlackRock advisors (new york) 27.7 17 Goldman sachs asset management (new york) 19.5 large-fund list, SPM Core, at No. 13, with the U.S. Securities and Exchange
hedge-fund managers charge investors. with a 15.7 percent return, plus two Commission. The hedge fund gets
Winton Capital management (london) 27.0 18 elliott management (new york) 19.0
Managers of the seed funds meet pe- funds in the top 20 of the BloomBerg after poor returns some of the investments.
riodically to discuss ideas, says a person 9 highbridge Capital management (new york) 26.1 19 King street Capital management (new york) 18.5 markets ranking of the top 50 mid- in 2008 and 2009, Coleman declined to be interviewed
familiar with the meetings. Robertson size funds. Coleman refocused for this story, says Carolyn Sargent,
10 BlueCrest Capital management (london) 25.0 20 Canyon Partners (los angeles) 18.1 on his specialty:
also encourages managers to share their Coleman, Brownstein and Dalio technology. a Tiger spokeswoman.
wealth through the Tiger Foundation, Figures are as of oct. 31 or are based on the latest available numbers. earned their double-digit returns during As of December, Tiger Global owned
sources: Bloomberg, hedge-fund databases, investors
which gives money to organizations a generally abysmal year for the hedge- 4.8 million shares—both Class A and
helping needy families in New York. fund industry. Just 21 of the top 100 Class B—of LinkedIn Corp., the profes-
In topping the BloomBerg markets funds scored returns of more than 10 thrived during the past decade be- sional-networking site that sold shares
ranking, Coleman, 36, beat such veter- famed for its quantitative Medallion wife and the Simons Foundation, had percent in 2011. Hedge-fund managers, cause money was pouring into mar- in May. Tiger got at least 930,000 of
ans as Peter Brown and Robert Mercer, Fund, now run almost exclusively for given $150 million to the school, the among the highest-paid workers on Wall kets, driving up the price of assets those shares for $21.50 in mid-2010,
two former International Business Ma- employees, which returned more than largest donation in the history of the Street, saw their funds fall an average of owned by the funds. They could also a year before the company went public,
chines Corp. language recognition spe- 35 percent annualized over a 20-year State University of New York, of which 2.8 percent through Oct. 31, according borrow money from banks to leverage according to a person familiar with the
cialists who are co–chief executive span. Renaissance founder Jim Si- Stony Brook is a part. to Bloomberg data. A Bloomberg index their best ideas. purchase. Shares of Mountain View,
officers of Renaissance Technologies mons, who is a former code breaker and Bridgewater Associates’ Ray Dalio of U.S. Treasury notes and bonds re- Now, markets are unpredictable and California–based LinkedIn traded at
LLC. The firm’s $7 billion Renaissance head of Stony Brook University’s math had the No. 3 fund, Pure Alpha II, turned 8.5 percent, besting all but the seldom go in any one direction for very $69.95 on Dec. 5.
Institutional Equities Fund returned department, remains chairman of the which ran up a 23.5 percent gain. Dalio top 26 hedge funds in the BloomBerg long, Petroff says. And both investors Coleman also bought pre-IPO shares
33.1 percent for the 10 months. The firm. In December, the school an- has three funds among the top 12, and markets ranking. Even the anemic and managers are wary of high lever- of Yandex NV, Russia’s most popular
East Setauket, New York–based firm is nounced that Simons, together with his his $53 billion Pure Alpha II fund is Standard & Poor’s 500 Index, which re- age. “This is an exceptionally difficult search engine, which did a $1.3 billion
turned 1.3 percent, including dividends, environment for hedge funds,” Petroff IPO in May. Tiger Global owned 54.1
beat the average hedge fund. says. Since 2008, he’s been telling million of its shares, or 38 percent of
Some big names flamed out in 2011. Wurts’s 125 clients, who invest $40 the Netherlands-based company, as of
B esT- P e R Fo R m I n G St R At EG i ES John Paulson, who made billions bet-
ting against mortgage securities in
MorTgage- eQuiTy asseT bacKed fixed-incoMe shorT-bias fundaMenTal fixed incoMe capiTal BlooMBErG 2007, lost 44 percent through October
bacKed sTaTisTical arbiTrage eQuiTy MarKeT sTrucTure/ GloBal in his flagship Advantage Plus fund. eqUItIes are movINg IN loCk steP, PetroFF says,
arbiTrage arbiTrage neuTral crediT HEDGE FunD Other titans that tripped: James Di- makINg It HarD to ProDUCe alPHa by bUyINg oNe
arbiTrage InDEx stoCk aND bettINg agaINst aNotHer.
nan’s York Investment Ltd., down 7
25%
percent; Leon Cooperman’s Omega
20 Overseas Partners, off 3 percent; and
London-based William de Winton’s
15
Lansdowne Global Financials fund, billion, to avoid hedge funds or to stick Sept. 30, a stake it acquired before the
10 which plunged 17 percent. to funds that invest in debt. IPO. Mail.ru Group Ltd., another Rus-
The results show that the golden age Petroff says equities are moving in sian Web portal, went public in London
5 for hedge funds is over, says Eric maddening lock step. Good and bad in November 2010, raising $1 billion.
Petroff, chief strategist at Wurts & As- shares rise and fall together, making it Tiger owned 10.8 million shares before
0
sociates, a Seattle-based company that hard to produce alpha, the Holy Grail the sale and unloaded about half of
–5 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 advises pension funds and endow- return that comes from picking the them in the IPO.
returns for 2011 are as of oct. 31. source: Bloomberg ments on their investments. The funds best oil stock, say, and betting against Like Robertson, Coleman is skilled
36 bloomberg markets February 2012 February 2012 bloomberg markets 37
6. The
world’s
100 richesT
hedge
ToP 50 MiD-SizE HEDGE FUNDS ToP 50 MiD-SizE HEDGE FUNDS
funds
assEts, In ytD total 2010 assEts, In ytD total 2010
Fund, manager(s) management Firm, location strategy BIllIons rEturn rEturn Fund, manager(s) management Firm, location strategy BIllIons rEturn rEturn
1 Red Kite Compass, Michael farmer, david lilley rK Capital Management, u.K. commodities 400.0 47.0% na 26 Pivot Global Value, carl george, par Mellstrom Pivot Capital Management, u.K. Macro 748.0 12.7 6.8
2 Quantitative Tactical aggressive, Jaffray woodriff Quantitative Investment Management, u.s. long/short 564.0 32.1 15.2% 27 eclectica, hugh hendry Eclectica asset Management, u.K. Macro 244.0 11.7 2.7
3 Zais opportunity, david a. deutsch Zais Group, u.s. asset backed 358.2 27.9 110.7 28 abaco Financials, inigo lecubarri, louis rivera-camino PCE Investors, u.K. equity market neutral 309.8 11.5 2.3
4 mW Global opportunities, fehim can sever Marshall Wace, u.K. long/short 474.0 25.0 8.0 29 CCP Quantitative, ewan Kirk Cantab Capital, u.K. Macro 396.0 11.0 2.5
5 Brummer & Partners manticore, david Meyer, seth wunder Contour asset Management, u.s. long/short 728.0 23.0 –3.9 30 majedie-Tortoise, Matthew smith Majedie asset Management, u.K. long/short 348.8 10.8 –0.3
6 Friedberg Global-macro hedge, albert friedberg FCMI Financial services, Canada Multistrategy 828.5 20.8 11.4 31 Vollero Beach Capital, robert vollero, gentry beach vollero Beach Capital Partners, u.s. commodities/ equities 560.0 10.6 3.5
7 BlackRock 32 Capital master, Team managed Blackrock alternative Investors, u.s. Market neutral 403.0 20.1 20.4 32 Cassiopeia, Michel dominice, Jean-evrard dominice Dominice & Co. asset Management, switzerland equity market neutral 497.0 10.5 12.5
8 saba Capital Tail Risk, boaz weinstein saba Capital Management, u.s. Tail risk 900.0 20.0 na Criterion Capital Partners, christopher lord Criterion Capital Management, u.s. long/short 700.0 10.5 13.5
9 Platinum Partners Value arbitrage master, uri landesman, Mark nordlicht Platinum Management, u.s. Multistrategy 695.0 19.8 19.3 ZlP master opportunity, stuart Zimmer Zimmer lucas Capital, u.s. long/short 600.0 10.5 3.0
10 Bohong Pipe enhanced Index, liu hong Bohong tianjin Fund Management, China long/short 307.7 19.4 na 35 harvest small Cap Partners strategy, Jeff osher Harvest Capital strategies, u.s. long/short 318.3 10.4 –1.8
11 sPm Directional mortgage Prepay, don brownstein, william Mok structured Portfolio Management, u.s. fixed income 583.0 16.9 15.8 36 Gs Gamma Investments, Jay fiacco Gs Gamma advisors, u.s. Mortgage-backed arbitrage 736.0 10.3 15.7
12 Beam multi-strategy Program, Jose Mario Quintana Beam Bayesian Efficient asset Management, u.s. Managed futures 254.0 16.3 17.2 37 Criterion horizons offshore, christopher lord Criterion Capital Management, u.s. long/short 550.0 10.2 15.9
13 metacapital mortgage opportunities, deepak narula Metacapital Management, u.s. Mortgage backed 773.4 16.1 52.6 38 amazon market neutral Class a, philip King regal Fund Management, australia Market neutral 414.0 9.5 21.8
sasco energy, Todd esse, Thomas purdy sasco Energy Partners, u.s. Technical energy 409.0 16.1 8.3 lGIm Global macro Fund, david north, ben gill legal & General Investment Management, u.K. Macro 258.9 9.5 9.1
15 newbrook Capital Partners, robert boucai newbrook Capital advisors, u.s. long/short 420.0 15.8 9.7 40 macquarie-Winton Global alpha, david winton harding Winton Capital Management, u.K. Managed futures 627.0 9.4 16.0
16 sPm Parmenides, don brownstein, william Mok structured Portfolio Management, u.s. fixed income 330.0 15.4 29.1 sophrosyne Technology Partners, ben Taylor sophrosyne Capital, u.s. equity market neutral 300.0 9.4 6.0
17 aam absolute Return–a, harald James otterhaug aker asset Management, norway long/short 591.0 15.1 0.0 42 saemor europe alpha, sven bakker, sven bouman saemor Capital, netherlands equity market neutral 682.9 9.3 5.6
Barnegat Investments, bob Treue Barnegat Fund Management, u.s. fixed income 517.9 15.1 15.8 43 Bluemountain equity alternatives, alan gerstein BlueMountain Capital Management, u.s. Market neutral 310.0 9.1 3.0
19 Danske Invest hedge Fixed Income strategies, Michael petry Danske Hedge, Denmark fixed income 624.0 14.2 14.6 Finisterre sovereign Debt, paul crean, xavier corin-Mick Finisterre Capital, u.K. emerging market 464.9 9.1 12.1
20 Claren Road Credit opportunity master, Claren road asset Management, u.s. credit 485.0 13.4 8.6 45 Kayne anderson mlP, J.c. frey Kayne anderson Capital advisors, u.s. sector 934.0 8.3 28.3
John eckerson, sean fahey, brian riano
Concordia municipal opportunities III, christopher dillon Concordia advisors, u.s. fixed-income arbitrage 325.0 8.3 –3.6
21 aCI multi-strategy market neutral, peter algert algert Coldiron Investors, u.s. equity market neutral 475.0 13.3 6.7
47 Copia market neutral, Tim flannery Copia Capital, u.s. Market neutral 310.0 8.2 4.8
ennismore european smaller Companies, geoff oldfield Ennismore Fund Management, u.K. long/short 302.0 13.3 23.1
48 aQR Global stock selection 1, Team managed aQr Capital Management, u.s. Market neutral 300.0 8.0 7.5
Permal Fixed Income special opportunities, hari hariharan nWI Management, u.s. emerging markets 427.0 13.3 9.8
nordic absolute Return, bo lehander, fredrik lekman alsback Forvaltning, sweden long/short 266.8 8.0 8.9
24 Gsa Capital International, Jonathan hiscock, david Khabie-Zeitoune Gsa Capital Partners, u.K. Multistrategy 985.0 13.0 12.1
50 Rimrock high Income Plus, dave edington rimrock Capital Management, u.s. fixed-income arbitrage 670.0 7.9 20.0
JPmorgan Portfolio strategies—europe Dynamic long-short, JPMorgan asset Management, u.K. long/short 376.1 13.0 28.9 returns are for the 10 months ended on oct. 31. Includes funds with $250 million to $1 billion in assets. sources: Bloomberg, hedge-fund databases, hedge-fund firms, investors
Jon ingram, John baker, anis lahlou-abid
at finding both good stocks to buy and Laffont, who worked for Robertson at from him. In 2011, Hwang bet on a de- Shumway for five years, learning Rob- luster to the Tiger name. Robertson’s 1973. Unsentimental Tiger investors
dogs to bet against, according to inves- Tiger before starting Coatue in 1999, cline in Chinese shares, according to ertson’s methods secondhand. JAT funds notched average annual returns asked for their money back and, cou-
tors. In 2011, Coleman made much of also invests in technology. Apple Inc., people familiar with his portfolio. It Capital Offshore Ltd. was No. 3 on the of 32 percent from 1980 to Aug. 31, pled with losses, cut Robertson’s assets
his profit shorting stocks that fell, in- Google Inc. and mobile-phone-chip was a good call. The Shanghai Stock Ex- BloomBerg markets list at the end of 1998, and were then tarnished when he under management to $6 billion from
vestors say. maker Qualcomm Inc. were among his change Composite Index was down 12 September, with a 30-plus percent re- made a series of bad currency bets. He $22 billion in just 18 months.
Coleman’s fund is one of three Tiger largest holdings as of Sept. 30. percent in the first 10 months of 2011, turn, when a rally in U.S. stocks lifted lost $600 million when Russia de- Robertson returned all investor
cubs that made the top 25 in the New York–based Tiger Asia Manage- after a loss of 14 percent in 2010. shares that Thaler had expected to fall, faulted on its debt and devalued the ru- money in 2000 and went south to build
BloomBerg markets ranking. ment LLC, managed by Bill Hwang, The Tiger diaspora is large and a person familiar with the fund says. ble. Tiger Management funds overall and operate golf courses in New Zea-
Philippe Laffont’s New York–based ranked No. 24, with a return of 8.6 per- growing. John Thaler, founder of JAT JAT ended up with a 12.7 percent gain hemorrhaged about $2 billion on Oct. 7, land, where he spends six months of ev-
Coatue Management LLC ranked No. cent. Hwang, like Coleman, worked for Capital Management LP, worked with and a No. 19 ranking. 1998, when the dollar suffered its big- ery year.
10, with a return of 16.9 percent. Robertson and then got seed money Tiger Management alumnus Chris Coleman & Co. are restoring the gest one-day loss against the yen since Robertson, a canny stock picker, was
38 bloomberg markets February 2012 February 2012 bloomberg markets 39
7. The
world’s
100 richesT
hedge
funds
more aggressive than most in shorting Coleman is pressing his bet on pri- social-networking, shopping and Grou- times obituary. She was also chair- In the film, Stephanie said she had BIGGesT
stocks he thought were doomed to fall, vate technology companies. Last year, pon Inc.–like deal sites. As of mid- woman of Planned Parenthood of New never dated outside her plutocratic so-
former investors say. In a short sale, he asked investors for permission to lift December, Tiger Global owned stakes York City. cial circle. “I would, but he’d have to un-
U.s. sToCK holDInGs
a trader borrows shares and sells them, them to 15 percent of the fund from 10 in Peixe Urbano, a Brazilian deal site Coleman’s father, Charles Payson derstand the fact that I love going BY HEDGE FUNDS
hoping to buy them back at a lower percent, one investor says. similar to Groupon; MakeMyTrip Ltd., Coleman Jr., is a partner at corporate shopping,” she says on camera. “Some aMount HElD, 2011 total
stoCk In BIllIons rEturn
price, return the shares to the lender Yuri Milner, the Russian entrepre- an Indian online travel site; and Vostu, law firm Pillsbury Winthrop Shaw Pitt- guy might get mad at me for being stu-
and pocket the difference. neur who started Mail.ru and bought a Brazilian video-game portal. man LLP in New York, where his main pid and spending all this money for,
“Julian always doubled up,” says Mark a $200 million stake in Facebook in So far, Coleman has taken his biggest clients are airlines. Chase’s mother, like, a Gucci purse.” 1 el Paso Corp. $3.5 82.1%
Yusko, CEO of Morgan Creek Capital May 2009, just before Tiger Global, hits in the broader market. His worst Kim, owns an interior design firm. The couple was married in the 2 motorola solutions $3.2 26.3
Management LLC in Chapel Hill, North says Coleman is “a visionary guy. I have years were 2008, when he lost 26 per- In 2005, Coleman married Stephanie Church of Bethesda-by-the-Sea in
Carolina, which invested in Tiger Man- learned a lot from Tiger.” cent, and 2009. “Chase got whacked in Ercklentz, one of 10 scions featured in Palm Beach, Florida. Photos from the sears holdings $3.2 –18.2
agement and is an investor in Tiger One lesson: Go global. Many of Ti- the head with a two-by-four in 2009,” the 2003 documentary Born rich, made ceremony and reception were splashed 4 motorola mobility $3.1 34.0
Global. “When a short was going down, ger’s private investments are in Brazil, Yusko says. Coleman was short financial by Johnson & Johnson heir Jamie on the New York Social Diary, a website
5 autoZone $2.9 20.5
he pressed it, and when a long was going China and India, and many of those are stocks and mortgage companies be- Johnson, who interviewed his friends that chronicles the doings of the 1
up, he pressed it.” similar to what has worked in the U.S.: cause his research told him they were for the film. Stephanie’s grandfather, percent. 6 news Corp. $2.7 21.0
money losers, Yusko says. Then the gov- Enno Ercklentz, was a German banker In 2008, the Colemans paid $36.5 mil- 7 autonation $2.5 28.0
ernment banned short selling in many who became a chemical magnate after lion for two apartments on Fifth Avenue
Paul eng
stocks and bailed out the banks. Tiger moving to the U.S. in 1926, according to in Manhattan. The seller was Veronica 8 accenture $2.3 21.8
t H E wo R L D ’S m osT- P R o F I Ta B l e H E D G E F U N DS Global ended the year up just 1 percent. his 1987 new york times obituary. Hearst, widow of Randolph Hearst, son 9 anadarko Petroleum $2.2 7.1
That same year, by contrast, David
Williams Cos. $2.2 33.0
Fund, manager(s) management Firm, location
ProFIt, In
MIllIons
Tepper’s Appaloosa Investment LP I
gained 117 percent through September ranking is derived from public filings of the 20 top
1 Pure alpha II, ray dalio Bridgewater associates, u.s. $2,478.8 buying bank stocks and bonds and was holders of s&P 500 companies as of sept. 30. Values
of holdings and stock returns are as of nov. 30.
No. 1 in the BloomBerg markets source: Bloomberg
2 Citadel, Ken griffin Citadel Investment Group, u.s. 2,107.0 large-fund ranking.
3 saC Capital International, steven cohen saC Capital advisors, u.s. 907.4 “There were folks in 2009 who said
Chase is done, he’s gotten too big and
4 Renaissance Institutional equity, renaissance technologies, u.s. 699.2
he’s lost his nerve,” Yusko says. of newspaper titan William Randolph
robert Mercer, peter brown
Yusko visited Coleman in Tiger Hearst, property records show.
5 Brevan howard master, alan howard Brevan Howard asset Management, u.K. 637.8 Global’s offices, and Coleman told him Coleman started working at Tiger af-
he had decided to refocus his investing ter graduating from Williams. When
6 Tiger Global, chase coleman, feroz dewan tiger Global Management, u.s. 437.2
where he had an edge: in technology. Robertson closed his funds, Coleman
7 D.e. shaw Composite, david e. shaw D.E. shaw & Co., u.s. 425.5 He would lighten up on finance, an in- was among the first managers whom
8 Pure alpha I, ray dalio Bridgewater associates, u.s. 352.7 dustry susceptible to government med- Robertson seeded with cash, along with
dling. “I admire him for that decision,” Tiger Asia and Tiger Consumer, a per-
9 oculus, david e. shaw D.E. shaw & Co., u.s. 274.2 Yusko says. son familiar with the matter says.
10 Winton Capital management, david harding Winton Capital Management, u.K. 225.8 Coleman supports Republican polit- Coleman called his fund company
ical candidates who take a dim view of Tiger Technology Management. He
11 elliott associates, paul singer Elliott Management, u.s. 198.5
regulation. He gave $30,800 to the Na- changed the name to Tiger Global in
12 Discus managed Futures Program, Team managed Capital Fund Management, France 137.3 tional Republican Senatorial Commit- 2005 before making his ill-fated plays
13 stratus multi-strategy Program, Team managed Capital Fund Management, France 128.7 tee on May 24, according to the on nontechnology companies.
Washington-based Center for Respon- Tech entrepreneurs praise Coleman
14 millennium International, israel englander Millennium International Management, u.s. 116.8 sive Politics. He also gave at least for his willingness to make quick
15 Viking Global equities III, andreas halvorsen viking Global Investors, u.s. 107.5 $5,000 to Republican presidential can- decisions about large investments.
didate Mitt Romney. Ilja Laurs, founder of San Mateo, Cali-
16 BlueCrest Capital International, Michael platt BlueCrest Capital Management, u.K. 100.9
Coleman’s roots are more Nelson fornia–based GetJar Inc., a site that dis-
17 Drawbridge special opportunities, peter briger Jr. Fortress Investment Group, u.s. 96.1 Rockefeller than Sarah Palin. Cole- tributes applications for mobile phones,
man’s paternal grandmother, born says Tiger studied his company for less
18 Goldman sachs Investment Partners offshore, Goldman sachs asset Management, u.s. 94.6 russian investor
Louise Stuyvesant Wainwright and yuri milner says than a month before putting up most of
ranaan agus, Kenneth eberts
known as Mimi, was a trustee of Hofs- Coleman is ‘a a $25 million funding round in Febru-
19 Capula Global Relative Value a$, yan huo, Masao asai Capula Investment Management, u.K. 81.2 tra University in Hempstead, New visionary guy.
ary. “That was a total surprise because
i have learned
20 all Weather 12%, ray dalio Bridgewater associates, u.s. 73.0 York, where she helped establish a law a lot from Tiger.’ I didn’t think any investor was capable
school, according to her 1996 new york of moving that fast,” Laurs says.
Profits are based on returns for the 10 months ended on oct. 31.
sources: Bloomberg, hedge-fund databases, hedge-fund firms, investors
40 bloomberg markets February 2012 February 2012 bloomberg markets 41
8. The
world’s
100 richesT
hedge
funds
Tiger Global was confident in GetJar said it lost 6 cents a share in the second
partly because Accel Partners, an early quarter of 2011, triple the 2 cent loss
investor in Facebook, had already forecast by analysts.
bought in, Laurs says. Tiger has fol- Declines aside, Coleman is a force in
lowed or invested alongside Accel in at the VC community, says Brian Shar-
least six companies. ples, CEO of HomeAway Inc., which
Kevin Hartz, co-founder of Event- owns VRBO.com and other sites that
brite Inc., a San Francisco startup that list vacation homes for rent. Tiger in-
lets promoters of concerts and other vested $50 million in HomeAway be-
events publicize shows, register at- fore its June IPO and then bought
tendees and sell tickets online, says shares afterward, Sharples says.
Coleman and his crew are no less Coleman’s investment gave Sharples
skilled at finding promising startups the opportunity to attend the annual
than the venture capitalists on Sand Tiger Global Internet Conference,
Hill Road in Menlo Park, California. where the hedge fund’s corporate flock
Tiger Global in May stumped up the gathers once a year. In 2011, it was at
biggest portion of a $50 million invest- Don brownstein, who had the Mandarin Oriental hotel in New
ment in Eventbrite. “During the great the no. 1 fund in 2010, has York in October. “I’ll bet more than 50
downturn and dot-com crash, they two in the top 20 for 2011. percent of the people there were from
were aggressively following a thesis out of the country,” Sharples says.
that the consumer Internet was going “Tiger Global’s network is so powerful
to grow and that an enormous part its May IPO price of $25. Mail.ru fell now that just being able to go to that
of that would happen outside the 14 percent in the first 11 months of thing is a cool advantage of being part
U.S.,” Hartz says. “They were abso- 2011, dropping in November after a ban of their portfolio.”
lutely right.” on divesting the shares expired, free- A member of the old boys network
Investing in startups is risky because ing Tiger and other pre-IPO investors by birth, Chase Coleman has forged a
many have untested business models to sell. new one from the band of Internet
and well-funded rivals, says Peter Sims, Tiger Global is also the biggest holder startups that have earned millions for
a former venture capitalist and author of Beijing-based E-Commerce China his investors.
of little Bets: how Breakthrough Ideas Dangdang Inc., China’s largest online
aNtHoNy eFFINger is a senior writer at
emerge From small Discoveries (Free bookseller, with 4.4 million shares as of BloomBerg markets in Portland.
aeffinger@BloomBerg.net katHerINe
Press, 2011). “Tiger is aggressive,” Sims Sept. 30, according to SEC filings. Shares bUrtoN covers hedge funds at BloomBerg
says. “This is a cyclical market, and they of New York–listed Dangdang traded at news in new York. kBurton@BloomBerg.net
arI levy covers technologY in san
could get burned easily.” $4.81 on Dec. 5, down 70 percent from francisco. alevY5@BloomBerg.net
New York–listed Yandex traded at the $16 at which it first sold shares in To write a letter to the editor, send an e-mail to
$21.48 on Dec. 5, down 14 percent from December 2010. In August, the company bloombergmag@bloomberg.net or type mag <go>.
How we CrunCHed used the average of funds in our uni-
verse: a 1.5 percent management fee
We couldn’t obtain returns from sev-
eral of the biggest hedge-fund firms
tHe numbers and a 20 percent incentive fee. by assets. For a handful of others,
Using gross returns, we were able we had returns on only one or two
to reconstruct approximately what funds. Onshore and offshore assets
the assets were at the start of the and returns were combined for a
Our rankings Of hedge-fund $100 million in assets. Assets and year. (Since we didn’t have inflows or number of funds, while figures for
managers are based on data com- returns were for the 10 months outflows, the asset numbers didn’t others were only for the larger class.
piled by Bloomberg specialist Anibal ended on Oct. 31, 2011; in a few take asset flows into account.) We The numbers were difficult to ver-
Arrascue and information supplied cases, we used the latest figures subtracted original assets from cur- ify. Unless the information came
by hedge-fund research firms, hedge available prior to that date. rent assets and multiplied the result from Bloomberg or the hedge-fund
funds and investors. This year, we The returns we obtained were net by each fund’s performance fee to firm itself, we tried to verify it with
ben baker/redux
have three lists of top performers: of fees. We calculated profits for derive the profit. Management fees other sources, including investors
100 funds with assets greater than each fund by dividing the net figure aren’t included; we assumed they and other fund databases.
$1 billion; 50 funds with assets of by 100 percent minus the sum of the were used for the day-to-day opera-
$250 million to $1 billion; and 10 management and incentive fees. For tions of the fund. BlOOmBerg rankings
global macro funds with at least funds that didn’t report fees, we Hedge funds keep a low profile. rankings@BlOOmBerg.net
42 bloomberg markets February 2012