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Sharath Sury's Headlines of 2010 (Recent and Upcoming Events of Sharath M. Sury in Chronological Order)

Sharath Sury's Headlines of 2010
(Recent and Upcoming Events of Sharath M. Sury in Chronological Order)

January | 2010

“Analytic Due Diligence Using an Alpha Cost Index,”
- by Sharath Sury and Manda Sury;
- Published to SSRN/Social Sciences Research NetworkSharath Sury is Named to Executive Advisory Group of the University of California’s Silicon Valley/School of Management Initiative

February | 2010

Sharath Sury has been Featured as One of “Chicago’s Leading Bachelors” at Starlight Foundation’s “Dream Date” Charity Auction in Chicago; Benefitting Hospitalized Children
Professor Sury is Recognized for “Extraordinary Performance” by Santa Clara University’s Leavey School of Business.

March | 2010

Professor Sury to Speak at the Exclusive Family Office & Private Wealth Management Forum in Providence, RI
Professor Sury to Speak at Opal’s Emerging Manager Summit 2010 in Chicago, IL
“Efficient Portfolio Management: A Guide to Effective Investment Supervision Processes,”
- by Sharath Sury;
- Published to SSRN/Social Sciences Research Network
Professor Sury to Moderate “Government & Regulatory Panel” at the Real Estate Investors Summit: Dealmakers’ Conference
The Highly Anticipated Anthology, “Essential Readings in Applied Financial Economics,”
- edited by Sharath Sury,
- published and distributed by Cognella Publishing.
Sharath Sury writes the brief, "The Alpha: Revisited & Clarified" to help enthusiasts and students understand the intricate and sometimes controversial subject.

April | 2010

Professor Sury to lead advanced lecture (undergraduate and MBA) course in Applied Portfolio Management.
Professor Sury, Adjunct Professor of Economics at University of California, to Provide Leadership Guidance to New Center for Computational Finance & Risk Management at the University of California, Santa Cruz.

The Importance of Asset Liability Matching (ALM) - An Informative Brief by Sharath Sury

The Importance of Asset Liability Matching (ALM)

By Sharath Sury

Posted On: About Sharath Sury - News and Events at 3/11/2010 4:33 PM

In recent years, investment, portfolio, and endowment managers have become acutely attuned to the risks of unmatched cash flows in their portfolios. In particular, the ability of assets to generate sufficient cash flows to meet liability funding obligations has waned in the past decade.

As a result, new emphasis has been placed upon so-called "asset liability matching." In this brief, we'll examine one example of the ALM technique. Consider the case of an investment manager that has a series of assets that must fund a series of liabilities. For simplicity, we will assume that the assets consist of fixed income investments with no default risk and the liabilities consist of a known set of payouts to be made in the future.

In any analysis of fixed income (or liabilities), it is important to measure the "duration" of the income (or liability) stream. Duration is the cash-flow adjusted effective term to maturity for a series of given cash flows. Thus, duration is also sometimes referred to as "effective maturity." It is also important to know that the duration of a portfolio of assets (or liabilities) is equal to the weighted average duration of the underlying assets (or liabilities). In addition, the higher the duration of a series of cash flows, the greater its sensitivity to a change in interest rates.

There are a variety of ways to calculate duration that are beyond the scope of this brief; however, most involve either a simple calculation heuristic or an automated spreadsheet. Either way, there is a very important benefit of knowing the duration of a series of cash flows. A bondholder that holds (and reinvests the coupons of) a bond to its duration is effectively "immunized" from interest rate changes and should experience a holding period yield (HPY) that is approximately equivalent to the original yield to maturity on the bond.

Of course, there are several assumptions (e.g., the bond issuer does not default, etc). However, in the base case, this notion can be very valuable to an investment manager that needs a certain cash flow at a certain date and time. This is often the case for endowments that have payout requirements or pensions that have retirement obligations.

If an investment manager can calculate the duration of its assets and the duration of its liabilities, it can make a determination as to the interest rate sensitivity of the portfolio; and thus estimate its ability to meet its future obligations. For example, if the duration of the portfolio assets is greater than the duration of the portfolio liabilities, then the portfolio structure is susceptible to rising interest rates.

This is because the higher duration assets are more sensitive to interest rates than the lower duration liabilities. Should interest rates rise, the assets will decline in value more quickly than the liabilities will. If interest rates remain at that level, there may be a shortfall in funding the liabilities.

One way to mitigate this problem is to rebalance the asset portfolio such that the duration of the assets is equal to the duration of the liabilities, such that any interest rate change has a negligible effect. If, in the case above, the asset portfolio duration is too high, the duration must be reduced.

This reduction may be accomplished by either rebalancing the portfolio with shorter duration assets (e.g., shorter term Treasuries or even cash) or by shorting longer duration assets. The zero coupon market in Treasuries (STRIPS) is often used due to the unique result that zero coupon bonds have durations that are exactly equivalent to their maturities.

When the duration of the portfolio of assets and the portfolio of liabilities is equivalent, changes in interest rates should have a negligible effect on the structure: the portfolio is said to be duration matched. This is a prime example of the benefit of ALM.

Of course, there are risks other than changing interest rates. Furthermore, duration itself is not static, and portfolio rebalancing must be dynamic to account for such changes. However, in principle, this form of ALM can work to help investment managers put some control on at least one form of risk in our ever-more complex investment world.

About the Author - Sharath Sury devotes his time and energy to bringing together thought leaders who can address the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts, Professor Sury has established an invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry at Santa Clara. Sharath Sury serves as the Dean's Executive of Finance at Santa Clara University, an Adjunct Professor of Economics at the University of California and Adjunct Professor of Finance at DePaul University in Chicago. Prior to his immersion in teaching and research, Sharath Sury founded and led S4 Capital in Chicago, managing the considerable assets of some of the most well known, high profile, and affluent families in America. Through this work, Sharath Sury gained attention from the Bloomberg Wealth Manager Survey, Financial Advisor Magazine, and Wealth Manager Magazine, each of which ranked S4 Capital's wealth management business highly. Sharath Sury had founded S4 Capital's predecessor, Chicago Analytic Capital Management LLC (CACM), during which time he made Crain's Chicago Business list of "40 Under 40" in 2003. Sharath Sury began his investment career at Goldman Sachs & Co., working his way up from the position of Associate to Vice President of the firm's elite wealth management division.  

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For the past 50 years, many financial economists and professional investment managers relied upon the concept of "mean variance optimization (MVO)" to design investment portfolios. The principle was simple: maximize mean return subject to a certain varian

Risk Measurement - A Multi-Dimensional Concept!

By Sharath Sury

For the past 50 years, many financial economists and professional investment managers relied upon the concept of "mean variance optimization (MVO)" to design investment portfolios. The principle was simple: maximize mean return subject to a certain variance (risk); or minimize variance subject to a certain mean return.

While the MVO technique is well-intentioned, it suffers from an incomplete definition of risk. It has long been known that asset classes can be described using various degrees of specificity, sometimes known as "moments of the distribution." For example, the first moment of the return distribution of an asset class is its mean return. The second moment is known as variance. For a normally distributed asset class with well behaved properties, a variety of analytical techniques can be applied and conclusions drawn based upon these two moments alone (mean and variance).

Unfortunately, many asset classes do not behave according to what the normal distribution would suggest. Further, asset classes that exhibit "normality" for one time period may not exhibit it during other time periods. The incorporation of alternative asset classes (e.g., hedge funds, real estate, private equity) increases the likelihood that an overall portfolio will exhibit degrees of non-normality.

As a result, it is often important to consider at least two other "higher order" moments of the return distribution. The third moment is known as "skew" or asymmetry. It reflects the degree to which an asset class may have a higher proportion of negative (or positive) returns. Some hedge fund strategies are built and marketed explicitly on this notion: while they may exhibit low levels of variance (or standard deviation), they concomitantly exhibit high levels of negative skew (or returns which are asymmetrically biased to the downside).

The fourth moment of a return distribution is referred to as "kurtosis," or more colloquially as "fat tails." Kurtosis reflects the degree to which the return distribution may be subject to extreme events. Thus, the "fat tails" refer to the graphic representation of the returns as exhibiting a higher probability of extreme results than the normal distribution would suggest. As an example, higher levels of geopolitical uncertainty can increase the kurtosis of particular asset classes.

Thus, investment managers and asset allocators who rely solely upon the popularly employed MVO techniques may be missing key risk factors that can adversely affect a portfolio and may therefore provide solutions that are incomplete with respect to skew and kurtosis.

New methods for dealing with the shortcomings of MVO include the use of other constraints in the optimization. For example, the so-called "mean-conditional value at risk (MCVaR)" is a methodology which seeks to incorporate skew and kurtosis. CVaR essentially relates to the "area of the return profile" below which an investor is "at risk."

By maximizing mean return subject to an acceptable level of CVaR, an investment manager may be better able to capture the important risks of the portfolio. Recent (and repeated) empirical research has shown that-in hedge fund portfolios alone-the MVO methodology has underestimated the amount of risk (as defined by CVaR) by as much as 50%!

In the past few years, CVaR has been joined by other risk measures, such as "Omega," to help broaden the traditional definition of risk beyond the confines of simple variance or standard deviation. In the end, more complete definitions of risk should lead to more robust portfolio optimization solutions.

Sharath Sury was selected as one of the "40 Under 40" professionals to be published and recognized in Crain's Chicago Business List [of outstanding individuals]. Within a few years, S4 Capital, LLC was created by re-branding CACM. Sharath Sury's incredible work ethic led the company to be highly ranked and esteemed in the industry across publications like Bloomberg's Wealth Manager Magazine and Financial Advisor Magazine. Today, Sharath M. Sury has retired from the corporate sector to focus his efforts in academia and research. Professor Sury is the Dean's Executive Professor of Finance at Santa Clara University, and Adjunct Professor of Economics at the University of California. Sharath Sury is frequently sought after to moderate panels on highly debated topics for an unbiased view, or to serve as an expert in intricate finance matters. An expert author for multiple, prominent online publications, and Founder of an Initiative for Financial Innovation and Risk Management in Santa Clara, Mr. Sury works to bring together leaders and the new generation of Finance students with close attention to the crisis we presently face.

SOURCE:

Sury, Sharath "Risk Measurement - A Multi-Dimensional Concept!." Risk Measurement - A Multi-Dimensional Concept!. 10 Mar. 2010 EzineArticles.com. 11 Mar. 2010 <http://ezinearticles.com/?Risk-Measurement---A-Multi-Dimensional-Concept!&id=3905284>.

Sharath Sury - New, Official List of Speaking Engagements in 2010.

Posted by SURYONLINE.NET at 3/9/2010 6:47 PM

The Following List Contains Sharath Sury's Tentative Speaking Engagements for 2010:

Emerging Manager's Summit 2010

Sharath Sury to Moderate a Panel Discussion over the "Asset Allocation and Risk"
segment
May 12-14, 2010 at the Swissôtel Chicago in Chicago, IL
- The Asset Allocation and Risk segment is scheduled from 9:45am - 10:45am

2nd Annual Real Estate Investor's Summit
- Sharath Sury to Speak at the Senior Level Capital, Private Equity, Fund,
  Investor and Developer Conference
- April 25-27, 2010 at Trump International Beach Resort in Sunny Isles, FL
  - Please check back soon for more information and/or to see the official agenda posted right here.
SOURCE About Sharath Sury - News and Events

Diversification - A Useful Tool, Until You Need It! Read what they don't tell you!

Diversification - A Useful Tool, Until You Need It!
By Sharath Sury

We have all been taught about the merits of diversification in investments. It is a variation of the old adage, "Don't put all your eggs in one basket."

Indeed, professional investment managers are trained to develop portfolios according to the tenets of Modern Portfolio Theory (MPT). MPT traces its roots to the work of Harry Markowitz and his seminal writings on "Portfolio Selection." In his pioneering research, Markowitz was able to demonstrate the mathematical basis for diversification.

Essentially, Markowitz showed that selecting assets that have a positive expected return but exhibit low or (preferably) negative correlation to one another produces a combined portfolio that retains the positive expected return properties, but with lowered risk (as defined by variance).

Theoretically, this result arises due to the presence of at least two major sources of risk: nonsystematic (or unique) risk and systematic (or market) risk. While it is very difficult to eliminate market risk, it is possible to reduce the risks associated with unique investment assets. By combining investment assets that are subject to certain specific, unique risks with other investment assets that are subject to other unique risks, it may be possible to reduce the overall risk of the combined portfolio.

For the past several decades, this has been the mantra to which all investment managers adhered. Unfortunately, recent experiences in the capital markets have led both academics and professional investment practitioners to rethink portfolio construction. With the increasing interconnectedness of global markets and investment pools, we have seen that correlation structures among various investment assets are not always stable.

In fact, assets that typically exhibit low correlation with one another can dramatically change direction and begin exhibiting increased correlation during periods of market distress. The increased correlation leads to a reduction in the power of diversification and thus to increased risk in the overall portfolio. Unfortunately, this upward shift in correlation happens at exactly the time when an investor needs correlation the most: market distress.

As a result, investment managers need to be exceedingly careful in constructing portfolios that are able to withstand the dynamic nature of correlations, especially as the market experiences large disturbances. These "disturbances" are becoming much more commonplace: the Asian currency crisis of 1997, failure of the major hedge fund "Long Term Capital Management" in 1998, the burst of the "dot-com" bubble in 2000/2001, the terrorist attacks of 2001, the burst of the real estate bubble in 2007/2008, and the credit crisis of 2008/2009. In nearly every case, correlation structures among various assets increased at precisely the time when investors needed protection the most.

The best portfolio construction techniques have an appreciation for the fact that correlation structures may change during different "states of the world" or regimes. By incorporating these state-dependent correlation structures into portfolio design and optimization, investment managers can move to better protect portfolios during times of market distress.

Sharath M. Sury - Founder and Executive Director of the Sury Initiative for Financial Innovation & Risk Management (SIFIRM) at Santa Clara University, Sharath Sury devotes his time and energy to bringing together thought leaders who can address the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts, Professor Sury has established this invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry. Sharath Sury also serves as an Adjunct Professor of Economics at the University of California and Adjunct Professor of Finance at DePaul University in Chicago. Sharath Sury's interest and experience in wealth management began as an Associate and later Vice President at Goldman, Sachs & Co. He later founded and worked at S4 Capital, where he earned numerous accolades for his work.

SOURCE: http://ezinearticles.com/?Diversification---A-Useful-Tool,-Until-You-Need-It!&id=3883169

NEW!! Analytic Due Diligence Using an Alpha Cost Index

Analytic Due Diligence Using an Alpha Cost Index

Posted On:

Founder and Chief Executive Officer of the Sury Initiative for Financial Innovation & Risk Management (SIFIRM) at Santa Clara University in California’s Silicon Valley, Sharath Sury devotes his time and energy to the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management through SIFIRM and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts with SIFIRM, Sharath Sury has established an invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry.

Issue
Effective portfolio managers recognize that not all returns are created equally.

Examination
Investment strategies can deliver returns that are the result of systematic (market or beta) exposures, nonsystematic (skill or alpha) exposures, and random variation. The relative proportions of alpha, beta, and randomness vary across strategies and even within strategies as they evolve over time. Historically, most investment products have bundled alpha and beta. However, as low-cost, investable proxies for beta grow more pervasive, it is increasingly important for portfolio managers to consider only those actively managed products that are truly delivering incremental alpha. In this article, we introduce a new measure that adjusts product fees to account for the level of alpha delivered—the Alpha Cost Index (ACI).

Conclusion
The ACI levels the playing field by penalizing products that charge active management fees but deliver the preponderance of their returns from beta exposures; thus serving as a useful ranking tool for due diligence.

Keywords: hedge funds, alpha, beta, fees, due diligence

JEL Classifications: G10, G19

Working Paper Series

Date posted: October 06, 2009 ; Last revised: November 04, 2009

Suggested Citation

Sury, Sharath M. and Sury, Manda B, Analytic Due Diligence Using an Alpha Cost Index (April 16, 2006). Available at SSRN: http://ssrn.com/abstract=1482904

Contact Information
Sharath M. Sury (Contact Author)
Santa Clara University ( email )
500 El Camino Real
Santa Clara, CA 95053
United States
HOME PAGE:
University of California ( email )
Santa Cruz, CA 95064
United States

Manda B Sury
DePaul University - Department of Finance ( email )
1 East Jackson Blvd.
Chicago, IL 60604-2287
United States

Disclosures and References Source: http://www.manyworlds.com/exploreco.aspx?coid=CO31104305960

Learn More About Sharath Sury And Read His Latest Finance Articles!

SOURCE: http://www.manyworlds.com/exploreco.aspx?coid=CO31104305960

New Paper Written by Sharath Sury - Analytic Due Diligence Using an Alpha Cost Index

Mr. Sharath Sury is an Internationally Recognized Expert in Asset Allocation and Risk Management. He is currently one of the highest rated professors at Santa Clara University and is a sought-after speaker at various US and International venues.

Posted On:

http://www.manyworlds.com/exploreco.aspx?coid=CO31104305960

Analytic Due Diligence Using an Alpha Cost Index

Sharath M. Sury
Santa Clara University; University of California

Manda B Sury
DePaul University - Department of Finance

April 16, 2006

Abstract:
Effective portfolio managers recognize that not all returns are created equally. Investment strategies can deliver returns that are the result of systematic (market or beta) exposures, nonsystematic (skill or alpha) exposures, and random variation. The relative proportions of alpha, beta, and randomness vary across strategies and even within strategies as they evolve over time. Historically, most investment products have bundled alpha and beta. However, as low-cost, investable proxies for beta grow more pervasive, it is increasingly important for portfolio managers to consider only those actively managed products that are truly delivering incremental alpha. In this article, we introduce a new measure that adjusts product fees to account for the level of alpha delivered—the Alpha Cost Index (ACI). The ACI levels the playing field by penalizing products that charge active management fees but deliver the preponderance of their returns from beta exposures; thus serving as a useful ranking tool for due diligence.

Keywords: hedge funds, alpha, beta, fees, due diligence

JEL Classifications: G10, G19

Working Paper Series
Date posted: October 06, 2009 ; Last revised: November 04, 2009
Suggested Citation
Sury, Sharath M. and Sury, Manda B, Analytic Due Diligence Using an Alpha Cost Index (April 16, 2006). Available at SSRN: http://ssrn.com/abstract=1482904

Export to: Export Citation What's this?

Contact Information
Sharath M. Sury (Contact Author)
Santa Clara University ( email )
500 El Camino Real
Santa Clara, CA 95053
United States
HOME PAGE: http://phonebook.scu.edu/index.cfm?v=pid&i=1894
/>University of California ( email )
Santa Cruz, CA 95064
United States

Manda B Sury
DePaul University - Department of Finance ( email )
1 East Jackson Blvd.
Chicago, IL 60604-2287
United States

EXCLUSIVE! Sharath Sury Explains The Alpha to Finance Enthusiasts Worldwide on Everything-Finance.net.

Sharath Sury Explains The Alpha to Eager Finance Enthusiasts and Focused Students Online

Posted by Everything-Finance.net STAFF on 3/6/10

SANTA CLARA, Calif. March 6/Everything-Finance.net/ -- With many finance students and enthusiasts eager to solidify the concepts of Alpha and Beta within the context of the recent Alternative Investment Summit chaired by Mr. Sharath Sury, many followers have shown continued interest online, posting comments on various blogs that reveal an eagerly awaiting clarification of this elusive Alpha by an experienced, esteemed professional like Sharath Sury - an internationally recognized expert in Risk Management and Asset Allocation. As a former VP at Goldman Sachs, and CEO Emeritus of S4 Capital, Sharath Sury handled very complex investment portfolios of some of the nation's most wealthy families and individuals. Mr. Sury is has been recognized by numerous notable magazines as one of the top professionals in his field. Also a revered university instructor, Professor Sury has established a forum for the research and discussion of new developments in economics and finance, with an emphasis on risk management and innovation. Who better to answer our audience's questions than Mr. Sury, himself? Everything-Finance.net now has the exclusive, wealth manager's definition of Alpha by Professor Sharath Sury, in his own words:

"In any investment strategy, there are essentially three components to the ex-post return: market related exposure (beta), manager skill or 'risk adjusted excess return' (alpha), and randomness. The goal of any active investment manager is to maximize alpha to the extent possible as this is the portion of the return that is attributable to the manager's skill or strategy. In most cases, it is extremely difficult to know what alpha a manager will produce 'before the fact (ex ante)', however, there are certain clues that can help provide guidance on whether a manager is capable of delivering alpha. Among these maybe: superior execution, highly developed capital market analytic skills, superior processing of public information, ability to exploit systematic mispricings, etc. These and other such sources of alpha are colloquially referred to as 'edge'. Every successful investment manager always strives to maximize their edge, and thus their alpha."

Professor Sharath Sury has also generously extended his hand to Everything-Finance.net, offering his expertise again soon! In the near future Sharath Sury will answer, conceptually clarify, and define additional special investment terms that have significant importance in current and future economic climates. Special thanks to Professor Sury for taking the time to briefly analyze and precisely define these terms in efforts to help students (and enthusiasts, alike) avoid further confusion on what can already be very complicated subject material. This is especially true -- as we've found with the Alpha -- if you're not careful about where, and in what context, you find a certain definition.

About Sharath Sury - Founder and Executive Director of the SCU/Sury Initiative for Financial Innovation & Risk Management (SIFIRM) at Santa Clara University in California’s Silicon Valley, Sharath Sury devotes his time and energy to bringing together thought leaders who can address the development of real-world solutions to the current economic climate. Sharath Sury has worked with some of the brightest and most experienced experts in finance and risk management and aims to bring a greater sense of ethics and responsibility to his profession. Through his efforts, Professor Sury has established this invaluable forum for the research and discussion of new developments in the world of economics and finance and has attracted a renewed spirit of innovation to the industry. Sharath Sury also serves as an Adjunct Professor of Economics at the University of California and Adjunct Professor of Finance at DePaul University in Chicago. Sharath Sury's interest and experience in wealth management began as an Associate and later Vice President at Goldman, Sachs & Co. He later founded and worked at S4 Capital, where he earned numerous accolades for his work.

SOURCE: Everything-Finance.net

http://blog.everything-finance.net/2010/03/06/exclusive-sharath-sury-explains-the-alpha-to-finance-enthusiasts-worldwide-on-everythingfinancenet.aspx

Posted by Everything-Finance.net at 3/6/2010 11:13 AM | Add Comment

Analytic Due Diligence Using an Alpha Cost Index

Analytic Due Diligence Using an Alpha Cost Index

Sharath M. Sury
Santa Clara University; University of California

Manda B Sury
DePaul University - Department of Finance

April 16, 2006

Keywords: hedge funds, alpha, beta, fees, due diligence

JEL Classifications: G10, G19

Working Paper Series

Date posted: October 06, 2009 ; Last revised: November 04, 2009

Suggested Citation
Sury, Sharath M. and Sury, Manda B, Analytic Due Diligence Using an Alpha Cost Index (April 16, 2006). Available at SSRN: http://ssrn.com/abstract=1482904

Export to: Export Citation What's this?

Contact Information
Sharath M. Sury (Contact Author)

Santa Clara University ( email )
500 El Camino Real
Santa Clara, CA 95053
United States
HOME PAGE: http://phonebook.scu.edu/index.cfm?v=pid&i=1894
University of California ( email )
Santa Cruz, CA 95064
United States

Manda B Sury
DePaul University - Department of Finance ( email )
1 East Jackson Blvd.
Chicago, IL 60604-2287
United States

Sharath Sury Has Indicated that the following articles May Be Hot and Happening Now!

Click Here To Read Articles!

Stainless Steel surcharges to increase

Surcharges for February delivery in Europe are expected to rise following recent commodity gains. Nickel has been stronger since mid December and allthough the price slipped back from highs around $19,000 per tonne on the LME it remains stronger. Even stronger gains for Molybdenum look set to drive moly bearing grades typically 316 even higher with [...]

Have an Interest in Finance and Investing?

If you have an interest in *anything* related to finance, then It would be worth your time to check out the blog:

http://blog.suryonline.net !

It contains some very interesting Finance articles and Videos, including Implementing Alternative Investments.

Sharath Sury - Current and Future Speaking Engagements (Continued:Part II)

SHARATH M. SURY DEAN'S EXECUTIVE PROFESSOR OF FINANCE, SANTA CLARA UNIVERSITY
ADJUNCT PROFESSOR OF ECONOMICS, THE UNIVERSITY OF CALIFORNIA
CHAIRMAN OF THE BOARD, SURY INITIATIVE FOR FINANCIAL INNOVATION & RISK MANAGEMENT (SIRFIRM)
CEO (EMERITUS) S4 CAPITAL, LLC
SELECTED SPEAKING ENGAGEMENTS(CONTINUED)

LIPPER INVERSTER OUTLOOK and MASTER CLASSES"The Changing Profile of Sophisticated Investors"

REUTERS ADIVCEPOINT FORUM"Implementing Alternative Investments: Single Hedge Funds vs. Fund of Funds"

HEDGE FUNDS WORLD - BAHAMAS 2007"Greek Lessons-Differentiating Between Alpha and Beta"

PRIVATE BANKING INDIA 2007 (CONFERENCE CHAIR)"Chairman's Opening Address"""Integrating Wealth Management and Risk Budgeting"

LIABILITY DRIVEN INVESTING (THE HARVARD CLUB,NYC)"Risk Budgeting and Hedge Fund Replication: Are You GettingWhat You Paid For?"

CFO PRIVATE EQUITY ROUNDTABLE, DEPAUL UNIVERSTIY"Convergence in the Hedge Fund and Private Equity Arenas"

ASSOCIATION FOR INVESTMENT MANAGEMENT and RESEARCH/CFA INSTITUTE"Controlling Firm Risks"

ALPHA BETS - 2006"Risk Budgeting in the Pursuit of Alpha"

SANTA CLARA UNIVERSITY"Investments and Applied Portfolio Management"

UNIVERSITY ECONOMICS ASSOCIATION"Industry Fundamentals - Investment Banking"

THE UNIVERSITY OF CALIFORNIA"Corporation Finance"

Sharath Sury In San Jose/Silicon Valley Business Journal

Click Here To Read Full Article

Sharath Sury - Current and Future Speaking Engagements

SELECTED SPEAKING ENGAGEMENTS(INCLUDING FORTHCOMING)

INDIA INVESTMENT SUMMIT 2010"Asset Allocation and Risk Budgeting Across Global Portfolios"

FAMILY OFFICE & PRIVATE WEALTH MANAGEMENT FORUM 2009"The Role of Risk in Asset Allocation: Tactical & Strategic"

THE ARDITTI CENTER FOR RISK MANAGEMENT - ANNUAL CONFERENCE 2009"Remarks on Systemic Risk in the Financial Markets"

10th ANNUAL ENDOWMENT & FOUNDATION FORUM 2008"Challenges Facing Endowments & Foundations: Past, PResent & Future"

STRUCTURED PRODUCTS FOR THE PRIVATE BANKING INDUSTRY 2008"Providing Best in Class Investments: Matching the Right Product to the Right Client"

PRIVATE WEALTH MANAGEMENT SUMMIT 2008"Insight into Family Office Investing"

CIRCLE OF FINANCE OPPORTUNITIES (CFO)"Systematic Risk: Financial Bubbles & Fads"

DEUTSCHE BANK ULTRA HIGH NET WORTH SEMINAR"Designing Prudent Portfolios: Evaluating Investment Managers"

4th ANNUAL STRUCTURED PRODUCTS IN THE PRIVATE BANKING INDUSTRY"The Use Of Structured Investments to Enhance High Net Worth Portfolios"

Video - An Introduction to Sharath Sury

Posco starts new stainless steel production

POSCO’s CRC stainless steel mill with the capacity of 400,000 tons started into production on December 16. Spokesman of POSCO said that it is a main body for the company’s strategy in adjusting the products structure. The CRC mill began to be started in August and tried out production in November. The output had input in [...]

What Defines a True Alpha? Sharath Sury Chairs Panel at Alternative Investment Summit

From: http://everything-finance.net

What Defines True Alpha? Sharath Sury Chairs Panel at Alternative Investment Summit 2009.
SANTA CLARA, Calif. Dec.10/Everything-Finance.net/— Today, Everything-Finance.net announced that the website intends gain insight for its users regarding the popular investment terms, “alpha” and “beta”, in finance. Everything-Finance.net anticipates interviewing several prominent experts in the field, including noted finance professor Sharath M. Sury.
Earlier this month, Mr. Sharath Sury led a highly distinguished panel of experts at the Alternative Investment Summit 2009 held in Southern California. Sharath Sury, a well regarded professor of finance and internationally recognized expert in asset allocation and risk management, led the panel in a diverse discussion that addressed the definition of “alpha,” the misuse of the term by many fund managers, and where the best opportunities for finding “alpha” currently exist.
So-called “alpha” measures the excess risk adjusted return on an investment as compared to the return of its benchmark (e.g., the S&P 500). Alpha is commonly used to identify the performance of manager-specific skills, as opposed to “beta” which measures the extent to with the manager had exposure to the movements (positive or negative) of the general markets.
The relative levels of alpha and beta are used to estimate the effectiveness of investment managers. However, the precise measurements of both alpha and beta are the subject of great debate.
In the coming weeks, Everything-Finance.net intends to contact notable finance professionals, like Sharath Sury, in attempts to conceptually clarify and define special investment terms that have great importance for today’s investment public. As a blogger recently suggested in a comment on blog.suryonline.net, “given the importance of evaluating manager skill, discussions of this kind are vital.” Professionals like Professor Sury, whose background includes extensive academic, research, and practitioner experience this field, can offer valuable insights.

Outokumpu revive plans for Indian service centre

Finnish stainless steel major Outokumpu on Sunday said it may revive its plan to invest around Rs 300 crore in India as the commerce ministry has decided not to levy anti-dumping duties on imports of certain products of the alloy steel. In April, the government had imposed a duty across stainless steel categories of between $12.74 per [...]

Women of steel

Jessica Ennis – World Heptathlon Champion 2009 – Made in Steel City Sheffield famous for the first production of stainless steel I was made in Sheffield. From the Don Valley Stadium, where the smell of the track can still transport me back to being a ten-year-old girl sitting on the concrete steps, to the Peace Gardens, [...]

EU may launch anti dumping on China for stainless steel

Wolfgang Lipp, CEO of Austria stated that EU will possibly launch the anti-dumping on China’s stainless steel exporters to stop China to pour a large amount of materials into Europe market. Although the demand slows down, China’s stainless steel exporters have a consecutive and rapid expansion plan, in the incoming four years, to sell out [...]

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December stainless surcharges for Europe fall

Outokumpu the Finish based stainless steel supplier have confirmed surcharges for delivery of stainless steel in December 2009. Industry experts expected surcharges to fall and 316 stainless steel seems to be the biggest loser with a reduction of over 80 Euros for December deliveries. The recent commodity falls from both nickel and Molybdenum prices have [...]

Top Scholar in Ethical Finance & Risk Mgmt to be Awarded

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Stainless steel prices fall slightly in Europe

Stainless steel prices have soften slightly after initial increases in price , mainly due to any lack of real demand in Europe. This may result in further production cut backs in a bid to firm up prices. The latest forecast comes from MEPS :- “Transaction values for all products are expected to continue on their downward [...]

Endowment & Foundation Forum

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Outokumpu sales slump

Finnish stainless steel manufacturer Outokumpu so its third quarter sales slump 54% compared to last year. Demand for stainless steel has fallen significantly during the economic down turn, but even these figures where worse than analysts forecast. Executives for the company still forecast break even by the end of the year due to rises in [...]

Stainless steel surcharges rocket

Outokumpu the Finish based stainless steel supplier have confirmed surcharges for delivery of stainless steel in September 2009. Industry experts expected surcharges to increase but even they admit they where surprised by how much especially for 316 stainless steel. The recent commodity gains from both nickel and Molybdenum prices have driven levels for September delivers [...]

Santa Clara University Press Release on SIFRIM

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China stainless steel mils cut prices

Chinese stainless steel mills cut prices by up to 800 yuan ($117) per tonne after raw material prices retreated and some market participants predict a stiff correction. Shanxi Taigang Stainless Steel, China’s leading producer, cut its list price for Grade 304 2B 2mm cold rolled coil and hot rolled coil by 800 yuan to 24,620 [...]

New stainless steel increases announced

Two of the stainless steel giants in the Far East market Yusco of Taiwan and Posco of South Korea announce increased stainless steel prices due to rising costs and demand more details below:- “YUSCO announced to adjust up the stainless steel prices again, and international nickel price has climbed to US$20,000 per ton, up US$3,000 per [...]

Stop anti-dumping duty on imported stainless steel

All India Stainless Steel Industries Association (AISSIA) today urged the government to immediately stop the imposition of anti-dumping duty on imports of stainless steel coils, as it is adversely affecting the domestic stainless steel utensils and cutlery manufacturing units in the country. Association President Badri Baldawa said the imposition of anti-dumpng duty on the import of [...]

Thyssen Krupp announces big loss

German based steel maker ThyssenKrupp announced a big change in fortune’s compared to last year when it announced big losses for Q3 earnings before taxes showed a loss of €987 million compared to the previous year of €2297 million. The company blamed the global recession for a slump in demand and hefty price falls. Highlights as [...]

Stainless scrap prices rising

Prices for stainless steel scrap are on the increase. In Japan prices have risen by over 5000 YEN , a similar picture is being reported in central Europe where prices are around 1200 Euro (1680 USD). A combination of recent increases in the Nickel price(over $20000 per tonne on the LME) along with increased demand [...]

Krupp site celebrates 50 years of stainless

On August 5, 2009, stainless steel manufacturer ThyssenKrupp Nirosta can look back on 50 years of production at its Dillenburg site. The plant – then owned by Siegen-based “Stahlwerke Südwestfalen AG” – started operations in 1959. Gerhard Beermann was mayor of Dillenburg at the time and gave his support to the construction of the plant [...]

ThyssenKrupp invests in eco-friendly converter

ThyssenKrupp Nirosta has completely modernized its converter facilities in Krefeld and in so doing made a further contribution to lowering pollution in the area around the plant. The optimized equipment started operation in the melt shop in spring and was recently granted an official operating license following the ramp-up phase. The two new AOD (Argon [...]

Price increases Japan,China,US and Europe

It seems that prices are increasing for stainless steel all over the world, buoyed up by 12 month highs for Nickel had the LME and a new found confidence for the stainless steel markets we have listed a few extracts below for a snapshot of what is happening Japan’s stainless steel producers are contemplating offering a [...]

RIP Harry Patch

Not related directly to stainless steel but somebody who indirectly would have an effect on virtually all our lives and the world today is Harry Patch. “The Wells Cathedral bell began to toll today as Britain bade farewell to Harry Patch, its last surviving soldier from the First World War. About 1,000 members of the public [...]

US Stainless prices to increase in August

Two major stainless steel flat-rolled mills are planning what amounts to a 3% increase in August transaction prices for cold-rolled sheet. Price increases have been announced by Allegheny Ludlum unit of Allegheny Technologies and North American Stainless. The other major U.S. producer, AK Steel, is seeking to increase stainless surcharges in September. Allegheny Ludlum says its [...]

South African stainless steel makers in wage dispute

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Nickel price still rising

Stainless steel prices look to be increasing further due to the increasing Nickel price. Prices for Nickel on the LME rose again today adding 37 cents arriving at US$8.43/pound by midday. According to this comment from the UK Daily Telegraph prices could still increase further “As the global economy goes toward growth as opposed to a [...]

Stainless Steel recovery underway

UK based consulting major MEPS sees a recovery in the stainless steel sector is under way. World steel production in the second half of this year will be significantly higher than in the first six months. It said that “The Asian market has started to pick up. De-stocking is coming to an end in most [...]

Outokumpu increase stainless prices for September

Finnish stainless steel manufacturer and market leader in the UK has announced increases for delivery of new material for September. The increases of 5% for Austenitic grades (304 / 321) and 10% for Molybdenum grades (316) announced in the UK where widely anticipated. Although unlike the recent price increases by Yusco which are to reflect [...]

Acerinox announce big loss

Spanish stainless steel maker Acerinox missed forecasts with a 255 million euro loss in the first half but said it expected positive results in the third quarter and a pickup in demand in the fourth. “We consider that the worst has passed,” the company said in a statement. Acerinox shares fell on the results and were [...]

Nickel strike continues as price rises

Prices in Nickel went through the key $17,000 per tonne price level in early trading on the LME, this follows news that the Vale Inco strike at Sudbury shows no sighn of ending soonsee below from there local paper. It could be “at least a couple of months” before there is any movement in the strike [...]

ArcelorMittal weighs up stainless steel spinoff

ArcelorMittal is exploring a joint venture spinoff of its stainless steel business, worth an estimated $3bn (£1.82bn), in a sign that the biggest steelmaker is contemplating scaling back. Driven on by Lakshmi Mittal, chairman and main owner, the group has expanded on the back of acquisitions including the €26.9bn (£23.2bn) purchase of Arcelor of Luxembourg in [...]

Brite Band stainless in administration

UK supplier and processor of stainless steel slit coil Brite Band company Ltd have appointed administrators the P&A partnership of Sheffield (Full listing at the bottom of the page). The business was run by Jonathon Hanson, the Hanson family have been established in processing stainless steel narrow coil for over 30 years. The Brite Band [...]

Outokumpu’s loss smaller than expected

Outokumpu the finish stainless steel manufacturer posted second quarter losses of 94 million euros ($133.4 million) in April-June from a 174 million profit a year ago. This was slightly better than the forecast figure by industry experts of 104 million euros. CEO Juha Rantanen siad in a statement “Despite the continued rather heavy operating loss, [...]

Stainless surcharges rise again

Outokumpu the Finish based stainless steel supplier have confirmed surcharges for delivery of stainless steel in August 2009. As forcast not only have the rising nickel and Molybdenum prices increased surcharges but also the Ferro Chrome increase has effected 430 (1.4016) as previously forcast here surcharges. A snapshot is listed below:- 1.4301 (304) 849 EUR /728 [...]

Nickel demand forcast to rise

Japan’s largest nickel producer, forecast a “substantial recovery” in demand in the six months starting October as the company’s output returns to full production. “Demand for electronics materials is recovering and stainless steel mill output is improving,” Akira Nozaki, general manager at the nickel sales and raw material division, said yesterday in an interview in Tokyo. [...]