Firstly I have to say that I loved this book. It has its downfalls as a polemic, but it is one of the few books on economics, but I read it with a smile on my face most of the time with occasional gasps of astonishment at the man's maverick genius.
For the uninitiated, Benoit Mandelbrot is essentially a mathematician, but one who has applied his original thinking to a large number of disciplines from economics, geometry, hydrology and wind turbulence. Most people (myself included) would have first encountered him during the early nineties when James Gleick's book on Chaos Theory first popularised his "fractal" view of the world. Fractals (the greatest example of which is the eponymous Mandelbrot Set) are essentially geometrical patterns that are repeated on ever smaller scales to produce irregular shapes and surfaces that cannot be reproduced by classical Euclidian geometry - and Mandelbrot has used ... more »
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Thursday, March 6
The (Mis)behaviour of of Markets by Benoit Mandelbrot
by
Sean Sprackling
on Thu 06 Mar 2008 10:54 GMT
Survey shows lack of hedging by large Pension Schemes
by
Sean Sprackling
on Thu 06 Mar 2008 09:07 GMT
Incredibly (well to my mind at least) a recent survey conducted by KPMG unveiled by the Pension Protection Fund at the NAPF conference, has shown a worrying lack of interest by large pension funds for hedging strategies. The survey, of 95 large pension schemes, showed that only 40% of them were running interest and inflation hedging strategies. Partha Dasgupta, the PPF Chief Executive said: “Our survey found that there has not been the
headlong march into hedging as people first thought - a finding echoed
in the NAPF’s own research. During the next year, our survey shows that
there will not be much activity in this area although it will increase
during the next 10 years, possibly as schemes realise the recovery
plans they put forward to the Pensions Regulator."
The key findings of the survey were: i) many of the schemes estimate that only a small proportion of the ... more » |
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