Construction un-bust

The headlines have been screaming that the Israeli economy is in recession — as if anyone needed to be told that. The reason why this is a news item is because the data for GDP growth in the first quarter of 2009 (published on 17/5) showed, to no-one’s surprise, that this key measure of economic activity shrank at an annualised […]

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When ‘fund’ becomes a four letter word

The previous blog focused on how so many supposedly smart people and famous names from among the professional investment community could have been taken for a ride by Bernie Madoff’s scam. The inescapable conclusion was that they were guilty of either stupidity, or incompetence, probably mixed up with a good dash of either arrogance or laziness. These sterling qualities, rather […]

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Too good to be true, but not too bad to be true

It seems fair to say that the Madoff affair will come to be seen as a milestone in the development of three very different groups of people: a) the Jewish world in general and the American-Jewish community in particular; b) the money management profession, extending from private and other banks, through to hedge funds and other ‘vehicles’; c) people with money, whether a little (‘savers’), a lot (‘investors’), or a great deal (‘wealthy’).

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