The Big Picture

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• The Great Housing Boom of China
• Billionaire Census 2014
• 10 Monday PM Reads
• Risks to Family Wealth
• FOMC dissents from 1936 until 2013
• Why Hedge?
• 10 Monday AM Reads

The Great Housing Boom of China Posted: 23 Sep 2014 02:00 AM PDT

Billionaire Census 2014 Posted: 22 Sep 2014 06:00 PM PDT Wealth-X And UBS Billionaire Census 2014 from Wealth-X on Vimeo.

10 Monday PM Reads Posted: 22 Sep 2014 02:00 PM PDT My afternoon train reads: • The Rise of Ultracheap Financial Advisers (WSJ) • Why Warren Buffett hates gold (USA Today) • Eric Holder's Shameful Legacy on Wall Street Fraud (Fiscal Times) • Buy? Sell? Or Hold? (WSJ) see also I Really Want to Crush the Efficient Market Hypothesis (Pragmatic Capitalism) • Census data on poverty show results of economic policy gone wrong (LA Times) • When it comes to making decisions, bees and ants can act against stereotype (WSJ) • The New Conservative Love Affair With Canada (The Upshot) • This map shows which disease is most likely to kill you depending on where you live (Global Post) • How the Ray Rice scandal unfolded (ESPN) • The Brain That Changes Itself (Seeking Wisdom) What are you reading?     California Droughts Source: xkcd

Risks to Family Wealth Posted: 22 Sep 2014 12:15 PM PDT Source: U.S. Trust

FOMC dissents from 1936 until 2013 Posted: 22 Sep 2014 08:30 AM PDT Source: St. Louis Fed

Why Hedge? Posted: 22 Sep 2014 06:00 AM PDT The news last Monday was a shock — the Calpers California earthquake. For a variety of reasons, the California Public Employee’s Retirement System, the nation’s largest public-pension fund, said it was dropping hedge funds from its roster of investment allocations. This tremor will be felt far and wide. We are unlikely to know the full impact of Calpers's decision for some time, as other pension-fund managers digest the thinking that goes into managing $300 billion in assets. It will, however, be influential. Calpers is not only the largest pension fund, but is often thought of as the most powerful. Its thoughtful managers have a reputation for making measured decisions after deep research and internal debate. It isn’t just hedge funds that have come under close scrutiny: All of the alternative investments of the pension giant are being treated to a similar cost-benefits analysis. Last December, Calpers said it was "culling 269 private equity managers to boost performance and oversight." This too followed a long internal review. Some of the reaction from the hedge-fund community missed the point of why Calpers did what it did. One wag even criticized Calpers and its ability for picking hedge funds. This missed the point entirely. And Mark Anson, a former chief investment officer of Calpers who helped to steer the pension giant into hedge funds, noted that Calper exit probably didn’t signal the start of a “mass exodus anytime soon.” Continues here

10 Monday AM Reads Posted: 22 Sep 2014 05:00 AM PDT I’m back at my desk on Monday morning — these reads aren’t going to read themselves: • What is Alibaba? (WSJ) • The Dumb Money Is Getting Smarter Every Day (Bloomberg) see also   Markets' Best Friend: Miscalculation (WSJ) • Rosenberg: Market volatility is back; here's how to play it (Financial Post) • Are the Federal Reserve's naysayers on the wrong side of history? (WonkBlog) Continues here

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