Publications

Download Ted’s Publications

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The Surprising Cost of Volatility
(2010)

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Understanding Hedge Fund Fundamentals and Trends
(2008)

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The Next Dominos: Junk Bond and Counterparty Risk
(2007)

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Liquidity: Don’t Wait til the Water Runs Dry
(2006)

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HBS Case Study: Protégé Partners
(2005)

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The Issue of Risk Transparency
(2002)

The Surprising Cost of Volatility

Financial Times (Alphaville)


Seeing a rise in volatility, Ted describes the implicit costs that a high volatility regime imposes on investors across leveraged ETFs, hedge fund short positions, tail risk hedges, and institutions with perpetual capital. He ascribes remedies to navigate the environment.

Source: Financial Times (Alphaville) Date: April 26, 2010 Length: 12 pages

Understanding Hedge Fund Fundamentals and Trends

FA Conference Proceedings Quarterly


In the midst of a meltdown, Ted takes a step back to describe hedge funds using first principles. Separating fact from unsubstantiated beliefs may have assisted investors in focusing on the long term at a time when participants were myopically focused on short-term preservation.

Source: CFA Conference Proceedings Quarterly Date: September 2008 Length: 9 pages

The Next Dominos: Junk Bond and Counterparty Risk

Economics and Portfolio Strategy


Nearly a year before the collapse of Lehman Brothers, Ted details the massive imbedded leverage in the financial system through the opaque credit default swap market. He forewarns serious and inevitable risk in the credit markets.

Source: Economics and Portfolio Strategy Date: December 1, 2007 Length: 10 pages

Liquidity: Let's Don't Wait til the Water Runs Dry

Economics and Portfolio Strategy


Two years before the financial crisis, Ted warns of excessive liquidity in the markets and suggests a prescription to protect capital against an eventual change in regime. Those following the recipe may have substantially protected capital when the financial crisis took hold.

Source: Economics and Portfolio Strategy Date: August 15, 2006 Length: 8 pages

Protégé Partners: The Capacity Challenge

Harvard Business School (Case Study)


Written by Professor Randy Cohen in 2004 and taught at Harvard, MIT, Stanford, and Columbia business schools over the ensuing 11 years, the Protégé case enlightens students about fund of funds, a focus on small managers, seeding, and the challenges of growing an asset management business.

Source: Harvard Business School Date: April 12, 2005 Length: 23 pages

The Issue of Risk Transparency

Institutional Investor Quarterly


In the early years of institutional hedge fund investing, Ted discusses the interests of investors and managers to find a common ground in meeting both constitutes needs regarding transparency.

Source: Institutional Investor Quarterly Date: Fall 2002 Length: 8 pages