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英国纽卡斯尔论文代写:丑闻

被马多夫声称,他不经营对冲基金;然而麦道夫唯一入口通过支线基金的批准。到他的操作,麦道夫的基金支付订单。麦道夫被别人怀疑的性能在业内就像Markopoulos很少研究大致相同。像《巴伦周刊》的文章写在受人尊敬的出版物和马多夫的投资策略就是开始质疑。Markopoulos认为,考虑到很少没有波动的原则有不切实际的回报和战略声称它承诺给超额回报。选择策略自称是受雇于麦道夫被称为split-strike转换。这个策略应该提供有限的回报和风险有限。长在大约30到35个大市值股票的篮子是要求在这一战略高度相关的更广泛的市场(2009年Rhee)。这也包括在价外指数看跌期权多头和空头头寸的价外指数叫钱。然而,没有相关的战略和麦道夫的性能数据。索赔由麦道夫是一个每年回报率为16%或更多的总是导致击败市场。

提出的问题Markopoulos伯尼的商业模式也有一些意义。全方位服务的经纪公司没有提供给马多夫证券的客户。通过应用一个技术增强方法传统策略称为分裂罢工向前转换,只呈现策略执行选定的客户服务。马多夫通过了标准的对冲基金费用支线基金经理,这对任何人都没有意义,同时他收入只是执行佣金自营交易策略。提出的疑问,为什么他会接受执行委员会在麦道夫的表现历史收入16%或更多的可能是获得。此外,经营着一家对冲基金,还可以获得20%的利润和回报率为1%。

英国纽卡斯尔论文代写:丑闻

It was claimed by Madoff that he didn’t operate a hedge fund; however Madoff had the only entrance through an approved feeder fund. Into his operation, Madoff paid the funds for order flow. The performance of Madoff was doubted by others in the industry but just like Markopoulos very few studied about the same. Like Barron’s articles were written in respected publications and Madoff’s investment strategy was started to call into question. Markopoulos believed that given the fact that there was very little to no volatility of principle there were unrealistic returns and as the strategy claimed it promised to give excess returns. The options strategy claimed to be employed by Madoff was known as the split-strike conversion. This strategy was supposed to provide limited rewards and had limited risks. A long position in the basket of about 30-35 large capitalization stocks was required in this strategy which was highly correlated to the broader market(Rhee 2009). This also included a long position on out-of-the-money index put options and a short position of out-of-the-money index call money. However, there was no correlation amongst the strategy and the Madoff’s performance numbers. The claim made by Madoff was a return of 16% or more year after year which by a wide margin always resulted in beating the market.

The questions raised by Markopoulos regarding the business model of Bernie made some sense. Full service brokerage wasn’t provided to the clients of the Madoff securities. By applying a technologically enhanced approach to a traditional strategy known as split strike forward conversion, the strategy rendered execution only services to selected clients. As Madoff passed up standard hedge fund fee to feeder fund managers, this made no sense to anyone; while at the same time he was earning just the execution commissions on the proprietary trading strategy. The doubt which was raised that why would he accept execution commissions when with the performance history of Madoff a earning of 16% or more could have been earned. Moreover, by running a hedge fund also he could have earned 20% of the profits and return of 1%.