“This way active managers could be asked to simulate their strategy to convince the pension fund it would actually add value to the portfolio,” the researcher said.Slager pointed out trustee boards were “not ready yet” for a new form of information exchange but he is optimistic for the future: “Talking to trustees who only just started on the boards you see people much more used to new regulations and a two-way dialogue with asset managers.”The €27bn French civil service scheme ERAFP awarded a mandate last month based on data from a “virtual asset management platform” allowing managers to replicate their strategies.Rob Arnott, founder and CEO at Research Affiliates, also emphasised the importance of collecting evidence and using information sensibly, from a fund manager’s perspective.“When someone beats the market there has to be a loser on the other side of the trade,” Arnott said. “If a manager does not have a clear, succinct answer to who that is then they don’t know why they are winning. Indeed they are then the losers.”Knowing why a strategy worked was key to sustainable returns for asset managers, but also for pension funds, he added.“Almost no pension fund committee is willing to record how decisions were made and go back after a few years to see what mistakes they made,” Arnott said. “The same applies to quant managers as they seldom ask whether a strategy enhancement really enhanced the product or just added a performance chaser which weakened the product.”Factor investing ‘not a panacea’Arnott, a vocal advocate of factor-based investing, also warned that relying solely on data was not a good strategy.“It can help as a tool but it tells you nothing about the future – you need to be very aware of the fact that inefficiencies change,” he said.He said he was convinced that “looking at valuations helps”, emphasising this point with the example of quant managers and factor investing: “Inviting 10,000 quants to mine data means they will all come up with the same factors. So we are dealing in a very crowded territory, and the notion that factor investment is some sort of panacea is naïve.”The factors on which most products are based were developed by academia “based on the assumption that markets are efficient” and without allowing for future changes to markets, Arnott said.“Many factors were identified because they were statistical outliers,” he said. “Quants get seduced by data and fail to ask important questions like how can I get hurt, how might inefficiencies change.”Arnott’s research has shown anti-cyclical investment works for factors such as value and momentum. “When valuation is low, value is working fine – when it is high, not so much,” he said. “You have to buy what is out of favour, unloved, and what people want to get rid of.”Arnott has warned of the dangers of overvaluation in factors for some time, through several research papers.In his presentation last week he also reiterated his argument that timing of factor investing was possible, but said it “needs a mindset that is well suited” to one factor, meaning investors should not chase performance when a factor gets cheaper.Alfred Slager also voiced concerns of a point “where the trouble starts” with factor investing. “With pension funds reviewing strategies one of the challenges is to hold a steady and consistent course in factor investing,” he said.Slager added that he had a few concerns regarding pension funds and smart beta: “There were some hasty implementations which only hinged on a few moments of a timeline which the investment committee reported about. It is important to know which part of the performance in these investments is revaluation and which is structural.” Pension funds need to better brief their active managers on which strategies fit into their portfolio, rather than just giving them restrictions, according to speakers at IPE’s 360 conference.Alfred Slager, professor of pension fund management at TIAS School for Business and Society, told delegates: “The future has to be trustees providing design principles and asset managers trying to fit in, rather than pension funds trying to accommodate certain mandates.“This makes a more honest discussion necessary which is more evidence-based.”For this, pension funds needed to “connect the relevant data”. Slager recommended setting up an “open data room” with all a pension fund’s available information available to share with asset managers at an early stage.
Submit VBET agrees Armenian Premier League and Armenian Cup sponsorship August 13, 2020 Related Articles Share New Polish poker table in BetGames section for STS July 15, 2020 Nuno Gomes joins BetConstruct and FeedConstruct as brand ambassador June 18, 2020 Industry technology and systems provider BetConstruct is reflecting on a successful time at this year’s World Gaming Executive Summit (World GES).Held in Barcelona last week, this year’s edition of the summit involved a wealth of lively discussions on industry-related burning questions.Touching upon the advancements in the IT sphere, participants of the C-Suite panel entitled ‘The future of sports betting – what will the industry look like in 2030?’ discussed what the future holds for ecommerce. This was particularly relevant for BetConstruct, given its recent roll-out of its new integrated sportsbook concept.Based on each player’s behaviour and betting style, the new ‘Recommendation System’ feature in BetConstruct’s sportsbook has personalised offers with several bets, while hoping to create a better customer experience and increase stakes on partners’ websites.Continuing with the hot topic of artificial intelligence (AI), the panelists discussed how its implementation into the trading desk and smartodds can be one of the milestones that machine learning strives to reach. World GES also outlined the recent legislative updates in Europe and the USA. The new regulatory frameworks will open up more possibilities for international operators to fully explore the potential of the markets. BetConstruct took the pragmatic view that believe the laws will continue to improve for both the governments and the operators. StumbleUpon Share
Launched in Canada in 2010, the Drive 4UR Community program is a Ford’s pillar test drive fundraising program.The program is a fun and exciting way to engage schools and local community causes and support their fundraising efforts.Ford Dealerships partner with a local school or community organization to conduct a test drive event together. For every valid test drive completed at the event, Ford of Canada donates $20 to the cause – up to a maximum of $6,000.Nelson Minor Hockey was the recipient of a donation of $2600 to help the program through the upcoming season.On hand for the presentation were Ike Braga and Gerry Cesa of Nelson Ford andLisa Upper, Brad Ouchi, Derrick Bruce and Kim Osika from Nelson Minor Hockey. Gerry Cesa, Ike Braga and the friendly staff at Nelson Ford were all too quick to help out Nelson Minor Hockey with the recent Drive 4UR Community fundraiser.
ARCADIA, Calif. (Sept. 28, 2016)–With the $6 million Breeders’ Cup Classic at Santa Anita looming on Nov. 5, superstar California Chrome, North America’s all-time earnings leader with $13,252,650, towers over six rivals in Saturday’s Grade I, $300,000 Awesome Again Stakes at 1 1/8 miles at The Great Race Place.Fresh off a smashing five length score in the Grade I Pacific Classic at 1 ¼ miles Aug. 20, California Chrome has won five races in a row, most notably the $10 million Dubai World Cup three starts back on March 26. HOPPERTUNITY: Also conditioned by Baffert, the 5-year-old by Any Given Saturday is enjoying a solid year, as he’s banked more than $1.4 million from five starts, the most recent a well beaten fourth behind California Chrome in the Pacific Classic. A workmanlike Grade I performer, he’ll be facing “Chrome” for the fourth time this year, having run third in the Grade II San Pasqual Stakes Jan. 9, third in the Dubai World Cup March 26 and the aforementioned fourth place finish in the Pacific Classic. Owned by Mike Pegram, Karl Watson and Paul Weitman, Hoppertunity has three wins from 11 starts at Santa Anita and is 21-5-6-4 overall with earnings of $2,962,675. CALIFORNIA CHROME: Trained by Art Sherman throughout his remarkable 23-race career, the 5-year-old California-bred horse by Lucky Pulpit began his most recent win skein with a facile 1 ¼ length win in the Grade II San Pasqual Stakes at Santa Anita on Jan. 9, his fourth win from seven overall starts in Arcadia. A winner of the 2014 Santa Anita and Kentucky Derbies, “Chrome,” who was voted Horse of the Year in 2014, is a racing rarity on many accounts, including the fact he is a full horse competing at racing’s highest levels at age five. Blessed with incredible natural speed and stamina, regular rider Victor Espinoza declared “California Chrome is the best horse I have ever ridden,” following his victory in the Pacific Classic–a very large statement indeed considering Espinoza guided American Pharoah to a Triple Crown triumph and Breeders’ Cup Classic honors in 2015. Owned by Taylor Made Farm and Perry Martin’s California Chrome, LLC, the striking chestnut is now 23-14-3-1 overall. California Chrome–Victor Espinoza–125Dortmund–Rafael Bejarano–121Hoppertunity–Flavien Prat–121Win the Space–Gary Stevens–121Soi Phet–Kent Desormeaux–121El Huerfano–Martin Pedroza–121Hard Aces–Santiago Gonzalez–121First post time on Saturday is at 12:30 p.m. Admission gates open at 10:30 a.m. For scratches, late changes and complete morning line information, please visit santaanita.com. THE AWESOME AGAIN IS ONE OF FIVE BREEDERS’ CUP ‘WIN & YOU’RE IN’ CHALLENGE STAKES THE GRADE I AWESOME AGAIN STAKES IN POST POSITION ORDER WITH JOCKEYS & WEIGHTSRace 7 of (of 11) Approximate post time 3:30 p.m. PST DORTMUND: A winner of the 2015 Santa Anita Derby, he made California Chrome “run” two starts back when second, beaten a half length in the mile and one sixteenth San Diego Handicap July 23. However, Dortmund was never a threat to “Chrome” in their next encounter, when third, beaten 7 ¼ lengths in the Pacific Classic. Trained by Bob Baffert, he’ll be ridden for a second time by Rafael Bejarano and can be expected to menace anyone desirous of the early lead. A massive 4-year-old colt by Big Brown, Dortmund will be making his third start of 2016. Owned by Kaleem Shah, Dortmund is 12-8-1-2 with earnings of $1,872,480.
NEW YORK — Willie Randolph was overjoyed. Mel Stottlemyre was simply stunned.The former New York Yankees stars, who both wore No. 30 in pinstripes, were honored Saturday with plaques in Monument Park — one expected and the other a well-kept secret.Leading off festivities on the 69th annual Old-Timers’ Day at Yankee Stadium was Randolph, presented with his plaque near home plate in a ceremony the team announced months ago.With his family seated behind him and the number 30 painted near both baselines, the former co-captain and All-Star second baseman spoke to the crowd for 12 minutes. He closed by telling fans they’ve made him feel like “Yankee royalty.”Then, after all the ex-Yankees were introduced to cheers, Stottlemyre’s family was called onto the field and the former pitcher and longtime coach — battling bone marrow cancer for 15 years now — was surprised with a plaque of his own.Walking with a cane, he was escorted from the dugout by old pupil Andy Pettitte on a drizzly evening in the Bronx.“This is without a doubt the biggest surprise I have ever had. Today in this stadium, there is no one happier to be on this field than myself,” the 73-year-old Stottlemyre said from the podium after traveling across the country from his home outside Seattle.“If I never get to come to another Old-Timers’ game, I will take these memories that I have today and I will start another baseball club, up there coaching, whenever they need me.”The regular roster of fan favorites also was on hand, including Hall of Famers Whitey Ford, Rickey Henderson, Reggie Jackson, Wade Boggs, Goose Gossage and Joe Torre.Yogi Berra, who turned 90 last month, was unable to make it this time.Randolph and Stottlemyre are far from giant figures by Yankees standards, but both enjoyed immediate success in New York on pennant-winning teams and returned as loyal coaches for many years after their playing days were done.Now, their contributions will be commemorated for future generations behind the center-field fence at Yankee Stadium.“The emotions are just running wild right now,” Randolph said before the crowd chanted his name. “I just want to soak it in one more time — bear with me.”Randolph grew up a Mets fan in Brooklyn and managed his boyhood team from 2005-08, leading New York to Game 7 of the 2006 NL Championship Series.But first, he learned how to win as a youngster in the Bronx Zoo with the late 1970s Yankees and passed on those lessons while coaching under Torre in the 1990s and 2000s.“The coolest thing about this day is that I get to share this with all my guys,” Randolph said, addressing former teammates as they hung their arms over the dugout railing. “We’ve got the 70s, 80s, 90s and 2000s, and I was along for that whole ride.“I’m still living a dream. I’m in uniform, 60 years old, playing baseball with my boys. I don’t want to wake up.”Randolph never put up huge numbers, but he was steady and reliable on some wild Yankees teams. What he did was anything it took to win: He worked a walk and stole a base. Turned that timely double play. Led by example.“This is surreal for me,” Randolph said after the ceremonies ended. “It was almost too emotional, really. I had some really good stuff. But when I got up there … you just draw a blank.”Randolph played for the Yankees from 1976-88 and batted .275 with 1,027 runs. He stole 251 bases, third on the franchise list, and appeared in more games at second base (1,688) than any other player in team history.“Fundamentally, as great a player as I’ve ever played with,” Gossage said. “Hopefully, it opens the door for some other guys.”Stottlemyre pitched for the Yankees from 1964-74 and won a World Series game in his rookie season. He made five All-Star teams and went 164-139 with a 2.97 ERA. His 40 shutouts are tied for second in club history.He even had five hits in one game and an inside-the-park grand slam in another.Stottlemyre gained additional acclaim as pitching coach for the crosstown Mets when they won the 1986 World Series. He served in the same capacity under Torre from 1996-2005, helping the Yankees to four championships.“In 2000, after having a stem-cell transplant, I was going to retire from baseball. But because of you people and the support I got here at the ballpark I decided to come back, and it was the greatest thing I ever did,” Stottlemyre told the crowd.Later, as the old-timers took the field for a brief game before the Yankees hosted the Detroit Tigers, Stottlemyre said he couldn’t believe his family was able to keep the secret from him.“It’s really something special,” he said. “I’m actually feeling pretty well, pretty good.”(MIKE FITZPATRICK, AP Baseball Writer)TweetPinShare0 Shares
About the authorPaul VegasShare the loveHave your say Crystal Palace boss Hodgson admits Benteke confidence rock bottomby Paul Vegasa month agoSend to a friendShare the loveCrystal Palace manager Roy Hodgson admits Christian Benteke’s confidence is rock bottom.The 28-year-old missed a fantastic opportunity to seal the victory in Palace’s last-gasp 1-1 draw with Wolves on Sunday, leaving him goalless for the season and with just four goals in his last 52 Premier League appearances.Hodgson said: “We cannot do more than we have been doing for a long period of time because unfortunately his confidence hasn’t been at the highest level because he hasn’t scored the goals that he wants to score, and the club want him to score.”But we work very hard with him to make certain that he realises there’s other aspects of his game that we appreciate and we still want him to give us every time he plays.”It’s not because he doesn’t try hard enough. It’s not because he doesn’t want to score goals badly. It just is a rut that he finds himself in and we’re working hard with him on the training field to try and help him to get out of it.”
New Delhi: Northern Railways announced special trains to clear extra rush of passengers on Monday. The train no. 09631 Madar-Beas special train will depart from Madar at 8.45 a.m. on 6 September to arrive at Beas at 2.55 a.m. the next day (1 trip). In the return direction, the 09632 Beas-Madar special train will depart from Beas at 7.50 p.m. on 8 September to reach Madar at 2.00 pm the next day (01 trip). Likewise, the train no. 04833 Bhagat Ki Kothi-Beas special train will depart from Bhagat Ki Kothi at 8.30 am on 13 September to arrive at Beas at 5.00 am the next day (01 trip). In the return direction, the 04834 Beas-Bhagat Ki Kothi special train will depart from Beas at 5.50 pm on 15 September to reach Bhagat Ki Kothi at 2.55 pm the next day (01 trip).
APTN InFocus with Cheryl McKenzieThe work of Indigenous filmmakers is being screened and celebrated at the 13th annual Winnipeg Aboriginal Film Festival.Jeremiah Bitsui is Navajo and has starred in blockbuster hits like, Oliver Stone’s Natural Born Killers and AMC’s popular television series, Breaking Bad.In this edition our guests discuss the changing dynamics of Indigenous films and filmmaking.