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Suppose some investors decide to withdraw their money from a hedge fund. The fund must liquidate the appropriate amount of its assets to pay these investors. Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets. Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period. Sounds a bit like a Ponzi scheme, right...
...separate statement, Apple's board said, "If there ever comes a day when Steve wants to retire or for other reasons cannot continue to fulfill his duties as Apple's chief executive, you will know it." In the end, of course, until Jobs actually does appear somewhere looking healthy - a cameo appearance at Macworld would be awesome - people will fret. As they should: the world will be a diminished place when Jobs steps down from Apple for good...
...protected status. "This group has been labeled a terrorist organization," al-Maliki said. "It can no longer operate in Iraq after today because it has caused a political crisis that contradicts the constitution ... We will never force any of these people to go back to their country ... but Iraq cannot be a base for these people...
...Obama will have an easier time selling the idea of reform that legalizes current undocumented immigrants if he can argue that the reforms would be accompanied by serious enforcement, something that never happened after the last legalization effort. "We know that one-sided reform, as we saw in 1986, cannot succeed," Napolitano said in November. "During that reform effort, the enforcement part of the equation was promised, but it didn't materialize...
...then, cigars were exploding in popularity around the world. The U.S. consumed some 300 million cigars by the mid-19th century, and many Cuban cigar-makers migrated to nearby Florida, where Tampa became known as "Cigar City" by the early 20th century. "If I cannot smoke in heaven, then I shall not go," Mark Twain declared. Though the boom was partly lit by the cigar's affordability, they soon become a must-have accessory for debonair gentlemen - men like King Edward VII, who, upon assuming the British throne in 1901, famously announced a break with the smoke-free policies...