Word: chicago
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...according to Hedge Fund Research's HFRX global index. By contrast, the Dow has dropped 40% this year; MSCI's index of developed and emerging stock markets has plunged nearly 50%. But some large, established funds have taken big hits. In mid-October, the $17 billion Chicago-based firm Citadel Investment told investors that its flagship fund had dropped nearly 30% this year. According to Singapore-based Eurekahedge, which tracks the industry, hedge funds lost an average of 4.7% in September, the worst monthly performance since the company began collecting data...
...Little wonder many investors are rushing for the exits. But there were signs of trouble even before the onset of the bear market. Earlier this year, Spectrem Group, a Chicago-based consultancy that tracks the habits of Americans worth between $5 million and $25 million, reported that the wealthy were dropping hedge funds from their portfolios. In 2005, Spectrem said, 38% of high-net-worth individuals invested in the funds; by 2007, the proportion had fallen...
...income taxes. Democratic President John F. Kennedy reduced the highest marginal tax rate from 90% to 70% because he felt that all taxpayers, regardless of financial status, deserved to keep more of their money. The change led to increased economic activity, more jobs, and more savings. Kent Frederick, Chicago...
...Absolutely!" says Grant Achatz of Chicago's Alinea Restaurant. "There's a huge misconception that the food here will be science-y. It's food." He concedes that there "are tons of steps" in his Alinea (Ten Speed Press; $50), but, he says, "a well-written recipe is as simple as a fourth-grade story." And since not all fourth-graders have an antigriddle (a cooktop that freezes rather than heats), Achatz notes that a cookie sheet atop dry ice will suffice...
...self-improvement. In a 2007 Pew survey of black America, Bill Cosby was rated second among public figures believed to have the best influence on African Americans; Oprah, not exactly a doyenne of black complaint, ranked first. That same year, a study of young people by the University of Chicago found that while black kids consumed more rap videos than their white counterparts, about 60% of them thought the portrayals of black women were offensive...