Word: liquidating
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...comes the murkier part: Many assets - particularly those that unregulated hedge funds can trade - are not as liquid as stocks, so they do not always have a definite price on the market. Since a fund reports unrealized gains, it could easily get away with inflating profits. More specifically, the fund could use the most optimistic models to price its illiquid assets, which include mortgage-backed securities and other swaps. After all, economists disagree about how to value these assets, so the fund is not necessarily being dishonest in its assessment...
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...
...turned back toward the manor. One turret had already crumbled, groaning, to the ground. Flames leapt from every window and door—hellish orifices in neat rows. The entire roof of the great hall was a liquid pool of red and yellow. On and on it burned. Within her, another fire lapped ravenously, unforgivingly against the inner walls of her being, threatening to consume her. A rafter fell with an explosion, and Roxanna lifted her hands to shield her face. But then she stilled, staring down with horror at her once ethereally white hands. They were black with soot...
...signed. One young man wanted Adria's autograph on the handle of a kitchen knife (the blade was safely wrapped in plastic); a woman left a sample of her porcini sauce for Adria's kitchen to experiment with. (Adria's wife Isabel worried about flying the tiny vial of liquid back to Spain). A couple of people on line for autographs whispered giddily to him, "We have reservations at elBulli next year." (See pictures of what makes you eat more food...
...most common pieces of advice for air travelers is, hydrate. But, of course, carrying bottles or cups of liquid through security is verboten, and paying four or five bucks for a bottle of water inside security is just another indignity that flyers would prefer to avoid. The solution? Buy a non-disposable water bottle and fill it courtesy of a friendly server at an airport restaurant, or at a water fountain or bathroom faucet. (Local, state and federal regulators monitor water quality and safety at U.S. airports; however, do not drink the tap water aboard the plane.) Toting your...