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Jacobs: I ve heard it said that market neutral equity strategies only make sense if pricing inef ciencies are larger or more frequent for potential short positions (that is, among stocks that tend to be overpriced) than for potential long positions (stocks that tend to be underpriced). But greater inef ciency of short positions is not a necessary condition for market neutral investing to offer bene ts compared with long-only investing. These bene ts re ect the added leeway to pursue return and the greater control of risk that derive from the strategy s freedom from benchmark weight constraints. Levy: It s also frequently heard that merger arbitrage does not work unless it s based on insider information. But, as it is practiced in the



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L. Fang, Security Framework for ProviderProvisioned Virtual Private Networks (PPVPNs), RFC 4111, July 2005 R. Aggarwal, Y. Kamite and L. Fang, Multicast in VPLS , draft-raggarwa-12 vpn-vpls-mcast-00.txt (work in progress) M. Behringer, Analysis of the security of BGP/MPLS IP VPNs , draft-behringermpls-secutiry-10.txt, soon to become an RFC (currently in the RFC editor queue)

Wheel-and-track (Az-El antenna mount): 7.2.3.3. Wideband receiver (satellite): 6.3.3.2. World Administrative Radio Conference (WARC): 9.3.2.1. World Radiocommunication Conference (WRC)*: Chap. 9. Worst month: 2.2.3.2, AN1.2.1.





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The relative volatility of different investments is a major factor in our investing decisions Past volatility is used as a proxy for absolute risk in several ways We use measures of historical volatility to estimate future volatility For example, based on the historical returns, we can see that we might not be too con dent in earning around 17% in any one year in small company stocks, even though that is our long-term average return We would be progressively more con dent in achieving the average return to other asset classes This con dence comes in exchange for a lower long-term average return Historical volatility also informs our estimate of the probability of experiencing a short-term loss We have a higher probability of losing money in any one year in an asset class with a wider dispersion of returns than one with a smaller dispersion.

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17: Using Advanced EJB Techniques Writing home and remote interfaces The home, local, and remote interfaces are little different from those used for BMP entity beans. The restrictions that were listed for CMP beans don't really apply at this level. For example, if you have a remote interface, it is not allowed to return instances of local beans. Starting with the home interface, you must provide the create() method declaration(s). These perform the same task that they normally perform creating a new instance of the bean type. CMP beans are still entity beans, so don't forget that you are still required to provide finder methods at a minimum findByPrimaryKey(). Finder methods that return more than one key still return a java.util.Collection or java.util.Set instance. For example, the product remote home interface would look like this:

Past volatility helps us estimate future volatility, but the same caveat about past returns not necessarily providing a good indication as to future return applies to risk measurement as well So while past volatility helps us to estimate future volatility, performance measurement is strictly concerned with measurement of past volatility rather than the estimation and management of future volatility Forward-looking risk estimation (ex-ante risk) is the process of forecasting the expected risk of the current portfolio As part of the portfolio management process, we evaluate the risk of making changes to the current portfolio versus the expected gains Backward-looking (ex-post risk) risk is the measurement of the historical risk experienced by the investor in the portfolio or the benchmark relative risk produced by the manager Historical risk statistics become less relevant to the forecasting of future risk as fund composition, manager style, capital markets relationships, and other factors change.

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