Hedge Fund All Over 400-Year-Old Currency TheoryBy
Knew what they were talking about.
First Quadrant’s Absolute Return Currency Fund is up 9.6% this year. And while it’s got all of the high-powered computing you’d expect from a 21st-century forex fund, all credit goes to some holy folks at la Escuela de Salamanca some years back.
The strategy is based on the theory of purchasing-power parity, an achievement of theologians at the School of Salamanca, where it was developed based on silver and gold trading between Spain and its colonies in the Americas during the 16th century…
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