Evaluating the effect of training period length on the performance of machine learning algorithms, Does more data mean better models Maybe not for neural network systematic FX trading strategies In this paper we explain a qualitative approach to estimating the optimal look-back window size to create training sets for deep neural network-based FX strategies Explaining the problem class over-representation vs lack of data dilemma Machine learning-based systematic FX trading algorithms utilise…, LOOK-BACK WINDOWS (LBWs,   Read more ​The information contained herein is intended for institutional clients Qualified Eligible Persons Eligible Contract Participants and Wholesale Clients or the equivalent classification in the recipient’s jurisdiction and is for informational purposes only Nothing contained herein constitutes an offer to sell an interest in any Mesirow Financial investment vehicle It should not be…

We are often asked why our portfolio contains a high concentration of relatively small bond issues (which tend to be issued by commensurately smaller companies – firms having enterprise values between $1 billion and $5 billion We believe that 1 such issues tend for a variety of reasons to offer more yield per unit of default risk 2 such excess return is of greater value to almost all investors…, Dispersion – the active manager’s friend, Large issues attract attention and coverage by both the underwriters and such private research firms as Gimme Credit and CreditSights Issuers of large bonds also tend to have publicly traded equity which is a “free” resource to allow a bondholder to quickly read the latest Street thinking on a company Large issues tend to be widely owned and thus followed by enough smart investors to be…, It’s not size that matters – it’s stability, We soundly disagree with the thinking that the resilience of a credit is related to its absolute size (Caveat we do believe that of the very small bond issues of under $100 million which are a different class of company entirely Logically what really matters to a business’ survivability is its skill and cost position relative to its competitors the stability of the economics of the industry and…, The advantage of simple capital structure, Another feature of smaller issuers is that they tend to have simple capital structures Smaller companies tend to have just two layers of debt – a secured bank facility (probably including a revolving line of credit for seasonal needs and a single unsecured high yield bond issue In the event of a distressed reorganization either in or out of bankruptcy the critical inter-creditor negotiation…, The mirage of liquidity – and why it is overvalued, The most frequent objection to our thesis is that our approach entails liquidity costs that are not captured adequately in either the statistics cited thus far in this report or in our results In “normal times” when security prices are exhibiting a normal level of volatility we believe our trading costs are no higher per trade than a large cap high yield bond manager and given our low turnover we…, Why aren’t the advantages of small issues arbitraged away, The extra value in small issues persists in a highly researched trillion-plus dollar market Why Some mutual funds by charter will not look at small issues They have adopted what we believe is an extreme position on the liquidity continuum believing that more is always better The most extreme of all are exchange traded funds which hold only large issues…and have historically underperformed the…, Summary, We believe our strategy that includes investing in small issues is the most direct way to capitalize on local informational advantages in the very lucrative realm of credit (where a disciplined approach can systematically add value while simultaneously “selling” liquidity to parties who systematically overvalue it Download   * Data is as of 12/31/17 Currency also advises internally on another $…

Hilary Fife is the program manager in Mesirow Human Resources She is focused on the overall strategy and implementation of the summer internship program Hilary works closely with leaders across the organization to ensure Mesirows entry-level talent strategy aligns with business objectives and continues to enhance the firms capabilities to attract hire and retrain from the top universities  Hilary…

To our Highland Park community – our clients business partners and employees Highland Park is a place Mesirow has called home for five decades Our presence in Port Clinton Square represents our largest office location outside of our Chicago headquarters and we have long been dedicated to helping Highland Park thrive through client relationships support of local businesses and community engagement…, July 4th Shooting Response Fund,   In 2020 Mesirow became a founding corporate Impact Partner of Giffords an organization working in partnership with a bipartisan spectrum of Americans gun owners voters and elected officials who seek to promote gun safety Like Giffords we believe that everyone should be able to live and work without the threat of gun violence At this moment of crisis and inflection we thank those working to…

Hongbing (Bing Hsu is a Managing Director in Mesirow Institutional Sales and Trading He focuses on quant municipal research Bing has more than 30 years of experience in the industry Prior to joining Mesirow in 2017 he worked at as a portfolio manager at UBS Asset Management for 8 years Previously Bing held various research and portfolio management roles at Merril Lynch Bank of America BankBoston…

April 8 2024 | By, Mesirow Currency Management,  , Bretton Woods An attempt to avoid post-WWI economic mistakes 1, Following World War II gold played a pivotal role in the post-war international monetary system Representatives from 44 Allied countries met at the United Nations Monetary and Financial Conference held at Bretton Woods New Hampshire in July 1944 The Allies created the Bretton Woods agreement in which the United States agreed to convert US dollars to gold at $35 per ounce Nations maintained fixed…, Speculators and de Gaulle see an opportunity, The fiscal position of the US didnt go unnoticed by speculators and they bought gold in anticipation of a devaluation of the US dollar The United States and its European allies worried that speculators could cause the gold price to rise above the official rate of $35 per ounce formed a gold pool in 1961 to sell gold whenever the price rose above $35 At first because of increased mining of the…, High unemployment or wage and price controls, De Gaulle’s resignation was just one incident in a period filled with momentous events and challenges Top of the economic challenges list was inflation The new US President Richard Nixon was faced with the economic choices the British confronted in 1931 Nixon could either dramatically increase interest rates and taxes to stabilize the price of gold and the position of the US dollar or he could…, A decade of frustration, The 1970s was a decade of economic frustration The world grappled with high inflation stagnating business oil embargoes and skyrocketing energy prices Central banks sold gold believing that no commodity made sense as the basis for monetary policy And so after a few years of adequately or even admirably supporting economic wealth and welfare gold appeared done in by the impossible task of a single…, What would the Lydians creators of the first gold coins think, The Lydians might look at these gold events with disbelief What went so wrong  We might respond In theory a gold standard is appealing but maintaining gold levels to support currencies could result – has resulted - in painful economic consequences for millions of people And who will be the gold keeper The twentieth century every-nation-for-itself-gold-standard strategy failed miserably And the…, Explore more currency insights, Gold gets a good start, Gold has been money or the basis for monetary systems for centuries How did gold become the ultimate backing for nations’ currencies in the nineteenth and twentieth centuries Read article, The gold standard, The Great War (1914 – 1918 shattered the world In the conflict’s aftermath people desperately wanted to recreate pre-war tranquility How did gold affect the world’s desire for peace and harmony Read article

Introduction An altered landscape, Unidentified by science before January 2020 the SARS-CoV-2 virus has since transformed nearly every aspect of life the ways we interact work travel communicate and above all consume The implications of the latter for producers of consumer packaged goods are only now becoming fully clear Like every other sector of the US economy the packaging industry suffered its share of setbacks during the…

Stock splits can often be a confusing concept for investors Common questions can include What does it mean when a company announces a stock split Does the split change the company’s underlying value Can the split make the stock more affordable for everyday investors, What is a stock split, You are at an arcade with games that only accept $1 bills Unfortunately you only have a $10 bill so you ask the cashier to give you ten $1 bills in exchange for your $10 bill There is no downside since the value exchanged is equal you just effectively have more bills that add up to the same amount Similarly when a company splits its stock it divides one share into multiple shares which lowers the…, ABC Current,  , Current Shares Outstanding, Approximate Price, Market Cap, 428 Billion $45000 193 Trillion  , After 4-for-1 Stock Split,  , New Shares Outstanding, New Approximate Price, Market Cap, 1712 Billion $11250 193 Trillion A collection of all a company’s shares outstanding multiplied by its price equals its market cap In this scenario ABC company currently has 428 billion shares outstanding and it is trading at around $450 Therefore its current market cap is 193 trillion¹ When ABC splits its stock the number of shares will increase but the price goes down by an equivalent amount so…, Published March 2025, ¹   http//financeyahoocom/quote/aapl/historyp=aapl