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Lampert, Wood Reveal Failings of `Concentrated' Stock Hedge Fund Strategy When Jon Wood opened his Monaco-based hedge fund, the former UBS AG trader told investors he'd beat the market by buying stakes in no more than 40 companies -- the same way he made $2.4 billion in six years for his old employer.

Calpers, 5 Foreign Funds Seek Reforms in Japanese Companies, Nikkei Says The California Public Employees' Retirement System, or Calpers, and five other U.S. and European funds will jointly ask Japanese companies to change corporate governance practices, the Nikkei English News reported, without saying where it got the information.

AIG Private Equity, Hedge Fund Returns Plunge 84% in Quarter, Ending Trend American International Group Inc., the world's largest insurer by assets, said private equity and hedge fund returns fell 84 percent in the first quarter because of the gridlock in credit markets.

Pimco, Templeton Load Up on Malaysian Bonds, Lured by Rise in Ringgit, Oil Malaysian bonds are attracting a record amount of foreign investment as rising prices for the nation's fuel and food exports swell its surplus and send the ringgit to the highest in a decade.

Templeton's Mobius Says Korean Stocks to Outperform, Won Is Undervalued South Korea's won, the world's worst performing major currency this year, is undervalued by about 8 percent and the nation's stocks should outperform, said Mark Mobius, who manages emerging-market shares at Templeton Asset Management Ltd.

Sprott Shares May Rise After Hedge Fund Raises $197 Million in Canada IPO Sprott Inc. may rise when it begins trading on the Toronto Stock Exchange after the mining and energy hedge fund run by investor Eric Sprott raised C$200 million ($197 million) in the biggest Canadian initial public offering in five months.

Centro Properties Shares Jump as Lenders Extend $6.2 Billion Debt Deadline Centro Properties Group, Australia's second-biggest shopping-mall owner by assets, rose as much as 17 percent in Sydney trading after winning a seven-month refinancing extension on as much as A$6.6 billion ($6.2 billion) in debt.

Citigroup Leads Wall Street Drive to Punish Taxpayers in Auction-Rate Debt Taxpayers from Massachusetts to California are paying Wall Street banks to end derivative contracts gone bad as they exit the collapsing auction-rate bond market, with penalties in some cases topping $10 million and compounding the pain of rising borrowing costs.

What Recession? Wal-Mart, Hasbro, Ford, Consumer Share Gains Beat S&P 500 What recession?

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