Main News

 

Market insight: 'Risky' CDOs remain alluring -- [at FT Investor]
By Gillian Tett MarketWatch

 

Institutional Investor News - 20 rising stars of HF's

http://www.nxtbook.com/nxtbooks/ii/20rs-hedgefunds07/index.php  

 

With natural disasters on the rise and nearly every area of finance experiencing a shift in the way its being regulated, the landscape of business is, slowly but surely, beginning to change all over the world.

Full Story...

 

Hedge Fund Fees Show Signs of Heading South
Seeking Alpha via Yahoo! Finance Thu, 05 Jul 2007 4:29 AM PDT
Christopher Holt submits: Some said it was bound to happen. P&I now reports that hedge fund fees are heading down - at least for funds of funds . It may not be the wholesale revolt than many have been expecting, but the evidence is apparently mounting. [... ]

 

Economic Scene: Everyone wants to manage a hedge fund
International Herald Tribune Thu, 05 Jul 2007 2:48 AM PDT
Hedge funds are in what economists call a winner-take-all market. By making the after-tax rewards a little less spectacular, Congress would raise the attractiveness of other career paths.

 

US - The $8bn Louisiana State Employees’ Retirement System (LASERS) has appointed JPMorgan for a US$92m high yield fixed income mandate.

 

JAPAN – Nomura Holdings has denied it is in talks with the country's fourth-largest bank, Resona Holdings, to join the two firms' asset management and investment banking businesses.

 

US - The City of Cincinnati Retirement System has revamped its investment portfolio.

 

Shift your focus to'Gen Y', says KPMG
http://www.ipe.com/news/Shift_your_focus_to_Gen_Y_says_KPMG_22488.php

 

SEC probe of New Century now 'formal'
The government's probe of the now collapsed subprime lender said that it has been raised to formal status.
07/05/07 06:24 PM, EDT
New Century Financial Corp., a collapsed subprime lender that is liquidating in bankruptcy, said on Thursday the U.S. Securities and Exchange Commission has elevated its investigation of the company to formal status.
FULL STORY http://money.cnn.com/2007/07/05/news/companies/sec_new_century.reut/index.htm?section=money_email_alerts 

 

Subprime contagion?
Ohio's attorney general is investigating the role that credit-rating agencies like Moody's played in rubberstamping dicey bonds, report Fortune's Katie Benner and Adam Lashinsky.
07/05/07 10:27 AM, EDT
While Bear Stearns is the most recent financial institution to find itself caught up in the subprime-mortgage quagmire, the three credit-rating agencies - Standard & Poor's, Moody's, and Fitch - may be the next ones to see their good names dragged through the mud. The reason? Ohio attorney general Marc Dann is building a case against them based on the role he believes their ratings played in the marketing of risky mortgage-related securities.
FULL STORY <http://money.cnn.com/2007/07/05/news/economy/subprime.fortune/index.htm?section=money_email_alerts> 

 

First Danish FoHFs Lists On Copenhagen Stock Exchange
Hedgeweek - Friday July 06, 09:22 BST

 

Société Générale Corporate and Investment Banking (SG CIB) has developed a new type of option that allows buyers to specify the level of volatility used to price the instrument. Under the timer call, the buyer can specify an investment horizon and an expected volatility. A variance budget is then calculated (target volatility squared, multiplied by the target maturity), which forms the basis for the option’s price. Once the variance budget is consumed, the option expires. SG CIB piloted the product with a small number of hedge fund clients in April, and is now rolling it out more widely to its client base. “The reception has been very positive, and we’ve already traded on stocks and indexes in Europe and the US, as well as on Asian indexes,” said Alastair Beattie, managing director in the hedge fund group at SG CIB in London. “The normal evolution for new products is that hedge funds will be first to move, then it will be picked up by other types of investors.”
SG CIB launches timer options

 

Friday , 06 Jul 2007
With its initial foray into the coverage of what it called “precious minerals,” Canada’s Scotia Capital Equity research is unabashedly bullish on gold, silver and diamond prices. Their analysis suggests that Agnico-Eagles Mines, Eldorado Gold and Barrick are the companies that will outperform their sector.

 

 

AMSTERDAM, Netherlands (HedgeWorld.com)—The Dutch government's recent decision to adopt advice given by the Monitoring Committee Corporate Governance Code on shareholder activism last month is not an attempt to outmaneuver activist hedge funds, according to a spokesperson from the markets regulator. ......

 

Algorithmics offers most complete credit risk management solutions, says survey
Algorithmics Capital Analytics offers the world's most complete credit risk management solutions, according to Credit Risk Management Systems 2007 - Getting Value from Basel II, a survey of more than 400 global financial institutions.

 

Asset management nears the peak
Fri, 06 Jul 2007, 04:16
Financial News
Evidence from the third annual asset management CEO Snapshot suggests the industry is at or near the peak of its cycle. Chief executives are happy to increase spending on product launches, geographical expansion and sales and marketing in the belief that a prolonged equity market downturn is unlikely in the next two years. Peter Harrison, chief executive of MPC Investors, a hedge fund firm with USD1.4bn (EUR1bn) in assets, said: "My sense is there's a huge amount of complacency around. We are four years into a global upswing and 84% of chief executives not expecting a downturn in the next two years seems far too sanguine."

 

 

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Yield Curve Corner

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Natural Disaster Corner

 

Climate Prediction  http://www.nws.noaa.gov/predictions.php

World Meterological Organization http://severe.worldweather.org/

Tornadoes: http://www.disastercenter.com/tornado.htm

Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/FSHScanada187_MO.jpg

 

Hurricane Forecast Satellite Failing
About - News &amp; Issues - New York,NY,USA
Since its main transmitter failed last year, QuickScat has been sending data on a backup transmitter, which could fail without warning at any time. ...
See all stories on this topic

 

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Iranian Situation

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Avian Flu

 

Avian influenza  (Epidemic and Pandemic Alert and Response (EPR))
Avian influenza (Western Pacific Region)
Influenza and avian influenza (European Region)

Avian influenza (Fact Sheet)

Q&A: Avian influenza: am I at risk?

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Plansponsor.com

 

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Opalesque’s Corner

 

- Update: Redemptions claim Braddock`s Galena hedge fund, Prime brokers raise margin requirements for CDOs, Experts discuss if liquidity could dry up, F & C: Sub-prime crisis generates opportunities for distressed debt funds, Bolton: Subprime mess to cause fall of investor confidence, leading to drop in equity markets, Florida senior citizens lost millions in `stable` CMO investments, broker to shut down
- Opalesque Exclusive: Blackhorse `very optimistic`:  Vietnam following the Asian trend
- Hermes to launch currency fund, William Brennan tapped to lead one of the only actively-managed water mutual funds in U.S.
- Commentary: How this boom differs from the Dot-Com days: Hedge funds make money, and Och-Ziff is no Pets.com, Commentary: KKR, PE and their investors at risk from asset bloat
- PE firm Apollo in talks to sell minority stake to Abu Dhabi, move could precede public stock listing
- Expert: Cat bonds hidden risk to pensions as `inexperienced` hedge funds take 17% of insurance linked securities
- Einhorn`s Greenlight Capital Re. with first investment ratings
- Fimat launches Professional Trading Group Solutions, ICAP-backed Exotix to roll out one-stop shop equities brokerage business for Sub-Saharan Africa
- UBS replaces CEO Peter Wuffli with Marcel Rohner, UBS: No change in strategy
- M&A surges to record $2.88 trillion in H1, Goldman takes No. 1 advising spot as Wall Street fees top $11 billion, Citigroup takes 2nd spot
- Diapason pulls Diamond fund float over rough investor reaction
- Art dealer sells Raphael for 100,000 times the price he paid
- Three U.S.. panels to examine hedge funds next week
- CFTC: Lake Shore `hiding behind unspecified Swiss bank secrecy laws`, Lake Shore: `Swiss lawyers say  handing over documents would breach secrecy obligations to our Swiss clients`, CFTC seeks contempt against hedge fund
- Nestlé chief: Food prices set for `significant and long-lasting` inflation, Jim Rogers: US financial sector `best short selling opportunities available`,  take sugar as commodity
- Chicago Climate Exchange surpasses 2006 volume in first half of 2007
- Latin lustre lures funds across South Atlantic: Cash flows to Latin America-dedicated equity funds outstrip other markets, Miami hedge fund conference to examine opportunities in Latin America
- London billionaire to donate GBP100m
- Opalesque Exclusive: Deepa Abraham joins London based LNG Capital
- Partners Group AuM rises to SFR 22bln in H1, now SFR 3.4bln in hedge funds
- Kuwait Investment Authority funds grow 28% to $213bln
- India`s DLF Assets Pvt., backed by Lehman and DE Shaw, to raise $1bln, may list REIT overseas, Investors eager on Indian real estate stocks
- July 10th: Alpha Dialogue Advisors to host Alpha Investment Forum in Japan,  U.S. alternative investment managers to network with institutional investors
- Activist News: SAC goes activist with 5.5% stake in `undervalued` Bausch & Lomb, Bid battle erupts over Bausch & Lomb, New Dutch rule `pro-transparency, not anti-activism`, Previous ABN, ING merger talks broke down on price
- ...And finally: Which is the chatty sex? Prepare to say goodbye to another cultural myth
- Logon: http://www.opalesque.com/main.php?act=archive

 

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Misc. Items of Interest

 

HOTTEST SPOT NORTH OF MANHATTAN: http://www.nypost.com/seven/07062007/business/hottest_spot_north_of_manhattan_business_lois_weiss.htm
By LOIS WEISS
The Copacabana could be moving to Da Bronx. The famed nightspot at 34th Street and Eleventh Avenue shut its doors last Saturday night, leaving the fate of the club, made famous by Barry Manilow's popular song of the same name, up in the air. "We've been actively showing him...

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Funnies, Facts, Quotes, etc….

 

sere SEER, adjective:

Dry; withered.

 

1415: Czech religious reformer Jan Hus, whose criticisms of the church anticipated the Reformation by more than a century, was convicted of heresy at the Council of Constance and, on this day in 1415, was burned at the stake.

 

 1964: Nyasaland broke from British rule and became the independent country of Malawi within the Commonwealth of Nations.

 

 1957: Tennis player Althea Gibson became the first black to win the Wimbledon singles championship with her defeat of Darlene Hard. 

 

 1885: Louis Pasteur successfully tested an antirabies vaccine.

 

 1777: British General John Burgoyne captured Fort Ticonderoga from the Americans during the American Revolution.

 

 FOR LEXOPHILES ( LOVERS OF WORDS):
1. A bicycle can't stand alone; it is two tired.
 2. A will is a dead giveaway.
 3. Time flies like an arrow; fruit flies like a  banana.
 4. A backward poet writes inverse.
 5. In a democracy, it's your vote that counts; in  feudalism, it's your Count that votes.

 6. A chicken crossing the road: poultry in motion.
 7. If you don't pay your exorcist, you can get  repossessed.
 8. With her marriage, she got a new name and a  dress.
9. Show me a piano falling down a mine shaft and  I'll show you A-flat miner.
 10. When a clock is hungry, it goes back four  seconds.

 11. The guy who fell onto an upholstery machine was fully recovered.
 12. A grenade fell onto a kitchen floor in France resulted in Linoleum Blownapart.
13. You are stuck with your debt if you can't budge it

 14. Local Area Network in Australia : The LAN down under.
 15. He broke into song because he couldn't find the  key.

 16. A calendar's days are numbered.
 17. A lot of money is tainted: 'Taint yours, and 'taint mine.
18. A boiled egg is hard to beat.
 19. He had a photographic memory which was never  developed.
 20. A plateau is a high form of flattery.

 21. The short fortune teller who escaped from  prison: a small medium at large.
22. Those who get too big for their britches will be  exposed in the end.
 23. When you've seen one shopping centre, you've  seen a mall.
 24. If you jump off a Paris bridge, you are in Seine
 25. When she saw her first strands of grey hair, she  thought she'd dye.

 26. Bakers trade bread recipes on a knead to know  basis.
 27. Santa's helpers are subordinate clauses.
 28. Acupuncture: a jab well done.
 29. Marathon runners with bad shoes suffer the agony  of de feet.
 And might I add...
 It is better to have loved a short woman than never to have loved a tall.

 

"Sir, I have not yet begun to fight."
John Paul Jones, September 23, 1779

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Conference, Courses, Books, Papers

 

Great Research Sites:

 

Merrill Lynch research Link to full report including important disclosures see example

 

John Mauldin’s Weekly Analysis

 

James Altucher’s Website:

 

Other useful sites:

 

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Index Corner

 

The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.

The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp

The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)

HFRX Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431

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Regulatory Info

 

 

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Disclaimer

 

The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the respective publishers, as referenced by header and appropriate hypertext links.