Main News

 

BIS issues emerging market debt warning
Investor enthusiasm for Asian, Latin American and eastern European debt has created a new set of risks for the world's financial system, the Bank for International Settlements has warned.  (The Daily Telegraph)
http://mail2.efnmail.co.uk/r/306987/MTk4MTI1OjE0NDgz/

 

Hedge Funds Boost S&P 500 Short Sales, Merrill Says (Update1)
Source: Bloomberg
Hedge funds are short-selling Standard & Poor's 500 Index futures by the most in three years, giving investors an opportunity to buy the securities before the funds have to settle their debts, a Merrill Lynch & Co. analyst said. More... <http://www.hedgefund-index.com/newstoday.asp>

 

Moody's Blues: Have Days of LBOs' Future Passed?
Even though private-equity outfits are making hay while the sun shines, Moody's warns of an eventual change in season.
http://online.barrons.com/article/SB118398896904760872.html?mod=djemBF

 

Short sellers are betting on a decline in Moody's stock price as the credit-rating firm takes heat for the meltdown in the subprime-mortgage market.
http://online.wsj.com/article/0,,heard_on_the_street,00.html?mod=djemheard

 

Subprime Collateral Damage
Daily Reckoning - Baltimore,MD,USA
The dollar was little changed yesterday but then dropped early this morning as we wait for Federal Reserve Chairman Ben S. Bernanke to speak on inflation ...
See all stories on this topic

 

Paulson Hedge Fund Gained 40% in June as Bear Sank (Update3)
Bloomberg.com Tue, 10 Jul 2007 2:22 PM PDT
July 10 (Bloomberg) -- Paulson & Co., the hedge-fund firm that tripled its assets in the past year with bets on the decline in subprime mortgages, returned 40 percent in its largest credit fund during June.

 

Entering a carbon constrained world will take time because transforming the U.S. economy is very complex. Unfortunately, many Americans lack patience and expect quick fixes to our energy and environment problems.

Full Story...

 

The Many Faces of Al Qaeda
http://www.stratfor.com/products/premium/read_article.php?id=292004

 

Financial Times: Nicolas Sarkozy, French president, faced a barrage of criticism over tax-cutting plans that blow a hole in the 13-member euro zone's promise to achieve balanced budgets by 2010

 

Special Section | CORPORATE AND INVESTMENT BANKING
SURVIVING--AND PREVAILING--IN THE US SUBPRIME-MORTGAGE MARKET (Premium)
http://e.mckinseyquarterly.com/W6RT0291F940432CE4E1931450A810

 

BETTING ON BIOFUELS
http://e.mckinseyquarterly.com/W6RT0291F970A32CE4E1931450A810

 

NETHERLANDS - Stichting Bedrijfstakpensioenfonds Zorgverzekeraars (SBZ), the €2.5bn Dutch multi-employer pension fund for the healthcare insurance sector, has overhauled its investment strategy with a foray into commodities, hedge funds, private equity and global tactical asset allocation. The shake up is the culmination of the fund’s decision last year to appoint Russell as fiduciary manager for 93%, or €2.28bn of its assets.

 

Solar energy in space to power
India
The Statesman June 28, 2007
*************************
India is working on having a solar
power generation station in space to
meet the nation's ever growing
energy requirements....
http://www.kurzweilai.net/email/newsRedirect.html?newsID=6990&m=29780

 

Subprime Sinkhole May Be As Deep As $52 Billion
Bloomberg - Tuesday July 10, 09:58 BST

 

Rise in UBS credit risk gives clues to shake-up; INVESTING; MARKETPLACE by Bloomberg
July 9, 2007 Monday
(The International Herald Tribune)

 

An influential group of some of the world's leading shareholders has called on regulators to impose a new regime of disclosure and transparency on the opaque activity of stock lending and borrowing

 

SCERS trebles its alternative investments
Global Pensions - London,UK
"We have a lot of the allocation in indices and we want to look at reducing this and to start using 130/30 strategies and portable alpha, to diversify it," ...
See all stories on this topic

 

UBP Launches Event Driven, Non-Directional Funds of Funds
FINalternatives - New York,NY,USA
... institutional investors a beta-neutral vehicle to be used either as a stand alone, core alternative investment or part of a portable alpha program. ...
See all stories on this topic

 

State Street Global Advisors reaches USD10bn in 130/30 strategies
Tue, 10 Jul 2007, 07:06
HedgeWeek
State Street Global Advisors, the world's largest institutional fund manager, has reached the USD10bn mark for assets under management in its Edge strategies, SSgA's version of short-extension or 130/30 approaches.

 

 

Hedge funds remain in legislative cross hairs
A second bill has been introduced that would require hedge fund advisers to register with securities regulators.  

 

Fund-of-hedge-funds after fee alpha under fire

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Yield Curve Corner

 

Bernanke explains Fed stance on inflation
MSNBC - USA
By Krishna Guha in Washington Ben Bernanke offered a subtle explanation of the way the Federal Reserve views core and headline inflation in a speech on ...
See all stories on this topic

 

Bernanke: Anchored expectations mute price swings
Reuters - USA
... prices will have minimal impact on inflation as long as inflation expectations are held steady, Federal Reserve Chairman Ben Bernanke said on Tuesday. ...
See all stories on this topic

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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/FSHSnw191_G11.jpg

 

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Iranian Situation

 

 

Iran starts new probe over detained U.S.-Iranians
Reuters via Yahoo! News Tue, 10 Jul 2007 4:18 AM PDT
Iran's judicial authorities have launched investigations based on fresh evidence in the cases of two Iranian-Americans detained on spying charges, a judiciary spokesman said on Tuesday.

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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

 

FUSOR "LAUNCH."  Bank of America has announced the launch of Fusor, a
liquidity aggregating algorithm designed to locate and amass available
shares from a wide array of market centers, including stock exchanges,
crossing networks, electronic communications networks (ECNs), and dark
pools, according to a press release.  Fusor is the 10th algorithm
available through the company's suite of trading tools, Electronic
Algorithmic Strategy Execution (EASE).  MORE at
http://newsmail.plansponsor.com/cgi-bin1/DM/y/eBTLD0Tt3fc0CBD0Ij3Q0ET

 

The funded status of a typical U.S. pension plan was largely unchanged
in June, despite market weakness, according to BNY Mellon Asset
Management, which tracks the financial health of U.S. pension plans
through its BNY Mellon Pension Liability Indexes.  Year-to-date, the
"typical" plan has improved its funded status by 7.4%, according to a
press release - with assets of a typical moderate risk portfolio
increasing 5.0%, while liabilities declined 2.4%.  MORE at
http://newsmail.plansponsor.com/cgi-bin1/DM/y/eBTLD0Tt3fc0CBD0Ij3U0EX

 

Most people check so-called environmentally responsible behavior at
the door when they check into a hotel, according to a survey released
by Starwood Hotels & Resorts.  Most of those polled said they are less
likely to conserve water and electricity while they're away from home,
and according to the AP, more than six people in 10 said they were
using more because they knew it would be free.  Nearly two-thirds
(63%) said they were more likely to leave the lights on at a hotel
than at home, and three of four believe it is important to have their
sheets and towels changed each day.

ON THIS DAY:  In 1913, in Death Valley, California, temperatures
reached 134° F, the highest recorded temperature in the U.S. In 1925,
in Dayton, Tennessee, the so-called "Monkey Trial" began with John
Thomas Scopes, a high school science teacher, accused of teaching
evolution in violation of a Tennessee state law.  In 1965, the Rolling
Stones had their first #1 hit in the U.S. with "(I Can't Get No)
 Satisfaction."  In 1985, Coca-Cola resumed selling the old formula of
Coke - it was renamed "Coca-Cola Classic." It was also announced that
they would continue to sell "New" Coke.

TUESDAY TRIVIA:  On August 13, 2006, Kansas City Royals starter Luke
Hudson gave up 11 runs (10 earned) in the first inning of a game
against the Cleveland Indians. It was the most runs surrendered in an
opening inning since the Brooklyn Bridegrooms scored 12 against Kid
Nichols of the Boston Beaneaters on Sept. 21, 1897.  That start caused
Hudson's ERA to balloon from 4.65 to 6.39; his ERA for the game was
270.0.

 

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Opalesque’s Corner

 

- Editor's Note
- Asset manager sales set record in H1
- Strategic partner for existing institutional Fund of Hedge Funds wanted
- Finisterre Capital announces strategic relationship with XL Capital
- Finisterre Capital launches Emerging Markets Special Situations fund, UBP launches event driven, non-directional FoFs, Thames River eyes shipping derivatives market, Absolute Capital snaps up property fund as AUM nearly doubles in H1, New Nordic activist hedge fund launched, Sparx launches first country-specific fund FOF, Monsoon reopens flagship India fund, HSBC says Indian stocks set to fall
- SCERS to treble alternatives to 15%, Scottish pension fund seeks absolute return manager
- Hedge fund launches make comeback in 2007: 72 new funds with $14bln assets raised, top 10 launches list
- Hedge fund fugitive Michael Berger arrested in Austria after five years on the run
- SEC puts higher wealth threshold for investors in hedge funds on hold
- HedgeFund.net: Hedge funds return +1.40% in June (+7.86% YTD), HFR: 1.11%, Hennessee: 0.8%, Five of six hedge fund strategies covered by Dow Jones Hedge Fund Indexes with gains
- Parker FX Index up 0.30% in May (1.49% YTD), Top Performer: Appleton 25% Risk Program up 8.88%
- Opalesque Exclusive: Valuation expert observes `staggering amount of inconsistencies how hedge funds mark their portfolio`, warns `NAV valuations may be all wrong`, publishes White Paper
- Credit Suisse: Banks could lose up to $52bln in subprime mortgage CDOs, however most of the losses would stem from loans to hedge funds, Bond rating agencies on the hot seat still, Moody`s faces the storm - shares could come under fire as ratings questioned, Useful strategy to take advantage of the Bear mess,  Moore Capital takes Beazer Home stake after stock halved
- Dow Jones picks top 5 hedge fund trades in H1
- Up 129.22% YTD: Paulson`s credit hedge fund soars, Portrait: Face to Face with John Paulson, `going public would be premature (at this point)`
- John Henry`s assets drop more than 50%, as Merrill`s gone, performance shows turnaround
- Institutional sales and relationship management: Report explores $14.3 trillion institutional market, and analyzes viability of the space given the extensive sales and servicing demands, as well as rock-bottom pricing, Multifamily offices rethink their pricing
- Come out and cheer for NY Hedge Fund Regatta, only few tickets left:
- SkyBridge hires ex-equities head at Goldman, Gargoyle Asset names Alan MacKenzie CFO, Allianz Alternative Asset Management hired 15
- Pension funds favour longer term projections, abandon quarterly earnings forecasts
- Survey: UK advisers warm up to 130/30 fund
- International Energy Agency: World will face oil crunch in five years
- Closing the Enron loophole: OTC energy derivatives face tighter regulation as ICE chairman expresses support
- Gradient appeals ruling in Overstock.com lawsuit
- Financial interface (FIX) `riddled with security holes`
- Shareholders agree on CBOT, Merc merger - now, what`s next?
- Emerging markets have been shooting out the lights in recent years, and performance continues
- RBS pays $1.35bln for a 51%  stake in Sempra to catch up in commodities
- Saudi Arabia`s largest firm in IPO
- Singapore economy grows at fastest pace in 2 years, hedge fund assets up 150%
- The China Mantou Fund reaches four year track record
- Korea Investment Corporation CIO: Sovereign funds not enough for Asia`s capital markets
- Activist News: Breeden hedge fund files proxy in looming board battle with H&R Block, Bull-Dog poison pill approved by Japan`s top court, Steel Partners case won`t Repel Japan Investors, Yamamoto says
- News Briefs: CalPERS seeks dynamic assets to become more opportunistic, LaBranche will review `strategic` options after loss,  Hedge funds pull Manhattan rents to $200/sq ft, Developer: Dubai`s property market far from bubble burst
- ...And finally: Miracles of Nature: Dog feeds kitten found under SUV hood
- Logon: http://www.opalesque.com/main.php?act=archive

 

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Misc. Items of Interest

 

Tinkering With Humans
New York Times July 8, 2007
*************************
In "The Case Against Perfection,"
Harvard philosopher Michael Sandel
worries that steroids, growth
hormones, genetic engineering and
other enhancements "pose a threat to
human dignity" and "diminish our...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7000&m=29780

 

Swarm Theory
National Geographic News July 2007
*************************
The study of swarm intelligence is
providing insights that can help
humans manage complex systems, from
truck routing to military...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=6987&m=29780

 

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Funnies, Facts, Quotes, etc….

 

pecuniary pih-KYOO-nee-air-ee, adjective:

Relating to money; monetary.
2. Consisting of money.
3. Requiring payment of money.

 

Man flies 193 miles in lawn chair - CNN.com*

 

1985:  The Greenpeace ship Rainbow Warrior was sunk by two bomb explosions while berthed in Auckland Harbour, New Zealand.

1973:  The Bahamas gained independence from Britain within the Commonwealth.

1952:  The constitution of Eritrea, prepared by the United Nations in consultation with Emperor Haile Selassie I of Ethiopia, was adopted.

1925:  The Scopes Trial began in Dayton, Tennessee, with William Jennings Bryan arguing for the prosecution and Clarence Darrow for the defense.

1875:  Mary McLeod Bethune, an African American educator who was active in national black affairs and a special adviser to President Franklin D. Roosevelt, was born in Mayesville, South Carolina.

1609:  The Catholic League was formed by Maximilian I, duke of Bavaria, and the Catholic powers in Germany.

1584:  William I, first of the hereditary stadholders of the United Provinces of the Netherlands, was assassinated.

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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:

 

_________________________________________________________________________

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.