Archive: 11/16/2007
Main News
Moody’s Mulls Eight CPDO Downgrades
Moody’s announced it is reviewing eight AAA-rated constant proportion debt obligations, the Financial Times reports. Read on… More
Moody’s announced it is reviewing eight AAA-rated constant proportion debt obligations, the Financial Times reports. Read on… More
MBIA, Ambac Downgrades May Cost Market $200 Billion (Update1). By Christine Richard and Cecile Gutscher. Nov. 15 (Bloomberg) -- The crisis of confidence in ...
www.bloomberg.com/apps/news?pid=20601109&sid=aOjl_Hy9ibBI&refer=home - 13 hours ago - Similar pages - Note this
www.bloomberg.com/apps/news?pid=20601109&sid=aOjl_Hy9ibBI&refer=home - 13 hours ago - Similar pages - Note this
Those who do not understand the past are doomed to repeat it and the US mortgage market is looking to do just that with the aid of several key economists and policy makers looking to pave the way for a more secure tomorrow.
Hedge-Fund Managers Float to Heaven, Fall to Hell in Art Sale. By Tom Cahill. Nov. 15 (Bloomberg) -- Adam Dant, a London artist, toiled for six months this ...
www.bloomberg.com/apps/news?pid=20601088&sid=amX2e2MgKu9A&refer=home - 8 hours ago - Similar pages - Note this
www.bloomberg.com/apps/news?pid=20601088&sid=amX2e2MgKu9A&refer=home - 8 hours ago - Similar pages - Note this
Hedge Hell
Focus on Buy Side - Two New Articles:
Buy-side Risk Management - What You Need to Know - Tony Patti, Credit Suisse What are the three key areas that financial services organisations should assess in their buy-side risk policy?
Hedge fund manager Och-Ziff Capital Management Group raised $1. 15 billion and its stock dropped 4. 2%; experts caution the market is still risky.
» Read the Full Story
» Read the Full Story
Credit FAQ: Will China's Capital-Hungry Real Estate Developers Lose Their Risk Appetite As Market Conditions Weaken?
The wrecking ball is swinging in the Chinese real estate sector. Constantly evolving regulations, tighter controls on lending and land, and stiff competition are rocking the foundations of the weakest players. As consolidation accelerates and operating conditions become tougher, the companies that survive and thrive will require deep pockets to snap up ailing players, strengthen their land banks, and adapt to regulatory changes.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYYATQWVsLgHxhilpuHQJhuV2VTW
The wrecking ball is swinging in the Chinese real estate sector. Constantly evolving regulations, tighter controls on lending and land, and stiff competition are rocking the foundations of the weakest players. As consolidation accelerates and operating conditions become tougher, the companies that survive and thrive will require deep pockets to snap up ailing players, strengthen their land banks, and adapt to regulatory changes.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYYATQWVsLgHxhilpuHQJhuV2VTW
The 6th Annual European Fund of Hedge Funds Awards
Shares of Hedge Fund Fall 4.2%
New York Times Wed, 14 Nov 2007 8:58 PM PST
The shares of the hedge fund Och-Ziff Capital Management Group fell 4.2 percent during its first day as a public company.
New York Times Wed, 14 Nov 2007 8:58 PM PST
The shares of the hedge fund Och-Ziff Capital Management Group fell 4.2 percent during its first day as a public company.
Fairfield Greenwich Wants to Invest $1 Billion in Asia-Pacific
Source: Bloomberg
Fairfield Greenwich Group, a U.S. hedge fund with $15.5 billion in assets under management, may more than double investments in Asia-Pacific to as much as $1 billion in three years, founding partner Jeffrey Tucker said. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: Bloomberg
Fairfield Greenwich Group, a U.S. hedge fund with $15.5 billion in assets under management, may more than double investments in Asia-Pacific to as much as $1 billion in three years, founding partner Jeffrey Tucker said. More... <http://www.hedgefund-index.com/newstoday.asp>
Mortgage-Backed Securities
In finance, a mortgage-backed security (MBS) is an asset-backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans. Payments are typically made monthly over the lifetime of the underlying loans.
Residential mortgagors in the United States have the option to pay more than the required monthly payment (curtailment) or pay off the loan in its entirety (prepayment). Because curtailment and prepayment affect the remaining loan principal, the monthly cash flow of a MBS is not known in advance, and therefore presents an additional risk to MBS investors. More... <http://www.hedgefund-index.com/d_mortgagebs.asp>
In finance, a mortgage-backed security (MBS) is an asset-backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans. Payments are typically made monthly over the lifetime of the underlying loans.
Residential mortgagors in the United States have the option to pay more than the required monthly payment (curtailment) or pay off the loan in its entirety (prepayment). Because curtailment and prepayment affect the remaining loan principal, the monthly cash flow of a MBS is not known in advance, and therefore presents an additional risk to MBS investors. More... <http://www.hedgefund-index.com/d_mortgagebs.asp>
CANADA – A C$165m (US$168.6m) venture capital fund is to be established in Ontario with pension money to create jobs and help companies, according to premier Dalton McGuinty
US says Iraq attacks down as Iran stems arms flow
AFP via Yahoo! News Thu, 15 Nov 2007 8:44 AM PST
Iran appears to be holding to its pledge to stem the flow of arms into Iraq, contributing to a sharp fall in roadside bomb attacks across the country in recent months, a US general said on Thursday.
AFP via Yahoo! News Thu, 15 Nov 2007 8:44 AM PST
Iran appears to be holding to its pledge to stem the flow of arms into Iraq, contributing to a sharp fall in roadside bomb attacks across the country in recent months, a US general said on Thursday.
Carlyle Faces Redemptions
Reuters - Thursday November 15, 09:54 GMT
Reuters - Thursday November 15, 09:54 GMT
What's the Soros Fund into Now?
Reuters - Thursday November 15, 08:14 GMT
Reuters - Thursday November 15, 08:14 GMT
The Ideal Hedge? Banks of China!
FT Alphaville - Thursday November 15, 07:38 GMT
FT Alphaville - Thursday November 15, 07:38 GMT
Managing Duration Risk in Pension Portfolios
Sponsors of pension plans covered by the Pension Protection Act of 2006 and new FAS 158 requirements are evaluating the implications of new rules and redefining investment strategies. Join us to explore approaches for managing pension risk by extending the duration of the overall pension portfolio to more closely match the duration of liabilities. Learn more.
Sponsors of pension plans covered by the Pension Protection Act of 2006 and new FAS 158 requirements are evaluating the implications of new rules and redefining investment strategies. Join us to explore approaches for managing pension risk by extending the duration of the overall pension portfolio to more closely match the duration of liabilities. Learn more.
Good, Bad or Ugly -- Is It Impossible to Predict What's Ahead for the U.S. Economy?
At the end of October, the Federal Reserve gave the financial markets just what they had been asking for: a 0.25% cut in the federal funds rate. But in early November, stocks plunged and the dollar hit a new low. Applause turned into hand-wringing -- then back to applause as the markets rebounded in the middle of the month. Why can't the experts make up their minds? Is the outlook good or bad? According to Wharton faculty, forecasting is particularly hard now because some of the key factors -- such as the credit crunch arising from the subprime mortgage mess, spiking oil prices and the plunging dollar -- have little historical precedent. The result: Finance experts, including the Fed, may not be able to see too far down the road.
http://knowledge.wharton.upenn.edu/article/1842.cfm
At the end of October, the Federal Reserve gave the financial markets just what they had been asking for: a 0.25% cut in the federal funds rate. But in early November, stocks plunged and the dollar hit a new low. Applause turned into hand-wringing -- then back to applause as the markets rebounded in the middle of the month. Why can't the experts make up their minds? Is the outlook good or bad? According to Wharton faculty, forecasting is particularly hard now because some of the key factors -- such as the credit crunch arising from the subprime mortgage mess, spiking oil prices and the plunging dollar -- have little historical precedent. The result: Finance experts, including the Fed, may not be able to see too far down the road.
http://knowledge.wharton.upenn.edu/article/1842.cfm
Lloyd Blankfein and Ken Moelis on Wall Street Risks, Rewards and Opportunities
When Merrill Lynch reported solid second-quarter earnings last July, chairman and CEO Stan O'Neal sent employees a memo boasting about the firm's risk management prowess. Only three months later, Merrill Lynch took its historic $8.4 billion write-down for losses in mortgage-related securities, with Citigroup and others soon reporting unprecedented credit losses as well. If the capital markets are models of efficiency, it is fair to ask, how could such staggering losses happen? Two Wall Street titans -- Lloyd Blankfein, chairman and CEO of Goldman Sachs, and Kenneth Moelis of Moelis & Co. -- addressed that question at the recent Wharton Finance Conference in New York City.
http://knowledge.wharton.upenn.edu/article/1844.cfm
When Merrill Lynch reported solid second-quarter earnings last July, chairman and CEO Stan O'Neal sent employees a memo boasting about the firm's risk management prowess. Only three months later, Merrill Lynch took its historic $8.4 billion write-down for losses in mortgage-related securities, with Citigroup and others soon reporting unprecedented credit losses as well. If the capital markets are models of efficiency, it is fair to ask, how could such staggering losses happen? Two Wall Street titans -- Lloyd Blankfein, chairman and CEO of Goldman Sachs, and Kenneth Moelis of Moelis & Co. -- addressed that question at the recent Wharton Finance Conference in New York City.
http://knowledge.wharton.upenn.edu/article/1844.cfm
_________________________________________________________________________
Yield Curve Corner
Bernanke's Embrace of Forecasting Ends `Decoder' Era (Update1)
Bloomberg - USA
15 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke's decision to publish more details about the outlook for economic growth and prices represents a ...
See all stories on this topic
Bloomberg - USA
15 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke's decision to publish more details about the outlook for economic growth and prices represents a ...
See all stories on this topic
REMARKS BY FEDERAL RESERVE BOARD CHAIRMAN BEN BERNANKE TO THE CATO ...
Federal News Service (subscription) - Washington,DC,USA
BERNANKE: Good morning. Thank you, Jim, for that introduction. And it's nice to be back here again. Montagu Norman, the governor of the Bank of England from ...
See all stories on this topic
Federal News Service (subscription) - Washington,DC,USA
BERNANKE: Good morning. Thank you, Jim, for that introduction. And it's nice to be back here again. Montagu Norman, the governor of the Bank of England from ...
See all stories on this topic
UP AND DOWN WALL STREET DAILY By RANDALL W. FORSYTH
Bernanke Parts the Curtains, But Will the View Be Clearer?
The FOMC's forecasts are a small step to inflation targeting. But that's a long way from stable prices.
http://online.barrons.com/article/SB119499397231291913.html?mod=djemBF
Bernanke Parts the Curtains, But Will the View Be Clearer?
The FOMC's forecasts are a small step to inflation targeting. But that's a long way from stable prices.
http://online.barrons.com/article/SB119499397231291913.html?mod=djemBF
_________________________________________________________________________
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/TRCsidr319_GJ.jpg
Chile: Earthquake Strikes North of Santiago
http://www.stratfor.com/products/premium/read_article.php?id=298284x
http://www.stratfor.com/products/premium/read_article.php?id=298284x
Weather News: Weather Blog
Weather Channel - USA
... hurricane such as Lorenzo. The latest official forecast from the Joint Typhoon Warning Center (JTWC) for the track of that center can be found here. ...
See all stories on this topic
Weather Channel - USA
... hurricane such as Lorenzo. The latest official forecast from the Joint Typhoon Warning Center (JTWC) for the track of that center can be found here. ...
See all stories on this topic
Chile: The Other Fault Line
http://www.stratfor.com/products/premium/read_article.php?id=298347
http://www.stratfor.com/products/premium/read_article.php?id=298347
3 New Earthquakes Shake Chile
Three new earthquakes have hit already-shaken Chile.
MORE DETAILS: <http://www.wnbc.com/tu/5tnaiVjeA.html>
Three new earthquakes have hit already-shaken Chile.
MORE DETAILS: <http://www.wnbc.com/tu/5tnaiVjeA.html>
_________________________________________________________________________
Iranian Situation
UN gives Iran mixed review on nuclear activities
International Herald Tribune Thu, 15 Nov 2007 12:19 PM PST
The International Atomic Energy Agency said it remained unable to ascertain that Iran did not have a secret, parallel military enrichment program.
International Herald Tribune Thu, 15 Nov 2007 12:19 PM PST
The International Atomic Energy Agency said it remained unable to ascertain that Iran did not have a secret, parallel military enrichment program.
IRAN: A series of explosions occurred Nov. 13 at an important Iranian military industrial site in Parchin, sparking a large fire that injured some personnel, Haaretz reported, citing a statement released by the The National Opposition Council of Iran, a group with ties to the Mujahideen e-Khalq movement. The statement also says the Iranian government is trying to prevent news about the blasts from being published and has said only that a fire occurred at the site and was quickly extinguished.
Allies Maneuver To Avert Iran A-Bomb
BY BENNY AVNI - Staff Reporter of the Sun
UNITED NATIONS — In an indication of the battle lines forming as the U.N. atomic agency is set for today's release of its latest report on Iran, Western diplomats are saying the report is likely to leave many questions unanswered, while President...
BY BENNY AVNI - Staff Reporter of the Sun
UNITED NATIONS — In an indication of the battle lines forming as the U.N. atomic agency is set for today's release of its latest report on Iran, Western diplomats are saying the report is likely to leave many questions unanswered, while President...
_________________________________________________________________________
Opalesque’s Corner
- Editor's Note
- RAB Capital has acquired a 20% stake in Tokyo`s Prestige Asset Management
- IPOs: Value Partners IPO raises $376m from its HK IPO, insurer Ping An buys nearly 40%, Och-Ziff shares fell almost 5 per cent on their New York trading debut
- Paulson and Scion gained from subprime, have begun winding down those trades and looking elsewhere, Carlyle hedge fund facing redemptions
- Bear Stearns writes down another $1.2 bln for bad mortgage assets, cleans up balance sheet, Bear Stearns cuts subprime assets, limits writedown, Investors in London take control of collapsed Bear funds, US investors vote on Friday, Massachusetts regulators accused Bear Stearns of fraud
- Lehman reduced leveraged loans by $17 billion since end of 3Q, Lampert`s hedge fund added Citi stock in 3rd quarter, HSBC hit by rise in US bad loan charges, Publish the Northern Rock bid details, says RAB, Top banks offer reassurance but IMF concerned
- Comment: Short-selling rule revision in U.S. may be culprit behind volatile markets
- People: Swiss alternative firm Insch appoints David M. Anderson as non-executive chairman, NYSE`s John Thain takes reins at Merrill Lynch
- Pensions: Pressure from regulations, global competition: Cordares and ABP in merger talks to form EUR245 pension fund, Fidelity Institutional Wealth Services client assets at $325bln, up 50% from last year, CalPERS adds to active extension managers
- Legal News: David Einhorn`s written testimony for US Senate Committee re. ongoing fraud at Allied Capital, CFTC obtains permanent injunction in fraud action against New York hedge fund Cornerstone Capital Management, LLC and principal Joseph T. Profit, Update: First Bayou sentencing today, Update: Lake Shore, accused by CFTC of hiding losses, held in contempt, Stork talks enter critical stages after results of investigation following Centaurus and Paulson`s challenge
- Comment: The credit fallout has emboldened several specialist litigation firms to break the City`s greatest taboo: suing banks
- Regulators: U.S. CFTC commissioner opposes merger with SEC, UK FSA delays publication of retail hedge FoFs proposals until 2008
- Commodities: Agribusiness easily outshines Gold - and how to get exposure, Van Eck says Moo, Australian firm to be first soft commodities play to go public after raising A$300m, Ethanol bounces back as market matures
- HSBC launches climate-change structured products
- Prisma Capital Parners` Helenmarie Rodgers receives philanthropic award, High Water Women casino night set for Jan 28th
- Surveys: Investors have cut their exposure to European financial companies sharply, Fund managers piling into risky equities for fear of missing out on a late-cycle rally
- Investing: More wisdom from the peers
- RMF launches a `next generation` seeding fund for hedge fund start-ups, Man Investments says Nordic institutional interest in hedge funds is on the rise
- Report from Terrapinn hedge fund conference in Cape Town
- Singapore firm Apiana launches Japan L/S fund
- Views on Asia: Will the Hong Kong peg trigger a 1997-style crash?, JPMorgan says Southeast Asian stocks to beat Asia, Jim Rogers favours yuan and yen over dollar, Hedge fund opportunities in Asia - video, Fairfield Greenwich wants to invest $1 billion in Asia-Pacific
- Activist News: Pardus seeks Delta merger with United, US hedge funds contest Securitas bid, HFs expected to play increasing role in Rio Tinto shareholder register
- News Briefs: Michigan Retirement System hires JPMorgan for alternative investment portfolio administration, Project Turquoise owners to offer stake to brokers using platform, Buffett renews his support for higher taxes on HFs and PE, Canary Wharf property deal stalls, Chartwell indicates popularity of multi-manager funds is on the up, Hedge-fund managers float to heaven, fall to hell in art sale, Bank of England signals interest rate cuts
- And Finally. Minnesota bank held up twice in one day
- Logon: http://www.opalesque.com/main.php?act=archive
- RAB Capital has acquired a 20% stake in Tokyo`s Prestige Asset Management
- IPOs: Value Partners IPO raises $376m from its HK IPO, insurer Ping An buys nearly 40%, Och-Ziff shares fell almost 5 per cent on their New York trading debut
- Paulson and Scion gained from subprime, have begun winding down those trades and looking elsewhere, Carlyle hedge fund facing redemptions
- Bear Stearns writes down another $1.2 bln for bad mortgage assets, cleans up balance sheet, Bear Stearns cuts subprime assets, limits writedown, Investors in London take control of collapsed Bear funds, US investors vote on Friday, Massachusetts regulators accused Bear Stearns of fraud
- Lehman reduced leveraged loans by $17 billion since end of 3Q, Lampert`s hedge fund added Citi stock in 3rd quarter, HSBC hit by rise in US bad loan charges, Publish the Northern Rock bid details, says RAB, Top banks offer reassurance but IMF concerned
- Comment: Short-selling rule revision in U.S. may be culprit behind volatile markets
- People: Swiss alternative firm Insch appoints David M. Anderson as non-executive chairman, NYSE`s John Thain takes reins at Merrill Lynch
- Pensions: Pressure from regulations, global competition: Cordares and ABP in merger talks to form EUR245 pension fund, Fidelity Institutional Wealth Services client assets at $325bln, up 50% from last year, CalPERS adds to active extension managers
- Legal News: David Einhorn`s written testimony for US Senate Committee re. ongoing fraud at Allied Capital, CFTC obtains permanent injunction in fraud action against New York hedge fund Cornerstone Capital Management, LLC and principal Joseph T. Profit, Update: First Bayou sentencing today, Update: Lake Shore, accused by CFTC of hiding losses, held in contempt, Stork talks enter critical stages after results of investigation following Centaurus and Paulson`s challenge
- Comment: The credit fallout has emboldened several specialist litigation firms to break the City`s greatest taboo: suing banks
- Regulators: U.S. CFTC commissioner opposes merger with SEC, UK FSA delays publication of retail hedge FoFs proposals until 2008
- Commodities: Agribusiness easily outshines Gold - and how to get exposure, Van Eck says Moo, Australian firm to be first soft commodities play to go public after raising A$300m, Ethanol bounces back as market matures
- HSBC launches climate-change structured products
- Prisma Capital Parners` Helenmarie Rodgers receives philanthropic award, High Water Women casino night set for Jan 28th
- Surveys: Investors have cut their exposure to European financial companies sharply, Fund managers piling into risky equities for fear of missing out on a late-cycle rally
- Investing: More wisdom from the peers
- RMF launches a `next generation` seeding fund for hedge fund start-ups, Man Investments says Nordic institutional interest in hedge funds is on the rise
- Report from Terrapinn hedge fund conference in Cape Town
- Singapore firm Apiana launches Japan L/S fund
- Views on Asia: Will the Hong Kong peg trigger a 1997-style crash?, JPMorgan says Southeast Asian stocks to beat Asia, Jim Rogers favours yuan and yen over dollar, Hedge fund opportunities in Asia - video, Fairfield Greenwich wants to invest $1 billion in Asia-Pacific
- Activist News: Pardus seeks Delta merger with United, US hedge funds contest Securitas bid, HFs expected to play increasing role in Rio Tinto shareholder register
- News Briefs: Michigan Retirement System hires JPMorgan for alternative investment portfolio administration, Project Turquoise owners to offer stake to brokers using platform, Buffett renews his support for higher taxes on HFs and PE, Canary Wharf property deal stalls, Chartwell indicates popularity of multi-manager funds is on the up, Hedge-fund managers float to heaven, fall to hell in art sale, Bank of England signals interest rate cuts
- And Finally. Minnesota bank held up twice in one day
- Logon: http://www.opalesque.com/main.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
hector HEK-tur, noun:
1. A bully.
2. To intimidate or harass in a blustering way; to bully.
3. To play the bully; to bluster.
2. To intimidate or harass in a blustering way; to bully.
3. To play the bully; to bluster.
_________________________________________________________________________
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)
_________________________________________________________________________
Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
_________________________________________________________________________
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.
|
| Manage your subscription |