Main News

 

US - Thirty leading investors, who collectively manage more than US$1.4trn in assets, have sent a letter to Congress regarding the passage of a national energy bill for the expansion of clean energy, reduction of oil dependence and curbing of pollution causing global warming.

 

How Jay-Z, Bundchen Got the Jump on Hedge Funds: William Pesek
Bloomberg - USA
The New York native seemed to know what many hedge-fund managers were slow to grasp: Europe's single currency is in, the dollar is out. ...
See all stories on this topic

 

Subprime losses could total $400 billion by the time the crisis has run its course, with large international banks and brokers taking up to a third, according to research published by Deutsche Bank yesterday. New York-based analyst Mike Mayo wrote that banks and brokers would see an estimated $60 billion-$70 billion of subprime writedowns by year end. This would represent at least half of the total losses of between $100 billion and $130 billion in the banking and broking sector, he said.
$400 billion losses on subprime, predicts Deutsche Bank

HSBC has reported a total of $4.4 billion in write-downs on its US consumer lending, mortgage and investment banking businesses. The bank reported $3.4 billion in loan impairments in its US consumer finance business, $1.4 billion higher than the trend in the first half of the year would have predicted. The increase came from the drop in US mortgage quality, and from rising delinquency in consumer loans and credit cards. HSBC warned: "If US residential property values continue to fall, we would expect an increasing and persistent trend in overall real estate-secured delinquency and loan impairment charges." As a result of the losses, HSBC is pulling back from the US consumer finance market, with 100 branches already closing and another 260 scheduled to follow.
HSBC takes $4.4 billion in write-downs on weak US credit

 

More Subprime Shocks to Come?
Fannie Mae to answer questions about accounting.

 

Solent Aims to Reinvent Formula for Credit Alchemy
Financial News (US) Online - Friday November 16, 10:37 GMT

 

UBS: Waiting for the CDO Shoe to Drop
Seeking Alpha - Friday November 16, 10:27 GMT

 

SAC's Top High Yielding Stocks
TheStreet.com - Friday November 16, 07:53 GMT

 

WASHINGTON (HedgeWorld.com)—Rep. Charles Rangel (D-N.Y.), the sponsor of a controversial bill that attempts to raise an extra $25 billion for the U.S. ......

 

Friday , 16 Nov 2007
Citigroup analysts suggest that leading mining/metals companies may be moving toward full market multiples next year due to strong margins, low multiples, and cash-return catalysts.

 

Carlyle Hedge Fund in Hot Water
The inaugural hedge fund from private equity stalwart The Carlyle Group is in trouble.
[more]
Goldman Launches New Hedge Fund

 

GE pension fund knocked by losses of $200m -- [at FT Investor]
By Francesco Guerrera MarketWatch
11/15/2007 12:30:09 PM

 

Nov 15 (Reuters) - Goldman Sachs Group Inc alumni have for decades gone on to top leadership positions throughout the business world and in government. www.reuters.com/article/bondsNews/idUSN1555573420071115?rpc=28 - 70k - Cached - Similar pages - Note this

 

 

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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/TRCguba320_GJ.jpg

 

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Iranian Situation

 

OPEC blunder reveals Saudi-Iran disagreement on dollar
AFP via Yahoo! News Fri, 16 Nov 2007 11:50 AM PST
A blunder by OPEC on Friday exposed a disagreement between Saudi Arabia and Iran about the falling dollar when a private meeting of ministers was broadcast to journalists by mistake.

 

Iran has been blocked many times from buying nuclear materials
International Herald Tribune Fri, 16 Nov 2007 10:48 AM PST
Iran has been denied purchases of nuclear-related materials at least 75 times over the past nine years because of suspicions the purchases could have been used for building bombs, the 45-nation Nuclear Suppliers Group says.

 

IRAN:  Iran has achieved self-sufficiency in building power plants, Press TV reported, citing a statement by Iranian Energy Minster Parviz Fattah, who added that between 70 percent and 80 percent of the work involved in building plants and turbine generators takes place within the country. He also said that Iran no longer needs to import electricity to meet its domestic needs.

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Opalesque’s Corner

 

- Global Asset Management M&A dealmaking reaches new peak: $46.7bln in 208 transactions, seven IPOs mark key trend
- Managed Futures / Barclay CTA Index up 1.69% in October, 5.29% YTD
- Credit Suisse/Tremont Hedge Fund Index is up 3.16% in October, Blue Chip Investable up 2.51%, Emerging Markets Sector Invest up 4.80%
- Opalesque Exclusive: BNP Paribas creates the Commodity Market Representative Index, a representative, replicable and investable commodity index
- Hedge Fund Review`s 6th Annual European Fund of Hedge Funds Awards - list of winners
- New Launches: Ospraie Wingspan launched agriculture hedge fund, Liontrust plans hedge fund launch, to be managed by Pattisson, Stillwater, Matrix debuts domestic ABL FoHFs, Tiger alumna rolls out new global opportunities fund,  New Swedish healthcare sector hedge fund launched, Iimia MitonOptimal lines up fund of alternative funds launch, following FSA`s proposal for Faifs
- Opalesque Exclusive: Advisor to HF managers and investors says quality of due diligence suffered due to fast industry growth, Need for expert due diligence as managers `know how to fill out (traditional) forms`
- Investcorp to sponsor Max Trautman`s global macro shop with $50m as sixth single manager fund on its platform
- CFA Institute Centre for Financial Market Integrity releases free brochure primarily for retail investors on hedge fund investing
- HSBC Multimanager now has its own business unit
- Opalesque Exclusive: Dallas Fed says foreclosures will increase, woes to continue but cites mitigating factors, lower interests
- UK hedge fund manager Solent aims to reinvent formula for credit alchemy, seeks opportunities in ABS
- Barclays to write down $2.7 bln, less than expected, Barclays unfazed by GBP1.3bln write-off, Calyon takes $16m hit as profits dive (97.2% down), Citigroup, Merrill push financial borrowing costs to records
- Fed injects another $6bln into the US banking system, Still more severance benefits costs tied to subprime woes,  American hangover eases British banks` write-off relief
- Bear Stearns fund, battered by subprime woes, seeks to dissolve,  Bear Stearns trades broke rules, state says, S&P cuts rating on Bear Stearns,  Moody`s considers downgrade for Bear Stearns
- Pensions: South Carolina invests $750 million with GAM
- Legal News: Bayou hedge fund co-founder`s sentencing delayed, SEC sees rise in enforcement actions, Sentinel deficit may now top $550 million
- 100 Women in Hedge Funds` 6th New York Gala raises $2.3m for iMentor, Jane Mendillo receives industry leadership award
- Investing in gold is a must, says Hinde Capital
- Energy / Climate: Will biofuels end Opec`s power and agricultural protectionism? Harvard economist says biofuels are set to transform global economy,  Opec mulls $3bln climate change fund, Institutional investors urge energy bill action, U.N. completes carbon trading link under Kyoto, AllianceBernstein research: Investors cannot ignore green shift, Mexico`s energy policies still hamper growth
- Trading Platforms: CFTC allows OMX Nordic Exchange Stockholm AB`s futures contract based on the VINX30 Index to be offered and sold in the U.S.,  Niederauer to revamp NYSE hybrid in 2008
- New quantitative consulting service: Econophy analysis infuses economics with physics,  Oxeye`s Options Strategies get a volatility workout , Octane Holdings Ltd announces changes in management structure
- Comment: Why Germany had to undo proposal to allow pensions to invest more in HFs
- The number of Danish onshore hedge funds will double in 2008
- Centaurus fights Hungarian law, goes to the European Commission
- Singapore economy probably extends longest expansion since 1991
- Asian LBOs: Leveraging the leverage - Asian deals find leverage they need, albeit at tighter prices and terms
- Tech Update: Advent`s new-look Geneva `kills two birds with one stone`
- Activist News: Sherborn announces plan for Nautilus
- News Briefs: Morgan Stanley`s MSCI soars in market debut, TPG banks postpone Alltel bond sale, reduced loans, Hedge funds move to 810 Seventh Ave., Trade Group forecasts growth in UK debt, Northern Rock to draw up to eight suitors, EDHEC researchers receive prestigious award from Journal of Performance Measurement, Gulf States` dollar peg comes under threat
- And Finally. Australian Santas told not to use 'ho ho ho' greeting, Why?
- Logon: http://www.opalesque.com/main.php?act=archive

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Misc. Items of Interest

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Funnies, Facts, Quotes, etc….

 

aggrandize uh-GRAN-dyz; AG-ruhn-dyz, transitive verb:

1. To make great or greater; to enlarge; to increase.
2. To make great or greater in power, rank, reputation, or wealth; -- applied to persons, countries, etc.
3. To make appear great or greater; to exalt.

 

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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.