Archive: 12/14/2007
Main News
Hedge fund outperform leading equities
Financial Times - London,England,UK
By Anuj Gangahar in New York Hedge funds have posted strong returns this year, comfortably outperforming leading equity market indices in spite of ...
See all stories on this topic
Financial Times - London,England,UK
By Anuj Gangahar in New York Hedge funds have posted strong returns this year, comfortably outperforming leading equity market indices in spite of ...
See all stories on this topic
Hedge-Fund Guy Is Up SIV Creek Without a Paddle
Bloomberg - USA
13 (Bloomberg) -- Dear investor, we'd like to update you on this year's performance of our hedge fund, Short-Term Capital Mismanagement LLP. ...
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Bloomberg - USA
13 (Bloomberg) -- Dear investor, we'd like to update you on this year's performance of our hedge fund, Short-Term Capital Mismanagement LLP. ...
See all stories on this topic
Analysts Late to the Alarm
NEW YORK -- Throughout 2006, T. Rowe Price analyst Susan Troll watched in horror as one risky mortgage deal after another hit the market. She became alarmed by a widening trend: mortgage lenders issuing home loans of poor quality that were then packaged and sold by Wall Street investment banks to...
(By Tomoeh Murakami Tse, The Washington Post)
NEW YORK -- Throughout 2006, T. Rowe Price analyst Susan Troll watched in horror as one risky mortgage deal after another hit the market. She became alarmed by a widening trend: mortgage lenders issuing home loans of poor quality that were then packaged and sold by Wall Street investment banks to...
(By Tomoeh Murakami Tse, The Washington Post)
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Red Kite Metals Hedge Fund Lost About 22% Last Month (Update3). By Saijel Kishan. Enlarge Image/Details. Dec. 13 (Bloomberg) -- Red Kite Metals, the hedge ... |
Mortgage bankers' group loses top lobbyist
Reuters - USA
"All of our issues right now stem from the subprime mortgage meltdown," said Gustafson. "That is going to be the dominant issue for the rest of this ...
Reuters - USA
"All of our issues right now stem from the subprime mortgage meltdown," said Gustafson. "That is going to be the dominant issue for the rest of this ...
Red Kite Metals Hedge Fund Lost About 22?ast Month (Update4)
SEC, Spitzer probed Bear CDO pricing in 2005: WSJ
Reuters - USA
NEW YORK (Reuters) - US authorities at the Securities and Exchange Commission and the New York Attorney General's office probed mortgage securities pricing ...
Reuters - USA
NEW YORK (Reuters) - US authorities at the Securities and Exchange Commission and the New York Attorney General's office probed mortgage securities pricing ...
TORONTO (HedgeWorld.com)—The former Amaranth Advisors traders who were running the Canadian office of Moore Capital Management have not met the firm's expectations, and are being let go. ......
TOMORROW'S COLUMNS TODAY
from The Wall Street Journal.
CAPITAL, By David Wessel
Sovereign-wealth funds have about $3 trillion in assets and are on their way to $12 trillion by some estimates. They are bigger than hedge funds and private-equity firms combined. And they pose at least three risks.
http://online.wsj.com/article/SB119750459005825177.html?mod=djemtct
from The Wall Street Journal.
CAPITAL, By David Wessel
Sovereign-wealth funds have about $3 trillion in assets and are on their way to $12 trillion by some estimates. They are bigger than hedge funds and private-equity firms combined. And they pose at least three risks.
http://online.wsj.com/article/SB119750459005825177.html?mod=djemtct
A Closer Look at Sovereign Wealth Funds: Secretive, Powerful, Unregulated and Huge
The Abu Dhabi government is buying a 4.9% stake in Citigroup for $7.5 billion. UBS is selling a 10.8% share to the government of Singapore and an unnamed Middle Eastern investor for $11.5 billion. Two Middle Eastern government funds now own a third of the London Stock Exchange. Governments, through investment pools known as sovereign wealth funds, have put tens of billions of dollars into Western financial firms this year. But is foreign ownership -- or, more precisely, foreign government ownership -- really a good thing? Many experts think this mushrooming trend bears watching, especially for any sign that these funds are evolving from pure investment vehicles into tools for exerting political pressure on the "target" countries.
http://knowledge.wharton.upenn.edu/article/1868.cfm
The Abu Dhabi government is buying a 4.9% stake in Citigroup for $7.5 billion. UBS is selling a 10.8% share to the government of Singapore and an unnamed Middle Eastern investor for $11.5 billion. Two Middle Eastern government funds now own a third of the London Stock Exchange. Governments, through investment pools known as sovereign wealth funds, have put tens of billions of dollars into Western financial firms this year. But is foreign ownership -- or, more precisely, foreign government ownership -- really a good thing? Many experts think this mushrooming trend bears watching, especially for any sign that these funds are evolving from pure investment vehicles into tools for exerting political pressure on the "target" countries.
http://knowledge.wharton.upenn.edu/article/1868.cfm
Real SRI engagement small among funds
http://www.ipe.com/news/Real_SRI_engagement_small_among_funds_26508.php
http://www.ipe.com/news/Real_SRI_engagement_small_among_funds_26508.php
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Yield Curve Corner
Gartman: Bernanke Should Quit
CNBC - Englewood Cliffs,NJ,USA
"The stock market gets weaker for the rest of the year, oil goes to $100 and Bernanke should quit." That's what one of the Street's most esteemed investors ...
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CNBC - Englewood Cliffs,NJ,USA
"The stock market gets weaker for the rest of the year, oil goes to $100 and Bernanke should quit." That's what one of the Street's most esteemed investors ...
See all stories on this topic
Behind Bernanke's Bombshell
BusinessWeek - USA
The Fed joins with other central banks to boost global liquidity. But the timing of the move has raised eyebrows in financial markets by BW, ...
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BusinessWeek - USA
The Fed joins with other central banks to boost global liquidity. But the timing of the move has raised eyebrows in financial markets by BW, ...
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Jeremy Siegel on the Interest Rate Cut: The Fed May Be 'Behind the Curve'
For the third time in the past few months, the Federal Reserve's Open Market Committee has chosen to lower short-term interest rates by a quarter percent or 25 basis points. The Fed cut its main short-term rate target to 4.25% and the "discount rate" charged on direct Fed loans to commercial banks to 4.75%. In its statement justifying the decision, the Fed noted, "Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks. Today's action, combined with the policy actions taken earlier, should help promote moderate growth over time." Will the Fed's decision help promote "moderate growth?" Knowledge@Wharton asked Jeremy Siegel, a professor of finance at Wharton and author of The Future for Investors, to analyze the Fed's decision and its impact on the markets.
http://knowledge.wharton.upenn.edu/article/1869.cfm
For the third time in the past few months, the Federal Reserve's Open Market Committee has chosen to lower short-term interest rates by a quarter percent or 25 basis points. The Fed cut its main short-term rate target to 4.25% and the "discount rate" charged on direct Fed loans to commercial banks to 4.75%. In its statement justifying the decision, the Fed noted, "Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks. Today's action, combined with the policy actions taken earlier, should help promote moderate growth over time." Will the Fed's decision help promote "moderate growth?" Knowledge@Wharton asked Jeremy Siegel, a professor of finance at Wharton and author of The Future for Investors, to analyze the Fed's decision and its impact on the markets.
http://knowledge.wharton.upenn.edu/article/1869.cfm
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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/STMusplains347_MO.jpg
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Iranian Situation and Other Man Made Disasters
Iran, Russia resolve problems on nuclear station: Moscow
AFP via Yahoo! News Thu, 13 Dec 2007 11:04 AM PST
Iran and Russia have resolved all disputes holding up construction of the Islamic republic's first nuclear power station at Bushehr, the head of the Russian contractor said on Thursday.
AFP via Yahoo! News Thu, 13 Dec 2007 11:04 AM PST
Iran and Russia have resolved all disputes holding up construction of the Islamic republic's first nuclear power station at Bushehr, the head of the Russian contractor said on Thursday.
Iran kills Sunni rebels planning attacks: police
AFP via Yahoo! News Thu, 13 Dec 2007 10:13 AM PST
Iranian police on Thursday killed several members of a Sunni militant armed group said to have been planning foreign-backed attacks in the restive southeast of Iran, state television said.
AFP via Yahoo! News Thu, 13 Dec 2007 10:13 AM PST
Iranian police on Thursday killed several members of a Sunni militant armed group said to have been planning foreign-backed attacks in the restive southeast of Iran, state television said.
Geopolitical Diary: Iran Responds to the NIE
http://www.stratfor.com/products/premium/read_article.php?id=299852
http://www.stratfor.com/products/premium/read_article.php?id=299852
An Assassination in Lebanon
http://www.stratfor.com/products/premium/read_article.php?id=299860
http://www.stratfor.com/products/premium/read_article.php?id=299860
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Opalesque’s Corner
- New Launches: Opalesque Exclusive: Forum Asset Management launches new Asset Based Lending Fund and announces hire of Gordon Kingsley as Managing Director, New York manager to launch Southeast Asia hedge fund, puts 70% in Philippines, Occam AM raises $180m for 4 new long/short equity funds
- TD Asset Management launches Canadian 130/30 fund, Goldman Sachs starts HF replication strategy, Partners Group and JANA launch new product in Australia based on principle of alpha-beta separation
- 2000 hedge funds to disappear in next 5 years, independent money manager boost market share as fund industry tackles fundamental change, says report on future of asset management, Size does matter for two tech hedge funds
- Credit Suisse/Tremont hedge fund index: Hedge fund outperform leading equities, Investable benchmark RBC Hedge 250 Index(R) returned -1.46% (est.) in November
- Performance: Opalesque Exclusive: Africa fund up +7.20% in November, 40.13% YTD
- Bear Stearns Europe Long/Short Fund down 5.5% in November (still up 17% YTD), changes allocations, Baring`s China Fund drops 11% In November, Red Kite hedge fund lost about 22% last month, investors say
- Moore shuts Toronto office, fires ex-Amaranth traders
- JPMorgan survey: Alternative investments have significantly risen in the Nordic region, SVM increases portfolio allocation of hedge funds
- Credit Crunch Update: What the central banks are doing, Comment: The helicopters start to drop money
- Greenspan admits was wrong on mortgage rates, `arbitragable assets` dwarf central bank resources, Fed creates new system lending program, the `term-auction facility`, for all US banks
- Banks and investors seek SIV exit routes, Citic bank cooks up particularly exotic exit, Bond insurer Security Capital`s AAA rating may be cut by Fitch, Fidelity`s Bolton says Subprime to infect equity markets, bank in trouble, Derivatives offer solution to pricing problem, will play critical role in dealing with structured paper crisis
- People: Diamondback absorbs entire team of defunct XI Asset Management, Norway names Slyngstad as head of $360bln fund
- Pensions: European pensions grow wary of hedge funds: 52% not invested, 34% not interested: Annual Pensions Barometer shows lack of clarity might deter allocations, Pensions schemes urged to take warnings seriously
- Legal News: Cuomo invokes Antifraud Law to widen inquiry into State Pension Fund, did former comptroller Hevesi, aides play tricks with (hedge fund) placement agents? Insurance coverage for subprime lending and securities litigation: fund managers who suffered losses must prepare for litigation, Powerful trade group calls for single rule on futures, asks FERC decision on Amaranth to be overturned
- Exchanges: NYMEX and other major market participants form Green Exchange, World`s most comprehensive environmental marketplace, to offer contracts for carbon, renewable energy, more, European Climate Exchange (ECX) passes 1 billion tonnes of CO2 traded In 2007, Hong Kong Stock Exchange looks to trade smog rights
- Derivatives offer solution to pricing problem, will play critical role in dealing with structured paper crisis, The domino effect of futures trading: how new quants` trading techniques affect the markets
- Investors should avoid blind faith in `paranoid` quant funds, says Nedgroup`s investment director, Hidden beta at hedge funds will be unmasked by market crisis - BGI`s Tomlinson: `Alpha is the tip of the iceberg`
- E.M.: HSBC explains up and downside of Frontier Investing, PIMCO bets on emerging currencies, corporate debt
- India may tighten currency-derivatives trading, paper says, Mindich`s Eton Park invests in Indian mutual fund firm Reliance Capital, Citi, Soros buy stake in Indian GMR Infrastructure, Celent report: Overview of Indian banking market, Reliance mutual fund sells 5% stake to Eton Park
- Commentary: How not to fix the economy
- Humour: Hedge-fund guy is up SIV creek without a paddle - Mark Gilbert
- Nationalisation of Northern Rock more likely as one of two remaining bidders threatened to withdraw
- News Briefs: US regulation driving away IPOs, survey finds, IPOs in Australia fizzle as losses in uranium, subprime mount, Platinum A.M. trades below IPO price, Prime Broker Gar Wood Securities expands into futures, FX, Asia needs $700 billion p.a. of infrastructure spending, US group urges continued Washington-Beijing dialogue ahead of US-China Strategic Economic Dialogue, Hong Kong is Asia`s hedge fund hub, says Professor KC Chan
- .And finally: Man drinks liter of vodka at airport security, `quickly unable to stand or otherwise function`
- Logon: http://www.opalesque.com/main.php?act=archive
- TD Asset Management launches Canadian 130/30 fund, Goldman Sachs starts HF replication strategy, Partners Group and JANA launch new product in Australia based on principle of alpha-beta separation
- 2000 hedge funds to disappear in next 5 years, independent money manager boost market share as fund industry tackles fundamental change, says report on future of asset management, Size does matter for two tech hedge funds
- Credit Suisse/Tremont hedge fund index: Hedge fund outperform leading equities, Investable benchmark RBC Hedge 250 Index(R) returned -1.46% (est.) in November
- Performance: Opalesque Exclusive: Africa fund up +7.20% in November, 40.13% YTD
- Bear Stearns Europe Long/Short Fund down 5.5% in November (still up 17% YTD), changes allocations, Baring`s China Fund drops 11% In November, Red Kite hedge fund lost about 22% last month, investors say
- Moore shuts Toronto office, fires ex-Amaranth traders
- JPMorgan survey: Alternative investments have significantly risen in the Nordic region, SVM increases portfolio allocation of hedge funds
- Credit Crunch Update: What the central banks are doing, Comment: The helicopters start to drop money
- Greenspan admits was wrong on mortgage rates, `arbitragable assets` dwarf central bank resources, Fed creates new system lending program, the `term-auction facility`, for all US banks
- Banks and investors seek SIV exit routes, Citic bank cooks up particularly exotic exit, Bond insurer Security Capital`s AAA rating may be cut by Fitch, Fidelity`s Bolton says Subprime to infect equity markets, bank in trouble, Derivatives offer solution to pricing problem, will play critical role in dealing with structured paper crisis
- People: Diamondback absorbs entire team of defunct XI Asset Management, Norway names Slyngstad as head of $360bln fund
- Pensions: European pensions grow wary of hedge funds: 52% not invested, 34% not interested: Annual Pensions Barometer shows lack of clarity might deter allocations, Pensions schemes urged to take warnings seriously
- Legal News: Cuomo invokes Antifraud Law to widen inquiry into State Pension Fund, did former comptroller Hevesi, aides play tricks with (hedge fund) placement agents? Insurance coverage for subprime lending and securities litigation: fund managers who suffered losses must prepare for litigation, Powerful trade group calls for single rule on futures, asks FERC decision on Amaranth to be overturned
- Exchanges: NYMEX and other major market participants form Green Exchange, World`s most comprehensive environmental marketplace, to offer contracts for carbon, renewable energy, more, European Climate Exchange (ECX) passes 1 billion tonnes of CO2 traded In 2007, Hong Kong Stock Exchange looks to trade smog rights
- Derivatives offer solution to pricing problem, will play critical role in dealing with structured paper crisis, The domino effect of futures trading: how new quants` trading techniques affect the markets
- Investors should avoid blind faith in `paranoid` quant funds, says Nedgroup`s investment director, Hidden beta at hedge funds will be unmasked by market crisis - BGI`s Tomlinson: `Alpha is the tip of the iceberg`
- E.M.: HSBC explains up and downside of Frontier Investing, PIMCO bets on emerging currencies, corporate debt
- India may tighten currency-derivatives trading, paper says, Mindich`s Eton Park invests in Indian mutual fund firm Reliance Capital, Citi, Soros buy stake in Indian GMR Infrastructure, Celent report: Overview of Indian banking market, Reliance mutual fund sells 5% stake to Eton Park
- Commentary: How not to fix the economy
- Humour: Hedge-fund guy is up SIV creek without a paddle - Mark Gilbert
- Nationalisation of Northern Rock more likely as one of two remaining bidders threatened to withdraw
- News Briefs: US regulation driving away IPOs, survey finds, IPOs in Australia fizzle as losses in uranium, subprime mount, Platinum A.M. trades below IPO price, Prime Broker Gar Wood Securities expands into futures, FX, Asia needs $700 billion p.a. of infrastructure spending, US group urges continued Washington-Beijing dialogue ahead of US-China Strategic Economic Dialogue, Hong Kong is Asia`s hedge fund hub, says Professor KC Chan
- .And finally: Man drinks liter of vodka at airport security, `quickly unable to stand or otherwise function`
- 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….
Craig;s list top ten posts:
cacophony kuh-KAH-fuh-nee, noun:
1. Harsh or discordant sound; dissonance.
2. The use of harsh or discordant sounds in literary composition.
2. The use of harsh or discordant sounds in literary composition.
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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)
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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
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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
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