Archive: 12/28/2007
Main News
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Citigroup, JPMorgan, Merrill Face More Writedowns, Goldman Says ... Losses and writedowns at the world's biggest banks and securities firms total $97 ... www.elitetrader.com/vb/showthread.php?threadid=112800 - 8 hours ago - |
BIGGEST SHARE OF BEAR IS LEWIS'
By RODDY BOYD
Billionaire investor Joseph Lewis continued to take advantage of Bear Stearns' swooning stock price, adding to his position to become the investment bank's largest shareholder. According to documents filed yesterday with the Securities and...
full story: http://www.nypost.com/seven/12272007/business/biggest_share_of_bear_is_lewis_902550.htm
By RODDY BOYD
Billionaire investor Joseph Lewis continued to take advantage of Bear Stearns' swooning stock price, adding to his position to become the investment bank's largest shareholder. According to documents filed yesterday with the Securities and...
full story: http://www.nypost.com/seven/12272007/business/biggest_share_of_bear_is_lewis_902550.htm
Wall Street Wizardry Amplified Credit Crisis
Wall Street Journal - USA
In its report, Fitch cited growing concern about the subprime mortgage business and the high number of borrowers who obtained loans without proof of income. ...
See all stories on this topic
Wall Street Journal - USA
In its report, Fitch cited growing concern about the subprime mortgage business and the high number of borrowers who obtained loans without proof of income. ...
See all stories on this topic
'Long-short' funds struggle to sustain returns
A handful of "long-short" funds, designed to hold up well in a down market, are in the red this year, even as the Dow Jones Industrial Average is up 8.7% and Standard & Poor's 500 stock index is up 5.6%. (The Times)
http://mail2.efnmail.co.uk/r/330323/MTk4MTI1OjE2MDIw/
A handful of "long-short" funds, designed to hold up well in a down market, are in the red this year, even as the Dow Jones Industrial Average is up 8.7% and Standard & Poor's 500 stock index is up 5.6%. (The Times)
http://mail2.efnmail.co.uk/r/330323/MTk4MTI1OjE2MDIw/
Best of 2007: Careers
As always, finance executives were seeking guidance about how to move up in 2007 — at their current companies, or elsewhere. For tips on how to climb the career ladder, they were willing to learn from both the failures and successes of others.
Best of 2007: Capital Markets
A booming first half dominated by news about hedge funds gave way to brooding about the subprime mess and the perils of securitization. Here are our picks from the capital markets and banking articles that were most popular among CFO.com readers in 2007.
Best of 2007: Smaller Businesses
Was it a year of regulatory concessions for smaller companies or were their demands for scalable, less-costly rules ignored? Turns out, it was a little of both.
As always, finance executives were seeking guidance about how to move up in 2007 — at their current companies, or elsewhere. For tips on how to climb the career ladder, they were willing to learn from both the failures and successes of others.
Best of 2007: Capital Markets
A booming first half dominated by news about hedge funds gave way to brooding about the subprime mess and the perils of securitization. Here are our picks from the capital markets and banking articles that were most popular among CFO.com readers in 2007.
Best of 2007: Smaller Businesses
Was it a year of regulatory concessions for smaller companies or were their demands for scalable, less-costly rules ignored? Turns out, it was a little of both.
BOO$T FOR BLOOMY THE BENEFACTOR
Source: The New York Post
Mayor Bloomberg can invest his billions in a range of commodities and hedge funds to provide for his philanthropic foundation - but he has to take extra steps to minimize potential conflicts, a city board said yesterday. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: The New York Post
Mayor Bloomberg can invest his billions in a range of commodities and hedge funds to provide for his philanthropic foundation - but he has to take extra steps to minimize potential conflicts, a city board said yesterday. More... <http://www.hedgefund-index.com/newstoday.asp>
Are Corporations Reducing or Taking Risks with Derivatives?
by Ludger Hentschel & S.P. Kothari
Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical, academic studies of corporate derivates-use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives... More... <http://www.hedgefund-index.com/s_derivatives.asp>
by Ludger Hentschel & S.P. Kothari
Public discussion about corporate use of derivatives focuses on whether firms use derivatives to reduce or increase firm risk. In contrast, empirical, academic studies of corporate derivates-use take it for granted that firms hedge with derivatives. Using data from financial statements of 425 large U.S. corporations, we investigate whether firms systematically reduce or increase their riskiness with derivatives... More... <http://www.hedgefund-index.com/s_derivatives.asp>
Crazy crises may herald the end of derivatives folly
Source: Financial Times
It is far too early to tell how the credit crisis will play out, but the year end is a good time to reflect on the lessons so far.
Most of the follies committed in successive credit cycles are depressingly repetitive. This time, though, there have been some genuinely new ones, which - with luck - ought not to plague us again. More... <http://www.hedgefund-index.com/newsderivatives.asp>
Source: Financial Times
It is far too early to tell how the credit crisis will play out, but the year end is a good time to reflect on the lessons so far.
Most of the follies committed in successive credit cycles are depressingly repetitive. This time, though, there have been some genuinely new ones, which - with luck - ought not to plague us again. More... <http://www.hedgefund-index.com/newsderivatives.asp>
Oops! The Worst Predictions for 2007
Motley Fool - USA
Federal Reserve Chairman Ben Bernanke made that statement in May. Months later, a global credit crunch of widespread proportions set in and affected the ...
Motley Fool - USA
Federal Reserve Chairman Ben Bernanke made that statement in May. Months later, a global credit crunch of widespread proportions set in and affected the ...
Investors Demand Chapt. 11 For Ritchie Hedge Fund
Wall Street Journal - USA
By DAVID MCLAUGHLIN Investors in a failed hedge fund run by Ritchie Capital Management LLC want to force the fund into bankruptcy and investigate possible ...
Wall Street Journal - USA
By DAVID MCLAUGHLIN Investors in a failed hedge fund run by Ritchie Capital Management LLC want to force the fund into bankruptcy and investigate possible ...
Comparison Results for Credit Risk Portfolios Authors Cousin, Areski; Laurent, Jean-Paul; Date November 2007 Category Credit Risk
Click above to see all GloriaMundi resources from these categories Abstract This paper is dedicated to the risk analysis of credit portfolios. Assuming that default indicators form an exchangeable sequence of Bernoulli random variables and as a consequence of de Finetti’s theorem, default indicators are Binomial mixtures. We can characterize the supermodular order between two exchangeable Bernoulli random vectors in terms of the convex ordering of their corresponding mixture distributions. Thus we can proceed to some comparisons between stoploss premiums, CDO tranche premiums and convex risk measures on aggregate losses. This methodology provides a unified analysis of dependence for a number of CDO pricing models based on factor copulas, multivariate Poisson and structural approaches. Links view complete description on GloriaMundi
Click above to see all GloriaMundi resources from these categories Abstract This paper is dedicated to the risk analysis of credit portfolios. Assuming that default indicators form an exchangeable sequence of Bernoulli random variables and as a consequence of de Finetti’s theorem, default indicators are Binomial mixtures. We can characterize the supermodular order between two exchangeable Bernoulli random vectors in terms of the convex ordering of their corresponding mixture distributions. Thus we can proceed to some comparisons between stoploss premiums, CDO tranche premiums and convex risk measures on aggregate losses. This methodology provides a unified analysis of dependence for a number of CDO pricing models based on factor copulas, multivariate Poisson and structural approaches. Links view complete description on GloriaMundi
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Yield Curve Corner
Is the Federal Reserve Ahead of the Curve?
Seeking Alpha - New York,NY,USA
That means the Bernanke Fed began cutting interest rates well ahead of significant economic weakness. Their early action will help prevent recession. ...
Seeking Alpha - New York,NY,USA
That means the Bernanke Fed began cutting interest rates well ahead of significant economic weakness. Their early action will help prevent recession. ...
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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/DSTlibya361_MO.jpg
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Iranian Situation and Other Man Made Disasters
New Air Defense System for Iran
New York Times Wed, 26 Dec 2007 4:43 PM PST
Russia is preparing to equip Iran with a powerful new air defense system that would significantly increase its ability to repel an attack.
New York Times Wed, 26 Dec 2007 4:43 PM PST
Russia is preparing to equip Iran with a powerful new air defense system that would significantly increase its ability to repel an attack.
Iran Condemns "Terrorist" Bhutto Killing In Pakistan - AFP
Nasdaq Thu, 27 Dec 2007 7:29 AM PST
TEHRAN (AFP)--Iran Thursday condemned the assassination of Benazir Bhutto and urged the authorities to track down the "terrorists" responsible for killing the former Pakistani prime minister.
Nasdaq Thu, 27 Dec 2007 7:29 AM PST
TEHRAN (AFP)--Iran Thursday condemned the assassination of Benazir Bhutto and urged the authorities to track down the "terrorists" responsible for killing the former Pakistani prime minister.
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Misc. Items of Interest
A Bearish Sign on N.Y. Home Prices
BY JULIE SATOW - Staff Reporter of the Sun
New York City's status as a rosy exception to the nation's slowing housing market may be starting to come to an end. The national housing market is sliding further into a decline, with home prices plummeting across the country this year, according...
BY JULIE SATOW - Staff Reporter of the Sun
New York City's status as a rosy exception to the nation's slowing housing market may be starting to come to an end. The national housing market is sliding further into a decline, with home prices plummeting across the country this year, according...
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Funnies, Facts, Quotes, etc….
gnomic NOH-mik, adjective:
Uttering, containing, or characterized by maxims; wise and pithy
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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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