Archive: 01/14/2008
Main News
Risk Officers in the Crosshairs
Should Wall Street's top internal cops be thrown in the clink? That seems to be the view of an increasing number of subprime-scorched banks. Canadian Imperial Bank of Commerce, with roughly $3 billion of potential losses, showed its chief risk officer the door yesterday. Citigroup and Merrill Lynch also have revamped their internal watchdog kennels. But while risk managers make useful scapegoats, they aren't the only ones to blame. Link read entire story on source's website Source Wall Street Journal
Mixed Grill Our panelists are in rare agreement about the outlook for the economy and stocks in the first half of '08 -- and it's not a pretty picture. Still, opportunities abound. Five stocks worth buying.
(2007 Roundtable Report Card
2007 Mid-year Roundtable Report Card)
http://online.barrons.com/article/SB120009586477785055.html?mod=djemWR
(2007 Roundtable Report Card
2007 Mid-year Roundtable Report Card)
http://online.barrons.com/article/SB120009586477785055.html?mod=djemWR
CDS counterparty risk rising but no domino effect
Reuters - USA
Such an event could resemble the sudden contraction of the asset-backed commercial paper and collateralised debt obligation (CDO) markets in the recent ...
Reuters - USA
Such an event could resemble the sudden contraction of the asset-backed commercial paper and collateralised debt obligation (CDO) markets in the recent ...
No relief in sight for CDO investors
Financial Times - London,England,UK
About $58bn worth of CDOs, which repackage slices of other structured deals such as mortgage- backed bonds, are understood to have hit "events of default". ...
Financial Times - London,England,UK
About $58bn worth of CDOs, which repackage slices of other structured deals such as mortgage- backed bonds, are understood to have hit "events of default". ...
HEARD ON THE STREET, by Serena Ng and Carrick Mollenkamp
from The Wall Street Journal.
A little-known hedge fund run by an astronomy buff both aided in creating some of the worst-performing CDOs and profited from the subprime-mortgage crisis.
from The Wall Street Journal.
A little-known hedge fund run by an astronomy buff both aided in creating some of the worst-performing CDOs and profited from the subprime-mortgage crisis.
Fears About Economy Increase
Washington Post - United States
New indications emerged yesterday that the spiraling subprime mortgage crisis is spreading from home loans to credit cards, potentially engulfing a far ...
Washington Post - United States
New indications emerged yesterday that the spiraling subprime mortgage crisis is spreading from home loans to credit cards, potentially engulfing a far ...
Bank gloom overshadows prospect of lower rates
Reuters - USA
The Swiss bank has been one of the biggest casualties of the collapse in the US subprime mortgage market, which has resulted in billions in writedowns by ...
Reuters - USA
The Swiss bank has been one of the biggest casualties of the collapse in the US subprime mortgage market, which has resulted in billions in writedowns by ...
Renaissance Clients Pull $4 Billion From Biggest Hedge Fund
Bloomberg - Friday January 11, 09:44
Bloomberg - Friday January 11, 09:44
NEW YORK (HedgeWorld.com)—Who would replace Kenneth Griffin at Citadel Investment Group if he decided to retire? Such hypothetical questions are increasingly coming up as hedge funds sell ownership stakes to banks, traditional asset managers or the general public. ......
Bill Gross's 2008 Forecast: Get Used to Anemic Growth - Barron's <http://seekingalpha.com/article/59904-bill-gross-s-2008-forecast-get-used-to-anemic-growth-barron-s?source=i_email>
Oscar Schafer's Five Picks for 2008 - Barron's <http://seekingalpha.com/article/59936-oscar-schafer-s-five-picks-for-2008-barron-s?source=i_email>
Big winners, losers for hedge funds in 2007
Reuters - USA
By Dane Hamilton NEW YORK (Reuters) - Increased market volatility brought gains and pain for many hedge funds in 2007, pummeling computer-based quant ...
See all stories on this topic
Reuters - USA
By Dane Hamilton NEW YORK (Reuters) - Increased market volatility brought gains and pain for many hedge funds in 2007, pummeling computer-based quant ...
See all stories on this topic
More companies report their carbon footprint
The number of UK-listed companies that calculate and report their carbon footprint has increased by 40% in the past year, according to Trucost, an environmental research organisation.
http://mail2.efnmail.co.uk/r/332994/MTk4MTI1OjE2MTMw/
The number of UK-listed companies that calculate and report their carbon footprint has increased by 40% in the past year, according to Trucost, an environmental research organisation.
http://mail2.efnmail.co.uk/r/332994/MTk4MTI1OjE2MTMw/
by Andy Abraham
Julian Robertson's `Tiger Cubs' Beat Hedge-Fund Rivals in 2007
Collateralized Debt Obligations
149 Ratings Cut On 31 U.S. Cash Flow, Hybrid CDOs Of ABS; $8.739 Billion In Issuance Affected
We lowered our ratings on 149 tranches from 31 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions and placed our ratings on four other tranches on CreditWatch with negative implications. The downgraded tranches have a total issuance amount of $8.739 billion. At the same time, we affirmed our ratings on another 46 tranches from these transactions.
http://standardandpoors.rsys1.net/servlet/cc5?kHiQASDWQTVsLgHxhilpuHQJhuV2VU
149 Ratings Cut On 31 U.S. Cash Flow, Hybrid CDOs Of ABS; $8.739 Billion In Issuance Affected
We lowered our ratings on 149 tranches from 31 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions and placed our ratings on four other tranches on CreditWatch with negative implications. The downgraded tranches have a total issuance amount of $8.739 billion. At the same time, we affirmed our ratings on another 46 tranches from these transactions.
http://standardandpoors.rsys1.net/servlet/cc5?kHiQASDWQTVsLgHxhilpuHQJhuV2VU
THIS WEEK'S WINNERS AND LOSERS
New York Post Sun, 13 Jan 2008 0:35 AM PST
WINNERS STEVEN TYLER Aerosmith front man forms strategic partnership to sell a stake in catalog for as much as $50M. STEVE SCHWARZMAN Blackstone CEO finally juices his stock price by acquiring hedge fund GSO Capital for $930M. JOE LEVY Executive...
New York Post Sun, 13 Jan 2008 0:35 AM PST
WINNERS STEVEN TYLER Aerosmith front man forms strategic partnership to sell a stake in catalog for as much as $50M. STEVE SCHWARZMAN Blackstone CEO finally juices his stock price by acquiring hedge fund GSO Capital for $930M. JOE LEVY Executive...
Investors redeem $1.8bn from Man funds
Man Group caught the market by surprise on Thursday when it revealed an unusually high rate of private client redemptions from its funds in the last quarter. (Financial Times)
http://mail2.efnmail.co.uk/r/332663/MTk4MTI1OjE2MTE5/
Man Group caught the market by surprise on Thursday when it revealed an unusually high rate of private client redemptions from its funds in the last quarter. (Financial Times)
http://mail2.efnmail.co.uk/r/332663/MTk4MTI1OjE2MTE5/
North Korea Lures Hedge Funds to Bonds With Nuclear Promises
Bloomberg - USA
... time,'' said Morten Bugge, chief investment officer at Kolding, Denmark-based hedge fund Global Evolution A/S. ``Don't get your hope up on unification. ...
Bloomberg - USA
... time,'' said Morten Bugge, chief investment officer at Kolding, Denmark-based hedge fund Global Evolution A/S. ``Don't get your hope up on unification. ...
Execs to buy 49% of Deephaven hedge fund
Minneapolis-St. Paul Star Tribune Fri, 11 Jan 2008 7:11 PM PST
Three Deephaven Capital Management executives intend to buy nearly half of the Minnetonka-based hedge fund from its New Jersey-based owner Knight Capital Group, according to a Securities and Exchange Commission filing.
Minneapolis-St. Paul Star Tribune Fri, 11 Jan 2008 7:11 PM PST
Three Deephaven Capital Management executives intend to buy nearly half of the Minnetonka-based hedge fund from its New Jersey-based owner Knight Capital Group, according to a Securities and Exchange Commission filing.
Why won't hedge funds bet their $2 trillion to boost Wall Street ...
BloggingStocks - USA
Reuters reports that hedge funds have $2 trillion -- with almost $22 billion flowing into them in November 2007 alone. With so much money in hedge funds, ...
BloggingStocks - USA
Reuters reports that hedge funds have $2 trillion -- with almost $22 billion flowing into them in November 2007 alone. With so much money in hedge funds, ...
SAC President Cohn Leaving Hedge-Fund Manager After 11 Years
Bloomberg - USA
11 (Bloomberg) -- Brian Cohn, president of SAC Capital Advisors LLC, plans to leave the hedge-fund firm after working with founder Steven Cohen for 11 years ...
Bloomberg - USA
11 (Bloomberg) -- Brian Cohn, president of SAC Capital Advisors LLC, plans to leave the hedge-fund firm after working with founder Steven Cohen for 11 years ...
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Yield Curve Corner
Economic outlook: Bernanke has to testify from a shaky platform
Financial Times - London,England,UK
... consumer spending will dominate this week’s data releases and provide an uncomfortable backdrop for Ben Bernanke’s testimony to Congress on Thursday. ...
Financial Times - London,England,UK
... consumer spending will dominate this week’s data releases and provide an uncomfortable backdrop for Ben Bernanke’s testimony to Congress on Thursday. ...
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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/SNWmiddleeast011_MO.jpg
Climate Change Debate: U.S. Senate in the Spotlight
January 11, 2008 1428 GMT
Bart Mongoven, Stratfor's senior public policy analyst, concludes a look ahead at how the climate change debate will play out in 2008.
http://www.stratfor.com/podcast/climate_change_debate_u_s_senate_spotlight
January 11, 2008 1428 GMT
Bart Mongoven, Stratfor's senior public policy analyst, concludes a look ahead at how the climate change debate will play out in 2008.
http://www.stratfor.com/podcast/climate_change_debate_u_s_senate_spotlight
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Iranian Situation and Other Man Made Disasters
Hormuz incident shows Iran a threat: top U.S. officer
Reuters via Yahoo! News Fri, 11 Jan 2008 11:34 AM PST
A tense encounter between U.S. Navy ships and Iranian boats in the Gulf shows Iran poses a threat and the United States is ready to counter it, the top U.S. military officer said on Friday.
Reuters via Yahoo! News Fri, 11 Jan 2008 11:34 AM PST
A tense encounter between U.S. Navy ships and Iranian boats in the Gulf shows Iran poses a threat and the United States is ready to counter it, the top U.S. military officer said on Friday.
Bush Urges Arab Allies to Confront Iran
New York Times Sun, 13 Jan 2008 12:42 PM PST
A speech by the president criticizing Iran came as Tehran agreed to answer remaining questions about its nuclear programs.
New York Times Sun, 13 Jan 2008 12:42 PM PST
A speech by the president criticizing Iran came as Tehran agreed to answer remaining questions about its nuclear programs.
Iran to settle atom inquiry issues within month: IAEA
Reuters via Yahoo! News Sun, 13 Jan 2008 9:44 AM PST
Iran agreed to answer remaining questions about its past covert nuclear activities within a month during talks with the International Atomic Energy Agency chief, the U.N. watchdog said on Sunday.
Reuters via Yahoo! News Sun, 13 Jan 2008 9:44 AM PST
Iran agreed to answer remaining questions about its past covert nuclear activities within a month during talks with the International Atomic Energy Agency chief, the U.N. watchdog said on Sunday.
Insurrection in Iranian Balochistan
By Chris Zambelis
Issues of dissent and rebellion amongst Iran’s elaborate patchwork of ethnic and sectarian minority communities are receiving increasing international scrutiny. Many advocacy organizations representing Iranian minorities accuse Tehran of operating a policy of cultural subjugation aimed at erasing identities distinct from Iran’s dominant Persian culture and Shiite brand of Islam. In some cases, these grievances have led to unrest and bloodshed. The latest round of violence between ethnic Baloch nationalists led by Jondallah (“Soldiers of God”) and Iranian security forces in the province of Sistan-Balochistan is indicative of this wider trend in Iranian society. The shadowy Jondallah group emerged sometime in 2003 to advocate on behalf of Baloch rights. It has been known to operate under other monikers as well, including the People’s Resistance Movement of Iran (PMRI).
By Chris Zambelis
Issues of dissent and rebellion amongst Iran’s elaborate patchwork of ethnic and sectarian minority communities are receiving increasing international scrutiny. Many advocacy organizations representing Iranian minorities accuse Tehran of operating a policy of cultural subjugation aimed at erasing identities distinct from Iran’s dominant Persian culture and Shiite brand of Islam. In some cases, these grievances have led to unrest and bloodshed. The latest round of violence between ethnic Baloch nationalists led by Jondallah (“Soldiers of God”) and Iranian security forces in the province of Sistan-Balochistan is indicative of this wider trend in Iranian society. The shadowy Jondallah group emerged sometime in 2003 to advocate on behalf of Baloch rights. It has been known to operate under other monikers as well, including the People’s Resistance Movement of Iran (PMRI).
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Opalesque’s Corner
- Opalesque Exclusive: Harbinger Capital distressed fund locks in 116.54% for 2007, December up 5.33%, Falcone says opportunity set `growing`
- Opalesque Exclusive: Fall River CTA programs return 28.6%, 13.03% in 2007
- Ackman`s Pershing Square returned 22% last year, person says, Ackman shows Warburg the beauty of hedge fund investing, MBIA needs $10bln to offset losses, Ackman says
- Quantitative Investment Management, $2.8bln CTA enjoys `phenomenal` year
- Renaissance clients pull $4bln from biggest hedge fund
- Blackstone acquires hedge fund GSO, a $10bln credit hedge fund specializing in leveraged finance, for $930m, Blackstobe seeks to exploit opportunities created by the the credit markets turmoil
- CalPERS takes stake in Silver Lake, Private equity boon for public funds
- Fund launches: PIMCO raises $2bln for distressed debt fund, UK`s Absolute Return debuts second FoF, Cairn raises first loan opportunity fund, More synthetic CLOs seen after Carlyle deal debut, Lxyor launches Chinese IPO fund
- Update: Clients withdraw $1.8bln from Man Group, Man Group assets up but sales slow
- Update: Hennessee Hedge Fund Index advanced +11.64% in 2007, best year relative to S&P 500 since 2002
- TowerGroup report: Need for alpha to drive business in 2008
- BofA in talks to buy Countrywide
- People: Tony Blair to join JPMorgan, SAC Capital CFO Rowen to join Renaissance as COO, Fidelity Charitable chief named new Natixis, Point Clear Capital Management hires Citi veteran as chief strategist, Mercer adds six experts to responsible investment unit, HSBC appoints Singapore alternative fund services director
- CDO liquidations: Moody`s says about 50 are in Events in Default
- SIVs continue to creak
- Commodities: 5,533 contracts: Traders betting oil will hit $200 a barrel
- Exchanges: Rumors swirl that Nymex still looking for mergers, Indian Energy Exchange to go live mid-February
- Report: Private Equity Real Estate Funds raise an aggregate $79bln for 2007, industry slows down as credit crunch affects investor confidence but signs for 2008 encouraging
- Environmental Trading News: UBS to launch global warming derivatives index
- FSA not to require hedge funds to disclose holdings in London`s commodity markets
- Northern Rock: SRM raises stake in Northern Rock to 10.25%, Darling says sale may fail on financing
- Dutch finance minister says hedge fund TCI had no say in DNB`s ABN Amro decision
- Partners Group outlook solid as 2007 assets up 41%, Partners Group expected to open offices in Beijing, Sydney and Luxembourg
- Events: CAIAA to hold informational events in Cape Town, Johannesburg, Jan 22 & 24th, Singapore Hedge Funds Club Networking Evening Feb. 26th
- Lone Star executive hit with travel ban by South Korea, North Korea lures hedge funds to bonds with nuclear promises
- Deutsche Bank forecasts global growth at 4.3%, Asia at 8%, Booming local markets drive growth in Asian fixed income, Barings says Asian frontier markets to dominate investment opportunities in 2008
- News Briefs: Bernanke signals bold Fed action to lift growth, AllianceBernstein cuts 2007 guidance by 30% due to weaker hedge fund fees, Iran says it has $10bln in oil reserve fund
- ...And finally: The case of the exploding laptop
- Logon: http://www.opalesque.com/main.php?act=archive
- Opalesque Exclusive: Fall River CTA programs return 28.6%, 13.03% in 2007
- Ackman`s Pershing Square returned 22% last year, person says, Ackman shows Warburg the beauty of hedge fund investing, MBIA needs $10bln to offset losses, Ackman says
- Quantitative Investment Management, $2.8bln CTA enjoys `phenomenal` year
- Renaissance clients pull $4bln from biggest hedge fund
- Blackstone acquires hedge fund GSO, a $10bln credit hedge fund specializing in leveraged finance, for $930m, Blackstobe seeks to exploit opportunities created by the the credit markets turmoil
- CalPERS takes stake in Silver Lake, Private equity boon for public funds
- Fund launches: PIMCO raises $2bln for distressed debt fund, UK`s Absolute Return debuts second FoF, Cairn raises first loan opportunity fund, More synthetic CLOs seen after Carlyle deal debut, Lxyor launches Chinese IPO fund
- Update: Clients withdraw $1.8bln from Man Group, Man Group assets up but sales slow
- Update: Hennessee Hedge Fund Index advanced +11.64% in 2007, best year relative to S&P 500 since 2002
- TowerGroup report: Need for alpha to drive business in 2008
- BofA in talks to buy Countrywide
- People: Tony Blair to join JPMorgan, SAC Capital CFO Rowen to join Renaissance as COO, Fidelity Charitable chief named new Natixis, Point Clear Capital Management hires Citi veteran as chief strategist, Mercer adds six experts to responsible investment unit, HSBC appoints Singapore alternative fund services director
- CDO liquidations: Moody`s says about 50 are in Events in Default
- SIVs continue to creak
- Commodities: 5,533 contracts: Traders betting oil will hit $200 a barrel
- Exchanges: Rumors swirl that Nymex still looking for mergers, Indian Energy Exchange to go live mid-February
- Report: Private Equity Real Estate Funds raise an aggregate $79bln for 2007, industry slows down as credit crunch affects investor confidence but signs for 2008 encouraging
- Environmental Trading News: UBS to launch global warming derivatives index
- FSA not to require hedge funds to disclose holdings in London`s commodity markets
- Northern Rock: SRM raises stake in Northern Rock to 10.25%, Darling says sale may fail on financing
- Dutch finance minister says hedge fund TCI had no say in DNB`s ABN Amro decision
- Partners Group outlook solid as 2007 assets up 41%, Partners Group expected to open offices in Beijing, Sydney and Luxembourg
- Events: CAIAA to hold informational events in Cape Town, Johannesburg, Jan 22 & 24th, Singapore Hedge Funds Club Networking Evening Feb. 26th
- Lone Star executive hit with travel ban by South Korea, North Korea lures hedge funds to bonds with nuclear promises
- Deutsche Bank forecasts global growth at 4.3%, Asia at 8%, Booming local markets drive growth in Asian fixed income, Barings says Asian frontier markets to dominate investment opportunities in 2008
- News Briefs: Bernanke signals bold Fed action to lift growth, AllianceBernstein cuts 2007 guidance by 30% due to weaker hedge fund fees, Iran says it has $10bln in oil reserve fund
- ...And finally: The case of the exploding laptop
- 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….
imprimatur im-prih-MAH-tur; -MAY-, noun:
1. Official license or approval to print or publish a book, paper, etc.; especially, such a license issued by the Roman Catholic episcopal authority.
2. Approval; sanction.
3. A mark of approval or distinction.
2. Approval; sanction.
3. A mark of approval or distinction.
supplicate SUP-luh-kayt, intransitive verb:
1. To make a humble and earnest petition; to pray humbly.
2. To seek or ask for humbly and earnestly.
3. To make a humble petition to; to beseech.
2. To seek or ask for humbly and earnestly.
3. To make a humble petition to; to beseech.
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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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