Archive: 01/16/2008
Main News
Can Hedge Funds Arbitrage?
Hedgeworld (subscription) - New York,NY,USA
(HedgeWorld.com)—Hedge funds should be well positioned to exploit the various market inefficiencies that lead to profitable arbitrage and yet, ...
Hedgeworld (subscription) - New York,NY,USA
(HedgeWorld.com)—Hedge funds should be well positioned to exploit the various market inefficiencies that lead to profitable arbitrage and yet, ...
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How to accumulate enormous stakes in a company without tipping your hand. www.nytimes.com/2008/01/15/business/15sorkin.html? |
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In Beverly Hills, A Meltdown Mogul Is Living Large. Jeff Greene Buys 'Palazzo,' .... Write to Jonathan Karp at jonathan.karp@wsj.com ... online.wsj.com/public/article/SB120036270913390155- |
Citigroup CFO sees no CDO recovery to old levels
Reuters - USA
NEW YORK, Jan 15 (Reuters) - Citigroup Inc (CN: Quote, Profile, Research) Chief Financial Officer Gary Crittenden said on Tuesday he is not optimistic that ...
Reuters - USA
NEW YORK, Jan 15 (Reuters) - Citigroup Inc (CN: Quote, Profile, Research) Chief Financial Officer Gary Crittenden said on Tuesday he is not optimistic that ...
Market fundamentals: 2000 versus 2007
September 2007
http://e.mckinseyquarterly.com/W0RT011BD379B32CE4E1934CAF4CC0
Preparing for the next downturn
April 2007
http://e.mckinseyquarterly.com/W0RT011BD389A32CE4E1934CAF4CC0
September 2007
http://e.mckinseyquarterly.com/W0RT011BD379B32CE4E1934CAF4CC0
Preparing for the next downturn
April 2007
http://e.mckinseyquarterly.com/W0RT011BD389A32CE4E1934CAF4CC0
Learning to love recessions (Guest passed until January 22.)
June 2002
http://e.mckinseyquarterly.com/W0RT011BD358632CE4E1934CAF4CC0
June 2002
http://e.mckinseyquarterly.com/W0RT011BD358632CE4E1934CAF4CC0
UP AND DOWN WALL STREET DAILY By RANDALL W. FORSYTH
Stimulus Schemes? A Pox on Econ Amox
As the U.S. economic outlook deteriorates, the clamor for a quick fix is increasing. First, do no harm.
http://online.barrons.com/article/SB120034953000989549.html?mod=djemBF
Stimulus Schemes? A Pox on Econ Amox
As the U.S. economic outlook deteriorates, the clamor for a quick fix is increasing. First, do no harm.
http://online.barrons.com/article/SB120034953000989549.html?mod=djemBF
INVESTORS' SOAPBOX AM
China's Economy is Slowing, But Healthy
But manufacturing firms continue to see their margins squeezed
http://online.barrons.com/article/SB120034752111989445.html?mod=djemBF
China's Economy is Slowing, But Healthy
But manufacturing firms continue to see their margins squeezed
http://online.barrons.com/article/SB120034752111989445.html?mod=djemBF
Trader Made Billions on Subprime
Wall Street Journal - USA
In the fall, the ABX subprime-mortgage index crashed into the 20s. The funds' bet against it paid off richly. Credit-default swaps that the funds owned ...
Wall Street Journal - USA
In the fall, the ABX subprime-mortgage index crashed into the 20s. The funds' bet against it paid off richly. Credit-default swaps that the funds owned ...
Risk Management For Islamic Financial Institutions: A Rating Perspective
Analyzing different risk categories and their management is a critical step in assessing the creditworthiness of all types of banks. Overall, there is no material difference between our analysis of the risks and enterprise risk management of Islamic banks and of conventional ones. However, the former display unique features--relating to credit, market, funding and liquidity, and other risks--that have an impact on our rating process and need to be considered.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQATYSQTVsLgHxhilpuHQJhuV2VS
Analyzing different risk categories and their management is a critical step in assessing the creditworthiness of all types of banks. Overall, there is no material difference between our analysis of the risks and enterprise risk management of Islamic banks and of conventional ones. However, the former display unique features--relating to credit, market, funding and liquidity, and other risks--that have an impact on our rating process and need to be considered.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQATYSQTVsLgHxhilpuHQJhuV2VS
Structured Finance
Ratings Cut On 56 Classes From 32 U.S. Alt-A NIMS RMBS Deals Issued In 2005, 2006; Off Watch
We lowered our ratings on 56 classes from 32 U.S. net interest margin securities (NIMS) residential mortgage-backed securities (RMBS) transactions backed by U.S. Alternative-A (Alt-A) mortgage collateral issued in 2005 and 2006. At the same time, we removed the ratings from CreditWatch with negative implications, where they were placed Nov. 9, 2007. In addition, we affirmed our ratings on six classes and removed them from CreditWatch negative. Finally, we withdrew our rating on one other class that has paid off.
http://standardandpoors.rsys1.net/servlet/cc5?kHiQATYSQTVsLgHxhilpuHQJhuV2VY
Ratings Cut On 56 Classes From 32 U.S. Alt-A NIMS RMBS Deals Issued In 2005, 2006; Off Watch
We lowered our ratings on 56 classes from 32 U.S. net interest margin securities (NIMS) residential mortgage-backed securities (RMBS) transactions backed by U.S. Alternative-A (Alt-A) mortgage collateral issued in 2005 and 2006. At the same time, we removed the ratings from CreditWatch with negative implications, where they were placed Nov. 9, 2007. In addition, we affirmed our ratings on six classes and removed them from CreditWatch negative. Finally, we withdrew our rating on one other class that has paid off.
http://standardandpoors.rsys1.net/servlet/cc5?kHiQATYSQTVsLgHxhilpuHQJhuV2VY
Tue, 15 Jan 2008, 07:38
FinAlternatives
The USD3.5 billion Fire and Police Pension Association of Colorado has begun a search for a fund of hedge funds manager to add to its existing alternative investment portfolio. The new mandate is benchmarked against the 90-day Treasury bill or LIBOR. FPPA does not permit its fund of hedge funds managers to use leverage at the fund level and aggregate leverage of underlying funds should not exceed 2.5 times. The minimum initial funding for the mandate will be roughly USD50 million.
The USD3.5 billion Fire and Police Pension Association of Colorado has begun a search for a fund of hedge funds manager to add to its existing alternative investment portfolio. The new mandate is benchmarked against the 90-day Treasury bill or LIBOR. FPPA does not permit its fund of hedge funds managers to use leverage at the fund level and aggregate leverage of underlying funds should not exceed 2.5 times. The minimum initial funding for the mandate will be roughly USD50 million.
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Yield Curve Corner
Fed Auctions $30 Billion
The Associated Press -
Last week, Federal Reserve Chairman Ben Bernanke said the auctions so far have been successful and would continue for as long as they were needed. ...
See all stories on this topic
The Associated Press -
Last week, Federal Reserve Chairman Ben Bernanke said the auctions so far have been successful and would continue for as long as they were needed. ...
See all stories on this topic
Wall Street to Fed: Cut rates now!
CNNMoney.com - USA
More gloomy economic data has investors crying for Ben Bernanke & Co. to slash rates sooner than later. But should the Fed listen? By Paul R. La Monica, ...
See all stories on this topic
CNNMoney.com - USA
More gloomy economic data has investors crying for Ben Bernanke & Co. to slash rates sooner than later. But should the Fed listen? By Paul R. La Monica, ...
See all stories on this topic
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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/SNWnewengland015_N7.jpg
A new study launched yesterday by Arthur D. Little explores the impacts of the climate change agenda on business strategy and future competitiveness. Facing the carbon challenge head-on is a critical success factor behind leading businesses in all sectors and regions of the world.
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Iranian Situation and Other Man Made Disasters
Six powers to meet soon over Iran's nuclear program: US
AFP via Yahoo! News Tue, 15 Jan 2008 9:56 AM PST
The six powers debating tougher UN sanctions against Iran over its disputed nuclear program hope to meet soon at the level of foreign minister, the US State Department said Tuesday.
AFP via Yahoo! News Tue, 15 Jan 2008 9:56 AM PST
The six powers debating tougher UN sanctions against Iran over its disputed nuclear program hope to meet soon at the level of foreign minister, the US State Department said Tuesday.
UN 'to mull new Iran sanctions'
BBC News Tue, 15 Jan 2008 10:12 AM PST
Foreign ministers from the UN Security Council will meet in Berlin next week to discuss Iran, say diplomats.
BBC News Tue, 15 Jan 2008 10:12 AM PST
Foreign ministers from the UN Security Council will meet in Berlin next week to discuss Iran, say diplomats.
Amnesty urges Iran to stop stoning executions
Reuters via Yahoo! News Mon, 14 Jan 2008 4:50 PM PST
Amnesty International on Tuesday called on Iran to abolish the "grotesque and horrific" practice of stoning people to death.
Reuters via Yahoo! News Mon, 14 Jan 2008 4:50 PM PST
Amnesty International on Tuesday called on Iran to abolish the "grotesque and horrific" practice of stoning people to death.
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Opalesque’s Corner
- Opalesque Exclusive: India fund up 25.42% in December (64.3% YTD) as market shows new `price discovery` momentum, coming consolidation to produce further opportunities
- Reech AiM Group reports ongoing outperformance for debut real estate hedge fund and outperformance of the real estate listed market
- Greenspan becomes adviser to hedge fund Paulson, How Paulson made billions on subprime
- M&A: Lansdowne Partners takes 2% stake in Och-Ziff
- New FoF opens in Hong Kong, to apply `quant approach` in selecting mangers, Quant still out of favour at Watson Wyatt
- Fund Launches: Laxey Partners to launch European real estate hedge fund, targeting distressed property
- Greenwich: Hedge funds return +11.15% in 2007, more than double S&P 500 performance
- Institutions: Colorado Fire, Police pension looking for FoHFs
- Tax Update: Senate investigators looking into whether Wall Street firms improperly structured transactions that helped HFs sidestep dividend taxes, Individuals have invested $262.8bln in Caribbean hedge funds
- Debtwire Survey: Traders see opportunities for `distressed` investments, expect recession in 2008
- Iraq paid off last year for high-risk investors, 5 funds gained average of 25% says HFR
- People: Former Amaranth COO Charles Winkler said to join hedge fund, PCE Investors names Clive Warburton as head of compliance, Deutsche Bank Private Wealth Management hires new MD
- Riskdata releases advanced screening to improve fund selections
- CAIA to close registration for March 2008 Level I and II Examinations on Monday, Jan. 28
- Events: Northeastern Chapter of the Hedge Fund Association to hold member networking events in Greenwich, Boston and New York
- Environment / Energy: Some of UK`s largest investors team up for reports on climate change finance danger, sector reports to emerge on electric utilities, oil & gas, real estate and water utilities, Study says carbon a challenge for all sectors, regions, GE raises renewable energy investment target up 50% to $6 billion
- Private sector turns to weather derivatives: Former Google execs firm helps hairdresser to cover himself as no one gets a haircut when the sun`s out
- Freight index suffers biggest two-day fall, now down 30% from November record
- Credit Crunch Update: If this had been a mere subprime crisis, it would now be over: Credit cards, credit default swaps remain vulnerable, The bonfire that threatens to spread to credit insurance, Bust of a financial guarantor (so-called monoline insurer) catastrophic, Investors brace for bank losses in pivotal week, Citigroup plans big dividend cut, Credit crisis poses moving target for EU regulators, two reviews under way
- Comment: Kuwait`s helping hand: Not surprising given laggard status
- Credit Crunch affect on investor attitudes to private equity: LPs still enthusiastic towards PE after credit crunch, but more caution being shown towards mega-funds
- Gold hits record above $910, Gold, Platinum rise to record on declining dollar, Silver gains
- Legal: Failed Wood River`s troublesome investment liquidated as Endwave buys out stake, CFTC asks Court to grant agency motion for leave to intervene in FERC vs. Amaranth/Hunter case, Currency trading becomes `Fraud du Jour` amid regulatory holes, Merrill probed for `frontrunning`, Ex-UBS Financial broker settles hedge fund case
- Update: Juridica attracts investment as the first specialist litigation fund to float in UK
- Law firm Dechert opens Hong Kong office, White & Case builds Singapore partner base
- Exchanges: NYSE Euronext to acquire financial market data firm for $200m in cash, LSE to launch CFD market, CME Globex adds products from e-cbot platform, Shanghai lays down roadmap to match New York, London by 2020
- London FoF AltEdge Capital Management opens Geneva office
- Northern Rock Update: U.K. government enlists insurance exec to help run Northern Rock in case of nationalization, Comment: Activist hedge funds risk pushing government to nationalize Northern Rock
- Activist News: CNet adopts poison pill to block takeover tactics, Jana goes to court to exploit possible fatal flaw in CNet`s takeover defenses, Financing squeeze isn`t slowing activists: 501 campaigns in 07, Liechtenstein, Ramius with most, Tyson Foods attracts hedge fund
- News Briefs: Fidelity to reopen Magellan Fund after 18.8% return, Bank-compliance costs soar 159% from 2002 to 2006, Hedge fund industry's main lobbying group in talks with Richard Baker about possible job, Kuwait`s Global Investment House and Al Qudra plan investment bank, Bear Stearns competes for 10% stake in China`s biggest mutual fund firm, Investment banks look to sovereign wealth funds, Mideast, Asia draw focus as fee sources as HFs and other clients wane, DTCC and CLS Bank launch central settlement service for OTC transactions, Dow Jones launches Oman Index, Dow Jones Indexes and Dharma Investments to launch new faith-based indexes
- And Finally. China students `use tuition fees to buy stocks`
- Logon: http://www.opalesque.com/main.php?act=archive
- Reech AiM Group reports ongoing outperformance for debut real estate hedge fund and outperformance of the real estate listed market
- Greenspan becomes adviser to hedge fund Paulson, How Paulson made billions on subprime
- M&A: Lansdowne Partners takes 2% stake in Och-Ziff
- New FoF opens in Hong Kong, to apply `quant approach` in selecting mangers, Quant still out of favour at Watson Wyatt
- Fund Launches: Laxey Partners to launch European real estate hedge fund, targeting distressed property
- Greenwich: Hedge funds return +11.15% in 2007, more than double S&P 500 performance
- Institutions: Colorado Fire, Police pension looking for FoHFs
- Tax Update: Senate investigators looking into whether Wall Street firms improperly structured transactions that helped HFs sidestep dividend taxes, Individuals have invested $262.8bln in Caribbean hedge funds
- Debtwire Survey: Traders see opportunities for `distressed` investments, expect recession in 2008
- Iraq paid off last year for high-risk investors, 5 funds gained average of 25% says HFR
- People: Former Amaranth COO Charles Winkler said to join hedge fund, PCE Investors names Clive Warburton as head of compliance, Deutsche Bank Private Wealth Management hires new MD
- Riskdata releases advanced screening to improve fund selections
- CAIA to close registration for March 2008 Level I and II Examinations on Monday, Jan. 28
- Events: Northeastern Chapter of the Hedge Fund Association to hold member networking events in Greenwich, Boston and New York
- Environment / Energy: Some of UK`s largest investors team up for reports on climate change finance danger, sector reports to emerge on electric utilities, oil & gas, real estate and water utilities, Study says carbon a challenge for all sectors, regions, GE raises renewable energy investment target up 50% to $6 billion
- Private sector turns to weather derivatives: Former Google execs firm helps hairdresser to cover himself as no one gets a haircut when the sun`s out
- Freight index suffers biggest two-day fall, now down 30% from November record
- Credit Crunch Update: If this had been a mere subprime crisis, it would now be over: Credit cards, credit default swaps remain vulnerable, The bonfire that threatens to spread to credit insurance, Bust of a financial guarantor (so-called monoline insurer) catastrophic, Investors brace for bank losses in pivotal week, Citigroup plans big dividend cut, Credit crisis poses moving target for EU regulators, two reviews under way
- Comment: Kuwait`s helping hand: Not surprising given laggard status
- Credit Crunch affect on investor attitudes to private equity: LPs still enthusiastic towards PE after credit crunch, but more caution being shown towards mega-funds
- Gold hits record above $910, Gold, Platinum rise to record on declining dollar, Silver gains
- Legal: Failed Wood River`s troublesome investment liquidated as Endwave buys out stake, CFTC asks Court to grant agency motion for leave to intervene in FERC vs. Amaranth/Hunter case, Currency trading becomes `Fraud du Jour` amid regulatory holes, Merrill probed for `frontrunning`, Ex-UBS Financial broker settles hedge fund case
- Update: Juridica attracts investment as the first specialist litigation fund to float in UK
- Law firm Dechert opens Hong Kong office, White & Case builds Singapore partner base
- Exchanges: NYSE Euronext to acquire financial market data firm for $200m in cash, LSE to launch CFD market, CME Globex adds products from e-cbot platform, Shanghai lays down roadmap to match New York, London by 2020
- London FoF AltEdge Capital Management opens Geneva office
- Northern Rock Update: U.K. government enlists insurance exec to help run Northern Rock in case of nationalization, Comment: Activist hedge funds risk pushing government to nationalize Northern Rock
- Activist News: CNet adopts poison pill to block takeover tactics, Jana goes to court to exploit possible fatal flaw in CNet`s takeover defenses, Financing squeeze isn`t slowing activists: 501 campaigns in 07, Liechtenstein, Ramius with most, Tyson Foods attracts hedge fund
- News Briefs: Fidelity to reopen Magellan Fund after 18.8% return, Bank-compliance costs soar 159% from 2002 to 2006, Hedge fund industry's main lobbying group in talks with Richard Baker about possible job, Kuwait`s Global Investment House and Al Qudra plan investment bank, Bear Stearns competes for 10% stake in China`s biggest mutual fund firm, Investment banks look to sovereign wealth funds, Mideast, Asia draw focus as fee sources as HFs and other clients wane, DTCC and CLS Bank launch central settlement service for OTC transactions, Dow Jones launches Oman Index, Dow Jones Indexes and Dharma Investments to launch new faith-based indexes
- And Finally. China students `use tuition fees to buy stocks`
- 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….
inculcate in-KUHL-kayt; IN-kuhl-kayt, transitive verb:
To teach and impress by frequent repetition or instruction.
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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
respective publishers, as referenced by header and appropriate hypertext links.
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