Archive: 02/20/2008
Main News
Credit Suisse's CDO headache
CNNMoney.com - USA
The bank's $2.85 billion charge traces back to highly-rated CDOs traded in London whose valuation was questioned by auditors, sources say. ...
CNNMoney.com - USA
The bank's $2.85 billion charge traces back to highly-rated CDOs traded in London whose valuation was questioned by auditors, sources say. ...
Arcane Market Is Next to Face Big Credit Test
Banks "quietly" borrow $50 billion from Fed: report
February 19, 2008 05:47 AM ET
NEW YORK (Reuters) - Banks in the United States have been quietly
borrowing "massive amounts" from the U.S. Federal Reserve in
recent weeks, using a new measure the Fed introduced two months
ago to help ease the credit crunch, according to a report on
the web site of The Financial Times.
http://links.reuters.com/r/YMQP2/Q8Y2E/QXQPM/TTKKW/LC8ND/YT/t
February 19, 2008 05:47 AM ET
NEW YORK (Reuters) - Banks in the United States have been quietly
borrowing "massive amounts" from the U.S. Federal Reserve in
recent weeks, using a new measure the Fed introduced two months
ago to help ease the credit crunch, according to a report on
the web site of The Financial Times.
http://links.reuters.com/r/YMQP2/Q8Y2E/QXQPM/TTKKW/LC8ND/YT/t
Over the past several weeks, the contagion emanating from the collapse of the market for complex structured assets that contain subprime mortgages has shaken the municipal bond market, one of the safest and most stable parts of the US financial system.
The ratings agencies dispute that the downgrades are being delayed, even as they give beleaguered bond insurers time to raise capital.
» Read the Full Story
» Read the Full Story
BlackRock: 'No truth' to rumors of subprime-related losses or exposure
Forbes - NY,USA
'In its fourth-quarter earnings release, the company disclosed $12 million of impairment charges related to CDO seed investments, which represented a ...
Forbes - NY,USA
'In its fourth-quarter earnings release, the company disclosed $12 million of impairment charges related to CDO seed investments, which represented a ...
Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C'
The rating actions on U.K. bank Northern Rock PLC (A/Positive/A-1) follow the announcement by the U.K. government that Northern Rock will be nationalized through legislation. The government concluded that the takeover proposals from the Virgin-led consortium and Northern Rock's management offered insufficient value to taxpayers, and that a period of temporary public ownership was a preferable outcome. The government intends to sell the bank to a private sector buyer once financial market conditions have stabilized.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQAAACQTVsLgHxhilpuHQJhuV2VR
The rating actions on U.K. bank Northern Rock PLC (A/Positive/A-1) follow the announcement by the U.K. government that Northern Rock will be nationalized through legislation. The government concluded that the takeover proposals from the Virgin-led consortium and Northern Rock's management offered insufficient value to taxpayers, and that a period of temporary public ownership was a preferable outcome. The government intends to sell the bank to a private sector buyer once financial market conditions have stabilized.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQAAACQTVsLgHxhilpuHQJhuV2VR
Global Macro,' the Strategic Sequel
Wall Street Journal - USA
Last year, global macro funds rose more than 17% on average, according to Credit Suisse/Tremont Hedge Fund Index. These funds gained 1.7% on average in ...
Wall Street Journal - USA
Last year, global macro funds rose more than 17% on average, according to Credit Suisse/Tremont Hedge Fund Index. These funds gained 1.7% on average in ...
The Pension Benefit Guaranty Corp. is abandoning its 4-year-old liability-driven investment policy, reallocating almost $15 billion to equities and alternative investments.
Worried about sovereign wealth funds? You’re not alone, according to financial website breakingviews.com. “Critics … worry that SWFs tend to be secretive, target political as well as financial...
Lauren C. Templeton, the great-niece of legendary value investor Sir John Templeton, has put some of his most astute principles on paper.In a book scheduled to hit stores later this month, Ms....
Given the number of prominent hedge fund meltdowns, blowups and fraud convictions in recent years, many investors might derive peace of mind by accessing the expertise of a bona fide hedge fund detective before they invest in a fund.
MSCI Barra says <http://www.hedgefund-index.com/newstoday.asp> to launch hedge fund index for Asia
Source: Reuters
Source: Reuters
<http://www.hedgefund-index.com/s_marketrisk.asp> Assessing Market Risk for Hedge Funds and Hedge Funds Portfolios
by Francois Serge Lhabitant
We suggest an empirical model to analyze the investment style of individual hedge funds and funds of funds. Our approach is based on a mixture of the style analysis approach suggested by Sharpe (1988), the factor push approach used in stress testing, and historical simulation. An interesting and straightforward extension of this model is the estimation of value-at-risk (VaR) figures... More... <http://www.hedgefund-index.com/s_marketrisk.asp>
by Francois Serge Lhabitant
We suggest an empirical model to analyze the investment style of individual hedge funds and funds of funds. Our approach is based on a mixture of the style analysis approach suggested by Sharpe (1988), the factor push approach used in stress testing, and historical simulation. An interesting and straightforward extension of this model is the estimation of value-at-risk (VaR) figures... More... <http://www.hedgefund-index.com/s_marketrisk.asp>
Tuesday , 19 Feb 2008
The platinum price is still on the up as speculative buying adds to the industrial shortfall.
The platinum price is still on the up as speculative buying adds to the industrial shortfall.
Commodities Surge to Record as Inflation Concern Sparks Demand
The combination of Thomson and Reuters is expected to edge out Bloomberg in market share by 1%.
» Read the Full
» Read the Full
by Zubin Jelveh
by Greg Boop
Shades of Amaranth: Firm Makes Wrong Bets on Gas Houston-based hedge fund energy firm Saracen Energy Partners lost money betting that natural gas prices would go down, according to a Dow Jones report. [more
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Yield Curve Corner
Bernanke Turns 10-Year Notes Into Losers as Refinancing Surges
Bloomberg - USA
19 (Bloomberg) -- The more Federal Reserve Chairman Ben S. Bernanke cuts interest rates, the less appealing 10-year Treasuries become to investors like Doug ...
Bloomberg - USA
19 (Bloomberg) -- The more Federal Reserve Chairman Ben S. Bernanke cuts interest rates, the less appealing 10-year Treasuries become to investors like Doug ...
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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/DSTmiddleeast050_N8.jpg
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Iranian Situation and Other Man Made Disasters
February 19, 2008 | 1613 GMT
Iran sentences journalist to death
AP via Yahoo! News Tue, 19 Feb 2008 12:37 PM PST
A journalist accused of involvement in a terrorist group in southeastern Iran has been sentenced to death, the judiciary said Tuesday.
AP via Yahoo! News Tue, 19 Feb 2008 12:37 PM PST
A journalist accused of involvement in a terrorist group in southeastern Iran has been sentenced to death, the judiciary said Tuesday.
Iran reinstates more candidates for election
AFP via Yahoo! News Tue, 19 Feb 2008 0:01 AM PST
Iran on Tuesday announced it reinstated 251 more candidates disqualified from parliamentary elections, bringing to over 831 the number of hopefuls reinstated after strict initial vetting caused uproar.
AFP via Yahoo! News Tue, 19 Feb 2008 0:01 AM PST
Iran on Tuesday announced it reinstated 251 more candidates disqualified from parliamentary elections, bringing to over 831 the number of hopefuls reinstated after strict initial vetting caused uproar.
Iran: Oil price hikes boost currency reserves to 76 billion dollars in 2007
Adnkronos Tue, 19 Feb 2008 10:46 AM PST
Iran: Oil price hikes boost currency reserves to 76 billion dollars in 2007 (AKI) - Iran's currency reserves rose 4.29 percent in 2007 on the previous year to reach 76 billion dollars, the central bank, known as Bank Markazi, announced. Reserves have boosted by soaring world oil prices, which in late 2007 were close to 100 dollars a barrel. (19/02/2008 - 19:21:01)
Adnkronos Tue, 19 Feb 2008 10:46 AM PST
Iran: Oil price hikes boost currency reserves to 76 billion dollars in 2007 (AKI) - Iran's currency reserves rose 4.29 percent in 2007 on the previous year to reach 76 billion dollars, the central bank, known as Bank Markazi, announced. Reserves have boosted by soaring world oil prices, which in late 2007 were close to 100 dollars a barrel. (19/02/2008 - 19:21:01)
INTERNATIONAL / MIDDLE EAST| February 13, 2008
Warmth for Americans in Once Hostile Tehran
By MICHAEL SLACKMAN
America’s image in the Middle East is as low as it has ever been. Yet generally speaking, Iranians like Americans — a sentiment that has become much more pronounced.
Warmth for Americans in Once Hostile Tehran
By MICHAEL SLACKMAN
America’s image in the Middle East is as low as it has ever been. Yet generally speaking, Iranians like Americans — a sentiment that has become much more pronounced.
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Opalesque’s Corner
- Editor's Note
- Fund launches: Zeta Fund investment club plans spin-off of internal hedge funds, Juno Mother Earth founder departs to launch Vertus Capital Partners
- Philippe Jabre shuts down personal investment vehicle, moves assets to Jabre Capital Partners
- Citic Securities makes asset-management foray with a stake in VisionGain Capital
- Update: Dexion Absolute listed closed- end fund raises further $263m for hedge funds, Dexion concludes one fund raising, launches another, Asset management M&A and IPOs beat records in 2007, 2008 will be the same as investors demand alternative investments
- HFIM nominated for `Most Innovative Project` and `Best Newcomer` awards at the Hedge Funds World Awards, Middle East 2008
- Indices: EDHEC Alternative Indexes show contrasting fortunes for hedge funds during market turbulence, highest score for January is short selling (6.05%), lowest EM (-5.11%)
- Institutions: Waiting for the flood: At least $52bln in unallocated hedge fund cash waiting for a green light, U.S. pension body seeks riskier assets, will invest 10% in alternatives, Norwalk: New accounting rule proposal for more disclosure from corporate pension funds may drive them away from hedge funds
- Trends: Global Macro is making a comeback
- SocGen Update: SocGen chairman Daniel Bouton pins hopes on alliance with French post office, BNP hesitates over SocGen takeover move
- Credit Crunch Update: Credit crunch cost $3-4trn, JP Morgan officials say, US banks quietly borrow $50bln from Fed via new credit facility, Lehman sitting on pile of commercial real-estate loans, facing a write-down in the $1.3bln range, Credit Suisse re-prices certain asset-backed positions, Update: UBS suspends London based wealth managers pending investigation
- Ambac in talks to split itself up, BofA analyst says bond insurer splits may lead to `years of litigation`
- People: P-Solve Asset Solutions adds three to investment advisory business
- Legal: Fraud suspect Amit Mathur rejects plea bargain
- Regulators: US SEC makes analyzing corporate performance easier for investors
- Commodities: China`s base metal prices may face downward pressure, Supplier instability helps push soft commodities to record highs, Tea prices to reach record levels in 2008
- Middle-East: S&P: Hot spot prospects for Middle East and North Africa as some returns exceed 50%
- Asia: Former top currency official says Japanese economy may slip into recession (again...), Economists expect snowstorm in China could hurt inflation more than expected, Beijing may ease up on credit tightening measures,
- Northern Rock Update: Hedge funds could lose up to GBP135m, U.K. ministers defend nationalization, Investors to face a hard fight for compensation
- Sovereign Wealth Funds: Qatar fund buys Credit Suisse stake, other targets may include UK bank, Japan`s governing party to study creation of sovereign wealth fund, Australia: Setting rules for sovereign wealth
- Activist News: Prominent hedge funds build up stakes in energy firms
- Books: Investigator tells investors how to check on hedge funds
- News Briefs: Equity trades defy economy as Wall Street transformers abound, Pictet launches Latin America local currency debt fund, Citco to create 150 jobs in Irish expansion, RBI clears branch licence of UBS, Dow Jones Indexes and Amman Stock Exchange launch new index,
- And Finally. China: Beijing`s subway passengers angered by car advert, Regulators now ban ghost stories to cleanse negative effect
- Logon: http://www.opalesque.com/main.php?act=archive
- Fund launches: Zeta Fund investment club plans spin-off of internal hedge funds, Juno Mother Earth founder departs to launch Vertus Capital Partners
- Philippe Jabre shuts down personal investment vehicle, moves assets to Jabre Capital Partners
- Citic Securities makes asset-management foray with a stake in VisionGain Capital
- Update: Dexion Absolute listed closed- end fund raises further $263m for hedge funds, Dexion concludes one fund raising, launches another, Asset management M&A and IPOs beat records in 2007, 2008 will be the same as investors demand alternative investments
- HFIM nominated for `Most Innovative Project` and `Best Newcomer` awards at the Hedge Funds World Awards, Middle East 2008
- Indices: EDHEC Alternative Indexes show contrasting fortunes for hedge funds during market turbulence, highest score for January is short selling (6.05%), lowest EM (-5.11%)
- Institutions: Waiting for the flood: At least $52bln in unallocated hedge fund cash waiting for a green light, U.S. pension body seeks riskier assets, will invest 10% in alternatives, Norwalk: New accounting rule proposal for more disclosure from corporate pension funds may drive them away from hedge funds
- Trends: Global Macro is making a comeback
- SocGen Update: SocGen chairman Daniel Bouton pins hopes on alliance with French post office, BNP hesitates over SocGen takeover move
- Credit Crunch Update: Credit crunch cost $3-4trn, JP Morgan officials say, US banks quietly borrow $50bln from Fed via new credit facility, Lehman sitting on pile of commercial real-estate loans, facing a write-down in the $1.3bln range, Credit Suisse re-prices certain asset-backed positions, Update: UBS suspends London based wealth managers pending investigation
- Ambac in talks to split itself up, BofA analyst says bond insurer splits may lead to `years of litigation`
- People: P-Solve Asset Solutions adds three to investment advisory business
- Legal: Fraud suspect Amit Mathur rejects plea bargain
- Regulators: US SEC makes analyzing corporate performance easier for investors
- Commodities: China`s base metal prices may face downward pressure, Supplier instability helps push soft commodities to record highs, Tea prices to reach record levels in 2008
- Middle-East: S&P: Hot spot prospects for Middle East and North Africa as some returns exceed 50%
- Asia: Former top currency official says Japanese economy may slip into recession (again...), Economists expect snowstorm in China could hurt inflation more than expected, Beijing may ease up on credit tightening measures,
- Northern Rock Update: Hedge funds could lose up to GBP135m, U.K. ministers defend nationalization, Investors to face a hard fight for compensation
- Sovereign Wealth Funds: Qatar fund buys Credit Suisse stake, other targets may include UK bank, Japan`s governing party to study creation of sovereign wealth fund, Australia: Setting rules for sovereign wealth
- Activist News: Prominent hedge funds build up stakes in energy firms
- Books: Investigator tells investors how to check on hedge funds
- News Briefs: Equity trades defy economy as Wall Street transformers abound, Pictet launches Latin America local currency debt fund, Citco to create 150 jobs in Irish expansion, RBI clears branch licence of UBS, Dow Jones Indexes and Amman Stock Exchange launch new index,
- And Finally. China: Beijing`s subway passengers angered by car advert, Regulators now ban ghost stories to cleanse negative effect
- 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….
abominate uh-BOM-uh-nayt, transitive verb:
To hate in the highest degree; to detest intensely; to loathe; to abhor.
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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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