Archive: 03/11/2008
Main News
Hedge fund industry hit by worst crisis in a
decade
International Herald Tribune Mon, 10 Mar 2008 1:15 PM PDT
A lending
crackdown by banks, which is squeezing hedge funds, is the worst to hit the
$1.9 trillion hedge fund industry since Russia's debt default in
1998.
Energy Hedge Fund Loses More
Saracen Energy Partners couldnt
recover on its wrong way bets on natural gas in February, after substantial
losses in January, according to a Bloomberg reporT [more].
Survey
indicates negative impact of hedge funds on market valuations
Almost a
third of listed companies believe hedge funds have a negative impact on
market valuations, a new research by company law firm DLA Piper has
indicated. (The Daily
Telegraph)
http://mail2.efnmail.co.uk/r/346320/MTk4MTI1OjE2NjQ5/
TIPS'
Yields Show Fed Has Lost Control of Inflation - Democratic ...
TIPS' Yields
Show Fed Has Lost Control of
Inflation.
www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3218566
- 46k - 19 hours ago - Cached - Similar pages
A Retrospective of Hedge
Fund Risks and Returns, 1998-2008
by Armelle Guizot
Hedge Fund
Advertising Turns Into A First Amendment Issue
by Christopher Holt
Three
credit hedge fund managers have been forced to wind down their funds or
restructure them, and two others have ...
eFinancial News Sun, 09 Mar 2008
10:22 PM PDT
Three credit hedge fund managers have been forced to wind down
their funds or restructure them, and two others have lost more than a fifth
of their value, as the crisis deepens in their sector.
A 10-Year
Retrospective of Hedge Fund Risks and Returns
Source: Seeking Alpha
A Hedge
funds have significantly contributed to the evaporation of the essential
capital equity value of large financial institutions[1], first banks and
then all other industries' corporations, throughout the managing of their
financial statements from the mid nineties to now. Hedge funds created
profitable offshore entities generating excessive significant returns over
time without caring about their risks. More...
How Credible Are Moody's, S&P Monoline Ratings?
Seeking Alpha - New
York,NY,USA
For instance, a Triple-A bond insurer with $10 billion in
claims paying resources and no exposure to RMBS and CDO's would have stress
losses of around $7.7 ...
U.S. Government Debt Issuance To Spike In
2008
We expect borrowing by the federal government of the United States of
America (AAA/Stable/A-1+), combined with that of state and local
governments, to reach $1,378 billion in medium- and long-term debt in 2008.
This figure comprises $908 billion for the federal government and $470
billion for state and local governments. These requirements are
significantly higher than in 2007 and reflect our expectation of
deteriorating revenue growth at all levels of U.S. government in 2008.
To
learn more, click or copy and paste the URL below:
(subscription required)
https://www.ratingsdirect.com/Apps/RD/controller/Article?id=634514&SctArtId=12751&from=CM&nsl_code=CMT
Two
thirds of institutional investors are not happy with levels of regulation
in the hedge fund industry and have ...
eFinancial News Sun, 09 Mar 2008
10:25 PM PDT
Two thirds of institutional investors are not happy with
levels of regulation in the hedge fund industry and have called for greater
transparency and accountability, according to a survey published
today.
Hedge Funds Reel From Margin Calls Even on Treasuries
(Update1)
Bloomberg.com Mon, 10 Mar 2008 2:55 AM PDT
March 10 (Bloomberg)
-- The hedge-fund industry is reeling from its worst crisis in a decade as
banks are now demanding more money pledged to support outstanding loans
even when the investment is backed by the full faith and credit of the
United States.
HULBERT ON MARKETS By MARK HULBERT
Shooting Fish in the
Muni-Bond Barrel Here's a way for investors to exploit an unusual
circumstance: munis with higher yields than
Treasuries.
http://online.barrons.com/article/SB120458188386008715.html?mod=djemBF
Guggenheim
Capital Markets Announces Expansion of Structured ...
PR Newswire (press
release) - New York,NY,USA
They bring a wealth of talent and experience and
will help us create even more significant opportunities for our customers
in the CDO market," said ...
Brevan Howard and Winton hedge funds
surge
Source: Reuters
It's not all gloom and doom in the hedge fund sector,
despite some widely publicized meltdowns among funds that invested in
credit securities. More...
Time for Hard Questions
Why is no one calling for an independent
inquiry into what caused the mortgage-market collapse? And, more
importantly, how to prevent a repeat? Read More
Carlyle Capital asks for
standstill from lenders
March 10, 2008 06:42 AM ET
AMSTERDAM (Reuters) -
Carlyle Capital Corp , an affiliate of
private equity firm Carlyle Group ,
said on Monday it has asked
lenders for a standstill agreement as it faces
more than $400
million in margin
calls.
http://links.reuters.com/r/SCXS8/YZLMD/9H05U/94OB6/BL7FX/YT/t
INTERVIEW
Larger, established hedge funds may be the riskiest bets
Thomson Investment
Management News (subscription) - London,UK
LONDON (Thomson IM) - Investors
seeking to diversify through new hedge fund allocations should beware
backing established firms who have fallen into the ...
See all stories on
this topic
Carbon Output Must Near Zero To Avert Danger, New Studies Say
The task of cutting greenhouse gas emissions enough to avert a dangerous
rise in global temperatures may be far more difficult than previous
research suggested, say scientists who have just published studies
indicating that it would require the world to cease carbon emissions
altogether within a...
(By Juliet Eilperin, The Washington
Post)
_________________________________________________________________________
Yield
Curve Corner
Market Risk – Increasing Liquidity Pressures Cause Fed to
Act
The Federal Reserve on Friday announced two initiatives to address
heightened liquidity pressures in term funding markets.
Full Story...
_________________________________________________________________________
Natural
Disaster
Corner
http://www.noaa.gov/
http://www.sec.noaa.gov/Data/index.html
http://tsunami.gov/
http://earthquake.usgs.gov/eqcenter/
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/TRCjokwekamba070_MT.jpg
_________________________________________________________________________
Iranian
Situation and Other Man Made
Disasters
http://www.globalincidentmap.com/home.php
http://icasualties.org/oif/
Wife
of missing ex-agent wants answers from Iran
CNN.com Sun, 09 Mar 2008 9:54
PM PDT
It has been a year since retired FBI agent Robert Levinson
disappeared in Iran, and his family still has no idea where he is.
Iran in
facts and figures
BBC News Mon, 10 Mar 2008 5:53 AM PDT
Statistical guide
to Iran as it prepares for the parliamentary elections.
Iran's Referendum
on Ahmadinejad
Time Magazine Mon, 10 Mar 2008 10:23 AM PDT
President
Mahmoud Ahmadinejad addresses a public gathering in Birjand, the eastern
provincial capital of Iran.
Iran: 'Bounty' put on heads of three top
Israeli officials
Adnkronos Mon, 10 Mar 2008 12:15 PM PDT
Iran: 'Bounty'
put on heads of three top Israeli officials (AKI) - Iran's Students for
Justice Movement has gathered a million dollars to be awarded to whoever
manages to kill three top Israeli figures including defence minister, Ehud
Barak, hardline journalist Forouz Rajaifar announced.The hardline student
group is offering a 400,000 dollar bounty for the slaying of Barak, 300,000
...
Iran-Turkmenistan cultural week opens
Islamic Republic News Agency
Mon, 10 Mar 2008 9:18 AM PDT
Iran - Turkmenistan Cultural week of Iranian
and Turkmen poets and intelligentsia opened in the City Media Hall in
Ashkhabad on Monday. Addressing the audience, the Iranian ambassador to
Ashkhabad said that Turkmeistan is the land of poetry, literature, gnosis
and interpretation.
Iran, U.S.: Talks Still Not Scheduled
March 10, 2008
1556 GMT
U.S.-Iranian talks remain unscheduled, the Iranian Foreign
Ministry said March 10.
Iran...
http://www.stratfor.com/sitrep/iran_u_s_talks_still_not_scheduled
_________________________________________________________________________
Opalesque’s
Corner
- Editor's Note
- Opalesque Exclusive: Bedrock launches a different
kind of product: a concentrated yet diversified multi-asset class fund of
funds
- Fund launches: Marshall Wace raises ?2bln ($3bln) for new market
neutral hedge fund, YouGov together with Numis, FOUR Capital Partners to
start joint venture hedge fund
- Performance: Update: Saracen hedge fund
lost 22% in February on gas trades, 17.1% and 12% YTD: Brevan Howard and
Winton hedge funds surge, Finvest to beef up emerging manager platform with
extra $50m, up 21% since June 07 inception, Sanders Morris reports Q4
results, considers separation of capital markets division from asset/wealth
management, Altira closes $178m energy hedge fund, Danix Fund continues
de-correlated performance, Asset manager Partners Group profit up, sees
growth, A retrospective of hedge fund risks and returns, 1998-2008
-
Updates: Blue River hedge fund sets investor conference on Wednesday,
Peloton puts offices on market
- Indices: Hennessee Hedge Fund Index
advances +1.4% in February, Eurekahedge: HFs bounced back in February,
Hedge Fund Index +3.1% (est.), Benchmarking South Africa`s hedge funds
-
Assets: Opalesque Exclusive: Macquarie Pastoral Fund`s AUM now at ?373m,
outlook for 2008 positive, Highland Capital raises $1bln to buy bank debt,
CDOs
- HF replication: Credit Suisse steps into hedge fund replication
business, teams up with leading academics
- Trends: Top FoHFs boost
arbitrage allocations
- Interview: Arrow Funds CIO William E. Flaig on the
benefits of hedge fund strategies within a mutual fund vehicle
- Research:
Risk profiles of distressed hedge funds
- Awards: Stenham wins PAM Award
two years in a row, Rasmala wins best new fund at Hedge Funds World Middle
East Awards
- Hedge Funds in Credit Crunch: The collapse of a healthy hedge
fund following banks` margin calls, Credit crunch stretches indebted hedge
funds to breaking point, fears of domino effect, More failures expected as
values fall and edgy banks call in their loans
- Credit Crunch Update: Legg
Mason secures financing to prop up ailing money funds, Congressional panel
criticizes Countrywide, Merrill, Citigroup`s compensation packages to CEOs,
CEO pay hearing: Countrywide`s Angelo Mozilo (video), FBI checks out the
truth of Countrywide`s statements on quality of loans, PIMCO's Bill Gross
on liquidity (video), Comment: Are we talking ourselves into recession?,
Credit derivatives turmoil strikes at wider financial system
- Legal:
Ex-pastor sentenced to 15 years probation for hedge fund scam, ordered to
pay $1.4m
- Regulators: SEC proposes naked short selling anti-fraud rule
-
Institutions: Japan retirement manager to put $127.6bln into hedge funds
-
People: Cogo Wolf hires top industry talent as chief marketing officer
-
Exchanges: NYSE Euronext gets FTC`s go-ahead to buy Amex, CBOT rejects
CBOE`s $900m settlement offer, McKinsey: What`s next for exchanges?
-
Commodities: Goldman analysts see possibility of oil price surge to $200,
Canada warns US over oil sands
- Europe: Toscafund looks for opportunities
in struggling UK banks, Estlander & Ronnlund co-founder buys all shares in
parent company from his partner, Update: Northern Rock shareholder group to
lobby MPs ahead of debate
- Asia: Caliburn to open Singapore office, plans
more fund launches in 2008, Edmond de Rothschild opens Hong Kong office,
Tough times for Asia hedge fund start-ups, Brokers rush to establish hedge
funds in Korea, Convertible bonds in Asia-Pacific in remarkable rise,
Southeast Asia`s fund industry still plays second fiddle
- Emerging
Markets: RCM: Inflation won`t derail the Bric story, RMF: Emerging markets
still good for hedge funds (video), Emerging market bond indices suggest
investors think EM is safer place to be
- Sovereign Wealth Funds: Cerulli:
External managers already run 44% of sovereign wealth assets
- Activist
News: Harbinger Capital explains Media General battle, Cohen & Steers faces
proxy battle over funds, Judge says Delphi can proceed with help from GM,
UK-based hedge fund targets Eircom`s Australian owner
- News Briefs: The
world`s top financial centers, Backstop Solutions Group, EXENET, Global
Relay and HedgeOp Compliance join forces to present the Hedge Fund
Technology Symposium in New York City on April 7, 2008, UCLA Anderson
unveils new masters of Financial Engineering Program, Survey: DLA Piper
survey shows doubts over value of the hedge fund, PwC survey: Investors eye
real estate after tough 2007, Credit Suisse has launched two structured
products based on the Global Nanotechnology Index, Japanese GBs climb as
market turmoil hits hedge funds
- . And Finally: Tank drivers drunk vodka
and crashed into house
- Logon:
http://www.opalesque.com/main.php?act=archive
_________________________________________________________________________
Misc.
Items of Interest
Fuel Technology: Geopolitically Significant
Microbes?
March 10, 2008 1109 GMT
Oil supermajor BP is backing a new
alternative fuel technology that will produce methane from carbon dioxide
using
microbes.
http://www.stratfor.com/analysis/fuel_technology_geopolitically_significant_microbes_0
Comparing
Clinton and Bush on Income Taxes
by Mark J. Perry
Energy Risk –
Pouring Fuel on Green Energy
State policies are the force behind the surge
in green energy use. But if those efforts are to be optimized they must be
complemented with the appropriate federal research, tax and regulatory
policies.
Full Story...
_____________________________________________________________________
Funnies,
Facts, Quotes, etc….
inchoate in-KOH-it, adjective:
1. In an initial
or early stage; just begun.
2. Imperfectly formed or
formulated.
_________________________________________________________________________
Conference,
Courses, Books, Papers
Great Research
Sites:
http://www.highbeam.com/
http://www.dealbreaker.com/
http://seekingalpha.com/
www.riskmterics.com
http://www.allaboutalpha.com/blog/
Merrill
Lynch research Link to full report including important disclosures see
example
http://rsch1.ml.com/9093/24013/ds/78763025.PDF
John Mauldin’s
Weekly Analysis
www.frontlinethoughts.com
James Altucher’s
Website:
www.stockpickr.com
Other useful
sites:
www.flyonthewall.com
www.gloriamundi.com
_________________________________________________________________________
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)
HFRX Indices
https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431
http://www.cogenthedge.com/home/inv_strategy.asp
_________________________________________________________________________
Regulatory
Info
Commodity Futures Trading Commission (CFTC)
Division of Enforcement:
+1
866-FON-CFTC
http://www.cftc.gov/enf/enfform.htm
http://www.cftc.gov/enf/enfform.htm
Securities
and Exchange Commission (SEC)
e-mail:
enforcement@sec.gov
http://www.sec.gov/complaint.shtml
http://www.sec.gov/complaint.shtml
Autorité
des marchés financiers (AMF)
Ombudsman's office: +33 (0)1
5345-6464
French:
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=fr&Id_Tab=0
English:
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
Financial
Services Authority
(FSA)
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Financial
Ombudsman Service: 0845 080 1800, outside the UK: +44 (0)20 7964
1000
complaint.info@financial-ombudsman.org.uk
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Hong
Kong Securities and Futures Commission
(SFC)
http://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
Investor
Hotline:
852-2840-9333
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
_________________________________________________________________________
Disclaimer
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information contained in this document does not constitute an offer or
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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
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