Archive: 03/13/2008
Main
News
...University's
Stern School of Business. Any advances? Going, going, gone.It is easy to be cynical
about this ascending auction of scary prognoses. But we cannot...for an economy
as big and a government as creditworthy...
Mar
12 2008, By Martin Wolf, Financial Times
The
Federal Reserve, trying valiantly to stem the market forces for sometime, has
now taken an extraordinary step of expanding their role in the current credit
crisis. With the announcement that the Fed will lend $200 billion in cash and
US Treasuries and extend the lending term from overnight to 28 days, the risk
meter, which was already at High Alert, just went to Critical.
UPDATE
1-Blue River muni bond fund to liquidate-sources
Reuters - USA
Blue River, one of a number of major hedge fund investors in municipal bonds,
plans an "orderly liquidation" of assets over coming months, the
sources said. ...
GO
Capital Halts Redemptions From Global Hedge Fund (Update2)
Bloomberg.com Wed, 12 Mar 2008 9:40 AM PDT
March 12 (Bloomberg) -- GO Capital Asset Management BV blocked clients from pulling
cash from its Global Opportunities Fund, at least the seventh hedge fund in the
past month forced to take steps to protect itself from market fluctuations.
Drake
Management May Shut Down Largest Hedge Fund After Losses
Bloomberg.com Wed, 12 Mar 2008 7:55 AM PDT
March 12 (Bloomberg) -- Drake Management LLC, the New York- based firm started
by former BlackRock Inc. money managers, may shut its largest hedge fund after
a 25 percent decline last year, according to a letter to investors.
Credit
turmoil forces ING to suspend withdrawals from Kiwi funds
The New Zealand arm of Dutch financial group ING on Wednesday said it was
suspending withdrawals from two investment funds worth $413m (?268.6m) because
of the global credit market turmoil. (Financial Times)
http://mail2.efnmail.co.uk/r/346953/MTk4MTI1OjE2Njc1/
A
second trader at Societe Generale was taken into police custody this morning in
connection with the French bank's multibillion-dollar trading scandal,
according to a spokeswoman for prosecutors investigating the case. One trader
-- Jerome Kerviel -- is already being held in custody under suspicion of having
engaged in risky and unauthorized trading that eventually lost Societe Generale
$7 billion.
For more information: http://online.wsj.com/article/SB120532629447130073.html?mod=djemalertMARKET
FSA says mandatory vacations can prevent rogue trading
The U.K. Financial Services Authority is urging banks to require City traders
to take two-week vacations to expose any rogue trading and allow traders'
colleagues to inspect their books to make sure they are correctly valued. The
suggestion is found in the FSA's first newsletter since the trading scandal at
Societe Generale. The Times (London) (12 Mar.) , Financial Times (subscription required) (11 Mar.)
by Veryan
Allen
by Felix
Salmon
by David
Merkel
by Markham
Lee
Fed
funds window ’s collateral acceptance:
Hedge
funds complain about lenders getting stingy
Reuters - USA
By Svea Herbst-Bayliss BOSTON, March 11 (Reuters) - US hedge fund managers Ron
Beller and Geoffrey Grant whose two funds recently collapsed blamed bankers ...
See
all stories on this topic
U.S.
Economic Forecast: Game Over?
The data increasingly support our belief that a recession has begun. Employment
dropped for the second consecutive month in February. Housing continues to
drop, the financial markets remain in distress, and oil prices have reached new
highs. Without the stimulus package and the quick easing by the Federal
Reserve, this recession would resemble the 1991 downturn. With these aids, we
think the downturn will be gentler, although still deeper than the one in 2001.
To learn more, click or copy and paste the URL below:
(subscription required) https://www.ratingsdirect.com/Apps/RD/controller/Article?id=635172&SctArtId=12856&from=CM&nsl_code=CMT
Pearlstein:
Credit Turmoil
Washington Post business columnist Steven Pearlstein discusses the housing
market, credit markets and recession.
(Steven Pearlstein, washingtonpost.com)
Confessions
of a Subprime Lender
Newsweek - USA
In 2000 he and some friends founded a Dallas-based subprime mortgage company.
For a few years he profited handsomely from this sector's boom, ...
WALL
STREET DAILY By RANDALL W. FORSYTH
A Palliative, Not a Cure From the Fed The central bank's securities-lending
scheme is at least a solid step in addressing the credit crisis.
http://online.barrons.com/article/SB120524767738227325.html?mod=djemBF
Hedge
Funds Attracting Pensions, College Endowments (Update1)
Source: Bloomberg
Hedge funds globally are attracting more pension funds, foundations and college
endowments that seek to diversify assets and boost returns, said Masa
Yanagisawa, director at Merrill Lynch & Co. in Tokyo. More... <http://www.hedgefund-index.com/newstoday.asp>
After
Mortgage Misstep in 2007, Hedge Fund Greenlight Looks for Winners
Source: Yahoo! Finance
Greenlight Capital's David Einhorn is no stranger to placing big bets. In 2006,
he finished 18th in the World Series of Poker's main event, winning more than
$650,000 that he donated to charity. As the head of hedge fund Greenlight, his
results have been even more impressive, racking up average annualized returns
of 27% over the past decade as of the end of November 2006, according to
Barron's. More... <http://www.hedgefund-index.com/newstoday.asp>
Digging
Up Dirt on Fund Managers
Portfolio - Wednesday March 12, 09:54 GMT
Warren
Buffett, the world's richest person, seems to prefer security selection to
asset allocation. He searches for alpha because he doesn't expect beta to
deliver enough. Ye olde simple split of 60/40 stock and bond beta driven asset
allocation is just not going to do it and is needlessly risky anyway.
Fortunately for investors there is a solution - adding the absolute returns
generated from the security selection, risk management and market timing
abilities of the world's best and most "expensive" fund managers.
Diversify away that systemic risk and stagflation damage with new investment
strategies.
_________________________________________________________________________
Yield
Curve Corner
By
SUZANNE McGEE
Federal
Reserve Chairman Ben Bernanke has gone from scapegoat to savior on Wall Street
in the wake of the unprecedented global move to inject liquidity into the
credit markets. The surprise Fed maneuver - coordinated with other central
banks - was...full
story
Bernanke
Seeks to Avert Deeper Slump by Accepting Mortgage Debt
Bloomberg - USA
By Scott Lanman March 12 (Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke's latest attempt to alleviate seized-up credit markets marks his most
...
_________________________________________________________________________
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/DSTchina072_MO.jpg
_________________________________________________________________________
Iranian
Situation and Other Man Made Disasters
US
denies Iran rift, war plans
AFP via Yahoo! News Wed, 12 Mar 2008 9:56 AM PDT
The White House denied Wednesday that a rift over Iran cost the commander of US
forces in the Middle East his job and said no one inside the US government was
even suggesting war against Tehran.
US
not seeking war with Iran: White House
AFP via Yahoo! News Wed, 12 Mar 2008 8:52 AM PDT
The White House said Wednesday that "there is no one" inside the US
government who wants war with Iran, even though US President George W. Bush has
not ruled out any options.
Iran
accuses MP over TV spot
BBC News Wed, 12 Mar 2008 10:17 AM PDT
Iran's intelligence minister accuses a leading reformist MP of treason, for
talking to a US-funded television station.
Iran:
Using al-Sadr as Leverage?
March 11, 2008 2244 GMT
Iraqi Shiite leader Muqtada al-Sadr has been in Iran for some time. Tehran
could be using al-Sadr's presence as a bargaining chip in talks with the United
States.
http://www.stratfor.com/analysis/iran_using_al_sadr_leverage
Iran,
Lebanon, U.S.: No Lebanese President Until Bush Is Gone
March 12, 2008 1456 GMT
Iranian President Mahmoud Ahmadinejad told a high-ranking Arab official that
Lebanon will not...
http://www.stratfor.com/sitrep/iran_lebanon_u_s_no_lebanese_president_until_bush_gone
_________________________________________________________________________
Opalesque’s
Corner
-
Fund launches: Citadel Investment Group hires manager for planned
multi-strat hedge fund, BlackRock plans listed FoHFs launch, Hedge fund
manager Lionhart to launch hybrid private equity, Former Lockheed, GM engineers
launch quant hedge fund
- Emerging Markets: Opalesque Exclusive: Emerging markets specialist
hedge fund Forum Asset Management exploits market volatility to post returns of
15.96% YTD, Jim Rogers: `I have sold all emerging markets except China`
- Performance: Opalesque Exclusive: Ceres Agriculture Fund up 2.91% in
February, annualized return 26.25%
- Indices: Greenwich Global Hedge Fund Index at +2.21% in February, hedge
funds rebound amidst declining markets, Dow Jones Indexes and Transparent
Value LLC launch the Dow Jones RBP Large-Cap 130/30 Indexes
- Update: Blue River muni bond fund to liquidate
- Hedge funds complain about lenders getting stingy
- Credit funds: ZAIS asset-backed-debt fund halts redemptions, ING
suspends NZ fund withdrawals
- M&A: Baer`s GAM unit may sell stake to partner, Intesa in
talks with Baer to acquire parts of AM business
- People: Janus Capital elects three new members to board of directors,
Select Asset Management announces two new appointments, Neal Shear leaves
Morgan Stanley, Morgan Stanley names David Barrett for prime brokerage group,
Goldman Sachs AM cuts 20 of quantitative team in restructuring move, Bear
Stearns director Bienen to step down
- Credit Crunch Update: U.S. central bank`s big new role creates some
risks of its own, Fitch says US Fed actions positive for US financial
institutions, Fed action may have targeted Bear Stearns, analyst says
- Institutions: Merrill Lynch: Hedge funds attracting pensions, college
endowments
- Exchanges: Securities lending exchange backed by Harvey Pitt ready to
launch, Banks-led futures exchange to be called Electronic Liquidity Exchange
(ELX)
- Commodities: Global futures and options trading surged in 2007, according to
the Futures Industry Association`s annual report
- Environmental Trading News: Report: Global clean-energy markets skyrocketing
- Regulators: CFTC and SEC sign cooperation agreement on new derivatives
regulation, UK FSA: Traders `should take two-week holiday` as part of
suggestions to combat rogue traders, Laxey Partners to appeal Swiss ruling on
stake building
- Asia: Permal offers hedge funds in Singapore dollars
- Events: The Hong Kong Fund of Hedge Fund Club holds first ever drinks night on
Thursday, 13th March
- Activist News: Media General to discuss hedge fund bid for directors at
meeting, Harbinger reports 30.1% stake in Solutia
- News Briefs: Sovereign wealth funds may grow 35% to $11.4trn by 2013, Vietnam
lifts investment cap for foreigners, China plans to establish four PE funds
- ... And finally: `Yes, I`d like to renew this, please`... man in Finland
quietly returns book to library after more than 100 years
- Logon: http://www.opalesque.com/main.php?act=archive
_________________________________________________________________________
Misc.
Items of Interest
_____________________________________________________________________
Funnies,
Facts, Quotes, etc….
"Client
9" T-shirts hit the Web
March 12, 2008 01:27 AM ET
The New York Times says it's the code name for New York Gov.
Eliot Spitzer in court papers that link him to a prostitution
ring, but now anyone can be "Client 9" with T-shirts available
online just a day after the scandal broke.
http://links.reuters.com/r/4DNB4/05BC2/VEFHK/R194Y/6N2IT/YT/t
diffident
DIF-uh-dunt; -dent, adjective:
1.
Lacking self-confidence; distrustful of one's own powers; timid; bashful.
2. Characterized by modest reserve; unassertive
_________________________________________________________________________
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:
_________________________________________________________________________
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)
_________________________________________________________________________
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
_________________________________________________________________________
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
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and informational purposes and does not constitute investment, legal, tax or
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as referenced by header and appropriate hypertext links.
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