Main News

 

Argentina is already starting to default.

 

 

Australian wheat harvest may fall below forecast
Lack of rain in Australia may substantially depress wheat production there this year. The official forecast was for 23.7 million metric tons this harvest. Instead, the world's third-largest wheat exporter may produce only 19.5 million tons, said Callum Downs Commodity News analyst Malcolm Bartholomaeus. Bloomberg (24 Jun.)

 

The subprime mortgage crisis is a tremor that turned into an earthquake, threatening this year to plunge the U.S. economy into its first recession since 2001. Who is to blame? Wall Street alchemists, overeager borrowers and aggressive lenders who all let their eye for opportunity trump their nose for risk.

Full Story...

 

Hedge fund managers around the world responded to last year's difficult market conditions by lowering leverage ratios and moving a significant share of their assets into cash, according to the results of a new study by Greenwich Associates and Global Custodian.

Full Story...

 

 

Bill Ackman/Pershing Square presentation & New Short Idea

 

Goldman's Global Alpha Fund Gains After 2007 Plunge, People Say
Bloomberg - USA
By Tom Cahill and Katherine Burton June 24 (Bloomberg) -- Goldman Sachs Group Inc.'s Global Alpha hedge fund rebounded this year after a 40 percent plunge ...

 

Hedge funds returns plunge in 2007
Global Pensions - London,UK
by Giovanni Legorano 24 June 2008 GLOBAL - Hedge funds’ double-digit returns dropped dramatically from 2006 to 2007, according to a study by Greenwich ...

 

Highland Reorganizes Risk Control While Preparing New Funds
By: Chidem Kurdas, New York Bureau Chief
Posted: 06/24/2008 10:37:59 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15085.html

 

 

Global Issuers

U.S. Distressed Debt Monitor: Distress Slides Into Summer

After breaking 20% earlier in the year, the Standard & Poor's distress ratio has fallen to 13.7% in June from 15.1% last month. The decrease in the distress ratio follows receding speculative-grade bond spreads. Despite the slight drop, the distress ratio is still well above its all-time low of 0.8% recorded in June 2007. The leading sector of distress is media and entertainment at $24.2 billion. More

 

Billion Dollar Hedge Fund Shop To Unveil ‘Intelligent Portfolio’<http://www.hedgefund-index.com/newstoday.asp>
Source: FINalternatives
New York-based Castlestone Management, a $1 billion multi-strategy hedge fund shop, is adding to its list of products. The firm next week is launching the Intelligent Portfolio, a multi-strategy fund of hedge funds that will invest in the firm’s own vehicles. More...<http://www.hedgefund-index.com/newstoday.asp>

 

Marshall Wace and GaveKal Form Joint Venture
By: Emma Trincal, Senior Financial Correspondent
Posted: 06/24/2008 2:16:30 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15086.html

 

Pimco, Viking Fund Managers Found Hedge Fund
FINalternatives - New York,NY,USA
A former Pimco fund manager and a Viking Asset Management principal are joining forces to launch a commodity hedge fund shop. John Brynjolfsson, who spent ...

 

What is it like working for a hedge fund?
BBC News Tue, 24 Jun 2008 9:47 AM PDT
Hedge funds are renowned for the way they thrive on volatility, but have even they struggled recently?

 

10 Steps To A Career In Hedge Funds
Investopedia Tue, 24 Jun 2008 1:13 AM PDT
Hedge funds are now mentioned hundreds of times daily in the media and employ some of the most well-paid business professionals anywhere. It is not a cakewalk to land your first hedge fund job because building a hedge fund career takes a lot of determination and networking stamina.

 

SPAC watchers get a glimmer of hope
The Deal.com - Tuesday June 24, 09:21 BST

 

Goldman Changes Its Tune: 'Clearly Wrong' Call on Financials
Bloomberg - Tuesday June 24, 07:37 BST

 

Wachovia liquidates mortgage-centric fund by 50%
Wachovia has liquidated its mortgage-centric Ultra Short Opportunities Fund to the tune of $403m (?259m), less than half the fund's value six months ago.  (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/374387/MTk4MTI1OjE3NzI3/

 

_________________________________________________________________________

Yield Curve Corner

 

Show Me the Monetary Policy
Paulette Miniter
Investors hope the Fed will tip its hand when it wraps up two days of meetings. http://www.smartmoney.com/t.cfm?pId=7&mID=600&mDt=06/24/2008&ui=1157312&ctu=%2Ftheeconomy%2Findex%2Ecfm%3Fstory%3D20080624%2Dmonetary%2Dpolicy

Fed Rate Cuts Fail to Rescue Economy
http://www.smartmoney.com/t.cfm?pId=7&mID=600&mDt=06/24/2008&ui=1157312&ctu=%2Fsmartmoney%2Dmagazine%2Findex%2Ecfm%3Fstory%3Dmay2008%2Dinterest%2Drates

 

Bernanke On Balance Beam
CNBC - Englewood Cliffs,NJ,USA
What's the trade ahead of Wednesday's Fed Decision? Find out from one of the most outspoken strategist on the Street? On Monday Tony Crescenzi, Miller Tabak ...

 

_________________________________________________________________________

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/FSHScalifornia176_G11.jpg

 

_________________________________________________________________________

Iranian Situation and Other Man Made Disasters

 

Iran's 'Nightmare Scenarios' Mulled
American Intelligence Analysts Work Overtime as Israel Sends Signals
BY ELI LAKE - Staff Reporter of the Sun
WASHINGTON — An attack on the U.S. 5th Fleet, exploding Saudi oil refineries, and a Hezbollah operation against a soft target in the Americas, Asia, or Europe. These are scenarios America's intelligence analysts are now poring over as Israel signals…

 

Iran may consider US diplomatic presence
AP via Yahoo! News Tue, 24 Jun 2008 8:16 AM PDT
Iran's official news agency says Tehran would consider any U.S. request to set up a diplomatic presence in the Islamic Republic.

 

United States: A Diplomatic Outpost in Iran?
June 24, 2008 1425 GMT
According to an opinion piece in The Washington Post, the United States is considering opening a diplomatic outpost in Iran.
http://www.stratfor.com/analysis/united_states_diplomatic_outpost_iran

 

EU publishes Iran sanctions blacklist
AP via Yahoo! News Tue, 24 Jun 2008 3:31 AM PDT
The European Union has published an updated blacklist of nuclear experts and companies in Iran being targeted under new sanctions.

 

Al-Qaeda's Growing Online Offensive
(By Craig Whitlock, The Washington Post)

_________________________________________________________________________

Opalesque’s Corner

 

- Fund launches: Pamplona Capital Management to launch Credit Opportunity Fund with $250m, Yves Leysen ex-Bear head of fixed income in Europe and team to manage, Hong Kong hedge fund managers Hindsight unveil two new hedge funds, Convertible Fund led by ex-GLGer Yin Man Tang and Equity Focus led by Man Wing Chung, Former FrontPoint co-founder launching multistrat fund early 2009, looking for hedge fund teams, Ex-Citi bond honchos to start up fund, likely to focus on distressed debt and other credit strategies, Update: Athamas launches cleantech hedge fund, Allianz Global Investors mulls launch of listed FoHF aimed at retail investors
- Assets: Fortress said to mull additional $1bln for distressed assets, Laurus-Valens announces secondary asset raising reaches $53m in permanent capital
- Niche Investing: Opalesque Exclusive: Libyan Fund targets Libya`s rapidly expanding oil services market
- 130/30 strategy to watch in 2009 says S&P
- People: Opalesque Exclusive: Christopher Kelly joins Sands Brothers as Chief Operating and Compliance Officer, Security Global Investors hires Sanjay Yodh to focus on alternative products, intensifies capital raising for L/S fund, Invesco Perpetual`s Yerbury to remain as CIO, but James Robertson to be CEO as of September, BNP Paribas hires ex-Bear employees Adam Brodnicki and Andrew Miller to foreign exchange team, Old Mutual Asset Management`s Suresh Sadasivan stepping down to join hedge fund, Ex-Walkers partner Sara Collins to head Maitland Cayman operations, office opens September 1
- Trends: Short sellers appear to be moving out of financial stocks and into consumer-spending plays, New regulation on shorts shows hedge funds bet on declines in UK bank stocks
- Blank Check Companies: Good Harbor Partners officials resign, group includes Klarman`s Baupost Group and ex White House security advisor Richard A. Clarke
- Park Sutton Advisors launches investment banking services arm and wealth management & family office advisory services
- Regulatory: Fed, SEC near deal to redraw Wall St regulation
- Study: In tough markets, hedge fund managers increase cash (12% to 17%), reduce leverage (2.1 average)
- Profile: Jean-Pierre Aguilar, CEO of trader-less quant shop Capital Fund Management discusses perfect storm of 2007
- M&A: Ospraie Management buys commodity trading unit of Con Agra for $2.8bln
- Credit Crunch Update: Treasury says financial conditions to improve, praises stability of hedge fund industry, BofA sees $3.5bln writedown at Merrill, $7bln at UBS, Goldman cuts U.S. financials, admits goofed on upgrade, Citi cutting investment bank jobs this week
- Bear Stearns: Tannin emailed colleague about Cioffi`s aggressive/risky purchases `Unbelievable.  He is unable to restrain himself`, highlights lack of management oversight, Bear arrests reignite discussions on computer system cleanups, Bloomberg messages retained for 5 years, Tannin`s Bear business card hits eBay
- UBS: UBS shares fall 4.4%, Credit Suisse analyst warns UBS could lose banking license
- Legal: UBS banker Birkenfeld admits smuggling diamonds to US for clients... in a toothpaste tube, more trouble for UBS
- Exchanges: CME Group announces $1.1bln share buyback program, intent to pay a special dividend of approximately $350m
- Asia: India`s Quantum sees opportunity in India`s stock fall, Head of London Stock Exchange recruited as advisor for team hoping to transform Shanghai into global financial center
- Africa: LonZim plans new share sale to buy Zimbabwe assets
- Technology: SuperDerivatives launches new version of FX trading platform with expanded coverage for exotics
- Commodities: Refiner insiders buying back record stock, prompting speculation that retreat in oil will boost profits, Citadel, Caxton and Renaissance follow suit,Chinese steelmakers agree 96% jump in ore prices, likely to boost cost of cars and machinery, citi:  `commodity led inflation risks appear to be growing`, Hedge funds and large speculators increased net long position in New York sugar futures
- News Briefs: Early bids are in for Buffett charity lunch, Monday afternoon topped $40k, ends Friday, Appaloosa`s Tepper`s generosity to be recognized by University of Pittsburgh, Big Brown`s owners say stable will go steroid free
- And Finally? Update: Man who puts life up for sale discovers it is worth $2.1m
- Logon: http://www.opalesque.com/index.php?act=archive

_________________________________________________________________________

Misc. Items of Interest

 

Heroes and Zeros in Corporate America

Which company has the best reputation; which the worst? Depends on who's asking. Read More

 

_____________________________________________________________________

Funnies, Facts, Quotes, etc….

 

 

glutinous GLOOT-nuhs, adjective:

Of the nature of glue; resembling glue; sticky.

 

_________________________________________________________________________

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)

HFRX Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431

_________________________________________________________________________

Regulatory Info

 

 

_________________________________________________________________________

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.