Archive: 06/27/2008
Main News
Finance and Investment
The Credit Crisis and Failed Risk Analysis: 'We're Nowhere Near the End Here'
When you sit down, you probably don't check under your seat for a bomb. Even though it could kill you, chances are slim that it's there. A similar view of risk led bankers, their regulators and other government officials to overlook dangerous investments and business models that contributed to the global credit crisis, according to speakers at the financial risk roundtable held by the Wharton Financial Institutions Center and the Oliver Wyman Institute.
http://knowledge.wharton.upenn.edu/article/1998.cfm
The Credit Crisis and Failed Risk Analysis: 'We're Nowhere Near the End Here'
When you sit down, you probably don't check under your seat for a bomb. Even though it could kill you, chances are slim that it's there. A similar view of risk led bankers, their regulators and other government officials to overlook dangerous investments and business models that contributed to the global credit crisis, according to speakers at the financial risk roundtable held by the Wharton Financial Institutions Center and the Oliver Wyman Institute.
http://knowledge.wharton.upenn.edu/article/1998.cfm
A Hedge Fund and Its Nonprofit Twin
New York Times Thu, 26 Jun 2008 5:22 AM PDT
Christopher Cooper-Hohn and his wife, Jamie, follow a simple economic formula: he makes money, and she gives it away. Mr. Cooper-Hohn runs The Children’s Investment Fund , or T.C.I., a successful — and controversial — hedge fund that has become a gadfly to corporate giants like CSX , the American railroad.
New York Times Thu, 26 Jun 2008 5:22 AM PDT
Christopher Cooper-Hohn and his wife, Jamie, follow a simple economic formula: he makes money, and she gives it away. Mr. Cooper-Hohn runs The Children’s Investment Fund , or T.C.I., a successful — and controversial — hedge fund that has become a gadfly to corporate giants like CSX , the American railroad.
Illiquid assets are greatest risk - Mercer
http://www.ipe.com/news/Illiquid_assets_are_greatest_risk_Mercer_28382.php
http://www.ipe.com/news/Illiquid_assets_are_greatest_risk_Mercer_28382.php
Markit launches European asset backed security transparency initiative...
BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley, Royal Bank of Scotland and UBS have teamed...
BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley, Royal Bank of Scotland and UBS have teamed...
HNWIs cool on allocation to hedge funds...
In early 2007 HNWIs bet heavily on riskier asset classes. However further into the year, financial market turmoil and economic...
In early 2007 HNWIs bet heavily on riskier asset classes. However further into the year, financial market turmoil and economic...
Breaking News from 2010: Junk-Bond Default Rates Fall
By PAUL THARP
Stocks on two continents got hit in new fallout from a stubborn match of central-banker knockdown yesterday between Ben Bernanke and his European counterpart Jean-Claude Trichet. The two economic chiefs continued butting heads openly yesterday...full story
Brazil booms with Lula in the lead
An irony of Brazil's booming growth in recent years is that it has come while a critic of capitalism was at the helm. President Luiz Inacio Lula da Silva worried investors so much that the country was on the brink of default in 2002. He starts the second half of his last term with Brazil in perhaps the best economic condition it has ever enjoyed. Brazil has never had a higher credit rating and the stock market has increased its value 12 times over. Soaring prices for food and mineral exports allowed the economy to boom while Lula continued social spending. Bloomberg (26 Jun.)
An irony of Brazil's booming growth in recent years is that it has come while a critic of capitalism was at the helm. President Luiz Inacio Lula da Silva worried investors so much that the country was on the brink of default in 2002. He starts the second half of his last term with Brazil in perhaps the best economic condition it has ever enjoyed. Brazil has never had a higher credit rating and the stock market has increased its value 12 times over. Soaring prices for food and mineral exports allowed the economy to boom while Lula continued social spending. Bloomberg (26 Jun.)
Tremont Chairman Schulman Retiring
By: Christopher Faille, Senior Financial Correspondent
Posted: 06/26/2008 3:24:40 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=what&story=what16029.html
By: Christopher Faille, Senior Financial Correspondent
Posted: 06/26/2008 3:24:40 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=what&story=what16029.html
Ritchie, Benchmark Settle
By: Christopher Faille, Senior Financial Correspondent
Posted: 06/26/2008 3:18:43 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15093.html
By: Christopher Faille, Senior Financial Correspondent
Posted: 06/26/2008 3:18:43 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15093.html
BNY Mellon Asset Servicing and Wilshire Associates Extend Global Risk Management Strategic Alliance
By PR Newswire
6/25/2008 9:00:00 AM
By PR Newswire
6/25/2008 9:00:00 AM
Inside the Subprime Crisis
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. In this Special Report, Knowledge@Wharton finds that the credit crisis was triggered when Wall Street alchemists, overeager borrowers, aggressive lenders and enabling lawmakers let their eye for opportunity trump their nose for risk. New regulations might prevent a recurrence -- but so would diligent decision-making.
http://knowledge.wharton.upenn.edu/special_sections/subprime/index.cfm
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. In this Special Report, Knowledge@Wharton finds that the credit crisis was triggered when Wall Street alchemists, overeager borrowers, aggressive lenders and enabling lawmakers let their eye for opportunity trump their nose for risk. New regulations might prevent a recurrence -- but so would diligent decision-making.
http://knowledge.wharton.upenn.edu/special_sections/subprime/index.cfm
Obama and McCain: Two Different Visions for the U.S. Economy
Presidential candidates John McCain, Republican senator from Arizona, and Barack Obama, Democratic senator from Illinois, are staking out contrasting positions, mostly along traditional party lines, in their campaign to win election in November as the 44th president of the United States. One thing they have in common: Both offer tax and spending plans that would deepen the deficit. Wharton professors, as well as commentators from around the globe, weigh in on the economic views of each candidate.
http://knowledge.wharton.upenn.edu/article/2000.cfm
Presidential candidates John McCain, Republican senator from Arizona, and Barack Obama, Democratic senator from Illinois, are staking out contrasting positions, mostly along traditional party lines, in their campaign to win election in November as the 44th president of the United States. One thing they have in common: Both offer tax and spending plans that would deepen the deficit. Wharton professors, as well as commentators from around the globe, weigh in on the economic views of each candidate.
http://knowledge.wharton.upenn.edu/article/2000.cfm
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Yield Curve Corner
Bernanke, the Greatest Speculator - Fast Money (6/25/08)
Seeking Alpha - New York,NY,USA
Bernanke said that downside risks to growth remain, but are less severe and inflation’s expectations have increased. Karen Finerman says Bernanke is trying ...
Seeking Alpha - New York,NY,USA
Bernanke said that downside risks to growth remain, but are less severe and inflation’s expectations have increased. Karen Finerman says Bernanke is trying ...
Buffett vs. Bernanke: The inflation showdown
CNNMoney.com - USA
By Colin Barr, senior writer Warren Buffett (left) and Ben Bernanke don't see eye to eye on the risks of inflation to the US economy. ...
See all stories on this topic
CNNMoney.com - USA
By Colin Barr, senior writer Warren Buffett (left) and Ben Bernanke don't see eye to eye on the risks of inflation to the US economy. ...
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/FSHSasia178_MO.jpg
Floods will cause ripple, not ruin, across US economy
Forbes - NY,USA
The Farm Bureau has pegged Iowa's agricultural losses alone at roughly $3 billion, while Indiana agricultural officials estimate the state's losses at $800 ...
Forbes - NY,USA
The Farm Bureau has pegged Iowa's agricultural losses alone at roughly $3 billion, while Indiana agricultural officials estimate the state's losses at $800 ...
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Iranian Situation and Other Man Made Disasters
Iran: 10 Suspected Terrorists Detained
June 26, 2008 1534 GMT
Authorities in Iran have arrested 10 terrorist suspects in recent days, following clashes in...
http://www.stratfor.com/sitrep/iran_10_suspected_terrorists_detained
June 26, 2008 1534 GMT
Authorities in Iran have arrested 10 terrorist suspects in recent days, following clashes in...
http://www.stratfor.com/sitrep/iran_10_suspected_terrorists_detained
Travel Writer Debunks Iran Myths
ABC News Thu, 26 Jun 2008 10:00 AM PDT
Writer Rick Steves urges bridging the gap between the U.S. and Iran.
ABC News Thu, 26 Jun 2008 10:00 AM PDT
Writer Rick Steves urges bridging the gap between the U.S. and Iran.
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Opalesque’s Corner
- Opalesque Exclusive: The 4th GCC Oil Boom (2002 - ????) Part 1: `An embarrassment of riches` ($30 trillion until 2030), Decisions by Gulf leaders how to use this wealth will have global repercussions for decades
- Opalesque Exclusive: PIPE Investing on the rise again in 2008, becomes global strategy
- Fund launches: Update: Former Brahman Capital execs to launch L/S special situations fund in August, Conative Capital Management commences operation of its first hedge fund CCM Partners Fund, AmInvestment & Singapore-based Konzen Group launch water fund,Hong Kong based PCM Capital launches green FoF
- Opalesque Exclusive: Jane Halsey manager introduction Roundtable Forum returns to Geneva, New York, manager application deadline Aug. 31st
- M&A: Blackstone`s GSO Capital to acquire Carador CDO fund
- Hedge fund redemptions expected to rise to June 30
- Fitch Ratings today says there is no impact on Olympia Capital`s FoF rating after CIO's departure
- Opalesque Exclusive: FRM lists flagship fund on LSE, GBP62m placed, Blackstone, others: Listed asset managers struggle in their first year as public firm
- Risk Management: Comas touts tweaks to tail risk `insurance` as fundamentals face `sea change`
- Credit Crunch Update: Buffett sees subprime opportunities, More than market risk matters, BGI`s Geffen says, Kinetic`s Shrimpton says U.K. banks now in `difficult periods`
- Insurers: Ackman helps pension investor critic of MBIA
- People: Opalesque Exclusive: Radcliffe Capital Management hires Darren Clipston and Maria Ding to expand research and trading efforts, Ramius hires risk management expert, CAVU hires former Credit Suisse director as energy analyst, Corbin Capital appoints director of consultant relations, UBS adds two to prime brokerage division in the US, Credit Suisse quant team heads to UBS, Nomura recruits top economist for Middle East
- Regulatory: US hedge funds fear post-election backlash from congress
- Institutions: CFA Institute launches Global Code of Conduct for pension schemes, New York Common Retiremant Fund commits to hedge funds and PE, Indiana pension fund seeks hedge fund consultant, French pension scheme Erafp to use full equity allocation, mulls alternatives
- Commodities: U.S. expert says traditional factors responsible for oil prices, Pension funds warn Congress against restricting commodities investments
- LSE and Lehman unveil European equities trading platform, Nordic firms to launch alternative trading facility, China reveals timing for futures exchange launch
- Legal: Feds eye Bear Stearns fund dealings with banks, Countrywide sued for alleged deceptive mortgage practices
- Banks and hedge funds facing billions in losses on European rates bet, US tax evasion probe `threatens Swiss banking`
- Asian industry to create thousands of hedge fund jobs, Pinnacle says, Japan welcomes foreign fund investments
- Japanese panel suggests creating sovereign wealth fund for pension funds
- Opalesque Exclusive: Winners of Institutional Investor`s 6th Annual Hedge Fund Industry Awards
- Activist News: CSX to give vote results in July, TCI claims 2 seats, J-Power wins shareholder vote on payout, defeats TCI, Harbinger invests $50m in Australian exploration company Poseidon Nickel, Harbinger ordered to get permission for shareholding in Australia`s Midwest Corporation, Hedge fund Perry Capital votes against NEC Electronics board nominees
- News Briefs: Greenstone industries to invest $10m in hedge fund Sphera Fund, Foreigners investing in U.S. benefit from new tax rule
- ... And Finally: Architect looks to construct first moving tower in Dubai
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: PIPE Investing on the rise again in 2008, becomes global strategy
- Fund launches: Update: Former Brahman Capital execs to launch L/S special situations fund in August, Conative Capital Management commences operation of its first hedge fund CCM Partners Fund, AmInvestment & Singapore-based Konzen Group launch water fund,Hong Kong based PCM Capital launches green FoF
- Opalesque Exclusive: Jane Halsey manager introduction Roundtable Forum returns to Geneva, New York, manager application deadline Aug. 31st
- M&A: Blackstone`s GSO Capital to acquire Carador CDO fund
- Hedge fund redemptions expected to rise to June 30
- Fitch Ratings today says there is no impact on Olympia Capital`s FoF rating after CIO's departure
- Opalesque Exclusive: FRM lists flagship fund on LSE, GBP62m placed, Blackstone, others: Listed asset managers struggle in their first year as public firm
- Risk Management: Comas touts tweaks to tail risk `insurance` as fundamentals face `sea change`
- Credit Crunch Update: Buffett sees subprime opportunities, More than market risk matters, BGI`s Geffen says, Kinetic`s Shrimpton says U.K. banks now in `difficult periods`
- Insurers: Ackman helps pension investor critic of MBIA
- People: Opalesque Exclusive: Radcliffe Capital Management hires Darren Clipston and Maria Ding to expand research and trading efforts, Ramius hires risk management expert, CAVU hires former Credit Suisse director as energy analyst, Corbin Capital appoints director of consultant relations, UBS adds two to prime brokerage division in the US, Credit Suisse quant team heads to UBS, Nomura recruits top economist for Middle East
- Regulatory: US hedge funds fear post-election backlash from congress
- Institutions: CFA Institute launches Global Code of Conduct for pension schemes, New York Common Retiremant Fund commits to hedge funds and PE, Indiana pension fund seeks hedge fund consultant, French pension scheme Erafp to use full equity allocation, mulls alternatives
- Commodities: U.S. expert says traditional factors responsible for oil prices, Pension funds warn Congress against restricting commodities investments
- LSE and Lehman unveil European equities trading platform, Nordic firms to launch alternative trading facility, China reveals timing for futures exchange launch
- Legal: Feds eye Bear Stearns fund dealings with banks, Countrywide sued for alleged deceptive mortgage practices
- Banks and hedge funds facing billions in losses on European rates bet, US tax evasion probe `threatens Swiss banking`
- Asian industry to create thousands of hedge fund jobs, Pinnacle says, Japan welcomes foreign fund investments
- Japanese panel suggests creating sovereign wealth fund for pension funds
- Opalesque Exclusive: Winners of Institutional Investor`s 6th Annual Hedge Fund Industry Awards
- Activist News: CSX to give vote results in July, TCI claims 2 seats, J-Power wins shareholder vote on payout, defeats TCI, Harbinger invests $50m in Australian exploration company Poseidon Nickel, Harbinger ordered to get permission for shareholding in Australia`s Midwest Corporation, Hedge fund Perry Capital votes against NEC Electronics board nominees
- News Briefs: Greenstone industries to invest $10m in hedge fund Sphera Fund, Foreigners investing in U.S. benefit from new tax rule
- ... And Finally: Architect looks to construct first moving tower in Dubai
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
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Funnies, Facts, Quotes, etc….
Cockaigne kah-KAYN, noun:
An imaginary land of ease and luxury.
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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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