Archive: 07/03/2008
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Ken Akoundi
Senior Editor
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Main News
Fugitive Ex-Hedge Fund Manager Israel Surrenders
By: Reuters
Posted: 07/02/2008 11:34:10 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15102.html
By: Reuters
Posted: 07/02/2008 11:34:10 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15102.html
Lehman speculation blamed on short-sellers
Jul 01 2008 22:20
The US bank believes it is the victim of an orchestrated attempt to force it into sharing Bear Stearns' fate Read more »
Jul 01 2008 22:20
The US bank believes it is the victim of an orchestrated attempt to force it into sharing Bear Stearns' fate Read more »
Subprime mess could burn triple-A-rated bond insurer
One of the last triple-A-rated bond insurers also faces potential problems from backing guaranteed-investment contracts, Morgan Stanley analysts said. Managers of GIC funds invest in highly rated securities, but often those are securitized bundles of subprime mortgages that had been given high ratings. FSA avoided the trouble plaguing Ambac and MBIA by not writing policies for collateralized-debt obligations. FSA's parent company last week provided FSA's GIC business with a $5 billion credit line to make sure it could meet its liabilities. Financial Times (01 Jul.)
One of the last triple-A-rated bond insurers also faces potential problems from backing guaranteed-investment contracts, Morgan Stanley analysts said. Managers of GIC funds invest in highly rated securities, but often those are securitized bundles of subprime mortgages that had been given high ratings. FSA avoided the trouble plaguing Ambac and MBIA by not writing policies for collateralized-debt obligations. FSA's parent company last week provided FSA's GIC business with a $5 billion credit line to make sure it could meet its liabilities. Financial Times (01 Jul.)
O managers raise billions to invest in home loans
Many of the top managers of collateralized-debt obligations are seeking to put more money into distressed mortgage assets, Bloomberg reports. Companies raising money to invest in the sector include Cohen, GSC Group, Harding Advisory and TCW Group. Bloomberg (02 Jul.)
Many of the top managers of collateralized-debt obligations are seeking to put more money into distressed mortgage assets, Bloomberg reports. Companies raising money to invest in the sector include Cohen, GSC Group, Harding Advisory and TCW Group. Bloomberg (02 Jul.)
Moody's to investigate staff over rating bug
Jul 01 2008 20:16
Moody's, the credit rating agency, said it was beginning disciplinary proceedings against some of its staff as it admitted it had incorrectly rated about $1bn of complex debt securities due to a computer error Read more »
UBS in CDO dispute with hedge fund
Jul 01 2008 19:54
A dispute between UBS and a hedge fund that sold it protection on a mortgage security highlights why banks are having a hard time figuring out how to write down such debt Read more »
Taming Swiss banks
Jul 01 2008 19:37
Comments from Credit Suisse's chief risk officer show that relations between regulators and the big Swiss banks are deteriorating Read more »
Institutional investors move away from structured products
A massive 70% of institutional investors are reducing their exposure to derivatives and other complex financial products amid the credit crunch, a KPMG survey has shown. (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/376810/MTk4MTI1OjE3ODIy/
A massive 70% of institutional investors are reducing their exposure to derivatives and other complex financial products amid the credit crunch, a KPMG survey has shown. (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/376810/MTk4MTI1OjE3ODIy/
Rules to Keep Your Skin in Wall Street Massacre
Bloomberg - USA
This hole is called a HEDGE FUND. Look around. Note how many of the really shrewd people have recently decided to abandon the big firms for which they have ...
Bloomberg - USA
This hole is called a HEDGE FUND. Look around. Note how many of the really shrewd people have recently decided to abandon the big firms for which they have ...
When Hedge Funds Bar the Door
Wall Street Journal - USA
By SUSAN PULLIAM Investors once clamored to get into Ritchie Capital Management, a high-profile hedge fund. Now, some are scrambling to get out -- and are ...
Wall Street Journal - USA
By SUSAN PULLIAM Investors once clamored to get into Ritchie Capital Management, a high-profile hedge fund. Now, some are scrambling to get out -- and are ...
The International Monetary Fund is warning that some governments will be unable to keep their economies stable if food and fuel prices continue to rise or fail to retreat. The problem, which is especially acute in some African countries such as Liberia that have worked hard to stabilize their economies, might force poor nations deeper into debt. "The universal challenge for all poor and middle-income countries is to find ways to feed the hungry while maintaining hard-won macroeconomic stability," IMF Managing Director Dominique Strauss-Kahn said. ClipSyndicate/Bloomberg (01 Jul.) , Reuters (02 Jul.)
Posted: 01 Jul 2008 08:49 AM CDT
U.K. Forces Disclosure of Long Bets Using Derivatives (Update3)
Oil is making millionaires in North Dakota - Yahoo! News
http://news.yahoo.com/s/ap/20080630/ap_on_re_us/overnight_millionaires_1
http://news.yahoo.com/s/ap/20080630/ap_on_re_us/overnight_millionaires_1
Gartmore warms to alternatives
Financial Times - Wednesday July 02, 08:08 BST
Financial Times - Wednesday July 02, 08:08 BST
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Yield Curve Corner
Why deflation is really possible
MoneyWeek (Subscription) - London,UK
As Ben Bernanke, the Chairman of the Federal Reserve, said in a 2002 speech entitled Deflation: Making Sure 'It' Doesn't Happen Here; "the US government has ...
MoneyWeek (Subscription) - London,UK
As Ben Bernanke, the Chairman of the Federal Reserve, said in a 2002 speech entitled Deflation: Making Sure 'It' Doesn't Happen Here; "the US government has ...
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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/FSHScanada184_MO.jpg
Tomatoes Still Lead List of Suspects in Salmonella Probe
(By Annys Shin, The Washington Post)
(By Annys Shin, The Washington Post)
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Iranian Situation and Other Man Made Disasters
Iran minister: We might consider U.S. diplomatic presence
CNN.com Wed, 02 Jul 2008 11:49 AM PDT
Iran's foreign minister has said his government might consider the American idea of opening a U.S. diplomatic outpost in Tehran -- comments coming amid possible progress in negotiations over Iran's nuclear program.
CNN.com Wed, 02 Jul 2008 11:49 AM PDT
Iran's foreign minister has said his government might consider the American idea of opening a U.S. diplomatic outpost in Tehran -- comments coming amid possible progress in negotiations over Iran's nuclear program.
Bush says U.S. prefers diplomacy in Iran standoff
International Herald Tribune Wed, 02 Jul 2008 12:11 PM PDT
With tension and warnings continuing to swirl around Iran and its nuclear program, President George W. Bush said again Wednesday that the United States continued to prefer diplomacy but that, as always, "all options are on the table."
International Herald Tribune Wed, 02 Jul 2008 12:11 PM PDT
With tension and warnings continuing to swirl around Iran and its nuclear program, President George W. Bush said again Wednesday that the United States continued to prefer diplomacy but that, as always, "all options are on the table."
US repeats it will not allow Iran to shut key oil lane
AFP via Yahoo! News Wed, 02 Jul 2008 9:29 AM PDT
The United States reassured oil-rich Arab allies on Wednesday that it was committed to the security of the Gulf and would not allow Iran to shut the strategic Strait of Hormuz to crude oil supplies.
AFP via Yahoo! News Wed, 02 Jul 2008 9:29 AM PDT
The United States reassured oil-rich Arab allies on Wednesday that it was committed to the security of the Gulf and would not allow Iran to shut the strategic Strait of Hormuz to crude oil supplies.
Iran: The Threat to the Strait of Hormuz
July 1, 2008 2012 GMT
The United States insisted June 30 that Iran would not be allowed to "close" the Strait of Hormuz, in response to Iranian warnings to the contrary.
http://www.stratfor.com/analysis/iran_threat_strait_hormuz
July 1, 2008 2012 GMT
The United States insisted June 30 that Iran would not be allowed to "close" the Strait of Hormuz, in response to Iranian warnings to the contrary.
http://www.stratfor.com/analysis/iran_threat_strait_hormuz
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Iran, U.S.: Conciliatory Statements Signal Significant Progress. July 2, 2008 | 1906 GMT. Iranian Foreign Minister Manouchehr Mottaki ... www.stratfor.com/analysis/iran_u_s_conciliatory_statements_signal_significant_progress |
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Nuclear Weapons: Terrorism and the Nonstate Actor. July 1, 2008 | 2225 GMT. Nuclear Facility Warning Placard. Thomas Starke/Getty Images ... www.stratfor.com/analysis/nuclear_weapons_terrorism_and_nonstate_actor - 36k - 23 |
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Opalesque’s Corner
- Opalesque Exclusive: The 4th GCC Oil Boom (2002 - ????) Part 5: From Islamic Hedge Funds to an Islamic Futures Market and Clearing Houses, A Different Concept of Risk
- Opalesque Exclusive: Canada`s new funds part 4: Hillsdale Investment Management on finding the investment balance across all industries in Canadian equities
- Launches: Opalesque Exclusive: Olympia Capital Management launches the Olympia Energy Fund, NY based Northern Gulf Partners launching Iraq hedge fund, Former Duke Endowment investment manager Perry co founds Stonehorse, maiden fund of hedge funds to launch Aug 1, 12-year old World Opportunity FoHFs launches new offshore vehicle, IndexIQ launches first no-load open-end mutual fund designed to replicate hedge fund performance characteristics
- Absolute Capital shares suspended after delay in audit publication
- Ritchie Capital battles investors, holds tight to $2bln - illustration of a `roach motel`
- Performance: Opalesque Exclusive: Potomac Select posts 21.06% estimated return for first half of 2008, Opalesque Exclusive: MVP FoHFs still returning positive months after change of administrator
- Managed Futures: Seven Trust seeks low-risk returns, up 4.2% YTD, Managed futures on the up, Man`s AHL Diversified Canada improving
- Investors: As hedge funds mimic the market, investors look for alternatives, HNWIs still happy to invest in HFs, pensions provide 13% of HFs`assets, FoFs 23%, List HNWIs in Asia is swelling up, assets could reach $12.7tln by 2011, Green investing gains traction in 2007 - Merrill Lynch and Capgemini report
- Comment: Hedge funds now rescuers of ailing corporate world, providing up to 40% of sub-underwriting of rights issues
- Jeffries data: first half 2008 sets record for alternatives manager M&A, overall activity falls short of 2007 pace
- Opalesque Exclusive: Duff Capital Advisors in $1bln partnership with NorthSound, NorthSound Fund and team to join Duff Capital platform
- Institutions: Japan`s public pension fund may mull alternative investments in future, New Jersey State Investment Council commits $850m to buy-out and debt-related funds
- Profiles: Kynikos Associates` Jim Chanos on successful short selling, Gartmore warms to alternatives, now the eighth-largest hedge fund group in Europe
- People: Opalesque Exclusive: Oryx` Gavin Butcher to focus on Optis Africa Fund from London and Rhynhardt Roodt to join Oryx SA Fund as senior analyst, FINRA to conduct special election to fill vacant board seat as Goble resigns, Fund industry admits to expertise shortfall for complex products
- Rating Agencies: Moody`s says employees overrated some securities, SEC publishes proposals to increase investor protections by reducing reliance on credit ratings
- Legal: Update: Fears for disclosure rules after CSX ruling, SEC v. Northshore leaves Saldutti charged $5m, Grasso case dismissed on all counts, UBS in CDO dispute with hedge fund Paramax Capital
- UBS Update: UBS launches shakeup, Further US tax challenge to UBS, UBS considers future without Swiss secrecy, UBS employees to receive day off to boost morale
- Credit Crunch Update: Pequot`s Byron Wien says S&P 500, financial stocks `bottoming`, Lehman speculation blamed on short-sellers, Deutsche dismisses profit warning fears, Sale of Merrill` stake in BlackRock would only bruise BlackRock, Credit index shows further decline in global credit quality in June - Kamakura Corporation, CDO creators seek redemption, and profits, from mortgage market, Few signs of deals returning to table, Fresh GIC threat to bond insurers, Japanese trading co Sumitomo hurt by subprime but expects outstanding balance in hedge funds to improve, Comment: What we can do at this dangerous moment
- Stephen Schwarzman believes FAS 157 accounting rule behind all the pain in the financial industry
- Europe: Ukrainian fund launched to track oligarch assets, will take advantage of oligarchs` growing influence in country`s political sphere, Informed Portfolio Management restructures RAFI (Research Affiliates Fundamental Index) funds to be UCITS III compliant, Iceland pays the price for financial excess
- Asia: Indian billionaire launches multi-family office, Moody`s upgrades Japan debt rating, Japan`s 10-year bonds bain on signs of global economic slowdown, 130/30 strategy was seen as ideal for Japan, seems to be a flop now
- SWFs: SWFs turn to emerging markets, away from Western markets` political scrutiny and poor returns, Higher and mightier - funds already control estimated $2.5tln
- Environmental Investing: China`s first emissions trading exchange postponed indefinitely amid foreign ownership disagreements, Weather risks cloud promise of biofuel as floods send ethanol up 19% in month
- Commodities: Harbinger scores big with iron-ore, coal play
- Opalesque Exclusive: InteDelta expands from risk consulting to creating new risk resourcing products
- Activist Investing: Aberdeen CEO not alarmed over significant hedge funds` stakebuilding, D.E. Shaw to resolve Huntsman`s dispute with Hexion
- News Briefs: Eli Broad says AIG will bring in new finance team, Biotech remains upbeat in wake of market turmoil, The first US built commercial electric truck - ZeroTruck rolls out the extension cord to fleet owners looking to control fuel costs and reduce emissions, Commerzbank, Dresdner step up merger talks, Markit and Creditex announce launch of trade compression platform to reduce operational risk in CDs maket, Monitoring ESG and Extra-Financial KPIs: ASSET4 makes it easy and dynamic
- And Finally. Chinese woman adopts 100 dogs from earthquake aftermath. Next week: Chinese woman opens new restaurant
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: Canada`s new funds part 4: Hillsdale Investment Management on finding the investment balance across all industries in Canadian equities
- Launches: Opalesque Exclusive: Olympia Capital Management launches the Olympia Energy Fund, NY based Northern Gulf Partners launching Iraq hedge fund, Former Duke Endowment investment manager Perry co founds Stonehorse, maiden fund of hedge funds to launch Aug 1, 12-year old World Opportunity FoHFs launches new offshore vehicle, IndexIQ launches first no-load open-end mutual fund designed to replicate hedge fund performance characteristics
- Absolute Capital shares suspended after delay in audit publication
- Ritchie Capital battles investors, holds tight to $2bln - illustration of a `roach motel`
- Performance: Opalesque Exclusive: Potomac Select posts 21.06% estimated return for first half of 2008, Opalesque Exclusive: MVP FoHFs still returning positive months after change of administrator
- Managed Futures: Seven Trust seeks low-risk returns, up 4.2% YTD, Managed futures on the up, Man`s AHL Diversified Canada improving
- Investors: As hedge funds mimic the market, investors look for alternatives, HNWIs still happy to invest in HFs, pensions provide 13% of HFs`assets, FoFs 23%, List HNWIs in Asia is swelling up, assets could reach $12.7tln by 2011, Green investing gains traction in 2007 - Merrill Lynch and Capgemini report
- Comment: Hedge funds now rescuers of ailing corporate world, providing up to 40% of sub-underwriting of rights issues
- Jeffries data: first half 2008 sets record for alternatives manager M&A, overall activity falls short of 2007 pace
- Opalesque Exclusive: Duff Capital Advisors in $1bln partnership with NorthSound, NorthSound Fund and team to join Duff Capital platform
- Institutions: Japan`s public pension fund may mull alternative investments in future, New Jersey State Investment Council commits $850m to buy-out and debt-related funds
- Profiles: Kynikos Associates` Jim Chanos on successful short selling, Gartmore warms to alternatives, now the eighth-largest hedge fund group in Europe
- People: Opalesque Exclusive: Oryx` Gavin Butcher to focus on Optis Africa Fund from London and Rhynhardt Roodt to join Oryx SA Fund as senior analyst, FINRA to conduct special election to fill vacant board seat as Goble resigns, Fund industry admits to expertise shortfall for complex products
- Rating Agencies: Moody`s says employees overrated some securities, SEC publishes proposals to increase investor protections by reducing reliance on credit ratings
- Legal: Update: Fears for disclosure rules after CSX ruling, SEC v. Northshore leaves Saldutti charged $5m, Grasso case dismissed on all counts, UBS in CDO dispute with hedge fund Paramax Capital
- UBS Update: UBS launches shakeup, Further US tax challenge to UBS, UBS considers future without Swiss secrecy, UBS employees to receive day off to boost morale
- Credit Crunch Update: Pequot`s Byron Wien says S&P 500, financial stocks `bottoming`, Lehman speculation blamed on short-sellers, Deutsche dismisses profit warning fears, Sale of Merrill` stake in BlackRock would only bruise BlackRock, Credit index shows further decline in global credit quality in June - Kamakura Corporation, CDO creators seek redemption, and profits, from mortgage market, Few signs of deals returning to table, Fresh GIC threat to bond insurers, Japanese trading co Sumitomo hurt by subprime but expects outstanding balance in hedge funds to improve, Comment: What we can do at this dangerous moment
- Stephen Schwarzman believes FAS 157 accounting rule behind all the pain in the financial industry
- Europe: Ukrainian fund launched to track oligarch assets, will take advantage of oligarchs` growing influence in country`s political sphere, Informed Portfolio Management restructures RAFI (Research Affiliates Fundamental Index) funds to be UCITS III compliant, Iceland pays the price for financial excess
- Asia: Indian billionaire launches multi-family office, Moody`s upgrades Japan debt rating, Japan`s 10-year bonds bain on signs of global economic slowdown, 130/30 strategy was seen as ideal for Japan, seems to be a flop now
- SWFs: SWFs turn to emerging markets, away from Western markets` political scrutiny and poor returns, Higher and mightier - funds already control estimated $2.5tln
- Environmental Investing: China`s first emissions trading exchange postponed indefinitely amid foreign ownership disagreements, Weather risks cloud promise of biofuel as floods send ethanol up 19% in month
- Commodities: Harbinger scores big with iron-ore, coal play
- Opalesque Exclusive: InteDelta expands from risk consulting to creating new risk resourcing products
- Activist Investing: Aberdeen CEO not alarmed over significant hedge funds` stakebuilding, D.E. Shaw to resolve Huntsman`s dispute with Hexion
- News Briefs: Eli Broad says AIG will bring in new finance team, Biotech remains upbeat in wake of market turmoil, The first US built commercial electric truck - ZeroTruck rolls out the extension cord to fleet owners looking to control fuel costs and reduce emissions, Commerzbank, Dresdner step up merger talks, Markit and Creditex announce launch of trade compression platform to reduce operational risk in CDs maket, Monitoring ESG and Extra-Financial KPIs: ASSET4 makes it easy and dynamic
- And Finally. Chinese woman adopts 100 dogs from earthquake aftermath. Next week: Chinese woman opens new restaurant
- 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….
laconic luh-KON-ik, adjective:
Using or marked by the use of a minimum of words; brief and pithy; brusque.
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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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