Main News

 

Cheaper Oil Ahead, but Ags and Gold Stay High
By: Jacob Bunge, Financial Correspondent
Posted: 07/30/2008 12:54:11 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=mfad&story=mfad1368.html

 

Pensions to Trim Commodities Exposure - For Now
By: Reuters
Posted: 07/30/2008 9:45:06 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3556.html

 

A New Twist In Russia's 'Metals Wars'?
July 30, 2008 1251 GMT
Recent statements by Russian Prime Minister Vladimir Putin have sent shares of mining and steel company Mechel tumbling, and investors are reacting to reminders of political risk. A closer look at Putin’s statements and the Kremlin’s deeper strategy.
http://www.stratfor.com/podcast/new_twist_russias_metals_wars

 

Wednesday , 30 Jul 2008
In her latest “Scotiabank Commodity Price Index” report, economist Patricia Mohr notes that spot uranium prices have rallied back to US$64.50/lb from a low of only US$57 in mid-June.

 

Shares Soar As Oil Hits 7-Week Low
Monday's Losses Recouped Despite Drop in Home Prices
(By Dina ElBoghdady, The Washington Post)

 

Credit FAQ: Recovery Rating Methodology In Russia, Ukraine, And Kazakhstan<http://now.eloqua.com/e/er.aspx?s=795&lid=5992&elq=CDD6F6FF697144398CC056B93C87FDB1>
Issue ratings are now based on our assessment of recovery prospects in absolute terms in a default situation rather than on a relative security ranking. Recovery ratings reflect our estimate of recovery prospects should default occur. In the current market environment, recovery analysis plays an increasingly important role. This Credit FAQ addresses the key specific features of our recovery analysis for issuers in Russia, Ukraine, and Kazakhstan.

 

By PAUL THARP

Wall Street and its battered banks finally enjoyed a hopeful day to break its slump. Stocks rallied on three events of good news - banks are purging healthy amounts of their toxic paper, oil keeps sliding lower and the greenback gets stronger by...full

 

Hedge funds caught in short squeeze
HedgeCo.net - West Palm Beach,FL,USA
Globe and Mail- Hedge funds may post their worst month in at least five years after bets on financial stocks falling and on crude oil rising backfired. ...

 

In a further expansion of its short-term interest rate product offerings, CME Group yesterday announced plans to offer 3-month Overnight Index Swaps (OIS) futures and options on futures. Because the OIS futures contract will cover the same time period as a Eurodollar future, the contract will provide market participants with a direct and efficient way to trade the spread between 3-month LIBOR and 3-month overnight financing costs.

Full Story...

US mortgage companies boost changes to subprime loans
Reuters - USA
For the first time, more than half of the workouts in June and the second quarter were contractual changes to subprime loans, Hope Now said. ...

 

Kerviel defence lawyer quits the team
Jul 29 2008 17:57
One of the six lawyers hired by Jérôme Kerviel to defend the alleged rogue trader against Société Générale has dropped out of the team because "too many lawyers spoil a good defence strategy" Read more »

 

Temasek ploy pays off at bank's cost
Jul 29 2008 18:20
A reset clause in Temasek's $4.4bn capital injection deal with Merrill Lynch will see the US bank handing back $2.5bn, which the Singapore state investment agency plans to re-invest immediately Read more »

 

Failed Sowood Hedge Fund Manager Raising New Capital
Financial Planning.com Wed, 30 Jul 2008 5:23 AM PDT
One year after one of the hedge fund industry's most talked-about collapses, failed fund manager Jeffrey Larson is raising capital for a new fund. The three-year old fund Sowood Capital, headed by Jeffrey Larson, lost roughly $1.5 billion of its estimated $3 billion in in a matter of weeks in the summer of 2007. Larson achieved fame in the hedge fund world with his work for Harvard University's ...

 

FoFs: Reality Bites
Yahoo News - Wednesday July 30, 07:34 BST

 

London hedge fund manager RAB Capital has been forced to halve its provision for bonuses, following an 18.1% fall in ...
eFinancial News Wed, 30 Jul 2008 3:29 AM PDT
London hedge fund manager RAB Capital has been forced to halve its provision for bonuses, following an 18.1% fall in assets in the first half of this year and a 30.4% decline in the size of its flagship fund.

 

Sir Ronald Cohen, one of the founders of European private equity, believes the fund of hedge funds industry is set for ...
eFinancial News Tue, 29 Jul 2008 9:14 PM PDT
Sir Ronald Cohen, one of the founders of European private equity, believes the fund of hedge funds industry is set for a shake-up as end-investors see who has handled recent volatility from single hedge funds well, and who hasn’t.

 

Hedge funds are buying up delinquent mortgages
AP via Yahoo! Finance Wed, 30 Jul 2008 1:36 PM PDT
Guess who holds your mortgage now? It's your friendly neighborhood hedge fund. Dozens of hedge funds, private equity groups and other investors have plunged into the beaten-down mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country.

 

Mass Wealthy Satisfied with Yale Model
By: Chidem Kurdas, New York Bureau Chief
Posted: 07/30/2008 11:51:56 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3558.html

 

California Firm Launches Offshore Quant-Driven FOF
By: Emma Trincal, Senior Financial Correspondent
Posted: 07/30/2008 3:23:26 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15177.html

 

SocGen launches new product offering exposure to CDSs
Societe General is offering a new product that gives investors exposure to credit-default swaps of speculative-grade companies. The product is tied to the iTraxx five-year Crossover Index, which includes 50 companies in Europe predicted to stay below market-implied and average default rates. Structured Products (28 Jul.)

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Yield Curve Corner

 

For Obama, a Day Of Monetary Meetings
Washington Post - United States
From Bernanke, he sought his views on the state of the economy and where it is heading in the near term. While Obama brought up Clinton at the meeting with ...
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/FSHScanada212_MO.jpg

 

Canadian Arctic sheds ice chunk *
A large chunk of the Ward Hunt ice shelf has broken free of the northern Canadian coast, scientists say.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7532435.stm

 

There has also been a lot of false rumors spreading about the 'down-trending' of Summer 2008, which couldn't be farther from climatological reality. This is the manipulative equivalent of taking Dallas' 105°F readings the past 2 days and summarizing it with the headline "Dallas much cooler than Dubai!"

Full Story...

 

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Iranian Situation and Other Man Made Disasters

 

US reaffirms Saturday deadline on Iran, warns of 'consequences'
AFP via Yahoo! News Wed, 30 Jul 2008 9:16 AM PDT
The United States reaffirmed Wednesday a weekend deadline for Iran to give a final answer to world powers seeking a breakthrough in the nuclear crisis, warning of consequences on any defiance by the Islamic republic.

 

 

Iran's 4500 year old Cypress Tree

 http://www.cais-soas.com/News/2008/April2008/25-04.htm

 

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Opalesque’s Corner

 

- Opalesque Exclusive:  Important update on tax and accounting issues for U.S. hedge funds
- Opalesque Exclusive: US domestic daily dealing fund vehicle launched for Diapason Global L/S Commodity Program through US Feeder Platform Patronus Invest (Delaware) LLC
- Assets: Opalesque Exclusive: Carbon360 research shows hedge fund figures have been underestimated, single manager fund AUM reaches an eye popping $3.37tln
- Caymans Update: More hedge fund growth expected, now 10,037 are regulated by CIMA, nearly 30% of which are multi-strats
- Performance: RAB Capital end-June AUM $5.9bln vs. $7.2bln at end-December, H1 pretax profits down 45%, Sprott results could `surprise on the upside`
- UK wealth managers head for hedge funds - survey
- Investors dash for cash in record numbers, Most US investors believe economy in recession: poll
- Distressed Debt: Hedge funds looking through financial sector carnage to opportunities in debt products or financials, Corporate bond investors bracing for defaults in 2009 as distressed debt volume climbs past $182m, Ravenous hunger for distressed-debt on Wall Street
- Will IPO capital placed into hedge fund portfolio mean better returns for Blackstone shareholders?
- Institutions: Philippine Government in hedge fund search, DE Shaw wins special mandate from South Carolina, Public pension funds remain bullish on hedge funds
- Clareville hires stock picker to focus on Pegasus fund following closure of two funds and staff departure
- People: Williams to leave hedge fund Fir Tree Partners for Florida State Board, Ambit Funding taps marketer, Hedge fund Marathon hires ex-Bear Stearns MD, FourWinds hires first-ever general counsel, Hedge firm SAIL hires former Goldman exec as CEO
- Phil Duff offers a view of the financial markets (video)
- Credit Crunch Update: Libor gap continues to signal problems, Banks pressed to follow Merrill debt sale, Wall Street analysts see bigger 2008 loss for Merrill, Merrill`s plans to raise billions (video), Estimates of further Citigroup writedowns, Lloyds TSB profit drops 70%, Nomura posts $800m loss
- Covered Bonds: Banks throw weight behind Henry Paulson`s covered-bond plan, SIFMA announces formation of U.S. Covered Bonds Traders Committee, Tradeweb to introduce online U.S. `covered bond` marketplace, Comment:  beware the covered bonds
- Regulatory: SEC extends short-selling rules on the 19 stocks until August 12, Comment: Short shoot first, ask questions later, the end game for the emergency order, SEC to to look into IFRS and U.S. GAAP performance during subprime crisis, UK investors propose code for rights issues, code includes limits to short-selling and stock lending, The unintended consequences of rights issue reform
- Legal: Eight UBS and JPMorgan Cazenove workers arrested in UK insider dealing probe, Barclays dismisses San Marino lawsuit on debt products, HSH sues UBS for alleged mismanagement, Oddo A.M. seeks damages from Barclays, Solent HF and S&P, Former JPMorgan executive accused of embezzlement, Ex-Enron unit CEO to pay $31m in insider trading case, Update: Marshals recovered $115m by selling Bayou `stupid` investments
- Europe: Turkey`s first hedge funds should begin operations by mid-September, Turquoise and Chi-X trading platforms suffer Italian blow
- Asia: Opalesque Exclusive:  APS China investment strategist gives outlook for issues facing current Chinese economy, see inflation accelerating by year end
- Middle-East: Lyxor AM and Coast launch the first ever ETF focusing on Gulf Region
- Environmental Investing: Asian economies desire for piece of the world`s carbon trading action adds further threat to carbon brokers dealing in over the counter carbon credits, Goldman strikes gold in California via solar power
- Commodities: Dow Jones Commodity Outlook: analysts see oil back at $99 by year end, grain prices will spur greater supplies, and gold to reach new highs in 2009, Oil reaches lowest since mid-May (video), Suddenly, hedge funds are shorting oil, OPEC chief says current oil prices `abnormal`
- Exchanges: CME Group to launch OIS futures and options on futures as new way to hedge interest rate spreads and Fed policy further out the yield curve, Tokyo Stock Exchange and London Stock Exchange outline framework for new growth market
- Next generation brand management for hedge funds: transparency and governance-led marketing
- Event: Hedge Funds Care`s Monte Carlo Evening, August 5, NYC
- Activist Investing: Frustrated Pickens sells Yahoo stake at a loss, Citadel takes stake in Radio Shack
- News Briefs: Dealers may change some CDS contract terms due to corporate credit concerns, Goldman Sachs opens hedge fund admin office in Toronto, Pimco plans broad bond index ETF,  Fledgling 141 Capital prepares to trade client accounts, Paragon talks of potential buy-out, Doha trade talks collapse, Santander`s profits rise 6% in H1, SocGen Securities Services launches benchmarking service for securities lending, Guggenheim acquires India FoF unit, NAB refunds investors as `goodwill gesture`
- And Finally. Lottery winner keeps a multimillion-dollar secret for a year, apparently not understanding the value of `interest`
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

Slideshow: 10 Rules of Effective Brainstorming | by A.G.
Lafley and Ram Charan
A.G. Lafley and Ram Charan serve up definitive rules for
nurturing a culture of innovation from the book, "The Game
Changer."
http://www.fastcompany.com/multimedia/slideshows/content/brainstorming.html?partner=fasttake

 

Slideshow: 10 Hot Video Games for Summer | by Kevin
Ohannessian
Looking to get in some gameplay this summer? Here are
some of the top releases to check out.
http://trax.fastcompany.com/k/w/mailman/fasttake/20080730/hot_summergames

 

Bees join hunt for serial killers *
Studying the way bumblebees search for food could help detectives hunt down criminals, scientists believe.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7530666.stm

 

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Funnies, Facts, Quotes, etc….

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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)

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

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Regulatory Info

 

 

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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 respective publishers, as referenced by header and appropriate hypertext links.