Main News

 

"I Said What?!"
A look back at nine unforgettable statements by bank chief executives who would strike them from the record if they could. Read More

 

US delays accounting changes
Jul 31 2008 01:25
Banks have been given a one-year reprieve by US accounting standard-setters from having to take up to $5,000bn of debt assets on to their balance sheets, easing fears that they would be forced to raise large amounts of new capital quickly Read more »

 

US firms in interdealer broker tie-up
Jul 30 2008 23:35
Six of the US's independent over-the-counter brokers will on Thursday announce they are uniting to form an interdealer brokerage that will be a leading force in trading North American energy futures Read more »

 

S&P's Chief Economist David Wyss notes that the economic data this week generally makes S&P feel more upbeat about the economy, although certainly the housing and financial markets remain serious problems. Overall, S&P believes prospects are a little bit better than they were a month or even a week ago, and that if the drop in oil prices continues, it will certainly help keep inflation under control, putting less pressure on the Fed to raise interest rates and take pressure off consumer budgets.
Watch<http://app.en25.com/e/er.aspx?s=795&lid=6004&elq=AA7DED772B294B488388EB8515E4BBD2>

 

Managed Futures and Derivatives Enforcement Roundup
By: Michael S. Fischer, Senior Financial Correspondent
Posted: 07/31/2008 2:18:23 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=legl&story=legl2249.html

 

U.S. leaves planting limits in place, sending corn up
Corn futures rose again after the U.S. government decided not to open more acreage for planting on environmentally sensitive land. Corn futures for December 2009 went up for the fifth straight session on the news, closing at $6.55 a bushel. Bloomberg (30 Jul.)

 

Wednesday , 30 Jul 2008
Commodities take another smashing; crude oil eyes USD 120 a barrel and gold probes below USD 900 an ounce.

 

China Muzzles its Money Managers
Ahead of the Olympics, the Chinese government orders fund managers to avoid any negative commentary on stocks. Read More

 

Busting the Anthrax Myth

July 30, 2008 1902 GMT

Despite testimony given July 22 by the U.S. Department of Homeland Security’s top medical officer that a biological attack on the United States would result in the deaths of hundreds of thousands of victims, such attacks -- especially with anthrax -- are much more difficult to execute than most people realize.

 

Funds of Funds Play Liquidity Tug-of-War
By: Jacob Bunge, Financial Correspondent
Posted: 07/31/2008 2:09:53 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3559.html

 

Russia: Whispering Into A Megaphone
July 31, 2008 1216 GMT
With the ink barely dry on stories about the rumors of a renewed Russian military presence in Cuba, Deputy Prime Minister Igor Sechin visits Havana — and the Kremlin was apparently keen to make sure Washington noticed.
http://www.stratfor.com/podcast/russia_whispering_megaphone

 

Discover how industry leaders tackle ethics & compliance risks

The annual LRN Risk Management Practices Report provides insight into these compelling questions: http://www.lrn.com/RiskManagement/RiskC.php

 

Credit Agencies Illegally Gave Municipalities Low Ratings

Posted: 30 Jul 2008 04:15 PM CDT

 

141 Capital Inc. Featured in Story for Hedge Fund Industry's ...
MarketWatch - USA
HedgeWorld, a division of Thomson Reuters, is the hedge fund industry's leading news, research and analysis source for individual and institutional ...

 

Thu, 31 Jul 2008, 05:36

Wall Street Journal

London-based hedge-fund manager RAB Capital PLC has nearly halved 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. RAB Capital said it did not expect respite from the "challenging" market environment in the first half and that it had "significantly reduced" its first-half provisions for bonuses to GBP10.2 million (USD20.2 million), compared to GBP18.6 million in the same period last year.

 

SEC fines 'socially responsible' fund for breach of mission
Pax World Management., a renowned "socially responsible" investment firm, has agreed to pay a $500,000 (?320,844) fine to the Securities and Exchange Commission to settle charges of investing in sectors such as defence, alcohol, tobacco and gambling.  (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/384888/MTk4MTI1OjE4MTQx/

 

New currency in Zimbabwe turns $10 billion into $1
In another bid to halt rapid inflation in Zimbabwe -- which reached 2.2 million percent last month compared with a year earlier -- the country's central bank announced the introduction of a new currency. Under the new system, $10 billion in the old currency is worth $1 in the new one. Xinhuanet.com (China) (31 Jul.)

 

_________________________________________________________________________

Yield Curve Corner

 

Economic growth picks up
CNNMoney.com - USA
But some economists, most notably Federal Reserve Chairman Ben Bernanke, have worried that with those checks already cashed, spending and economic activity ...
See all stories on this topic

 

Wednesday , 30 Jul 2008
Commodities take another smashing; crude oil eyes USD 120 a barrel and gold probes below USD 900 an ounce.

 

_________________________________________________________________________

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/VSHtungurahua213_G10.jpg

 

_________________________________________________________________________

Iranian Situation and Other Man Made Disasters

Iran: Heavy Fuel Exports To Be Halted

July 31, 2008 1406 GMT

Iran will halt heavy fuel exports starting in August in an effort to stockpile fuel to use at its...

 

Iran: Dismisses UAE Claim To Persian Gulf Islands July 31, 2008 1342 GMT Iran has rejected claims by the United Arab Emirates of sovereignty over three Persian Gulf...

 

Iran again rejects nuclear deadline
AFP via Yahoo! News Thu, 31 Jul 2008 10:05 AM PDT
Iran on Thursday rejected any deadline to give a final response to a package drawn up by world powers seeking to end the nuclear crisis and said there should be more negotiations to reach a deal.

 

Nonaligned countries back Iran's nuclear program
AP via Yahoo! News Wed, 30 Jul 2008 4:46 PM PDT
More than 100 nonaligned nations backed Iran's right to peaceful uses of nuclear power on Wednesday, an endorsement sought by Tehran in its standoff with the U.N. Security Council over its refusal to freeze uranium enrichment.

 

_________________________________________________________________________

Opalesque’s Corner

 

- Fund launches: Venator Capital to launch L/S income fund, Swiss Capital Alternative Investments launches multi-strategy real estate FoHF, Allianz Global Investors launches L/S commodities fund, FCMB and INTL Consilium partner to launch $100m Africa and Middle-East HF, Hong Kong-based Geomatrix has launched Akamai Pan Asia, an equity long/short hedge fund
- Performance: Fore Fund loses 12.4% as preferred stocks fall, Fort Orange has a big month in a volatile year
- Commodity prices and market volatility fueled Q2 hedge fund returns - Morningstar
- Ibbotson Associates research: Hedge funds highly correlated to equities, but produce alpha with lower volatility
- Bank of America Survey: US investors content with hedge fund performance
- Strategies: Legg Mason`s Miller: No clear case for buying financials, Southridge fund offers a different take on quant market neutral, Hedge funds are buying up delinquent mortgages
- Institutions: Two NYC pension funds go into FoHFs, Australia`s Select A.M. recommends 10 to 25% in alternatives to portfolios, Pensions to trim commodities exposure, for now
- People: Opalesque Exclusive: Marc Bender leaves EFX Capital, will stay in alternatives space, Capital Z A.M. hires business development veteran James M. Marrone from Bear Stearns, Collins Stewart Fund Management hires Mike Brown as head of fund sales, Fortress hires former BofA investment banking head Gene Taylor, Fortress hires former BofA investment banking head Gene Taylor, D.E. Shaw group hires senior counterparty relationship manager, Carlson Capital hires Scott Logie to set up structured credit business, UBS reinforces prime brokerage business to bolster position as hedge fund services provider, Morgan Stanley could spend $1bn on new hires
- Credit Crunch Update: Fed extends liquidity support, ECB and Swiss Bank also offer 3-month dollar loans, Moody`s sees plunge in Q2 income, partly due to lawsuit against rating agencies, Merrill CDO sale not as good as it looks, analyst says, Comment: Those 2007 Merrill CDOs in foole, Brokerage takeovers tempting but unlikely now, KPMG research: Bank fraud cases hit record high, with more crunch-related cases to come, Slowdown takes toll on HBOS, Deutsche Bank profit declines 64% on debt writedowns
- Comment: Lehman Brothers should come clean on R3 Capital Partners
- Regulatory: Opalesque Exclusive:  MFA and CPIC issue joint statement of concern of SEC rulemaking processes as short selling restrictions are extended and Chairman Cox voices his intent to widen the restrictions further, Comment: SEC`s clampdown on short-selling will affect short-sellers who do not borrow, US House of Representatives votes down commodities bill following veto threat
- Legal: U.S. fraud lawsuit against UBS dismissed, Comment: UBS ruling will give breather to service providers, Ex-SocGen trader wants bank to explain its role in multibillion losses, lawyer says, Subprime, auction-rate securities cases driving shareholder class action filings toward highest level since 2002, CFTC charges Canadian couple with fraud in connection with commodity pool, Broker investigated into sales of mortgage-related securities, goes missing, may be in Bulgaria, Update: UBS agrees to pay $1m to Massachusetts in auction-rate securities case
- Opalesque Exclusive: Book review - How do you trade on financial rumors? Can you recognise them?
- Asia: India fund firms face post-boom profit crunch, Aozora net falls 75% as fees, hedge fund returns drop, Mirae Asset expects ample opportunities in China - interview,
- Commodities: Treasury official says speculation, currency have `minor` effects on oil prices, Interview: The return of cheap oil?, Update: SemGroup engaged in unauthorized trades, US firms form combined interdealer brokerage trading in energy futures
- Environmental: Interview: Financial adviser Robert Dehollander on alternative energy developments
- Accounting: US delays accounting changes, Introduction of International Financial Reporting Standards will have particular impact on hedge funds - Ernst & Young
- Tech Update: Trade Ideas platform sets new records in June due to increased market volatility, Paladyne sees increased demand for its hosted technology platform, adds clients and launches network, Compliance LLC launches web portal for hedge funds and web portal for Sarbanes Oxley compliance
- SWFs: French government prepares to launch one of the world`s largest sovereign wealth funds
- Activist News: Jana hires high-profile corporate executives for activist push
- News Briefs: State Street appointed by Lazard A.M. to provide investment manager operations outsourcing services, Lazard bolstered by dealmaking activity, Brokers Tullett Prebon and GFI are `days away` from merger, FTSE boldly goes to the final Frontier 50
- ...And finally: Bizarre historical trivia - 100 years ago...
- Logon: http://www.opalesque.com/index.php?act=archive

_________________________________________________________________________

Misc. Items of Interest

 

_____________________________________________________________________

Funnies, Facts, Quotes, etc….

 

egress EE-gress, noun:

1. The act of going out or leaving, or the right or freedom to leave; departure.
2. A means of going out or leaving; an exit; an outlet.
3. To go out; to depart; to leave.

 

pusillanimous pyoo-suh-LAN-uh-muhs, adjective:

Lacking in courage and resolution; contemptibly fearful; cowardly.

 

_________________________________________________________________________

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.