Main News

 

Geopolitical Diary: Countermoves to a Russian Resurgence
August 15, 2008 0200 GMT
Poland and the United States announced an agreement to permanently station elements of a U.S. ballistic missile defense system on Polish territory.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_countermoves_russian_resurgence

Russia: The FSB's Role in the Russo-Georgian War
August 14, 2008 1955 GMT
Russia's Federal Security Service played a large role in Russia's actions during its invasion of Georgia, and perhaps even in planning the military campaign.
http://www.stratfor.com/analysis/russia_fsbs_role_russo_georgian_war

 

Georgia: Cease-fire Signed
August 15, 2008 1546 GMT
Georgian President Mikhail Saakashvili said Aug. 15 that he has signed a cease-fire agreement...
http://www.stratfor.com/sitrep/georgia_russia_cease_fire_signed

Russia, Georgia: Russian Troops Have Left Gori -- Russian Defense Ministry
August 15, 2008 1531 GMT
Russian troops have left Gori, Georgia, after having disarmed Georgian troops there, Interfax...
http://www.stratfor.com/sitrep/russia_georgia_russian_troops_have_left_gori_russian_defense_ministry

 

TUESDAY - "An Opportunity in Russia?"
A look at the Georgia war and whether it means that now is a good
time to buy the Russian stock market. Note that there's an extensive
update in this morning's Kelly Letter to subscribers.
http://jasonkelly.com/#6206286761588470805

 

Blood in the Street, Danger in the MarketThe conflict with Georgia makes Russian stocks cheap -- but dangerous.
http://online.barrons.com/article/SB121884880411046297.html?mod=djemWR

 

Some Dark Pools Not Dark Enough: Greenwich
By: Martin de Sa'Pinto, Senior Financial Correspondent
Posted: 08/15/2008 12:06:04 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15196.html

 

New Study on Financial Reporting Gives Banks Low Marks for Substance and Transparency

Posted: 15 Aug 2008 11:01 AM CDT

 

Bank Stocks vs. Shorts: SEC's Clout Seen As Limited
By: Emma Trincal, Senior Financial Correspondent
Posted: 08/15/2008 10:40:05 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3573.html

 

Hedge Fund Risk Monitor - Volume 2
Aleksey Matiychenko, Risk-AI, LLC

 

Market-listed funds continue to attract the attention of investors
Hedge funds and funds of funds have raised £1.5bn (?1.9bn) on London's stock markets this year, with hedge funds gaining £630m of the total.
http://mail2.efnmail.co.uk/r/389570/MTk4MTI1OjE4MzI2/

 

JP Morgan increases allocations to alternative investments
In less than five years, at current progress, most of JP Morgan Private Bank's client allocations to alternatives will be larger than equities.
http://mail2.efnmail.co.uk/r/389573/MTk4MTI1OjE4MzI2/

Traders warn of revised Basel II liquidity squeeze
Rules on how banks will need to better capitalise their trading books better, set out in a proposed revision to the Basel II accord on capital adequacy, will reduce the profitability of investment banks and could harm liquidity in the market, warn analysts and traders.
http://mail2.efnmail.co.uk/r/389577/MTk4MTI1OjE4MzI2/

 

Basel II revision signals the end for regulatory arbitrage
Investment banks have proved masters in getting around the adage of "it takes money to make money". But those days appear to be numbered. To be precise, to 500.
http://mail2.efnmail.co.uk/r/389593/MTk4MTI1OjE4MzI2/

 

Commentary: Touted 130/30 funds are 100% new and unproven
MarketWatch - USA
It's a different twist on long-short funds and market-neutral funds, both of which brought certain qualities of hedge funds -- notably a purported ability ...

 

A Bull on Energy, a Bear on Nearly Everything ElseAN INTERVIEW WITH ERIC SPROTT: Energy and natural resources are about the only thing this leading Canadian investment manager likes.
http://online.barrons.com/article/SB121884109819745731.html?mod=djemWR

 

Woods Fund Takes a Beating
Wall Street Journal Interactive - Friday August 15, 10:35 BST

 

Ospraie and Other Hedge Funds Tumble
Wall Street Journal Interactive - Friday August 15, 10:33 BST

 

Gas more expensive than cars for U.S. consumers
In May and June, U.S. dollars spent on gas surpassed money spent on cars and parts for the first time since 1982. The last time gasoline was such a large component of personal spending was in September 1982 during an energy crisis set off by the 1979 Islamic revolution in Iran, the second-largest oil producer of OPEC. Record prices at the pump have decreased U.S. gasoline demand, at a five-year low, and also affected consumer spending, including auto sales. Bloomberg (15 Aug.)

 

In a recent research note, Goldman Sachs abandoned its decade-long bearish stance on the dollar because of falling oil prices and stabilizing economic growth in the U.S., plus a dismal outlook beyond it. "It is time to say goodbye to our long-held dollar-bearish stance. For about 10 years, we have been negative on the dollar, occasionally wrong but mostly right," Goldman Sachs wrote. "But now the valuation and growth-driven improvements that we have been observing for a while have reached the point where they notably improve the medium to long-term outlook for the dollar." http://r.smartbrief.com/resp/mbaUrwlGvNjcxgCibSfXQwrb?format=standard CNBC (14 Aug.) , Reuters (14 Aug.)

 

A sub subprime glossary for the mortgage scandal
International Herald Tribune - France
By Jack Rosenthal Subprime was voted the word of the year by the American Dialect Society in recognition of the mortgage scandal and crisis that has for ...

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Yield Curve Corner

 

Recession Vs. Inflation: Must There Be a Winner?
U.S. News & World Report - Washington,DC,USA
Now I know how Ben Bernanke feels. I was asked to be on CNBC's Street Signs yesterday to talk about which was the bigger problem facing the economy: Rising ...

 

Economic Beat: Inflation Hawks At The Ready
CattleNetwork.com - Overland Park,KS,USA
Whatever one's criticisms may be of Fed chairman Ben Bernanke, he has clearly inherited the code of inflation hawk from his predecessors, ...

 

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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:

 

Tropical storm nears Cuba after leaving 4 dead
The Associated Press -
... said a hurricane watch was in effect for the island from the province of Matanzas east to Sancti Spiritus, and there was a tropical storm warning for ...

 

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Iranian Situation and Other Man Made Disasters

 

US: Quds, Hezbollah training hit squads in Iran
AP via Yahoo! News Fri, 15 Aug 2008 10:37 AM PDT
Iraqi Shiite assassination teams are being trained in at least four locations in Iran by Tehran's elite Quds force and Lebanese Hezbollah and are planning to return to Iraq in the next few months to kill specific Iraqi officials as well as U.S. and Iraqi troops, according to intelligence gleaned from captured militia fighters and other sources in Iraq.

 

U.S. military: Iran training assassination squads
CNN.com Fri, 15 Aug 2008 5:11 PM PDT
Iraqi Shiite fighters are now been trained inside Iran as assassination squads, the U.S. military has told the Iraqi government.

 

US Envoy: Iran Responsible for Peace
Time Magazine Fri, 15 Aug 2008 0:05 AM PDT
The main U.S. envoy to the Muslim world urged Iran on Friday to fulfill its obligations to international security and seek a peaceful resolution to the standoff over its nuclear program

 

Turkey: Energy Pact With Iran
New York Times Thu, 14 Aug 2008 8:27 PM PDT
Iran and Turkey have agreed to increase their cooperation on trading energy, President Abdullah Gul of Turkey said Thursday.

 

 

 

 

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Opalesque’s Corner

 

- Fund launches - Opalesque Exclusive: LatAm specialist Copernico launches new class of shares for Copernico Special Situations Fund, Phoenix firm Gressel Advisors launches carbon-trading hedge fund
- Distressed debt hedge fund Turnberry to liquidate, give money back
- Performance -  Sextant Capital strategies up 73.5% in July, 80.4% YTD, SRM Global Master Fund down 77% YTD, DeltaStrategic Energy Fund one of worst Canadian performers at -47.7% YTD, Ospraie (-13% in July) and other hedge funds tumble
- Small hedge funds outperformed larger funds in 2007 - PerTrac
- New Credit Suisse/Tremont Hedge Fund Index research paper explores hedge fund performance during market downturns
- Indices - Update: Barclay Hedge Fund Index down 1.97% (est.) in July, -4.43% YTD
- Assets - PSource plans further fundraising for debt fund
- M&A - Lazard buys out asset management units for $240m
- Lehman offers topiary for hedges, a system called `customised hedging solutions`
- Confessions of a risk manager - a personal view of the crisis
- Credit Crunch Update -  Barclays may write down GBP1.5bln more, says Goldman, Wachovia leads Wall Street stocks recovery, HBOS to shut The Mortgage Business, Merill may not pay UK corporation tax after  $29bln loss, Prime borrowers beginning to feel mortgage pain
- Regulatory - Federal Trade Commission proposes rules to fight oil market manipulation, JPMorgan, Morgan Stanley settle auction-rate probe, agree to buy back securities, Auction-rate deals top $48bln, Cuomo tackles ARS (video), Shanghai moves to lure more overseas investment, to give foreign hedge funds `legal status`
- Legal - Absolute Capital vows to defend itself against claim by investor Cascade Fund, Ex-Bear Stearns employee Evan Greenberg barred over hedge fund trading, Regulators sue UBS over securities for students, UBS banker cleared to leave U.S.
- Institutions - US states pension funds increase hedge fund investments as returns slide, Fresno (Calif.) boosts hedge fund, PE commitments
- People: Moore Capital hires Threadneedle`s Paul Findley for U.K. stocks, Scott Hamp named chief of hedge funds at Boeing, Heptagon hires Tapio Pekkala as VP of investment management,
- Hedge fund job seekers defy market conditions, Merrill launches hiring freeze
- Europe - Eurozone edges closer to recession, EU politicians to use anti-trust law to limit hedge fund speculation, Liechtenstein to unveil tougher laws on tax evasion
- Bigger London hedge funds set to move out of Mayfair and St. James`s, says Jones Lang LaSalle
- Asia - Onshore China HF manager Jun LU on dealing with the highs and lows of the market, Harvest Fund Management`s Hong Kong new unit will target alternative investments, Onshore China hedge funds continue to endure a harsh season, Morgan Stanley China fund JV lost money - Is it a really a hedge fund?, Korea offshore equity tax shelter remains
- Japan Special - Opalesque Exclusive: Trident`s Japan fund on the road to recovery, up 1.53% in July, Japan going through technical recession but can weather storm better than most due to high cash levels, Japan needs capital markets reforms to boost economy, Japanese stocks climb, led by shippers on rates
- Commodities - Pickens says oil won`t go below $100, Pickens commodity hedge fund falls 34% on oil price volatility, Energy sector - the impact of Georgia (video), Gold, silver slump, leading commodities drop on dollar, growth
- Analysis - The new face of data quality
- Insight - CDO holders face tranche warfare
- Event - Hedge Funds for Habitat - NYC Build Day II, September 18
- Activist News - Harbinger seeks to buy up to 33% of Cleveland-Cliffs, Harbinger reports 4.9% stake in Cablevision, Ackman to profit from Longs Drug Stores/CVS deal, Icahn Capital sells 61% of stake in Time Warner`s cable unit, Icahn Capital sells 61% of stake in Time Warner`s cable unit, Peltz` Trian HF sells Starbucks, buys Hansen, Third Point`s Loeb buys stake in BHP in Q2, News Corp. and Permira take NDS private for $1bln
- News Briefs -  Tradeweb boosted by money market trading, Three-month dollar Libor moves up, Dubai fund chief held as graft probe widens
- ... And finally - Wonders of the polygraph: women can `scientifically` prove she`ll win Olympic Gold
- 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….

 

blackguard BLAG-uhrd, noun:

1. A rude or unscrupulous person; a scoundrel.
2. A person who uses foul or abusive language.
3. Scurrilous; abusive; low; worthless; vicious; as, "blackguard language."
4. To revile or abuse in scurrilous language.

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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.