Archive: 08/20/2008
Main News
Fitch Ratings says EMEA corporates generally have comfortable liquidity profiles, aided by undrawn committed bank funding, compared with some Asia-Pacific corporates that rely on short-dated uncommitted bank funding.
U.S. PE Breaks Into Banks
After finding a way to bypass legislation to invest in distressed banks, private equity houses will follow JC Flowers' lead.Read more
After finding a way to bypass legislation to invest in distressed banks, private equity houses will follow JC Flowers' lead.Read more
American Home says unsecured creditors will get virtually nothing
International Herald Tribune - France
American Home sought protection from creditors four months after New Century Financial, a subprime lender of similar size, filed for protection from its ...
See all stories on this topic
International Herald Tribune - France
American Home sought protection from creditors four months after New Century Financial, a subprime lender of similar size, filed for protection from its ...
See all stories on this topic
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Aug 18, 2008 ... Icahn of Sweden Arranging Disruptive Deals Makes Cevian Hated ... Cevian joined forces with Carl Icahn, one of the world's best-known ... |
Brevan Howard Tops HF Table
Europe’s 10 largest hedge fund managers have employed superior operational infrastructures to grow their assets under management by almost 20%.
Europe’s 10 largest hedge fund managers have employed superior operational infrastructures to grow their assets under management by almost 20%.
Hedge Fund SageCrest Seeks Bankruptcy Protection
FINalternatives - New York,NY,USA
A troubled Greenwich, Conn., hedge fund has filed for bankruptcy in an effort to head off a forced asset sale. Windmill Management’s SageCrest Finance and ...
FINalternatives - New York,NY,USA
A troubled Greenwich, Conn., hedge fund has filed for bankruptcy in an effort to head off a forced asset sale. Windmill Management’s SageCrest Finance and ...
Asian markets fall on continuing concerns about U.S.
Stocks in Tokyo and other Asian markets suffered Tuesday on concerns about continued trouble in the U.S. housing and financial markets. Tokyo's Nikkei 225 Average fell 2.3%, the broader Topix index tumbled 2.2% and the Hang Seng Index in Hong Kong lost 2.1%. China's Shanghai Composite went up 1.1%, the Kospi in South Korea dropped 1.7% and Australia's S&P/ASX 200 lost 2.4%. The Straits Times index in Singapore declined 1.8%, New Zealand's NZX 50 index edged down 0.5% and Taiwan's Taiex slid 0.3%. MarketWatch (19 Aug.)
Stocks in Tokyo and other Asian markets suffered Tuesday on concerns about continued trouble in the U.S. housing and financial markets. Tokyo's Nikkei 225 Average fell 2.3%, the broader Topix index tumbled 2.2% and the Hang Seng Index in Hong Kong lost 2.1%. China's Shanghai Composite went up 1.1%, the Kospi in South Korea dropped 1.7% and Australia's S&P/ASX 200 lost 2.4%. The Straits Times index in Singapore declined 1.8%, New Zealand's NZX 50 index edged down 0.5% and Taiwan's Taiex slid 0.3%. MarketWatch (19 Aug.)
France calls meeting to address recession fears
After the release of data showing that France's economy contracted for the first time in six years, top ministers are attending an emergency meeting Tuesday to discuss measures aimed at preventing a recession. Prime Minister Francois Fillon said he is focusing on long-term structural reform instead of short-term fixes and will go forward with President Nicolas Sarkozy's plan to modernize the economy, cut state spending and help make the labor market less rigid. The Times (London) (18 Aug.)
After the release of data showing that France's economy contracted for the first time in six years, top ministers are attending an emergency meeting Tuesday to discuss measures aimed at preventing a recession. Prime Minister Francois Fillon said he is focusing on long-term structural reform instead of short-term fixes and will go forward with President Nicolas Sarkozy's plan to modernize the economy, cut state spending and help make the labor market less rigid. The Times (London) (18 Aug.)
See Dick Shop
Is Lehman's effort to sell a stake in its asset-management unit a cause for relief or worry? Read More
Is Lehman's effort to sell a stake in its asset-management unit a cause for relief or worry? Read More
Tuesday , 19 Aug 2008
Despite being battered in the crude oil and China slowdown, Citigroup analysts feel some metals/mining “gems have been left by the roadside.”
Despite being battered in the crude oil and China slowdown, Citigroup analysts feel some metals/mining “gems have been left by the roadside.”
Financial Data 'on Steroids'
In the realm of quarterly filings, David Blaszkowsky takes the long view. He's quick to mention that the earliest form of record keeping was on tablets in the ancient Middle Eastern civilization of Sumer. Now, he says, the financial world is about to discover yet a new way.
(By Christopher Twarowski, The Washington Post)
In the realm of quarterly filings, David Blaszkowsky takes the long view. He's quick to mention that the earliest form of record keeping was on tablets in the ancient Middle Eastern civilization of Sumer. Now, he says, the financial world is about to discover yet a new way.
(By Christopher Twarowski, The Washington Post)
IDENTIFYING THE SAVINGS OPPORTUNITIES AT INVESTMENT BANKS
Reductions in workforce numbers have been Wall Street's inevitable, and
understandable, response to the global credit crunch. But new McKinsey
research shows that the untapped opportunity to cut noncompensation
costs is also considerable--possibly amounting to more than $2 billion in
recurring savings for some investment banks. What's more, our analysis
suggests that executives can embark on this additional belt tightening
without harming a bank's culture and morale.
http://e.mckinseyquarterly.com/W0RT01B67081932CE4E19289DA2600
Reductions in workforce numbers have been Wall Street's inevitable, and
understandable, response to the global credit crunch. But new McKinsey
research shows that the untapped opportunity to cut noncompensation
costs is also considerable--possibly amounting to more than $2 billion in
recurring savings for some investment banks. What's more, our analysis
suggests that executives can embark on this additional belt tightening
without harming a bank's culture and morale.
http://e.mckinseyquarterly.com/W0RT01B67081932CE4E19289DA2600
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Yield Curve Corner
UP AND DOWN WALL STREET
Barron's - USA
By ALAN ABELSON The markets -- even gold -- respond to the Russian invasion of Georgia with a resounding ho-hum. The core cabal. WHAT A SHAME! ...
Barron's - USA
By ALAN ABELSON The markets -- even gold -- respond to the Russian invasion of Georgia with a resounding ho-hum. The core cabal. WHAT A SHAME! ...
Robert Shiller Raises The Bankruptcy Issue
Executive Intelligence Review (EIR) - Leesburg,VA,USA
"There is still a risk that financial dominoes will begin to fall," Shiller continues, quoting Bernanke that the damage done by the collapse of Bear Stearns ...
Executive Intelligence Review (EIR) - Leesburg,VA,USA
"There is still a risk that financial dominoes will begin to fall," Shiller continues, quoting Bernanke that the damage done by the collapse of Bear Stearns ...
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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/TRCfay232_G12L.jpg
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Iranian Situation and Other Man Made Disasters
Iran satellite launch a failure: U.S. official
Reuters via Yahoo! News Tue, 19 Aug 2008 8:13 AM PDT
Iran's attempt to launch a dummy satellite into orbit was a "dramatic failure" that fell far short of the country's assertions of success, a U.S. official said on Tuesday
Reuters via Yahoo! News Tue, 19 Aug 2008 8:13 AM PDT
Iran's attempt to launch a dummy satellite into orbit was a "dramatic failure" that fell far short of the country's assertions of success, a U.S. official said on Tuesday
Iran picks firms to hunt for new nuclear plant sites
AFP via Yahoo! News Tue, 19 Aug 2008 5:53 AM PDT
Iran's Atomic Energy Organisation on Tuesday tasked six local companies to hunt for potential sites for new nuclear power plants, the official news agency IRNA reported.
AFP via Yahoo! News Tue, 19 Aug 2008 5:53 AM PDT
Iran's Atomic Energy Organisation on Tuesday tasked six local companies to hunt for potential sites for new nuclear power plants, the official news agency IRNA reported.
Iranian minister flaunts bogus Oxford degree
Robert Tait
The Guardian,
Wednesday August 13 2008
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Opalesque’s Corner
- Opalesque Exclusive - Greenwich Global Alpha Forum to unite global institutional investors with Connecticut-based alternative investment elite
- Opalesque Exclusive - Investing in A Shares, Marco Polo Pure A.M. Fund analyzes the layers of Chinese government policies which effect the markets as well as `The Olympic Effect` on the Chinese economy - Part One
- Fund Launches - Former investment officer at multi-family Dimension launches RIA, Kellport Capital holds off launch until new partner joins
- Hedge fund SageCrest files for bankruptcy
- Performance - Opalesque Exclusive: Forum Global Opportunity Fund posts gain of 25.26% YTD, 4% in July, Jupiter`s profit rise in tough year for fund firms, hedge funds profits provided additional boost, Clarium Capital `true` $6bln global macro fund found with mere $93m equities, Update: SRM Global Master Fund plummets 85%
- Assets - Managers hungry for cash infusion, some long closed HF throwing their doors wide open, Buechler Capital taps institutional clients, Osmium seeks assets for special sits fund
- As performances slow, FoHFs are losing their luster, large funds in similar underlyings
- Profile - Ron Insana proves running a hedge fund is harder than it looks on TV
- Indices - HFRI mid-month results mostly negative, Fixed Income-Asset Backed index best at 1.31%, Russia/Eastern Europe index worst at -7.05%, EDHEC Alternative Indexes posted negative returns except for short selling, merger arbitrage and fixed income arbitrage, CTAs lowest with -3.38%, Scotia Capital Canadian Hedge Fund Performance Index finished July with -6.55% on equal weighted basis, Nordic HedgeIndex down 1.80%, sending YTD to -1.45%, fixed income down sharpest at -7.57%, Barclay CTA Index up 7.56% (est.) in 2008, Managed futures slipped in July, Dow Jones Indexes announces component change in Dow Jones Global Exchanges Index
- Strategies - JPMorgan sees opportunity in long financials trade, Navigator cuts financials, adds vol arb exposure, State Street keen on Brazil, Russia shares
- ETFS - Portrait: Hedge fund manager Deron Wagner`s top-down ETF strategy outperforms for eight years (average annual return 20%), IndexIQ files to launch the first family of ETFs designed to emulate the performance of hedge fund strategies, Investors look to get in on small caps gains during rallies through ETFs
- Citi analyst reiterates sell recommendation and points out discrepancies in Fortress disclosures
- Credit Crunch Update - Libor on the rise amid banking stress, indications for more turbulence ahead in financial system, More bank failures due (video), UBS Chairman Kurer says certain bank will still be independent in 2 years, BlackStone interested in Lehman`s A.M. unit Neuberger, Jim Rogers predicts bigger financial shocks loom, fueling a malaise that may last years
- ARS Update - Investors who bought ARS from discount brokerage firms may be left out of auction rate settlement, Wall Street feuds over ARS buybacks, Discussing ARS fallout (video)
- Fannie and Freddie Update - Bailout concerns slam Fannie (-22%) and Freddie (-25%), Fannie, Freddie tumble, First China bank to announce Fannie, Freddie exposure, China Merchants Bank held $180m of debt
- Legal - Ex-HF manager Hilary Shane won`t face prosecution for insider trading, but probation and $50k fine, North Principal hedge fund sues PE group Greenoak over German wind farms, Two `Squawk box` defendants in plea discussions
- Institutions - Middle East, Europe institutions scrutinizing hedge funds: ADIA slashes its universe of approved hedge funds by half - too correlated, Phoenix Retirement to host hedge fund of funds showdown Aug 20th for $190m, CalPERS sets guidelines for infrastructure investing, North Carolina pension plan declines 2%, outperforms several state pension funds, Hedge funds `unfinished business` for Ireland pension investing, Nordic Pension funds look to commodities investing through hedge funds and equities
- People - Copia snaps up ex-Magnetar CFO David Pritsker, Luke Gannon joins DLA Piper, will head up practice in Asia, expected to focus on funds practice, Phoenix Funds Services appoints Gerard Quirke as Director, Exotix strengthens structuring desk with new hire, Brazil`s Bank Safdié hires two analysts, Gardner Finance hires Urwyler to portfolio management
- Asia - Opalesque Exclusive: Singapore MAS issues report on thematic inspections of hedge fund managers, Singapore capital markets raised $76bln in net funds last year
- Environmental Investing - Obama discusses energy ideas with T. Boone Pickens, MTM Capital Partners cooperates with US Environmental Protection Agency to advance capture and use of coal mine methane
- Commodities - Crude steady on signs tropical storm will miss Gulf fields, Gold, oil, sterling - where are they heading? (video), Mongolian gold accord derailed, Gold falls below $800 on concern dollar strength may continue
- Exchanges - Nymex investors approve CME`s $8.3bln takeover, Nymex `blinked` in CME battle dissidents halt tactics to derail $8bln deal, Toronto Stock Exchange proposes new rule to allow for creation of SPACs in Canada, EC approves BATS exchange to compete against NYSE Euronext and Nasdaq OMX, Abu Dhabi bourse to launch derivatives trade in 2009, Thailand plans gold futures trading by year end, brokerages and gold traders invited to participate
- Activist News - Einhorn wants Natixis to nix rights offer and sell parent company stakes, Cevian Capital co-founder Christer Gardell called `the butcher` in Sweden says far north location gives him an edge, Gabelli again reduces stake in Young Broadcasting, Maverick Capital HF latest large shareholder to bail out of Starbucks
- Events - Hedge Fund Championship Regatta - August 20 - only 19 tickets remain on floating clubhouse, 100 Women in Hedge Funds` late summer charity garden party (Geneva, Sept 4) will have unusual Raffle prizes
- News Briefs - $20bln Genworth launches wealth management division, Ballista Securities says first electronic liquidity pool for block options and delta neutral trading to go live next month, Deutsche launches Asian inflation index
- ...And finally: Lawnmower engine, bicycle brakes, a metal frame...you guessed it! German police seize world`s fastest office chair
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive - Investing in A Shares, Marco Polo Pure A.M. Fund analyzes the layers of Chinese government policies which effect the markets as well as `The Olympic Effect` on the Chinese economy - Part One
- Fund Launches - Former investment officer at multi-family Dimension launches RIA, Kellport Capital holds off launch until new partner joins
- Hedge fund SageCrest files for bankruptcy
- Performance - Opalesque Exclusive: Forum Global Opportunity Fund posts gain of 25.26% YTD, 4% in July, Jupiter`s profit rise in tough year for fund firms, hedge funds profits provided additional boost, Clarium Capital `true` $6bln global macro fund found with mere $93m equities, Update: SRM Global Master Fund plummets 85%
- Assets - Managers hungry for cash infusion, some long closed HF throwing their doors wide open, Buechler Capital taps institutional clients, Osmium seeks assets for special sits fund
- As performances slow, FoHFs are losing their luster, large funds in similar underlyings
- Profile - Ron Insana proves running a hedge fund is harder than it looks on TV
- Indices - HFRI mid-month results mostly negative, Fixed Income-Asset Backed index best at 1.31%, Russia/Eastern Europe index worst at -7.05%, EDHEC Alternative Indexes posted negative returns except for short selling, merger arbitrage and fixed income arbitrage, CTAs lowest with -3.38%, Scotia Capital Canadian Hedge Fund Performance Index finished July with -6.55% on equal weighted basis, Nordic HedgeIndex down 1.80%, sending YTD to -1.45%, fixed income down sharpest at -7.57%, Barclay CTA Index up 7.56% (est.) in 2008, Managed futures slipped in July, Dow Jones Indexes announces component change in Dow Jones Global Exchanges Index
- Strategies - JPMorgan sees opportunity in long financials trade, Navigator cuts financials, adds vol arb exposure, State Street keen on Brazil, Russia shares
- ETFS - Portrait: Hedge fund manager Deron Wagner`s top-down ETF strategy outperforms for eight years (average annual return 20%), IndexIQ files to launch the first family of ETFs designed to emulate the performance of hedge fund strategies, Investors look to get in on small caps gains during rallies through ETFs
- Citi analyst reiterates sell recommendation and points out discrepancies in Fortress disclosures
- Credit Crunch Update - Libor on the rise amid banking stress, indications for more turbulence ahead in financial system, More bank failures due (video), UBS Chairman Kurer says certain bank will still be independent in 2 years, BlackStone interested in Lehman`s A.M. unit Neuberger, Jim Rogers predicts bigger financial shocks loom, fueling a malaise that may last years
- ARS Update - Investors who bought ARS from discount brokerage firms may be left out of auction rate settlement, Wall Street feuds over ARS buybacks, Discussing ARS fallout (video)
- Fannie and Freddie Update - Bailout concerns slam Fannie (-22%) and Freddie (-25%), Fannie, Freddie tumble, First China bank to announce Fannie, Freddie exposure, China Merchants Bank held $180m of debt
- Legal - Ex-HF manager Hilary Shane won`t face prosecution for insider trading, but probation and $50k fine, North Principal hedge fund sues PE group Greenoak over German wind farms, Two `Squawk box` defendants in plea discussions
- Institutions - Middle East, Europe institutions scrutinizing hedge funds: ADIA slashes its universe of approved hedge funds by half - too correlated, Phoenix Retirement to host hedge fund of funds showdown Aug 20th for $190m, CalPERS sets guidelines for infrastructure investing, North Carolina pension plan declines 2%, outperforms several state pension funds, Hedge funds `unfinished business` for Ireland pension investing, Nordic Pension funds look to commodities investing through hedge funds and equities
- People - Copia snaps up ex-Magnetar CFO David Pritsker, Luke Gannon joins DLA Piper, will head up practice in Asia, expected to focus on funds practice, Phoenix Funds Services appoints Gerard Quirke as Director, Exotix strengthens structuring desk with new hire, Brazil`s Bank Safdié hires two analysts, Gardner Finance hires Urwyler to portfolio management
- Asia - Opalesque Exclusive: Singapore MAS issues report on thematic inspections of hedge fund managers, Singapore capital markets raised $76bln in net funds last year
- Environmental Investing - Obama discusses energy ideas with T. Boone Pickens, MTM Capital Partners cooperates with US Environmental Protection Agency to advance capture and use of coal mine methane
- Commodities - Crude steady on signs tropical storm will miss Gulf fields, Gold, oil, sterling - where are they heading? (video), Mongolian gold accord derailed, Gold falls below $800 on concern dollar strength may continue
- Exchanges - Nymex investors approve CME`s $8.3bln takeover, Nymex `blinked` in CME battle dissidents halt tactics to derail $8bln deal, Toronto Stock Exchange proposes new rule to allow for creation of SPACs in Canada, EC approves BATS exchange to compete against NYSE Euronext and Nasdaq OMX, Abu Dhabi bourse to launch derivatives trade in 2009, Thailand plans gold futures trading by year end, brokerages and gold traders invited to participate
- Activist News - Einhorn wants Natixis to nix rights offer and sell parent company stakes, Cevian Capital co-founder Christer Gardell called `the butcher` in Sweden says far north location gives him an edge, Gabelli again reduces stake in Young Broadcasting, Maverick Capital HF latest large shareholder to bail out of Starbucks
- Events - Hedge Fund Championship Regatta - August 20 - only 19 tickets remain on floating clubhouse, 100 Women in Hedge Funds` late summer charity garden party (Geneva, Sept 4) will have unusual Raffle prizes
- News Briefs - $20bln Genworth launches wealth management division, Ballista Securities says first electronic liquidity pool for block options and delta neutral trading to go live next month, Deutsche launches Asian inflation index
- ...And finally: Lawnmower engine, bicycle brakes, a metal frame...you guessed it! German police seize world`s fastest office chair
- 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….
aestival ES-tuh-vuhl, adjective:
Of or belonging to the summer; as, aestival diseases. [Spelled also estival.]
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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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