Archive: 08/25/2008
Main News
Investor doubt over Lehman fund assets
Financial Times Fri, 22 Aug 2008 3:37 PM PDT
Private equity firms looking at buying Lehman Brothers ’ asset management business are expressing doubts about the unit’s minority stakes in several hedge funds.
Financial Times Fri, 22 Aug 2008 3:37 PM PDT
Private equity firms looking at buying Lehman Brothers ’ asset management business are expressing doubts about the unit’s minority stakes in several hedge funds.
Why Hedge Fund Fees Make Sense
Portfolio.com via Yahoo! Finance Fri, 22 Aug 2008 9:30 AM PDT
Remember those evil hedge funds. It turns out that, overall, they did a really good job of avoiding the fallout from the credit crunch. The big reason for this, says Columbia University's Charles Calomiris, is the hedge fund fee structure: ...
Portfolio.com via Yahoo! Finance Fri, 22 Aug 2008 9:30 AM PDT
Remember those evil hedge funds. It turns out that, overall, they did a really good job of avoiding the fallout from the credit crunch. The big reason for this, says Columbia University's Charles Calomiris, is the hedge fund fee structure: ...
Unsettling NASD, Merrill-Goldman-Deutsche Agree: Compliance
Bloomberg.com Thu, 21 Aug 2008 10:37 PM PDT
Aug. 22 (Bloomberg) -- John F. Mangan Jr. , the former hedge-fund manager who two days ago won a civil insider-trading case brought by the U.S. government, will seek to undo a previous settlement with private-sector Wall Street regulator NASD.
Bloomberg.com Thu, 21 Aug 2008 10:37 PM PDT
Aug. 22 (Bloomberg) -- John F. Mangan Jr. , the former hedge-fund manager who two days ago won a civil insider-trading case brought by the U.S. government, will seek to undo a previous settlement with private-sector Wall Street regulator NASD.
Commercial-property loans may be next stage of crisis
New York City may be facing its largest default in the credit crisis, as a large apartment complex in Harlem warned last week that it might not be able to make good on a $225 million mortgage payment by September. The disclosure accents fears that commercial-property loans may be drying up, further extending the credit crunch. Markets had been hopeful that commercial loans would be able to avoid the turmoil brought by falling home-mortgage values. The New York Times (21 Aug.)
New York City may be facing its largest default in the credit crisis, as a large apartment complex in Harlem warned last week that it might not be able to make good on a $225 million mortgage payment by September. The disclosure accents fears that commercial-property loans may be drying up, further extending the credit crunch. Markets had been hopeful that commercial loans would be able to avoid the turmoil brought by falling home-mortgage values. The New York Times (21 Aug.)
Nobel Prize economists say recovery at least a year away
At the annual meeting of Laureates on Lake Constance, the consensus among Nobel Prize-winning economists is that a recovery of the global financial system may not start for at least a year. "There is a tremendous amount of deleveraging still necessary in the United States and Europe," said Myron Scholes, co-founder of Long-Term Capital Management. "I'm not exactly sure when it's going to end. There are many financial institutions that need to add capital or sell assets, but it's getting more difficult." Telegraph (London) (22 Aug.)
At the annual meeting of Laureates on Lake Constance, the consensus among Nobel Prize-winning economists is that a recovery of the global financial system may not start for at least a year. "There is a tremendous amount of deleveraging still necessary in the United States and Europe," said Myron Scholes, co-founder of Long-Term Capital Management. "I'm not exactly sure when it's going to end. There are many financial institutions that need to add capital or sell assets, but it's getting more difficult." Telegraph (London) (22 Aug.)
Posted on February 6, 2006 by Stuart A. Mickelberg
Geopolitical Diary: Rising Commodity Prices and a Reminder of the 1970s
August 22, 2008 0200 GMT
Commodity prices rose across the board on Thursday, with oil surging up roughly 5 percent to over $120 a barrel, as the U.S. dollar has dropped in value by 1 percent.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_rising_commodity_prices_and_reminder_1970s
August 22, 2008 0200 GMT
Commodity prices rose across the board on Thursday, with oil surging up roughly 5 percent to over $120 a barrel, as the U.S. dollar has dropped in value by 1 percent.
http://www.stratfor.com/geopolitical_diary/geopolitical_diary_rising_commodity_prices_and_reminder_1970s
Thursday , 21 Aug 2008
The notions that the "downturn in commodity prices has been overdone with commodities and stocks due a considerable rally" are fraught with difficulties, submits Barry Sergeant.
The notions that the "downturn in commodity prices has been overdone with commodities and stocks due a considerable rally" are fraught with difficulties, submits Barry Sergeant.
CFTC closes $291 million commodity fraud case
The US Commodity Futures Trading Commission has ordered commodity trader Paul Eustace to pay up to $291 million in fines and restitution to customers of his Philadelphia Alternative Asset Management (PaamCo) commodity pool.
The US Commodity Futures Trading Commission has ordered commodity trader Paul Eustace to pay up to $291 million in fines and restitution to customers of his Philadelphia Alternative Asset Management (PaamCo) commodity pool.
Aug 22, 2008 ... UPDATE 1-Hermitage fund lawyer says Moscow office raided. | 22 Aug 2008 | 12:01 PM ET. Font size:. MOSCOW, Aug 22 (Reuters) - A prominent ...
Ore Hill Closes Fund
Wall Street Journal - USA
Hedge fund Ore Hill Partners, which specializes in credit strategies, has barred clients from redeeming their money from its flagship offering just as ...
Wall Street Journal - USA
Hedge fund Ore Hill Partners, which specializes in credit strategies, has barred clients from redeeming their money from its flagship offering just as ...
By TERI BUHL
Paul Tudor Jones' trading firm Tudor Investment might be a newbie to trading mathematical- quant strategies but it has soared to the top of the sector through July 31 - beating out seasoned vets in the field, namely Goldman Sachs' Global...full story
By KAJA WHITEHOUSE
When activist investors like Carl Icahn or Bill Ackman announce new campaigns to shake up a company, should you follow them into battle It's a question many investors wrestle over, especially when one billionaire activist or another racks...full story
Tepper's $2.4 billion bet loses energy
Pittsburgh Tribune-Review Fri, 22 Aug 2008 9:22 PM PDT
A hedge-fund manager with local ties bought $2.4 billion in oil and gas stocks in the second quarter, a shift of 79 percent of his U.S. equity holdings. The value of those holdings have fallen about 14 percent.
Pittsburgh Tribune-Review Fri, 22 Aug 2008 9:22 PM PDT
A hedge-fund manager with local ties bought $2.4 billion in oil and gas stocks in the second quarter, a shift of 79 percent of his U.S. equity holdings. The value of those holdings have fallen about 14 percent.
Turnberry Capital to liquidate its fund
Norwalk Advocate Thu, 21 Aug 2008 8:11 AM PDT
A Greenwich hedge fund company is among hundreds of the risky investment entities that have closed or are projected to close this year amid volatile equity and commodity markets.
Norwalk Advocate Thu, 21 Aug 2008 8:11 AM PDT
A Greenwich hedge fund company is among hundreds of the risky investment entities that have closed or are projected to close this year amid volatile equity and commodity markets.
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Yield Curve Corner
Bernanke looks for new regulatory approach
Reuters - USA
By Mark Felsenthal JACKSON HOLE, Wyoming (Reuters) - US Federal Reserve Chairman Ben Bernanke's suggestion that financial supervision be revamped to take ...
Reuters - USA
By Mark Felsenthal JACKSON HOLE, Wyoming (Reuters) - US Federal Reserve Chairman Ben Bernanke's suggestion that financial supervision be revamped to take ...
Bernanke: Inflation not most important problem now
Newsday - Long Island,NY,USA
Federal Reserve Chairman Ben Bernanke outlined the central bank's approach to the economy Friday, saying he considers the country's faltering economic ...
Newsday - Long Island,NY,USA
Federal Reserve Chairman Ben Bernanke outlined the central bank's approach to the economy Friday, saying he considers the country's faltering economic ...
Bernanke Urges Broader Powers For Central Bank
Critics Worry About Fed Losing Focus
(By Neil Irwin, The Washington Post)
Critics Worry About Fed Losing Focus
(By Neil Irwin, The Washington Post)
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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:
World heading towards cooler 2008 *
Global temperatures recorded so far this year suggest is likely to emerge as the coolest this century, scientists say.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7574603.stm
Global temperatures recorded so far this year suggest is likely to emerge as the coolest this century, scientists say.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7574603.stm
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Iranian Situation and Other Man Made Disasters
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Iran's Khamenei urges Ahmadinejad to plan for second term
AFP via Yahoo! News Sun, 24 Aug 2008 11:20 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei urged President Mahmoud Ahmadinejad to plan on keeping the top job for a second four-year term but called on him to keep better control of inflation, official media said on Sunday.
AFP via Yahoo! News Sun, 24 Aug 2008 11:20 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei urged President Mahmoud Ahmadinejad to plan on keeping the top job for a second four-year term but called on him to keep better control of inflation, official media said on Sunday.
Iran's Khamenei urges Ahmadinejad to plan for second term
AFP via Yahoo! News Sun, 24 Aug 2008 11:20 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei urged President Mahmoud Ahmadinejad to plan on keeping the top job for a second four-year term but called on him to keep better control of inflation, official media said on Sunday.
AFP via Yahoo! News Sun, 24 Aug 2008 11:20 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei urged President Mahmoud Ahmadinejad to plan on keeping the top job for a second four-year term but called on him to keep better control of inflation, official media said on Sunday.
Iran leader warns Ahmadinejad on inflation
AFP via Yahoo! News Sun, 24 Aug 2008 8:02 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei has warned President Mahmoud Ahmadinejad against economic policies which would further fuel inflation, a press report said on Sunday.
AFP via Yahoo! News Sun, 24 Aug 2008 8:02 AM PDT
Iran's supreme leader Ayatollah Ali Khamenei has warned President Mahmoud Ahmadinejad against economic policies which would further fuel inflation, a press report said on Sunday.
Aide: Al-Sadr may stay in Iran
USA Today Fri, 22 Aug 2008 9:29 PM PDT
The militant Shiite leader Muqtada al-Sadr plans to make a series of short visits to Iraq starting within weeks, but has decided to make Iran his home base for years to come, a key aide says.
USA Today Fri, 22 Aug 2008 9:29 PM PDT
The militant Shiite leader Muqtada al-Sadr plans to make a series of short visits to Iraq starting within weeks, but has decided to make Iran his home base for years to come, a key aide says.
Iran, South Korea take golds
International Herald Tribune Fri, 22 Aug 2008 12:10 PM PDT
Hwang Kyung Seon won South Korea's third gold medal in taekwondo on Friday while Hadi Saei of Iran captured the men's 80-kilogram class after an upset sent favorite Steven Lopez of the United States to a quarterfinal loss. Lopez, the defending Athens gold medalist, came back to take bronze.
International Herald Tribune Fri, 22 Aug 2008 12:10 PM PDT
Hwang Kyung Seon won South Korea's third gold medal in taekwondo on Friday while Hadi Saei of Iran captured the men's 80-kilogram class after an upset sent favorite Steven Lopez of the United States to a quarterfinal loss. Lopez, the defending Athens gold medalist, came back to take bronze.
US sanctions not hampering business: Iran bank chief
AFP via Yahoo! News Thu, 21 Aug 2008 4:58 PM PDT
American sanctions on Iran's financial sector have not hampered business for Bank Mellat, one of Iran's major state-owned banks, its managing director said in an interview published Friday.
AFP via Yahoo! News Thu, 21 Aug 2008 4:58 PM PDT
American sanctions on Iran's financial sector have not hampered business for Bank Mellat, one of Iran's major state-owned banks, its managing director said in an interview published Friday.
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Opalesque’s Corner
- Seeders - Opalesque Exclusive: SkyBridge`s newest seeder fund announces first investment in discretionary global macro fund, Industry can expect $7.5bln seed capital for rest of 2008
- Russia / Georgia Special - Opalesque Exclusive: Opalesque Exclusive: Bank of Georgia`s `up-to-date and unbiased version of news` on South Ossetia, George Friedman: Russians proved they can execute competent military operation and that the U.S. cannot intervene, Russia wants control over Georgia, which central location is used to transport oil and gas to Europe, Investors quit Russia after Georgia conflict, Oil firm above $121 on Russia tensions
- Fund launches - DragonBack to launch volatility hedge fund, Millennium sets up new asset allocation venture, First Quadrant to kick off Global 130/30
- Closures - Fortis shuts convertible arbitrage fund due to ongoing market dislocation, Fortis sells ABN Amro Teda stake to Old Mutual, Sage Asset Management reconsiders fund closures, Comment: Four lessons from Ron Insana`s folly
- Performance - Nordic commodity, ECM post top power hedge-fund gains, Unicorn gets AA accolade from HF rater Allenbridge HedgeInfo for above industry-average returns
- Assets - Closed-end funds head for record year, Update: HFR report says emerging markets hedge funds see inflows of new capital approaching $1bln in Q2
- Strategies - FoHFs switch to cash and `beta-neutral` products, Oil soars and banks plunge as traders seek profit in complex paired trades
- Hedge funds now can train mock presentations, how behave in due diligence visits from prospective investors and `execute consistent key messages`
- Credit Crunch Update - Fannie and Freddie crisis eases, Lehman`s failure to sell stake to Asian investors may spur hostile takeover, Analysts see tough quarter for U.S. investment banks, Lone Star to buy German subprime casualty IKB
- A.R.S. update - Cuomo announces settlement with Deutsche Bank, Goldman and Merrill Lynch, Massachusetts settles with Merrill on ARS matter, Cuomo on auction rate probe (video), Comment: Confusion reigns in stalled ARS sector
- Regulatory - Gresham IM director of research says US laws to curb speculation won`t work, Nobel Laureates debate role of regulators during financial crises, Comment on the UK FSA: The regulator is short on sense, Comment: FSA unhurried by price Obviousness
- Legal - Judge clears hedge-fund manager John Mangan of insider trading, John Mangan will seek to undo previous settlement with NASD, Highland seeks to block Delphi loan, SSgA pays out more than half of legal reserve as retirement plan sues for losses
- Institutions - Oklahoma foundation director to boost alternatives, Texas ERS to invest in hedge funds, Cerulli report: Target-date funds are projected to exceed $1.1trl by 2012, rising from an estimated $277bln at year-end 2008
- People - Nicola Meaden takes over listed hedge fund investor Alpha Strategic, Wexford Capital makes two new hires, Lehman`s heads of mortgage origination and securitization leave firm, Dr. Laurence Wormald appointed head of research for SunGard`s Advanced Portfolio Technologies
- Asia - Chinese hedge funds encouraged by JP Morgan`s reports, Hard time for China`s onshore hedge funds, Hedgies make Asian index volatility plays, Typhoon Nuri shuts down Hong Kong markets, State Street: Remarkable deterioration in appetite for equities among institutional investors over past two months, especially in Japan
- Australasia - Macquarie brings $3bln hedge funds under one roof, Babcock & Brown to sack quarter of staff
- LatAm - Opalesque Exclusive: LatAm special sits fund up 0.02% in July (2.4% YTD) as decoupling story starts to fade, Opalesque Exclusive: Copernico`s Argentina fund suffers from the country`s changes in tax legislation and economic deterioration
- Commodities - CFTC inspection reveals Swiss firm held up to 11% of all NYMEX contracts in July, Water indexes weaken (video), Commerce Energy secures $22m bridge financing from AP Finance, an affiliate of HF Platinum Partners
- Environmental - Investor pressure heats up climate change debate
- SWFs - Singapore SWF would consider bigger Merrill stake
- Comment: UBS weighs `phantom equity` as way to motivate employees
- Events - Shoreline beats Caxton and Lehman, wins annual hedge-fund regatta
- Activist News - Harbinger increases stake in Cablevision
- News Briefs - iTraxx Crossover rules to ease, NYSE Liffe launches US futures next month, Irish Stock Exchange unveils new listing regime for Super Sophisticated Investor Funds, Mizuho invests in US boutique bank Evercore
- ...And finally: Man makes state record catfish catch with 30 inch pink Barbie fishing rod (picture)
- Logon: http://www.opalesque.com/index.php?act=archive
- Russia / Georgia Special - Opalesque Exclusive: Opalesque Exclusive: Bank of Georgia`s `up-to-date and unbiased version of news` on South Ossetia, George Friedman: Russians proved they can execute competent military operation and that the U.S. cannot intervene, Russia wants control over Georgia, which central location is used to transport oil and gas to Europe, Investors quit Russia after Georgia conflict, Oil firm above $121 on Russia tensions
- Fund launches - DragonBack to launch volatility hedge fund, Millennium sets up new asset allocation venture, First Quadrant to kick off Global 130/30
- Closures - Fortis shuts convertible arbitrage fund due to ongoing market dislocation, Fortis sells ABN Amro Teda stake to Old Mutual, Sage Asset Management reconsiders fund closures, Comment: Four lessons from Ron Insana`s folly
- Performance - Nordic commodity, ECM post top power hedge-fund gains, Unicorn gets AA accolade from HF rater Allenbridge HedgeInfo for above industry-average returns
- Assets - Closed-end funds head for record year, Update: HFR report says emerging markets hedge funds see inflows of new capital approaching $1bln in Q2
- Strategies - FoHFs switch to cash and `beta-neutral` products, Oil soars and banks plunge as traders seek profit in complex paired trades
- Hedge funds now can train mock presentations, how behave in due diligence visits from prospective investors and `execute consistent key messages`
- Credit Crunch Update - Fannie and Freddie crisis eases, Lehman`s failure to sell stake to Asian investors may spur hostile takeover, Analysts see tough quarter for U.S. investment banks, Lone Star to buy German subprime casualty IKB
- A.R.S. update - Cuomo announces settlement with Deutsche Bank, Goldman and Merrill Lynch, Massachusetts settles with Merrill on ARS matter, Cuomo on auction rate probe (video), Comment: Confusion reigns in stalled ARS sector
- Regulatory - Gresham IM director of research says US laws to curb speculation won`t work, Nobel Laureates debate role of regulators during financial crises, Comment on the UK FSA: The regulator is short on sense, Comment: FSA unhurried by price Obviousness
- Legal - Judge clears hedge-fund manager John Mangan of insider trading, John Mangan will seek to undo previous settlement with NASD, Highland seeks to block Delphi loan, SSgA pays out more than half of legal reserve as retirement plan sues for losses
- Institutions - Oklahoma foundation director to boost alternatives, Texas ERS to invest in hedge funds, Cerulli report: Target-date funds are projected to exceed $1.1trl by 2012, rising from an estimated $277bln at year-end 2008
- People - Nicola Meaden takes over listed hedge fund investor Alpha Strategic, Wexford Capital makes two new hires, Lehman`s heads of mortgage origination and securitization leave firm, Dr. Laurence Wormald appointed head of research for SunGard`s Advanced Portfolio Technologies
- Asia - Chinese hedge funds encouraged by JP Morgan`s reports, Hard time for China`s onshore hedge funds, Hedgies make Asian index volatility plays, Typhoon Nuri shuts down Hong Kong markets, State Street: Remarkable deterioration in appetite for equities among institutional investors over past two months, especially in Japan
- Australasia - Macquarie brings $3bln hedge funds under one roof, Babcock & Brown to sack quarter of staff
- LatAm - Opalesque Exclusive: LatAm special sits fund up 0.02% in July (2.4% YTD) as decoupling story starts to fade, Opalesque Exclusive: Copernico`s Argentina fund suffers from the country`s changes in tax legislation and economic deterioration
- Commodities - CFTC inspection reveals Swiss firm held up to 11% of all NYMEX contracts in July, Water indexes weaken (video), Commerce Energy secures $22m bridge financing from AP Finance, an affiliate of HF Platinum Partners
- Environmental - Investor pressure heats up climate change debate
- SWFs - Singapore SWF would consider bigger Merrill stake
- Comment: UBS weighs `phantom equity` as way to motivate employees
- Events - Shoreline beats Caxton and Lehman, wins annual hedge-fund regatta
- Activist News - Harbinger increases stake in Cablevision
- News Briefs - iTraxx Crossover rules to ease, NYSE Liffe launches US futures next month, Irish Stock Exchange unveils new listing regime for Super Sophisticated Investor Funds, Mizuho invests in US boutique bank Evercore
- ...And finally: Man makes state record catfish catch with 30 inch pink Barbie fishing rod (picture)
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
Wall Street Golf on Par
In the face of an economic downswing, country club memberships stay strong. Read More
In the face of an economic downswing, country club memberships stay strong. Read More
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Funnies, Facts, Quotes, etc….
comity KOM-uh-tee, noun:
1. A state of mutual harmony, friendship, and respect, especially between or among nations or people; civility.
2. The courteous recognition by one nation of the laws and institutions of another.
3. The group of nations observing international comity.
2. The courteous recognition by one nation of the laws and institutions of another.
3. The group of nations observing international comity.
foment oh-MENT; FOH-ment, transitive verb:
1. To nurse to life or activity; to incite; to abet; to instigate; -- often in a bad sense.
2. Fomentation; the act of fomenting.
3. State of excitation.
2. Fomentation; the act of fomenting.
3. State of excitation.
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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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