Archive: 08/26/2008
Main News
U.S. Credit Comment: Banks See Funding Costs Rise (Premium)<http://now.eloqua.com/e/er.aspx?s=795&lid=6728&elq=44BAB618DA8B4B73938F978CDE201A60>
Libor-OIS spread indicates credit crunch to continue
The spread between the three-month London interbank offered rate for dollars and the overnight indexed swap rate is at 77 basis points, up from 24 basis points in January. By mid-December the spread is expected to widen to 85 basis points. Alan Greenspan, former chairman of the Federal Reserve, said the spread should indicate when the markets have returned to normal. According to forward markets, that won't be for quite some time. "It's like an ongoing nightmare and no one is sure when we're going to wake up," said Stuart Thomson, a money manager at Resolution Investment Management. "Things are going to get worse before they get better." Bloomberg (25 Aug.)
The spread between the three-month London interbank offered rate for dollars and the overnight indexed swap rate is at 77 basis points, up from 24 basis points in January. By mid-December the spread is expected to widen to 85 basis points. Alan Greenspan, former chairman of the Federal Reserve, said the spread should indicate when the markets have returned to normal. According to forward markets, that won't be for quite some time. "It's like an ongoing nightmare and no one is sure when we're going to wake up," said Stuart Thomson, a money manager at Resolution Investment Management. "Things are going to get worse before they get better." Bloomberg (25 Aug.)
FBI foresaw mortgage crisis
In September 2004, Chris Swecker, the FBI official in charge of criminal investigations, said of the growth of shady business practices in the mortgage market, "It has the potential to be an epidemic. ... We think we can prevent a problem that could have as much impact as the S&L crisis." While the FBI has been lauded for correctly identifying the looming the problem, critics say not enough was done to prevent the ensuing mortgage meltdown. Los Angeles Times (free registration) (25 Aug.)
In September 2004, Chris Swecker, the FBI official in charge of criminal investigations, said of the growth of shady business practices in the mortgage market, "It has the potential to be an epidemic. ... We think we can prevent a problem that could have as much impact as the S&L crisis." While the FBI has been lauded for correctly identifying the looming the problem, critics say not enough was done to prevent the ensuing mortgage meltdown. Los Angeles Times (free registration) (25 Aug.)
Russia: WTO, Never Mind. August 25, 2008 | 1833 GMT. Russian Prime Minister Vladimir Putin. ALEXEY DRUZHININ/AFP/Getty Images. Russian Prime Minister ...
Airline Anomalies
August 24, 2008 2024 GMT
Though no conclusions can be drawn, events surrounding global air travel in the past five days have proven noteworthy.
http://www.stratfor.com/analysis/airline_anomalies
August 24, 2008 2024 GMT
Though no conclusions can be drawn, events surrounding global air travel in the past five days have proven noteworthy.
http://www.stratfor.com/analysis/airline_anomalies
Tudor Said to Score Big With Quant Fund
New York Times Blogs - New York,NY,USA
Tudor Investment, the hedge fund run by Paul Tudor Jones, is apparently having some luck with its quantitative strategy. The hedge fund’s relatively new ...
New York Times Blogs - New York,NY,USA
Tudor Investment, the hedge fund run by Paul Tudor Jones, is apparently having some luck with its quantitative strategy. The hedge fund’s relatively new ...
Opalesque Exclusive: SkyRank hedge fund rating system launches ...
Opalesque - Rheinberg,Germany
Intermediate Trend (3 months): Negative Friday’s Close: 146’55 (- 133) UPDATE: We stated three weeks ago, when the Euro was trading 155’00 “We believe a ...
Opalesque - Rheinberg,Germany
Intermediate Trend (3 months): Negative Friday’s Close: 146’55 (- 133) UPDATE: We stated three weeks ago, when the Euro was trading 155’00 “We believe a ...
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Yield Curve Corner
Bernanke, Buiter, Draghi Diverge on How to Forestall Crises
Bloomberg - USA
Fed Chairman Ben S. Bernanke, European counterpart Jean- Claude Trichet, former officials and economists meeting in Jackson Hole, Wyoming, ...
Bloomberg - USA
Fed Chairman Ben S. Bernanke, European counterpart Jean- Claude Trichet, former officials and economists meeting in Jackson Hole, Wyoming, ...
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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/TRCseven238_G12.jpg
Climate resolutions 'having big impact'
Financial Times - London,England,UK
In a sign of changing attitudes towards climate change, all the resolutions filed with US homebuilders this year had the support of Risk Metrics and Proxy ...
Financial Times - London,England,UK
In a sign of changing attitudes towards climate change, all the resolutions filed with US homebuilders this year had the support of Risk Metrics and Proxy ...
The presidential candidates are stumping hard. And while energy and environmental issues are getting frequent mentions, both the Republican and Democratic leaders are neglecting one area: geothermal energy.
Reuters - 2 hours ago
By Jim Loney MIAMI (Reuters) - The Atlantic hurricane season's seventh tropical storm formed in the central Caribbean on Monday and could strengthen into a hurricane before striking vulnerable Haiti, the US National Hurricane Center said.
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Iranian Situation and Other Man Made Disasters
Obama: World must not let Iran corner Israel
AFP via Yahoo! News Mon, 25 Aug 2008 11:51 AM PDT
White House hopeful Barack Obama said Monday sanctions and diplomacy must be made to bite against Iran so that Israel does not feel its "back is against the wall" and stages an attack.
AFP via Yahoo! News Mon, 25 Aug 2008 11:51 AM PDT
White House hopeful Barack Obama said Monday sanctions and diplomacy must be made to bite against Iran so that Israel does not feel its "back is against the wall" and stages an attack.
Iran launches submarine production line
Reuters via Yahoo! News Mon, 25 Aug 2008 3:53 AM PDT
Iran has launched a submarine production line to ensure its forces are equipped to maintain security in the vital oil shipping route, the Strait of Hormuz waterway, the defense minister said on Monday.
Reuters via Yahoo! News Mon, 25 Aug 2008 3:53 AM PDT
Iran has launched a submarine production line to ensure its forces are equipped to maintain security in the vital oil shipping route, the Strait of Hormuz waterway, the defense minister said on Monday.
Iran: Khamenei's Message-Laden Endorsement. August 25, 2008 | 1840 GMT. Iranian Supreme Leader Ayatollah Ali Khamenei. ALIREZA SOTAKBAR/AFP/Getty Images ...
Iran: Reaping Benefits From a BTC Shutdown. August 25, 2008 2217 GMT. If Iran becomes a regular transit option for oil from Azerbaijan, the entire region ...
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Opalesque’s Corner
Opalesque Exclusive: Review of hedge fund launches, closures, trends, and regulatory and legal events - week 34
- Fund launches - AQR to ready hedge fund beta strategy, Ex-UBS ABS heads prepare distressed fund, L.A. firm IndieVest plans hedge fund to buy up completed films, Morgan Stanley launches `frontier` emerging market fund
- Performance - Opalesque Exclusive: Greater China Fund recovers in July after difficult first half year, Tudor`s Tensor fund posts gains of 18.9% YTD, FX Concepts profits from currency turmoil in 2008, CMA Global hedge drops nearly 7% in first half, Breaking even becomes hedge funds` mantra
- Assets - Horlick`s Bramdean pulls money from Scholes, Dinan hedge funds, Hedge fund Ore Hill limits redemptions, Thames River closes largest FoHF to new investors, Funds of funds redemptions up in Q2 - HFN, Hedge funds with two year lock-up to face large redemptions this year - Cliffwater
- Trends - Hedge funds lower bets on rising stocks - Goldman report, Blank check companies struggle as investors get more risk averse
- Opalesque Exclusive: SkyRank hedge fund rating system launches investment product based on its hedge fund rankings
- Strategies - Return of the short financials/long commodities punt? Spread betting doubles in H1 - survey
- Columbia professor says hedge fund compensation scheme a success, resulting in outperformance during credit crunch
- Views - Third Point`s Loeb says don`t blame shorts
- Credit Crunch Update - Bankers debate asset pools and arbitrageurs, Moody`s cuts Fannie, Freddie ratings, Korean state bank still studies Lehman options, Worst time to sell funds since 2002 hurts Lehman plans, FSA tells banks to stop firing crucial back-office staff
- People - Lehman taps Goldman veteran for Asia financials
- Regulatory - SEC proposals for credit rating agency reform: potential impact on the asset-backed markets, Bank of Canada wants derivatives trading addressed
- Legal - Bear Stearns redux: Ruling denying Chapter 15 recognition to Cayman Islands hedge funds upheld on appeal, Court upholds New Jersey retirement fund allocation to hedge funds, Vestra Wealth settles with UBS
- Institutions - U.K. pensions trust appoints Mesirow for GBP3.7bln mandate, New Mexico redeems from Pendragon, Indiana hires Aksia and ORG Real Property as alternatives consultants
- Commodities - Oil may fall to $80, hedge fund manager Haugerud says, Appaloosa`s David Tepper bought $2.4bln of energy stocks before prices fell
- 130/30 - Resolution Asset Management launches 130/30 guide
- Exchanges - Competition from alternative trading platforms tightens for Asian exchange operators
- Europe - Russian interior ministry raids law firms defending HSBC and the Hermitage fund
- Middle East - Saudi Arabia lets foreigners buy shares through locals
- Asia - Chilton Investment Company opens third China office, Invesco outsources Taiwan fund administration and transfer agency, Templeton opens research office in Vietnam
- Activist News - Harbinger says it will be `active` Cablevision investor, Cleveland-Cliffs sets vote on Harbinger`s plan to add to stake, Centaurus buys into Scottish & Southern Energy, Cerberus offloads MFI stake to restructuring specialist
- News Briefs - Buffett sees economy weak until 2009, Vanguard funds get top ratings, Manhattan luxury sector shows positive growth
- ...And finally: Rocket Man to jet over Channel, includes 360-degree rolls `to impress the girls`
- Logon: http://www.opalesque.com/index.php?act=archive
- Fund launches - AQR to ready hedge fund beta strategy, Ex-UBS ABS heads prepare distressed fund, L.A. firm IndieVest plans hedge fund to buy up completed films, Morgan Stanley launches `frontier` emerging market fund
- Performance - Opalesque Exclusive: Greater China Fund recovers in July after difficult first half year, Tudor`s Tensor fund posts gains of 18.9% YTD, FX Concepts profits from currency turmoil in 2008, CMA Global hedge drops nearly 7% in first half, Breaking even becomes hedge funds` mantra
- Assets - Horlick`s Bramdean pulls money from Scholes, Dinan hedge funds, Hedge fund Ore Hill limits redemptions, Thames River closes largest FoHF to new investors, Funds of funds redemptions up in Q2 - HFN, Hedge funds with two year lock-up to face large redemptions this year - Cliffwater
- Trends - Hedge funds lower bets on rising stocks - Goldman report, Blank check companies struggle as investors get more risk averse
- Opalesque Exclusive: SkyRank hedge fund rating system launches investment product based on its hedge fund rankings
- Strategies - Return of the short financials/long commodities punt? Spread betting doubles in H1 - survey
- Columbia professor says hedge fund compensation scheme a success, resulting in outperformance during credit crunch
- Views - Third Point`s Loeb says don`t blame shorts
- Credit Crunch Update - Bankers debate asset pools and arbitrageurs, Moody`s cuts Fannie, Freddie ratings, Korean state bank still studies Lehman options, Worst time to sell funds since 2002 hurts Lehman plans, FSA tells banks to stop firing crucial back-office staff
- People - Lehman taps Goldman veteran for Asia financials
- Regulatory - SEC proposals for credit rating agency reform: potential impact on the asset-backed markets, Bank of Canada wants derivatives trading addressed
- Legal - Bear Stearns redux: Ruling denying Chapter 15 recognition to Cayman Islands hedge funds upheld on appeal, Court upholds New Jersey retirement fund allocation to hedge funds, Vestra Wealth settles with UBS
- Institutions - U.K. pensions trust appoints Mesirow for GBP3.7bln mandate, New Mexico redeems from Pendragon, Indiana hires Aksia and ORG Real Property as alternatives consultants
- Commodities - Oil may fall to $80, hedge fund manager Haugerud says, Appaloosa`s David Tepper bought $2.4bln of energy stocks before prices fell
- 130/30 - Resolution Asset Management launches 130/30 guide
- Exchanges - Competition from alternative trading platforms tightens for Asian exchange operators
- Europe - Russian interior ministry raids law firms defending HSBC and the Hermitage fund
- Middle East - Saudi Arabia lets foreigners buy shares through locals
- Asia - Chilton Investment Company opens third China office, Invesco outsources Taiwan fund administration and transfer agency, Templeton opens research office in Vietnam
- Activist News - Harbinger says it will be `active` Cablevision investor, Cleveland-Cliffs sets vote on Harbinger`s plan to add to stake, Centaurus buys into Scottish & Southern Energy, Cerberus offloads MFI stake to restructuring specialist
- News Briefs - Buffett sees economy weak until 2009, Vanguard funds get top ratings, Manhattan luxury sector shows positive growth
- ...And finally: Rocket Man to jet over Channel, includes 360-degree rolls `to impress the girls`
- 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….
berate ih-RAYT, transitive verb:
To scold severely or angrily.
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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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