Archive: 08/29/2008
Main News
Current U.S. Credit Card ABS Spreads May Reflect More Than Just Perceived Default Risk<http://now.eloqua.com/e/er.aspx?s=795&lid=6838&elq=FB655C4B037F43C18229747DD171F2F7>
Hot And Cold<http://app.en25.com/e/er.aspx?s=795&lid=6650&elq=5C7285BF93804E9EB886F57E414DF5D4> 8/20/08
Beth Ann Bovino, Senior Economist, Standard & Poor's
While economic data remains cold, inflation for July was hotter than hoped. Both headline and core prices were much stronger than expected, and a concern. However, with commodity prices on the retreat in August, the report is unlikely to spook the Fed into raising rates. S&P believes the next move will be upward, but probably not until spring and almost certainly not until after the election. Additionally, S&P expects the dollar to stabilize in its recent range, perhaps heading to $1.45/euro early next year, which will take further pressure off the Fed. The stronger dollar is helping push oil prices lower, but the main driver is the weaker demand growth and the reversal of speculative flows as expectations of future increases diminish.
Beth Ann Bovino, Senior Economist, Standard & Poor's
While economic data remains cold, inflation for July was hotter than hoped. Both headline and core prices were much stronger than expected, and a concern. However, with commodity prices on the retreat in August, the report is unlikely to spook the Fed into raising rates. S&P believes the next move will be upward, but probably not until spring and almost certainly not until after the election. Additionally, S&P expects the dollar to stabilize in its recent range, perhaps heading to $1.45/euro early next year, which will take further pressure off the Fed. The stronger dollar is helping push oil prices lower, but the main driver is the weaker demand growth and the reversal of speculative flows as expectations of future increases diminish.
Structured Credit Funds Suffer in June
By: Chris Clair, Managing Editor
Posted: 08/28/2008 12:28:20 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15226.html
By: Chris Clair, Managing Editor
Posted: 08/28/2008 12:28:20 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail15226.html
Ginnie Mae creates risk committee and appoints CRO
The US government-sponsored mortgage entity Ginnie Mae has established a risk committee and appointed Stephen Ledbetter as chief risk officer.
The US government-sponsored mortgage entity Ginnie Mae has established a risk committee and appointed Stephen Ledbetter as chief risk officer.
Japanese police warn yakuza mob is playing markets
The National Police Agency of Japan indicated that the yakuza organized-crime syndicates have shifted from drug and prostitution rackets to financial markets. The country's Securities and Exchange Surveillance Commission has a list of more than 200 publicly traded companies suspected of having ties with mob money, although many may be unaware of it. "The police are worried, but they are understating the problem," said Joshua Adelstein, a consultant and author on the yakuza. "Organized crime has made tremendous inroads into the Japanese financial sector. The bad guys now have everything in place to manipulate the stock market." The Times (London) (28 Aug.)
The National Police Agency of Japan indicated that the yakuza organized-crime syndicates have shifted from drug and prostitution rackets to financial markets. The country's Securities and Exchange Surveillance Commission has a list of more than 200 publicly traded companies suspected of having ties with mob money, although many may be unaware of it. "The police are worried, but they are understating the problem," said Joshua Adelstein, a consultant and author on the yakuza. "Organized crime has made tremendous inroads into the Japanese financial sector. The bad guys now have everything in place to manipulate the stock market." The Times (London) (28 Aug.)
Thursday , 28 Aug 2008
As potash prices continue to climb at the Port of Vancouver, Scotiabank economist Patricia Mohr is also bullish on uranium, copper, aluminum, and international steam and coking coal prices.
As potash prices continue to climb at the Port of Vancouver, Scotiabank economist Patricia Mohr is also bullish on uranium, copper, aluminum, and international steam and coking coal prices.
This is the story of a battle. Our hero is a quiet hedge fund manager armed with a Dell computer, giant flat-screen ...
eFinancial News Tue, 26 Aug 2008 9:08 PM PDT
This is the story of a battle. Our hero is a quiet hedge fund manager armed with a Dell computer, giant flat-screen monitors mounted on a wall and a keen sense of options volatility.
eFinancial News Tue, 26 Aug 2008 9:08 PM PDT
This is the story of a battle. Our hero is a quiet hedge fund manager armed with a Dell computer, giant flat-screen monitors mounted on a wall and a keen sense of options volatility.
Kass: Hedge Fund Turmoil Takes Its Toll
TheStreet.com Wed, 27 Aug 2008 9:14 AM PDT
The weak markets and the overall poor performance of hedge funds have begun to feed on each other.
TheStreet.com Wed, 27 Aug 2008 9:14 AM PDT
The weak markets and the overall poor performance of hedge funds have begun to feed on each other.
Blackstone Hedge Fund Whipsawed by Markets, Report Says
New York Times Thu, 28 Aug 2008 4:21 AM PDT
The first half of August saw Blackstone’s Kailix fund posting monthly losses of more than 12 percent as of Aug. 15, according to The New York Post, which cited performance statistics. As of early August, the $2.5 billion fund was down 14 percent for the year, according to The Post.
New York Times Thu, 28 Aug 2008 4:21 AM PDT
The first half of August saw Blackstone’s Kailix fund posting monthly losses of more than 12 percent as of Aug. 15, according to The New York Post, which cited performance statistics. As of early August, the $2.5 billion fund was down 14 percent for the year, according to The Post.
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Yield Curve Corner
Bernanke, Aiming to Curtail Market Risks, Met NYSE, CME Chiefs
Bloomberg - USA
28 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke, aiming to curb risks in derivatives markets, met in June with NYSE Euronext Chief Executive ...
Bloomberg - USA
28 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke, aiming to curb risks in derivatives markets, met in June with NYSE Euronext Chief Executive ...
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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/TRCgustavhanna241_G12.jpgv
Gustav kills 22 in Caribbean, heads to Cuba and Mexico Gulf
AFP -
The Cuban government has downgraded its hurricane warning for the eastern province of Granma with a tropical storm warning and other hurricane watches were ...
AFP -
The Cuban government has downgraded its hurricane warning for the eastern province of Granma with a tropical storm warning and other hurricane watches were ...
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Iranian Situation and Other Man Made Disasters
Iran's Military Advancements Not Just Show, Experts Say
Fox News Thu, 28 Aug 2008 11:31 AM PDT
Middle East experts say despite, the leader's propensity for hyperbole, a recent string of announcements from Tehran of claims to state-of-the-art military developments have some questioning Iran's endgame.
Fox News Thu, 28 Aug 2008 11:31 AM PDT
Middle East experts say despite, the leader's propensity for hyperbole, a recent string of announcements from Tehran of claims to state-of-the-art military developments have some questioning Iran's endgame.
Inflation-hit Iran to lop zeros off currency
AFP via Yahoo! News Thu, 28 Aug 2008 2:38 AM PDT
Iran is to lop several zeros off its currency as it battles double-digit inflation, central bank vice president Hossein Ghazavi said in comments published on Thursday.
AFP via Yahoo! News Thu, 28 Aug 2008 2:38 AM PDT
Iran is to lop several zeros off its currency as it battles double-digit inflation, central bank vice president Hossein Ghazavi said in comments published on Thursday.
NBC approves Pickens' "Iran" ad after complaint
Reuters via Yahoo! News Wed, 27 Aug 2008 6:30 PM PDT
NBC Universal approved an advertisement by T. Boone Pickens entitled "Iran" which questions U.S. dependence on foreign oil, after the oil tycoon complained that the network had rejected it.
Reuters via Yahoo! News Wed, 27 Aug 2008 6:30 PM PDT
NBC Universal approved an advertisement by T. Boone Pickens entitled "Iran" which questions U.S. dependence on foreign oil, after the oil tycoon complained that the network had rejected it.
Aug 28, 2008 ... I’ve written this before on these here pages: Israel in cahoots with
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Opalesque’s Corner
- Opalesque Exclusive: India`s economy, Rupee seen weakening, fiscal deficit may rise to 4.5%
- Fund Launches - Gottex Fund Management launches multi-asset alternatives portfolio, Fridson launches credit hedge fund, Mascot Capital Management to launch short-biased fund, Ex-Swiss Re, Fortress MD launches statistical arbitrage fund
- Australia`s Challenger to take 30% partnership stake in equities hedge fund Wavestone
- A year later, quants are less correlated and less leveraged, not as susceptible to meltdown
- Hedge funds target Macquarie after report questions bank`s revenue
- Environmental Investing - Lone Pine Capital investor in Nanosolar as solar thin-film firm rides wave to $300m financing, Weather risk hedging could boost global economy up to $258bln, Wind energy bumps into power grid's limits, still very difficult to move clean energy to the markets, Australia`s Rudd says open to negotiate carbon plan
- Asset Based Lending - ABL funds `cranking it up`, hedge funds are biggest players in hard money arena, Eurozone is braced for illiquidity in asset-backed securities markets
- ARS - Cuomo probes Goldman link in Fidelity ARS sales
- Legal - Opalesque Exclusive: SEC charges SF investment adviser and author of `The Hedge Fund Edge` in real estate investment scam, Mendocino County jury convicts SF hedge fund manager of vandalism for trimming trees along popular trail near vacation retreat, U.S. seeks delay of civil case vs. Bear managers
- People - HSBC Quant unit Sinopia names Alfred Yip as new Asia Pacific Chief Executive, Premier AM hires ex-Thames River man Chris Wright for Branigan fund, Chief Executive of AIG Private Bank resigns, RBS hires three heavyweights to address weaknesses identified by board, Partner Serge Ledermann to quit Lombard Odier
- Frannie/Freddie - If government bailout includes debt deferral Fannie/Freddie swaps may not be triggered until 2011, Fannie Mae announces management shakeup
- Credit Crunch Update - BNP Paribas helped spark the global credit crunch but is largest bank not to need capital infusion, Morgan Stanley analyst says Lehman faces Q3 loss, cuts Goldman earnings
- Exchanges - U.S. exchanges feeling the pinch of increased de-listings and fewer new listings
- United States - FDIC may borrow money from Treasury in light of expected bank failures, US durable goods orders show surprising strength with 1.3% jump in July
- MENA Region - Qatar Natl Bank to buy 24% of UAE bank, Gulf banks expanding abroad and small UAE lenders are prime targets, Nigeria announces measures to stabilize stock market, Kuwait inflation to end year in double digits, report sees double-digit inflation rate by end of 2008
- Asia - Eurasia Capital Management bets on Mongolia, plans share sale on AIM or Deutsche Boerse
- Emerging Markets - BlackRock plans Latin America regional growth
- Institutions - Pimco fund looks to buy $5bln of distressed mortgage-backed debt, Texas Tech University might increase hedge fund allocation, Sweden`s AP7 opts for Goldman Sachs absolute return tracker over FoHF
- Infrastructure Investing - US cities debate privatizing public infrastructure, Alabama county prepares for possible bankruptcy filing, largest municipal bond default in US history, Gulf investors launch $2.8bln in new Islamic firms to invest in oil region infrastructure
- Commodities - Eric Sprott sees oil prices continuing to climb, Kuwait plans 20% rise in production, half million barrel increase per day, Opec may not support Saudi move to trim supply,Canada commits $100m to map arctic resources, known resources are only `tip of the iceberg`,Analyst/geologist has mathematical model which projects `peak oil Is already here`, Gulf hurricane concerns push oil higher
- Events - Opalesque Exclusive: Halsey Roundtable Forum to close manager applications on August 31 for New York and Geneva investor/manager meetings, AIMA Australia 2008 hedge fund awards & hedge funds rock 2008 on 4th September
- News Briefs - EDHEC professor releases book `Modelling Single-Name and Multi-Name Credit Derivatives`
- And finally: Learning from cows and deer: How also you can get more `good` REM sleep
- Logon: http://www.opalesque.com/index.php?act=archive
- Fund Launches - Gottex Fund Management launches multi-asset alternatives portfolio, Fridson launches credit hedge fund, Mascot Capital Management to launch short-biased fund, Ex-Swiss Re, Fortress MD launches statistical arbitrage fund
- Australia`s Challenger to take 30% partnership stake in equities hedge fund Wavestone
- A year later, quants are less correlated and less leveraged, not as susceptible to meltdown
- Hedge funds target Macquarie after report questions bank`s revenue
- Environmental Investing - Lone Pine Capital investor in Nanosolar as solar thin-film firm rides wave to $300m financing, Weather risk hedging could boost global economy up to $258bln, Wind energy bumps into power grid's limits, still very difficult to move clean energy to the markets, Australia`s Rudd says open to negotiate carbon plan
- Asset Based Lending - ABL funds `cranking it up`, hedge funds are biggest players in hard money arena, Eurozone is braced for illiquidity in asset-backed securities markets
- ARS - Cuomo probes Goldman link in Fidelity ARS sales
- Legal - Opalesque Exclusive: SEC charges SF investment adviser and author of `The Hedge Fund Edge` in real estate investment scam, Mendocino County jury convicts SF hedge fund manager of vandalism for trimming trees along popular trail near vacation retreat, U.S. seeks delay of civil case vs. Bear managers
- People - HSBC Quant unit Sinopia names Alfred Yip as new Asia Pacific Chief Executive, Premier AM hires ex-Thames River man Chris Wright for Branigan fund, Chief Executive of AIG Private Bank resigns, RBS hires three heavyweights to address weaknesses identified by board, Partner Serge Ledermann to quit Lombard Odier
- Frannie/Freddie - If government bailout includes debt deferral Fannie/Freddie swaps may not be triggered until 2011, Fannie Mae announces management shakeup
- Credit Crunch Update - BNP Paribas helped spark the global credit crunch but is largest bank not to need capital infusion, Morgan Stanley analyst says Lehman faces Q3 loss, cuts Goldman earnings
- Exchanges - U.S. exchanges feeling the pinch of increased de-listings and fewer new listings
- United States - FDIC may borrow money from Treasury in light of expected bank failures, US durable goods orders show surprising strength with 1.3% jump in July
- MENA Region - Qatar Natl Bank to buy 24% of UAE bank, Gulf banks expanding abroad and small UAE lenders are prime targets, Nigeria announces measures to stabilize stock market, Kuwait inflation to end year in double digits, report sees double-digit inflation rate by end of 2008
- Asia - Eurasia Capital Management bets on Mongolia, plans share sale on AIM or Deutsche Boerse
- Emerging Markets - BlackRock plans Latin America regional growth
- Institutions - Pimco fund looks to buy $5bln of distressed mortgage-backed debt, Texas Tech University might increase hedge fund allocation, Sweden`s AP7 opts for Goldman Sachs absolute return tracker over FoHF
- Infrastructure Investing - US cities debate privatizing public infrastructure, Alabama county prepares for possible bankruptcy filing, largest municipal bond default in US history, Gulf investors launch $2.8bln in new Islamic firms to invest in oil region infrastructure
- Commodities - Eric Sprott sees oil prices continuing to climb, Kuwait plans 20% rise in production, half million barrel increase per day, Opec may not support Saudi move to trim supply,Canada commits $100m to map arctic resources, known resources are only `tip of the iceberg`,Analyst/geologist has mathematical model which projects `peak oil Is already here`, Gulf hurricane concerns push oil higher
- Events - Opalesque Exclusive: Halsey Roundtable Forum to close manager applications on August 31 for New York and Geneva investor/manager meetings, AIMA Australia 2008 hedge fund awards & hedge funds rock 2008 on 4th September
- News Briefs - EDHEC professor releases book `Modelling Single-Name and Multi-Name Credit Derivatives`
- And finally: Learning from cows and deer: How also you can get more `good` REM sleep
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
Japanese Women Shy From Dual Mommy Role
As Birthrate Keeps Dropping, Experts Worry About Growing Willingness to Do Without Children -- or Childish Husbands
(By Blaine Harden, The Washington Post)
As Birthrate Keeps Dropping, Experts Worry About Growing Willingness to Do Without Children -- or Childish Husbands
(By Blaine Harden, The Washington Post)
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Funnies, Facts, Quotes, etc….
chthonic THONE-ik, adjective:
Dwelling in or under the earth; also, pertaining to the underworld
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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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