Main News

 

Yields suggest Iraqi bonds safer than Ohio banks'
A year ago, investors demanded 7.26 percentage points to own Iraq's bonds rather than Treasuries. That yield is down to 4.84 percentage points. Investors are demanding a higher yield for notes of KeyCorp and National City, both Ohio banks in the U.S. The numbers suggest that it is safer for bond investors to own Iraqi debt than that of Ohio banks, which have been hit by the credit crisis. Bloomberg (29 Aug.)

 

By KAJA WHITEHOUSE

In an ironic twist, technology killed Apple CEO Steve Jobs. But only for 30 seconds. On Wednesday, Bloomberg News accidentally published a lengthy, but incomplete, obituary of the man behind the iPod - with the cause and date of death left...full story

 

Georgia bank becomes 10th U.S. failed bank
Reuters - Monday September 01, 09:02 BST

 

Market.view Hedge trimmers
Economist - UK
As a new paper* from a leading hedge fund points out, the problem with this approach is that it will likely expose investors to many of the factors they own ...

 

CreditStats: 2007 Adjusted Key U.S. Industrial And Utility Financial Ratios<http://now.eloqua.com/e/er.aspx?s=795&lid=6855&elq=977DD9A4200B4CAFB37A8D7E541E33B6>

 

Analysis: It May Be Too Soon to Exit Oil-Dollar Bet
By: Reuters
Posted: 08/29/2008 5:34:16 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15232.html

 

Intelligence Guidance: Week of Aug. 31, 2008
August 29, 2008 2104 GMT
The following are internal Stratfor documents produced to provide high-level guidance to our analysts. These documents are not forecasts, but rather a series of guidelines for understanding and evaluating events, as well as suggestions on areas for focus.
http://www.stratfor.com/analysis/intelligence_guidance_week_aug_31_2008

 

Goldman Sachs' flagship listed fund of hedge funds fell fractionally in the first half of this year, although still ...
eFinancial News Fri, 29 Aug 2008 9:44 AM PDT
Goldman Sachs' flagship listed fund of hedge funds fell fractionally in the first half of this year, although still outperformed the fund of hedge funds industry, which on average fell 2.5% in the same period.

 

Tajikistan: Reconsidering Russia
August 29, 2008 2104 GMT
A deal between Russia and Tajikistan over the use of a Tajik airport suggests Tajikistan might be looking toward Russia as its security guarantor. (With Stratfor maps)
http://www.stratfor.com/analysis/tajikistan_reconsidering_russia

 

 

Rumors circulate that Russia may stop oil flow to Europe
Russia may cut oil delivery to Europe as reports surfaced that the Kremlin ordered oil companies to prepare for a supply cut to Germany and Poland. There have been threats of possible sanctions against Russia, which could take place at an EU summit. Telegraph (London) (28 Aug.)

 

Small Kresge Foundation Teaches Big Lessons in Investment Strategy
Wall Street Journal - USA
An old Kresge five-and-10-cent outlet, the roots of a successful investing operation Kresge's returns were aided by energy holdings and hedge-fund ...

 

Analysis: Exiting Managers Cast Pall Over Hedge Fund Industry
By: Reuters
Posted: 08/29/2008 2:36:08 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3579.html

 

High-profile fund manager quits Halcyon
Halcyon Asset Management, the US hedge fund that scrapped a plan for an initial public offering earlier this year, told its clients that Steve Mandis, a high-profile ex-Goldman Sachs trader whose funds are down significantly had quit.  (The Wall Street Journal)
http://mail.efnmail.co.uk/r/393188/MTk4MTI1OjE4NDkx/

 

Blackstone hedge fund stages stunning recovery
Wealth Bulletin - London,England,UK
Kailix, Blackstone’s $2.5bn (€1.7bn) hedge fund investing in long-short equity, is understood to have staged a stunning recovery after getting battered in ...

 

Hedge fund Atticus loses more than $5 billion: source
Reuters via Yahoo! News Mon, 01 Sep 2008 3:28 AM PDT
U.S. activist hedge fund Atticus Capital has lost more than $5 billion this year, a source familiar with the matter told Reuters, after its funds were hit by heavy falls in financial stocks.

 

Atticus Slammed With $15B Loss
Forbes Mon, 01 Sep 2008 12:13 PM PDT
Steep declines in financial stocks crushed the hedge fund's bottom line.

 

Running a hedge fund loses its allure
International Herald Tribune Mon, 01 Sep 2008 9:25 AM PDT
Hard times in financial markets lead to an exodus of fund managers.

 

The very real problem of counterfeit notes
Chandigarh Tribune - India
When news came of a Reserve Bank of India team finding fake Indian currency worth lakhs in the State Bank of India’s chest at Uttar Pradesh’s Domariyaganj ...

 

DSP Shuts Japan Hedge Fund due to 'Significant' Underperformance
Citywire - Monday September 01, 09:33 BST

 

In Africa, a New Middle-Income Consumerism
(By Stephanie McCrummen, The Washington Post)

 

Russian collective farms become hot capitalist property
International Herald Tribune Sat, 30 Aug 2008 10:10 PM PDT
As food prices soar, the improbable business of buying and restructuring Russian collective farms has attracted hedge fund managers, Russian oligarchs, Swedish portfolio investors and even a descendant of White Russian émigré nobility.

 

Warning to funds over hedge fund replication
A growing move by pension funds towards hedge fund replication has prompted a warning they could be missing out on the returns offered by funds of hedge funds.

 

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Yield Curve Corner

 

Treasurys fall as investors cash in gains
The Associated Press -
NEW YORK (AP) — Treasury prices mostly fell Friday ahead of the long holiday weekend as traders booked profits in an abbreviated session. ...

 

Fire Bernanke, Hire Trichet: Jim Rogers
CNBC - Englewood Cliffs,USA
By CNBC.com | 29 Aug 2008 | 04:58 AM ET The head of the European Central Bank should be running the Federal Reserve because he is doing a better job at ...

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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/TRCgustav_hanna242_G12.jpg

Levee Near NOLA Overtopped; 1M Without Power
Hurricane Gustav is downgraded to a Category 1 storm after making landfall in Louisiana.
 MORE

 

Gustav Tests an Energy Complex

Wall Street Journal - 3 hours ago

 

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Iranian Situation and Other Man Made Disasters

 

Bolivia's Morales visits Iran
CNN.com Mon, 01 Sep 2008 9:24 AM PDT
Bolivian President Evo Morales arrived Monday in Iran on his first official visit to the country, the Iranian Press TV reported.

 

Cholera outbreak kills four in Iran
USA Today Sat, 30 Aug 2008 6:02 AM PDT
Four people have died of cholera and another 100 are infected by an outbreak of the disease in Iran, a top health official said Saturday.

 

Iran warns any attack would start 'world war'
AFP via Yahoo! News Sat, 30 Aug 2008 4:59 AM PDT
A senior military commander warned on Saturday that any attack on Iran would start a new world war, as Tehran pressed on with its controversial nuclear drive despite the risk of further UN sanctions.

 

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Opalesque’s Corner

 

- Opalesque Exclusive: Laven Partners advises Vallea Capital on launch of new L/S macro fund
- Fund launches - Emergent AM eyes EUR3bln for launch of `PE-style` African agriculture fund, UK-based firm Marquee Capital to launch celebrity memorabilia fund
- Closures - Dalton Strategic Partnership shuts Melchior Japan hedge fund due to underperformance
- Opalesque Exclusive: Peak Partners fund of funds launched in May returns +1.96 over first three months by investing in asymmetric return strategies
- Performance - Atticus Capital loses $5bln YTD, European fund down 32.9%, Global fund down 25%, Sloane Robinson sees profits jump two thirds to $616m, highest manager payout to be $158m, Exiting managers cast pall over hedge fund industry
- Assets - Mesirow Financial increases 9% to $492m, significant contributions made from hedge fund strategies, New Star reports GBP3.3bln decline in AUM in H1
- EPFR reports fund redemptions with little fresh money inflows, MENA and China equity funds continue inflow streaks while Russia and Brazil continue to see outflows
- Demand growing for convertibles even as costs rise, volume in Europe and MENA region fell at slower rate than equity capital markets
- Opalesque Exclusive: The war for hedge fund talent continues, Merrill Lynch poll examines hiring strategies for raising employee retention - Part One
- M&A - Update: Allianz board approves sale of Dresdner to Commerzbank in 9bln Euro deal, World`s biggest bank - ICBC to buy Russia`s Rosevrobank, Global Investment House plans to buy London wealth management and brokerage firms, expand in Malaysia, and launch fifth fund by year end, Private equity investment in US banks may pick up as regulators try to bring more clarity to existing rules
- Opalesque Exclusive: Castlestone Management appoints Alexander Traub to open new Singapore office
- People - Halcyon announces the abrupt departure of Steve Mandis, 2 credit focused funds down -20% in 2008, TY Advisers hires Japanese equity analyst Masamitsu Akahane, Glazer CFO Margaret Aycock joins KPMG, Former GSAM portfolio manager Trunow to lead equities at Calvert, India`s Tata Capital hires investment banking head Niranjan, CME Group names senior leadership team for New York operations
- India committee seeks to propose introduction of domestic hedge funds, article discusses why hedge funds may be good for Indian markets
- Hedge fund investors seek shelter from meltdown: despite of improved quantitative tools, most persistent risk still seen in marking assets to market
- Regulation - Investors question value of new U.K. stock shorting rule, more disclosure doesn't answer any questions
- Fannie/Freddie - Fannie and Freddie doubts grow as foreign investors reassess exposure, Worker assets shrink at Fannie and Freddie, many were paid in stocks and options
- Lehman - Lehman in talks with KDB to raise $6bln, Lehman nears plan for real estate assets
- Credit Crunch - US, Europe, Japan drew up emergency contingency plan for plunging dollar, 2m Brits may be out of work by Christmas, Bank of England`s Blanchflower says big cuts in rates needed
- Exchanges - Karachi Stock Exchange seeks more liquidity from government
- Institutions - Tennessee Consolidated Retirement System to invest $900m in private equity
- Sovereign Wealth Funds - SWFs meet in Chile hopes to agree on best practices guide in advance of Oct IMF meeting
- United States - 10th US bank fails in 2008, will cost FDIC approx $300m
- Europe - Those with riskier Euro zone government bonds are struggling to sell the paper on illiquid markets
- Asia - IDFC Asset Management says India banks are in favor, but wary of capital goods, Citi sees high asset growth for Asia prime brokerage unit, China`s excess liquidity trap, more foreign exchange reserves than it knows what to do with, Update: Japan economic stimulus package unveiled
- Australia - Mining companies spend billions on resources, may slow pace of interest rate cuts
- Infrastructure Investing - List of African countries seeking to tap markets for infrastructure development grows with Tanzania international bond offering, Morgan Stanley appoints Gautam Bhandari to develop infrastructure investment platform in India, and MENA regions
- Environmental Investing - Alaska Gov Palin signs bill awarding natural gas pipeline after decade long battle for North Slope, Construction on third  largest independent water and power project in Bahrain to be complete in 2011, Wind, solar energy companies will see $500m in tax breaks expire at year end
- Commodities - China and Iraq reach $3bln oil deal, Fears rise that Russia may cut off oil flow to the West, producers told `be ready to cut off supplies as soon as Monday`, Oil prices rise in Asia on fears Gustav will strike Gulf of Mexico, Oil companies, speculators buy Gustav-linked derivatives, Big jump in gold sale spurs manipulation talk, analysts say only manipulation is government's attempt to take down oil, US Wheat exports plunge 60%, futures fall as global production to increase
- Activist Investing - Huntsman welcomes shareholder plan to save buyout, hedge funds offer to finance $500m of deal, Delphi revising plan to emerge from bankruptcy
- News Briefs - Global Custodian Hedge Fund Administration Survey ranks Curacao best in the world for hedge fund administration, Airbus to make aircraft to accommodate 1,000 passengers, ABN AMRO Asset Management Canada Limited officially changes name to Fortis Investment Management Canada, Turquoise wants 708 trading members by year end, formally launches on Sept 22
- ...And finally: God doesn`t like a Fuqing liar: Chinese man swears to God he doesn`t owe money to a neighbour, gets hit by lightning a minute later
- 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….

 

gubernatorial GOO-ber-nuh-TOR-ee-uhl, adjective:

Of or pertaining to a governor.

 

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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.