Main News

 

Ken Fisher: The Market as Great Humiliator
TheStreet.com Tue, 02 Sep 2008 6:17 AM PDT
In an interview, the hedge fund manager explains why he calls the market The Great Humiliator.

 

Resignation Of Prime Minister Has No Immediate Impact On Sovereign Ratings On Japan<http://now.eloqua.com/e/er.aspx?s=795&lid=6941&elq=929D996E190542FE9020CB45D512E29B>

 

Trouble ahead for Japanese real estate
Although Japan may be less afflicted by the U.S. subprime-mortgage crisis, the domestic real-estate market of small and midsize firms is in trouble. Housing investment in Japan unexpectedly fell in the quarter that ended June 30. "We're in a vicious circle, as banks pull in loans to real estate and construction, property values fall causing bankruptcies. Banks are forced to rein in lending when credit costs rise, causing further bankruptcies," said Nicholas Smith, director of equity sales at HSBC in Tokyo. Bloomberg (01 Sep.)

 

Posted by John Carney, Sep 02, 2008, 1:20pm

 

$100 Oil (Return Flight)

Is the long rally in energy finally over? Read More

 

Analysis: It May Be Too Soon to Exit Oil-Dollar Bet
08/29/2008 5:34:16 PM ET
NEW YORK (Reuters)—The long oil/short dollar bet may be off the table for now as energy prices ease and the U.S. currency rises, but inflation and inherent risks in commodities supply could bring this popular trade back.

 

Tuesday , 02 Sep 2008
GFMS CEO Paul Walker says there are different signs that the broader economic backdrop is starting to turn away from gold.

 

Risk increases for defaults on emerging-market debt
Investors are worried that emerging-market borrowers will fail to repay their debt. "Falling company profits and higher debt-servicing costs are increasing the default risk," said David Spegel, ING's global head of emerging-markets strategy. Another cause for concern is the first sovereign-credit default in two years, committed by Seychelles. Reuters (01 Sep.)

 

The Basel Committee on Banking Supervision has published for comment its findings and recommendations on the Range of practices and issues in economic capital modelling. This work focuses on the use of economic capital measures, governance processes, risk measurement and aggregation, and the validation of economic models.

 

Commerzbank to reduce risk following buy
Sep 01 2008 19:52
Commerzbank's intention following its acquisition of Dresdner is clear: to reduce risk and build a bank that is as proof as possible against a rerun of the past year's credit crisis Read more »

 

Stratfor.com: The Medvedev Doctrine and American Strategy ... which we can think of as the Medvedev Doctrine (and which we see fit to quote here): ...
www.billoreilly.com/blog?action=viewBlog&blogID=-796827772553500487 - 56k - 4 hours ago -

 

Russia: Energy as a Powerful Short-Term Lever
August 29, 2008 2212 GMT
The Kremlin is denying a report of a planned cutoff to Europe. (With Stratfor map)
http://www.stratfor.com/analysis/russia_energy_powerful_short_term_lever

 

NAZARBAYEV PLAYS DOUBLE GAME ON SOUTH OSSETIA. By Farkhad Sharip. Tuesday, September 2, 2008. As leaders of Shanghai Cooperation Organization member states, ...

Citadel, SAC Capital Get Pick of Casualties as Carnage Worsens <http://www.hedgefund-index.com/newstoday.asp>
Source: Bloomberg
Balyasny Asset Management LP recruited more than 30 money managers and analysts from competing hedge funds in the first eight months of the year, exceeding its total for all of 2007. More...<http://www.hedgefund-index.com/newstoday.asp>

 

Harvard’s hedge fund copy cats<http://www.hedgefund-index.com/newstoday.asp>
Source: FT Alphaville
Roger Nusbaum may well have spotted an outbreak - and who can blame would-be imitators when Harvard’s endowment fund is returning 7 to 9 per cent in a bear market, according to the WSJ. More...<http://www.hedgefund-index.com/newstoday.asp>

 

 

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

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Yield Curve Corner

 

Three of 12 Fed district banks sought higher rates in Aug.
MarketWatch - USA
But having three banks pushing for a rate hike shows that Fed chief Ben Bernanke will have little wiggle room if inflation pressures intensify.

Dollar Bears' Mea Culpa Makes Bernanke No Liability (Update1)
Bloomberg - USA
2 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke has gone from a dollar liability to an asset, sparking a rally that even bears say shows few signs ...

 

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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/TRCeast246_G12.jpg

 

Climate 'hockey stick' is revived *
A new study by scientists behind the controversial "hockey stick" climate graph suggests their earlier work was broadly correct.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7592575.stm

 

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Iranian Situation and Other Man Made Disasters

 

Russia will complete Iran nuclear plant
AFP via Yahoo! News Tue, 02 Sep 2008 10:13 AM PDT
The Russian company building Iran's first nuclear power plant has renewed a commitment to complete the project, the official IRNA news agency reported on Tuesday.

 

 

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Opalesque’s Corner

 

- Indices - Dow Jones Hedge Fund Indices: All strategies except for event driven post losses for August
- Goldman Sachs Asset Management has nod to launch team in India
- Assets - Thames River seeks assets for credit fund, Welch Capital touts two funds, seeks $2bln assets under management
- Cambridge Place mortgage bond fund Caliber to ask shareholders to approve liquidation
- CALpers places Hermes under review, staff concerns regarding long term underperformance of focus asset management portfolio
- Barclays sharia platform draws up to 20 new managers for Al Safi venture with Dubai-based investor DMCCA
- Opalesque Exclusive: As the war for talent continues, Merrill Lynch poll examines hiring strategies for raising employee retention - Part Two
- Rough market conditions keep IPOs on sidelines, Halcyon one that decided to wait
- Pensions funds may be missing FOHF returns by using hedge fund replication techniques
- Update: Citigroup expects high growth for Asia prime brokerage unit, continued Asia Pacific growth from global hedge fund managers
- M&A - Commerzbank to axe 9,000 jobs in takeover, Dresdner deal raises concerns
- State-owned Korea Development Bank confirms talks with Lehman
- People - GAM has appointed Mark Hawtin as investment director, FRM hires Citigroup director, India names new central bank chief
- Opalesque Exclusive: CTA veterans create CTA EXPO in Chicago
- Legal - FCC probes D.B. Zwirn over improper transfer of radio licenses
- Regulatory -  Fed`s response to credit crisis hurt its key role of combating inflation
- United States - Private equity and hedge fund donations flow to both sides in hopes of saving 15% carried-interest tax rate, More volatility seen with hurricane
- Europe - Dissent in EU over how to deal with Russia largest energy supplier, Russia warns EU will suffer more if sanctions imposed, Pound plummets to record low, data shows no signs of improving, France`s PM lowers growth forecast
- Asia - Slow rates of consumer price growth suggests asian inflation has peaked, Japanese Prime Minister Fukuda shocks country by resigning  hopes new leader will break deadlock over flagging economy
- Australia - HSBC expands alternative funds operations
- Emerging Markets - Investors worry as emerging debt defaults rise
- Environmental Investing - Carbon trading set to expand in U.S. Credits allotted to big companies are for sale; market could hit $1 trillion by 2020
- Commodities - Mining ban threatens Australia`s potential to lead uranium industry, Oil drops $4 as weakened Gustav hits U.S. Gulf Coast
- Opalesque Exclusive: Finalists selected for AIMA Australia Hedge Fund Awards
- Activist News - Atticus, TCI to work in concert regarding Deutsche Boerse stake
- News Briefs - Corazon Capital receives platinum medal status from Asset Risk Consultants, Credit Suisse and EFG International have emerged as the biggest winners from the money pouring into private banks this year, HSBC says super-rich clients moving into cash, August auto sales forecast to rise on strength of employee pricing offer
- ...And finally... Special: The weirdest shooting accidents
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

Leading Risk Analytics Provider, Measurisk, Joins JP Morgan's ...
MarketWatch - USA
More then 1000 hedge funds, representing over $650 billion in assets, provide data each month to Measurisk making it the leader in hedge fund risk solutions ...

 

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Funnies, Facts, Quotes, etc….

 

admonition d-muh-NISH-uhn, noun:

1. Gentle or friendly reproof.
2. Counseling against a fault or oversight; friendly caution or warning.

 

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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.