Archive: 09/08/2008
Main News
Treasury to Rescue Fannie and Freddie
The Bush administration yesterday prepared to take over the troubled housing finance companies Fannie Mae and Freddie Mac, after concluding the companies don't have enough capital to continue to play their crucial role funding home mortgages.
(By Zachary A. Goldfarb, David Cho and Binyamin Appelbaum, The Washington Post)
The Bush administration yesterday prepared to take over the troubled housing finance companies Fannie Mae and Freddie Mac, after concluding the companies don't have enough capital to continue to play their crucial role funding home mortgages.
(By Zachary A. Goldfarb, David Cho and Binyamin Appelbaum, The Washington Post)
Bloomberg - 40 minutes ago
By Theresa Barraclough Sept. 8 (Bloomberg) -- Japan's 10-year bonds declined the most since May after the US government seized control of the two largest US mortgage-financing companies, easing concern that a yearlong credit crisis will worsen.
Statement by Fed Chairman Bernanke on Fannie, Freddie Plans
Bloomberg - USA
7 (Bloomberg) -- The following is a statement by Federal Reserve Chairman Ben S. Bernanke on the government decision to put Fannie Mae and Freddie Mac into ...
Bloomberg - USA
7 (Bloomberg) -- The following is a statement by Federal Reserve Chairman Ben S. Bernanke on the government decision to put Fannie Mae and Freddie Mac into ...
Market makes slow progress in drive for OTC derivatives reform
The customisability of over-the-counter derivatives has contributed to their growing appeal, but there is no doubt it has caused operational difficulties especially since the credit crunch. Several incentives have been launched to bring order to the market without compromising its adapability.
http://mail.efnmail.co.uk/r/394913/MTk4MTI1OjE4NTY1/
The customisability of over-the-counter derivatives has contributed to their growing appeal, but there is no doubt it has caused operational difficulties especially since the credit crunch. Several incentives have been launched to bring order to the market without compromising its adapability.
http://mail.efnmail.co.uk/r/394913/MTk4MTI1OjE4NTY1/
Believe it or not, China's CB needs cash. The People's Bank of China, China's highly-leveraged central bank, is in need of a capital infusion. It owns about $1T in Treasury and mortgage-backed debt - on a capital base of just $3.2B - the value of which is declining sharply on the heels of a strong yuan. It could, of course, print more money, but not without running the risk of stoking inflation. The predicament could prompt China to stop allowing the yuan to continue rising vs. the dollar, heightening its trade tensions with the U.S.
Country Credit Ratings Rise
Global creditworthiness improved over the past six months, according to Institutional Investor's semi-annual Country Credit survey. Brazil and other Latin American nations led gains among emerging markets that offset declines among the major industrialized countries.
Global creditworthiness improved over the past six months, according to Institutional Investor's semi-annual Country Credit survey. Brazil and other Latin American nations led gains among emerging markets that offset declines among the major industrialized countries.
Most Popular Rankings
Cat bonds go against the grain of the credit crisis
Catastrophe bonds (cat bonds) have been one of the few asset classes to prove resilient to the capital markets' turbulence over the past year.
Catastrophe bonds (cat bonds) have been one of the few asset classes to prove resilient to the capital markets' turbulence over the past year.
Hedge Funds Get Rattled As Investors Seek Exits
WallStreet Journal via Yahoo! Finance Fri, 05 Sep 2008 7:36 PM PDT
Key investors of hedge funds are demanding their money back, prompting hedge-fund managers to sell securities to raise cash.
WallStreet Journal via Yahoo! Finance Fri, 05 Sep 2008 7:36 PM PDT
Key investors of hedge funds are demanding their money back, prompting hedge-fund managers to sell securities to raise cash.
By Patrick McConnell
September 3, 2008 5 AM
Swiss to Lower Tax Burden for Hedge Funds
By: Reuters
Posted: 09/05/2008 11:41:03 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15242.html
Credit crunch takes its toll on global pension fund assets
The world's top pension funds have been badly hurt by the market downturn in the first half of this year, following a positive performance last year, according to analysis by Financial News.
http://mail.efnmail.co.uk/r/394932/MTk4MTI1OjE4NTY1/
The world's top pension funds have been badly hurt by the market downturn in the first half of this year, following a positive performance last year, according to analysis by Financial News.
http://mail.efnmail.co.uk/r/394932/MTk4MTI1OjE4NTY1/
Lacaille expects risk to fall as market conditions improve
Finding a balance of growth and value ingredients is the way to make progress out of the credit crunch, according to Rick Lacaille, head of global active equity at State Street Global Advisors UK, who also believes the crisis, in its present form, may be nearing its conclusion.
http://mail.efnmail.co.uk/r/394935/MTk4MTI1OjE4NTY1/
Finding a balance of growth and value ingredients is the way to make progress out of the credit crunch, according to Rick Lacaille, head of global active equity at State Street Global Advisors UK, who also believes the crisis, in its present form, may be nearing its conclusion.
http://mail.efnmail.co.uk/r/394935/MTk4MTI1OjE4NTY1/
Clarium Hedge Fund Falls 13% in August, Biggest Monthly Loss
Bloomberg - USA
5 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm founded by Peter Thiel, fell about 13 percent in August, its biggest monthly ...
Bloomberg - USA
5 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm founded by Peter Thiel, fell about 13 percent in August, its biggest monthly ...
Hedge fund Atticus denies liquidation rumors: report
Reuters via Yahoo! News Thu, 04 Sep 2008 4:28 PM PDT
Hedge fund company Atticus Capital denied market rumors it was liquidating its positions and closing down and said it had a large net capital position and was looking for investment opportunities, the Wall Street Journal reported on Thursday.
Reuters via Yahoo! News Thu, 04 Sep 2008 4:28 PM PDT
Hedge fund company Atticus Capital denied market rumors it was liquidating its positions and closing down and said it had a large net capital position and was looking for investment opportunities, the Wall Street Journal reported on Thursday.
Paulson moves into recovery mode
Financial Times Sun, 07 Sep 2008 2:48 PM PDT
Paulson & Co, last year’s most successful hedge fund, has told investment bankers it is ready to consider backing rescue recapitalisations of troubled financial institutions – signalling a switch from betting against the sector to buying into it.
Financial Times Sun, 07 Sep 2008 2:48 PM PDT
Paulson & Co, last year’s most successful hedge fund, has told investment bankers it is ready to consider backing rescue recapitalisations of troubled financial institutions – signalling a switch from betting against the sector to buying into it.
FRIDAY - "Still Watching Russia"
Since we began monitoring Russia for bargains a month ago, our
target ETF has fallen 13%.
http://jasonkelly.com/#3858510126577303169
Since we began monitoring Russia for bargains a month ago, our
target ETF has fallen 13%.
http://jasonkelly.com/#3858510126577303169
Mystery of the missing millionaire
MSNBC Sat, 06 Sep 2008 8:10 AM PDT
A wealthy hedge fund manager whom the rich and powerful trusted with their fortunes suddenly disappears – and the money was gone too. Turns out, all along he'd been playing a dangerous game with very high stakes. Dennis Murphy reports.
MSNBC Sat, 06 Sep 2008 8:10 AM PDT
A wealthy hedge fund manager whom the rich and powerful trusted with their fortunes suddenly disappears – and the money was gone too. Turns out, all along he'd been playing a dangerous game with very high stakes. Dennis Murphy reports.
Fund blogger
Financial Times - London,England,UK
The former chief commodities strategist, head of European equity strategy and then chief hedge fund strategist at ABN Amro, talks about everything from the ...
Financial Times - London,England,UK
The former chief commodities strategist, head of European equity strategy and then chief hedge fund strategist at ABN Amro, talks about everything from the ...
Friday , 05 Sep 2008
Standard & Poor’s has revised its base-case metals prices to reflect the persistent strength of prices, a high degree of volatility, and market expectations over the next several years.
Standard & Poor’s has revised its base-case metals prices to reflect the persistent strength of prices, a high degree of volatility, and market expectations over the next several years.
_________________________________________________________________________
Yield Curve Corner
US takes over Fannie, Freddie in bid to ease finance crisis
AFP -
Federal Reserve chairman Ben Bernanke, part of frantic several days of talks to come up with the rescue plan, lauded the effort. "These necessary steps will ...
AFP -
Federal Reserve chairman Ben Bernanke, part of frantic several days of talks to come up with the rescue plan, lauded the effort. "These necessary steps will ...
Volcker Says Finance System `Broken,' Losses May Rise (Update1)
Bloomberg - USA
Fed Chairman Ben S. Bernanke said on Aug. 22 that financial turmoil has ``not yet subsided,'' and is contributing to weaker growth and higher unemployment. ...
Bloomberg - USA
Fed Chairman Ben S. Bernanke said on Aug. 22 that financial turmoil has ``not yet subsided,'' and is contributing to weaker growth and higher unemployment. ...
_________________________________________________________________________
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/TRCuseast250_G12.jpg
_________________________________________________________________________
Iranian Situation and Other Man Made Disasters
Iran to hold presidential election in June 2009
Reuters via Yahoo! News Sun, 07 Sep 2008 7:28 AM PDT
Iran will hold its 2009 presidential election on June 12, when conservative Mahmoud Ahmadinejad is widely expected to stand for a second four-year term despite criticism over his economic policies.
Reuters via Yahoo! News Sun, 07 Sep 2008 7:28 AM PDT
Iran will hold its 2009 presidential election on June 12, when conservative Mahmoud Ahmadinejad is widely expected to stand for a second four-year term despite criticism over his economic policies.
Iran's inflation tops 27%
AFP via Yahoo! News Sun, 07 Sep 2008 2:24 AM PDT
Iran's inflation hit 27.6 percent in the calendar month of Mordad that ended August 21, the central bank said Sunday, as Iranians were again battered by rising prices of basic foodstuffs and goods.
AFP via Yahoo! News Sun, 07 Sep 2008 2:24 AM PDT
Iran's inflation hit 27.6 percent in the calendar month of Mordad that ended August 21, the central bank said Sunday, as Iranians were again battered by rising prices of basic foodstuffs and goods.
Iran rejects French warning it risks Israeli strike
Reuters via Yahoo! News Sat, 06 Sep 2008 5:02 AM PDT
Iran dismissed on Saturday a warning by France's president that the Islamic Republic was taking a dangerous gamble over its nuclear program because one day its arch-foe Israel could strike.
Reuters via Yahoo! News Sat, 06 Sep 2008 5:02 AM PDT
Iran dismissed on Saturday a warning by France's president that the Islamic Republic was taking a dangerous gamble over its nuclear program because one day its arch-foe Israel could strike.
China, Iran discuss nuclear issue
The Charlotte Observer Sat, 06 Sep 2008 5:59 AM PDT
Chinese President Hu Jintao urged flexibility and a peaceful resolution of Iran's nuclear ambitions in a meeting with his Iranian counterpart on Saturday, days after Tehran announced it has increased its number of operating centrifuges. In talks with President Mahmoud Ahmadinejad, who was in Beijing for the opening ceremony of the Paralympic Games, Hu said China respects Iran's right to peaceful ...
The Charlotte Observer Sat, 06 Sep 2008 5:59 AM PDT
Chinese President Hu Jintao urged flexibility and a peaceful resolution of Iran's nuclear ambitions in a meeting with his Iranian counterpart on Saturday, days after Tehran announced it has increased its number of operating centrifuges. In talks with President Mahmoud Ahmadinejad, who was in Beijing for the opening ceremony of the Paralympic Games, Hu said China respects Iran's right to peaceful ...
Geopolitical Diary: The Deafening Silence on Iran
September 5, 2008 0200 GMT
The constant barrage of comments by the Bush administration on the Iranian threat has decreased dramatically.
http://www.stratfor.com/geopolitical_diary/geopolitic_diary_deafening_silence_iran
September 5, 2008 0200 GMT
The constant barrage of comments by the Bush administration on the Iranian threat has decreased dramatically.
http://www.stratfor.com/geopolitical_diary/geopolitic_diary_deafening_silence_iran
_________________________________________________________________________
Opalesque’s Corner
- Opalesque Exclusive: Carbon markets should go well beyond $1tln estimate, including cross commodity arbitrage market could hit $3tln in decade
- Opalesque Exclusive: Aussie $80bln money manager forms internal fund of hedge fund,
allocates to endowment fund
- Fund launches - PSigma reveals new fund of funds investing in hedge fund of funds, ETFs, collective investment schemes and others, Ilex to launch energy credit fund in November, GAM opens fund of hedge funds to retail market, Swiss firm Kraus Partners launches maiden hedge fund
- Closures - Mitsui & Co. to close US hedge fund unit, shifting to property and utility investments, Ospraie Says investment in XTO Energy led to losses
- Performance - Goldman fund-of-hedge funds July returns down, Juno Mother Earth avoids commodity downturn, Commodities strategy up +6% in August, +14% YTD, Conquest Macro returns +6.60% in August, over 26% YTD, Some Lehman hedge funds post losses in July, S&P says FoHFs recovered in Q2, Hedge fund Atticus denies liquidation rumors
- Assets - Allocations to Middle East/Africa funds Rise in Q2 - HFN
- Opalesque Exclusive: AIMA announces last night`s Australia hedge fund awards winners
- People - Citadel executive Joe Russell leaves firm, Galena AM seeks oil derivatives expert for fund launch, Pioneer Investment names Brian Stack formerly of Long Trail the Portfolio Manager of two funds, BofA hires ABN`s Dean Murry as hedge fund sales head, Ikos a UK-Cypriot hedge fund appoints COO from Universal Bank of Cyprus, UBS names Carsten Kengeter global head of fixed income, currencies and commodities, C. Robert Paul joins DLA Piper as counsel to alternative asset management group
- Harbinger owns shares used by short sellers to drive down Fortescue Metals, Harbinger is company`s second largest shareholder
- On 10th anniversary of LTCM collapse, bull markets still lull managers into complacency
- Merrill Lynch reports hedge funds sitting on $156bln in cash since deleveraging
- Legal - D.B. Zwirn denies tabloid report on FCC probe, Ex-Refco chief Phillip Bennet reports to serve prison term, Update: JPMorgan to stop selling municipal swaps as US muni bond market under scrutiny by Justice Department
- Regulatory - UK FSA taps Andrew Crain to head up hedge fund team
- Indices - Parker FX Index down -0.11% for July, top performer: Harmonic Global Fund - Currency Class - up +3.41%, Dow Jones announces changes to BRIC 50 Index, Hedge Fund Indices: Seeing the industry through a prism
- Credit Crunch - Lehman eyes $32bln real-estate spin-off, Banks in UK and Europe reel as ECB redraws funding rules to crack down on abuses of liquidity, Merrill`s bad debt sale to South Korea agency stalls over differences in assessing values, AIG in talks to dump toxic assets, size `dwarfs` previous transactions, Chinese banks cut Fannie, Freddie debt, erring on side of caution, TABB Group forecasts monthly novation of CDS trades to exceed $45.2trn by 2010 S&P says subprime, CDO losses total $550bln
- Opalesque Exclusive: Forsta AP fonden`s (AP1) 2007 gains driven by alternatives Cevian Capital and Fastigheter, MD Magnusson hopes to review and revise investment rules
- Institutional Investors - Brockton to make first leap into FoHFs with $20m, BlackRock Asset Management wins one third of $5.2 bln AP4 mandate, CalSTRS said to pull back on Blackstone investment
- Sovereign Wealth Funds - Sovereign funds pump $25.5 bln into global M&A, Qatar and Vietnam set up $1bln agriculture fund, SWF QIA to provide 90% of fund's equity
- Exchanges - CME Group, Korea Exchange sign KOSPI 200 Futures electronic trade agreement
- United States - US stocks suffer on fears for economy, PIMCOs Gross says U.S. must use more of its money to support markets to prevent `financial tsunami`
- Europe - Moscow forced to intervene heavily in support of ruble, UK Prime Minister Brown cautiously optimistic on economy
- Middle East - Advisers warn of unchartered waters as ETFs look to Persian Gulf as next big investment story
- Asia - Asian markets extend losses, Japan drops 3%, India`s SEBI says foreign institutional investors will soon be permitted to trade in currency futures, Tata looks to raise billions spinning off international steel assets in overseas listing
- Emerging Markets - Argentina pays off $6.7bln defaulted debt, Merrill analyst says step in right direction but not start of change in policy
- Commodities - Oil supply data probed on injections of false data to influence perceptions of crude oil supply and demand, IEA chief says market will improve if OPEC sustains output levels, London Metal Exchange to trade molybdenum, cobalt will give tech companies protection from price swings for first time
- Activist Investing - Harbinger increases Cablevision stake
- News Briefs - CME Group to launch Euro denominated E-mini S&P 500 Futures, Invesco sees small cap environment very difficult with little prospect of improvement, SunGard to launch new messaging platform
- And Finally... Now you see it, now you don`t: Queens truck driver invents ultimate maneuver to avoid $40 toll fee
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: Aussie $80bln money manager forms internal fund of hedge fund,
allocates to endowment fund
- Fund launches - PSigma reveals new fund of funds investing in hedge fund of funds, ETFs, collective investment schemes and others, Ilex to launch energy credit fund in November, GAM opens fund of hedge funds to retail market, Swiss firm Kraus Partners launches maiden hedge fund
- Closures - Mitsui & Co. to close US hedge fund unit, shifting to property and utility investments, Ospraie Says investment in XTO Energy led to losses
- Performance - Goldman fund-of-hedge funds July returns down, Juno Mother Earth avoids commodity downturn, Commodities strategy up +6% in August, +14% YTD, Conquest Macro returns +6.60% in August, over 26% YTD, Some Lehman hedge funds post losses in July, S&P says FoHFs recovered in Q2, Hedge fund Atticus denies liquidation rumors
- Assets - Allocations to Middle East/Africa funds Rise in Q2 - HFN
- Opalesque Exclusive: AIMA announces last night`s Australia hedge fund awards winners
- People - Citadel executive Joe Russell leaves firm, Galena AM seeks oil derivatives expert for fund launch, Pioneer Investment names Brian Stack formerly of Long Trail the Portfolio Manager of two funds, BofA hires ABN`s Dean Murry as hedge fund sales head, Ikos a UK-Cypriot hedge fund appoints COO from Universal Bank of Cyprus, UBS names Carsten Kengeter global head of fixed income, currencies and commodities, C. Robert Paul joins DLA Piper as counsel to alternative asset management group
- Harbinger owns shares used by short sellers to drive down Fortescue Metals, Harbinger is company`s second largest shareholder
- On 10th anniversary of LTCM collapse, bull markets still lull managers into complacency
- Merrill Lynch reports hedge funds sitting on $156bln in cash since deleveraging
- Legal - D.B. Zwirn denies tabloid report on FCC probe, Ex-Refco chief Phillip Bennet reports to serve prison term, Update: JPMorgan to stop selling municipal swaps as US muni bond market under scrutiny by Justice Department
- Regulatory - UK FSA taps Andrew Crain to head up hedge fund team
- Indices - Parker FX Index down -0.11% for July, top performer: Harmonic Global Fund - Currency Class - up +3.41%, Dow Jones announces changes to BRIC 50 Index, Hedge Fund Indices: Seeing the industry through a prism
- Credit Crunch - Lehman eyes $32bln real-estate spin-off, Banks in UK and Europe reel as ECB redraws funding rules to crack down on abuses of liquidity, Merrill`s bad debt sale to South Korea agency stalls over differences in assessing values, AIG in talks to dump toxic assets, size `dwarfs` previous transactions, Chinese banks cut Fannie, Freddie debt, erring on side of caution, TABB Group forecasts monthly novation of CDS trades to exceed $45.2trn by 2010 S&P says subprime, CDO losses total $550bln
- Opalesque Exclusive: Forsta AP fonden`s (AP1) 2007 gains driven by alternatives Cevian Capital and Fastigheter, MD Magnusson hopes to review and revise investment rules
- Institutional Investors - Brockton to make first leap into FoHFs with $20m, BlackRock Asset Management wins one third of $5.2 bln AP4 mandate, CalSTRS said to pull back on Blackstone investment
- Sovereign Wealth Funds - Sovereign funds pump $25.5 bln into global M&A, Qatar and Vietnam set up $1bln agriculture fund, SWF QIA to provide 90% of fund's equity
- Exchanges - CME Group, Korea Exchange sign KOSPI 200 Futures electronic trade agreement
- United States - US stocks suffer on fears for economy, PIMCOs Gross says U.S. must use more of its money to support markets to prevent `financial tsunami`
- Europe - Moscow forced to intervene heavily in support of ruble, UK Prime Minister Brown cautiously optimistic on economy
- Middle East - Advisers warn of unchartered waters as ETFs look to Persian Gulf as next big investment story
- Asia - Asian markets extend losses, Japan drops 3%, India`s SEBI says foreign institutional investors will soon be permitted to trade in currency futures, Tata looks to raise billions spinning off international steel assets in overseas listing
- Emerging Markets - Argentina pays off $6.7bln defaulted debt, Merrill analyst says step in right direction but not start of change in policy
- Commodities - Oil supply data probed on injections of false data to influence perceptions of crude oil supply and demand, IEA chief says market will improve if OPEC sustains output levels, London Metal Exchange to trade molybdenum, cobalt will give tech companies protection from price swings for first time
- Activist Investing - Harbinger increases Cablevision stake
- News Briefs - CME Group to launch Euro denominated E-mini S&P 500 Futures, Invesco sees small cap environment very difficult with little prospect of improvement, SunGard to launch new messaging platform
- And Finally... Now you see it, now you don`t: Queens truck driver invents ultimate maneuver to avoid $40 toll fee
- Logon: http://www.opalesque.com/index.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
bevy BEV-ee, noun:
1. A group; an assembly or collection.
2. A flock of birds, especially quails or larks; also, a herd of roes.
2. A flock of birds, especially quails or larks; also, a herd of roes.
_________________________________________________________________________
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:
_________________________________________________________________________
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)
_________________________________________________________________________
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
_________________________________________________________________________
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.
|
Manage your subscription
|