Archive: 09/26/2008
Main News
Clarium Hedge Fund Gained on Stock, Commodity Wagers (Update1)
Bloomberg Thu, 25 Sep 2008 1:03 PM PDT
Sept. 25 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm run by PayPal co-founder Peter Thiel , profited from turmoil in financial markets as he almost doubled his U.S. stock holdings and wagered commodity prices would fall, according to an investor letter.
Bloomberg Thu, 25 Sep 2008 1:03 PM PDT
Sept. 25 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm run by PayPal co-founder Peter Thiel , profited from turmoil in financial markets as he almost doubled his U.S. stock holdings and wagered commodity prices would fall, according to an investor letter.
Shares in Man Group, the $79.5bn (€54.2bn) hedge fund manager which this week failed to have its name added to the ...
eFinancial News Thu, 25 Sep 2008 5:32 AM PDT
Shares in Man Group, the $79.5bn (€54.2bn) hedge fund manager which this week failed to have its name added to the UK regulator's list of companies which cannot be shorted anew, this morning suffered a third analyst downgrade in five days.
eFinancial News Thu, 25 Sep 2008 5:32 AM PDT
Shares in Man Group, the $79.5bn (€54.2bn) hedge fund manager which this week failed to have its name added to the UK regulator's list of companies which cannot be shorted anew, this morning suffered a third analyst downgrade in five days.
Hedge funds move $100bn into safe havens
Sep 24 2008 22:37
Hedge funds charging hefty fees for sophisticated trading strategies aimed at outperforming the wider market have collectively parked $100bn in simple money market funds typically used by investors seeking safe rather than spectacular returns Read more »
Sep 24 2008 22:37
Hedge funds charging hefty fees for sophisticated trading strategies aimed at outperforming the wider market have collectively parked $100bn in simple money market funds typically used by investors seeking safe rather than spectacular returns Read more »
Lehman collapse puts prime broker model in question
Sep 24 2008 21:52
Many hedge funds are still buried in the rubble of Lehman, but others are pondering their future banking relationships. Their concerns go to the heart of the prime brokerage business model, which is built on a practice known as rehypothecation. Read more »
Sep 24 2008 21:52
Many hedge funds are still buried in the rubble of Lehman, but others are pondering their future banking relationships. Their concerns go to the heart of the prime brokerage business model, which is built on a practice known as rehypothecation. Read more »
US hedge funds rush to revamp strategies
Sep 24 2008 23:18
US hedge funds are scrambling to remodel their trading strategies as they explore ways to regain the potential benefits taken away from them Read more »
Sep 24 2008 23:18
US hedge funds are scrambling to remodel their trading strategies as they explore ways to regain the potential benefits taken away from them Read more »
Sep 25, 2008 ... FDIC May Need $150 Billion Bailout as Local Bank Failures Mount. By David Evans. More Photos/Details. Sept. 25 (Bloomberg) -- Deborah Horn ...
A year of crisis: have hedge funds kept their absolute return promises? The financial crisis that began more than a year ago now, after the sudden fall in the prices of investments backed by subprime loans, sent shockwaves through the markets, with unprecedented writedowns of asset values continuing to undermine the foundations of the banking system and leading to a pronounced economic slowdown. More...
Berkshire Hathaway's investment in Goldman Sachs provides a template for how to get the financial system back on its feet, but the Bush administration's $700 billion bailout plan ignores some of the key lessons of the deal.
Hedge Funds Suffer Amid Market Woes - Wall Street Journal. Author: admin. 25 Sep. September has piled on more pain for some of the hedge-fund industry’s ...
Credit FAQ: Will The U.S. Treasury Plan Help Restore Normality To The Financial Markets?<http://now.eloqua.com/e/er.aspx?s=795&lid=7784&elq=C662B5E1C4E04EA7BA893D82EFA98BC3>
Safe Banks, Dealmakers Vie as Winners From Turmoil
By: Reuters
Posted: 09/25/2008 5:04:29 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3601.html
By: Reuters
Posted: 09/25/2008 5:04:29 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=peop&story=peop3601.html
SEC Orders Hedge Funds, Broker-Dealers to Give Data
By: Reuters
Posted: 09/25/2008 1:51:31 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=legl&story=legl2258.html
By: Reuters
Posted: 09/25/2008 1:51:31 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=legl&story=legl2258.html
Opinion: Hold-to-Maturity is the New Mark-to-Myth
By: James Saft, Reuters
Posted: 09/25/2008 3:34:38 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=edsk&story=edsk307.html
By: James Saft, Reuters
Posted: 09/25/2008 3:34:38 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=edsk&story=edsk307.html
Clarium Hedge Fund Gained on Stock, Commodity Wagers (Update1)
Bloomberg Thu, 25 Sep 2008 1:03 PM PDT
Sept. 25 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm run by PayPal co-founder Peter Thiel , profited from turmoil in financial markets as he almost doubled his U.S. stock holdings and wagered commodity prices would fall, according to an investor letter.
Bloomberg Thu, 25 Sep 2008 1:03 PM PDT
Sept. 25 (Bloomberg) -- Clarium Capital Management LLC, the $7 billion hedge-fund firm run by PayPal co-founder Peter Thiel , profited from turmoil in financial markets as he almost doubled his U.S. stock holdings and wagered commodity prices would fall, according to an investor letter.
In prepared testimony that he will deliver to the Senate this morning, the SEC chairman will call for Congress to give his agency authority over swaps.
Sep 25, 2008 ... London Turns Against Hedge Funds in Hunt for Culprit (Update1) By Caroline Binham and Elisa Martinuzzi. Sept. 25 (Bloomberg) — London is ...
Market for credit-default swaps decreases for first time
The volume of outstanding contracts in the market for credit-default swaps dropped from $62 trillion to $54.6 trillion in the first half of this year, according to the International Swaps and Derivatives Association. "This decrease primarily reflects the industry's efforts to reduce risk by tearing up economically offsetting transactions and demonstrates the industry's ongoing commitment to reduce risk and enhance operational efficiency," said Robert Pickel, the association's CEO. "We expect to see more effects of this over time." Bloomberg (25 Sep.)
The volume of outstanding contracts in the market for credit-default swaps dropped from $62 trillion to $54.6 trillion in the first half of this year, according to the International Swaps and Derivatives Association. "This decrease primarily reflects the industry's efforts to reduce risk by tearing up economically offsetting transactions and demonstrates the industry's ongoing commitment to reduce risk and enhance operational efficiency," said Robert Pickel, the association's CEO. "We expect to see more effects of this over time." Bloomberg (25 Sep.)
McCain's Foreign Policy Stance (Open Access)
September 25, 2008 1022 GMT
Part three of a series by Stratfor founder and Chief Intelligence Officer George Friedman on the U.S. presidential debate on foreign policy.
http://www.stratfor.com/analysis/20080924_mccains_foreign_policy_stance_open_access
September 25, 2008 1022 GMT
Part three of a series by Stratfor founder and Chief Intelligence Officer George Friedman on the U.S. presidential debate on foreign policy.
http://www.stratfor.com/analysis/20080924_mccains_foreign_policy_stance_open_access
RAB Capital Sues Over $50 Million Fund Lehman Managed
Bloomberg - Thursday September 25, 10:23 BST
Bloomberg - Thursday September 25, 10:23 BST
Pickens hedge funds lose $1bn amid misplaced commodities bets
Hedge funds managed by T. Boone Pickens, the Texas oil magnate, have posted a combined loss of nearly $1bn (?679m) this year, largely due to a misplaced bet on the commodities sector. (The Wall Street Journal)
http://mail.efnmail.co.uk/r/400203/MTk4MTI1OjE4Nzcw/
Hedge funds managed by T. Boone Pickens, the Texas oil magnate, have posted a combined loss of nearly $1bn (?679m) this year, largely due to a misplaced bet on the commodities sector. (The Wall Street Journal)
http://mail.efnmail.co.uk/r/400203/MTk4MTI1OjE4Nzcw/
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Yield Curve Corner
Eying a 'line in the sand'
MSNBC - USA
... it appears the markets are responding to an artificial line in the sand drawn by Secretary Paulson and Chairman Bernanke and are anticipating that we do ...
MSNBC - USA
... it appears the markets are responding to an artificial line in the sand drawn by Secretary Paulson and Chairman Bernanke and are anticipating that we do ...
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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/DSTmiddleeast269_MO.jpg
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Iranian Situation and Other Man Made Disasters
Iran's president: Nation must control nuclear fuel
AP via Yahoo! News Thu, 25 Sep 2008 11:42 AM PDT
Iran needs the ability to produce nuclear fuel because it cannot rely on other nations to supply enriched uranium to the Islamic regime's planned reactors, the Iranian president said Thursday.
AP via Yahoo! News Thu, 25 Sep 2008 11:42 AM PDT
Iran needs the ability to produce nuclear fuel because it cannot rely on other nations to supply enriched uranium to the Islamic regime's planned reactors, the Iranian president said Thursday.
Russian Diplomat Says Snub Over Iran Meeting Was Aimed at U.S.
Washington Post Wed, 24 Sep 2008 11:18 PM PDT
NEW YORK, Sept. 24 -- Russian Foreign Minister Sergei Lavrov said Wednesday that his government had refused to attend a high-level meeting scheduled for Thursday to discuss Iran's nuclear ambitions in retaliation for Washington's refusal to hold a meeting of the foreign ministers of the Group of...
Washington Post Wed, 24 Sep 2008 11:18 PM PDT
NEW YORK, Sept. 24 -- Russian Foreign Minister Sergei Lavrov said Wednesday that his government had refused to attend a high-level meeting scheduled for Thursday to discuss Iran's nuclear ambitions in retaliation for Washington's refusal to hold a meeting of the foreign ministers of the Group of...
Geopolitical Diary: Changing Agendas on Iran
September 25, 2008 0157 GMT
Russia derailed a meeting the United States had hoped to use to discuss new sanctions against Iran. Washington, meanwhile, is growing weary of Tehran's negotiating games.
http://www.stratfor.com/geopolitical_diary/20080924_geopolitical_diary_changing_agendas_iran
September 25, 2008 0157 GMT
Russia derailed a meeting the United States had hoped to use to discuss new sanctions against Iran. Washington, meanwhile, is growing weary of Tehran's negotiating games.
http://www.stratfor.com/geopolitical_diary/20080924_geopolitical_diary_changing_agendas_iran
Iran: Hostages Released
September 25, 2008 1430 GMT
Two Iranian hostages, abducted in western Afghanistan last month, have been released in exchange...
http://www.stratfor.com/sitrep/20080925_iran_hostages_released
September 25, 2008 1430 GMT
Two Iranian hostages, abducted in western Afghanistan last month, have been released in exchange...
http://www.stratfor.com/sitrep/20080925_iran_hostages_released
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Opalesque’s Corner
- Opalesque Exclusive: The Quants are back - We should still invest in HFs for the persistent benefits of alternative risk premium, not for the star traders, QuantInvest conference (day 2)
- Opalesque Exclusive: Morgan Stanley alumni prepare to launch the Tacticus Opportunity Fund in January 2009
- Opalesque Exclusive: Cabal Capital Management to launch a $1b low risk Special Opportunity Fund
- Closures - Powe to wind up Eur330m fund, French hedge fund ADI hit by Lehman losses, forced to close five of its funds
- Legal - U.S. SEC charges WealthWise for not disclosing financial interest in recommending hedge fund with subprime housing investments, Update: Former hedge fund manager Lauer convicted for fraud, Investor Westerly Capital fights for disclosure from bankrupt SageCrest, Recap: RAB, GLG, Morgan Stanley in court, CFTC files to revoke Philadelphia Alternative A. M. (PAAM) registration as CPO
- Analysis - Can long-only and hedge funds be managed side by side? And if they are, do the returns of one or both tend to suffer?
- Hedge Funds in Crisis - Einhorn pulls Greenlight Re off SEC no-short list, Man Group says shorting ban won`t hurt flagship fund, Hedge funds struggle with new regulations, deleveraging and redemptions, New regulations have US hedge funds rushing to revamp strategies, some concentrate on OTC derivatives, Short-selling ban is taking the `hedge` out of hedge funds, London turns against hedge funds, Philip Falcone branded `greedy pig`, HBOS short-sellers are `bank robbers,` says British archbishop, U.K. hedge funds say data show low short-sale volume, Irish bank shorters unmasked by emergency regulations, Asia hedge fund industry will see major shake-out
- Reports - Citigroup: Hedge funds move $600bln into cash, $100bln in simple money market funds, SocGen: as US HFs cut short positions before freeze, short selling had little to do with fall of financial stocks
- Comment - Roubini: Hedge funds in the microwave
- Short Selling Regulations - SEC presses more than two dozen hedge funds to turn over trading information, NYSE-listed companies added to the short sale list as of Thursday morning, Sept. 25, 2008, NYSE Euronext on SEC`s order prohibiting short selling, its implications on issuers, investors and trading, UK FSA rejects wider shorting ban, UK FSA threatens to name, shame or fine short sellers that fail to disclose positions, will allow one to two day grace period for disclosures, UK PM Brown expects new rules on short-selling to become permanent, UK FSA threatens heavy fines for short-sellers, Asian hedge firms wait and see if new short selling restrictions sweep across the region, following Australia and Taiwan, South Korea clamps down on short selling after uncovering violations
- Comments and Reactions - Cox is short on common sense, Was FSA ruling on short selling brave or hasty?, HSBC chairman backs FSA`s action on City bonuses, Dutch Pension chief calls for better hedge fund regulation so pension funds can invest with clear conscience, Former IMF chief Camdessus calls for global market regulator, Let`s stop this call to reinstate the up-tick, Australian hedge fund, 130/30 managers prepare for rough month after shorting ban
- Credit Crunch Update - Congress balks at huge US financial bailout, Bush warns of `long and painful recession`, H. Paulson gives ground, says bailout must address CEO pay, Bernanke: US should pay higher prices for assets, favors `hold to maturity` value, UK banks put GBP6bln (US$11bln) in the BofE rather than lend to each other, WaMu rating cut again on split-up concerns, B&B strikes deal with Barclays to act as counterparty, Lloyd`s of London half year profits drop 47%
- Jack Welch says U.S. faces `deep downturn`, supports rescue, Buffett calls crisis an `economic Pearl Harbor,` backs Paulson
- Goldman Sachs Update - Goldman increases fundraising to $10bln, Goldman` share price surged in last 10 minutes of trading prior to announcement of Buffett`s big investment, Goldman Sachs to spend Warren Buffett billions on distressed assets, Sumitomo seen eyeing Goldman as Japan shops on Wall St, Sumitomo won`t invest in Goldman right now says Nikkei, US woes are a taste of honey for Japan
- Lehman Update - Nomura creates $1bln pool for Lehman staff in Europe and MidEast, expects to retain significant portion of 2500 employees, Barclays acquires 2 of Lehman`s Latin America operations, Lehman sale of Neuberger hits snags
- People - Altius Associates hires Jay Yoder to launch dedicated real assets initiative, EIM USA appoints Vincent Matsui as Head of Credit, Michael Young joins Alger, will cover energy sector, Kleinwort Benson hires head of alternatives research, seeks to grow presence within alternatives, SocGen expands U.S. equity derivatives listed product sales and trading platform with hire of Kelly Broadhurst as senior institutional salesperson, Goldman prime broking chief Ravi Singh to retire in November, RBC Capital Markets CEO retires, Doug McGregor and Mark Standish named as co-CEO successors
- BRIC - Russia, Brazil, and China are expected to have the cash and domestic growth to weather the storm, Russia appears set for shakeout, Kremlin announces some new measures to ease liquidity, Citigroup report: China`s post-Olympics recovery hopes are fading fast
- Opalesque Exclusive: KPMG`s hedge fund back and middle office cost survey
- Environmental Investing - Aviation and shipping cannot trade away emissions, scientist warns, Carbon credit trading faces hurdles in US state legislatures
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Gardner Finance AG now tracks more than 630 energy and commodity managers and HFs
- Events - Harcourt`s annual Alternative Investment Seminar on SRI, 1-3 October 2008, Switzerland
- Activist Investing - Hedge fund Elliott International sets sights on two board seats at New Zealand Telecom
- News Briefs - ISDA mid-year 2008 market survey shows credit derivatives at $54.6tln, Federated Investors absorbs failed Putnam fund, Third Party Marketers Association marks 10th anniversary, grows to 60 firms, CAIA opens new chapters in San Francisco and Iberia, plans more for 2009, UK traders turn to fixed odds financial betting at online bookmaker not subject to FSA rules, Brown in New York for economy talks, Rumours trigger bank run in Hong Kong, IG Group buys Japanese trader, Babcock denies takeover rumours
- ...And finally: Bizarre pilot humor - announcements plane passengers don`t want to hear
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive: Morgan Stanley alumni prepare to launch the Tacticus Opportunity Fund in January 2009
- Opalesque Exclusive: Cabal Capital Management to launch a $1b low risk Special Opportunity Fund
- Closures - Powe to wind up Eur330m fund, French hedge fund ADI hit by Lehman losses, forced to close five of its funds
- Legal - U.S. SEC charges WealthWise for not disclosing financial interest in recommending hedge fund with subprime housing investments, Update: Former hedge fund manager Lauer convicted for fraud, Investor Westerly Capital fights for disclosure from bankrupt SageCrest, Recap: RAB, GLG, Morgan Stanley in court, CFTC files to revoke Philadelphia Alternative A. M. (PAAM) registration as CPO
- Analysis - Can long-only and hedge funds be managed side by side? And if they are, do the returns of one or both tend to suffer?
- Hedge Funds in Crisis - Einhorn pulls Greenlight Re off SEC no-short list, Man Group says shorting ban won`t hurt flagship fund, Hedge funds struggle with new regulations, deleveraging and redemptions, New regulations have US hedge funds rushing to revamp strategies, some concentrate on OTC derivatives, Short-selling ban is taking the `hedge` out of hedge funds, London turns against hedge funds, Philip Falcone branded `greedy pig`, HBOS short-sellers are `bank robbers,` says British archbishop, U.K. hedge funds say data show low short-sale volume, Irish bank shorters unmasked by emergency regulations, Asia hedge fund industry will see major shake-out
- Reports - Citigroup: Hedge funds move $600bln into cash, $100bln in simple money market funds, SocGen: as US HFs cut short positions before freeze, short selling had little to do with fall of financial stocks
- Comment - Roubini: Hedge funds in the microwave
- Short Selling Regulations - SEC presses more than two dozen hedge funds to turn over trading information, NYSE-listed companies added to the short sale list as of Thursday morning, Sept. 25, 2008, NYSE Euronext on SEC`s order prohibiting short selling, its implications on issuers, investors and trading, UK FSA rejects wider shorting ban, UK FSA threatens to name, shame or fine short sellers that fail to disclose positions, will allow one to two day grace period for disclosures, UK PM Brown expects new rules on short-selling to become permanent, UK FSA threatens heavy fines for short-sellers, Asian hedge firms wait and see if new short selling restrictions sweep across the region, following Australia and Taiwan, South Korea clamps down on short selling after uncovering violations
- Comments and Reactions - Cox is short on common sense, Was FSA ruling on short selling brave or hasty?, HSBC chairman backs FSA`s action on City bonuses, Dutch Pension chief calls for better hedge fund regulation so pension funds can invest with clear conscience, Former IMF chief Camdessus calls for global market regulator, Let`s stop this call to reinstate the up-tick, Australian hedge fund, 130/30 managers prepare for rough month after shorting ban
- Credit Crunch Update - Congress balks at huge US financial bailout, Bush warns of `long and painful recession`, H. Paulson gives ground, says bailout must address CEO pay, Bernanke: US should pay higher prices for assets, favors `hold to maturity` value, UK banks put GBP6bln (US$11bln) in the BofE rather than lend to each other, WaMu rating cut again on split-up concerns, B&B strikes deal with Barclays to act as counterparty, Lloyd`s of London half year profits drop 47%
- Jack Welch says U.S. faces `deep downturn`, supports rescue, Buffett calls crisis an `economic Pearl Harbor,` backs Paulson
- Goldman Sachs Update - Goldman increases fundraising to $10bln, Goldman` share price surged in last 10 minutes of trading prior to announcement of Buffett`s big investment, Goldman Sachs to spend Warren Buffett billions on distressed assets, Sumitomo seen eyeing Goldman as Japan shops on Wall St, Sumitomo won`t invest in Goldman right now says Nikkei, US woes are a taste of honey for Japan
- Lehman Update - Nomura creates $1bln pool for Lehman staff in Europe and MidEast, expects to retain significant portion of 2500 employees, Barclays acquires 2 of Lehman`s Latin America operations, Lehman sale of Neuberger hits snags
- People - Altius Associates hires Jay Yoder to launch dedicated real assets initiative, EIM USA appoints Vincent Matsui as Head of Credit, Michael Young joins Alger, will cover energy sector, Kleinwort Benson hires head of alternatives research, seeks to grow presence within alternatives, SocGen expands U.S. equity derivatives listed product sales and trading platform with hire of Kelly Broadhurst as senior institutional salesperson, Goldman prime broking chief Ravi Singh to retire in November, RBC Capital Markets CEO retires, Doug McGregor and Mark Standish named as co-CEO successors
- BRIC - Russia, Brazil, and China are expected to have the cash and domestic growth to weather the storm, Russia appears set for shakeout, Kremlin announces some new measures to ease liquidity, Citigroup report: China`s post-Olympics recovery hopes are fading fast
- Opalesque Exclusive: KPMG`s hedge fund back and middle office cost survey
- Environmental Investing - Aviation and shipping cannot trade away emissions, scientist warns, Carbon credit trading faces hurdles in US state legislatures
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Gardner Finance AG now tracks more than 630 energy and commodity managers and HFs
- Events - Harcourt`s annual Alternative Investment Seminar on SRI, 1-3 October 2008, Switzerland
- Activist Investing - Hedge fund Elliott International sets sights on two board seats at New Zealand Telecom
- News Briefs - ISDA mid-year 2008 market survey shows credit derivatives at $54.6tln, Federated Investors absorbs failed Putnam fund, Third Party Marketers Association marks 10th anniversary, grows to 60 firms, CAIA opens new chapters in San Francisco and Iberia, plans more for 2009, UK traders turn to fixed odds financial betting at online bookmaker not subject to FSA rules, Brown in New York for economy talks, Rumours trigger bank run in Hong Kong, IG Group buys Japanese trader, Babcock denies takeover rumours
- ...And finally: Bizarre pilot humor - announcements plane passengers don`t want to hear
- 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….
Sign of the times: http://www.yelonyc.com/
edify ED-uh-fy, transitive verb:
To instruct and improve, especially in moral and religious knowledge; to teach.
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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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