Archive: 10/02/2008
Main News
Geopolitical Diary: Crises from Washington to Wall Street
September 30, 2008 0156 GMT
The United States is in a political crisis that will determine the outcome of the economic and financial crises.
http://www.stratfor.com/geopolitical_diary/20080929_geopolitical_diary_crises_washington_wall_street
September 30, 2008 0156 GMT
The United States is in a political crisis that will determine the outcome of the economic and financial crises.
http://www.stratfor.com/geopolitical_diary/20080929_geopolitical_diary_crises_washington_wall_street
When Fear Overtakes Fundamentals In Credit Markets<http://now.eloqua.com/e/er.aspx?s=795&lid=7994&elq=32FC5C8CBC344AADBA21167659458EB1>
Pearlstein: The Economic Crisis
(Steven Pearlstein, washingtonpost.com)
(Steven Pearlstein, washingtonpost.com)
Banks’ risk management practices seen as main factor in current economic climate, but most finance leaders say downturn will not hamper their firms’ financial results.
Tue, 30 Sep 2008, 22:57
The Times
Every week at least one British hedge fund is considering winding up its funds as catastrophic investment performance puts the sector under...
It's D-Day for Hedge Funds As Redemptions Roll In
By: Reuters
Posted: 10/01/2008 11:36:46 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3607.html
By: Reuters
Posted: 10/01/2008 11:36:46 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3607.html
Hedge fund's assets locked up in Lehman bankruptcy
International Herald Tribune Wed, 01 Oct 2008 12:06 PM PDT
Many hedge fund investors will have negative returns this year. The near-certain prospect of having to take additional write-downs from unrecoverable assets at Lehman Brothers brings an extra level of concern that could lead to more rapid redemptions.
International Herald Tribune Wed, 01 Oct 2008 12:06 PM PDT
Many hedge fund investors will have negative returns this year. The near-certain prospect of having to take additional write-downs from unrecoverable assets at Lehman Brothers brings an extra level of concern that could lead to more rapid redemptions.
Newsweek: Welcome to Hedge Fund Nation
MSNBC Wed, 01 Oct 2008 12:49 PM PDT
With the stroke of a pen, President Bush will soon make all American citizens investors in the world's biggest fund. We'll own the management company too. Best of all? For at least a few months, we'll have the former CEO of Goldman, Sachs run our investment for a very small fee.
MSNBC Wed, 01 Oct 2008 12:49 PM PDT
With the stroke of a pen, President Bush will soon make all American citizens investors in the world's biggest fund. We'll own the management company too. Best of all? For at least a few months, we'll have the former CEO of Goldman, Sachs run our investment for a very small fee.
Money Market Funds Tackle 'Exuberant Irrationality'<http://now.eloqua.com/e/er.aspx?s=795&lid=7984&elq=32FC5C8CBC344AADBA21167659458EB1
By KAJA WHITEHOUSE
As Wall Street burns, smoke can now be seen billowing from its neighbor to the north: Greenwich, Conn., the world's hedge-fund capital. With once-highflying funds seeing their performance worsening, investors are pounding on the door to get...full story
The survey results confirm the emergence and importance of independent derivative valuations as a benchmark practice for achieving price verification and transparency.
Tuesday , 30 Sep 2008
Credit markets crisis? As the dollar makes two-week highs, gold bullion crashes down nearly USD 40 an ounce in a day.
Credit markets crisis? As the dollar makes two-week highs, gold bullion crashes down nearly USD 40 an ounce in a day.
U.S. Bailout: Equity versus Efficiency
By: Ronald Solberg, Armored Wolf LLC
Posted: 10/01/2008 12:24:10 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=edsk&story=edsk308.html
By: Ronald Solberg, Armored Wolf LLC
Posted: 10/01/2008 12:24:10 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=edsk&story=edsk308.html
Hedge Funds: Greenlight's Einhorn suffers big loss in September
Market Watch Wed, 01 Oct 2008 10:06 AM PDT
Hedge fund manager David Einhorn suffered a big loss in September as the credit crisis deepened and regulators banned short selling of more than 900 financial-services stocks.
Market Watch Wed, 01 Oct 2008 10:06 AM PDT
Hedge fund manager David Einhorn suffered a big loss in September as the credit crisis deepened and regulators banned short selling of more than 900 financial-services stocks.
Canada Banks Not Immune to Crisis Fallout
09/30/2008 1:35:52 PM ET
TORONTO (Reuters)—With European banks getting propped up almost daily, unimaginable U.S. bank and insurance failures and growing economic uncertainty, Canadian bank investors have a back seat on the global roller coaster.
09/30/2008 1:35:52 PM ET
TORONTO (Reuters)—With European banks getting propped up almost daily, unimaginable U.S. bank and insurance failures and growing economic uncertainty, Canadian bank investors have a back seat on the global roller coaster.
End of quarter prompts possible "painting the tape"
It is not uncommon before the close of a quarter for money managers to "paint the tape" -- load up on shares at the end of the day to drive up the price -- especially for those who report their performance quarterly. In the final five minutes Tuesday, the S&P 500 registered 7% of the day's gain while the group's index of financial stocks garnered 11%. The New York Times (30 Sep.)
It is not uncommon before the close of a quarter for money managers to "paint the tape" -- load up on shares at the end of the day to drive up the price -- especially for those who report their performance quarterly. In the final five minutes Tuesday, the S&P 500 registered 7% of the day's gain while the group's index of financial stocks garnered 11%. The New York Times (30 Sep.)
A Squeeze on Leading Fund Chiefs
New York Times Tue, 30 Sep 2008 6:58 PM PDT
While their showing was better than that of the broad stock market, some of the most successful hedge fund managers lost big lately as the markets turned chaotic.
New York Times Tue, 30 Sep 2008 6:58 PM PDT
While their showing was better than that of the broad stock market, some of the most successful hedge fund managers lost big lately as the markets turned chaotic.
John Paulson’s Hedge Funds Return 19% in a Down Market<http://www.hedgefund-index.com/newstoday.asp>
Source: The Wall Street Journal
Hedge funds run by US manager John Paulson, one of last year’s best performers and a short- seller of UK banks, have bucked a trend of worldwide hedge fund losses by making returns of more than 19% this year. More...<http://www.hedgefund-index.com/newstoday.asp>
Source: The Wall Street Journal
Hedge funds run by US manager John Paulson, one of last year’s best performers and a short- seller of UK banks, have bucked a trend of worldwide hedge fund losses by making returns of more than 19% this year. More...<http://www.hedgefund-index.com/newstoday.asp>
Gottex Confirms Exposure to US Company under Investigation
eFinancial News - Wednesday October 01, 10:35
eFinancial News - Wednesday October 01, 10:35
The Political Nature of the Economic Crisis
September 30, 2008 2115 GMT
The Sept. 29 congressional rejection of the financial bailout plan has raised the possibility that the federal government will not act in the face of a financial crisis.
http://www.stratfor.com/weekly/20080930_political_nature_economic_crisis
September 30, 2008 2115 GMT
The Sept. 29 congressional rejection of the financial bailout plan has raised the possibility that the federal government will not act in the face of a financial crisis.
http://www.stratfor.com/weekly/20080930_political_nature_economic_crisis
Swiss to hand over client information for UBS investigation
Swiss tax authorities, after hundreds of years of using banking-secrecy laws, are expected to submit confidential data on wealthy American clients of UBS to the U.S. Justice Department. The disclosure would place those clients' names in the hands of U.S. prosecutors, who are investigating whether UBS assisted as many as 20,000 Americans in putting $20 billion in overseas accounts that were not reported to the Internal Revenue Service. International Herald Tribune (01 Oct.)
Swiss tax authorities, after hundreds of years of using banking-secrecy laws, are expected to submit confidential data on wealthy American clients of UBS to the U.S. Justice Department. The disclosure would place those clients' names in the hands of U.S. prosecutors, who are investigating whether UBS assisted as many as 20,000 Americans in putting $20 billion in overseas accounts that were not reported to the Internal Revenue Service. International Herald Tribune (01 Oct.)
_________________________________________________________________________
Yield Curve Corner
_________________________________________________________________________
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/TRChigos275_GJ.jpg
_________________________________________________________________________
Iranian Situation and Other Man Made Disasters
Iran drops IAEA seat nomination for Syria
AFP via Yahoo! News Wed, 01 Oct 2008 2:21 AM PDT
Iran's ambassador to the IAEA said on Wednesday that Tehran had dropped its bid for a seat on the board of the UN atomic watchdog in favour of a place for regional ally Syria, state-run television has reported.
AFP via Yahoo! News Wed, 01 Oct 2008 2:21 AM PDT
Iran's ambassador to the IAEA said on Wednesday that Tehran had dropped its bid for a seat on the board of the UN atomic watchdog in favour of a place for regional ally Syria, state-run television has reported.
In Iran, 3 Degrees of Separation From Truth
New York Times Tue, 30 Sep 2008 7:00 PM PDT
Iran?s interior minister, Ali Kordan, admitted that a doctorate he said he had earned from Oxford was a fake.
New York Times Tue, 30 Sep 2008 7:00 PM PDT
Iran?s interior minister, Ali Kordan, admitted that a doctorate he said he had earned from Oxford was a fake.
_________________________________________________________________________
Opalesque’s Corner
- Opalesque Exclusive: Steven Hornstein`s Global Credit Advisors launching into the distressed space
- Opalesque Exclusive - van Biema Value Partners launches Asia Value Fund to outside investors, niche fund of funds invests in Pan Asian value managers
- Opalesque Exclusive: South African manager Heriot launches African metals and commodities project financing fund
- Fund launches - Robert Schwartz of JL Advisors launches L/S equity fund, Standard Life introduces absolute return fund, Agamas prepares distressed mortgage and ABS strategy, UK wealth manager unveils absolute return strategy
- Corazon Capital opens alternative investment fund to investors
- Update: RAB funds leak $500m in September even as investors back restructuring in largest fund
- Absolute Capital Management to shut activist fund amidst `poor and deteriorating market conditions`, three quarters of staff cut
- Performance - CQS says regulation and stress on banks and other hedge funds responsible for 10% losses in flagship fund, Hedge funds face worst year since 1990
- Julius Baer shares slip on fears that hedge fund arm will be hit by more client outflows
- Tudor looks for gains via several strategies, a look at the firm`s Q2 holdings
- Fitch increases fund of hedge fund coverage, ramps up monitoring of liquidity management
- D-Day for hedge funds as redemptions roll in
- Institutions - 11bln School Employees Retirement System of Ohio shelves plans to expand hedge fund investments, CalPERS hires executive search firm Cooperative Personnel Services in hunt for CEO
- Legal - Gottex confirms exposure to US company under investigation, Two Northwater trusts may be hurt by investment that was victim of fraud, SEC sues David Myatt and William Eichengreen for fraud involving defunct Directors Performance hedge fund
- Short Regulation - U.S. SEC under pressure to extend short sale ban, Ban on short-selling creates some unwanted consequences, Hong Kong regulator warns against abusive shorting
- Regulatory - SEC gives banks more leeway on mark-to-market and US stock market gains on news, European politicians rail against fair value accounting, Sarkozy urges change for flexibility, BIS watching mark to market and hedge fund leverage
- Derivatives - Derivatives market faces biggest test in October as defaulted derivatives are settled, large amounts may need to be paid out, New York plan to regulate credit derivative swaps as insurance could force SEC to consider similar national policies
- Rescue Plan Update - US Senate to vote on revised $700bln Wall Street bail-out plan, FDIC wants to raise deposit insurance limit, may broaden support for bailout bill, Comment from Julius Baer on the rejection of the US financial bail-out plan
- Opalesque Exclusive: Other voices - reasons for U.S. financial crisis and proposed solutions
- Lehman - List of hedge fund clients with frozen assets in Lehman PB grows, Chicago firm using prime brokerage lost 70% of assets, `we`re probably going out of business`, Olivant suffers Lehman blow, tries to establish ownership of UBS shares, Lehman creditor panel asks judge to reconsider loan
- Credit Crisis - `We are approached by hedge funds considering fund liquidations on a weekly basis` - Andrew Shrimpton, Fortis scraps $3bln asset management deal with Ping An, Cost to borrow overnight dollars soars despite banks pumping billions into banking system, Russia central bank calls for regulation reform
- People - Former Merrill chief Stan O`Neal is in early-stage discussions with a boutique hedge fund Vision Capital Advisors, Bear Stearns equity flow chief Jim Josephson to join Algebris, Lyceum expands investment team, Apax taps Atos founder for advisor, Blackstone hires Asia advisory team
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Wealthy investors hoard bullion, New research reveals that nearly a third of institutional investors plan to increase exposure to commodities
- Exchanges - TSE to introduce remote membership in Dec to overseas brokerages to boost liquidity, Russian exchanges fall, Nasdaq to cancel some late trades in Google shares due to erroneous orders
- United States - Stocks rally as Bush pushes revived bailout, Online brokers in a meltdown, under pressure of market plunge, users unable to access accounts, Swiss tax authorities likely to hand over tax info of UBS clients
- Europe - Ferro Capital closes Zurich office, Broad SRI strategies now 17.5% of Europe`s funds market at EUR2.7trn
- Asia - GSA closes Hong Kong pilot office
- Emerging Markets - Creditors wary of Argentine new debt-swap talks
- Environmental Trading - Carbon trading drives `green` patents surge
- Read Opalesque`s new free daily Real Estate publication, the Opalesque Real Estate Briefing
- News Briefs - Lehman staffers clog banks` hiring pipelines, Merlin Securities offers reporting tools aimed at hedge funds SEC Form SH requirements, COO of Barclays Wealth dies after intervening in assault, Kovner`s New York Sun runs out of money, publishes final issue
- ...And Finally: `Jake deserved whatever I could do`: Man dives in to save dog from Fla. shark attack, hits him `hard on the back`
- Logon: http://www.opalesque.com/index.php?act=archive
- Opalesque Exclusive - van Biema Value Partners launches Asia Value Fund to outside investors, niche fund of funds invests in Pan Asian value managers
- Opalesque Exclusive: South African manager Heriot launches African metals and commodities project financing fund
- Fund launches - Robert Schwartz of JL Advisors launches L/S equity fund, Standard Life introduces absolute return fund, Agamas prepares distressed mortgage and ABS strategy, UK wealth manager unveils absolute return strategy
- Corazon Capital opens alternative investment fund to investors
- Update: RAB funds leak $500m in September even as investors back restructuring in largest fund
- Absolute Capital Management to shut activist fund amidst `poor and deteriorating market conditions`, three quarters of staff cut
- Performance - CQS says regulation and stress on banks and other hedge funds responsible for 10% losses in flagship fund, Hedge funds face worst year since 1990
- Julius Baer shares slip on fears that hedge fund arm will be hit by more client outflows
- Tudor looks for gains via several strategies, a look at the firm`s Q2 holdings
- Fitch increases fund of hedge fund coverage, ramps up monitoring of liquidity management
- D-Day for hedge funds as redemptions roll in
- Institutions - 11bln School Employees Retirement System of Ohio shelves plans to expand hedge fund investments, CalPERS hires executive search firm Cooperative Personnel Services in hunt for CEO
- Legal - Gottex confirms exposure to US company under investigation, Two Northwater trusts may be hurt by investment that was victim of fraud, SEC sues David Myatt and William Eichengreen for fraud involving defunct Directors Performance hedge fund
- Short Regulation - U.S. SEC under pressure to extend short sale ban, Ban on short-selling creates some unwanted consequences, Hong Kong regulator warns against abusive shorting
- Regulatory - SEC gives banks more leeway on mark-to-market and US stock market gains on news, European politicians rail against fair value accounting, Sarkozy urges change for flexibility, BIS watching mark to market and hedge fund leverage
- Derivatives - Derivatives market faces biggest test in October as defaulted derivatives are settled, large amounts may need to be paid out, New York plan to regulate credit derivative swaps as insurance could force SEC to consider similar national policies
- Rescue Plan Update - US Senate to vote on revised $700bln Wall Street bail-out plan, FDIC wants to raise deposit insurance limit, may broaden support for bailout bill, Comment from Julius Baer on the rejection of the US financial bail-out plan
- Opalesque Exclusive: Other voices - reasons for U.S. financial crisis and proposed solutions
- Lehman - List of hedge fund clients with frozen assets in Lehman PB grows, Chicago firm using prime brokerage lost 70% of assets, `we`re probably going out of business`, Olivant suffers Lehman blow, tries to establish ownership of UBS shares, Lehman creditor panel asks judge to reconsider loan
- Credit Crisis - `We are approached by hedge funds considering fund liquidations on a weekly basis` - Andrew Shrimpton, Fortis scraps $3bln asset management deal with Ping An, Cost to borrow overnight dollars soars despite banks pumping billions into banking system, Russia central bank calls for regulation reform
- People - Former Merrill chief Stan O`Neal is in early-stage discussions with a boutique hedge fund Vision Capital Advisors, Bear Stearns equity flow chief Jim Josephson to join Algebris, Lyceum expands investment team, Apax taps Atos founder for advisor, Blackstone hires Asia advisory team
- Commodities - Read Opalesque`s free daily commodities publication, the Opalesque Commodities Briefings, Wealthy investors hoard bullion, New research reveals that nearly a third of institutional investors plan to increase exposure to commodities
- Exchanges - TSE to introduce remote membership in Dec to overseas brokerages to boost liquidity, Russian exchanges fall, Nasdaq to cancel some late trades in Google shares due to erroneous orders
- United States - Stocks rally as Bush pushes revived bailout, Online brokers in a meltdown, under pressure of market plunge, users unable to access accounts, Swiss tax authorities likely to hand over tax info of UBS clients
- Europe - Ferro Capital closes Zurich office, Broad SRI strategies now 17.5% of Europe`s funds market at EUR2.7trn
- Asia - GSA closes Hong Kong pilot office
- Emerging Markets - Creditors wary of Argentine new debt-swap talks
- Environmental Trading - Carbon trading drives `green` patents surge
- Read Opalesque`s new free daily Real Estate publication, the Opalesque Real Estate Briefing
- News Briefs - Lehman staffers clog banks` hiring pipelines, Merlin Securities offers reporting tools aimed at hedge funds SEC Form SH requirements, COO of Barclays Wealth dies after intervening in assault, Kovner`s New York Sun runs out of money, publishes final issue
- ...And Finally: `Jake deserved whatever I could do`: Man dives in to save dog from Fla. shark attack, hits him `hard on the back`
- Logon: http://www.opalesque.com/index.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
Two protestors wore climbing ropes and helmets as they made it up the 40-foot-high poles to install a large American flag stamped with the word "Foreclosed?"
» Read the Full Story
» Read the Full Story
McCain or Obama: Who Cuts the Mustard on Foreign Policy?
October 1, 2008 0720 GMT
Come 2009, what will be the foreign policy challenges facing the next president? And be it Barack Obama or John McCain, who is best equipped to deal with them? What conclusions can be drawn from the recent U.S. foreign policy debate — overshadowed as it was by financial crisis? Colin Chapman discusses this with Stratfor founder Dr. George Friedman, whose seminal four-part series examining policy issues can be read at www.stratfor.com.
http://www.stratfor.com/podcast/20081001_mccain_or_obama_who_cuts_mustard_foreign_policy
October 1, 2008 0720 GMT
Come 2009, what will be the foreign policy challenges facing the next president? And be it Barack Obama or John McCain, who is best equipped to deal with them? What conclusions can be drawn from the recent U.S. foreign policy debate — overshadowed as it was by financial crisis? Colin Chapman discusses this with Stratfor founder Dr. George Friedman, whose seminal four-part series examining policy issues can be read at www.stratfor.com.
http://www.stratfor.com/podcast/20081001_mccain_or_obama_who_cuts_mustard_foreign_policy
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
slugabed SLUHG-uh-bed, noun:
One who stays in bed until a late hour; a sluggard.
_________________________________________________________________________
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
|