Archive: 10/14/2008
Main News
Talking head: Liquidity forecasting is the next challenge. By Christopher Finger . Published: August 3 2008 10:51 | Last updated: August 3 2008 10:51 ...
States, Economies and Markets: Redefining the Rules. October 13, 2008 | 1734 GMT . Graphic for Geopolitical Intelligence Report. By George Friedman ...
Oct 13, 2008 ... In the United States, the crisis might be contained within the financial and housing sectors alone, but in Europe, the close connections ...
The Financial Crisis in the United States. October 10, 2008 | 1457 GMT. Crisis Part 1. Editor’s Note: This article is part of a series on the geopolitics of ...
Action To Save Banks Passes Early Test
October 13, 2008 1203 GMT
A bounce in global markets showed that a variety of packages to rescue banks has won approval, with more measures likely shortly. But recapitalizing the banks will cost investors dear, and pensioners may end up paying the price -- a move likely to cause political friction.
http://www.stratfor.com/podcast/20081013_action_save_banks_passes_early_test
October 13, 2008 1203 GMT
A bounce in global markets showed that a variety of packages to rescue banks has won approval, with more measures likely shortly. But recapitalizing the banks will cost investors dear, and pensioners may end up paying the price -- a move likely to cause political friction.
http://www.stratfor.com/podcast/20081013_action_save_banks_passes_early_test
Two thirds of bankers fear no recovery for at least a year
Bankers and other advisers are pessimistic about a swift recovery in European mergers and acquisitions, with more than 70% of participants in a survey of M&A professionals predicting it will take more than a year before the effects of the credit crunch are left behind.
Bankers and other advisers are pessimistic about a swift recovery in European mergers and acquisitions, with more than 70% of participants in a survey of M&A professionals predicting it will take more than a year before the effects of the credit crunch are left behind.
Lehman Failure Caused $300 Billion Damage: Regulator
By: Reuters
Posted: 10/13/2008 11:40:44 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15324.html
By: Reuters
Posted: 10/13/2008 11:40:44 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15324.html
Thanks, Hank If nothing else, this should put to rest some of the paranoia about the Goldmanization of Treasury. Read More
UBP cuts hedge funds, sees industry shrinking
Reuters - USA
By Laurence Fletcher GENEVA (Reuters) - Union Bancaire Privee has cut its exposure to hedge funds and industry performance has disappointed, ...
Reuters - USA
By Laurence Fletcher GENEVA (Reuters) - Union Bancaire Privee has cut its exposure to hedge funds and industry performance has disappointed, ...
Is the Bell Tolling for Some Funds of Hedge Funds?
New York Times Blogs - New York,NY,USA
Industry observers are painting a gloomy outlook for the survival of the fund of hedge funds industry, The Wall Street Journal reported. Fund of hedge funds ...
New York Times Blogs - New York,NY,USA
Industry observers are painting a gloomy outlook for the survival of the fund of hedge funds industry, The Wall Street Journal reported. Fund of hedge funds ...
Funds of Hedge Funds are Under Pressure
Wall Street Journal - USA
By DAVID WALKER and PHIL CRAIG It may be premature to write the epitaph for funds of hedge funds, but people in the industry are giving them a ...
Wall Street Journal - USA
By DAVID WALKER and PHIL CRAIG It may be premature to write the epitaph for funds of hedge funds, but people in the industry are giving them a ...
Oct 11, 2008 ... Recession? Depression? How Deep, How Far and What Can Be Done? ..... Current rating: Not yet rated [1 = poor; 5 = excellent] ...
The Crash of 2008 by J.D. Steinhilbe
In the Great Global Macro Experiment, the Next Bubble to Burst Is... by Reggie Middleton
The Spanish Inquisition: Deferred by Greg Newton
The Spanish Inquisition: An Invitation by Greg Newton
Lehman's CDS Mess: Who's on the Hook? by Bo Peng
Hedge Fund Liquidations Bear Some Blame For Market Drop by George Spritzer
Nouriel Roubini Predicts (Surprise!) a Long Recession by Tim Iacono
Comparing This Past Week to the '87 Crash by Bespoke Investment Group
NYSE Circuit Breakers by Bespoke Investment Group
Rush to put private commodities contracts on exchanges
Oct 12 2008 23:34
Commodities traders are rushing their private bilateral contracts into exchanges and clearing houses as they race to reduce their counterparty risk amid a deepening financial crisis Read more »
Oct 12 2008 23:34
Commodities traders are rushing their private bilateral contracts into exchanges and clearing houses as they race to reduce their counterparty risk amid a deepening financial crisis Read more »
Some investors say that the sell-off has gone too far and that stocks could stage a powerful rally
YouGov abandons plans to form hedge fund
Financial Times Mon, 13 Oct 2008 3:25 PM PDT
YouGov has abandoned plans to form its own hedge fund in partnership with Numis Securities and Four Capital Partners after Numis failed to raise the funds.
Financial Times Mon, 13 Oct 2008 3:25 PM PDT
YouGov has abandoned plans to form its own hedge fund in partnership with Numis Securities and Four Capital Partners after Numis failed to raise the funds.
Chanos Shorting Fewest Financial Stocks in Four Years (Update1)
Bloomberg Mon, 13 Oct 2008 12:08 PM PDT
Oct. 13 (Bloomberg) -- James Chanos , president of hedge-fund firm Kynikos Associates Ltd., said he's selling short the fewest financial shares in four years after they lost half their value and government support made it more likely the stocks will rally.
Bloomberg Mon, 13 Oct 2008 12:08 PM PDT
Oct. 13 (Bloomberg) -- James Chanos , president of hedge-fund firm Kynikos Associates Ltd., said he's selling short the fewest financial shares in four years after they lost half their value and government support made it more likely the stocks will rally.
Mulvaney Trumps Hedge Fund Indices
FINalternatives - New York,NY,USA
Not every hedge fund is down in the dumps. Mulvaney Capital Management’s Global Diversified Fund returned 11.58% in September bringing its year-to-date
FINalternatives - New York,NY,USA
Not every hedge fund is down in the dumps. Mulvaney Capital Management’s Global Diversified Fund returned 11.58% in September bringing its year-to-date
Market Risk<http://www.hedgefund-index.com/d_shortselling.asp>
Market risk is the risk that the value of an investment will decrease due to moves in market factors.
Volatility frequently refers to the standard deviation of the change in value of a financial instrument with a specific time horizon. It is often used to quantify the risk of the instrument over that time period. Volatility is typically expressed in annualized terms, and it may either be an absolute number ($5) or a fraction of the initial value (5%). More...<http://www.hedgefund-index.com/d_shortselling.asp>
Market risk is the risk that the value of an investment will decrease due to moves in market factors.
Volatility frequently refers to the standard deviation of the change in value of a financial instrument with a specific time horizon. It is often used to quantify the risk of the instrument over that time period. Volatility is typically expressed in annualized terms, and it may either be an absolute number ($5) or a fraction of the initial value (5%). More...<http://www.hedgefund-index.com/d_shortselling.asp>
Professor Wants Pairs' 1997 Nobel Revoked
NPR Mon, 13 Oct 2008 5:00 AM PDT
Economists Robert Merton and Myron Scholes won the 1997 Nobel Prize in economics. Their formula for evaluating stock options laid the ground work for risk-management in modern financial markets. Nasim Taleb, a professor at New York University and a hedge fund owner, wants the prize revoked because he says their formula doesn't work.
NPR Mon, 13 Oct 2008 5:00 AM PDT
Economists Robert Merton and Myron Scholes won the 1997 Nobel Prize in economics. Their formula for evaluating stock options laid the ground work for risk-management in modern financial markets. Nasim Taleb, a professor at New York University and a hedge fund owner, wants the prize revoked because he says their formula doesn't work.
Sovereign-wealth funds hoard cash as markets plunge
Some of the largest sovereign-wealth funds, including funds in Kuwait and Abu Dhabi, United Arab Emirates, have been increasing their cash positions as stock markets around the world tumble. The funds are not expected to start injecting capital into troubled banks. "Sovereign funds are piling up cash because there has not been a big reward of putting your money to work," said Brad Setser of the Council of Foreign Relations. "But what I find to be more worrisome is a complete absence on the part of sovereigns to hold anything else but super-safe Treasury bills." International Herald Tribune (12 Oct.)
Some of the largest sovereign-wealth funds, including funds in Kuwait and Abu Dhabi, United Arab Emirates, have been increasing their cash positions as stock markets around the world tumble. The funds are not expected to start injecting capital into troubled banks. "Sovereign funds are piling up cash because there has not been a big reward of putting your money to work," said Brad Setser of the Council of Foreign Relations. "But what I find to be more worrisome is a complete absence on the part of sovereigns to hold anything else but super-safe Treasury bills." International Herald Tribune (12 Oct.)
Mon, 13 Oct 2008, 06:07
Hedgeweek
Markit and Creditex, in partnership with 14 credit derivative dealers, have conducted a credit event auction to facilitate the settlement of credit...
_________________________________________________________________________
Yield Curve Corner
Krugman Burnishes Princeton, Home to Bernanke, Blinder, Nash
Bloomberg - USA
Krugman's award adds luster to a Princeton department where US Federal Reserve Chairman Ben S. Bernanke taught from 1985 to 2002 and former Federal Reserve ...
Bloomberg - USA
Krugman's award adds luster to a Princeton department where US Federal Reserve Chairman Ben S. Bernanke taught from 1985 to 2002 and former Federal Reserve ...
_________________________________________________________________________
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/FSHScalifornia287_G11.jpg
_________________________________________________________________________
Iranian Situation and Other Man Made Disasters
Iran sets conditions for talks with U.S.
USA Today Mon, 13 Oct 2008 8:49 AM PDT
A top adviser to Iranian President Mahmoud Ahmadinejad says that Iran would hold talks with the U.S. only if its forces leave the Middle East and Washington ends its support for Israel.
USA Today Mon, 13 Oct 2008 8:49 AM PDT
A top adviser to Iranian President Mahmoud Ahmadinejad says that Iran would hold talks with the U.S. only if its forces leave the Middle East and Washington ends its support for Israel.
Iran helping Lebanese unity: Aoun
AFP via Yahoo! News Mon, 13 Oct 2008 3:44 AM PDT
Lebanese Christian political leader Michel Aoun said on Monday that Iran was helping Lebanon to achieve ational unity and dismissed criticism at home about his visit to the Islamic republic.
AFP via Yahoo! News Mon, 13 Oct 2008 3:44 AM PDT
Lebanese Christian political leader Michel Aoun said on Monday that Iran was helping Lebanon to achieve ational unity and dismissed criticism at home about his visit to the Islamic republic.
_________________________________________________________________________
Opalesque’s Corner
- Opalesque Exclusive: Review of hedge fund launches, closures, trends, and regulatory and legal events - week 41
- Gartmore stops L/S hedge fund launch over shorting ban
- Performance - Harbinger lost $5bln this year, main fund -17.9% in September, -5.4% YTD, Copper River reportedly lost 55% in only two weeks, Ken Kinsey-Quick, Thames River Warrior HF posts +8% return over last 3 months to August, Diapason L/S agriculture commodity fund down 7.42% in September, -3.48% YTD
- Commodities - Jim Rogers says he still likes commodities, Commodity rout far from ended, Rush to put private commodities contracts on exchanges, Read Opalesque`s Commodities Briefings, the free daily commodities publication
- Redemptions - Investors given chance to quit MW Tops fund, Da Vinci hedge fund suspends redemptions, Mark Sellers locks redemptions on his energy fund, will liquidate it in by 2010, Some Australian HF managers consider freezing redemptions until short selling ban is lifted, Funds of funds facing unprecedented withdrawals, AllianceBernstein assets fall 12.6% in September
- Opalesque Exclusive: Alan Andreini joins Armored Wolf as CEO, fund to launch in 1Q-09
- People - Soafer Capital is recruiting, hopes to grow assets to $5bln, HFs have suffered, utnam hires Jeffrey Carney from BofA as head of global marketing
- Hedge Funds in Crisis - Hedge fund shares tumble, Hedge funds driving stocks collapse, Hedge funds to shrink but survivors to prosper, Survey: Hedge funds most concerned about shorting bans, redemptions and counterparty risks
- Commentaries - Stock market drop mainly caused by forced hedge fund liquidations, The cost of a two-year lockup, 2/20 fees are here to stay, Manager profile: Andrew Weiss sees more doom ahead
- Indices - Gardner MacroIndex: Commodity HFs deliver mixed results in August, Energy down 0.69%, -3.24% YTD, Power gains 1.25%, +4.66% YTD, CASAM CISDM Indices for August: Hedge funds down 1.31%, CTAs down 0.61%
- Strategies - Anglo-Saxon hedge funds shorting on Madrid falls, Global fixed income avoids slump, Positive track record for 130/30 in the works, says Northern Trust
- Institutions - UK pensions continue push into hedge funds, half of the largest already invest in them, Pension funds advised to sit tight as markets slide
- Credit Crunch Update - General relief, Australia, NZ guarantee deposits, World leaders pledge fresh measures, G7 `must provide global solution`: comment on H. Paulson`s 5-point plan (audio), Credit crisis claims first REIT victim, Goldman Sachs takes on `Dr. Doom`, Goldman connection raises questions over conflict of interest, Wells Fargo wins Fed approval on Wachovia bid, Documents show AIG knew of problems with valuations, Bank failures sit at unlucky 13, but maybe not for long, U.S. law firms form crisis groups as markets slide
- Lehman Update - UK FSA allows trading companies to cancel unsettled Lehman transactions, Nomura rebadges Lehman, retains execs, Creditex and Markit announce final results of Lehman credit event auction
- Morgan Stanley Update - MUFG to renegotiate Morgan Stanley deal, U.S. officials said to offer protection to Japan investors, Morgan Stanley confirms prime brokerage hit
- Europe -15 Eurozone countries to agree to follow British bail-out plan outlines and to create unsecured lending facility, UK to inject GBP39bln (US$66.8bln) into RBS, HBOS, Lloyds TSB - Barclays to seek capital independently, Italy to weigh abolishing `opaque` hedge funds, Norway offer banks NOK350bln (US$56.3bln) to restore financial system, Russia launches $86bln bailout plan, Iceland`s blowup adds to panic, Deutsche Bank may buy Fortis` Dutch operations
- Asia - Hedge funds haunted by Asia pre-IPO deals, Asian currencies under pressure, Deepak Lalwani: SENSEX had the worst week in 18 years, down 48% YTD
- Emerging Markets - IOSCO Emerging Markets Committee addresses crisis, launches task force, IMF speeds access to funds as emerging markets buckle
- Regulatory - U.S. banks ask SEC to reinstate short sale ban on financial stocks, Taiwan extends short selling ban, limits stock drop, Walter Lukken: How to solve the derivatives problem, Comment: Regulators in need of rehab, Ten European fund managers sign HFSB code of best practice
- Accounting - Fair value under scrutiny, IASB will today consider adjusting rules, Comment: Reverse leverage of Mark-to-Market wrecks banks, Basel also keeping an eye on hedge fund leverage
- Niche Investing - Emotional fund to launch, Elliott Associates parks additional $1bln in media company
- EuroPerformance and EDHEC publish the United Kingdom edition's results of the first European rankings of asset management firms based on alpha
- Read Opalesque Real Estate Briefing, the new free daily Real Estate publication
- Exchanges - ICE joins banks for global clearing solution, CME Group to launch 18 new natural gas swap futures contracts on ClearPort
- Tech Update - SunGard wins reconciliation software mandate from James Caird A.M.
- Opalesque Exclusive: Altesque Events presents 2008 Hedge Fund Insider`s Update, NYC, November 10th
- Events - Dr. Stu`s Radio show, Emergency Hedge Fund Helpline, today at 8-9pm London time, 3-4pm NYC time, Third annual Trading Day for Kids, sponsored by FBR Capital Markets, on October 15th,
- Activist News - Ackman supports Wells Fargo/Wachovia deal, Pershing Square finds few bidders interested in Longs Drug, Rosseau A.M. seeks to oust Noront board, Toscafund sells Taylor Wimpey stake
- News Briefs - Fidelity cuts jobs as funds contract, Santander may acquire Sovereign Bancorp Inc., UK`s Britannia holds talks with Co-op arm on merger, Icelandic tycoon begs Bhs boss Sir Philip Green to step in
- ...And finally: The end of another mania: Texas bans fish pedicures
- Logon: http://www.opalesque.com/index.php?act=archive
- Gartmore stops L/S hedge fund launch over shorting ban
- Performance - Harbinger lost $5bln this year, main fund -17.9% in September, -5.4% YTD, Copper River reportedly lost 55% in only two weeks, Ken Kinsey-Quick, Thames River Warrior HF posts +8% return over last 3 months to August, Diapason L/S agriculture commodity fund down 7.42% in September, -3.48% YTD
- Commodities - Jim Rogers says he still likes commodities, Commodity rout far from ended, Rush to put private commodities contracts on exchanges, Read Opalesque`s Commodities Briefings, the free daily commodities publication
- Redemptions - Investors given chance to quit MW Tops fund, Da Vinci hedge fund suspends redemptions, Mark Sellers locks redemptions on his energy fund, will liquidate it in by 2010, Some Australian HF managers consider freezing redemptions until short selling ban is lifted, Funds of funds facing unprecedented withdrawals, AllianceBernstein assets fall 12.6% in September
- Opalesque Exclusive: Alan Andreini joins Armored Wolf as CEO, fund to launch in 1Q-09
- People - Soafer Capital is recruiting, hopes to grow assets to $5bln, HFs have suffered, utnam hires Jeffrey Carney from BofA as head of global marketing
- Hedge Funds in Crisis - Hedge fund shares tumble, Hedge funds driving stocks collapse, Hedge funds to shrink but survivors to prosper, Survey: Hedge funds most concerned about shorting bans, redemptions and counterparty risks
- Commentaries - Stock market drop mainly caused by forced hedge fund liquidations, The cost of a two-year lockup, 2/20 fees are here to stay, Manager profile: Andrew Weiss sees more doom ahead
- Indices - Gardner MacroIndex: Commodity HFs deliver mixed results in August, Energy down 0.69%, -3.24% YTD, Power gains 1.25%, +4.66% YTD, CASAM CISDM Indices for August: Hedge funds down 1.31%, CTAs down 0.61%
- Strategies - Anglo-Saxon hedge funds shorting on Madrid falls, Global fixed income avoids slump, Positive track record for 130/30 in the works, says Northern Trust
- Institutions - UK pensions continue push into hedge funds, half of the largest already invest in them, Pension funds advised to sit tight as markets slide
- Credit Crunch Update - General relief, Australia, NZ guarantee deposits, World leaders pledge fresh measures, G7 `must provide global solution`: comment on H. Paulson`s 5-point plan (audio), Credit crisis claims first REIT victim, Goldman Sachs takes on `Dr. Doom`, Goldman connection raises questions over conflict of interest, Wells Fargo wins Fed approval on Wachovia bid, Documents show AIG knew of problems with valuations, Bank failures sit at unlucky 13, but maybe not for long, U.S. law firms form crisis groups as markets slide
- Lehman Update - UK FSA allows trading companies to cancel unsettled Lehman transactions, Nomura rebadges Lehman, retains execs, Creditex and Markit announce final results of Lehman credit event auction
- Morgan Stanley Update - MUFG to renegotiate Morgan Stanley deal, U.S. officials said to offer protection to Japan investors, Morgan Stanley confirms prime brokerage hit
- Europe -15 Eurozone countries to agree to follow British bail-out plan outlines and to create unsecured lending facility, UK to inject GBP39bln (US$66.8bln) into RBS, HBOS, Lloyds TSB - Barclays to seek capital independently, Italy to weigh abolishing `opaque` hedge funds, Norway offer banks NOK350bln (US$56.3bln) to restore financial system, Russia launches $86bln bailout plan, Iceland`s blowup adds to panic, Deutsche Bank may buy Fortis` Dutch operations
- Asia - Hedge funds haunted by Asia pre-IPO deals, Asian currencies under pressure, Deepak Lalwani: SENSEX had the worst week in 18 years, down 48% YTD
- Emerging Markets - IOSCO Emerging Markets Committee addresses crisis, launches task force, IMF speeds access to funds as emerging markets buckle
- Regulatory - U.S. banks ask SEC to reinstate short sale ban on financial stocks, Taiwan extends short selling ban, limits stock drop, Walter Lukken: How to solve the derivatives problem, Comment: Regulators in need of rehab, Ten European fund managers sign HFSB code of best practice
- Accounting - Fair value under scrutiny, IASB will today consider adjusting rules, Comment: Reverse leverage of Mark-to-Market wrecks banks, Basel also keeping an eye on hedge fund leverage
- Niche Investing - Emotional fund to launch, Elliott Associates parks additional $1bln in media company
- EuroPerformance and EDHEC publish the United Kingdom edition's results of the first European rankings of asset management firms based on alpha
- Read Opalesque Real Estate Briefing, the new free daily Real Estate publication
- Exchanges - ICE joins banks for global clearing solution, CME Group to launch 18 new natural gas swap futures contracts on ClearPort
- Tech Update - SunGard wins reconciliation software mandate from James Caird A.M.
- Opalesque Exclusive: Altesque Events presents 2008 Hedge Fund Insider`s Update, NYC, November 10th
- Events - Dr. Stu`s Radio show, Emergency Hedge Fund Helpline, today at 8-9pm London time, 3-4pm NYC time, Third annual Trading Day for Kids, sponsored by FBR Capital Markets, on October 15th,
- Activist News - Ackman supports Wells Fargo/Wachovia deal, Pershing Square finds few bidders interested in Longs Drug, Rosseau A.M. seeks to oust Noront board, Toscafund sells Taylor Wimpey stake
- News Briefs - Fidelity cuts jobs as funds contract, Santander may acquire Sovereign Bancorp Inc., UK`s Britannia holds talks with Co-op arm on merger, Icelandic tycoon begs Bhs boss Sir Philip Green to step in
- ...And finally: The end of another mania: Texas bans fish pedicures
- Logon: http://www.opalesque.com/index.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
Paul Krugman, Nobelist
The New York Times columnist's Nobel in economics is sure to get political. But he deserves the prize. Read
The New York Times columnist's Nobel in economics is sure to get political. But he deserves the prize. Read
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
sobriquet SO-brih-kay; -ket; so-brih-KAY; -KET, noun:
A nickname; an assumed name; an epithet.
_________________________________________________________________________
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
|