Archive: 09/21/2007
Main News
Hedge fund firm bars
withdrawals by investors
International Herald Tribune - France
HFA Holdings, an Australian hedge fund manager with $3 billion in assets, said Wednesday
that its funds posted the biggest drop in 10 years last month amid ...
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topic
HEARD
ON THE STREET
from The Wall Street Journal.
Investors got assurance from recent earnings reports that brokerage firms are
weathering the credit-market storm. Goldman Sachs's net rose 79%, helped by
lucrative short positions in the mortgage arena.
http://online.wsj.com/article/0,,heard_on_the_street,00.html?mod=djemheard
Hedge-Fund Losses Hurt Bear
Stearns
Wall Street Journal - USA
By KEVIN KINGSBURY Bear Stearns Cos. posted a 61% drop in fiscal third-quarter
net income on big hedge-fund losses that helped fan the ongoing credit-market
...
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topic
Hedge funds run by computers
lose money in August
Reuters - USA
By Svea Herbst-Bayliss BOSTON, Sept 20 (Reuters) - Hedge fund portfolios run by
computers are supposed to deliver better results than those managed by ...
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topic
Global
Market Brief: Major Economies' Recession-Fighting Tools
http://www.stratfor.com/products/premium/read_article.php?id=295584
JPMorgan Announces Deal With
FRM
LONDON
(HedgeWorld.com)—JPMorgan Hedge Fund Services announced that it will provide
fund administration and custody services to hedge funds and other funds managed
by Financial Risk Management Ltd. ......
Modeling
Liquidity Risk, With Implications for Traditional Market Risk Measurement and
Management
by Anil Bangia, Til Schuermann, & John D. Stroughair
Market risk management under normal conditions traditionally has focussed on
the distribution of portfolio value changes resulting from moves in the
mid-price. Hence the market risk is really in a "pure" form: risk in
an idealized market with no "friction" in obtaining the fair price. However,
many markets possess an additional liquidity component that arises from a
trader not realizing the mid-price when liquidating her position, but rather
the mid-price minus the bid-ask spread... More... <http://www.hedgefund-index.com/s_marketrisk.asp>
How We
Got into the Subprime Lending Mess
When mortgage default rates started to climb earlier this year, many experts
thought the damage would be confined to the minority of issuers that had binged
on subprime lending. It hasn't turned out that way. Consumer spending is off,
the credit crunch is spreading and the housing market is in a slump. "The
degree and the extent of the harm done were not expected. It surprised me. But
the fact that this would end badly was not surprising," says Wharton real
estate and finance professor Susan Wachter. Wachter and colleague Richard K.
Green trace the evolution of the home-financing market over the past decades in
a new paper titled, "The Housing Finance Revolution."
http://knowledge.wharton.upenn.edu/article/1812.cfm
LENDER'S
PRICE IS CUT RATE
By JANET WHITMAN
Struggling subprime mortgage lender Accredited Home Lenders agreed to be
acquired by Lone Star Funds at a sharply reduced price, putting an end to a
bitter legal dispute. Accredited, based in San Diego, sued Lone Star in
August after the...
full story: http://www.nypost.com/seven/09202007/business/lenders_price_is_cut_rate.htm
Let ‘em eat cake: Hedges
lure talent with tempting perks
New York Times - Thursday September 20, 09:24 BST
Industry Risk – Indian
Biofuels Market Soaring
A
strong economy, rising incomes, and a vibrant market have given a huge boost to
the transport sector, which is the fastest growing energy-consuming sector in
India. These trends have made a case for biofuels in India, strengthened by the
huge dependence on oil imports.
Geopolitical
Diary: Recession Ho?
http://www.stratfor.com/products/premium/read_article.php?id=295481
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Yield Curve Corner
Bernanke predicts further
mortgage turmoil
By Robert Schroeder MarketWatch
9/20/2007 09:06:53 AM
Greenspan
Says Recession Still Possible After Fed Cut (Update1). By Steve Matthews and
Albert R. Hunt. Enlarge Image/Details ...
www.bloomberg.com/apps/news?pid=20601087&sid=a76R7Cj4Je9c&refer=home -
11 hours ago - Similar pages - Note this
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Natural Disaster Corner
http://www.sec.noaa.gov/Data/index.html
http://earthquake.usgs.gov/eqcenter/
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/TRCivo263_G11.jpg
_________________________________________________________________________
Iranian Situation
Sarkozy wants tougher Iran sanctions
AP via Yahoo! News Thu, 20 Sep 2007 11:56 AM PDT
President Nicolas Sarkozy said Thursday he wants tougher sanctions against Iran
over its refusal to suspend its nuclear activities.
Iran frees Iranian-American from prison
Reuters via Yahoo! News Thu, 20 Sep 2007 7:19 AM PDT
Iran has released an Iranian-American academic from prison but judiciary
officials said he was not free to leave the country, the official IRNA news
agency reported on Thursday.
US says it detained Iran agent in Iraq
AFP via Yahoo! News Thu, 20 Sep 2007 6:22 AM PDT
US troops arrested a member of the covert operations arm of Iran's elite
Revolutionary Guards in the northern Iraqi city of Sulaimaniyah on Thursday,
the US military said.
IRAN:
An Iranian Foreign Ministry spokesman condemned the Sept. 19
explosion in Beirut that killed Lebanese parliament member Antoine
Ghanem as "plots of the Zionist regime," Iranian news agency IRNA
reported.
New York to Ahmadinejad:
'No'
Rebuffs Bizarre Bid To Lay a Wreath at Ground Zero
BY SARAH GARLAND - Staff Reporter of the Sun
New York City, moving swiftly in the face of outrage from the White House to
the political hustings to the Jewish community, is opposing a request by
President Ahmadinejad to lay a wreath at ground zero when the Iranian is in New
York next week for...
_________________________________________________________________________
Opalesque’s Corner
-
Absolute fights for survival as $100m exits, new CEO considers all options,
including calling in administrators, `Nothing illegal`, but questions over ACM
illiquid shares, Homm remains on holiday, Update: AbCap freezes eight funds
over share discovery, Absolute may offer template for cleaning up funds
invested in illiquid and stigmatised assets, Absolute board`s expertise
- Eurekahedge global hedge fund index -1.79 in August, 7.93% YTD, regional
indices all negative, Canadian hedge funds take 4.52% dip in
August, Nordic Hedge Fund Index preliminary est. down -1.29% in August
- HF.net: Hedge fund assets increased 1.5% in July, no sign of net outflows
- Morgan Stanley sees no hedge fund defaults, More hedge fund collapses
are to come, Zebra`s Ibbotson says, Bear`s prime brokerage biz may have lost
market share as Morgan reports record revenues
- Opalesque Exclusive: Cambridge Retirement Board seeks proposals for
$20m 130/30 allocation, JPMorgan, ING mutual funds backfire using
long-short strategy
- Ex-Baring manager readies China long/short fund, Update: Carey Metz,
former Citadel trader, to start energy hedge fund
- Carrington Capital MBS fund up 2.45% through July, Washington Square
unit Carador sees opportunities in high-yield loans, CDOs teeter on the
edge of precipice
- Hedge fund Och-Ziff sees tight mgmt control post-IPO
- Permal hires director in bid to boost UK scheme presence, Jake Carriker
joins Fall River Capital CTA
- Backwardation is back: Oil futures investing has gotten very, very interesting
again, Oil will hit $100 but probably not in 2007: Pickens, Billions more
dollars headed for commodities, What`s the best-performing commodity over the
past year? Not oil or gold ... but lead, Commodities bull expected to run
further
- Pequot Ventures invests in online platform for restricted securities trading
- U.S. bill affecting American IPOs passes a committee vote, American Stock
Exchange to create 2nd tier segment
- MFA and ISDA work together to improve operational efficiencies in equity
derivatives
- Bermuda government and business executives to offer regulatory and legal
updates in New York and Greenwich: Hedge funds, wealth management, captive
insurance, infrastructure and regulation
- Update: Goldman`s Global Alpha plans changes, to cut leverage, volatility and
will limit its size after losses, Global Alpha down 2.8% first two weeks in
September
- GLG begins to claw back from a dismal August
- Merrill: Subprime mortgage losses will hit $195bln, BBW to step in and rescue
Sachsen vehicle, Morgan Stanley profit drops after losses on LBO loans
- U-turn raises heat on UK Bank governor, Commentary: Regulators start
rethinking their rules on banks, next years will see intense debate about
Northern lessons, Fitch: Northern Rock contagion to UK mortgage sector unlikely
- Lansdowne wins on NorthernRock fall
- GAM hopes for change after August blows, keeps high cash for opportunities
- Erste Bank`s FoF selectively adds capital to hedge fund managers suffering
short-term stress to capture bounce back
- Salary survey: US hedge fund marketers
- Fund managers are most risk-averse since 2003, survey shows, Faber: Gloom
coming
- Calyon and Credit Agricole ratings unaffected by trading loss -
S&P, Calyon faces task to recover reputation
- Gradient, Rocker lose bid to end Overstock.com suit
- Fugitive N.Y. hedge fund manager Haligiannis caught, this time sued by Greek
- OMX slumps on deal expectation, trading suspended, OMX to help Egypt exchange
set up derivatives market
- FRM moves $10bn assets to new administrator
- Norway fund`s Kjćr to step down
- AP7 reviews quant index fund and manager, continues with alpha/beta
separation
- Report: India`s securities market
- Pakistan may double risk on bond default, growing opposition to Musharraf
- China: Hedge funds access to A-share market by trust products
- Beijing imposes price freeze to fight inflation
- Activist News: Dutch Corporate Express facing hedge-fund pressure for
break up or sale
- News Briefs: CALPERS generates $15.1 billion economic activity in California
in 2006, Wall Street Journal will likely dump paid service,
Butterfield Fund Services gets Bermuda fund admin licence, Indian biofuels
market soaring, Economist survey: Middle East lacks adequate regulatory
infrastructure
- ...And finally: The solution? German politician proposes that marriages
lapse after seven years
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
Geopolitical
Diary: The Increasingly Mysterious Israeli-Syrian
Encounter
http://www.stratfor.com/products/premium/read_article.php?id=295545
RiskMetrics files for $200M
IPO
The company
said it plans to use proceeds from the offering to repay debt and for general
corporate purposes.
... READ FULL STORY
>>>
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
recreant
REK-ree-uhnt, adjective:
1.
Cowardly; craven.
2. Unfaithful; disloyal.
3. A coward.
4. An unfaithful or disloyal person.
1854: British and French forces defeated the
Russians at the Battle of the Alma, a victory that left the Russian naval base
of Sevastopol vulnerable and endangered the entire Russian position in the
Crimean War.
1792: The French Legislative Assembly was replaced
by the National Convention, marking the formal beginning of the First Republic.
1761: The Portuguese Jesuit Gabriel Malagrida was
burned to death for his involvement in the Conspiracy of the Távoras.
_________________________________________________________________________
Conference, Courses, Books, Papers
Great
Research Sites:
http://www.allaboutalpha.com/blog/
Merrill
Lynch research Link to full report including important disclosures see example
http://rsch1.ml.com/9093/24013/ds/78763025.PDF
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)
HFRX
Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431
http://www.cogenthedge.com/home/inv_strategy.asp
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Regulatory Info
Commodity Futures Trading
Commission (CFTC)
Division of Enforcement: +1
866-FON-CFTC
http://www.cftc.gov/enf/enfform.htm
http://www.cftc.gov/enf/enfform.htm
Securities and Exchange
Commission (SEC)
http://www.sec.gov/complaint.shtml
http://www.sec.gov/complaint.shtml
Autorité des marchés
financiers (AMF)
Ombudsman's office: +33 (0)1
5345-6464
French:
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=fr&Id_Tab=0
English:
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
http://www.cob.fr/affiche_page.asp?urldoc=mediateur.htm&lang=en&Id_Tab=0
Financial Services Authority
(FSA)
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Financial Ombudsman Service:
0845 080 1800, outside the UK: +44 (0)20 7964 1000
complaint.info@financial-ombudsman.org.uk
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_scams.html
Hong Kong Securities and
Futures Commission (SFC)
http://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
Investor Hotline:
852-2840-9333
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
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information contained in this document does not constitute an offer or
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