Archive: 10/01/2007
Main News
Academics warn overcrowding caused losses
Hedge fund losses of 30% in three days in August were caused by overcrowding, which developed unnoticed and represents a large, underestimated, systemic risk, according to US academics.
http://mail2.efnmail.co.uk/r/317388/MTk4MTI1OjE1MjIy/
Hedge fund losses of 30% in three days in August were caused by overcrowding, which developed unnoticed and represents a large, underestimated, systemic risk, according to US academics.
http://mail2.efnmail.co.uk/r/317388/MTk4MTI1OjE1MjIy/
Tribeca chief stays at Citi
Gay Huey Evans, president of Tribeca Global Management Europe, the Citi hedge fund that closed last month, will remain with the alternative investment arm of the US bank as head of European governance.
http://mail2.efnmail.co.uk/r/317426/MTk4MTI1OjE1MjIy/
Gay Huey Evans, president of Tribeca Global Management Europe, the Citi hedge fund that closed last month, will remain with the alternative investment arm of the US bank as head of European governance.
http://mail2.efnmail.co.uk/r/317426/MTk4MTI1OjE1MjIy/
Meet The Hedge Fund Historian
Forbes Sun, 30 Sep 2007 9:17 AM PDT
Harvard professor Niall Ferguson is now consultant to a British hedge fund. But did he bring his apocalyptic vision with him?
Forbes Sun, 30 Sep 2007 9:17 AM PDT
Harvard professor Niall Ferguson is now consultant to a British hedge fund. But did he bring his apocalyptic vision with him?
Hedge fund appetite put to test
FT.com via Yahoo! News Sun, 30 Sep 2007 3:05 PM PDT
Investor appetite for hedge funds which weathered this summer's market storms will be tested by the announcement on Monday of up to £300m ($612m) of new money raising by two listed funds that specialise in investing in the sector.
FT.com via Yahoo! News Sun, 30 Sep 2007 3:05 PM PDT
Investor appetite for hedge funds which weathered this summer's market storms will be tested by the announcement on Monday of up to £300m ($612m) of new money raising by two listed funds that specialise in investing in the sector.
News in brief: Edhec defends managers
Edhec, the French business school sponsored by hedge fund managers, said French President Nicolas Sarkozy and German Chancellor Angela Merkel were wrong to blame hedge funds for the credit crunch. It said the problem was a crisis of confidence in financial information and the market's capacity to evaluate the solvency of credit institutions. French regulations on the use of credit derivatives by investment funds had created a false sense of security for investors, and new international regulations would increase risks, Edhec said.
http://mail2.efnmail.co.uk/r/317382/MTk4MTI1OjE1MjIy/
Edhec, the French business school sponsored by hedge fund managers, said French President Nicolas Sarkozy and German Chancellor Angela Merkel were wrong to blame hedge funds for the credit crunch. It said the problem was a crisis of confidence in financial information and the market's capacity to evaluate the solvency of credit institutions. French regulations on the use of credit derivatives by investment funds had created a false sense of security for investors, and new international regulations would increase risks, Edhec said.
http://mail2.efnmail.co.uk/r/317382/MTk4MTI1OjE1MjIy/
Hedge fund appetite put to test
Financial Times - London,England,UK
The average hedge fund lost about 1.5 per cent, according to index compilers, as they failed to live up to their aim of providing "absolute" returns ...
See all stories on this topic
Financial Times - London,England,UK
The average hedge fund lost about 1.5 per cent, according to index compilers, as they failed to live up to their aim of providing "absolute" returns ...
See all stories on this topic
Meet The Hedge Fund Historian
Forbes - NY,USA
"He has a completely different perspective," the insider said, adding that a hedge fund might benefit from a historical perspective during times of great ...
See all stories on this topic
Forbes - NY,USA
"He has a completely different perspective," the insider said, adding that a hedge fund might benefit from a historical perspective during times of great ...
See all stories on this topic
UBS expected to report large loss from fixed-income unit - report
By MarketWatch
9/30/2007 4:49:00 PM
By MarketWatch
9/30/2007 4:49:00 PM
Wall St. May Want to Get Out of Pictures
New York Times - United States
All of the hand-wringing leads to a basic question: What if some of the hedge fund and private equity guys (and they are still mostly guys) pack their bags ...
See all stories on this topic
New York Times - United States
All of the hand-wringing leads to a basic question: What if some of the hedge fund and private equity guys (and they are still mostly guys) pack their bags ...
See all stories on this topic
Delivering the Goods Our inaugural ranking of hedge-fund performance tackles the thorny task of measuring results in this murky -- yet increasingly important -- universe. Profiles of five of our winners.
http://online.barrons.com/article/SB119101983536943198.html?mod=djemWR
http://online.barrons.com/article/SB119101983536943198.html?mod=djemWR
New Star Profit Rose in First Half on Rising Hedge Fund Inflows
Bloomberg - USA
28 (Bloomberg) -- New Star Asset Management Group Plc said profit rose 57 percent in the first half of the year as inflows to the hedge fund business more ...
See all stories on this topic
Bloomberg - USA
28 (Bloomberg) -- New Star Asset Management Group Plc said profit rose 57 percent in the first half of the year as inflows to the hedge fund business more ...
See all stories on this topic
Weaker hedge fund results could add pressure on insurers
MarketWatch - USA
According to Hedge Fund tracker Hedgefund.net, its hedge fund aggregate average beat the S&P Total Return index in July, but fell well behind in August. ...
See all stories on this topic
MarketWatch - USA
According to Hedge Fund tracker Hedgefund.net, its hedge fund aggregate average beat the S&P Total Return index in July, but fell well behind in August. ...
See all stories on this topic
Street Dogs: Getting Risk Wrong
BENOIT Mandelbrot and Nassim Taleb wrote an article in Fortune magazine a while ago in which they warned of the dangers of trying to package risk into a simple number. "Beta, won't tell you," they said, "nor will any of the other quantities spewed out by the pseudoscience of finance: standard deviation, the Sharpe ratio, variance, correlation, alpha, value at risk, even the BlackScholes option -pricing model.
NEW YORK (HedgeWorld.com)—A new report from Ernst & Young may give the private equity industry some ammunition it can use in fighting proposals to increase the tax rate on carried interest. ......
Climate Change: A Status Report via Podcast
http://www.stratfor.com/products/premium/read_article.php?id=295956
http://www.stratfor.com/products/premium/read_article.php?id=295956
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Yield Curve Corner
There's No Inflation (If You Ignore Facts)
Newsweek - USA
That's precisely what the government's cardiologist--Ben Bernanke, chairman of the Federal Reserve--has just done. The central bank is supposed to make sure ...
See all stories on this topic
Newsweek - USA
That's precisely what the government's cardiologist--Ben Bernanke, chairman of the Federal Reserve--has just done. The central bank is supposed to make sure ...
See all stories on this topic
Greenspan Sees Recession Risk Rise Alan Greenspan has become the financial equivalent of a Las Vegas betting line, his assessment of the chances of recession accepted as the official line in laying down bets on the economy. Read More
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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:
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Iranian Situation
Iran pledged to cut arms flow
UPI Sun, 30 Sep 2007 11:24 AM PDT
The U.S. military commander in Iraq says it's too soon tell if Iran is making good on a pledge to cut off weapons and funding to extremists in Iraq.
UPI Sun, 30 Sep 2007 11:24 AM PDT
The U.S. military commander in Iraq says it's too soon tell if Iran is making good on a pledge to cut off weapons and funding to extremists in Iraq.
Iran denies creating anti-US bloc with Bolivia, Venezuela
AFP via Yahoo! News Sat, 29 Sep 2007 4:41 PM PDT
Iran's top Latin America diplomat denied that his country was forming an anti-US bloc with Venezuela and Bolivia, two countries that support Tehran's disputed nuclear program.
AFP via Yahoo! News Sat, 29 Sep 2007 4:41 PM PDT
Iran's top Latin America diplomat denied that his country was forming an anti-US bloc with Venezuela and Bolivia, two countries that support Tehran's disputed nuclear program.
IRAN: The foreign ministers of the United States, Russia, China,
Germany, France and the United Kingdom issued a joint statement
saying they will postpone a vote to impose tougher sanctions on
Iran until at least late November. The statement says the countries
will wait to see the November reports from EU foreign policy chief
Javier Solana and International Atomic Energy Agency head Mohamed
ElBaradei before deciding whether to impose new sanctions.
Germany, France and the United Kingdom issued a joint statement
saying they will postpone a vote to impose tougher sanctions on
Iran until at least late November. The statement says the countries
will wait to see the November reports from EU foreign policy chief
Javier Solana and International Atomic Energy Agency head Mohamed
ElBaradei before deciding whether to impose new sanctions.
IRAN, ISRAEL, SYRIA: Informed sources have confirmed that retired
Iranian Gen. Ali Reza Asghari, who defected in February, gave
Israel the intelligence on Syria's missile program needed for the
Syrian airstrike Sept. 6. Kuwaiti newspaper Al-Jeerada reported
earlier that Asghari was the source of information for the
airstrike. Asghari is a former aide to the Iranian defense minister
and a retired general who served for a long time in the Islamic
Revolutionary Guard Corps.
Iranian Gen. Ali Reza Asghari, who defected in February, gave
Israel the intelligence on Syria's missile program needed for the
Syrian airstrike Sept. 6. Kuwaiti newspaper Al-Jeerada reported
earlier that Asghari was the source of information for the
airstrike. Asghari is a former aide to the Iranian defense minister
and a retired general who served for a long time in the Islamic
Revolutionary Guard Corps.
World powers seek to narrow differences on Iran
September 28, 2007 12:34 AM ET
NEW YORK (Reuters) - The world's major powers will try to
narrow their differences on tougher sanctions against Iran when
they meet on Friday in New York, seeking to keep up pressure
on Tehran to curb its nuclear program.
http://links.reuters.com/r/2XRTM/YAENE/GCMI8/BWSGX/4IPJ2/GX/t?a1=nl_usmorningdigest
September 28, 2007 12:34 AM ET
NEW YORK (Reuters) - The world's major powers will try to
narrow their differences on tougher sanctions against Iran when
they meet on Friday in New York, seeking to keep up pressure
on Tehran to curb its nuclear program.
http://links.reuters.com/r/2XRTM/YAENE/GCMI8/BWSGX/4IPJ2/GX/t?a1=nl_usmorningdigest
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Opalesque’s Corner
- Opalesque Exclusive: Polar Securities to launch Canadian focused, distresses securities hedge fund, Impala launches alternative energy fund, Macquarie launches commodity derivatives fund, Africa Opportunities Partners lists fund on AIM, Schonfeld to roll out short term trading FoF, Alton debuts managed futures FoHFs, Oaktree, BlackRock plan funds to buy LBO loans as discounts reach 4%
- Opalesque Exclusive: Generali to launch alternative investments platform with EUR 3.6bln hedge fund exposure
- Absolute Capital to allow 30% redemptions aggregated over 1 year
- Update: Basis Capital`s remaining active hedge fund lost half of its value, continues to operate but future unclear
- MF Global announces first acquisition since going public
- Unsafe Havens: U.S. money market funds have invested $11 billion in subprime debt, Bear Stearns not holding talks with potential suitors, Bear returns to public debt market with $2.5bn note sale, KKR Financial faces $238m loss from asset-backed commercial paper,Virginia puts $170m in credit strategies, Commentary: How to revitalise the credit market in one step
- Opalesque Exclusive: Finisterre Capital adds to special situations and emerging market teams, Scottwood hires ex-Lehman analyst
- U.K. farmland prices highest since at least 1994, up 23% YoY
- Carbon trading one of three strategies with positive returns for hedge funds in August, contracts up 10% in 2 monhts
- Hedge fund, private equity sectors seen at a peak
- M&A market takes a tumble (deals down 42%) but come back predicted for 2008
- Renaissance Capital launches investable IPO index to `capture essence of IPO market`
- Moody`s gets sued by pension fund for misrepresenting risk in sub-prime products
- Judge dismisses most of hedge fund`s claims against Akin Gump, Portus`s Manor to return to Canada to face the music, SEC bars former hedge fund manager Steven Andrew Roberts over unauthorized transfers
- Reg NMS puts pressure on regional U.S. exchanges, Banks lose trading edge over hedge funds as bond trading platform MTS opens, Eurex to launch around 170 new single stock futures, Indian commodity exchanges plan carbon futures
- New Star hedge fund profits from Northern short, New Star profit rose in H1 on rising hedge fund inflows, Banks attack King on further Northern loans, RAB ups stake to 7%
- RAB invests in deep seas` wreckage recovery Subsea despite setbacks
- Sovereign reserve managers to meet in Qatar for top level conference, EU: Sovereign wealth funds will be restricted unless they are more transparent
- Jupiter`s Shaftan says Russia cushioned against market volatility, Emerging Asia set to weather the storm, Barings remains overweight
- Japan`s Financial Instruments and Exchange Law goes into effect on Sunday to encourage savers move $13 trillion
- Australian hedge industry honors top performers in award ceremony
- Activist News: Royal Bank secures EUR6bn to fund break-up bid for ABN Amro, Market shifts, funding issues offer reprieve from hedge fund activism
- News Briefs: U.S. ETF assets top $507 billion, Norway Petroleum to up equities by 50%, UK mortgage brokers prepare for 40% drop in business, Mourant expands administration into Asia with Hong Kong and Singapore offices
- ...And finally: Dresdner trademarks `speed investing`: `You`ve got 20 minutes`
- ...And the really last one: Half of Britons put their cash back under the mattress after Northern failure
- Logon: http://www.opalesque.com/main.php?act=archive
- Opalesque Exclusive: Generali to launch alternative investments platform with EUR 3.6bln hedge fund exposure
- Absolute Capital to allow 30% redemptions aggregated over 1 year
- Update: Basis Capital`s remaining active hedge fund lost half of its value, continues to operate but future unclear
- MF Global announces first acquisition since going public
- Unsafe Havens: U.S. money market funds have invested $11 billion in subprime debt, Bear Stearns not holding talks with potential suitors, Bear returns to public debt market with $2.5bn note sale, KKR Financial faces $238m loss from asset-backed commercial paper,Virginia puts $170m in credit strategies, Commentary: How to revitalise the credit market in one step
- Opalesque Exclusive: Finisterre Capital adds to special situations and emerging market teams, Scottwood hires ex-Lehman analyst
- U.K. farmland prices highest since at least 1994, up 23% YoY
- Carbon trading one of three strategies with positive returns for hedge funds in August, contracts up 10% in 2 monhts
- Hedge fund, private equity sectors seen at a peak
- M&A market takes a tumble (deals down 42%) but come back predicted for 2008
- Renaissance Capital launches investable IPO index to `capture essence of IPO market`
- Moody`s gets sued by pension fund for misrepresenting risk in sub-prime products
- Judge dismisses most of hedge fund`s claims against Akin Gump, Portus`s Manor to return to Canada to face the music, SEC bars former hedge fund manager Steven Andrew Roberts over unauthorized transfers
- Reg NMS puts pressure on regional U.S. exchanges, Banks lose trading edge over hedge funds as bond trading platform MTS opens, Eurex to launch around 170 new single stock futures, Indian commodity exchanges plan carbon futures
- New Star hedge fund profits from Northern short, New Star profit rose in H1 on rising hedge fund inflows, Banks attack King on further Northern loans, RAB ups stake to 7%
- RAB invests in deep seas` wreckage recovery Subsea despite setbacks
- Sovereign reserve managers to meet in Qatar for top level conference, EU: Sovereign wealth funds will be restricted unless they are more transparent
- Jupiter`s Shaftan says Russia cushioned against market volatility, Emerging Asia set to weather the storm, Barings remains overweight
- Japan`s Financial Instruments and Exchange Law goes into effect on Sunday to encourage savers move $13 trillion
- Australian hedge industry honors top performers in award ceremony
- Activist News: Royal Bank secures EUR6bn to fund break-up bid for ABN Amro, Market shifts, funding issues offer reprieve from hedge fund activism
- News Briefs: U.S. ETF assets top $507 billion, Norway Petroleum to up equities by 50%, UK mortgage brokers prepare for 40% drop in business, Mourant expands administration into Asia with Hong Kong and Singapore offices
- ...And finally: Dresdner trademarks `speed investing`: `You`ve got 20 minutes`
- ...And the really last one: Half of Britons put their cash back under the mattress after Northern failure
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
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Funnies, Facts, Quotes, etc….
precipice PRES-uh-pis, noun:
1. A very steep, perpendicular, or overhanging place; a cliff.
2. The brink of a hazardous situation.
2. The brink of a hazardous situation.
1965: In Indonesia a group of army conspirators kidnapped and murdered six army generals, and the following morning the 30th September Movement announced that it had seized power to forestall a coup against the president by a council of generals.
1955: American motion-picture actor James Dean died in an automobile crash in Paso Robles, California.
1895: French troops occupied Antananarivo, Madagascar, after the refusal of Rainilaiarivony, the prime minister, to submit to French suzerainty.
1870: French physicist Jean Perrin, who received the Nobel Prize for Physics in 1926 for his studies of the Brownian motion of minute particles, was born.
1791: The opera The Magic Flute by Wolfgang Amadeus Mozart premiered in Vienna.
1773: The Polish Sejm (legislature) ratified the treaty that led to the First Partition of Poland by Russia, Prussia, and Austria.
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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
respective publishers, as referenced by header and appropriate hypertext links.
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