Archive: 10/24/2007
Main News
Creditworthiness Of U.S. Banks Does Not Hinge On Their Adopting "Super-SIV"
We view the three largest U.S. commercial banks' newly announced plan to create a master conduit (the super-SIV) as an initiative that could help normalize the credit markets. Still, the plan leaves questions unanswered regarding the path credit markets may take if the plan is not adopted, and the potential impact on banks' balance sheets of participating or not participating in the plan. For now, we believe the plan could boost the liquidity of certain securities, and thus help banks that sponsor and provide liquidity lines to structured investment vehicles, but we do not anticipate rating actions on the banks.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYSCRQTVsLgHxhilpuHQJhuV2VC
We view the three largest U.S. commercial banks' newly announced plan to create a master conduit (the super-SIV) as an initiative that could help normalize the credit markets. Still, the plan leaves questions unanswered regarding the path credit markets may take if the plan is not adopted, and the potential impact on banks' balance sheets of participating or not participating in the plan. For now, we believe the plan could boost the liquidity of certain securities, and thus help banks that sponsor and provide liquidity lines to structured investment vehicles, but we do not anticipate rating actions on the banks.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYSCRQTVsLgHxhilpuHQJhuV2VC
Last Night in One Room: Kravis, Milken & Whitehead
Source: The New York Times
Not since Michael Milken's Predators' Ball in the 1980's have so many of Wall Street's bold-faced names dared to mingle together. Until last night. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: The New York Times
Not since Michael Milken's Predators' Ball in the 1980's have so many of Wall Street's bold-faced names dared to mingle together. Until last night. More... <http://www.hedgefund-index.com/newstoday.asp>
Three Risks Every Short-Seller Must Know
Source: TheStreet.com
In the previous two installments of The Finance Professor, I covered the mechanics of a short stock sale and the trading strategies that underpin short-selling. Now to close out this trilogy of short-selling lessons, I will focus on the inherent risks in short-selling and how you can manage these risks. More... <http://www.hedgefund-index.com/newsshortselling.asp>
Source: TheStreet.com
In the previous two installments of The Finance Professor, I covered the mechanics of a short stock sale and the trading strategies that underpin short-selling. Now to close out this trilogy of short-selling lessons, I will focus on the inherent risks in short-selling and how you can manage these risks. More... <http://www.hedgefund-index.com/newsshortselling.asp>
Hedge Funds Attracted $45.2 Billion in Third Quarter (Update2)
Bloomberg.com Tue, 23 Oct 2007 10:55 AM PDT
Oct. 23 (Bloomberg) -- Hedge-fund managers attracted $45.2 billion in the third quarter, a decline from record fundraising earlier in the year as subprime-mortgage losses hurt investment returns.
Bloomberg.com Tue, 23 Oct 2007 10:55 AM PDT
Oct. 23 (Bloomberg) -- Hedge-fund managers attracted $45.2 billion in the third quarter, a decline from record fundraising earlier in the year as subprime-mortgage losses hurt investment returns.
US - The Pension Benefit Guaranty Corporation (PBGC) has taken over the two pension plans of Brazilian air carrier, Varig S.A.
As Merrill Lynch prepares to report its third-quarter earnings tomorrow, there are concerns the eye-popping pre-announcement of a $5.5 billion charge from troubled bond investments might be the tip of the iceberg for the Wall Street giant. The...
full story: http://www.nypost.com/seven/10232007/business/bulls_seeing_blood.htm
full story: http://www.nypost.com/seven/10232007/business/bulls_seeing_blood.htm
Have you considered having your fund of hedge funds professionally rated?
Mon, 01 Oct 2007, 06:03
HedgeWeek
With close attention being paid to the ability of fund of hedge funds managers to pick underlying funds that continue to prosper in more volatile market conditions, investors are increasingly examining the processes used by fund of funds managers and the capabilities of their operational structures as well as their investment skills.
Mon, 01 Oct 2007, 06:03
HedgeWeek
With close attention being paid to the ability of fund of hedge funds managers to pick underlying funds that continue to prosper in more volatile market conditions, investors are increasingly examining the processes used by fund of funds managers and the capabilities of their operational structures as well as their investment skills.
Bank calls for cluster analysis of hedge funds
Mon, 22 Oct 2007, 13:20
Money Marketing
The convergence between hedge fund and equity market returns could cause confusion on how such funds should be used to diversify investment portfolios, says the Bank of New York Mellon. A study conducted by the bank and research firm Oxford Metrica shows that combined with inconsistencies in hedge fund classification, the confusion could result in unrealistic return expectations for investors.
Mon, 22 Oct 2007, 13:20
Money Marketing
The convergence between hedge fund and equity market returns could cause confusion on how such funds should be used to diversify investment portfolios, says the Bank of New York Mellon. A study conducted by the bank and research firm Oxford Metrica shows that combined with inconsistencies in hedge fund classification, the confusion could result in unrealistic return expectations for investors.
'Poor' hedgies unhappy with pay
Mon, 22 Oct 2007, 11:51
Institutional Investor/Hedge Fund Daily
It may come as a shock to the folks in Washington—who want to dig further into the pockets of hedge fund managers with a higher tax—that some of those pockets are not so deep. According to Hedge Fund Search Digest's compensation survey, the average total compensation for hedge fund managers and executives is just USD250,000 and only 3% of those surveyed earn more than USD1 million.
Mon, 22 Oct 2007, 11:51
Institutional Investor/Hedge Fund Daily
It may come as a shock to the folks in Washington—who want to dig further into the pockets of hedge fund managers with a higher tax—that some of those pockets are not so deep. According to Hedge Fund Search Digest's compensation survey, the average total compensation for hedge fund managers and executives is just USD250,000 and only 3% of those surveyed earn more than USD1 million.
Words of wisdom don't come cheap -- [at FT Investor]
By James Altucher MarketWatch
10/22/2007 11:20:25 PM
By James Altucher MarketWatch
10/22/2007 11:20:25 PM
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Yield Curve Corner
Economic uncertainty a fact of life: Bernanke
Reuters - USA
Bernanke did not discuss the outlook for the economy or interest rates in the speech, which was delivered via video to a conference on monetary policy under ...
See all stories on this topic
Reuters - USA
Bernanke did not discuss the outlook for the economy or interest rates in the speech, which was delivered via video to a conference on monetary policy under ...
See all stories on this topic
Bernanke says central banks should 'avoid overreacting' to ...
Forbes - NY,USA
Bernanke was speaking in a video-conference to a monetary policy conference at the St. Louis Federal Reserve Bank. He did not talk about the current state ...
See all stories on this topic
Forbes - NY,USA
Bernanke was speaking in a video-conference to a monetary policy conference at the St. Louis Federal Reserve Bank. He did not talk about the current state ...
See all stories on this topic
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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/FSHScalifornia296_G11L.jpg
The story that can't afford to be ignored
CNN presents "Planet in Peril," a two-part documentary that examines our changing planet. Anderson Cooper, Dr. Sanjay Gupta and Animal Planet's Jeff Corwin uncover places where environmental change is not a theory or a forecast, but a crisis happening in real time.
Watch "Planet in Peril" premiering today and tomorrow at 9 p.m. ET on CNN.
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Iranian Situation
Iran's Ahmadinejad criticized at home
AP via Yahoo! News Tue, 23 Oct 2007 11:16 AM PDT
President Mahmoud Ahmadinejad cut short a planned two-day visit to Armenia on Tuesday, officials there said, as the hard-line leader faced growing unhappiness back home over the resignation of Iran's top nuclear negotiator.
AP via Yahoo! News Tue, 23 Oct 2007 11:16 AM PDT
President Mahmoud Ahmadinejad cut short a planned two-day visit to Armenia on Tuesday, officials there said, as the hard-line leader faced growing unhappiness back home over the resignation of Iran's top nuclear negotiator.
Iran Limits New Nuclear Negotiator
New York Times Tue, 23 Oct 2007 11:02 AM PDT
The tone for international talks with the new Iranian envoy were set when President Mahmoud Ahmadinejad announced, ?Iran will not retreat one iota.?
New York Times Tue, 23 Oct 2007 11:02 AM PDT
The tone for international talks with the new Iranian envoy were set when President Mahmoud Ahmadinejad announced, ?Iran will not retreat one iota.?
IRAN, ARMENIA: Iranian President Mahmoud Ahmadinejad cut short his visit to Armenia due to an internal political situation in his country and key talks on Iran's nuclear program in Rome, Agence France-Presse reported, citing a diplomatic source in Yerevan.
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Opalesque’s Corner
- London` Schoenfeld launches European event-driven hedge fund, Gerken and BBVA launch Lat-Am fund, it `adds up if you run the numbers`, Vero launches ABS Fund, Threadneedle creates first 130/ 30 strategy fund, UBS to launch Swiss, UK, Europe, Asia equity 130/30 products by Q1 2008
- Och-Ziff gearing up to launch its IPO on NYSE, aims to raise $1.1 billion, Och-Ziff has $30.1 billion in AUM for more than 700 fund investors
- NYC`s FoF manager enters into a multi-year deal with Hollywood producers
- RAB may double Asia assets to $2 billion in a year, is opening its first overseas office in Hong Kong today
- Lipper lists 171 mutual funds as being like hedge funds
- Polar says hedge fund industry asset growth to slow though `equity long-short HFs shouldn`t suffer that much`, Burlington`s HF manager says U.S. credit woes are not over, Greenlight`s Einhorn on valuing mortgage bonds: Don`t ask, don`t tell
- BNY study recommends hedge funds be classified using cluster analysis instead of traditional classification by strategy, new findings on performance and alpha, Opalesque Exclusive: BNY to hold Hedge Fund Thought Leadership Seminar and Drinks Reception in London
- Julius Baer predicts rising economic momentum in U.S., Eurozone to slow, Credit Suisse Index`s latest white paper: Gaining Efficient Hedge Fund Exposure through Passive Investing, Comment on Ernst & Young survey: Study confirms hedge funds remain `a riddle, wrapped in a mystery, inside an enigma`
- Client services tops back office compensation survey for hedge fund managers
- U.S. Government Accountability Office: Trends in energy derivatives markets question CFTC`s authority, more oversight, transparency may be needed
- Auditors, regulators refuse to let financial institutions hide bad assets from public
- Lobbyists` plan B: asking Congress for 10-year delay in effective date of new taxes
- Update: RBS is talking with SIV`s receivers of Cheyne Finance about setting up an entity to buy the assets, SIV casualty: King County, one investment was in SIV-lite Mainsail II, FT comment: Slicing and dicing risk to rebound on banks, Fed signals support for Paulson plan to help commercial paper
- Bear Stearns, China`s CITIC Securities forge alliance, Comment: the investment banks` new alliance seems anticlimactic
- People: SocGen hires three senior bankers in Paris
- Portraits: Pandit takes on the Citigroup challenge, How Yale does it
- Commodities trend has banks create structures linked to uranium, coal, milk, Massive stores of methane gas buried deep inside Asia`s coal beds, Sprott says coal-bed methane is the most viable sources of natural gas
- Modern art prices unaffected by credit crunch, for now
- Legal News: Piper sues former veteran employees and hedge fund Vermillion they started after leaving firm, U.S. real estate fund sues HSBC over bond deal, Jury finds Merrill Lynch liable for $6 million in Rothman case
- NYSE Euronext and Caisse des Depots join forces to launch an international carbon trading market, Australia in world first with CFD platform
- Pensions: SEI launches multi-manager DC fund range, includes alternative funds
- Integrated takes control of Paris FoFs manager Altigefi, European`s HF IPOs and HF stakes may become harder to get
- Report: Real estate outlook positive for leading European cities despite the credit crisis says Lasalle
- SEBI sticks to the P-note roadmap, India eases restrictions on derivatives, Opalesque Exclusive: MFA comment letter to SEBI - wait and think
- FT Report: South Korea 2007 - Market still lacking in sophistication
- Latin America: Barings sees increasing investment opportunities as new stocks come to the market
- Events: Opalesque Exclusive: Fortis event - Today`s FoFs financing market explained (Oct. 31st, NYC), The Inaugural Hedge Fund Activism & Shareholder Value Summit, 23rd October, San Francisco, Toronto `no-fluff`` event this Thursday: meet Canadian hedge fund managers, Hedge Funds Care Canada to host 4th gala, 8th November, Toronto, Cole Partners hosts seminar for emerging hedge fund managers, 9th November, Chicago, Hedge Funds Review`s 6th Annual European Fund of Hedge Funds Awards, 14th November, London
- Activist News: GSO and Farallon provide financing for stake in Goodman Global, Levitt unit gets loan default notices, HF Pennant Capital has 19.91% stake
- News Briefs: S&P wants to bring enterprise risk into its ratings, Investors optimistic about new rules designed to integrate European equity markets, Switzerland` Diapason launches unit to offer inflation solutions, European power exchanges start consolidation?, China leads the world in high market caps
- . And Finally: Peanut the Parrot imitates fire alarm, saves family
- Logon: http://www.opalesque.com/main.php?act=archive
- Och-Ziff gearing up to launch its IPO on NYSE, aims to raise $1.1 billion, Och-Ziff has $30.1 billion in AUM for more than 700 fund investors
- NYC`s FoF manager enters into a multi-year deal with Hollywood producers
- RAB may double Asia assets to $2 billion in a year, is opening its first overseas office in Hong Kong today
- Lipper lists 171 mutual funds as being like hedge funds
- Polar says hedge fund industry asset growth to slow though `equity long-short HFs shouldn`t suffer that much`, Burlington`s HF manager says U.S. credit woes are not over, Greenlight`s Einhorn on valuing mortgage bonds: Don`t ask, don`t tell
- BNY study recommends hedge funds be classified using cluster analysis instead of traditional classification by strategy, new findings on performance and alpha, Opalesque Exclusive: BNY to hold Hedge Fund Thought Leadership Seminar and Drinks Reception in London
- Julius Baer predicts rising economic momentum in U.S., Eurozone to slow, Credit Suisse Index`s latest white paper: Gaining Efficient Hedge Fund Exposure through Passive Investing, Comment on Ernst & Young survey: Study confirms hedge funds remain `a riddle, wrapped in a mystery, inside an enigma`
- Client services tops back office compensation survey for hedge fund managers
- U.S. Government Accountability Office: Trends in energy derivatives markets question CFTC`s authority, more oversight, transparency may be needed
- Auditors, regulators refuse to let financial institutions hide bad assets from public
- Lobbyists` plan B: asking Congress for 10-year delay in effective date of new taxes
- Update: RBS is talking with SIV`s receivers of Cheyne Finance about setting up an entity to buy the assets, SIV casualty: King County, one investment was in SIV-lite Mainsail II, FT comment: Slicing and dicing risk to rebound on banks, Fed signals support for Paulson plan to help commercial paper
- Bear Stearns, China`s CITIC Securities forge alliance, Comment: the investment banks` new alliance seems anticlimactic
- People: SocGen hires three senior bankers in Paris
- Portraits: Pandit takes on the Citigroup challenge, How Yale does it
- Commodities trend has banks create structures linked to uranium, coal, milk, Massive stores of methane gas buried deep inside Asia`s coal beds, Sprott says coal-bed methane is the most viable sources of natural gas
- Modern art prices unaffected by credit crunch, for now
- Legal News: Piper sues former veteran employees and hedge fund Vermillion they started after leaving firm, U.S. real estate fund sues HSBC over bond deal, Jury finds Merrill Lynch liable for $6 million in Rothman case
- NYSE Euronext and Caisse des Depots join forces to launch an international carbon trading market, Australia in world first with CFD platform
- Pensions: SEI launches multi-manager DC fund range, includes alternative funds
- Integrated takes control of Paris FoFs manager Altigefi, European`s HF IPOs and HF stakes may become harder to get
- Report: Real estate outlook positive for leading European cities despite the credit crisis says Lasalle
- SEBI sticks to the P-note roadmap, India eases restrictions on derivatives, Opalesque Exclusive: MFA comment letter to SEBI - wait and think
- FT Report: South Korea 2007 - Market still lacking in sophistication
- Latin America: Barings sees increasing investment opportunities as new stocks come to the market
- Events: Opalesque Exclusive: Fortis event - Today`s FoFs financing market explained (Oct. 31st, NYC), The Inaugural Hedge Fund Activism & Shareholder Value Summit, 23rd October, San Francisco, Toronto `no-fluff`` event this Thursday: meet Canadian hedge fund managers, Hedge Funds Care Canada to host 4th gala, 8th November, Toronto, Cole Partners hosts seminar for emerging hedge fund managers, 9th November, Chicago, Hedge Funds Review`s 6th Annual European Fund of Hedge Funds Awards, 14th November, London
- Activist News: GSO and Farallon provide financing for stake in Goodman Global, Levitt unit gets loan default notices, HF Pennant Capital has 19.91% stake
- News Briefs: S&P wants to bring enterprise risk into its ratings, Investors optimistic about new rules designed to integrate European equity markets, Switzerland` Diapason launches unit to offer inflation solutions, European power exchanges start consolidation?, China leads the world in high market caps
- . And Finally: Peanut the Parrot imitates fire alarm, saves family
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
Poker Pros Bet Big on Lobbying Congress
BY RUSSELL BERMAN - Staff Reporter of the Sun
WASHINGTON — Coming off a resounding defeat in Congress a year ago, the country's top poker players are trying their hand at a time-honored Washington parlor game: lobbying. Nearly 100 leading card players are flying into the nation's capital this...
BY RUSSELL BERMAN - Staff Reporter of the Sun
WASHINGTON — Coming off a resounding defeat in Congress a year ago, the country's top poker players are trying their hand at a time-honored Washington parlor game: lobbying. Nearly 100 leading card players are flying into the nation's capital this...
WiMax Gets Nod As Wireless Standard
AP October 20, 2007
*************************
The broadband technology WiMax has
been added to a global standard for
mobile devices, boosting its chances
of becoming the preferred system for
the next generation of high-speed
wireless Internet access. WiMax is
capable of speeds of 70 megabits per
second or more across an area of up
to 40 miles. It's faster than many
fixed-line broadband...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7392&m=29780
AP October 20, 2007
*************************
The broadband technology WiMax has
been added to a global standard for
mobile devices, boosting its chances
of becoming the preferred system for
the next generation of high-speed
wireless Internet access. WiMax is
capable of speeds of 70 megabits per
second or more across an area of up
to 40 miles. It's faster than many
fixed-line broadband...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7392&m=29780
Drug-resistant Staph Infection
Appears More Widespread Than
Previously Thought
JAMA & Archives October 16, 2007
*************************
Infections caused by
methicillin-resistant Staphylococcus
aureus (MRSA) appear to be more
prevalent than previously believed,
affecting certain populations
disproportionately and are being
found more often outside of health
care settings, according to a study
in the October 17 issue of JAMA.
MRSA has become the most frequent
cause of skin...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7379&m=29780
Appears More Widespread Than
Previously Thought
JAMA & Archives October 16, 2007
*************************
Infections caused by
methicillin-resistant Staphylococcus
aureus (MRSA) appear to be more
prevalent than previously believed,
affecting certain populations
disproportionately and are being
found more often outside of health
care settings, according to a study
in the October 17 issue of JAMA.
MRSA has become the most frequent
cause of skin...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7379&m=29780
Incredible human machine
KurzweilAI.net Oct. 16, 2007
*************************
The National Geographic channel
will premiere "The Incredible Human
Machine," a show on the mechanics of
the human body, on Sunday Oct. 21....
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7370&m=29780
KurzweilAI.net Oct. 16, 2007
*************************
The National Geographic channel
will premiere "The Incredible Human
Machine," a show on the mechanics of
the human body, on Sunday Oct. 21....
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7370&m=29780
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
inimical ih-NIM-ih-kul, adjective:
1. Having the disposition or temper of an enemy; unfriendly; unfavorable.
2. Opposed in tendency, influence, or effects; antagonistic; adverse.
2. Opposed in tendency, influence, or effects; antagonistic; adverse.
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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)
_________________________________________________________________________
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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