Main News

 

Best. Web. Fools. Day. Evah.

Internet hoaxes at Gawker. com, tech Web sites, and even one analyst's faux report on a booming S&P index left a few people laughing and others scratching their heads.  . 
» Read the Full Story

 

 

Back to the Future
James B. Stewart
Taking a look at the recession of 1990-91 could build a case for being optimistic now.
http://www.smartmoney.com/t.cfm?pId=7&mID=458&mDt=04/01/2008&ui=1157312&ctu=%2Fcommonsense%2Findex%2Ecfm%3Fstory%3D20080401%2Dlessons%2Dof%2Drecession

 

FED WARNS OF PERSISTENT PROCESSING PROBLEMS IN OTC DERIVATIVES MARKET
Despite moves by the largest credit derivatives dealers to clear settlement backlogs, the major volume surges in mid-2007 showed that "processing challenges" still persist in the over the counter derivatives (OTC) markets, says The Federal Reserve Bank of New York.
More on this story: http://www.finextra.com/fullstory.asp?id=18285

 

Analyst sees 200000 US banking jobs at risk from subprime crisis
International Herald Tribune - France
The credit crisis began in earnest last summer when the markets tightened up at the sight of spiking subprime mortgage defaults. ...

 

310 U.S. RMBS Ratings Lowered After FGIC Downgrade; 304 Removed From Watch Negative
We lowered our ratings on 310 classes from 119 U.S. residential mortgage-backed securities (RMBS) transactions due to the downgrade of bond insurer Financial Guaranty Insurance Co. (FGIC; BB/Negative/--) on March 28. At the same time, we removed 304 of the affected U.S. RMBS ratings from CreditWatch with negative implications. Our ratings on five classes from RFMSII Series 2006-HSA1 Trust remain on CreditWatch with negative implications. FGIC guarantees all of the classes affected by these actions.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQABCAQTVsLgHxhilpuHQJhuV2VA

 

Ratings Lowered On 44 U.S. Subprime RMBS Classes Issued In 2006; 51 Subprime Ratings Affirmed
We lowered our ratings on 44 classes from 14 residential mortgage-backed securities (RMBS) transactions backed by U.S. subprime mortgage loan collateral issued in 2006. In addition, we affirmed our ratings on 51 classes from 14 RMBS transactions backed by U.S. subprime loans and removed them from CreditWatch negative. The downgrades reflect our opinion that projected credit support for the affected classes is insufficient to maintain the previous ratings, given our current projected losses.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQABCAQTVsLgHxhilpuHQJhuV2VB

 

Everything indicates that financial stocks have bottomed. Except bank balance sheets.
http://online.wsj.com/article/SB120709857305082113.html?mod=djemheard

 

VIX Drops to Almost Five-Week Low on UBS, Lehman Stock Sales. By Jeff Kearns. April 1 (Bloomberg) -- The benchmark index for U.S. stock option prices fell ...
www.bloomberg.com/apps/news?pid=20601087&sid=aPoHsevVw4Fo&refer=home - 7 hours ago –

 

Hedge Funds Get a Pass
New money, old hands-off approach in Paulson plan. Read More

 

Merrill launches indexes tied to carbon-emissions markets
Merrill Lynch has developed a series of indexes that track the value of carbon-emissions credits, according to the firm's head of global commodities research, Francisco Blanch. The indexes are designed as investment vehicles and Merrill would like to see them used in exchange-traded notes or funds. CNNMoney.com/Investor's Business Daily (31 Mar.)

 

What's It Worth? Housing Outlook 2008
The Washington Post's Allan Lengel and real estate associate Nancy Wilson will be online to answer your questions about the real estate industry.
(Allan Lengel and Nancy Wilson, washingtonpost.com)

 

 

Seventy percent of the large institutional investors participating in a new study by Greenwich Associates think turmoil in international credit markets will push the United States into recession in 2008 and almost 60% think the still-unfolding crisis will result in a global economic downturn.

Full Story...

 

The Death of Hedge Fund Alpha?

by Zubin Jelveh

 

Hedge Funds in the Boardroom: New Rules of Engagement

by Susan M. Mangiero

 

'Capacity Constraint' Rather Than Hedge Fund Bubble

by Christopher Holt

 

Activist Hedge Funds Unwinding?

by Paul Kedrosky

 

What Volatility Clustering Data Could Tell Us

by Mebane Faber

 

The (Abandoned) ` Rule and Blaming the Shorts

by Mike Steinhardt

 

An obscure change in how stocks are traded is the subject of a nasty debate on Wall Street. Regulators eliminated the "uptick" rule last summer, which had blocked traders from short selling until a rise in a stock's price. Some blame the switch for everything from increased volatility to the collapse of Bear Stearns.
http://online.wsj.com/article/SB120701263355579045.html?mod=djemheard

 

SFAS 157: Market Prices Too Low? Just Ignore Them!

by Barry Ritholtz

 

The Fed and the Henhouse

by Michael Shedlock

 

Get Out of Jail Free: That's OK Officer, I'm a Hedge Fund Manager
GlobeandMail.com, Canada - Tuesday April 01, 10:21 BST

 

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Yield Curve Corner

 

Dimon usurping Bernanke as lender of last resort
MarketWatch - USA
By MarketWatch LONDON (MarketWatch) -- It looks like Jamie Dimon is fast usurping Ben Bernanke as lender of last resort. , , ) case, there's business logic ...

 

The Paulson Plan
Forbes - NY,USA
Expected to testify: Paulson, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission (SEC) Chairman Chris Cox, New York Fed President ...

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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/FSHStexas092_G12.jpg

 

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Iranian Situation and Other Man Made Disasters

 

Treasury Official: Iran Is 'Central Banker of Terrorism'
Fox News Tue, 01 Apr 2008 12:23 PM PDT
A senior Treasury Department official called Iran 'the central banker of terrorism' in testimony Tuesday before the Senate Finance Committee, but said the United States is succeeding in chasing money tied to the Al Qaeda terror group.

 

Iran's Unemployment Falls to 10.3 percent
Payvand Iran News Tue, 01 Apr 2008 8:31 AM PDT
Iran's unemployment rate dropped to 10.3 percent in the 2007-2008 Iranian year from 11.3 percent the previous year, a senior government official said on Monday. –FNA

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Opalesque’s Corner

 

- Opalesque Exclusive: Investing in Asia - how urgent do you need an office on the ground?  How not to get fooled by large risk teams, procedures
- More from GaimAsia Conference: Asia hedge firms see distressed asset opportunity, HFs lay blame on trouble macroeconomics, Tomlinson`s FRM fund to open office in Hong Kong, Seoul in 2008, Tribridge sees $20bln of Asia credit defaults,  China hedge funds poised to pounce
- $2 billion hedge fund Pardus suspends withdrawals
- Performance: Investec Asset Management reports year of strong returns on first commodity hedge fund
- Opalesque Exclusive: An early look at March`s HF returns denotes negative Q1, Comment: How to detect hedge funds that are tricking investors
- New launches: New African hedge aims for $200m, Ex-Countrywide executive preps global macro hedge fund
- Seeders: Asian-focused manager seeds second hedge fund
- M&A: Macquarie Capital buys hedge fund Craton Capital, Fund managers see potential bounce in M&A activity
- Regulators: Update: Treasury regulatory overhaul plan sparks debate, Paulson`s regulatory overhaul (video), Summary of recommendations
- Reactions to proposed Blueprint: MFA welcomes treasury`s blueprint for principles-based approach to regulatory reform, Richard Baker expresses relief over proposed rules, CME commends U.S. Treasury`s Blueprint for financial regulatory reform, FPA objects to SRO for investment advisers, supports review of practices, PIMCO: Tougher rules may hurt profits
- Indices: Opalesque Exclusive:  New index family developed for Swiss fund of hedge funds
- Trends: PwC research: Fund managers optimistic despite credit crunch
- New Study: No hedge fund bubble.but a potentially serious capacity constraint
- Rating agencies: Fitch launches FoHF manager ratings
- Credit Crunch Update: Lehman to raise $3bln to end questions about its balance sheet, not to offset impact of write-downs, UBS seeks fresh capital, expects $19bln in erite-downs, chairman to step down as bank unveils $12bln loss, Legg Mason to cover $400m of fund`s losses and take charge, Deutsche Bank faces writedowns of about $3.95bln, Credit crunch bites at Arc and Close structured funds
- Greenwich Associates Survey: 70% of institutional investors think credit crisis will push the U.S. into recession, 60% think it will affect global economy
- People: Morgan Stanley Hires Merrill`s Cartmill for FrontPoint Fund, Fortis Prime Fund Solutions announces appointment of Edith Ngan as Regional Managing Director of Asia operations, QSG hires new Research Director
- Institutions: Opalesque Exclusive:  Greenwich Associates Study finds US plan sponsors increasing hedge fund investments, Alpha search going strong as institutional investors grow more discerning
- Environmental Trading: Carbon emissions may become world`s leading derivatives product, regulator says
- Exchanges / Trading Platforms: Deutsche Bank offers retail road to alternative investing with dbFX platform, South Korea gets new equity crossing engine, EuroCCP receives FSA approval
- Joint Forum releases Credit Risk Transfer paper
- Tech Update: Quantifi releases enhanced base correlation calibration for volatile markets
- Registrations for September CAIA examinations now open
- Activist News: Proxy fight looms for Media General and Harbinger
- News Briefs: Canadian hedge fund manager faces cocaine charge, Citi announces new corporate organizational structure and leadership team,  Sharp rise in inflation will exceed target, warns BoE`s King, ECB`s injection pledge serves to ease tensions, Update: Riot police deployed amid Zimbabwe poll tensions
- And Finally. Naked cop proves arresting sight for Kiwi car thief
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

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Funnies, Facts, Quotes, etc….

 

jollification jol-ih-fuh-KAY-shuhn, noun:

Merrymaking; festivity; revelry.

 

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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)

HFRX Indices https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login&1170880431

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Regulatory Info

 

 

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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.