Archive: 04/03/2008
Main News
Stock Hedge Funds Held Record Cash in First Quarter (Update1)
Bloomberg - USA
By Tom Cahill and Katherine Burton April 1 (Bloomberg) -- Stock hedge funds, unsure about which direction the markets would move, sat on a record amount of ...
Bloomberg - USA
By Tom Cahill and Katherine Burton April 1 (Bloomberg) -- Stock hedge funds, unsure about which direction the markets would move, sat on a record amount of ...
Plexus Partners hedge fund loses third of its value
Financial Times Wed, 02 Apr 2008 12:42 PM PDT
The $1.4bn (£704m) flagship hedge fund of London’s Plexus Partners has lost more than a third of its value this year after arbitrage trades in the credit markets went spectacularly wrong.
Financial Times Wed, 02 Apr 2008 12:42 PM PDT
The $1.4bn (£704m) flagship hedge fund of London’s Plexus Partners has lost more than a third of its value this year after arbitrage trades in the credit markets went spectacularly wrong.
Gaming the System: Are Hedge Fund Managers Talented, or Just Good at Fooling Investors?
Knowledge at Wharton Wed, 02 Apr 2008 3:04 PM PDT
Hedge funds are key players in the world's financial markets, but no one knows exactly what they're up to. Critics and supporters tend to share an assumption, however, that hedge funds are run by talented people who merit their hefty management fees. But new research by Wharton statistics professor Dean P. Foster and Brookings Institution senior fellow H. Peyton Young questions that idea, ...
Knowledge at Wharton Wed, 02 Apr 2008 3:04 PM PDT
Hedge funds are key players in the world's financial markets, but no one knows exactly what they're up to. Critics and supporters tend to share an assumption, however, that hedge funds are run by talented people who merit their hefty management fees. But new research by Wharton statistics professor Dean P. Foster and Brookings Institution senior fellow H. Peyton Young questions that idea, ...
Hedge funds' disappearing act is limiting investor options
Market Watch Tue, 01 Apr 2008 6:33 PM PDT
If you are considering investing in a hedge fund, you may be shut out -- not because the hedge fund is oversubscribed and closed to new investors, which has been the usual reason until now, but because so many hedge funds have shut down.
Market Watch Tue, 01 Apr 2008 6:33 PM PDT
If you are considering investing in a hedge fund, you may be shut out -- not because the hedge fund is oversubscribed and closed to new investors, which has been the usual reason until now, but because so many hedge funds have shut down.
Offer of a Murder Surfaces at Wiretap Trial
NYTimes.com via Yahoo! Finance Wed, 02 Apr 2008 2:39 PM PDT
A hedge fund manager testified that Anthony Pellicano, the Hollywood private detective accused of wiretapping, had once offered to have a movie producer killed for him.
NYTimes.com via Yahoo! Finance Wed, 02 Apr 2008 2:39 PM PDT
A hedge fund manager testified that Anthony Pellicano, the Hollywood private detective accused of wiretapping, had once offered to have a movie producer killed for him.
NEW YORK (HedgeWorld.com)—The business news cable network that once featured appearances by the late Seth Tobias as a regular commentator aired a special about his death Monday evening [March 31] that strongly suggested the chief accuser in Mr. ......
Zwirn Plans to Start New Hedge Fund, People Say (Update1)
Bloomberg.com Wed, 02 Apr 2008 1:12 PM PDT
April 2 (Bloomberg) -- Daniel Zwirn , the New York-based manager who is shutting down a $4 billion hedge fund because of investor withdrawals, plans to start a new fund, according to four people with knowledge of the situation.
Bloomberg.com Wed, 02 Apr 2008 1:12 PM PDT
April 2 (Bloomberg) -- Daniel Zwirn , the New York-based manager who is shutting down a $4 billion hedge fund because of investor withdrawals, plans to start a new fund, according to four people with knowledge of the situation.
86 Ratings Lowered On 20 U.S. CDOs Of ABS Deals; $9.107 Billion In Issuance Affected
We lowered our ratings on 86 tranches from 20 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions. We removed 61 of the lowered ratings from CreditWatch with negative implications. The downgraded tranches have a total issuance amount of $9.107 billion. All 20 transactions are high-grade structured finance (SF) CDOs of asset-backed securities (ABS), which are CDOs collateralized at origination primarily by 'AAA' through 'A' rated tranches of RMBS and other SF securities.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQABCBQTVsLgHxhilpuHQJhuV2VY
We lowered our ratings on 86 tranches from 20 U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions. We removed 61 of the lowered ratings from CreditWatch with negative implications. The downgraded tranches have a total issuance amount of $9.107 billion. All 20 transactions are high-grade structured finance (SF) CDOs of asset-backed securities (ABS), which are CDOs collateralized at origination primarily by 'AAA' through 'A' rated tranches of RMBS and other SF securities.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQABCBQTVsLgHxhilpuHQJhuV2VY
77% Of IIs Favor Smaller Funds
More than three-quarters of institutional investors say they find buyouts smaller and medium-sized buyout funds attractive, while only 44% say the same about the big buyout variety.Read more
More than three-quarters of institutional investors say they find buyouts smaller and medium-sized buyout funds attractive, while only 44% say the same about the big buyout variety.Read more
CDO pricing system launched
Hedge Funds Review Magazine - London,England,UK
CDO base correlation calibration is difficult for some parts of the capital structure. For example, the 15%-30% tranche on the Investment Grade CDX index ...
Hedge Funds Review Magazine - London,England,UK
CDO base correlation calibration is difficult for some parts of the capital structure. For example, the 15%-30% tranche on the Investment Grade CDX index ...
_________________________________________________________________________
Yield Curve Corner
Bernanke to Give Congress Economic Update
The Associated Press -
WASHINGTON (AP) — Faced with mounting home foreclosures and job losses, Federal Reserve Chairman Ben Bernanke is under immense political and public pressure ...
The Associated Press -
WASHINGTON (AP) — Faced with mounting home foreclosures and job losses, Federal Reserve Chairman Ben Bernanke is under immense political and public pressure ...
_________________________________________________________________________
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/DSTafrica093_MO.jpg
_________________________________________________________________________
Iranian Situation and Other Man Made Disasters
|
Global Attitudes Toward U.S. Improve; Iran Ranked Worst in Poll
Bloomberg.com Wed, 02 Apr 2008 4:03 AM PDT
April 2 (Bloomberg) -- Attitudes toward U.S. influence on the world have improved in the past year, according to an annual survey of people in 34 countries. Iran scored worst in the poll.
Bloomberg.com Wed, 02 Apr 2008 4:03 AM PDT
April 2 (Bloomberg) -- Attitudes toward U.S. influence on the world have improved in the past year, according to an annual survey of people in 34 countries. Iran scored worst in the poll.
Israel, Iran: Listening Stations Intercepting Communications
April 2, 2008 1552 GMT
Iran has set up sophisticated listening stations in Syria to intercept Israeli military...
http://www.stratfor.com/sitrep/israel_iran_listening_stations_intercepting_communications
April 2, 2008 1552 GMT
Iran has set up sophisticated listening stations in Syria to intercept Israeli military...
http://www.stratfor.com/sitrep/israel_iran_listening_stations_intercepting_communications
_________________________________________________________________________
Opalesque’s Corner
- Hedge fund sector feeling the pain, Hedge funds dropped most in six years in quarter, HFRI shows
- M&A: Morgan Stanley takes minority stake in London commodity manager Hawker Capital
- Performance: Opalesque Exclusive: Potomac` Select Series III Fund hits its stride, returns est. 13.28% in Q1, Picton Mahoney reports strong first year performance results for 130/30 Alpha Extension Canadian Equity Fund
- Opalesque Exclusive: Low profile Geneva FoFs returns 5% in February by keeping low net exposure to equities and short exposure to corporate bonds
- Trends: Merrill: Stock hedge funds held record cash in first quarter, Hedge funds see opportunities in credit crisis, but investors and prime brokers are wary of getting involved
- Strategies: HSBC Alternative Investments outlines outlook for various hedge fund strategies
- Alternative Beta: Former Moore research head makes case for alternative beta
- Legal: Oregon 'blue sky' suit proceeds against NYC law firm Seward & Kissel for abating HF client`s fraud, South Carolina bill allows pension funds to invest indirectly in Sudan only through hedge funds, Hedge fund manager witness testifies in Hollywood trial, Update: Tobias `confession` tapes missing a confession, CNBC suggests accuser not credible, Update: Hennessee sees 7500-contact database missing
- Credit Crunch Update: Thornburg`s fight for survival (video), Fannie Mae takes another step to ease capital need, UBS plans $31bln mortgage escape route, Stocks rise in spite of fresh bank woes, Lehman won`t be the next Bear, Comment: Debt holders get paid back, but stock investors usually pay the price
- Celent Report: Pathology of the US mortgage crisis, key findings
- People: Opalesque Exclusive: James Cahill leaves Cazenove to cover the Middle-East for Axa IM, CFS GAM appoints two PMs to global resources team, Credit Suisse Group appoints Rob Shafir as CEO of the Asset Management division
- Regulators: SEC probes Lehman`s market abuse claims, EU Commission mulling over creation of European regulatory agencies to oversee markets, Comment: SEC fuels new mark-to-market conspiracy theories
- Environmental Trading: Carbon has so far proved no fair trade as shares in several carbon trading companies have fallen sharply
- Commodities: The rising cost of food: governments in developing economies are scrambling to boost farm imports
- Europe: Update: SocGen says Q1 fine outside crisis-related units, Nordic hedge funds gain substantially in February, indices returns positive, Iceland threatens direct intervention in markets to punish hedge fund attackers, Ukrainian investors undeterred by credit squeeze
- Asia: Tata in talks with New Star for Indian fund joint venture, Buy Japan`s `cheap` inflation-linked bonds, says ABN
- More from Gaim Asia: The alternatives community votes on key issues, Wanna finance a Jean-Claude Van Damme movie?
- Event: Merrill Lynch and GlobeOp to host independent valuation seminar today
- Education: Opalesque Exclusive: Insight into CAIAA curriculum changes and alternative investments focus
- Sovereign Wealth Funds: EU trade commisioner asks SWFs to welcome transparency, Middle-East officials behind SWFs as call for regulation mounts
- Activist News: Bandwidth company Packeteer rejects hostile bid from two hedge funds, Update: Media General, shareholder disagree on strategy, Update: Jana rejects CNET offer, Update: Dillard`s reaches pact to avert proxy fight, Canada`s Yellow Pages fights hedge fund factor with buyback
- News Briefs: Bank of NY tops $200bln hedge fund assets under administration, Blackstone Real Estate Partners VI closes with $10.9bln raised, Ex-Wachovia staff launch fund manager with backing from Baird & Co and Private Advisors, Quant manager completes separation from Bear Stearns, Vietnam government launches new website for foreign investors, Australian broker Opes in trouble
- And Finally. Pregnant transgender man pregnant instead of wife...and will appear on Oprah, of course
- Logon: http://www.opalesque.com/index.php?act=archive
- M&A: Morgan Stanley takes minority stake in London commodity manager Hawker Capital
- Performance: Opalesque Exclusive: Potomac` Select Series III Fund hits its stride, returns est. 13.28% in Q1, Picton Mahoney reports strong first year performance results for 130/30 Alpha Extension Canadian Equity Fund
- Opalesque Exclusive: Low profile Geneva FoFs returns 5% in February by keeping low net exposure to equities and short exposure to corporate bonds
- Trends: Merrill: Stock hedge funds held record cash in first quarter, Hedge funds see opportunities in credit crisis, but investors and prime brokers are wary of getting involved
- Strategies: HSBC Alternative Investments outlines outlook for various hedge fund strategies
- Alternative Beta: Former Moore research head makes case for alternative beta
- Legal: Oregon 'blue sky' suit proceeds against NYC law firm Seward & Kissel for abating HF client`s fraud, South Carolina bill allows pension funds to invest indirectly in Sudan only through hedge funds, Hedge fund manager witness testifies in Hollywood trial, Update: Tobias `confession` tapes missing a confession, CNBC suggests accuser not credible, Update: Hennessee sees 7500-contact database missing
- Credit Crunch Update: Thornburg`s fight for survival (video), Fannie Mae takes another step to ease capital need, UBS plans $31bln mortgage escape route, Stocks rise in spite of fresh bank woes, Lehman won`t be the next Bear, Comment: Debt holders get paid back, but stock investors usually pay the price
- Celent Report: Pathology of the US mortgage crisis, key findings
- People: Opalesque Exclusive: James Cahill leaves Cazenove to cover the Middle-East for Axa IM, CFS GAM appoints two PMs to global resources team, Credit Suisse Group appoints Rob Shafir as CEO of the Asset Management division
- Regulators: SEC probes Lehman`s market abuse claims, EU Commission mulling over creation of European regulatory agencies to oversee markets, Comment: SEC fuels new mark-to-market conspiracy theories
- Environmental Trading: Carbon has so far proved no fair trade as shares in several carbon trading companies have fallen sharply
- Commodities: The rising cost of food: governments in developing economies are scrambling to boost farm imports
- Europe: Update: SocGen says Q1 fine outside crisis-related units, Nordic hedge funds gain substantially in February, indices returns positive, Iceland threatens direct intervention in markets to punish hedge fund attackers, Ukrainian investors undeterred by credit squeeze
- Asia: Tata in talks with New Star for Indian fund joint venture, Buy Japan`s `cheap` inflation-linked bonds, says ABN
- More from Gaim Asia: The alternatives community votes on key issues, Wanna finance a Jean-Claude Van Damme movie?
- Event: Merrill Lynch and GlobeOp to host independent valuation seminar today
- Education: Opalesque Exclusive: Insight into CAIAA curriculum changes and alternative investments focus
- Sovereign Wealth Funds: EU trade commisioner asks SWFs to welcome transparency, Middle-East officials behind SWFs as call for regulation mounts
- Activist News: Bandwidth company Packeteer rejects hostile bid from two hedge funds, Update: Media General, shareholder disagree on strategy, Update: Jana rejects CNET offer, Update: Dillard`s reaches pact to avert proxy fight, Canada`s Yellow Pages fights hedge fund factor with buyback
- News Briefs: Bank of NY tops $200bln hedge fund assets under administration, Blackstone Real Estate Partners VI closes with $10.9bln raised, Ex-Wachovia staff launch fund manager with backing from Baird & Co and Private Advisors, Quant manager completes separation from Bear Stearns, Vietnam government launches new website for foreign investors, Australian broker Opes in trouble
- And Finally. Pregnant transgender man pregnant instead of wife...and will appear on Oprah, of course
- Logon: http://www.opalesque.com/index.php?act=archive
_________________________________________________________________________
Misc. Items of Interest
SocGen's ETF arm rolls out water-, energy-linked funds
Societe General's exchange-traded fund arm, Lyxor Asset Management, has launched two new funds. The Lyxor ETF World Water is tied to the World Water Index, made up of 20 stocks active in the three water-related areas: utilities, infrastructure and treatment. The Lyxor ETF New Energy follows the World Alternative Energy Index, which is also made up of 20 stocks. These stocks focus on renewable energy, decentralized energy supply and energy efficiency. Structured Products (01 Apr.)
Societe General's exchange-traded fund arm, Lyxor Asset Management, has launched two new funds. The Lyxor ETF World Water is tied to the World Water Index, made up of 20 stocks active in the three water-related areas: utilities, infrastructure and treatment. The Lyxor ETF New Energy follows the World Alternative Energy Index, which is also made up of 20 stocks. These stocks focus on renewable energy, decentralized energy supply and energy efficiency. Structured Products (01 Apr.)
Concern over 'zero carbon' homes *
People are not prepared for the changes needed for the UK's target of "zero carbon" homes, a report says.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7324234.stm
People are not prepared for the changes needed for the UK's target of "zero carbon" homes, a report says.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/sci/tech/7324234.stm
_____________________________________________________________________
Funnies, Facts, Quotes, etc….
Video of the Day
For those of you that still feel like you can laugh about the subprime crisis, the housing slump and all the money that's been lost, here's a cute song by Dave Girtsman. Enjoy! http://www.youtube.com/watch?v=Ivp4YqGCI-s
deus ex machina DAY-uhs-eks-MAH-kuh-nuh; -nah; -MAK-uh-nuh, noun:
1. In ancient Greek and Roman drama, a god introduced by means of a crane to unravel and resolve the plot.
2. Any active agent who appears unexpectedly to solve an apparently insoluble difficulty.
2. Any active agent who appears unexpectedly to solve an apparently insoluble difficulty.
_________________________________________________________________________
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 |