Main News

 

Goldman Sachs bucks trend of banks reducing their leverage
While most investment banks are making moves to reduce their leverage, Goldman Sachs is holding its course. "We have no need as we sit here right now to shrink our balance sheet," David Viniar, Goldman's chief financial officer, told analysts on a conference call on March 18, just days after the takeover of Bear Stearns. Debate continues over whether the banks will be forced to reduce their leverage by raising money or selling assets. Bloomberg (07 Apr.)

 

Cost of Rice Rises 50% in Two Weeks as Agflation Continues <http://seekingalpha.com/article/71437-cost-of-rice-rises-50-in-two-weeks-as-agflation-continues?source=i_email> 

 

Paulson tops fund manager earnings list with record $3bn payout
John Paulson, the hedge fund manager who successfully bet on the slump in the US housing market, has come out top in the list of the 100 top-earning fund managers compiled by Trader Monthly magazine, taking home a record-breaking $3bn (?1.9bn) in earnings last year.  (The Guardian)
http://mail2.efnmail.co.uk/r/353802/MTk4MTI1OjE2OTE3/

 

Carlyle Group raises $1.3bn for distressed assets
Carlyle Group, the US private equity firm, has closed a $1.3bn (?827m) fund to buy distressed assets, seeking to take advantage of others' financial miscues.  (The Wall Street Journal)
http://mail2.efnmail.co.uk/r/353807/MTk4MTI1OjE2OTE3/

 

U.S. Weekly Financial Notes: Marching Into Recession
Payrolls plunged 80,000 in March, which was even more than the market had expected. Downward revisions to the January and February data, although relatively moderate, added insult to injury. Economic data had been coming in a bit stronger than expected, but the employment report changed that perception. Officials have so far avoided saying that the economy is in recession, but they have used every synonym in the thesaurus.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc6?kHiQABDTQTVsLgHxhilpuHQJhuV2VS

 

The hedge fund industry is thought to have suffered its first net quarterly outflow in years as investors demanded ...
eFinancial News Sun, 06 Apr 2008 9:15 PM PDT
The hedge fund industry is thought to have suffered its first net quarterly outflow in years as investors demanded billions of dollars back from the managers in which they had invested.

 

Tough times for hedge funds
Reuters - USA
Hedge funds are ready to set records this year, but not necessarily the good kind. “The bubble has popped and there is going to be a lot of pain,” said ...

 

Iran, U.S., Iraq: A Fourth Round of U.S.-Iranian Talks?
April 4, 2008 1847 GMT
An Iranian news agency has announced that the United States requested a fourth round of talks with Iran on Iraqi security.
http://www.stratfor.com/analysis/iran_u_s_iraq_fourth_round_u_s_iranian_talks

 

by SA Editor Eli Hoffmann

 

Hedge fund associations join forces
Thomson Investment Management News (subscription) - London,UK
LONDON (Thomson IM) - Two hedge fund trade associations based on either side of the Atlantic said on Monday that they wanted to establish a unified global ...

by Laura Cadden

 

PlusFunds Founder May Be in Angola
Hedgeworld (subscription) - New York,NY,USA
It was using Refco LLC as futures commission merchant, and it had cash accounts with Refco Capital Markets Ltd., the unregulated prime brokerage arm of ...

 

Roubini Now Says House Prices to Fall 30% <http://seekingalpha.com/article/71335-roubini-now-says-house-prices-to-fall-30?source=i_email> 
by Larry MacDonald <http://seekingalpha.com/author/larry-macdonald?source=i_email> 

 

Credit Default Swaps: Next Leg of Crisis - Soros <http://seekingalpha.com/article/71337-credit-default-swaps-next-leg-of-crisis-soros?source=i_email> 
by Larry MacDonald <http://seekingalpha.com/author/larry-macdonald?source=i_email> 

 

Clarium Falls 10% In March, Up 15% In ‘08
FINalternatives - Monday April 07, 08:28 BST

 

Managers fail to keep volatility in check
If there is one thing pension trustees say they dislike more than underperformance, it is the kind of unexpected volatility that fund managers have delivered since the credit crisis began.
http://mail2.efnmail.co.uk/r/353370/MTk4MTI1OjE2OTA0/

 

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Yield Curve Corner

Alan Greenspan was lionized for the economy's performance for much of his 18 years as chairman of the Fed, but now, he notes, he's being second-guessed for it. At 82 years old, he wants to set the record straight before the ink dries on the first draft of the current financial crisis' history.
http://online.wsj.com/article/SB120760341392296107.html?mod=djemalertNEWS

 

Bernanke's forecast
Washington Times - Washington,DC,USA
By Donald Lambro Perhaps the most pivotal moment in Ben Bernanke's testimony before Congress last week occurred when the Federal Reserve chairman declared, ...

 

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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/FSHSasia098_MO.jpg

 

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Iranian Situation and Other Man Made Disasters

 

Reaching Iran and the World 7 Days a Week
Voice of America Mon, 07 Apr 2008 11:58 AM PDT
Persian News Network rolled out this unique and compelling program lineup in the fall of 2006. The lineup features a diverse mix of news, information, analysis and discussion of the day's top issues concerning Iran, the region and the world as well as U.S. policies.

 

Iran, U.S., Iraq: A Fourth Round of U.S.-Iranian Talks?
April 4, 2008 1847 GMT
An Iranian news agency has announced that the United States requested a fourth round of talks with Iran on Iraqi security.
http://www.stratfor.com/analysis/iran_u_s_iraq_fourth_round_u_s_iranian_talks

 

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Opalesque’s Corner

 

- Opalesque Exclusive: African landscape (2) - Blue Ink to launch new offshore FoFs and new incubation drive, consistent performance better than outperformance in S.A.`s conservative industry, New paper on the financial market developments in Africa: new challenges for central banks?, On old-fashioned prudence in fund management
- Fund launches: NewSmith launches natural resources hedge fund, Andrew Lee leaves Pirate Capital to start new fund at SYW Capital Management, Man Group alum launches Canadian-focused l/s equity fund, Skandia to create fund of 10 alternative classes, available to retail investors, Genus launches Canadian 130/30 equity strategy
- Opalesque Exclusive: Update: Halcyon hires 3 professionals, AAMAC acquisition still in the works, Less risk, more kudos on the stock exchange
- Performance: Clarium takes 9.9% hit in March, Hedge funds suffering painful start to year
- First-quarter redemptions hit hedge fund industry
- Indices: HFRX indices March 2008: Global HF index at -2.46%, positive performance only from Equity Market Neutral index (2.05%) and Merger Arbitrage index (0.23%), CASAM CISDM Indices February 2008: HF index positive at +1.62%, CTA +7.86%
- Man Group`s RMF invests in LatAm-focussed Quantek hedge fund
- HFIM nominated for UK Pensions Awards 2008 as Alternative Investment Manager of the Year and
Hedge Fund Provider of the Year, Fitch gives Olympia Capital a `B`
- S&P Fund Services launches bi-annual FoHFs directory
- Domiciles: European jurisdictions are getting a bigger slice of the hedge fund cake
- Cerulli`s Global Multimanager Products 2007: Multimanager assets rose by 33% in 2006 to $1.6b, growth expected at 17% p.a., FoFs to lead in U.S., survey`s key findings
- Bear Stearns Update: Bear Stearns says traders` false rumors took bank to the brink, Bear Stearns employees flood Wall Street rivals with resumes, Comment: Bear Stearns rescue a `turning point`
- Credit Crunch Views: Interview: Scion Capital`s Michael Burry on why he saw the credit crisis coming, Dubai Conference: Hedge funds key to riding out market turmoil, Lehman sees financial institutions worldwide writing down $400bln, IMF chief urges global action on turmoil, Low rates, weak oversight lured bankers and traders, but many were easily tempted, Bill Gross: bailout is coming (video)
- Credit Crunch and Global Economy: Greenwich Associates study shows global companies see economic conditions worsening as they feel the effects of credit crisis, McKinsey Global Survey: Majority of executives expect U.S. slowdown to have negative impact on their economies, Dallas Fed: Global growth deceleration continues, Dallas Fed chief rejects comparisons between the US and Japan, The credit crunch`s impact on the British economy (video)
- Views: Soros questions Market Theory in new book, says it created `super-bubble`
- People: ING IM hires William Bonde as co-head of hedge fund of funds group, Arsago Group hires new CIO, Law firm Sidley expands in London with hiring of hedge fund expert Bruce Gardner, Hedge fund admin Kinetic hires four, Scott Powers named new President and CEO of State Street Global Advisors, Duet Group hires Semerci as its new chief executive, CME Group appoints Ricardo Sant`Anna as director, business development, Latin America
- Institutions: Boeing`s pension fund to raise allocation in alternatives to 27%, Spanish pension funds to enter alternatives area after regulatory change, New Hampshire issues alternatives consultant RFP
- Regulations: HSBC chairman sees need for common bank rules, U.K. banks, Treasury split on priorities: banks want quicker solutions, Treasury greater supervision
- Legal: PlusFunds founder Sugrue may be in Angola, SPhinX liquidators sue Angolan resident, Citigroup to pay $33m in gender bias lawsuit
- Exchanges: BSE launches Sensex Futures in the US amid a lot of excitement among E.M. hedge fund managers
- Commodities: Commodity prices to remain strong
- Europe: SocGen Update: Societe Generale investigation may wrap up this summer, lawyer says, Banks race to open first hedge fund in Turkey, an Istanbul broker gets approval to start one, Regulators, political uncertainty keep Italian hedge funds in check, Germany`s `locust` controversy continues
- Asia: From Gaim Asia: Asian hedge funds find silver lining in debt gloom, fresh opportunities in distressed loans and bonds, Asia`s hedge fund industry in numbers, Asia-Pacific markets are hungry for new products
- Australasia: Ocean venture brings hedge fund option to New Zealand, Basis` Alpha liquidators give up US fight
- Other Voices: Continentalization in the global economies` war - Will China reign? Or India?
- Events: State Street presents `The Pensions Industry: Bridging the Gap`, London, 16 April
- Comment: Gulf sovereign funds are source of global financial stability and should not be discriminated
- Activist News: Hedge funds led by Highfields Capital said to threaten banks over Clear Channel buyout, TCI charges CSX with wrong-doing in suit, Appaloosa Management terminates planned Delphi investment, Activist investors take seats increasingly without fight
- News Briefs: Solent`s Mainsail II appoints KPMG as receivers, New Carlyle fund to target distressed assets, enters a crowded field, MF Global considering financing alternatives, Icap agrees to buy Link Asset, Carne opens new London divisions
- And Finally. Science on the cutting edge: `Nothing` and the Love Meter
- 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….

 

woebegone WOE-bee-gon, adjective:

1. Beset or overwhelmed with woe; immersed in grief or sorrow; woeful.
2. Being in a sorry condition; dismal-looking; dilapidated; run-down.

 

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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.