Archive: 04/11/2008
Main News
Pimco's Gross Holds Most Mortgage Debt Since 2000 (Update1)
http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=a0sK6xE46xQk
http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=a0sK6xE46xQk
SMH Capital is agent on $2.8 bln CDO liquidations
Reuters - USA
Rising defaults on US home mortgages and falling house prices have undermined the value of CDOs, which repackaged the risky mortgage securities along with ...
Reuters - USA
Rising defaults on US home mortgages and falling house prices have undermined the value of CDOs, which repackaged the risky mortgage securities along with ...
Gloom and some doom seen for hedge funds, private equity
Reuters UK - UK
Not a lot of sunshine and rainbows this week at the Reuters Hedge Fund and Private Equity Summit, being held in Hong Kong, London and New York. ...
Reuters UK - UK
Not a lot of sunshine and rainbows this week at the Reuters Hedge Fund and Private Equity Summit, being held in Hong Kong, London and New York. ...
Publication of the Inaugural issue of the Cass-Capco Institute Paper Series on Risk
You can view the latest issue of the journal at http://www.capco.com/general.aspx?id=4082
Hedge funds do not need direct regulation - FSA
http://www.ipe.com/news/Hedge_funds_do_not_need_direct_regulation_FSA_27655.php
http://www.ipe.com/news/Hedge_funds_do_not_need_direct_regulation_FSA_27655.php
How portfolio transparency can help manage hedge fund risk
Philippe Jorion, Chancellor’s Professor, Professor of Finance, School of Business, University of California at Irvine, and Managing Director, Pacific Alternative Asset Management
Philippe Jorion, Chancellor’s Professor, Professor of Finance, School of Business, University of California at Irvine, and Managing Director, Pacific Alternative Asset Management
Risks to reputation: A global approach
Sophie Gaultier-Gaillard, Prism-Sorbonne, Université Paris 1-Sorbonne
Jean-Paul Louisot, Professor of Risk Management, Université Paris 1 – Panthéon Sorbonne, Academic Director, CARM Institute
Sophie Gaultier-Gaillard, Prism-Sorbonne, Université Paris 1-Sorbonne
Jean-Paul Louisot, Professor of Risk Management, Université Paris 1 – Panthéon Sorbonne, Academic Director, CARM Institute
Opinion: Hedge fund operational risk: meeting the demand for higher transparency and best practice
Reiko Nahum, Chief Executive Office, Amber Partners
David Aldrich, Managing Director, The Bank of New York Mellon
Reiko Nahum, Chief Executive Office, Amber Partners
David Aldrich, Managing Director, The Bank of New York Mellon
Operational risk, data management, and economic capital
Allan D. Grody, President, Financial InterGroup
Peter J. Hughes, Managing Director, ARC Best Practices
Robert M. Mark, CEO, Black Diamond Risk
Allan D. Grody, President, Financial InterGroup
Peter J. Hughes, Managing Director, ARC Best Practices
Robert M. Mark, CEO, Black Diamond Risk
Opinion: Benchmarking operational risk
Olivier Nagelmackers, ORM Project Manager, TransConstellation
Olivier Nagelmackers, ORM Project Manager, TransConstellation
Lehman liquidated the three three investment funds last quarter after their assets declined in value amid the larger credit crisis, the bank said in a filing.
Volatile Waters Tossed Around Hedge Funds
http://online.wsj.com/article/SB120778536534003343.html?mod=mkts_main_todays_mkts_tac
http://online.wsj.com/article/SB120778536534003343.html?mod=mkts_main_todays_mkts_tac
Interview with FDIC Chairwoman Sheila Bair. <http://calculatedrisk.blogspot.com/2008/04/interview-with-fdic-chairwoman-sheila.html> “Bair: “I am increasingly concerned about… the potential for a downward spiral, where we have too much inventory, additional foreclosures adding to inventory, which forces home prices down, meaning fewer people can refinance—leading to more foreclosures and more downward pressure on home prices. If this downward spiral takes hold, there could be much broader ramifications for the economy as a whole… We need to come to grips with the need for government intervention. It's not politically popular. We just need to be honest with people… that additional measures are going to have to be taken. And
yes, it may cost money.” (Calculated Risk, Apr. 9th)
Derivatives: The New Disclosure Rule
Corporate users of credit-default swaps and similar instruments soon must show where they report them on their balance sheets and income statements.
Corporate users of credit-default swaps and similar instruments soon must show where they report them on their balance sheets and income statements.
Hedgies Equipped For Market Dip
The recent Alternative Investment Conference in Dubai spoke to the significance of hedge fund during current market dip and the lack of liquidity.Read more
The recent Alternative Investment Conference in Dubai spoke to the significance of hedge fund during current market dip and the lack of liquidity.Read more
Size of Fed's Balance Sheet Limits Public's Losses <http://seekingalpha.com/article/71792-size-of-fed-s-balance-sheet-limits-public-s-losses?source=i_email>
by Steve Waldman <http://seekingalpha.com/author/steve-waldman?source=i_email>
by Steve Waldman <http://seekingalpha.com/author/steve-waldman?source=i_email>
Investor Wilbur Ross shopping for deals among banks, thrifts
A billionaire who made his fortune buying battered companies in the steel, coal and textile industries now is turning to banks and thrifts for bargains. "I believe the next phase of the cycle will be the failure of depositary institutions," Wilbur Ross said. Big banks can attract cash from sovereign wealth funds when they need more capital, but smaller and regional banks may not have that option, Ross said. Reuters (10 Apr.)
A billionaire who made his fortune buying battered companies in the steel, coal and textile industries now is turning to banks and thrifts for bargains. "I believe the next phase of the cycle will be the failure of depositary institutions," Wilbur Ross said. Big banks can attract cash from sovereign wealth funds when they need more capital, but smaller and regional banks may not have that option, Ross said. Reuters (10 Apr.)
Thu, 10 Apr 2008, 04:15
Wall Street Journal
If you thought getting into a hedge fund was tough, try getting out of one. With the markets sputtering, some high-profile hedge funds are rejecting withdrawal requests, with some telling investors that it could be years before they will see all their cash again. And it isn't just big institutions and the wealthy that are getting rebuffed. Some smaller investors who took advantage of lower minimum investments by putting their cash into so-called funds of funds, which invest in numerous hedge funds, are also getting blocked.
Wall Street Journal
If you thought getting into a hedge fund was tough, try getting out of one. With the markets sputtering, some high-profile hedge funds are rejecting withdrawal requests, with some telling investors that it could be years before they will see all their cash again. And it isn't just big institutions and the wealthy that are getting rebuffed. Some smaller investors who took advantage of lower minimum investments by putting their cash into so-called funds of funds, which invest in numerous hedge funds, are also getting blocked.
PGA Sponsor Provides New Hedge Fund Service
Hedge Fund Net - New York,NY,USA
by Paula Schaap, Reporter , April 9, 2008 Custodian bank Northern Trust has gone live with its first hedge fund middle office services client. ...
Hedge Fund Net - New York,NY,USA
by Paula Schaap, Reporter , April 9, 2008 Custodian bank Northern Trust has gone live with its first hedge fund middle office services client. ...
More hedge funds likely to collapse: BofA exec
Reuters - USA
By Svea Herbst-Bayliss NEW YORK (Reuters) - There will be more hedge fund collapses this year as many managers struggle to borrow the new money they need to ...
Reuters - USA
By Svea Herbst-Bayliss NEW YORK (Reuters) - There will be more hedge fund collapses this year as many managers struggle to borrow the new money they need to ...
Hedge fund industry may see negative 08: Hendry
Reuters - USA
By Laurence Fletcher LONDON (Reuters) - The hedge fund industry has become "contaminated" by being too correlated to equity markets and could deliver ...
Reuters - USA
By Laurence Fletcher LONDON (Reuters) - The hedge fund industry has become "contaminated" by being too correlated to equity markets and could deliver ...
Sebastian Mallaby Still Loves Hedge Funds <http://seekingalpha.com/article/71759-sebastian-mallaby-still-loves-hedge-funds?source=i_email>
by Felix Salmon <http://seekingalpha.com/author/felix-salmon?source=i_email>
by Felix Salmon <http://seekingalpha.com/author/felix-salmon?source=i_email>
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HSBC Lures Hedge Fund Clients Away From Prime Brokers (Update1)
Bloomberg.com Wed, 09 Apr 2008 11:23 PM PDT
April 10 (Bloomberg) -- HSBC Holdings Plc , Europe's biggest bank by market value, is attracting hedge fund business because of concerns that prime brokers are under threat from the credit market collapse, said Tim Howell , the bank's global head of securities services.
Bloomberg.com Wed, 09 Apr 2008 11:23 PM PDT
April 10 (Bloomberg) -- HSBC Holdings Plc , Europe's biggest bank by market value, is attracting hedge fund business because of concerns that prime brokers are under threat from the credit market collapse, said Tim Howell , the bank's global head of securities services.
Hedge Fund Losses Blamed on Volatility <http://seekingalpha.com/article/71725-hedge-fund-losses-blamed-on-volatility?source=i_email>
Australian Bond Risk Rises <http://ems.euromoney.com/ems/r.asp?cIndex=172357&mIndex=423734128&hurl=http%3A//www.emii.com/Article.aspx%3FArticleID%3D1903750>
The risk of Australian companies defaulting on their bonds increased for the first time in a week, credit-default swaps show. More <http://ems.euromoney.com/ems/r.asp?cIndex=172357&mIndex=423734128&hurl=http%3A//www.emii.com/Article.aspx%3FArticleID%3D1903750>
The risk of Australian companies defaulting on their bonds increased for the first time in a week, credit-default swaps show. More <http://ems.euromoney.com/ems/r.asp?cIndex=172357&mIndex=423734128&hurl=http%3A//www.emii.com/Article.aspx%3FArticleID%3D1903750>
Hargreaves Lansdown unveils robust earnings despite market turmoil
Hargreaves Lansdown on Wednesday said that assets under management fell £200m (?250m) to £10.7bn over the January-March quarter, as the inflow of money into the group's managed tax free individual savings accounts ahead of the tax year end was not quite enough to offset the fall in the stock market. (Financial Times)
http://mail2.efnmail.co.uk/r/354432/MTk4MTI1OjE2OTQ0/
Hargreaves Lansdown on Wednesday said that assets under management fell £200m (?250m) to £10.7bn over the January-March quarter, as the inflow of money into the group's managed tax free individual savings accounts ahead of the tax year end was not quite enough to offset the fall in the stock market. (Financial Times)
http://mail2.efnmail.co.uk/r/354432/MTk4MTI1OjE2OTQ0/
by Felix Salmon <http://seekingalpha.com/author/felix-salmon?source=i_email>
Standard & Poor's Steps To Strengthen The Ratings Process
We have made significant progress in implementing the actions we announced in February, which are designed to enhance independence, strengthen the ratings process, and increase transparency. We view this as a substantive first step and look forward to continuing to engage with market participants and policymakers as we implement our enhancements and consider additional measures. We are committed to helping bring stability and transparency to the capital markets and believe our actions will help build greater confidence in credit ratings.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQACRTQTVsLgHxhilpuHQJhuV2VU
We have made significant progress in implementing the actions we announced in February, which are designed to enhance independence, strengthen the ratings process, and increase transparency. We view this as a substantive first step and look forward to continuing to engage with market participants and policymakers as we implement our enhancements and consider additional measures. We are committed to helping bring stability and transparency to the capital markets and believe our actions will help build greater confidence in credit ratings.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc6?kHiQACRTQTVsLgHxhilpuHQJhuV2VU
The Resiliency Of Domestic Captive Auto Loan ABS To A Recession
As the recession watch continues to intensify, we are examining how a downturn might damage the auto loan asset-backed securities (ABS) that Ford Credit, GMAC, and DaimlerChrysler issued in 2007. Indeed, losses and delinquencies in the underlying auto loan pools for these transactions are trending higher than in prior years, as is the case for most auto issuers. Nevertheless, after rerunning cash flow break-even stress tests, we believe that the credit enhancement present in these transactions is adequate to support our current ratings.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc6?kHiQACRTQTVsLgHxhilpuHQJhuV2VB
As the recession watch continues to intensify, we are examining how a downturn might damage the auto loan asset-backed securities (ABS) that Ford Credit, GMAC, and DaimlerChrysler issued in 2007. Indeed, losses and delinquencies in the underlying auto loan pools for these transactions are trending higher than in prior years, as is the case for most auto issuers. Nevertheless, after rerunning cash flow break-even stress tests, we believe that the credit enhancement present in these transactions is adequate to support our current ratings.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc6?kHiQACRTQTVsLgHxhilpuHQJhuV2VB
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Yield Curve Corner
Bernanke To Give Class Day Speech
Harvard Crimson - Cambridge,MA,USA
By ADITI BALAKRISHNA Chairman of the Federal Reserve Ben S. Bernanke ’75 will take to the steps of Memorial Church in June as this year’s Class Day speaker, ...
Harvard Crimson - Cambridge,MA,USA
By ADITI BALAKRISHNA Chairman of the Federal Reserve Ben S. Bernanke ’75 will take to the steps of Memorial Church in June as this year’s Class Day speaker, ...
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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/FSHSaustralia101_MO.jpg
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Iranian Situation and Other Man Made Disasters
Iran and al Qaeda among greatest threats to U.S.: Bush
Reuters via Yahoo! News Thu, 10 Apr 2008 10:28 AM PDT
President George W. Bush issued a stark warning to Iran to stop interfering in Iraq on Thursday and characterized Iran and al Qaeda as "two of the greatest threats to America."
Reuters via Yahoo! News Thu, 10 Apr 2008 10:28 AM PDT
President George W. Bush issued a stark warning to Iran to stop interfering in Iraq on Thursday and characterized Iran and al Qaeda as "two of the greatest threats to America."
Iran's Ahmadinejad targets 'corrupt world leadership'
AFP via Yahoo! News Thu, 10 Apr 2008 3:44 AM PDT
President Mahmoud Ahmadinejad on Thursday set Iran the target of wiping out the "corrupt world leadership," in his latest verbal attack on Western powers locked in a nuclear crisis with Tehran.
AFP via Yahoo! News Thu, 10 Apr 2008 3:44 AM PDT
President Mahmoud Ahmadinejad on Thursday set Iran the target of wiping out the "corrupt world leadership," in his latest verbal attack on Western powers locked in a nuclear crisis with Tehran.
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Opalesque’s Corner
- Opalesque Exclusive: A marriage made in special situations - NYC specialist partners with Shanghai group to co-invest in distressed opportunities, Capital-starved Chinese developers go to PE and HFs, who are now buying debt at deep discounts
- New Launches: Opalesque Exclusive: Cairn launches structured credit hedge fund to capture current dislocations, WR Capital offers multi-strategy FoHFs, Madrid firm launches Ucits III-compliant hedge fund
- Assets: Platinum Grove raises nearly $300m, Green light for Asian long/short fund with new $25m seeding capital
- Performance: Carnegie LS fund down 3.5% for March, Q1 proved tough for stock pickers; long/shorts off 5.8%, Prism funds had losses of 24% to 29%
- Liquidations: Capital Management Group liquidates FoHF, Comment: Liquidation pricing shows true market price
- Lipper Awards: 10 hedge funds win for combined return and risk achievements
- Ratings: MAN RMF Dynamic gets top rating from Zenith
- Research: Opalesque Exclusive: Merrill Lynch launches specialty research initiative, Morningstar launches web based data research platform
- Strategies: Are Treasuries the most overvalued assets in the word?
- Risk management: New CCDS designed to deal with counterparty risk
- Views: Eclectica chief: HF industry has become `contaminated` by being too correlated to equity markets, BofA exec predicts the level of blowups will continue, Redemptions: If you thought getting into a hedge fund was tough, try getting out of one
- Credit Crunch Update: Goldman had more trading-loss days than Morgan Stanley, Lehman, Blackstone says market turmoil to last until 2010, Pound to drop as BOE cuts interest Rates, says Mizuho, Debt market improves, so banks trim risk but often at a price
- Banks and hedge funds: Author on history of hedge funds says `blame the banks`, Banks take blame for credit crisis, Banks quick to yank hedge funds` credit
- People: David Noh to join Citadel as Senior MD and Head of Asian Merchant Banking, Fund administrator Linedata appoints new North America director
- Institutions: Finnish state fund looks to alternative investments to correct bad year, Lufthansa pension fund to add alternatives
- Legal: Investors sue Citigroup for hedge fund fraud, Update: Malaysia filed landmark civil suit against US based fund Aeneas Capital Management, Update: Bayou head faces 30 years in prison at sentencing, Merrill settles in NYSE probe
- Regulators: Finra issues guidelines aimed at fighting rogue trading, British whistle-blowing, plea-bargaining proposals would see little use, Short selling to be reintroduced in Indian markets, timing of Sebi`s move thought to be inappropriate, Australia aims regulatory fire at hedge funds
- Commodities: Copper closes at all time high as Citigroup reports hedge funds and others pouring into commodities markets, Hedge funds put small-cap mining stocks at risk, says Citigroup
- Environmental Trading: Billion-dollar potential seen in carbon trading says new report, Walter Nasdeo, Ardour Capital, discusses alternative energy stocks
- Tech Update: Logical Information Machines provides commodity traders, hedge funds with a crystal ball that looks into the past
- SocGen Update: Societe Generale `doing just fine`, says chairman
- Europe: UK House of Lords backs universal line on liquidations, Iceland Update: Bank Chairman accuses four funds of attack on Icelandic markets and banks, Hedge fund investing in privatized Russian electricity producer
- Asia: Painful shake-out seen for Asian hedge funds
- Prime Brokers: HSBC targeting hedge fund clients moving away from prime brokers
- Administrators / Back Office: Northern Trust offers middle office services for hedge fund clients, Hedge fund operations provider Conifer acquires Morgan Stanley Outsourced Trading, Hedge fund operations provider Paladyne partners with Numerix Trading
- Events: Global Derivatives Trading and Risk Management 2008, Paris, May 2008, Exclusive presentation of the results of the EDHEC European ETF Survey 2008 at the EDHEC Institutional Days in Paris
- Activist News: MDS may face pressure from shareholder to sell off businesses
- News Briefs: Firms sign up for Swift messaging project to automate communications of hedge fund transactions, Sen. John McCain makes campaign stop at Bridegwater Associates, Advent Software to host discussion on 130/30 portfolios next week, NARA Capital FoHFs to be distributed exclusively through Massena Advisors
- And Finally. Pensioner collects sympathy money for UBS chairman, only gets 5 cents
- Logon: http://www.opalesque.com/index.php?act=archive
- New Launches: Opalesque Exclusive: Cairn launches structured credit hedge fund to capture current dislocations, WR Capital offers multi-strategy FoHFs, Madrid firm launches Ucits III-compliant hedge fund
- Assets: Platinum Grove raises nearly $300m, Green light for Asian long/short fund with new $25m seeding capital
- Performance: Carnegie LS fund down 3.5% for March, Q1 proved tough for stock pickers; long/shorts off 5.8%, Prism funds had losses of 24% to 29%
- Liquidations: Capital Management Group liquidates FoHF, Comment: Liquidation pricing shows true market price
- Lipper Awards: 10 hedge funds win for combined return and risk achievements
- Ratings: MAN RMF Dynamic gets top rating from Zenith
- Research: Opalesque Exclusive: Merrill Lynch launches specialty research initiative, Morningstar launches web based data research platform
- Strategies: Are Treasuries the most overvalued assets in the word?
- Risk management: New CCDS designed to deal with counterparty risk
- Views: Eclectica chief: HF industry has become `contaminated` by being too correlated to equity markets, BofA exec predicts the level of blowups will continue, Redemptions: If you thought getting into a hedge fund was tough, try getting out of one
- Credit Crunch Update: Goldman had more trading-loss days than Morgan Stanley, Lehman, Blackstone says market turmoil to last until 2010, Pound to drop as BOE cuts interest Rates, says Mizuho, Debt market improves, so banks trim risk but often at a price
- Banks and hedge funds: Author on history of hedge funds says `blame the banks`, Banks take blame for credit crisis, Banks quick to yank hedge funds` credit
- People: David Noh to join Citadel as Senior MD and Head of Asian Merchant Banking, Fund administrator Linedata appoints new North America director
- Institutions: Finnish state fund looks to alternative investments to correct bad year, Lufthansa pension fund to add alternatives
- Legal: Investors sue Citigroup for hedge fund fraud, Update: Malaysia filed landmark civil suit against US based fund Aeneas Capital Management, Update: Bayou head faces 30 years in prison at sentencing, Merrill settles in NYSE probe
- Regulators: Finra issues guidelines aimed at fighting rogue trading, British whistle-blowing, plea-bargaining proposals would see little use, Short selling to be reintroduced in Indian markets, timing of Sebi`s move thought to be inappropriate, Australia aims regulatory fire at hedge funds
- Commodities: Copper closes at all time high as Citigroup reports hedge funds and others pouring into commodities markets, Hedge funds put small-cap mining stocks at risk, says Citigroup
- Environmental Trading: Billion-dollar potential seen in carbon trading says new report, Walter Nasdeo, Ardour Capital, discusses alternative energy stocks
- Tech Update: Logical Information Machines provides commodity traders, hedge funds with a crystal ball that looks into the past
- SocGen Update: Societe Generale `doing just fine`, says chairman
- Europe: UK House of Lords backs universal line on liquidations, Iceland Update: Bank Chairman accuses four funds of attack on Icelandic markets and banks, Hedge fund investing in privatized Russian electricity producer
- Asia: Painful shake-out seen for Asian hedge funds
- Prime Brokers: HSBC targeting hedge fund clients moving away from prime brokers
- Administrators / Back Office: Northern Trust offers middle office services for hedge fund clients, Hedge fund operations provider Conifer acquires Morgan Stanley Outsourced Trading, Hedge fund operations provider Paladyne partners with Numerix Trading
- Events: Global Derivatives Trading and Risk Management 2008, Paris, May 2008, Exclusive presentation of the results of the EDHEC European ETF Survey 2008 at the EDHEC Institutional Days in Paris
- Activist News: MDS may face pressure from shareholder to sell off businesses
- News Briefs: Firms sign up for Swift messaging project to automate communications of hedge fund transactions, Sen. John McCain makes campaign stop at Bridegwater Associates, Advent Software to host discussion on 130/30 portfolios next week, NARA Capital FoHFs to be distributed exclusively through Massena Advisors
- And Finally. Pensioner collects sympathy money for UBS chairman, only gets 5 cents
- 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….
pugnacious puhg-NAY-shuhs, adjective:
Inclined to fight; combative; quarrelsome.
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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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