Main News

 

From the Pages of The Pomerantz Monitor: The Next Frontier: The Subprime Mess Spreads to Europe <http://feeds.feedburner.com/~r/Pomtalk/~3/295162134/from-the-page-1.html>
Posted: 21 May 2008 11:07 AM CDT

 

PIMCO Buys $2.55B In MBS
Pacific Investment Management Co. has bought mortgage-backed securities from Israel's Bank Hapoalim Ltd. for $2.55 billion.

 

MBIA's CFO: Taking on the WSJ
The latest in the fight over fair-value accounting has Chuck Chaplin questioning its relevance to his company — and firing back at a Wall Street Journal critique of an MBIA earnings release.

 

Why CFOs Hate Fair Value
Pass this primer around to employees, peers, and directors who don't grasp the pitfalls of mark-to-market accounting.

 

Latest research conducted by the Financial Markets team at Terrapinn has
provided 'quantitative' evidence of the investment styles continued
bounce back amongst pension funds, insurance companies, and endowment
funds in light of the credit crisis. In total 120 end-investors took part in the research.
> Download the results of the research project
<http://uk.terrapinnmedia.com/go.asp?/bTUK001/mIIVBN8/q09MTN8/uCW895/xY6F2N8>  

 

Quick, how do you spell CDO? — for desking
FT Alphaville - London,UK
Global CDO issuance collapsed in the first quarter of this year, falling 94 per cent to $11710.1bn compared with the same period in 2007. ...
See all stories on this topic

 

Citigroup's `Last Roman' CDO Shows Enron Accounting (Update1)
Bloomberg - USA
Acceleration occurs after a default when CDO managers are required to pay out the most senior debt first, leaving investors in lower-rated pieces with ...

 

Quant to Double Assets This Year After Beating Hedge Fund Peers
Bloomberg.com Wed, 21 May 2008 10:36 PM PDT
May 22 (Bloomberg) -- Quant Asset Management, a Singapore- based hedge fund which uses computer models to pick trades, said it plans to double the assets it manages this year after beating its peers.

Hedge fund founder guilty in $150 mn fraud scheme
The Economic Times Wed, 21 May 2008 10:36 PM PDT
A federal jury in Atlanta on Wednesday convicted former hedge fund manager Kirk Wright on charges of scamming investors, including former professional athletes, out of $150 million, the Justice Department said

 

The largest hedge funds in the world account for 75% of hedge fund industry assets, compared with 69% the previous ...
eFinancial News Wed, 21 May 2008 9:05 PM PDT
The largest hedge funds in the world account for 75% of hedge fund industry assets, compared with 69% the previous year, continuing the trend of larger funds eclipsing smaller players

 

Citi's Falcon hedge fund head to leave
The Economic Times Wed, 21 May 2008 8:36 PM PDT
The head of Citigroup Inc's troubled Falcon Strategies hedge fund is leaving after spending nearly two decades at the company, according to an internal memo

 

Hedge Fund Gets Saatchi Tips on Hottest Artists in West, Asia
Bloomberg - USA
By Scott Reyburn May 22 (Bloomberg) -- The Art Trading Fund, which describes itself as the world's first ``regulated fine art hedge fund,'' says Charles ...

 

Greenlight's Einhorn Shorting Lehman
By: Emma Trincal, Senior Financial Correspondent
Posted: 05/22/2008 3:53:05 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15000.html

 

Hedge Funds Gaining Traction in Gulf
By: Bill McIntosh, Senior Financial Correspondent
Posted: 05/22/2008 3:47:02 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=dail&story=dail14999.html

 

Platinum and Palladium in High Demand
By: Michael S. Fischer, Senior Financial Correspondent
Posted: 05/22/2008 12:14:55 PM ET
http://www.hedgeworld.com/news/read_news.cgi?section=mfad&story=mfad1266.html

 

Wednesday , 21 May 2008
Jewellery scrap return becomes an important component of the market; so does second-hand goods.

 

U.S. Corporate Default Outlook <http://app.en25.com/e/er.aspx?s=795&lid=3504&elq=86BAEB8D0748477681EECBD0CAD2B486>
Diane Vazza, Managing Director, Standard & Poor's

 

Hedge Fund Rising Stars: Ben Funk
Institutional Investor News’ annual 20 Rising Stars of Hedge Funds showcases up-and-coming hedge fund talent.

 

Dark pools work to prevent "gaming," catch perpetrators
Both broker-dealer-owned and independent dark pools are getting tough on "gaming," or the use of trade information by another party for financial gain. The potential problem intensifies as more liquidity flows into the dark pools. Tabb Group estimated that at least 10% of daily volume is running through dark pools. A Tabb report from last year found that 60% of buy-side participants surveyed said the gaming threat affected their decision on whether to interact with the pools. Financial News Online (22 May.)

 

PowerShares launches first ETFs of ETFs
The PowerShares Autonomic Global Asset Portfolios are the first exchange-trade funds of ETFs. The three funds track indexes of ETFs developed by New Frontier Advisors, a Boston advisory firm. They were launched this week on the American Stock Exchange. The funds represent different risk levels and asset allocation strategies. Index Universe (20 May.)

 

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Yield Curve Corner

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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:

 

More than 80,000 dead or missing in China quake
May 22, 2008 05:50 AM ET
BEIJING/YINGXIU (Reuters) - More than 80,000 people are confirmed
dead or missing from China's worst earthquake in decades, the
government said on Thursday.
http://links.reuters.com/r/SCXS8/Y7YQQ/F07YG/PUW5T/Z9U2I/YT/t

 

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Iranian Situation and Other Man Made Disasters

 

Rice, Miliband warn Iran to come clean about nukes
USA Today Thu, 22 May 2008 11:02 AM PDT
Secretary of State Condoleezza Rice and British Foreign Secretary David Miliband are stepping up warnings to Iran to come clean about its nuclear programs soon or face new sanctions.

 

Iran 'plans to destroy Baha'i community'
CNN.com Thu, 22 May 2008 8:49 AM PDT
A top Baha'i official has criticized Iran's claim that the six imprisoned leaders of the religious minority were held for security reasons and not because of their faith.

 

 

Hezbollah, Lebanon and Oil Prices: For Whom Does the Bell Toll?
May 22, 2008 1259 GMT
Hezbollah appears to come out the winner in Lebanon following a power-sharing agreement reached this week. But in reality, the Shiite group may be getting set up for a fall, as record oil prices reshape the geopolitics of the Middle East.
http://www.stratfor.com/podcast/hezbollah_lebanon_and_oil_prices_whom_does_bell_toll

 

Iran Gains a Big Victory in Lebanon
Hezbollah To Control Parliament
BY BENNY AVNI - Staff Reporter of the Sun
In what is seen as a major victory for Syria and Iran, Hezbollah and its allies are being guaranteed a two-thirds majority in Lebanon's parliament, just as Israel and Syria are announcing talks concerning the fate of the Golan Heights. In Doha,…

 

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Opalesque’s Corner

 

- Fund launches: Opalesque Exclusive:  Veda makes case for India with launch of fund of funds, Insch Capital Management launches global macro fund with Charteris, Sands Bros A.M. launched ABL Fund, Diamond Lake hedge fund postpones launch due to lack of backers
- Performance: Opalesque Exclusive: GLS`s global and emerging markets funds recover in April, Opalesque Exclusive: Enhanced Investment Products` Overlay Fund up 9.49% YTD, 35.4% over 12 months, Sirius Resource Fund I to be reopened after 63% surge in first year, Interview: How Neptune`s Japan Opportunities fund returned 18% this last quarter
- Assets: Singapore`s Quant A.M. to double assets this year after beating hedge fund peers, New Star imposes steep new redemption rules on investors in UK hedge fund
- Ranking: Top 100 hedge funds have 75% of industry assets which grew 35% in 2007 but HF industry AUM declined 1.4% to $2.8trl in Q1 2008, Alpha Magazine`s Hedge Fund 100 Rankings: Money has flown into hedge funds in the face of turbulent markets, biggest hedge funds control 75% of assets, JPMorgan`s Highbridge funds stay on top, Hedge Fund 100 Ranking - top 10 firms
- Indices: Update: Eurekahedge`s April 2008 HF performance commentary: rallying equity markets and reversals helped with gains, Markit announces launch of CMBX Series 5 Index
- Niche Investing: Art hedge fund gets Saatchi as adviser on purchases
- GLG Partners` CEO buys 1 million shares
- Trends: Hedge funds pessimistic on US economy, Will hedge funds` gloomy outlook make money?, Fed`s forecast grows gloomier
- Views: Hedge fund industry going `through a metamorphosis` says Tapestry HF manager, optimism prevails at the top, Soros says market rebound a bear-market rally
- Credit Crunch Update: UBS sells subprime debts to Blackrock, UBS presses the button on a $16bln rights issue, JPMorgan to cut 8,000 Bear Stearns jobs (55%) worldwide, Lehmans 1,300 (5%), Buffett says top bankers should be accountable for risks, Credit crisis will extend into 2009, Oppenheimer says
- People: Citigroup`s Falcon hedge fund chief Reaz Islam to leave firm, Blackstone to expand single-manager hedge fund business outside U.S., hires Philip Anker, BlackRock`s small-midcap growth team co-head leaves to join hedge fund, Fund administrator Linedata names Little-Gill to head North America front-office operations, makes multiple appointments during strong growth, Gravitas builds out consultation, integration, software development and new business units with key hires, Newedge Hong Kong expands its financial futures and options offering with senior hires
- Risk Management: What chess is teaching risk managers
- Derivatives market: OTC derivatives market increased 15% in second half of 2007, amount of CDSs grew 36%
- Institutions: UK`s BT Pension Scheme invests further GBP350m in commodities, 1st allocation to pure alpha commodities fund from Hermes, Merseyside seeks UK 130/30 managers, Canadian pension managers flock to alternatives as assets decline
- Legal: IMA`s Kirk Wright convicted in Ponzi scheme, Ex-AIG chief Greenberg may face SEC charges, Update: Lawyer hits Galvin over client charge in River Stream case
- Commodities: Oil`s perfect storm may blow over with rising crude supply from Nigeria, Iraq, Saudi Arabia, Platinum enthuses investors in exchange-traded products, Ex-Morgan head to lead Apollo commodities unit, Chinese earthquake not affecting world markets for metals
- Exchanges: Dark pools tackle `gaming` risk
- Europe: Report set to criticise culture of SocGen, EU-wide `super regulator` denounces financial markets, poses threat to City of London, First unregulated eligible investor fund created in Jersey, `important step for European alternative funds sector`
- Asia: FRM opening Hong Kong and Seoul offices in significant expansion of its Asian fund of hedge funds, Dunning of FRM sees growth in Asian hedge fund industry (Video), Optimist Asia hedge funds have bought more securities since March, Morgan Stanley says
- Activist News: Icahn secures Pickens` backing in Yahoo push, TCI plans proxy battle over J-Power returns, holdings, Unisys adds two board members from hedge fund investor, Hegde fund Obrem`s proposals defeated at Micrel meeting, Pardus says Valeo accepts board place for Alizadeh
- News Briefs: Noam Gottesman to sell London mansion for record-breaking £117m ($230m), Consultant Greenspan helped Pimco make billions, Gross says, Update: Moody`s stock suffers record plunge on rating error, Bear Stearns` Mayer turns down $27m from JP Morgan, U.S. House of Representatives votes tax breaks for alternative energy
- And Finally. Top German bureaucrats trapped in Stasi jail
- Logon: http://www.opalesque.com/index.php?act=archive

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Misc. Items of Interest

 

Spreadsheet "Worst Practices"
Here's how finance executives abuse the most-useful of computer programs — and how to do better.

 

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Funnies, Facts, Quotes, etc….

 

cadge KAJ, transitive verb:

1. To beg or obtain by begging; to sponge.
2. To beg; to sponge.

 

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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.