Wednesday, August 15, 2007

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“Money is a “way of keeping score in life,” says T. Boone Pickens. But that is just for those who like playing the game.” - Bill Bonner

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 Top Stories


Hedge fund replication techniques under spotlight
 Source: Global Pensions
Pension analysts have claimed the turmoil in global markets has put hedge fund replication techniques firmly under the spotlight.

With markets suffering sharp loses in recent days, amid signs of a credit crunch, prompted by continuing concern over the extent of the problems emanating from the US sub-prime mortgage market, analysts are awaiting the performance data for hedge fund replication techniques with bated breath.  More...

Merkel to Raise Private Equity, Hedge-Fund Investment Hurdles
Source: Bloomberg
German Chancellor Angela Merkel asked her Cabinet to approve new transparency rules for private equity and hedge funds, disappointing the finance industry that had been told to expect fewer investment barriers. More...

Speaking Hedgie
 Source: MSNBC
In these days of market volatility, hedge-fund managers and executives at all types of money management firms have been forced to explain why their funds are shutting down, losing money hand over fist, and freezing investors' funds. When they do so, however, they frequently lapse into a strange euphemistic dialect. And so we thought it would be helpful to provide a handy Hedgie-English glossary. More...

 Hedge Fund Manager's Alma Mater Matters
 Source: Michigan Ross School of Business
Hedge fund investors seeking superior performance are well-advised to select younger, well-educated fund managers who are highly devoted to their jobs, says a University of Michigan business professor. More...


More of Today's Stories continued below...  or  Today's Stories unabridged on the web

  Term of the Day & Related News

Diversification
Diversification is a measure of the commonality of a population. Greater diversification denotes a wider variety of elements within that population. Diversification is of central importance in investments. Diversification reduces the risk of a portfolio. It does not necessarily reduce the returns. This is why diversification is referred to as the only free lunch in finance. More...
 
Related News:

Diversification key in getting to the finish line profitably
 Source: The New York Daily News
With volatility rising in the financial markets, many market participants will again discuss the benefits of diversification. We have always championed the merits of diversification, and think that this is a good time to review four of our most important points. More...

Why Diversification Can Leave You Behind
 Source: The Motley Fool
Warren Buffett believes that "diversification is an excuse for ignorance." What he means is that when a good investment idea comes across your plate, you have to have the conviction to swing big. More...
  Scholarly Article & Related News

Efficiency and the Bear: Short Sales and Markets around the World
by Arturo Bris, William N. Goetzmann, & Ning Zhu
We analyze cross-sectional and time series information from forty-seven equity markets around the world, to consider whether short–sales restrictions affect the efficiency of the market, and the distributional characteristics of returns to individual stocks and market indices. Using the approach developed in Mørck et al. (2000) we find significantly more cross-sectional variation in equity returns in markets where short selling is feasible and practiced, controlling for a host of other factors. This evidence is consistent with more efficient price discovery at the individual security level... More...
 
Related News:

CBDT paves way for short selling
 Source: Business Standard
The Central Board of Direct Taxes (CBDT) has clarified that lending and borrowing of shares for short selling in equities will not attract capital gains tax.

With this clarification one of the important hurdles in the way of permitting short selling on the stock exchanges has been cleared. More...

 Analysts fear shorting effect
 Source: The Globe and Mail
A rule change that has made it easier for short sellers to execute trades may be partly responsible for wild swings in the stock market over the past several weeks. More...
  Top Stories by Category
  Book of the Day & Related News

   
Handbook of Mortgage Backed Securities
by Frank J Fabozzi
Average Customer Review: 3.5 out of 5 stars
Price: $54.15
 
Book Description
Classic resource for professionals in the mortgage-backed securities market, offering insightful discussion of the latest fundamentals, profit strategies, and characteristics in the market. Includes coverage of Japanese MBS, hedging with swaps and agencies, nonagency CMOs, and prepayment penalty MBSs.

Related News:

Sales of Commercial Mortgage Debt to Reach Record, Moody's Says
Source: Bloomberg
Sales of bonds backed by European commercial property loans may reach a record this year, even if turmoil in global credit markets curbs the pace of issuance in the second half, Moody's Investors Service said. More...

Mortgage-backed securities 101
 Source: Marketplace
We'll grant you that this stuff is all mind-numbingly complicated. From however the heck a quant fund works to why some funds have had to stop allowing withdrawals because they can't do something called mark to market. And at the bottom of the whole mess is something that sounds fairly self-explanatory, but somehow isn't. The mortgage-backed security. More...
 
  Personal Interest


Apple to sell Lennon solo works
 Source: Reuters UK
Apple Inc said on Tuesday it would offer the entire solo catalogue of John Lennon on iTunes in its second such deal with one of the Beatles, who have been among the highest-profile holdouts to put tunes online. More...

Lesson from space
 Source: The Herald Sun
US STUDENTS have waited a generation to talk to a teacher in space, and when the chance came yesterday they made the most of it.

Twenty-one years after the Challenger disaster that killed teacher-in-space Christa McAuliffe, 18 students taking part in a NASA Endeavour link-up peppered Barbara Morgan and other crew members with questions. More...
 

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   Top Stories (Continued)


Basis Capital Says Hedge Fund May Lose 80% of Its Value
 Source: BankNet360
Another hedge fund has lost significant value from hits in the subprime mortgage sector. Basis Capital Fund Management Ltd. has announced that its Yield Fund lost as much of 80% of its value in the last 30 days. More...

Downgrades flow, banks tighten with hedge funds
 Source: MarketWatch
Financial stocks were volatile again Wednesday as analyst downgrades moved several individual shares lower, but broader indexes turned higher after a weak opening. More...

 Editorial: Close the Hedge Fund loophole
 Source: The Daily News Tribune
Most of us feel we pay too much in federal taxes, but there are at least a few very wealthy people who pay too little. They are the managers of hedge funds who are paid with so-called "carried interest" taxed at the 15 percent rate applicable to dividends and capital gains. More...

Hedge Fund Sell Outs Threaten Markets
 Source: The Motley Fool
Today's the day the hedge funds get their sick notes. From investors feeling too sickened by market queasiness to stomach staying in.

Let me explain. Today is the last chance for people with money in hedge funds to give the standard 45 days notice to withdraw it ahead of the fourth quarter. Such withdrawals could trigger further share price falls. More...

Investors Mull How to Get Out Of Hedge Funds
 Source: The Wall Street Journal Online
With a number of hedge funds hammered by market turmoil, the question some hedge-fund investors are now dealing with is: Should I be heading for the exit? More...

Take a look at alternative investments to hedge against stock market falls
 Source: icWales
LAST week the FTSE 100 index of leading shares closed down 3% after a week of huge volatility.

This was sparked by fears that global interest rates would force companies and consumers to tighten their belts. More...

How a Goldman hedge fund shrank a third in a week
 Source: Reuters
The strategy of using debt like a steroid to boost returns on investments came back to haunt some hedge funds in a big way last week.

That was made clear to investors on Monday when the Goldman Sachs Group (GS.N: Quote, Profile, Research) said two of its hedge funds had sustained losses of about 30 percent. More...

UPDATE 2-Pershing backs Ceridian bid, cites market woes
 Source: Reuters
 Hedge fund Pershing Square, which for months fought an agreed-upon takeover bid for Ceridian Corp. (CEN.N: Quote, Profile , Research) from Thomas H. Lee Partners and Fidelity National Financial Inc. (FNF.N: Quote, Profile , Research), now supports the $5.3 billion buyout, the fund's manager said on Tuesday. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor
In a country home that seldom had guests, the young son was eager to help his mother after his father appeared with two dinner guests from the office.

When the dinner was nearly over, the boy went to the kitchen and proudly carried in the first piece of apple pie, giving it to his father, who passed it to a guest. The boy came in with a second piece of pie and again watched his father give it to a guest.

This was too much for the boy, who said, "It's no use, Dad. The pieces are all the same size."
 

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