Friday, July 20, 2007

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“What ought one to say then as each hardship comes? I was practicing for this, I was training for this.” - Epictetus

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 Top Stories


Citadel Hires From Goldman Sachs, Fidelity in Japan (Update1)
Source: Bloomberg
Citadel Investment Group, the $14 billion hedge fund run by Kenneth Griffin, hired two bankers from Goldman Sachs Group Inc. and a portfolio manager from Fidelity Investments in Japan, people with knowledge of the matter said. More...

Hedge funds defended despite subprime crisis
 Source: The Sydney Morning Herald
THE body representing the country's hedge fund industry, the Alternative Investment Management Association, has rushed to defend the business in the wake of the collapse of a $320 million fund run by Basis Capital Fund Management in Sydney. More...

 Higher Hedge-Fund Taxes Would Hurt Little Guys Too
 Source: SmartMoney
THERE'S TALK IN Washington right now about raising taxes on hedge-fund managers. Some people think it's a great idea. After all, those guys are rich so they can afford it! More...

The Old Money in Private Equity Isn’t Ready to Welcome the New
 Source: The New York Times
SEEMINGLY every year lawmakers in Washington bring members of the private equity and hedge fund community before their committees to grill them on what they are doing, why they have so much money and what risks their activities pose. More...


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

  Term of the Day & Related News

Alpha
Alpha is a risk-adjusted measure of the so-called "excess return" on an investment. It is a common measure of assessing active manager's performance. The difference between the fair and actually expected rates of return on a stock is called the stock's alpha.

Beta in contrast refers to the market based returns of an asset class. More...
 
Related News:

Fidelity's Alpha Managers
 Source: Forbes
As our mid-year manager rankings of Fidelity stock and bond funds reveal, Fidelity managers are, as a whole, back on the out-performance track. Call them the "alpha" fund managers. More than two-thirds of Fidelity's diversified growth fund managers are beating their market benchmarks so far this year. More...

Are China's hedge funds delivering alpha?
 Source: AsianInvestor.net
Not surprisingly, the strong gains made by China’s equity indices over the last 18 months have been reflected in the performance of China-oriented hedge funds. More...
  Scholarly Article & Related News

Corporate Governance, Investor Protection, and Performance in Emerging Markets
 by Leora F. Klapper & Inessa Love
We use recent data on firm-level corporate governance rankings across 14 emerging markets and find that there is wide variation in firm-level governance in our sample and that the average firm-level governance is lower in countries with weaker legal systems. We explore the determinants of firm-level governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. We also find that better corporate governance is highly correlated with better operating performance and market valuation... More...
 
Related News:

Automaker GM Bets On Emerging Markets To Help US Turnaround
 Source: CNNMoney.com
U.S. automaker General Motors Corp. (GM) is betting heavily on emerging market growth in its turnaround effort, with investments to expand output and sales overseas expected to pay dividends for the U.S. business, according to GM chairman and chief executive Rick Wagoner. More...

 COLUMN-Shelter from storm? Look to emerging markets: James Saft
 Source: Reuters
Emerging markets, usually the kind of bet that goes very bad when markets get cranky, should prove a safe haven if problems in subprime and corporate lending prompt a more severe flight from risk. More...
  Top Stories by Category
  Book of the Day & Related News

   
Selling Short
by Joseph A. Walker
Price: $49.95
 
 
Book Description
Combines a history of short selling with current strategies and applications to present a complete guide to this increasingly popular investment tool. Procedural and regulatory requirements are mixed with actual case studies and examples that readers can apply to specific situations. Risks and rewards of short selling are discussed in detail as are short selling as a tool for protecting other investments and for speculation.

Related News:

NYSE short interest hits record again in July
 Source: Reuters
Short interest on the New York Stock Exchange rose 3.9 percent in July to another record high, the exchange said on Thursday, signaling a rise in bearish sentiment among investors. More...

Naked Shorting Case Gains Traction
 Source: Forbes
A California state court gave Overstock.com's $3.5 billion lawsuit against 10 Wall Street banks a boost Tuesday, saying the company has made a viable case for its claims of market manipulation. More...
 
  Personal Interest


British Open taking on a Spanish feel
 Source: The International Herald Tribune
The idea that this British Open is actually a Seve Ballesteros memorial tournament gathered pace Friday, as the bushy-tailed Sergio Garcia and pony-tailed Miguel Angel Jiménez continued to attract a crowd and avoid big trouble. More...

Could Google kill the cell phone industry?
 Source: CNet News
In case you haven't been paying attention, the old 700MHz wireless spectrum is up for auction by the federal government. And under the veil of touting an "open" platform, Google CEO Eric Schmidt announced that the company will participate in the Federal Communications Commission auction for the bandwidth--with a few minor requests for the FCC. More...
 

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   Top Stories (Continued)


Atkins questions hedge fund plan
 Source: The Los Angeles Times
One of the five members of the Securities and Exchange Commission is skeptical about an agency proposal that would require individuals to have at least $2.5 million in investments, excluding the value of their primary residence, before putting money into hedge funds. More...

BlackRock to manage fund of alternatives
 Source: FinancialNews-US.com
The £1.2bn ($2.5bn) Cumbria County Council pension has become the latest UK retirement fund to outsource a substantial brief covering private equity, hedge funds and commodities and other alternatives to a single manager, potentially heralding a shift in the way schemes manage complex investments. More...

 CalSTRS Changes Alts. Rules
 Source: FINalternatives
The $170 billion California State Teachers Retirement System has changed the rules governing its alternative investments portfolio to allow for direct investments—which are those made outside of a limited partnership—in private equity funds. Previously, only co-investments in were allowed. More...

Hedge fund performance results
 Source: Global Pensions
Emerging markets and particularly Chinese portfolios fuelled hedge fund performance in the second quarter of 2007, according to new Morningstar data. More...

Hedge funds trimmed by junk, but outlook is bright
 Source: The Age
IN 1998, after the hedge fund Long-Term Capital Management went bust, the S&P 500 fell 10 per cent over six months.

The collapse of LTCM came immediately after the Russian bond crisis and a year after the Asian currency crisis, and the Federal Reserve Board under Alan Greenspan promptly went into a screeching U-turn. More...

RAB hires two for financials fund launch
 Source: Reuters UK
Hedge fund firm RAB Capital said on Friday it has hired two financial sector specialists to launch an investment strategy focusing on financial stocks later this year. More...

Robin Hood to Divest From Board Members' Hedge Funds
 Source: Yahoo! News
The Robin Hood Foundation, a poverty-fighting New York charity that was criticized by lawmakers for investing in hedge funds run by board members and donors, said it would stop the practice. More...

Wall Street’s New Power Address: 15 CPW
 Source: The New York Times
 Add the names of two more Wall Street heavies to the list of tenants-to-be at 15 Central Park West: Daniel Och, whose Och-Ziff Capital Management hedge fund is preparing to go public; and Sanford Weill, the former chief of Citigroup. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor

The mother and father had just given their teenage daughter family-car privileges. On Saturday night she returned home very late from a party.

The next morning, her father went out to the driveway to get the newspaper and came back into the house frowning. At 11:30 AM the girl sleepily walked into the kitchen, and her father asked her, "Sweetheart, what time did you get in last night?"

"Not too late, Dad," she replied nervously.

Dead-panned, her father said, "Then, my precious one, I'll have to talk with the paperboy about putting my paper under the front tire of the car."
 

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