Wednesday, July 25, 2007

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 Top Stories


SAC Said to Consider Minority Stake Sale
 Source: The New York Times
SAC Capital, the secretive hedge-fund firm run by the billionaire Steven Cohen, may become the latest manager of alternative assets to open the door — if only just a bit — to outside investors. The Financial Times reported Wednesday that the firm is considering selling a stake of as much as 20 percent to private investors. More...

Hedge funds could scupper Fortis's ABN plans
 Source: Scotsman.com
Hedge fund shareholders of Belgian-Dutch bank Fortis may yet scupper its ambition to buy parts of Dutch bank ABN AMRO because blocking the bid could boost the price of Fortis stock, fund managers said. More...

 Hedge Funds Feed On Sub-Prime Woes
 Source: FINalternatives
Credit worries in the sub-prime space may be causing jitters on Wall Street, but it isn't bad news for everyone. FINalternatives recently spoke with two hedge fund managers who have produced lights-out returns this year by betting against the sub-prime space, and both managers expect the credit crisis to continue. More...

F&C Asset Management Enters 130/30 Fray With New Fund
 Source: CNNMoney.com
F&C Asset Management PLC (FCAM.LN) said Wednesday it is entering the growing market for "130/30" funds, marking the U.K. fund manager's latest effort to develop higher fee products as part of a three-year turnaround plan. More...


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

  Term of the Day & Related News

High-Yield
In finance, a high-yield bond (non-investment grade bond or junk bond) is a bond that is rated below investment grade, i.e. below BBB- by Standard & Poor's (S&P) or Baa3 by Moody's. These bonds have a higher risk of defaulting, but typically pay high yields in order to make them attractive to investors.

The value of junk bonds is affected to a higher degree than investment grade bonds by the possibility of default. For example, in a recession interest rates tend to drop, and the drop in interest rates tends to increase the value of investment grade bonds; however, a recession increases the possibility of default in junk bonds. More...
 
Related News:

Gross Tells CNBC: 'Earthquake' in High-Yield Could Hit Stocks
 Source: CNBC
The high-yield corporate bond market has gone through "a dramatic earthquake" in the past six weeks because of surging interest rates and that move could impact stocks, Pimco founder and chief investment officer Bill Gross told CNBC. More...

Yield Premium on Junk Debt Rises to Most in 18 Months (Update1)
 Source: Bloomberg
The extra yield investors demand to own below-investment grade bonds surged to the most in more than 18 months as a measure of their risk increased and a mortgage lender reported more consumers fell behind on home-equity debt. More...
  Scholarly Article & Related News

Debt Crises and the Development of International Capital Markets
 by Andrea Pescatori & Amadou N.R. Sy
Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining defaults as debt crises is problematic for the 1990s, when sovereign bond markets emerged... More...
 
Related News:

United Kingdom: Closing A Distressed Debt Trade Over The Phone - The Binding Basics
 Source: Mondaq
The High Court provided some extremely useful guidance in relation to oral contracts in the context of distressed debt trading in the decision of Bear Stearns Bank plc v Forum Global Equity Ltd [2007] EWHC 1576 (Comm) handed down last week. More...

 Distressed debt assets already top ’06 total
 Source: Pensions & Investments
Distressed debt funds raised $23.7 billion in the first half of the year, up from $19 billion raised in all of 2006, according to data released by Dow Jones Private Equity Analyst.

U.S. private equity firms raised $137 billion in 199 funds in the first half of 2007, up from $96 billion raised in 147 funds in the first half of 2006 and $131.9 billion in 195 funds for all of last year. More...
  Top Stories by Category
  Book of the Day & Related News

   
The Futures Game
by Richard J. Teweles, Frank J. Jones
Average Customer Review: 4.5 out of 5 stars
 
 
Book Description
Whether you are a trader, a broker, or an interested student, this second edition of the best selling classic-now in paperback-will satisfy your needs better than any comparable work in print. Written in an easy-to-grasp, nonmathematical style, it remains the only work to cover every facet of the futures game-from fundamental market theory to market-tested real-life applications-and gives you straight-from-the-shoulder counsel about the difficulties and potential rewards you may encounter.

Related News:

Emerging Markets, Managed Futures Pace 2nd Quarter
 Source: FINalternatives
Emerging markets and managed futures strategies had the strongest second quarter among hedge funds, according to Morningstar, as the average hedge fund returned 5.25% over the past three months. More...

Vision Capital Sets Sights On $100M
 Source: FINalternatives
Utah-based Vision Capital Management has lofty goals for its 17-month old Global Futures fund. The firm recently hired third-party marketing firm R Capital Advisors to shop its $1 million fund to institutional investors, and raise some $100 million by July 2008. More...
 
  Personal Interest


Oxford University Above the Flood
 Source: Forbes
Oxford University stacked sandbags around its music department but the renowned school's main classrooms escaped the brunt of Britain's worst floods in 60 years as water pushed through the Thames Valley on Wednesday. More...

Utility blasts its Oregon dam to make way for fish
 Source: Reuters
The largest dam removal in the Pacific Northwest in 40 years began on Tuesday with blasts of 4,000 pounds of explosives, the dam's owner, Portland General Electric, said. More...
 

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   Top Stories (Continued)


Ex-Hedge Fund Trader Admits to Fraud
 Source: Forbes
A former hedge fund trader has pleaded guilty to criminal charges involving a scheme to trade on inside information about analysts' ratings changes at UBS AG's securities unit before the changes became public knowledge. More...

Pension systems try hedge funds
 Source: Tennessean.com
Determined to keep its promise to the state's public employees, teachers, police officers and firefighters, the Montana pension system may venture into a high-stakes corner of the investment world: hedge funds. More...

 Sydney hedge fund freezes withdrawals to prevent run
 Source: The Sydney Morning Herald
SYDNEY hedge fund Absolute Capital has frozen investor redemptions from its $210 million Yield Strategies fund, blaming debt markets that have "ceased to operate normally". More...

Yesterday's trading: Chase is on for hedge fund
 Source: ThisIsMoney.co.uk
Leaner and meaner following the recent £1.9bn demerger of its American brokerage division, MF Global, Man Group is under threat.

Completely against the trend, shares of the world's biggest hedge fund were chased up to 625½p and closed 4p higher at 613½p on hefty turnover of 30m shares amid growing speculation that US broking giant Goldman Sachs is lining up a £15bn-plus or 800p a share cash offer. More...

Damien Hirst and the sharks
 Source: The International Herald Tribune
 In August, the shark in formaldehyde - Damien Hirst's signature work - will come to the Metropolitan Museum of Art, on loan from Steven A. Cohen, a hedge fund trader and art collector. Hirst's shark, whose proper name is "The Physical Impossibility of Death in the Mind of Someone Living," is usually called a piece of conceptual art. When you go to see it, it will be worth considering the entire scope of the conceptualism surrounding it. More...

Finn Dixon & Herling LLP Expands Hedge Fund Practice
 Source: BusinessWire
Finn Dixon & Herling LLP (www.fdh.com), a law firm based in Fairfield County, Connecticut, has significantly expanded its hedge fund practice. The firm recently made a number of lateral hires, resulting in what is believed to be the largest hedge fund practice group at a Connecticut law firm. In particular, Matthew Eisenberg, a prominent hedge fund attorney formerly of the law firm of Cobb & Eisenberg LLC, became a partner of the firm in the first quarter of 2007. Mr. Eisenberg joins partners Harold B. Finn and Erik Bergman as leaders of the firm’s Hedge Fund/Alternative Investment Fund practice group. They are supported by an experienced team of attorneys and paralegals. More...

Fraga's Gavea Fund Considers Initial Public Offer (Update1)
Source: Bloomberg
The hedge fund managed by Arminio Fraga, former president of Brazil's central bank, may raise capital through an initial public offering.

Fraga said Gavea Investimentos, a hedge fund based in Rio de Janeiro with $4.5 billion under management, is ``well capitalized'' and it's ``just an idea'' to have an IPO. More...

Trader for former hedge fund fights effort by regulators to investigate his natural gas trades
 Source: The International Herald Tribune
 The chief energy trader for collapsed hedge fund Amaranth Advisors LLC is fighting an effort by federal energy regulators to investigate his trading of natural gas contracts. More...


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

Driving through Oklahoma, my husband and I went out of our way to stop at what was billed as the largest McDonald's in the world.

However, we were less than thrilled when an employee addressed everyone over the intercom: "Attention, world's largest McDonald's customers."
 

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