Monday, June 18, 2007

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“Fear not for the future, weep not for the past.” - Percy Bysshe Shelley

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 Top Stories


Merrill Postpones Auction Of Bear Stearns Fund Assets
 Source: The Wall Street Journal Online
Merrill Lynch & Co. Monday morning postponed its planned auction of $400 million worth of collateral assets from a troubled Bear Stearns Cos. hedge fund, giving the fund's managers additional time to present a plan for salvaging it, say two people familiar with the matter. More...

 Hedge funds face potential challenge
 Source: InvestmentNews
The latest challenge to the $1.3 trillion hedge fund industry could be strategies that produce hedge-fund-like performance without the hassles of investing in hedge funds. More...

 Merrill Lynch banker joins top hedge fund
 Source: FinancialNews-US.com
The head of equity syndication at Merrill Lynch has left to join a top London hedge fund as alternative asset managers hire specialist bankers to advise them on accessing the stock market.

Mark Gwynne resigned last week to join Polygon Investment Management as an equity capital markets banker. More...

Thames River’s Hedge Funds Top US$1B
 Source: FINalternatives
All is going swimmingly for Thames River Capital as far as its multi-manager hedge fund division is concerned: The firm recently reported that its hedge fund business surpassed $1 billion under management. Also, its flagship multi-manager fund, Thames River Warrior, returned 15.7% last year and is up 11.3% year to date through the end of May. 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.

Portfolio balance occurs as the sum of all intra-portfolio correlations approaches negative one. Diversification is thus defined as the intra-portfolio correlation or, more specifically, the weighted average intra-portfolio correlation. Maximum diversification occurs when the intra-portfolio correlation is minimized. Intra-portfolio correlation may be an effective risk management measurement. More...
 
Related News:

Are You in the Right Stocks?
 Source: The Motley Fool
One thing that often gets lost in all the talk of sizzling stocks and 20-baggers is the benefit of diversification. It's a concept every investor can understand and profit from.

And don't think diversification automatically means mediocre returns. David and Tom Gardner have led Motley Fool Stock Advisor members through a variety of industries, and even some international exposure, on the way to outsized performance (73% total average returns versus 36% in the S&P 500). So it can be done. More...

 Avoiding the diversification trap
 Source: The Globe and Mail
The Canadian stock market is heavily focused on energy, materials and financial stocks, and so are many popular Canadian equity funds and exchange-traded funds. Here are some tips for limiting the damage from a pullback in these sectors. More...
  Scholarly Article & Related News

The Default Risk of High-Yield Bonds
 by Cynthia G. McDonald & Linda M. Van De Gucht
This paper investigates the default behavior of original issue rated non-convertible high-yield bonds. Previous studies of high-yield bond defaults provide evidence of an aging effect: the longer bonds have been outstanding, the greater the default probability. However, Blume, Keim and Patel (1991) assert that this aging relationship reflects changing economic conditions... More...
 
Related News:

Junk-bond leader bets on debt, not rate boost
 Source: The Seattle Times
The manager of the top-performing Pioneer Global High Yield Fund expects U.S. junk bonds to outperform those in Europe and emerging markets because the Federal Reserve will refrain from raising interest rates. More...

LBO debt may price high but demand likely strong
 Source: Reuters
Some high-yield bonds may price higher than companies originally expected as a rash of leveraged buyout-related financing is expected to hit the market in the coming months. More...
  Top Stories by Category
  Book of the Day & Related News

   
Hedge Funds in Emerging Markets
by Gordon de Brouwer
Price: $55.00
 
Book Description
Largely exempt from regulation and shrouded in secrecy, "hedge funds" are one of the most controversial institutions in modern finance. Presenting a balanced view of the subject. De Brouwer explains their workings using case study material from Hong Kong, Indonesia, Malaysia, Singapore, Australia and New Zealand, from 1997 to 1998. He also considers the future of hedge funds, their role for institutional investors, as well as policy proposals to limit their destabilizing effects.

Related News:

Emerging-Market Bonds Advance After U.S. Core Inflation Slows
 Source: Bloomberg
Emerging-market bonds rose after a report showed U.S. core inflation unexpectedly slowed last month, damping speculation the Federal Reserve will raise interest rates. More...

UBS' Hoefert Anticipates Shift From Developed To Emerging Markets
 Source: SeekingAlpha
There is long-term strategy, and then there is the kind of strategy espoused by Andreas Hoefert, chief global economist at UBS: Rather than look at what is coming down the pipe later this year, look at 2025 and 2050. More...
 
  Personal Interest


Cabrera clinches US Open
 Source: Mail & Guardian Online
Angel Cabrera edged superstar Tiger Woods and former champ Jim Furyk to win the 107th US Open golf championship, becoming the first Argentinian to lift the coveted trophy. More...

 Death Knell Sounds for HD DVD Format
 Source: Sci-Tech Today
The war between the two high-definition DVD formats entered a new phase on Monday, as Blockbuster announced that it will offer the Blu-ray format for rental in its 1,700 stores. The HD DVD format still will be offered through the company's online channel, blockbuster.com, as well as through the 250 stores that currently carry both formats. More...
 

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   Top Stories (Continued)


Citadel Jumps Into a New Fray: Hedge Fund Administration
 Source: Securities Industry News
The crowded field of hedge fund administrators and technology servicers has a new competitor to contend with--one with a strong industry pedigree, operational expertise and deep pockets that many others lack.

The new entrant is Chicago-based Citadel Investment Group, which, with $13.5 billion of assets under management, is a top-20 hedge fund, a multistrategy powerhouse founded by the increasingly high-profile fund manager Kenneth Griffin. More...

Cox’s letter on soft dollars reopens debate
 Source: InvestmentNews
The debate over abolishing or reforming the practice of soft dollars to curb perceived conflicts of interest was reopened recently, and some industry experts are considering the potential effect on hedge funds should the discussion reach Congress. More...

 Credit Suisse adds to prime broking group
 Source: FinancialNews-US.com
Credit Suisse has hired a Goldman Sachs executive to lead a new group, which combines two teams of people providing marketing services to hedge funds.

Edgar Senior, who left Goldman Sachs in April, has joined Credit Suisse as head of global client coverage at the new Capital Services division which will source capital for third party hedge funds and provide advisory and structuring services. Senior was Goldman's head of structuring for hedge fund products in Europe. More...

Germany to allow insurance cos to place more investments in hedge funds - report
 Source: Forbes
The German government is drafting new regulations that would allow life insurance companies to place more investments in hedge funds and commodities, Financial Times Deutschland said, citing an official from securities trading supervisory agency Bafin. More...

Reuters debuts risk solution for hedge funds
 Source: ICFA Online
Reuters is set to launch a tailored risk management solution for the hedge fund industry.

The new ASP solution, known as JRisk On Demand, will offer risk management across all asset classes via a web browser.  More...

Short on understanding hedge funds
 Source: FT Alphaville
What is it about the concept of going “short” — selling something you do not currently own — that otherwise intelligent members of British society find so utterly bemusing?

Take Ian Jack, a respected newspaper columnist who recently moved to a new billet at The Guardian. He’s taken a studious look at hedge funds, the modern incarnation of wealth in Mayfair and the growing gulf between Britain’s rich and poor. More...

Singapore's Chinatown new home for hedge funds
 Source: Reuters Italia
Hedge fund managers around the world have clustered in locations with character, such as leafy Greenwich, Connecticut in the U.S. and the stately Mayfair neighbourhood in London. More...

US opposes ‘fuzzy’ hedge fund proposals
 Source: Global Risk Regulators
 The US would be opposed to “fuzzy” proposals for a voluntary code of conduct for hedge funds, and believes a global consensus is emerging in favour of indirect regulation as laid out by Washington, a top US Treasury official says a newspaper interview published today. More...


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

A worker returned from his visit to the doctor and a colleague asked him how he made out.

"Not bad. The doctor told me that I have math dyslexia."

The other fellow said, "Gee, that sounds bad."

"Actually, the Doctor told me not to worry, because 17 out of 5 people have it."

 

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