Tuesday, June 5, 2007

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“A smooth sea never made a skilled mariner.” - English Proverb

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 Top Stories


The Dangers of Democratic Hedging
 Source: The Huffington Post
It has become a source of some amusement in the media that the burgeoning hedge funds have become a core source of funds for the leading Democratic presidential contenders (while also pouring money on the top Republican candidates). More...

 ETG Capital opens energy hedge fund
 Source: Energy Risk
The ETG Capital Master Fund opened to investors on June 1 and will begin trading after it has raised between $25million and $50mn, according to co-founder Don Addison. More...

 Fund industry veteran Dawn Kendall leaves GAIM Advisors
 Source: Reuters UK
GAIM Advisors said on Tuesday that industry veteran Dawn Kendall has left her post as investment director at the UK-based hedge fund firm. More...

HEDGE FUNDS: Growth Of 130/30 Funds May Lift Hedge Fund Borrowing Costs: Vodia
 Source: CNN Money
Growth of so-called 130/30 and 120/20 funds may lift borrowing costs for hedge funds, according to a report released Monday by the consulting firm Vodia Group. More...

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

  Term of the Day & Related News

Long/Short Equity
This strategy involves investments, long or short, in equities. Traditional equity value and growth hedge funds purchase stocks which they perceive to be undervalued and sell stocks which they perceive to be overvalued. The research-intensive efforts employed in identifying promising stocks to hold long in a portfolio may also provide short-sale opportunities, and for this reason many directional equity funds often maintain both long and short portfolios. While the long side generally outweighs the short side in most directional equity funds, there is also a small group of short-biased funds in which the short side as a general matter exceeds the long side, sometimes by a significant margin. More...
 
Related News:

Challenger to launch long-short fund
 Source: InvestorDaily
Challenger Financial Services has said it plans to roll out a global equities long-short fund to Australian investors towards the end of this year or early 2008.

The news comes after a successful start to the year for Challenger, which has scored $1.2 billion worth of investment mandates from six investors for the quarter to June 2007. More...

 The Do-It-Yourself Market-Neutral Portfolio
 Source: BusinessWire
The hedge fund business has been growing rapidly in recent years—with no end in sight. Wealthy investors are seeking alternative investments to meet their needs and hedge fund managers have an array of tools and strategies at their disposal. One of the core strategies employed by hedge funds is what is called market-neutral investing. More...
  Scholarly Article & Related News

Market Timing and Return Prediction under Model Instability
 by Hashem Pesaran & Allan Timmermann
Despite mounting empirical evidence to the contrary, the literature on predictability of stock returns almost uniformly assumes a time-invariant relationship between state variables and returns. In this paper we propose a two-stage approach for forecasting of financial return series that are subject to breaks. The first stage adopts a reversed ordered Cusum (ROC) procedure to determine in real time when the most recent break has occurred... More...
 
Related News:

Does market timing ever work?
 Source: MSN Finance
Most mutual fund companies discourage rapid, short-term trading because it drives up costs for other investors. But they haven't banned it altogether. They should though.

In fact, they'd be doing everybody a favour since study after study provides further evidence that investors are their own worst enemies. We know this by studying the difference between time-weighted and dollar-weighted returns. More...

Don't try to time the market
 Source: Canada.com
Bob, my fictitious middle-aged investor, phoned me last week, excited about the stock market's recent rise.

Bob said all the assets his family owns are rising in value. In other words, both his and Eve's equity portfolio and real estate holdings are increasing at the same time. More...
  Top Stories by Category
  Book of the Day & Related News

   
The Handbook of Nonagency Mortgage-Backed Securities, 2nd Edition
by Frank J. Fabozzi, Chuck Ramsey, Michael Marz
Average Customer Review: 5.0 out of 5 stars
Price: $70.30
 
Book Description
Frank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities.

Related News:

NHB to launch mortgage guarantee schemes for enhancing business
 Source: The Financial Express
In a bid to make housing affordable to the common person and risk-free for banks, the National Housing Bank (NHB) is working on mortgage guarantee scheme, indemnity and residential mortgage backed securitisation (RMBS) instruments, for low-income mortgages, S Sridhar , chairman & managing director of National Housing Bank said. More...

Lifting the lid: Wall Street poses subprime obstacles
 Source: Reuters UK
The mortgage-backed securities market and Wall Street are becoming a roadblock for U.S. banks trying to dig out of the subprime mess. More...
 
  Personal Interest


Cancer Drug Winners And Losers
 Source: Forbes
More than 5,000 abstracts were presented at the annual meeting of the American Society for Clinical Oncology, held over the weekend in Chicago. It's an important medical conference, and it's also a trade show for biotechs and drug companies. Here's a cheat sheet of who came out a winner--and who lost. More...

 Henin, Sharapova storm into French Open semis
 Source: Mail & Guardian
Two-time defending champion Justine Henin and world number two Maria Sharapova stormed into the semifinals of the French Open on Tuesday in straight sets. More...
 

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   Top Stories (Continued)


A new Goldman/hedge fund bidder for New Look?
 Source: FT Alphaville
For a second-tier, teeny fashion chain, Britain’s New Look still seems to be making a big noise amongst the buyout brigade.

While there had been speculation that a sale process, begun in March when current owners Apax and Pemira placed a price tag of £1.8bn on the business, was beginning to fall apart, a company spokesman assured the FT on Monday: “We’ve got interest from multiple parties and the process remains on track.” More...

Congressman Frank pushes for G8 hedge fund talks
 Source: FinancialNews-US.com
Congressman Barney Frank, chairman of the House financial services committee, has added his voice to European politicians' push for closer examination of the hedge fund and private equity industries. More...

 FIIs investing in India can hedge in Dubai
 Source: The Economic Times
Foreign institutional investors (FIIs) and hedge funds will now have an alternate route to bet on the rising rupee. The Dubai Gold and Commodities Exchange (DGCX) will be launching futures contracts on the rupee. Each contract, which covers up to Rs 20 lakh, will be subject to a minimum price fluctuation of $2 per contract. More...

HEDGE FUND BEAR-ISH ON SUBPRIME RELIEF
 Source: The New York Post
A big hedge fund on one whopper of a winning streak is picking a bitter fight with Bear Stearns over whether renegotiating loans for homeowners struggling with subprime mortgages is fair play. More...

Hedge Platform Provider Adds Citigroup Sales Vet
 Source: FINalternatives
Portfolio management platform provider AlternativeSoft has added Bloomberg and Citigroup veteran Vic Kotecha to boost its sales in the British market, the firm said yesterday. More...

The next big thing in litigation: hedge fund disputes
 Source: Times Online
Corporate Britain may have shied away from fighting its battles in court, but the City's leading litigation law firms are hoping their salvation may lie in disputes involving hedge funds. More...

SGAM Alternative Investments Selects Morningstar to Provide Hedge Fund Information to Institutional Clients
 Source: EarthTimes.org
Morningstar, Inc. , a leading provider of independent investment research, today announced that SGAM Alternative Investments (SGAM AI), a wholly owned subsidiary of Societe Generale Asset Management, has selected Morningstar to provide its institutional clients with hedge fund data, analysis tools, indexes, research, and ratings. Through its New York-based affiliate, SG Asset Management, Inc., SGAM AI will provide customized hedge fund portfolio advisory services to institutional investors. More...

Currency Hedge Funds Up 1.99% In April - Parker Index
 Source: FXStreet.com
 Currency hedge funds enjoyed their most positive month of the year so far in April, when they posted an average of 1.99% returns, according to the latest data from the Parker FX Index. More...


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

My daughter-in-law Alma and grandson Eddy were digging for fishing bait in my garden. Uncovering a many-legged creature, Eddy proudly dangled it before his mother.

"No, honey, he won't do for bait," his mother said. "He's not an earthworm."

"He's not?" Eddy asked, his eyes wide. "What planet is he from?"

 

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