Friday, May 11, 2007

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 Top Stories


Asia gets new $1 billion hedge fund
 Source: AsianInvestor.net
Hyder Ahmad, the former co-head of Goldman Sachs Asia securities, and the man responsible for risk arbitrage in its Asian equity proprietary trading department, has launched a new hedge fund that may be the biggest debut in the region. Market sources say he was the third-highest ranking executive in the firm's securities arm. More...

 Hedge fund ups stake in Mobius's Templeton trust
 Source: Reuters Italia
Activist hedge fund Carrousel Capital has raised its stake in veteran manager Mark Mobius's 2 billion pound Templeton Emerging Markets investment trust, ahead of an expected share buyback. More...

 Avon puts 10pc of pensions in hedge funds
 Source: Telegraph.co.uk
One of the largest local authority pension funds in the country has placed 10pc of its assets in the hands of hedge fund managers in the hope of producing strong returns. More...

State Street adds 30 for hedge funds
 Source: FinancialNews-US.com
SSgA Capital Management, the hedge fund arm of US trust bank State Street that was created last July, has quadrupled its staff and expanded its range of investment strategies in a concerted push to grow the new business. More...

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

  Term of the Day & Related News

Short Selling
In finance, short selling is selling something that one does not (yet) own. Most investors "go long" on an investment, hoping that price will rise. Short sellers borrow a security and sell it, hoping that it will decrease in value so that they can buy it back at a lower price and keep the difference. For example, assume that shares in XYZ Company currently sell for $10 per share. A short seller would borrow (say) 100 shares of XYZ Company, and then immediately sell those shares for a total of $1000. If the price of XYZ shares later falls to $5 per share, the short seller would then buy 100 shares back for $500, return the shares to their original owner, and make a $500 profit. In a given year about 2% of stocks on the New York Stock Exchange are sold short. More...
 
Related News:

The Short Sell Made Simple
 Source: BusinessWeek
It's not only the bulls who cheer new highs on the Dow Jones industrial average and the Standard & Poor's 500-stock index. Lofty stock prices also make the bears more ferocious. More...

 April Was An Especially Bad Month for the Hedge Fund Shorts
 Source: Yahoo! Finance
April was an especially cruel month for hedge funds that focus on short selling. According to Hedge Fund Research Inc, this sector of the hedge fund world had its worst month (-3.14%) since May 2005 (-3.42%). In addition to the Dow's winning streak (up 24 out of the last 28 trading days), managers of short funds are most likely frustrated that the stocks going up the most just happen to be the ones in their portfolios! More...
  Scholarly Article & Related News

Conditional market timing with benchmark investors
 by Connie Becker, Wayne Ferson, David H. Myers, & Michael J. Schill
This paper tests models of mutual fund market timing that allow the manager's payoff function to depend on returns in excess of a benchmark, and distinguish timing based on publicly available information from timing based on finer information. We simultaneously estimate parameters which describe the public information environment, the manager's risk aversion, and the precision of the fund's market-timing signal. Using a sample of more than 400 U.S. mutual funds for 1976}94, our findings suggest that mutual funds behave as highly risk averse, benchmark investors... More...
 
Related News:

Timing the Real Estate Market With iShares New 'Sector' REITs
 Source: Yahoo! Finance
Barclays Global Investors [BGI] launched five new iShares REIT exchange-traded funds onto the NYSE Arca Exchange on May 4. The funds offer U.S. investors the ability to slice and dice the U.S. REIT marketplace into different 'sectors.' More...

 The allure of market timing
 Source: MSN Finance
I was having dinner with friends the other evening, and the topic of investing came up. We talked about this, and we talked about that. And then we talked about market timing. Isn't there a way to avoid the frequent downturns in the market, thus preserving both capital and nerves, and speeding the business of building wealth? More...
  Top Stories by Category
  Book of the Day & Related News

   
Exchange Traded Funds and E-Mini Stock Index Futures
by David Lerman
Average Customer Review: 4.0 out of 5 stars
Price: $26.37
 
 
Book Description
Shows how to use both ETFs and E-Minis for high-powered results Exchange Traded Funds (ETFs) are a remarkable new tool for trading and investing in broad market segments or narrow sectors. ETF trading volume and asset growth continue to soar at record levels. Ideal for speculating in and hedging as well as long-term investing in the broader markets, these index products work together to diversify and balance any global portfolio.

Related News:

US STOCKS-Indexes rebound on easing inflation concerns
 Source: Reuters
U.S. stocks rose on Friday, rebounding from their worst drop in two months, after core producer prices data pointed to moderating inflation, quelling concern about the outlook for interest rates. More...

Illinois SURS switches indexes
 Source: Pensions & Investments
Illinois State Universities Retirement System, Champaign, changed the index that will be used by the $800 million PIMCO StocksPlus and $460 million BlackRock Equity Plus enhanced structured equity portfolios, said Dan M. Slack, executive director of the $15.5 billion fund. More...
 
  Personal Interest


Pope seeks to win over Brazil's youth
 Source: The Washington Post
Pope Benedict is appealing directly to Brazil's youth to follow a strict moral code in a country where the government hands out free condoms and many Roman Catholics ignore Church teachings. More...

 Senate OK's New Powers for FDA
 Source: FOX News
Lawmakers voted to give the agency new power to force drug companies to conduct studies on the safety of drugs already on the market. The Senate also voted to give the FDA new authority to change drug warning labels without first negotiating with firms and approved an increase in fines if companies fail to comply with FDA orders. More...
 

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   Top Stories (Continued)


Barack Obama, hedge-fund candidate.
 Source: The New Republic
In the cast of 2008 Democratic contenders, Barack Obama is playing the role of the "grassroots candidate." In the first quarter of 2007, depending on how you cut it, he tied or bested Hillary Clinton in total funds raised, but he blew her away in number of donors, 100,000 to 50,000, indicating more people giving smaller donations--in other words, significant grassroots support. More...

Hedge Funds play legal arbitrage over distressed debt
 Source: FT Alphaville
In recent years, the benign nature of the credit cycle has made it hard for distressed debt funds to produce returns using classic routes, writes Gillian Tett in the FT on Friday. Consequently, one tactic which is increasingly fashionable is so-called “legal arbitrage” - or the business of exploiting legal loopholes to make a quick buck. More...

 Power chairman questions mania for private equity investing
 Source: The Gazette
Investors should ask themselves some hard questions about the current mania for private equity and hedge fund investing.

That was the message yesterday from one of the country's savviest financial players - Montreal's Desmarais family. More...

The Return of Long-Term Capital Management?
 Source: TheStreet.com
Wall Street has a remarkably short memory when it comes to money-management disasters.

Upended a hedge fund? No problem. Had a hand in a blowup that led to a Federal Reserve bailout? No sweat. Put it on your vitae.  More...

Frontrunner: Apcims opens door to hedge fund revolution
 Source: Citywire
It is time for even the most traditional in our midst to embrace hedge funds as part of a balanced portfolio.

The Association of Private Client Investment Managers (Apcims) is writing to its members this week proposing that the three Apcims private investor indices – which still wield enormous influence over portfolio structure – include a 5% weighting to hedge funds, as well as a 5% weighting to property. More...

Citigroup's Rubin Says Bankers, Hedge-Fund Group to Collaborate
Source: Bloomberg
Citigroup Inc., the biggest U.S. bank, plans to have investment-banking executives work more closely with their counterparts who manage hedge funds and stakes in leveraged buyouts, said Robert Rubin, chairman of the company's executive committee. More...

Mutual funds withstand hedge fund seige
 Source: InvestmentNews
Despite the continued – if slowing – growth of hedge funds, mutual funds will continue to dominate money management for the foreseeable future, said market observers at the ICI annual conference today. More...

PNs grow 70% in one year
 Source: Business Standard
Hedge funds account for just 8-9% of PN investments in Indian stock markets.

The value of participatory notes (PNs) in the stock market grew 70 per cent in just one year between January 2006 and January 2007, accounting for over one-third of total foreign portfolio investments in the Indian stock markets, according to government estimates. More...


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

My 5-year-old nephew wanted to caddy for my brother's golf game. "You have to count my strokes," my brother told him. "How much is six plus nine plus eight?"

"Five." answered the nephew.

"Okay," my brother said, "let's go."
 

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