Wednesday, October 17, 2007

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"When we tire of well-worn ways, we seek for new. This restless craving in the souls of men spurs them to climb, and to seek the mountain view." - Ella Wheeler Wilcox

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 Top Stories


Sweet September for hedge funds
 Source: Asian Investor
Results from the index providers show that a more benign September made up for the drawdowns of August 2007.

RBC’s hedge 250 index recorded a positive 1.87% return in September, following a negative 1.7% return for August. That brought the total aggregate return for that index to 6.66%. More...

Tokyo shares end morning lower amid fears of hedge fund sell-off - UPDATE
 Source: Forbes
Japanese shares ended Wednesday morning sharply lower as falls in other Asian markets sparked fears of a global hedge fund sell-off on prolonged US credit concerns. More...

Hedge Funds Can't Reveal Secrets and Do Business: Matthew Lynn
Source: Bloomberg
Transparency is the aspirin of the political and regulatory worlds: Whatever the problem, one small dose of disclosure will often fix it. More...

 Chicago hedge funds outperform industry
 Source: Chicago Business News
Hedge funds managed by Chicago firms outpaced global performance in the third quarter, according to a report from Morningstar Inc. More...


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

  Term of the Day & Related News

Risk Arbitrage
This strategy involves transaction-specific analysis seeking to profit by acquiring securities which are discounted from the value to be paid for them in a proposed merger or acquisition due to the uncertainty of transaction timing and completion. The difficulty is in analyzing the risk of delay or non-completion and determining when during the period from the commencement of a proposed merger or acquisition to the conclusion (successful or unsuccessful) of the transaction it is most efficient — on a present value basis — to take a position. Risk/merger arbitrage Portfolio Managers typically seek speculative profits from the purchase of shares in forecasted acquisition targets, while maintaining defensive positions through hedges in acquiring companies and disciplined risk management. More...
 
Related News:

Emerging Market M&A Hits $663 Billion In '07,Beats '06 Record Dealogic
 Source: CNNMoney.com
Mergers and acquisitions in emerging market countries have reached $662.9 billion so far in 2007, topping the previous record high of $643.3 billion for all of 2006, according to data provider Dealogic. More...

How to Make Money from Merger Arbitrage
 Source: American Chronicle
When a public company is acquired there is a potential to make money on the difference between the offered price and the current market price. If the company trades for $10/share and a suitor offers its shareholders $15/share, obviously someone is going to make money on the difference. More...
  Scholarly Article & Related News

Is corporate governance ineffective in emerging markets?
 by Michael S. Gibson
I test whether corporate governance is ineffective in emerging markets by estimating the link between CEO turnover and firm performance for over 1,200 firms in eight emerging markets. I find two main results. First, CEOs of emerging market firms are more likely to lose their jobs when their firm's performance is poor, suggesting that corporate governance is not ineffective in emerging markets. Second, for the subset of firms with a large domestic shareholder, there is no link between CEO turnover and firm performance. For this subset of emerging market firms, corporate governance appears to be ineffective. More...
 
Related News:

Emerging Markets Become Favorite Pick, Merrill Says (Update2)
Source: Bloomberg
Investors are the most optimistic on emerging markets since 2004, replacing Europe as the top choice, on the view stocks from Chile to Vietnam will be least affected by slowing economic growth, a Merrill Lynch & Co. survey showed. More...

 Emerging Markets Stay on `Upward Ratings Trajectory,' S&P Says
Source: Bloomberg
Developing countries will continue receiving credit ratings increases as mounting foreign reserves and budget surpluses allow them to weather global credit market turmoil, Standard & Poor's said. 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:

Mutual funds add short selling to their arsenals
 Source: The Globe and Mail
When making money for his mutual fund investors, Gary Selke wants all the weapons possible to do battle with a stock market downturn. More...

Short selling a risky money `gamble'
 Source: TheStar.com
Short selling is a lot of things but it certainly isn't for the faint of heart.

Here's how it works: you contact your broker and borrow a number of shares in a company that you think is about to suffer a bad case of deteriorating share price. More...
 
  Personal Interest


Kobe circus will be intolerable for Lakers
 Source: MSNBC
Multiple sources close to the Lakers Tuesday suggested that Kobe Bryant may have burped. Television and radio stations in Los Angeles, as well as print media and bloggers, differed as to whether it was a full-throated belch or a barely audible baby croak, with some even claiming it was actually a hiccup. More...

Universal Music Takes on iTunes
Source: BusinessWeek
Relationships in the entertainment world can be famously fraught. And few are more so these days than the one between Steve Jobs and Universal Music chief Doug Morris. You may recall that Morris recently refused to re-up a multi-year contract to put his company's music on Apple's iTunes Music Store. That's because Jobs wouldn't ease his stringent terms, which limit how record companies can market their music. More...
 

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   Top Stories (Continued)


Alternative? Allow hedge funds fast
 Source: Sify.com
World over, money moves fast through markets thanks to hedge funds. In India, authorities are scared to allow these absolute-return creatures - dubbed 'Masters of the Universe’ - because of the clout they wield. More...

Bell Rings For Huizenga v. Ritchie, Round Two
 Source: FINalternatives
Huizenga Managers Fund has re-filed its fraud complaint against hedge fund Ritchie Capital Management, a month after an Illinois judge ridiculed its previous filing. More...

 Consultants unhappy with quant trading
 Source: FinancialNews-US.com
Leading investment consultants have stepped up their scrutiny of quantitative asset managers, fearing they are losing their edge. Their concern has grown following the events of August, when quantitatively driven hedge funds dragged down the market. More...

Coghill Questions ‘Sweetheart Agreements’ Between Atari, Infogrames
 Source: FINalternatives
Coghill Capital Management is in no mood for fun and games with Atari or its controlling shareholder Infogrames Entertainment. The activist hedge fund shop recently sent a letter to Atari “to express its serious concerns” regarding Infogrames’ sudden removal of five independent directors from Atari. More...

HSBC Private Bank appoints Tuohy to head global sales and marketing
 Source: FT Adviser
 He will have collective responsibilities for the sales efforts of both the HSBC Alternative Investments Limited (HAIL) funds of hedge funds business and the Private Bank’s hedge fund advisory business. More...

SWFs: Enemies of the state?
 Source: The Independent
They control more than $2.2 trillion in a handful of funds sprinkled around the world, their cash coming from everything from diamonds to oil, phosphates to foreign exchange reserves. By some estimates, they now control more money than the global hedge fund and private equity industries combined. Yet, so far at least, sovereign wealth funds, the massive, state-controlled investment funds being set up by countries including China and Qatar, have not been given anything like the same treatment that other rising financial powerhouses have. More...

At a Time of Immense Interest in Canada’s Growing Hedge Fund Industry ‘Starting a Hedge Fund: a Canadian Perspective - 2nd Edition’ Will Be Welcomed by Investors, Issuers and Market Practitioners
 Source: BusinessWire
Research and Markets (http://www.researchandmarkets.com/reports/c71699) has announced the addition of Starting a Hedge Fund: A Canadian Perspective - 2nd Edition to their offering. More...

How Low can the Dollar Go?
 Source: Garowe Online
 The US Dollar has lost 65% of its value against the Euro over the last 7 years. It's no coincidence that a massive Hedge Fund industry has risen in its wake.  More...


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

During a trip from California to Indiana, it didn't help that my connecting flight from Denver was delayed twice because of mechanical problems. Then, after we were aloft, I noticed the lights began flickering. I mentioned this to a flight attendant.

"I'll take care of it," she said. Moments later the lights went out. Clearly she had solved the problem by turning off all the lights.

A passenger across the aisle who had been watching me leaned over and said, "Whatever you do, please don't ask about the engines."
 

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