Friday, October 5, 2007

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"It is better by noble boldness to run the risk of being subject to
half the evils we anticipate than to remain in cowardly listlessness
for fear of what might happen." - Herodotus

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 Top Stories


HSBC's Hedge-Funds Chief Will Take New Post at the Bank
 Source: The Wall Street Journal Online
The head of alternative investments at HSBC Holdings PLC is leaving the helm of the British bank's hedge-fund operations to become the chief strategist for attracting institutional investors to its global asset-management businesses. More...

Harbinger fund bet against subprime debt and won
 Source: The International Herald Tribune
Harbinger Capital Partners, the New York hedge fund company run by Philip Falcone, generated returns for investors of more than 65 percent this year, helped by bets against subprime mortgage bonds and gains on commodities. More...

PEACE OFFERING
 Source: The New York Post
The move by hedge fund gadfly Bill Ackman to buy a stake in Sears Holdings Corp. was the result of efforts between Ackman and Sears Chairman Edward Lampert over the past few months to patch up a once frosty relationship, The Post has learned. More...

 Prosecutors probing hedge funds' demise: report
 Source: MarketWatch
The U.S. attorney in Brooklyn has started a criminal investigation into a pair of hedge funds run by Bear Stearns Cos. that had positions in mortgage-backed securities and subsequently collapsed last summer, The Wall Street Journal reported. 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:

Bearish Positions Rise on Big Board
 Source: The Wall Street Journal Online
Short-selling activity inched higher at the New York Stock Exchange during latest two-week reporting period, which included a solid market rally that hurt the value of most bearish bets.

For the period ending Sept. 28, the number of short-selling positions not yet closed out at NYSE -- so-called short interest -- rose 0.3% to 11,878,834,897 shares from 11,841,051,529 shares in mid-September. More...

Absolute Capital says rivals hit funds with strategic shorting
 Source: Citywire
Hedge fund Absolute Capital Management (ACM) says rivals seeking to take advantage of its recent difficulties by shorting equities in which it has a stake contributed to a decline in the net asset value of several of its funds last month. More...
  Scholarly Article & Related News

Diversification and Yield Enhancement with Hedge Funds
 by Gaurav S. Amin & Harry M. Kat
In this paper we study the diversification effects from introducing hedge funds into a traditional portfolio of stocks and bonds. We find that although the inclusion of hedge funds may significantly improve a portfolio’s mean-variance characteristics, it can also be expected to lead to significantly lower skewness as well as higher kurtosis. This means that the case for hedge funds is less straightforward than often suggested and includes a definite trade-off between profit and loss potential... More...
 
Related News:

A diversified portfolio can safeguard holdings, despite dollar's wild ride
 Source: TheStar.com
I assume most of us working-class Canadians are well aware of the loonie's rise against the U.S. dollar. The magnitude of the advance has been dramatic, about 50 per cent in three years. But I wonder if any of us are any better off. More...

 Find the Bond Mix that Suits You Best
 Source: Morningstar
The principle of investment diversification has been an objective of mutual funds since their origin. In fact, one study points out that the world's first mutual fund (a closed-end fixed-income fund launched in Amsterdam in July 1774) had diversification among different investment types as an explicit requirement. More...
  Top Stories by Category
  Book of the Day & Related News

   
High Yield Bonds
by Theodore Barnhill, Mark Shenkman, William Maxwell
Average Customer Review: 5.0 out of 5 stars
Price: $43.50
 
 
Book Description
HIGH-YIELD BONDS provides state-of-the-art research, strategies, and tools alongside the expert analysis of respected authorities including Edward Altman of New York University's Salomon Center, Lea Carty of Moody's Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre Dame to help you truly understand today's high-yield market.

Related News:

Land Securities Joins The High Yield Portfolio
 Source: Fool.co.uk
It's the first article for October which means that it's time for the latest selection for my fourth High Yield Portfolio (HYP). My fourteenth share is FTSE100 member Land Securities (LSE: LAND) . Some readers may feel that LandSecs is a bit too similar to existing HYP4 holding Persimmon (LSE: PSN) and I have to admit that there is a little overlap. More...

Foreign Bonds, High Yield Top Performers Last Month
 Source: CNNMoney.com
Foreign bonds and high-yield funds were the top performers in September, as the Federal Reserve cut key interest rates and the dollar continued to fall. More...
 
  Personal Interest


Music industry wins song-download case
 Source: Reuters
The recording industry has won a major fight in its effort to stop illegal music downloading with a U.S. jury decision to impose $222,000 damages against a Minnesota woman who used a Web service to share music. More...

Pakistan Elections To Go Ahead
 Source: Forbes
There’s good news, with a catch, for Pakistan's president. The country's supreme court has given the go-ahead to Saturday’s presidential polls, but has said a winner could only be declared after it ruled on a complaint that Gen. Pervez Musharraf was ineligible to run. More...
 

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   Top Stories (Continued)


Appaloosa says open to options on Dana offer
 Source: Reuters
Hedge fund Appaloosa Management LP, which offered to buy bankrupt auto parts supplier Dana Corp (DCNAQ.PK: Quote, Profile, Research), said in a U.S. regulatory filing it was open to discussing compromises or options that could further enhance the transaction for all parties. More...

Hedge funds demystified
 Source: The Bangkok Post
The world is really changing. When I use to ask my college friends about where they wanted to work after graduation, they would usually say governmental organisations, commercial banks or big firms. But now when I ask college students, they say they don't want to work anywhere but want to make a lot of money from investing or speculating in the stock market. I have a feeling that it won't be long until someone comes up to me and says she would like to work full-time investing in or managing hedge funds. More...

 Peloton Partners records seven-fold rise in turnover
 Source: eFinancialNews.com
Peloton Partners, one of Europe's largest first-time hedge fund management firms when it set up in 2005, has increased its turnover nearly sevenfold to almost £21m (€30m) in its second full-year of trading. More...

Portus's Manor, a Fugitive, Will Return to Canada, Lawyer Says
 Source: Bloomberg
Boaz Manor, who fled Canada for Israel 2 1/2 years ago as his Portus Alternative Asset Management Inc. hedge fund collapsed, will return to Toronto to face criminal charges, his lawyer said. More...

Rise of the giant fund sparks fears of a global shockwave
 Source: Telegraph.co.uk
 The rapid growth of sovereign wealth funds, petrodollar investors, hedge funds and private equity groups poses significant risks for the world economy, claims a report from management consultant McKinsey. More...

Book Excerpt: Hedge Hunters
 Source: Bloomberg
In this chapter from Bloomberg News hedge fund reporter Katherine Burton's new book, she profiles Craig Effron, a hedge fund veteran who keys his investments to political and economic events. One strategy: read the advice in stock-picking columns, then do the opposite. More...

Cachematrix Identifies Cash Management Efficiencies In The Hedge Fund Market
 Source: Yahoo! News
CacheMatrix Holdings, LLC (www.cachematrix.com), the leading provider of institutional money market portal trading technology to financial institutions, today released a new white paper that analyzes emerging cash management strategies for the hedge fund market. More...

Top 5 Hedge Funds List Published
 Source: Associated Content
 Hedge funds have garnered a lot of attention of late with news reports about questionable activities in the wake of Hurricane Katrina, including some that mention the involvement of Democratic Presidential contender John Edwards. Foreign Policy Magazine (FP) has published a list of the top five hedge funds, along with information on where their money is invested. The list, titled "The World's Largest Hedge Funds," was published during late September 2007. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor
The couple had an outstandingly happy and successful marriage. The husband was once asked to what he attributed this remarkable situation.

"It's simple," he said. "Division of labor. My wife makes all the small, routine decisions. She decides what house we buy, where we go on vacation, whether the kids go to private schools, if I should change my job, and so on."

"And you?"

"I make the big, fundamental decisions. I decide if the United States should declare war on China, if Congress should appropriate money for a manned expedition to Mars, and so on."
 

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