So I took a lot of money out my business and bought a few depreciating assets like USD, Spanish real estate and a Latvian night club. Having to manage my own money as well as others was easy but managing my own isn’t in a low interest environment. Thankfully the yields on T-Bills are fine and dandy but my real problem is more important. As a Chairman, or Chairperson for those of a nervous disposition, I get no expense account.
Having to pay the rack rate for a meal at Murano (the Square is so 2007) one feels the pain. Throwing my own money after food is not right. I hate being a snob so on my travels I shall be eating cheap food and staying in 4 star hotels. [Editor: As your new pa / accountant I think you mean 1 star hotels]. My flights are being paid for p.a. so any mishaps and those involved will get my wicked tongue [Editor: Steady].
Today I am flying across the USA, staring down at all that space and backward people. And I too shall be at the back. Of the plane. Fingers crossed I don’t sit next to someone who doesn’t wash.
HEDGE FUND CROSSROADS: SURVEY FINDS MANY HAVE “NO CONFIDENCE” IN OWN MARKET TIMING, YET THEIR NET EXPOSURE IS ON THE RISE.
Which begs the question, “How good are hedge fund managers at predicting the future direction of markets anyway?”
A series of reports in the past week seem to suggest that although hedge fund managers aren’t sure which way markets are going, they aren’t complaining about rising markets.
W, V, U, L, M, – which one and why? We are all beta monkeys and always have been. Alpha is a myth.
emii says ” Ex-GLG Manager Launches Paris HF “
DEBT-MARKET PARALYSIS DEEPENS CREDIT DROUGHT
But now the Federal Reserve has put these markets on notice that it plans to withdraw its support for them. Policy makers hope private investors will return to the markets, which imploded during the financial crisis.
My new hedge fund manager, FatTail Capital will be launching a number of esoteric funds. Distressed debt is something I love as are long only exotic musical instruments and equity long short where there are less than 2 vowels in the name of the equity.
LLOYDS PLANS A £12.5BN SHARE ISSUE
Sources familiar with the bank’s plans said last night that it had submitted a proposal to the Financial Services Authority (FSA) that would see it raise up to £25bn, around £12.5bn in a cash call and the remainder in “a variety of other instruments”.
In some ways this is really a UK gilt auction ….
CLARKE TRIES TO APPEASE HEDGE FUNDS OVER NEW RULES
Speaking to The Times at the Conservative Party conference in Manchester, the former Chancellor also said he did not believe that hedge fund managers were genuinely concerned about the prospect of new European rules governing their industry.
The Cliff Richard of the Tory party should get back to his whisky and cigars. The man is an ignorant tw*t.
Setting up a hedge fund in the UK is horrendous. The Due Diligence is painful, I have to put up capital and report my doings to the FSA all day long. In the US I just incorporate a company, grab a series 7 license and off I go.
I should really demand to be a finance adviser to the next UK government.
OBAMA UNDER FIRE OVER FALLING DOLLAR
The depreciation of the US dollar is sparking growing jitters among critics of the Obama administration over the potential loss of America’s reserve currency status. Economists point out that a declining dollar could prove a boon to the US economy in the absence of credible anxiety over inflation.
I think the blame should fall at Bernanke’s feet. Looks like the US will have to raise interest rates. Hahahahaha that would cause the market to wobble but it is the only course.
The man needs a hot bath, sorry, hot money.
THE WORLD’S TOP 100 UNIVERSITIES LISTED
The world’s top universities
2009 Rank / 2008 Rank / School Name / Country
1 1 HARVARD University United States
2 3 University of CAMBRIDGE United Kingdom
3 2 YALE University United States
4 7 UCL (University College London) United Kingdom
5 6 IMPERIAL College London United Kingdom
5 4 University of OXFORD United Kingdom
7 8 University of CHICAGO United States
8 12 PRINCETON University United States
9 9 MASSACHUSETTS Institute of Technology (MIT) United States
10 5 CALIFORNIA Institute of Technology (Caltech) United States
11 10 COLUMBIA University United States
12 11 University of PENNSYLVANIA United States
13 13 JOHNS HOPKINS University United States
14 13 DUKE University United States
15 15 CORNELL University United States
16 17 STANFORD University United States
17 16 AUSTRALIAN National University Australia
18 20 MCGILL University Canada
19 18 University of MICHIGAN United States
20 24 ETH Zurich (Swiss Federal Institute of Technology) Switzerland
The UK is holding on but like everything in this country is slipping fast.
bloomberg says ” Harvard Losing Money Externally Helps Mendillo Return to Roots “
WALL STREET’S NEAR-DEATH EXPERIENCE
We were all part of this and it was terrifying. However, I have never mentioned this before but I found LTCM way more frightening. Even so, this makes a fun read.
Goldman was deemed not only too big to fail but the world would destruct into nuclear war. In hindsight that theory is a little over the top but if there were x-men of Wall Street, Goldman would have been Iron Man and Lehman the Joker.
HEDGE FUND OWNER PLEADS GUILTY IN PETTERS CASE
Appearing in federal court in St. Paul on Wednesday, Gregory Bell admitted helping set up 86 “round-trip” money transfers between his company, Lancelot Investment Management, and Petters Co. Inc.
Bell could face 20 years in prison.
I thought Petters would be the pre Madoff fraud of its time. A sort of Refco part 2. The media thought otherwise and Petters hardly gets a mention these days.
ECB EXPECTED TO KEEP BENCHMARK RATE ON HOLD AT 1%; BANK INDIRECTLY FUNDING HALF OF EUROZONE COUNTRY DEFICITS IN 2009
Imagine if the ECB increased its rate by 25 bips? The USD would go into free fall. Go one, be brave, shake up Obama and his pathetic cronies. But of course they won’t.