Posts from Thursday Oct 3 2013

The Closer


– An excellent profile of Richard FisherRead more

#TwitterIPO #slightexaggeration RT @TwitterS1 “…we have democratized content creation and distribution”

Click through to the much-anticipated S-1, released late Thursday afternoon:

Emerging markets: near-term optimism, lingering conundrums

Abundant flows of global capital in search of fresh yield are unstoppable but unabsorbable.

The imposition of new capital controls is often appropriate but, nearly as often, ineffectual. Read more

Ludwig von Mises in the role of Walter White

So the Feds have finally busted Silk Road, the digital black-market platform which happily brokered everything from LSD and cannabis to heroin and computer-hacking services online, most frequently in exchange for the crypto-currency Bitcoin.

The value of which did take a beating, but perhaps not as much as might have been expected: Read more

Dear Pershing Square investor

Pershing Square was down 5 per cent in the third quarter as Bill Ackman’s shop got out of JC Penny at a loss of 50 per cent on its original investment.

The letter for October arrives via the FT’s hedge fund correspondent, Sam Jones. (Click through for the doc): Read more

Markets Live: Thursday, 3rd October, 2013

Live markets commentary from 

Return of the living dead, hedge fund edition

We interrupt this blog to announce a zombie apocalypse has occurred. Please remain calm and do not adjust your allocations, many hedge funds remain open and fee structures are intact.

 Read more

The (early) Lunch Wrap

BP wins spill compensation appeal || Payday lenders face fresh curbs || Wall Street fears mount over US default || Hedge funds expand their repo businesses || Cerberus examining bid for BlackBerry || US overtaking Russia as world’s largest oil/gas producer || Markets Read more

Cars for pensioners

While United Auto Workers retiree healthcare trust fund and Fiat argue about the terms for an initial public offering for Chrysler, a piece from Citi this morning reminded us why the Italian carmaker is so well suited to running the company.

The question for both being, are they carmakers, or just highly specialised pension plans?

Consider this screen of European (but not UK) companies most exposed to pension risk. Read more

Further reading

Elsewhere on Thursday,

– The story of Joseph is a great example of Keynesian economicsRead more

The 6am London Cut

Markets: “The U.S. dollar sagged to eight-month lows on Thursday as the U.S. government shutdown dragged on with no end in sight, though share markets found comfort in expectations major central banks might now have to stay super-loose for longer. Also helping sentiment was an upbeat survey on China’s huge services sector, an antidote to a disappointing report on manufacturing earlier in the week.” (Reuters) (Financial TimesRead more