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’A GLD contango strategy
According to the FT’s hedge fund correspondent, Sam Jones, the hugely successful Paulson & Co (he of subprime bet fame) currently denominates a third of its $33bn of assets under management in a share class bolstered by huge positions in the gold market.
[Abacus] Dear Paulson investor…
On Monday night, Paulson & Co held a conference call with around 100 investors in the wake of the SEC lawsuit against Goldman Sachs.
(Obviously) we weren’t on the conference call, but we have obtained a copy of the letter Paulson sent to investors (reproduced in full below).
Crumbling resistance to financial reform
John Kemp at Reuters makes an important point: the SEC’s move against Goldman Sachs over subprime makes the passage of financial reform legislation through Congress a racing certainty.
Despite the widely-held belief that Wall Street has Washington over a lobbyist’s barrel,
‘Carry-on Henry Paulson’ in China
What a carry-on.
Hank Paulson is back in China for another US-Sino “strategic economic dialogue” – top mission, as ever, the pursuit of a stronger renminbi. But, it’s not all hunky dory. Analysts galore have been discussing the possibility China may in fact be making a U-turn on its US-approved path of renminbi appreciation.
Tarp in trouble
Yup, the unthinkable has happened and the TARP has been voted down. The $700bn bailout package needed 218 votes to pass, but only got 207 in the House.
House leaders are keeping the vote open but a total of 94 Democrats and 132 Republicans cast initial votes against the bill.
Stork finally on brink of a private equity re-birth
A drawn-out Dutch drama may at last be approaching its final act. There may be an end in sight to the activist angst for Stork, the industrial conglomerate.
Activist investors have for almost two years targeted the company,
Activist funds support Candover offer for Stork
Stork, the Dutch industrial conglomerate, on Tuesday appeared to have drawn a line under an 18-month dispute with its main shareholders after activist funds backed a €1.5bn ($2bn) cash offer from Candover,
Hedge funds expect soaring subprime defaults, lender insolvencies
Harbinger Capital Partners and Paulson & Co., two hedge-fund managers who profited when subprime- mortgage defaults surged, told investors that delinquent loans will soar and more lenders will disappear,
Did Tuesday’s falls hurt hedge funds? Absolutely.
Hedge funds experienced their worst one-day returns in at least four years on Tuesday, with emerging markets funds and computer-driven managed futures funds among the worst hit, according to data compiled by Hedge Fund Research.
Money for Meriwether – the winners in the markets’ rout
While most investors are crying into their keyboards, a few will be dancing a jig. Every market rout creates a handful of victorious investors as well as leaving numerous vanquished in its wake.
The Wall Street Journal reports that one household name did rather well out of Tuesday’s market plunge.
Investors divided over Nasdaq raising LSE offer
Some investors have bet against Nasdaq raising its £12.43 a share hostile bid for the LSE by its self-imposed midnight Saturday deadline, with the shares falling 26p on Thursday to close at £12.83. While several smaller shareholders say they have approached the LSE to urge it to enter into talks,
Court upholds calls for probe into Stork
A Dutch court has upheld calls by two hedge funds for an independent investigation of Stork and outlawed the use of a poison pill defence by a foundation friendly to the Dutch conglomerate. But it also barred a vote scheduled for Thursday at a shareholder meeting calling for the dismissal of the company’s supervisory board,