My pal Trader Mark posted the news that John Meriwether, aka the Master of Disaster, is launching a new investment vehicle. I’ll link over to that story in a moment, but if his name doesn’t ring a bell, Meriwether was the genius behind Long-Term Capital Management, a hedge fund with so much leverage and derivative exposure, it almost crushed…
Hedge Funds
Hot Links: Perp Walks, Proud Bulls and the Skiing Robot
Stuff I’m Reading this Morning… Rockstar Raymond James strategist Jeff Saut is still bullish and proud of it. (PragCap) Say hello to Preet Bharara, the New Sheriff of Wall Street. (Clusterstock) Eddy Elfenbein: David Rosenberg is running away from his bad calls. (CrossingWallStreet) Bess opens the floodgates of speculation on which Hedgie will be doing…
If Galleon Unloads Their Treasures…
For what it’s worth, here’s a quick look at Galleon‘s top ten holdings. I’d imagine that the phones are ringing off the hook with redemption requests as we speak. These are almost all mega-caps, so I wouldn’t expect a great deal of impact should the fund have to unwind these positions quickly. NAME STOCK SYMBOL …
Galleon Hedge Fund Taking On Water
Much like the Spanish galleons of old, which sailed back to the motherland laden with the ill-gotten riches plundered from the Americas, the Galleon Group of hedge funds was nailed today for insider trading. I’ve only skimmed the indictment, but what caught my eye was the paying off of newsire service employees for an early…
The Sugar Trade
While everyone is reading that New York Post article about how many times a day Hank Paulson and Lloyd Blankfein call each other, the story the Post picked up on sugar trading from Bloomberg this morning was way more interesting to me. From the NYP: Sugar is the new crude oil for investment-hungry hedge funds,…
About That Hedge Fund Renaissance You Were Told Of Yesterday
For some reason, yesterday I heard the soundbite that “Hedge funds are back! On pace to have their best month/quarter/year since blah blah blah” repeated at least a dozen times. Absurd. I can think of several high net worth people I’ve spoken with in just the last few weeks that would give up a firstborn…
Johnny Upside: I'll Buy Your Gold, Dog!
Johnny Upside is back…and he’s paying Cash for Gold! For those of you who haven’t met Johnny Upside yet, the last time we checked in with him, he was launching a distressed assets fund. Prior to that, he was starting up a fund of fund of funds. Johnny Upside has a knack for showing up…
The Man Who Crashed the World in Vanity Fair
As we’ve discussed before, AIG‘s little hidden hedge fund, Financial Products Group, not only took down the world’s largest insurance company, it had a huge hand in the global meltdown last fall. While some of AIG’s counter-parties came out pretty unscathed (Goldman Sachs), the rest of the financial complex surely did not. While there were…
Hedge Funds and the Gloved One
That Michael Jackson‘s finances were a mess was always very well known. What many don’t know is that some of our favorite financial runaway trains were active participants in Jackson’s monetary fantasy world. The Fortress Investment Group (FIG), which went public in one of the most spectacularly horrible IPOs of all time, was at one…
NY Post: Hedge Fund Turnaround Cheat Sheet
Your average passively-managed 401k account probably saw anywhere from 20 to 40% returns since February and is most likely flat to modestly positive on the year. People close to retirement are not throwing a parade just yet, but still, things have obviously gotten…umm…less grim. How have the Masters of the Universe done, though? The New…
