Unstructured Finance

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GMF @HedgeWorld West, World Bank/IMF and Financial & Risk Summit Toronto 2014

October 3, 2014

(Updates with guest photos and new links).

Join our special coverage Oct. 6-10 in the Global Markets Forum as we hit the road, from the West Coast to Washington to the Great White North.

Jim Chanos, bad news bear, urges market prudence

By Jennifer Ablan
December 9, 2013

Prominent short-seller Jim Chanos is probably one of the last true “bad news bears” you will find on Wall Street these days, save for Jim Grant and Nouriel Roubini. Almost everywhere you turn, money managers still are bullish on U.S. equities going into 2014 even after the Standard & Poor’s 500’s 27 percent returns year-to-date and the Nasdaq is back to levels not seen since the height of the dot-com bubble in 1999.

Ackman’s Penney-sized revenge?

October 1, 2013

It’s hard to say that Bill Ackman came out of the J.C. Penney debacle looking good. But in one regard the hedge fund manager did score a minor victory: he and his Pershing Square Capital Management sold their shares before the bloodbath began in the ailing retailer’s stock.

For U.S. equities, the bull market still has years to go

July 16, 2013

I recently chatted with veteran technical analyst Ralph Acampora,  a director at  Geneva-based Altaira Ltd.,  about secular bull trends in the U.S. stock market. A real secular bull market can last decades, and he sees this equity market uptrend as similar to the long-term bull markets in the 1960′s and, more obviously on technical charts, the 1990′s.   He pointed out that bull-and-bear trend measures and other short-term sentiment readings can change week to week, confusing some participants about the market’s longer-term path.  Acampora laid out the psychology behind sentiment in a secular bull market, which has three long phases. It starts with fear of the bear market at the stock market’s bottom. At the March 2009 low,  everyone was worried about further declines and losing money. The mood was characterized by fear and disbelief.  In reaction, the first buyers in a classic bull market gravitate toward quality stocks. They lead equities higher, because no one wants to take risk.  Investors say, “I’ll never do that again,”  about buying junk. They only want high quality, high-yielding stocks. That’s Phase 1. It began in 2009 and lasted until now.

Ray Dalio’s all seeing reputation takes a hit

June 26, 2013

There are storm clouds on the horizon at Ray Dalio’s $150 billion Bridgewater Associates.

Natural (at) selection

March 21, 2013

The answer to the moderator’s question was a resounding: yes. The question, asked to several credit hedge fund managers during a conference on Thursday, was: did you make money last year? In fact, the managers from Pine River, BlueMountain, Cerberus and Brevan Howard made a lot. But 2013 is not going to be so easy, they said.

Hedge funds stockpiled Citi, axed Apple in Q4

March 12, 2013

More research was published today showing that the honeymoon is over for American hedge fund managers and technology giant Apple. The iPhone maker was one of the top two most sold stocks by hedge funds in the fourth quarter, according to an analysis of regulatory filings by Bank of America. (The other stock was  Tyco International).

Ray Dalio went into this year even more bullish than we thought

March 5, 2013

By Matthew Goldstein

Hedge fund titan Ray Dalio is really bullish on stocks and all things risky–at least he was in early January.

from MacroScope:

SEC has power to ban high-frequency trading, congressman says

January 18, 2013

Not everyone agrees that using high-speed machines to trade stocks in less time than it takes the average person to blink is a bad thing, but the people who do might be heartened by the letter a congressman sent the U.S. Securities and Exchange Commission on Friday.