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Morningstar.ca – Hedge fund managers, once the swashbuckling frontiersmen of international finance and subject of fawning cocktail party banter, have quickly gone from hero to goat. As the global credit bubble burst with a vengeance in 2008, so too did the oft-touted myth that these alternative strategies could deliver positive results in any market.
But those claims painted the universe with too broad a brush. There has always been a difference between arbitrage funds that isolated structural inefficiencies, and speculators that either didn’t hedge or used the ability to short stock as a means of leveraging directional bets. Clearly it should never have been expected that a fund that was short financials and long commodities, as many hedge funds were last year, would have a market neutral, "absolute return" profile. The majority of Canadian offerings fall into that camp, so it’s no surprise we’ve seen stark declines among many of our homegrown funds.
Reuters – The Federal Reserve acted on rumors last month and called Credit Suisse Group to see if it had pulled a credit line from Lehman Brothers Holdings Inc, The Wall Street Journal said citing people familiar with the matter.
Credit Suisse told Federal Reserve officials that there was no truth to the rumor and it had no intention of pulling the line of credit, the paper cited the people as saying.
A person familiar with the rumor told the Journal that it was circulating in early July.
Fed officials contacted Credit Suisse last month, but it is unclear whether the move occurred before or after the U.S. Securities and Exchange Commission subpoenaed dozens of hedge funds and financial firms about four Lehman-related rumors, the paper said.
August 2008 – Reuven Enterprises is proud to announce the launch of our CEO’s BLOG. The goal of this blog is to let investors worldwide have Mr. Ron Reuven’s first hand insight on the issues that face the financial markets today without the glamour and exaggeration that they may typically see from other available sources of information. "I only know one version of the truth, only talk about things that I understand, and don’t hold back or sugarcoat." -Ron Reuven. This blog is sure to keep you asking for more of the unique insight that has helped us build and distinguish our firm.
As our society moves toward globalization, it is essential to make the most of what technology has to offer. This will also allow us to create a forum for our elite clientele when addressing critical issues that impact our financial markets and provide a unique and streamlined delivery of information. We continue to exceed our prior efforts in providing our clients with the very best services available. We are confident that the additional tools that we have added to our enhanced corporate web-site will continue to add value for our clients, even if they are located thousands of miles away. To check out our new CEO’S BLOG, please visit our website at www.ReuvenEnterprises.com and click on the MEDIA section on the bottom right of the page.
If you would like more information about this topic please call us at 212-480-9175 or email us at CRM@ReuvenEnterprises.com
