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SeekingAlpha.com (Free subscription) | 24/11/2008
Greg Newton submits: To review: Fortress Investment Group’s (FIG) IPO, on Feb. 9, 2007, was priced at $18.50, opened at $35 and traded as high as $37 that day. But in case the last $2.06 (at Friday’s close, after the stock traded at a new all-time low of $1.80 intraday) evaporates, Wes Edens & His Merry Men know where the blame lies: at the feet of an administration that doesn’t take...
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SeekingAlpha Retail Stocks (Free subscription) | 19/11/2008
Greg Newton submits: It’s been a week or two since anybody called Eddie Lampert “The next Warren Buffett.” And now, it seems, either Bill Ackman got the memo, or even value tramps (not a typo) have stops. From the 13F-HRs of Pershing Square Capital Management LP, vis-a-vis its long dance with Two-Wrongs-Don’t-Make-A-Right (SHLD): Complete Story »
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SeekingAlpha.com (Free subscription) | 17/11/2008
Greg Newton submits: ABOVE: Webster Bank (WBS) executives help themselves to $400 million from the Kash’n’Kari Capital Purchase Program. Connecticut is hardly unique in being littered with small-cap banks that have variously avoided the worst of the financial sector rout, lied more skillfully about their exposures, or — more likely, in the Nutmeg State — have the Mozilo paradigm in their...
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SeekingAlpha.com (Free subscription) | 13/11/2008
Greg Newton submits: Barton Biggs, the long-time Morgan Stanley global strategerist now doing a hedge fund manager impersonation, hit Fortune this week with a soft-core piece posing as “the enlightened...opinions of aged participant about the unknown.” Without stopping to debate the highly arguable characterization of Biggs as a ‘Hedge fund star,’ or even the value of anybody’s opinions...
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SeekingAlpha.com (Free subscription) | 10/11/2008
Greg Newton submits: The Federal Deposit Insurance Corp got invigorated game Friday, closing Los Angeles-based Security Pacific Bank and Franklin Bank, Houston, which was controlled by the renowned Salomon Bros mortgage securitization warhorse Lew Ranieri. The FDIC estimates that the cost of [the Franklin Bank] transaction to its Deposit Insurance Fund will be between $1.4 billion and...
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SeekingAlpha.com (Free subscription) | 04/11/2008
Greg Newton submits: Chris Addy, the Montreal-based principal of hedge fund due diligence consultants Castle Hall Alternatives, decides that the coincidence of Halloween and Global Financial Catastrophe is a good time to rattle some of the skeletons in the hedge fund closet. His ‘Hedge Fund Investing in a New World’ is a brief monograph that manages to kick over several large gravestones...
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SeekingAlpha.com (Free subscription) | 03/11/2008
Greg Newton submits: But it pays 2%. Gotta problem with that? Parsing a story in The (London) Sunday Times Sunday: ONE of Europe’s largest hedge funds, [[GLG]], is sending a letter to investors this weekend saying it is to launch a “liquidity review” of its funds. Complete Story »
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Seeking Alpha China (Free subscription) | 29/10/2008
Greg Newton submits: “High conviction” Masters of the Universe sale Goldman Sachs Dynamic Opportunities Limited (“GSDO”) is a Guernsey registered closed-ended, fund of hedge funds which is listed and traded on the main market of the London Stock Exchange (“LSE”). GSDO launched in July 2006 and was the first closed-ended, exchange listed investment company managed by Goldman Sachs. GSDO...
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Seeking Alpha China (Free subscription) | 29/10/2008
Greg Newton submits: “What we’re trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money,” White House press secretary Dana Perino said. White House tells banks to stop hoarding money AP via Yahoo! Finance Oct. 28 2008 As these banks and institutions are reinforced and supported with taxpayer funds,...
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Seeking Alpha China (Free subscription) | 28/10/2008
Greg Newton submits: NakedShorts’ Obviousness Rule rule states that, even if things are obvious, they are not officially true until some official writes for, or talks to, an official news organization to tell everybody something that everybody already knows, but doesn’t dare say. So, the payoff for two generations of indescribably incompetent management, with a salving back-hander for...
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Seeking Alpha (Free subscription) | 28/10/2008
Greg Newton submits: The last, and perhaps the biggest, bubble of them all: the yield on the long bond since 1980, annotated by, and stolen without permission from, Alchemy of Trading . Disclosure : NakedShorts, who is most-times early, which is indistinguishable from being wrong, has a starter position in [[TBT]] . Banking on, among other things in the fullness of time, a little supply,...
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Seeking Alpha China (Free subscription) | 28/10/2008
Greg Newton submits: Two familiar names from the US deleveraging debacle are spreading their joy to little ol’ New Zealand. Where the wise virgins (OK, maybe not so wise; those yields were probably a clue) have taken it in the privates over the last year or so with the collapse of a dozen or so finance companies caught with, among other things, failed real estate developments and dodgy...
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Seeking Alpha China (Free subscription) | 27/10/2008
Greg Newton submits: The New York Post’s business section, long since downgraded from AAA to C+ by the NakedShorts News Ratting Service, staged a dead cat bounce Sunday. Lampert’s a Huge Loser: $30m/hour by Richard Wilner Complete Story »
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Seeking Alpha China (Free subscription) | 24/10/2008
Greg Newton submits: All in all, Thursday turned out a lot better than it might have for listed hedge fund-private equity shop Fortress Investment Group (FIG). It dodged a $1.7 billion debt mogul at its Intrawest “experiential destination resorts” unit which was, by all accounts, headed for a bankruptcy filing before the last recalcitrant creditors were whipped into line. Complete Story...
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Seeking Alpha (Free subscription) | 24/10/2008
Greg Newton submits: The Chicago Mercantile Exchange (CME) began trading steel futures contracts Monday, four years more or less after what is now its Nymex subsidiary originally announced plans to list the commodity. Things are going absolutely swimmingly, with a total of zero contracts traded in the first four days. But, as American Metal Market reported in Friday’s edition, price...
