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Automated Trader - Algorithmic Trading Magazine
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How to set up a Hedge Fund | Tutorials | Hedge Fund Focus | MoneyScience
Start your own hedge fund - August 7, 2006
I'm thinking of starting a hedge fund. Let's be clear: I'm in it for the money.
Starting a hedge fund, Start a hedge fund
Start a hedge fund : Starting a hedge fund, How to start a hedge fund, Hedge Fund startup
INCUBATOR FUNDS
GreenTraderLaw, PLLC – Overview of our hedge fund legal development services.
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The first e-commerce-enabled site offering access to the Lipper Tass Database, the industry's number one hedge fund performance database, as well as free Community, Commerce and Content services to the global hedge fund and alternative investment industry.
2001\Jun\BearStearns.pdf (application/pdf Object)
Tutorials | Hedge Fund Focus | MoneyScience
Hedge Fund
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Offshore Corporations :: Panama Offshore Legal
How to open an OFFSHORE BANK ACCOUNT in a TAX HAVEN with BANK SECRECY. FAST INCORPORATIONS of Offshore IBCs, Trusts, Foundations and Stock Brokerages.
Ireland Offshore Company Information - OCRA Worldwide
Ireland Offshore Company Information
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Entrepreneurship Takes Off in Ireland - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times
DealBook is a financial news service reporting on mergers, acquisitions, venture capital and hedge funds and is produced by The New York Times.
Ernst & Young - Industries - Investment Management - Luxembourg - Launching - Legal Form of Funds
Luxembourg - Launching - Legal Forms of Funds
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Ireland - Establishing an IM Company
Ireland - Establishing an IM Company
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Investment Management - Ireland - Overview
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Ireland - Establishing an IM Company
Ireland - Establishing an IM Company
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alt_investments_doc.pdf (application/pdf Object)
Hedgeweek Special Report on Dublin Hedge Fund Services 2007.pdf (application/pdf Object)
International Tax Review/ Irish Funds
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Hedge Funds Review is the market leading publication for hedge fund managers, investors and service providers
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Hedge Funds | HedgeWorld | The Definitive Hedge Fund Community
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Welcome To HedgeCoNetworks.com
SSRN-The A,B,Cs of Hedge Funds: Alphas, Betas, and Costs by Roger Ibbotson, Peng Chen
SSRN-The A,B,Cs of Hedge Funds: Alphas, Betas, and Costs by Roger Ibbotson, Peng Chen
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GreenTraderLaw, PLLC – Overview of our hedge fund legal development services.
Financial Advisor Magazine
Hedge Fund : Hedge Fund
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Hedge Funds Networking Group
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Hedge Funds
Hedge fund - Wikipedia, the free encyclopedia
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Hedge Fund World - Hedge Fund Investing
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Hier erhalten Sie wichtige Hinweise, wie Sie Hedge Fonds-Investments richtig einschätzen und einsetzen
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Ernst & Young Report: Hedge Funds Remain Enigmatic - Seeking Alpha
Library - Ernst & Young
Special Reports Series - Bermuda Hedge Fund Services
A source of news and features on the hedge fund industry including updates investment trends, regulatory news, distribution strategies, and a regular series of market surveys and fund manager interviews.
Global hedge funds - ‘industrializing’ in evolutionary development - Press Release - Ernst & Young
Global hedge funds- ‘industrializing’ in evolutionary development
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Appleby - Fund Administration
Appleby and its forerunners have offered innovative solutions to complex legal problems for more than 100 years. Today, the firm is a leader in the competitive offshore legal world, and the first Bermuda law firm to embrace the growth of electronic commerce.
ehedge.info - The first European hedge fund market place for institutional investors
ehedge.de is a new European financial supersite for institutional hedge fund investors and hedge funds; it is an independent deal-making platform that can be customized to suit individual needs.
Ireland as a fund centre
SSRN-130/30: The New Long-Only by Andrew Lo, Pankaj Patel
SSRN-130/30: The New Long-Only by Andrew Lo, Pankaj Patel
Economist.com
Global Investor : Financial books
Global Investor bookshop: finance books, investment books, trading books
Automated Trader - Algorithmic Trading Magazine
Algorithmic and automated trading magazine - Automated Trader provides coverage of automated and algorithmic trading from both a technological and business perspective, published quarterly.
HedgeFund.net - Leading Source for Hedge Fund Performance, News and Information
Provides a database of onshore and offshore hedge fund information and performance that includes quantitative analytical tools and Web pages for more than 6,400 hedge funds.
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EverBank - Rates
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Scoach Schweiz AG
Scoach.ch ist das Portal für Zertifikate und Optionsscheine. Hier finden Sie Stammdaten und Realtime-Push-Kurse zu allen am Börsenplatz Quotematch gehandelten Produkten.
Scoach Schweiz AG
Scoach.ch ist das Portal für Zertifikate und Optionsscheine. Hier finden Sie Stammdaten und Realtime-Push-Kurse zu allen am Börsenplatz Quotematch gehandelten Produkten.
Is my money in E-Trade (or any stock brokerage) protected? - Yahoo! Answers
I know that let's say, I have $150,000 cash deposi...
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Acheter ses actions au meilleur prix
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Les particuliers paieront leurs ordres de bourse moins cher
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MoneyShow.com - Traders
CMC Markets Partners
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naked capitalism: Jim Rogers Abandons the Dollar
NMMM Finance Notes: Jim Rogers on US economy
NMMM Finance Notes: Jim Rogers on US economy
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Jim Rogers: Bernanke isn't smart and real estate has a lot farther to fall - BloggingStocks
Jim Rogers: Bernanke isn't smart and real estate has a lot farther to fall - BloggingStocks
Finance Trends Matter: April 2006
Steen Jakobsen's Chronicle
Philippe Legrain
Philippe Legrain: journalist, economist, author of 'Immigrants: Your Country Needs Them' and 'Open World: The Truth about Globalisation'
New Economist
New economic research, data, events and analysis from a London-based economist
New Economist
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The Mess That Greenspan Made: Jim Rogers and Bill Gross on Bloomberg
FT.com / Business Life - Get your Mojo working
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Shorex - The world of wealth management
Shorex - The world of wealth management
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International Real Estate, Expatriate resources, Resources for Americans fleeing America, Search the largest expatriate database of embassies, international jobs & offshore financial services web sites.
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Corporate governance of Panamanian corporation consists of shareholders, directors and officers. Shareholders have the ultimate power, they elect the Board of Directors which choses corporate Officers. Shareholders, Board of Directors or Officers, can be other companies or entities or any natural persons.
Panama Bearer Share Corporation :: OFFSHORE LEGAL :: Experts in offshore banking, Asset Protection, Incorporating Offshore Companies, Offshore Corporations and Offshore IBC in Panama, Bahamas, Belize, Switzerland (Swiss), and the Cayman Islands.
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Panama IBC's and Foundations - FAQ
Setup an offshore company or IBC. Panama companies and foundations setup in just days. Offshore solutions for your needs.
The Libertarian Library: Some Useful Tax Havens for Personal Residence
Places you can live while paying little or no income tax.
Taxation in the United Kingdom - Wikipedia, the free encyclopedia
United Kingdom: Special Expatriate Fiscal Regime
The special non-domiciled fiscal regime in the UK. Part of the lowtax.net offshore-onshore section.
Tax Research UK / Let’s be clear - Inheritance Tax is not doube taxation
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Tax-news.com carries headlines on tax, e-commerce, legal issues, political developments, economic issues and offshore news for over thirty offshore jurisdcitions or tax havens
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WealthProtectionReport.co.uk - Offshore Tax, Tax Havens and Overseas Property Tax Information
Information on offshore tax, emigration, overseas property and capital gains tax
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Although January is traditionally the busiest time of year for tax professionals we are eagerly awaiting further details on the proposed changes in th
FT.com / World - CBI slams Darling for CGT confusion
Delay in tax plan tests patience of employers
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What I would look for in a trading coach (if I were lucky enough to find a real one) « The Lonely Trader
REITs: Own real estate without the hassle - MSN Money
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Hi everybody, If there is someone has the following books below, please feel free to upload in this thread, Beyond Greed and Fear - Hersh Shefrin
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Books and articles on trading.

saigon vista da giovani reporter italiani

http://www.repubblica.it/2006/05/gallerie/esteri/notte-saigon/1.html

faber and his forecast

http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/v5g.9Aykh2hA.asf

Liechtenstein and Libertarian Banking

Plaidoyer en faveur des paradis fiscaux

LE MONDE | 27.02.08 | 15h08 • Mis à jour le 27.02.08 | 15h08

'achat, par l'Allemagne, de la liste de détenteurs de comptes bancaires au Liechtenstein est présenté comme un combat contre l'évasion fiscale. Mais les paradis fiscaux ont des raisons d'être. Quand l'Etat devient vraiment oppressif, ceux-ci constituent une protection essentielle pour l'épargne. Compte tenu des performances lamentables des gouvernements, de tels comptes constituent une liberté majeure pour les citoyens.

Même des démocraties peuvent devenir tellement étouffantes pour les minorités riches et méprisées qu'un compte bancaire offshore devient nécessaire. La polémique, à la fin des années 1990, sur les 50 000 comptes suisses en déshérence, soldés par les banques pour 1,85 milliard de dollars, a ignoré le rôle des banques suisses dans l'apport d'une sécurité financière aux juifs et autres opprimés par le régime nazi, suffisamment chanceux pour y échapper.

Le principe du secret bancaire, établi dans l'Acte bancaire suisse de 1934, a été une réponse à la pression des nazis pour obtenir les noms des détenteurs de comptes. Maintenant que l'Allemagne inflige des amendes aux possesseurs de comptes au Liechtenstein, on peut difficilement expliquer qu'une telle loi était inutile.

D'autres cas, moins extrêmes, abondent. En Argentine, le gouvernement a exproprié partiellement, ou totalement, l'épargne des classes moyennes pendant une décennie : les comptes bancaires à l'étranger ont été essentiels pour survivre.

UNE TAXATION EXCESSIVE

Dans l'ancienne Yougoslavie, les Serbes ont exproprié les détenteurs de comptes en devises étrangères. Certains pays, issus de l'éclatement de la fédération, ont restitué cette épargne. L'un d'entre eux, la Bosnie, ne l'a jamais fait. La prospérité de la Slovénie après son indépendance a été grandement facilitée par le manque de confiance dans le système bancaire yougoslave et le nombre élevé de comptes en Autriche. Même au Royaume-Uni, les tranches d'imposition les plus élevées ont atteint 90 % pendant plusieurs décennies, et même 135 % en 1968.

La popularité, en Allemagne, des comptes bancaires en Suisse et au Liechtenstein reflète la taxation excessive dans le pays. La chancelière Angela Merkel ferait mieux de mettre l'Etat au régime et d'engager une vraie réforme fiscale avant de trafiquer avec des documents bancaires volés.

Pour plus d'informations, connectez-vous sur breakingviews.com

Martin Hutchinson

Martin Hutchinson - Correspondent

martin.hutchinson@breakingviews.com
Telephone: +1 703 573 1921

Martin Hutchinson covers emerging markets and economic policy from Washington, drawing on 25 years of experience as an international merchant banker. He ran derivatives platforms for two European banks, before serving as director of a Spanish venture capital company, advisor to the Korean conglomerate Sunkyong and chairman of a US modular building company. In Zagreb he established the Croatian debt capital markets and set up the corporate finance operations of Privredna Banka Zagreb. Since 2000 he has been a financial journalist, and is the author of "Great Conservatives, " a book on British political history. He has a first class Honours degree in Mathematics from Trinity College, Cambridge and a Harvard MBA.

China's rising costs begin to fan global inflation

China's higher minimum wages, inflation and currency appreciation are pushing up global prices. For decades, cheap Chinese manufactured goods have been a major deflationary force. Now, Chinese cost inflation is reversing their effect.

Environmentalists can’t stop the coal boom

With prices double their year-ago level, producers are enjoying a bonanza. It won’t stop soon. India and China are both major coal users with few alternatives. Environmentalists may bleat, but the World Coal Institute’s 2030 production target may be very conservative.

Is there more than rhetoric to Obama’s protectionism?

The Democrat’s enthusiasm for trade protections is red meat for Democrat voters in Ohio, a state badly affected by US de-industrialisation that holds its primary next week. But his votes on CAFTA and a Peru trade deal suggest his election might genuinely erect new barriers.

Commodity inflation will strain cheap money policies

Price rises of 65% in iron ore and 90% in wheat can’t be absorbed in costs and will tend to entrench inflationary expectations. That suggests much higher consumer inflation is in store. The Greenspan/Bernanke cheap money vessel is heading for the rocks.

Japan appears a contrarian's safe haven

Fourth-quarter Japanese GDP growth was double the forecast, but Western analysts remain negative. The Bank of Japan knows better; it refuses to cut rates and sees moderate growth ahead. With stocks already hammered, Japan may provide a safe haven.

Morgan may be buying into Vietnamese slowdown

The firm’s joint venture there looks strategically sound. It gives it a premier position in a market that is growing rapidly. Nonetheless, Vietnam remains vulnerable to a credit crunch. Morgan could have to wait a long time for it to pay off.

Reliance debacle is red flag for Indian economy

Despite a 73-times oversubscribed IPO, Reliance Power shares dropped 17% on the first day. Blame a sharp tightening of liquidity in India. It’s not just stocks that are vulnerable. If foreigners stop financing excessive government deficits, the country’s growth could suffer.

Will Bernanke fall off the tightrope?

The Fed chairman’s insistence that inflation is under control is increasingly at odds with reality. If reported inflation continues to rise, and leads to a buyer’s strike in the long-dated Treasury market, Bernanke would share the fate of G. William Miller.

Personal view: Libertarian banking

Liechtenstein has been roundly criticised for its protection of German tax cheats. Martin Hutchinson doesn’t think the critics have the moral high ground. He argues that bank secrecy is a civil liberty worth protecting.

PBGC's equities scheme threatens to boost US taxpayer risk

The pension guarantor's increase allocation to equities is unwise. PBGC accrues liabilities in economic downturns, as companies go bankrupt, so equity investments may double its risk rather than hedging it. Chances are, taxpayers will end up writing a large cheque.

Castro’s leaving, but Castronomics isn’t gone yet

Fidel is officially retiring. Since he took over Cuba in 1959, the country’s economic performance resembles much of Latin America’s – appalling. That’s because Castro’s anti-Yanqui socialism has too long infested the Latin American left. He still has too many followers.

Sovereign funds a boon for 2-and-20 brigade

Prominent Democrats are proposing restrictions. Anti-SWF agitation is inevitable; voters fear foreign politicians controlling their companies. To try and avoid the backlash, SWFs will invest through intermediaries - yet another way for Wall Street to benefit from their largesse.

Argentina’s inflation fudging shows how to cheat bondholders

Its statistical agency says inflation is 8.5% when it is probably over 20%. That scams holders of $30bn of inflation index-linked bonds. Other countries play games with price statistics. Bondholders should trust only truly independent inflation figures like Brazil’s.

Will Russia keep Ukraine out of the WTO?

It might try. The Ukrainian government says that its membership of the World Trade Organisation will ease Russia’s path in, but it has to persuade a fractious parliament with a strong pro-Russian minority. Russia wants to join the WTO, but it might want an unstable Ukraine more.

afasia

l'afasia dei poliglotti

http://www.elpais.com/articulo/internacional/Sarkozy/c/est/fini/elpepiint/20080214elpepiint_12/Tes?print=1

LLUÍS BASSETS

Sarkozy c'est fini

LLUÍS BASSETS 14/02/2008

Los franceses tienen un problema. Creían que tenían un superpresidente, un hipergobernante, que les sacaría de la depresión y de la decadencia, y ahora se dan cuenta de que tienen un presidente como han tenido muchos otros, enfermo, limitado en sus funciones, al que hay que cuidar y proteger mientras se organizan las cosas para que Francia funcione y el Gobierno y las instituciones cumplan con su cometido. No es una situación insólita: también estuvieron enfermos y disminuidos Pompidou y Mitterrand, y el primero murió de la dolencia en el Elíseo; y Chirac se convirtió en un engorro paralizante durante buena parte de su presidencia. La enfermedad que sufre Sarkozy no tiene la gravedad del cáncer de próstata de Mitterrand, pero afecta a un órgano tan vital como es el ego, que sufre de una hipertrofia probablemente irreversible. Siendo una persona tan joven y activa, sobre todo sentimentalmente, la dolencia es seria y de tratamiento difícil.

Las encuestas dan una idea de la gravedad de su situación, cuando todavía no se ha cumplido un año de la elección. Su popularidad se halla en caída libre, en contraste con la buena imagen de su primer ministro François Fillon, algo que invierte el tradicional orden de las cosas, que obliga al Gobierno a actuar de fusible. Cuanto más se acerca el 9 de marzo, fecha de las elecciones municipales, más crece el nerviosismo entre los candidatos del partido presidencial y más se temen las intervenciones de Sarkozy que puedan restar votos. Su partido se halla dividido y enfrentado, por las tensiones que ha creado el propio presidente, la última de las cuales ha sido meter los dedos en las candidaturas de Neuilly, la ciudad de la que fue alcalde. Han salido a la luz pública las tensiones entre el Ministerio de Exteriores y sus asesores. El trato que ha proporcionado en público a unos y otros, incluso a sus colaboradores más íntimos, es el propio de un monarca caprichoso y atrabiliario hacia sus lacayos. Vejados e insultados sus asesores por el propio señor del Elíseo, puenteados los ministros por los asesores presidenciales y los parlamentarios por las comisiones especiales a las que se les encargan las grandes tareas de reforma, Sarkozy se dirige hacia un altivo aislamiento personal que sólo puede conducir a la ira o a la melancolía. Incluso su impopularidad es extravagante: no se debe a su inaplicado programa reformista, sino a su comportamiento personal.

El trono que Sarkozy ocupa fue diseñado como escabel para un diálogo transatlántico con la Casa Blanca. De Gaulle quería ser el tercero en discordia en un mundo bipolar, un soberbio matiz occidental a la confrontación con Moscú. Este biznieto liberal y proamericano de De Gaulle (después del nieto Chirac y del hijo Pompidou) se ha instalado con poderes acrecentados por su ambición y su idea personalísima de la presidencia. Pero una vez obtenida, se ha dedicado fundamentalmente a sí mismo, como un adolescente narcisista, ocupado en sus sentimientos y placeres. El poder puede proporcionar muchos, pero la prudencia aconseja no hacer mucha gala de ellos. Sarkozy hace lo contrario y se refocila en la temeridad y en la exhibición.

Tres han sido los puntos por donde se ha roto el personaje: la economía, que no ha experimentado mejora alguna; su ideario, más neocon e incluso teocon que gaullista, manifestado en sus criterios sobre la laicidad ajenos a la cultura republicana; y su vida íntima, aireada y expuesta ante los medios como nunca antes había sucedido. Ha fracasado como rey taumaturgo, que por su imposición de manos debía incrementar la capacidad de compra de los franceses, hasta verse obligado a pronunciar la frase maldita que rompe los sortilegios: "¿Qué esperáis de mí? ¿Que vacíe unas arcas que ya están vacías?". Como rey filósofo, ha suscitado las mayores reservas respecto a las tradiciones republicanas, sobre todo cuando ha expresado con desenvoltura sus simpatías intelectuales por el Papa en Roma. Y sólo ha triunfado plenamente en su papel de sultán en el serrallo, con los ropajes que más interesan al gran público y, por lo que se sabe, también a sus pares, fascinados por su capacidad de seducción, su buen gusto y sobre todo su desparpajo, rayano en la desvergüenza. Pero ahí lo que ha conseguido deprime de nuevo a muchos franceses: ha puesto la República a la altura del Principado de Mónaco.

biggs is back but he should write rather than invest

http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vlD.9oFxWj9I.asf

justice in the markets

hello,well it looks like the french want to represent the exception to the rule. 2 years ago,foreign banks trying to raid italian banco anton veneta and unipol triggered a turmoil in the italian murky financial circles that finished with the resignation of mr fazio, the Italian central banker, the jailing of several local executives and paved the way for the long awaited end of protectionism of mediocre services in Italy. France wants to embrace globalisation but it is incapable of giving up its bad habits. What the EU needs is justice , normal justice for reforms aimed to benefit the majority of consumers !

The Ligne Maginot

mr Bouton epitomises France , graduate from ena ( school of public administration) , a tax collector with political connivances ( former head of juppé cabinet ), in charge of creating wealth for a bank and, opposite to some of his peers, totally ignorant of the abc of trading rooms and with him, it looks like, also his head of investment banking . He offers his resignation to the board blatantly knowing that they will decline because they are a take over target for barbarians at the gate ( in France this means foreigners taking over their Ligne Maginot) and the French establishment in strong defiance of the EU free market laws will do everything possible to stop it . The general attorney could not yet jail the 31 year old trader and shut him up thanks to the wisdom of one judge who thinks truth may be preserved if free. Let's see how this French soap opera ends up and whether France, so eager of reforms, is capable and willing to take some lessons from this debacle.

l'anti christ et la rethorique mensongere

la bete immonde du capitalisme,l'anti chirst, reapparait dans le discours des bien pensants de la societe francaise. il faut de la reglementation,ils crient.qui tout à fait d'accord mais que la reglementation commence par la base,cad aupres des banques.qu'un trader puisse manipuler un systeme informatique cela montre les failles du systeme concu par des incapables.le systeme bancaire francais est malade et ce trou de 5 milliards le montre tres bien. A cela s'ajoute la debacle de richelieu techiniquement en faillite.inutile se plaindre de la globalisation et recourrir à la rethorique assassine contre le capitalisme et le liberalisme pour cacher les graves lacunes d'une classe dirigeante incapable d'etre au pas avec les techniques modernes. bouton aurait fait mieux de s'occuper de finance pure et dure et pas de politique publique avec juppé. va t il sortir de l'impasse grace à la rethorique politicienne?

tschernobyl et le trader fou expliquées apr els mass medias

Après Tchernobyl où on a fait croire aux Francais que les nuages radioactives s'étaient arrêtes à la frontière de la France, la grande manipulation des massmedias continue avec le soutien de l'administration et du gouvernment. Des énarques irresponsables qui font croire à la fraude d'un trader fou, le bouc émissaire pour des technocrates qui ne questionnent même pas leur surveillance des risques operationnels et qui meprisent à mort cette figure du spéculateur pour satisfaire ainsi l'imaginaire du public francais (sarko le démagogue fait pareil). Que dire alors de Blankfein qui a gravi les échellons de Goldman Sachs en démarrant comme méprisable trader et a évité les erreurs opérationnelles et la bourde des subprime, au contraire... Est-ce qu'Attali s'est limité uniquement à la réforme des chauffeurs de taxi ou a-t-il fait mention particulière du corporatisme de l'ENA et son monopole sur ldes institutions mediocres ?

fraude ou echec de la gestion de risque chez societe generale ?

l'article devrait etre titré ainsi : echec total du systeme de gestion de risque chez societe generale , Daniel Bouton contraint à demissionner face à la pression des actionaires.W la complaisance des aparatnicks du systeme capitalo comuniste francais . C'est une question de deonthologie sociale deformer les informations

blogs on bernanke

From panic to penicillin - Bernanke, blogged

Jan 23 08:34
by Helen Thomas
Comment
(4 comments)

While the FTSE 100 finished a giddy 165 points up, the US didn’t manage quite such a feat of euphoria. The Dow see-sawed, dropping more than 450 points before regaining more than 300 points of its losses. More…

While the FTSE 100 finished a giddy 165 points up, the US didn’t manage quite such a feat of euphoria. The Dow see-sawed, dropping more than 450 points before regaining more than 300 points of its losses.

Cut through the noise though, and it was another down day, tacked onto the previous week’s losses, says David Gaffen at MarketBeat. And what noise it was. Rich material for the live market bloggers, like Greg Newton at Naked Shorts. At lunchtime he noted, “the usual suspects are still talking about a liquidity problem, which is curious considering the cash tossed so willingly at financial services basket cases.”

MarketBeat summarises the analysts’ views of the latest Fed cash dump.

Without a doubt, what could have been a horrific trading session was headed off before the opening bell due to the Federal Reserve’s action. But the concerns about the handling of the current economic downturn have only multiplied. Analyst views of the Fed fall broadly into three camps — those that think the Fed is way behind the curve; those that think the Fed has become beholden to the markets, and those who believe the Fed is doing a masterful job. (This third group is more of a cult at this point, though.)

Felix Salmon at Market Movers is among those unimpressed by the Fed’s decision to take the slash and burn option just a week before a scheduled meeting.

the Fed is charged with keeping employment high and inflation low; it’s not charged with protecting the capital of investors in the stock market. So this action smells a bit like panic to me, and it might also have prevented the kind of stomach-lurching selling which could conceivably have marked a market bottom.

Barry Ritholtz, at the Big Picture, has a similar concern, describing the move as a “shot of penicillin to a cancer patient.” The Fed may merely have delayed the inevitable, he argues. “This market saving cut prevented a thorough, 5% wash out. In other words, all the Fed did was prevent a healthy capitulation.”

Naked Capitalism’s Yves Smith offers a “less than respectful commentary” on the Fed’s market-saving move. What the hell is the Fed doing meddling with the stock market, he wants to know?

What bothers me is the de facto declaration that stock markets are to be a low (or contained) risk zone. I started out in the securities industry in 1980, when most sensible people thought equities were speculative (this was two years before the infamous Business Week “Equities are Dead” cover).

Over at Econbrowser, James Hamilton takes a charitable tack and is prepared to accept that there may be more to the Fed’s 75bp move than a panicked attempt to avert a stock market plunge:

I suspect that the Fed is using equity prices just as I and many other economic analysts do, namely, as a useful aggregator of private and public information about near-term prospects for economic growth. All the recent indicators have suggested a significant deterioration of real economic activity over the last two months. I take the global stock market sell-off as one more confirmation of that assessment, and new information about the global scope of the problems we face.

The trouble is, he adds, 75bp won’t prevent a recession, any more than 50bp did in April 2001. But it might mitigate the damage: “I believe the FOMC cast its vote….with those who declare that a recession has already begun.”

Paul Krugman in his NYT blog points out that Bernanke spent a lot of time worrying about Japan’s 1990s experience, and in particular the way in which monetary policy became ineffective. The best way to avoid that “liquidity trap”, as argued in a paper co-authored by Bernanke in 2004, is by “maintaining a sufficient inflation buffer and easing preemptively as necessary.”

The Interfluidity blog reads between the lines of the lone FOMC dissenter, William Poole’s comments on the notion of a Fed put.

Poole is at pains, throughout his talk (whose theme is moral hazard) to claim that stabilization policy uses the stock market as a instrument of policy, but that this does not imply that the stock market can use the FRB as a backstop or guarantee. In the question of who’s using who, Poole wants to make it clear that the FRB is the boss. But, if the Fed must intervene to prevent “panics”, it has placed itself in the role of a parent habitually blackmailed by a self-destructive adolescent….

…It’s not a particular policy action that’s bad, it’s the macroeconomic game that we’ve settled into that has to be changed if we want markets that aggregate external information and make wise allocation decisions rather than focusing on intrafinancial Kremlinology.

le torquemada de la finance

le grand inquisiteur de la finance ,quel cynisme .......faire paniquer les marchés avec des declarations pareilles . un vrai torquemda de la finance moderne, un bigot de l'inflation 24h sur 24 , il ne sait parler que de ca. mais on a compris, arretez vous svp! restez tranquille et ne terrorisez plus les epargneurs. faut il angela merkel pour les assurer ! avez vous par hasard confondu le role du marqui de sade avec celui de la banque centrale ? moi je crois qu'en ce moment vous devez vraiment vous rejouir du resultat. quand l'asie s'est effondrée fin 90 les usa sont intervenus avec rapidité et courage . aujourd'hui la situation s'est renversée et il me semble que vous éprouvez une satisfaction sado masoquiste . mais pour qui en fin de compte ?

the repeat of gbp crisis at the time of dem strength ?

see 1992 , itl, gbp out of the sme because of refusal of german central bank to cut rates . this time again ecb refuses a monetary sinchornisation but with a far larger economy, the us. mors tua vita mea

pal samuelson on subprime and compassionate conservatism

http://www.iht.com/articles/2008/01/18/opinion/edsamuelson.php

Parlaying deregulation into panic

By Paul A. Samuelson (International Herald Tribune) FRIDAY, JANUARY 18, 2008

Bush's 'compassionate conservatism' translated into compassionate tax giveaways.

Balancing market freedoms

By Paul A. Samuelson (International Herald Tribune) MONDAY, NOVEMBER 19, 2007

The policy tools that have so well served central banks need to be changed.

The financial gods that failed

By Paul A. Samuelson (Tribune Media Services) TUESDAY, AUGUST 21, 2007

My phone rings around the clock as foreign journalists ask, what is going to happen in the coming years for America and the globe after the recent volatility indexes' recent explosion?

Currency watchers see silver lining in dollar weakness

By Bo Nielsen (Bloomberg News) SUNDAY, JULY 22, 2007

The depreciating currency is making U.S. goods less expensive abroad and is helping offset the worst U.S. housing recession in 16 years.

Searching for a new golden economic center

By Paul A. Samuelson (Tribune Media Services) TUESDAY, JULY 17, 2007

In American politics, dramatic proposals from either the left or right will once again be proved in the long run to be fools' gold only.

Inflation-linked bonds are hot this year as stagflation fears resurface

By Daniel Kruger (Bloomberg News) MONDAY, APRIL 9, 2007

The difference in yields between 10-year TIPS and conventional notes has widened to 2.5 percentage points, a seven-month high and up from 1.43 percentage points in 2002. The gap suggests that real returns on the fixed-rate notes will be eroded by $2.5 million annually on ...

Milton Friedman, conservative economist, dead at 94

By Holcomb B. Noble (The New York Times) FRIDAY, NOVEMBER 17, 2006

Friedman was a force in the movement toward greater reliance on free markets.

Viewpoints: Remembering Milton Friedman

(International Herald Tribune) FRIDAY, NOVEMBER 17, 2006

The death this week of Milton Friedman, the conservative economist and recipient of a Nobel in 1976, sparked a wave of reminiscence and reflection at the University of Chicago, where Friedman spent much of his intellectual life.

Milton Friedman, economist, dies at 94

By Holcomb B. Noble (The New York Times) FRIDAY, NOVEMBER 17, 2006

The grandmaster of conservative economic theory in the post-World War II era was a prime force in the movement of countries toward lesser government, greater reliance on free markets and individual responsibility.

Milton Friedman, leading economist, dies at 94

By HOLCOMB B. NOBLE (The New York Times) THURSDAY, NOVEMBER 16, 2006

Friedman was a prime force in the movement toward greater reliance on free markets.

news jan 08

interview to schmolz and bickenbach amid surge of steel prices , real estate slump in spain and uk balanced by 2008higher carproduction

credit losses continue, citigroup , hyporeal estate point to an incipient recession

chf smallmidcaps, a buying opportunity

Gold shares positive times ahead?

the next crisis , credit cards , first signs of rising payment defaults

telecom in shaky times

Impact of a recession on metal prices


in the middle of the storm ubs official explanation on capital dilution and dividend payment

us real estate valuation, uk( barratt , balfour beatty/expensive, taylor wimpey), spain ( colonial, astroc)

Retail down: Tesco, Metro, Inditex, drop sahrply. buy opportunity? see eastern europe consumption

medical techno: molecular biology, cardio tech/ ( see medtronic)
swiss cyclicals, gf,abb, rieter, burckhardt , sika
SEZ , ANOTHER EX OF LOOTING THE SHAREHOLDERS
UBS financing discussed at the next general assembly
SIKA amd construction shares cheaply valued( Holcim, Geberit)?
EFG, cheap
US Biotech, cheap valuations, interesting article on the cost/ profit structure of the sector compared to pharma and its valuation / earnings outlook
US real estate ; centex, lenner a, d r horton, shares plunge , problem with valuation of inventory( see land price) which may be too high in the book value . trend negative, difficult to stop it ? SOME RECOMENDATIONS in Australia : centro(au), westfield, goodman ( see gs , t 45%),Maquarie(ubs)

Unrepented / Greater Fool Theory

It is known as the Greater Fool Theory. Or as Fitzgibbon put it: "What Wall Street is about is smart guys thinking about ways to make money from dumb ones.

what about fooling in history ? looks like in the 1920s sub prime collateral and siv were the backbone of one of the most colossal frauds in financial history. Mr Kreuger gains the coverage of the Economist, a Swedish finance buccaneer depicted by Galbraith ,a hypochondriac economic historian, as a man of genius unbounded by integrity.

http://economist.com/finance/displaystory.cfm?story_id=10278667

what's up for 2008?

the subprime crisis , consequences projected to 2009 before interest rates cut kick in , inflation will reignite. equity default asset given the low return on treasuries already discounting a recession. what will bsut next ? "then the business of insuring against bond defaults known as credit default swaps, or CDSs, would probably be the best place to start" good summary of the economist

http://economist.com/daily/columns/marketview/displaystory.cfm?story_id=10415523
"In retrospect, it seems clear that banks were playing a sophisticated game but they ended up being “too clever by three quarters”, as was once said of Harold Wilson, a former British prime minister. They earned fees for managing and distributing complex securities, and took them off their balance sheets, freeing up precious capital. But the buyers of these securities were often dependent on finance from the banks. And as those buyers have struggled, then the banks (HSBC and Citigroup among them) have been forced to take the securities back"

American elections ; stock amrkets perform well but are we at the juncture of an epochal change ? This is creating a bull market in pessimism. The likes of Bill O'Reilly and Lou Dobbs have transformed themselves into cable stars by ranting about cultural decay and “broken borders”. Patrick Buchanan's latest book is called “Day of Reckoning: How Hubris, Ideology and Greed are Tearing America Apart”. “We are on a path to national suicide,” he says. America is not just “coming apart”, but also “decomposing”.....In fact, Americans have always had a vigorous tradition of pessimism, in counterpoint to the optimistic one....but ... Much of today's pessimism may prove as unfounded

and what about forecasters? The venerable Abby Joseph Cohen of Goldman Sachs asserts, with remarkable precision, that profits will grow by 5.6% and that the S&P 500 index will end the year, not at 1,670 or 1,680, but at 1,675. The one forecast Buttonwood can safely make for 2008 is that the consensus will prove to be wrong. In one of the defining phrases of 2007, the author and investor Nassim Taleb has called these occurrences “black swans”—unexpected events that have enormous consequences. These are, by definition, very hard to forecast. One approach is to make several wild guesses in the hope that one will prove right;the writer goes on explaining that the major risk lies in a real estate crisis in the uk, ireland , spain and eastern europe.

against this background why not considering an investment in africa and the middle east ?

Up to $1bn is set to flow into North African and Middle Eastern stock markets in the coming months as several heavyweight firms launch funds focusing on the region, confirming its status as the next investing hot spot.

BlackRock, the US-based investment manager, on December 1 launched a Middle East North Africa Opportunities hedge fund....It is believed that it began trading with about $12m, and hopes to raise $250m by the second quarter of 2008......
Permal, the hedge fund of funds group, will shortly begin marketing a new one, called Silk Road, which will invest in North Africa, the Middle East and the neighbouring countries leading to Asia........T Rowe Price, the US-based mutual fund group, three months ago launched an Africa & Middle East fund, which has attracted more than $140m in investors' money. The strong start for the fund, which has had little marketing, indicates that US retail investors have an appetite for the region. It is believed to be the only such fund available to US investors, although there are some – New Star launched one last month – available to European investors.The T Rowe Price fund will have a relatively concentrated portfolio of 40 stocks and initially invest in 11 of the more developed markets in the region - such as Nigeria and Egpyt - and then expand to others, such as Botswana and Tunisia.Several other money managers around the world have similar plans. Mizuho Bank in Japan has launched a North Africa/Middle East mutual fund. Emerging markets mutual funds have historically had little or no investments in Africa and the Middle East, but have begun to lift their holdings there. Some of the African stock markets have been among the best performing in recent years.