28JAN09:
Q1-09 DOW: 8900
Q2-09 DOW: 7250
Q3-09 DOW: 5810
Q4-09 DOW: 3960
CITI NATIONALIZED
OBAMA GETS SICK 27AUG09:
Mini Crash 21SEP09 Predicted correctly:
Bailout=Bonuses
Demise of Bear Stearns
Demise of Lehman Bros.
Demise of AIG
Subprime would cause problems
Date of 2007 crash
CRAs were to blame
G20 riots were a party
Northern Rock run
Northern Rock Nationalization
HBOS and RBS demise
UBS really was Useless
Since last quarter, the Fintag Latino Enhanced Bond Biased Fund has made 95.6% and YTD is up 226.7%. Our models have factored in the volatility expectations of the Equity markets in Brazil, Peru and Columbia and coupled with a low interest environment has produced above average and above top quartile peer performance.
As per the OM, we have taken a huge performance fee and in doing so have rebated our paltry management fee back to the fund to make it look like we care for our investors well being.
The fund is partially closed and new subscribers must pay a 2% entrance fee that will be rebated prorata to the existing investors and a 15% exit fee purely for the adviser to the fund, Fintag Capital Management LP, who do most of the hard lifting.
Inflation, deflation and unemployment worries, along with debt defaults and the fall of tax receipts have had no bearing on the fund's performance. We believe these markets are seriously undervalued and there is still a long way to go. Our strategy is to go long anything isn't worth shorting and writing put options and selling them to anyone who likes a good moan.
Our long term view is one of optimism and insanity and we trust you will stay with us for the ride.
Undertakings for Collective Investment in Transferable Securities (UCITS) - retail investment funds authorized by one of the member states of the European Union (EU) and thereby passported into the rest of the EU - represent the dominant platform for retail investment funds in Europe. See “UCITS: An Opportunity for Hedge Fund Managers,” The Hedge Fund Law Report, Vol. 2, No. 27 (Jul. 8, 2009). Collins Stewart, a London-based financial advisory group, recently announced that it plans to launch a fund of funds within the UCITS structure. This announcement, and a similar announcement from Schroders PLC that it is working with hedge fund managers to launch a range of UCITS funds for sophisticated investors, serve as evidence of the increasing convergence of hedge fund strategies and the UCITS structure. The convergence mirrors a similar trend in the U.S. in which hedge fund strategies are being offered in mutual fund or exchange-traded fund vehicles. These trends on both sides of the Atlantic are part of a more overarching trend toward retailization of hedge fund strategies, which heretofore have been the exclusive province of high net worth individuals and sophisticated institutional investors.
Fintag says A lot of guff is written about UCITS. Although they are a useful way to get round marketing issues of say hedge funds, the hedge funds themselves have to follow strict criteria regarding liquidity. CTAs are in but Distressed Debt are out. However, the legislation will be amended over the years and hedge funds will just be another asset class and so yes Hedge Funds will become mutual funds. Safe, dull and with the performance of a snail.
In fact it would be better to amend the UCITS rules and abandon the EU Directive.
hedgeweek says " Deutsche Bank has launched a Ucits III compliant currency fund "
European Socialist Party President Poul Nyrup Rasmussen waved his red passport at hundreds of hedge-fund and private-equity managers in London's 600-year-old Guildhall to assert his challenge to the city's financial power.
London, the meeting place in Europe for bankers and traders from New York to Mumbai, faces an unprecedented challenge to its right to set the rules of financial engagement. Rasmussen, 66, is pushing European Union legislation of all hedge funds and private-equity funds that want to invest in the 27-member region, which makes up the world's largest economy.
Fintag says This is back door imperialism. Us Brits used to invade other countries and were last attacked by Johnny Foreigner in 1066. Alas, we are now but kittens.
The S&P 500 index has rallied 56 percent since Mar. 9, and Federal Reserve Chairman Ben Bernanke said this week that the recession is likely over.
So across the country, Main Street investors are weighing whether they should jump back into the market -- either with their 401(k) money or the cash they may have moved into safer territory.
I'm urging folks to stay out! If you haven't already jumped back into stocks and logged impressive spring and summer gains, the markets' rise to Friday's highs appears to have no solid footing in reality.
Without corporate profits, increased consumer spending, job growth or an active credit market, this rally seems to be fueled by fast institutional money. Indeed, it may be a sucker's rally heading for a decline.
Fintag says So where is my crash? OK, I admit there maybe a few days to wait but not many. I have a plus/minus 15 day error tolerance.
UNION CHIEF LEADS PROTEST OF WALL ST. 'APOSTLES OF GREED'
As one of his first acts as the new president of the A.F.L.-C.I.O., Richard L. Trumka led a rally on Wall Street on Tuesday to protest the “apostles of greed” and to back President Obama's push for increased financial regulation.
Speaking before a modest crowd, Mr. Trumka issued repeated warnings that the labor movement would battle the nation's bankers if they did not do more to lend to homeowners and small business and to create jobs.
Fintag says Tis True but greed is all around. I blame loyalty issues at the Banks.
In a controversial speech to the Lord Mayor's banquet at Mansion House, Turner repeated his previous claim that “not all financial innovation is valuable, not all trading plays a useful role”.
The crisis was “cooked up in trading rooms, where not just a few but many people earned annual bonuses equal to a lifetime's earnings of some of those now suffering the consequences... not everything that a financial system does is socially useful; sometimes bits of it can get too big and it would be better for society if they got smaller,” he added.
Fintag says The socially useless Lord Air-de-dare is an embarrassment and should be pensioned off. He is right of course ...
COCOA JUMPS AS DEMAND MAY GAIN ON GLOBAL RECOVERY; COFFEE RISES
Cocoa futures rose to a 14-month high on speculation that demand for commodities will increase as the economy recovers. Coffee gained the most in a week.
The Standard & Poor's 500 Index climbed, extending a global advance in equities. The Asian Development Bank raised its economic growth forecast for the region. The Reuters/Jefferies CRB Index of 19 raw materials rose as much as 1.9 percent, while the dollar fell to a one-year low against a basket of six major currencies.
Fintag says There you go, the story that ties into my picture of some raw cocoa. In days gone by, cocoa was a currency and depreciation was often due to bits of the currency being digested.
11 comments
btrade said ...
That's what I tell my investors.... margin of error +/- 15%
23 Sep 09 - 07:43 gmt
catsick said ...
so 15 days leeway , lets see if we get the crash ! the gbp is the only thing capable of crashing as far as I can see, especially when anyone with two pound coins to rub together all decamp to switzerland or singapore under the weight of the ever increasing taxes and regulation ....
23 Sep 09 - 07:55 gmt
damiendamien said ...
An aside, picked up an ancient (1966) book on Swiss banking in a charity shop a month ago 'The Gnomes of Zurich', the thrust of it is Swiss banking is all based on hatred of people from other cantons. All 24 had their own banks and laws, refused any sort of big government prying into their business. They simply extended this courtesy to everyone else. Behind their staid exterior they're all anarcho sydicalists.
23 Sep 09 - 09:17 gmt
Tradebot said ...
re : Lord Red Adair, could his Lordship then provide a list of activities which are not socially useless? Reading Karl Marx in a dark room?
23 Sep 09 - 10:54 gmt
Ococa said ...
can anyone explain the difference between cocoa and cacao please?
23 Sep 09 - 10:56 gmt
Moron said ...
where is my Maria....missing u honey:)))
23 Sep 09 - 13:13 gmt
anonymous said ...
cacao is the refined version sold only in Horrids and Selfridges that has passed through the guy of a civet cat.
23 Sep 09 - 13:15 gmt
anonymous said ...
Gut of a civet cat...
23 Sep 09 - 13:16 gmt
Panta said ...
bubblebubblebubblebubbles........
23 Sep 09 - 15:14 gmt
DB said ...
h ttp://bit.ly/2Gy1DD - DB marries Arki Busson's EIM
facebook
free daily e-mail
feed
