$$$ Ex-Marine Launches Long/Short Hedge Fund [FINalternatives]
$$$ Wells Fargo Says Madoff Scheme Cost Bank $294 Million [Bloomberg]
$$$ Job of the Day: A “top tier HF in Greenwich, CT” is looking for a consumer analyst with 3-5 years experience. That could be you! Compensation, if the employer is who we think it is, includes deep-fried leaf cookies. [DB Career Center]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
What tier is AQR in?
I was a Webelo, so does that make me a good hedgie?
please lose the ‘related stories’ part of your website – it sucks.
I was a Brownie, maybe I could be hedgie.
From the Bloomberg article on WFC:
“The bank’s profit, excluding Wachovia’s results, topped analysts’ estimates.”
How is excluding Wachovia’s results relevant any more? The merger has closed, WFC is stuck with this piece of poo whether they like it or not.
love this:
“We are essentially playing it safe, protecting capital, and waiting for better opportunities,” said Gray, who is hoping to follow in the footsteps of another Chicago doc, AQR Capital founder Cliff Asness.”
Oh, so he’s hoping to build a massive quant fund based on concepts/algos that don’t hold up under scrutiny, and then, go down in a shimmering blaze of glory on an internet finance/gossip site?
God, I can’t wait!
What defines “top tier”? Is that the same set of people who oh-so-called the coming crash yet were down 20-70% in ’08 because of “unexpected market conditions” while trying to “preserve capital”?
Or maybe top-tier merely means they have they’ve paid for the best connections to pension managers.
Also, @5, the only problem with everyone returning to rational investing is that rational investors will cease to make abnormal returns, and will ply their trade elsewhere. Hence, equilibrium requires a healthy dose of idiots in the market, including quants.
@Anal_yst
He has empirical evidence that his search strategies will work.
If this guy is anything like a$ne$$, I sure hope that he doesn’t bring his M16 in to the office.
- Support our troops!
@4 – agreed, they are likely to exclude watch-ova-ya from now until eternity. wtf, let’s see if bofa excludes cuntrywide from their results next quarter. what a joke!
@4 did the analysts’ estimates include Wachovia? ‘Twould seem stupid to compare the combined results against what was expected from WFC alone.
Also, it only became a done deal on 1/2/09, so really the Q4 results of WB were really not part of what WFC did.
Of course the joint results should be reported from ’09 on – and presumably analysts’ estimates will include both.
@ Shalimar
Agreed, and, so long as the majority of people fail to learn from history going forward, outsized returns will once again be possible.
@ 7
Wonder if he’ll be using the non-torture “torture” he learned during his service on any competitors/potential investment’s executives…
So Ken Lewis stays. This is disgusting. He is a state school grad who can’t make strategic decisions. My theory: government pressure to keep him on in the name of stability. In reality, he’ll do whatever Treasury says.
So Ken Lewis stays. This is disgusting. My theory: government pressure to keep him on in the name of stability. In reality, he’ll do whatever Treasury says.
Ken “fu**ing steamroller” Lewis to you!!
Doesn’t it seem weird that WFC can quantify their exposure to outside investments? Unless, they allowed those customers to use that directly as collateral (so they would then know the details of the holdings)…which would then imply that dipshits with 100% exposure to madoff were still given mortgages, LOCs etc.
Gosh, I need to take a serious dump.
Wells Fargo excluding Wachovia’s results is like the Jacksons pretending Latoya isnt related to them.
TRB
@15
So how was it? Did you see my career anywhere in the bowl before you flushed?
Thain’s 30K commode is going to walk up behind Kenny boy and…
wait for it
wait for it
shit can his ass.
SPODE
Where the hell is Cliff? I miss his angry “every one is fucking stupid” comments…
-Not Cliff
On another note: Does anyone believe the propaganda about the coming “Green Jobs Revolution”? There may be a few such jobs created, but the idea that clean tech is the next dot com bubble just doesn’t smell right to me.
this dailybail chimp has now resorted to writing comments under his own posts using aliases and pretending to be cnn reporters who are reading his dealbreaker-wannabe garbage
pls, no one encourage this tool
I like scotch. Scotchy scotch scotch.
No such thing as an “ex-Marine”. Once a Marine, always a Marine. The proper term is “former Marine”.
semper fi, #24
Love the “Job of the Day” ad. I’m trying to figure out what hedge fund could be so deep into the Mickey Mouse league to be posting an employment ad seeking “young” “guys” as candidates.
I hope some of you unemployed gals and older guys with plausible resumes will apply, so you can find out who it is and have the pleasure of getting a small settlement after you threaten to sue them for employment discrimination. Can’t hurt to supplement the unemployment checks.
Dumb law IMO but still the law, and hedge funds that can’t remember they have abide by even the dumb laws are apt to get themselves in all sorts of trouble.
oohrah, 23 & 24 — you’re only an “ex” if you got the “big chicken dinner” or DD.
This quote bugged me, though – ““The U.S. government spent a lot of money teaching me skills that allow me to analyze multiple sources of data and synthesize it into a coherent and behavioral bias-free thesis”
That is such typical E-ring doubletalk