Hedge Funds `Frozen in Headlights’ Cut Trading (Bloomberg)
“People are in cash for the most part and nobody’s really taking out any big bets,” said Blaze Tankersley, chief market strategist at Bay Crest Partners LLC, a brokerage firm in New York. “Nobody wants to take risk in either direction. It’s a weird time in the market.” Barton Biggs, whose purchase of stocks in March 2009 gave Traxis Partners LLC a 38 percent gain last year, said last week he sold about half his stock investments because of concern governments around the world are curtailing stimulus measures too soon. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point,” Biggs, who manages $1.4 billion, said in a telephone interview. “I’m not putting my money into anything. I’m raising cash.”
Paulson’s Advantage Fund Lost 6.9 Percent In June (Bloomberg)
The fund has now lost 8.8 percent through the first half of 2010
Goldman And Morgan Stanley Saw Turbulent Q2 (Reuters)
Analysts have cut their earnings estimates for the two investment banks in recent weeks, citing concerns about fixed income trading, as well as merger advisory revenue and stock trading. “This will be one of the most difficult trading quarters since the credit crisis,” said Roger Freeman, an analyst with Barclays Capital. “This quarter is a stark reminder that we have some major macro unanswered questions, be it the stability of the U.S. and the global economic recovery.”
BP Tries To Reassure Shareholders (NYT)
It’ll never happen again okay? You believe us right? RIGHT? Who loves ya?
Man Group Bleeds Assets (Reuters)
Man, in the process of buying smaller rival GLG Partners, said on Thursday total assets under management — on which fund firms earn fees — fell 2.2 percent over the three months to end-June to $38.5 billion (25.3 billion pounds). Net client withdrawals were $1 billion.
What To Expect From The LeBronference Call (WSJ)
The show will begin with a brief video introduction of Mr. James’s career, followed by a complete rebroadcast of the fourth quarter of Game 6 of the Eastern Conference semifinals against Boston.
Wells Fargo Plans Layoffs at a Consumer Finance Unit (Reuters)
The bank said Wednesday that it would no longer make subprime mortgages and as a result would close a 100-year-old finance division that specialized in those loans.
Citi Exits PE (NYP)
Citigroup has agreed to sell its private-equity unit to Lexington Partners for more than $900 million, PE Hub said yesterday. The portfolio includes stakes in bank-branded funds-of-funds, mezzanine and co-investment vehicles.
Asbury Park, NJ, nixes proposal for topless beach (AP)
After hearing a report from City Attorney Fred Raffetto that two city ordinances prohibit public nudity, including simply going topless, the City Council declined to consider the proposal any further. “There is no intention to change those ordinances,” Mayor Ed Johnson said. The idea was the brainchild of Reggie Flimlin, a yoga studio owner who has sunbathed without a top in Europe and Miami. She wants to do it legally here. “It’s a shame,” she said when told by The Associated Press of the council’s decision. “They had a real opportunity here to embrace women’s rights in Asbury Park. It’s discouraging.”
Blaze Tankersley? Seriously? I am assuming Gundlach is familiar with his work?
Going long astroglide calls much?
being a BP engineer is the new spilling it
Blaze the Tank! Blaze the Tank!
I don’t think he will stay in Cleveland…he’s still all banged up about his teammate hooking up with his mom.
well Tito have you seen that guy in the locker room? I don’t blame him.
@1 he used be the owner of Tankersley Tanks
–guy who watched a lot of the Jetsons growing up
nuestra tele! 24.95! Haz Click Aqui!
Either former lehman quants are in charge of targeting ads for dealbreaker or this website’s demographic is seriously different than I’d thought.
please do yourself a favor and check-out brennan on bberg today. insanity
Hoe’s before Bro’s is why everyone is going to Miami and not Blackago.
Did anyone just catch the Mark Haines rant?
well, I can only imagine what greggum’s mom would have to say about this, but wwlbms (what would lebron’s mom say)? I know she’s reading this out there…please enlighten.
9 – good one.
- ny post headline writer
If I hear the name “LeBron James” one more time, ever, it will be too soon.
All I have to say about Mr. James is, TAR BALLS!
/BP PR
@10 – Didn’t catch it but Mark is a clown.
Russian Reversal jokes > CFA > Crap Pools > Pseudo Sexy Russian Spies > MBA > Shia LeBeouf > Rejecting job offers and living at home with your parents > Mark Haines
@11:
http://thedanzatap.com/?p=14117
@7: Por favor, examinito sus motivos.
Hey – is anything going on in the NBA today? Just curious.
- Martian who has heard rumors of things happening in the NBA today
ooo tarballs. I know what I’m having for lunch!
@18: We’re having a webinar on the difference between small time crookedness and big time crookedness here at the National Banking Association, if that’s the NBA you refer to….
@10 – saw the rant, typical grumpy old man…but I did like the “who writes this crap?” comment. he jumped the shark when started explaining the jones act after the break.
@16 tito – I know the story, was hoping some of the more creative (writing) types would write a missive to keep me entertained during this very slow day in the office.
I can’t wait to see LeBron play in the Cup game on Sunday.
-AIG quant
Blaze is dreamy
Hosting a 1 hour TV conference to say 2 words “Miami Heat” is the new killin’ it…
2.5% withdrawals is not bleeding assets imo