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HFMWeek: Disclosure Gets Closer

scgadmin — Thu, 23 Feb 2012 03:12:46 +0000

Last week’s article on HFMWeek entitled “Disclosure Gets Closer” discussed registration requirements of investment advisers to hedge funds under the Dodd-Frank Act. The article, which was written by Will Wainewright, quoted Jay Gould, a partner and member of our Investment Fund and Investment Management team, who said “[T]he most difficult part of SEC registration – not an onerous process in itself – is implementing, testing, internally enforcing and updating the compliance procedures that the SEC will be checking on once you are registered.”

A full text of the article is available here.

Smoking out the truth on Altria

scgadmin — Thu, 23 Feb 2012 02:39:21 +0000

Companies like to hide things through accounting tricks and the like, but the 10-K doesn’t lie, and in Altria’s case, .

Miami investor sues Paulson fund over Sino-Forest

scgadmin — Thu, 23 Feb 2012 02:39:20 +0000

HONG KONG (MarketWatch) — John Paulson’s hedge fund on Tuesday was sued by a Miami-based investor, who said the financial group failed to conduct “proper due diligence” before investing in the Toronto-listed shares of Sino-Forest Corp., which were suspended last summer following allegations of fraud. Hugh Culverhouse filed legal documents in a Miami court on Tuesday saying the Paulson’s fund Paulson Advantage Plus lost about $460 million after selling an investment in Chinese timber company Sino-Forest. Lawyers representing Culverhouse said in a Tuesday statement he would invite other investors to participate in the suit in the hope of forming a class action. The suit accuses Paulson’s fund of “grossly negligent due diligence of Sino-Forest’s business operations” when making a near-billion-dollar investment in the company. The suit said China’s business environment and, in particular, the timber industry feature “complex structures and operations” that differ from those in the West.

Brazil’s Cosan pays $523M for logistics-firm stake

scgadmin — Thu, 23 Feb 2012 02:39:20 +0000

SAO PAULO (MarketWatch) — Cosan SA Industria e Comercio (CSAN3.BR), Brazil’s largest sugar and ethanol company in terms of revenue, said late Tuesday it acquired a 5.66% stake in logistics company America Latina Logistica SA (ALLL4.BR) for 896.5 million Brazilian reais ($523 million).

How to play the China crunch

scgadmin — Thu, 23 Feb 2012 02:39:19 +0000

Hedge fund analyst Jonathan Raven sees a liquidity squeeze in China, and thinks the fertilizer, agro- and petro-chemical sectors will be particularly hard hit. Also: Oil’s breakout and reasons to buy Abbott

Eaton Vance Q1 profit rises 26%

scgadmin — Thu, 23 Feb 2012 02:39:18 +0000

Eaton Vance Corp.’s EV fiscal first-quarter earnings rose 26% with help from gains on investments, while the asset manager also reported outflows of client cash eased from the previous quarter. Mutual fund managers like Eaton Vance have been developing funds to offer more safety in volatile markets in an effort to help stem the tide of investors pulling out of traditional funds that invest in stocks.

Two Harbors prices shares at 3.2% discount

scgadmin — Thu, 23 Feb 2012 02:39:17 +0000

Two Harbors Investment Corp.’s TWO sale of 30 million shares priced at a 3.2% discount to Tuesday’s close. The real-estate investment trust’s shares were down 2.4% at $9.99 each in recent premarket trading, reflecting the sale price of $9.90 a share. The stock through Tuesday’s close is down 5.1% in the past year, trailing the broader market.

Hedge funds re-enter market as M&A activity picks

scgadmin — Thu, 23 Feb 2012 02:39:15 +0000

– M&A activity driven by cash-rich corporates and buyout funds — Hedge funds confident of deals closing and often at higher prices than originally announced — Shares in target companies surge as predators gather (Adds comment and detail in paragraphs 8-10, 19-23.) LONDON -(MarketWatch)- Hedge funds look set to take center stage as European merger-and-acquisition activity starts to pick up after a long drought and as bets on winning prices and bidders trigger dramatic rises in the stock price of target companies.

Europe agrees to second Greek bailout

scgadmin — Wed, 22 Feb 2012 02:17:37 +0000

After a long wait for a final agreement, European finance ministers approve the terms of a fresh aid package for Greece.

Always avoid the rear-view mirror

scgadmin — Wed, 22 Feb 2012 02:17:36 +0000

The masses tend to invest based on recent market behavior, but portfolio manager Dan Plettner urges another approach