hello pezz, today's report:
(i) prepared clothing for tomorrow's big dinner amongst a chosen few with the chairman of one of the largest banks in the world (which counts out american banks, obviously:0) as invited in january
(ii) nominated newly very cheap ship (6k/day vs 85k/day 12 months ago, blessed be 'deflation') to pickup precious coal from wobbly china to transport to unawares philippines, in exchange for mucho usd so as to claim score and exchange for more mineralized savings
(iii) on <<the chinese gov is doin a $500,000,000,000 bailout of their own>>, you should pay no attention, because the program for the vast majority were monies to be spent as planned before, just dressed up, and nothing more - why no new spending, at least for now for the most part? because when one has a plan, there is no need to panic. there is only need to announce
(iv) on where can it all go from here, it can easily do another minus 45%, in a heart beat
(v) just in in-tray
For all you people who like to front run hedge fund liquidations --
Tontine Trauma
Tontine Associates LLC, the investment firm run by Jeffrey Gendell, plans to liquidate two stock hedge funds after they lost more than two-thirds of their value this year, people familiar with the matter said.
Tontine, based in Greenwich, Connecticut, had been one of the industry's best performers, with its four funds returning an average of 38 percent annually since opening. Tontine Capital Partners plunged 77 percent this year through October and Tontine Partners fell 67 percent through September.
The liquidations aren't much of a surprise then. But why the drop? And what might be coming onto the market in coming weeks?
Market Folly has a detailed listing of Tontine's portfolio as of August. Of note, are the positions in steel and infrastructure companies, as well as banks like, err, Goldman Sachs and Merrill Lynch (GS being down 65 per cent this year and MER down 77 per cent).
ftalphaville.ft.com
So to save you some time I looked up their book, Mac, and look what's sitting in the #2 slot -- Cleveland Cliffs -- and by the fund performance numbers, they may even still own it
Tontine Partners (Jeffrey Gendell) 13-F
Top 10 holdings by % of portfolio:
1. X (Top Holding)
2. CLF
3. KBR
4. PWR
5. AKS
6. SPY
7. XIDE
8. SGR
9. TRN
10. FWLT
cheers, tj |
