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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: kahunabear who wrote (10033)	11/2/1998 9:36:00 AM
From: Cynic 2005	Respond to of 86076

Remember Greeny's words on margin levels in last summer? He said something to the effect that they are not alarming. He may be right about "margin" but I doubt if he has any clue about the leverage. After all, the LTCM leverage got him by surprise. <<At Tiger's annual meeting on Thursday, Mr. Robertson told investors that Tiger's funds had lost 17%, or about $3.4 billion, through that point in October, wiping out all their gains for the year. The October losses come on top of $2.1 billion of losses in September, and leave Tiger, which now has about $17 billion under management, down 1% for the year. In response to the global market turmoil, Tiger has liquidated $25 billion to $30 billion worth of investments recently, according to people familiar with its strategy, reducing its debt ratio to about 4-to-1 from about $5.50 in holdings for every dollar invested, they said. Lower debt levels position Tiger to more easily meet potential demands for more collateral from lenders, and requests by investors to cash out at year's end.>>