Archive - May 11, 2009

Secondary market hedge fund interests continue to be actively traded, and as LP broker Hedge Bay indicates, the discounts for offers have hit unprecedented levels. The most recent level of Hedge Bay's Secondary Market Index Value hit an all time low of 80.31 for the month of March.

When Zero Hedge recently posted a letter from Deepak Moorjani, it was means to be shared as more of an opinion piece with some policy implications - it is, after all, rare to get the insight of whistleblowers who decry allegedly illicit practices. The fact that Moorjani's previously published piece had been removed from certain main stream media outlets, however, raised some red flags and I decided to probe further.

Heat seeking in both bonds and loans was the dominant theme, with the usual suspects continuing to rip. Comparing current levels on garbage credits like Neiman Marcus, Sealy and TRW with their spreads 3 months ago and one can only question the sanity of even the credit market.

Heat seeking in both bonds and loans was the dominant theme, with the usual suspects continuing to rip. Comparing current levels on garbage credits like Neiman Marcus, Sealy and TRW with their spreads 3 months ago and one can only question the sanity of even the credit market.

As we mentioned earlier, we are very interested in seeing how the price action plays out in the coming months as the economy grapples with the strong macro forces. This week in particular is going to be important as China and the US both will be releasing CPI data - we'll keep you posted as it comes out.

Finally coming to mainstream media near you.

Now taking bets on who will succeed the mega quants as market liquidity provider once they are made redundant.