SAC

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Frontrunning: August 18





  • Yellen Dashboard Warning Light Glows as Millions Work Part Time (BBG)
  • More US drones boosting global GDP: Unidentified war planes, explosions heard in Libyan capital (Reuters)
  • London Home Asking Prices Plunge Most in More Than Six Years (BBG)
  • Carney - Rate Hike before Pay Recovers (Times)
  • No Fed fireworks, but plenty of clues, expected at Jackson Hole (Reuters)
  • Kurdish, Iraqi forces in control of Mosul dam (Reuters)
  • China Pushes Cleanup of Banks (WSJ)
  • Russia Widens Ruble Trading Band in Move Away From Managed Rate (BBG)
  • Dollar General Makes $9.7 Billion Family Dollar Counterbid (BBG)
  • Autopsy finds unarmed teen killed by police was shot six times (NYT)
  • Bull Market Waning as Barclays Sees 1% Gain for S&P 500 (BBG)
  • Credit Suisse Caught Up in Espírito Santo Mess (WSJ)
 
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Frontrunning: July 30





  • Fed Decision-Day Guide: QE Tapering to Inflation Debate (BBG)
  • Obama says strains over Ukraine not leading to new Cold War with Russia (Reuters)
  • Siemens to BP Prepare for Downward Russia Business Spiral (BBG)
  • Paying Ransoms, Europe Bankrolls Qaeda Terror (NYT)
  • Argentina Banks Preparing Bid to Help Argentina Avoid Default (WSJ)
  • Obama Weighs Fewer Deportations of Illegal Immigrants Living in U.S. (WSJ)
  • India Warships Off Japan Show Rising Lure as China Counterweight (BBG)
  • Hong Kong Popping Housing Bubbles London Can’t Handle (BBG)
  • Carnage at U.N. school as Israel pounds Gaza refugee camp (Reuters)
 
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Frontrunning: June 19





  • Currency Probe Widens as U.S. Said to Target Markups (BBG)
  • Battle for Iraq refinery as U.S. hesitates to strike (Reuters)
  • Ukraine forces battle separatists after truce 'refused' (Reuters)
  • Fed Dots Ignored as Investors Focus on Yellen’s Message (BBG)
  • Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers (BBG)
  • American Apparel ousts CEO; source says Dov Charney 'will fight like hell' (LA Times)
  • House Panel Is Subpoenaed as Trading Probe Heats Up (WSJ)
  • GM Officials Ignored Alert on Car Stalling (WSJ)
  • Russia’s $20 Billion Bond Void Filled by China to Mexico (BBG)
 
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Frontrunning: May 13





  • EU Court: Google Must Remove Certain Links on Request (WSJ), people have right to be forgotten on Internet (Reuters)
  • Harsh weather: German Investor Confidence Drops for Fifth Straight Month (BBG)
  • More harsh weather: China Slowdown Deepens (BBG)
  • Harsh weather as far as the eye can see: China’s New Credit Declines (BBG)
  • "Alien" artist, surrealist H.R. Giger dies aged 74 (Reuters)
  • Pfizer urges AstraZeneca to talk as UK lawmakers slam offer (Reuters)
  • Property sector slowdown adds to China fears (FT)
  • Russia says EU sanctions will hurt Ukraine peace efforts (Reuters)
  • U.S. Considers Relaxing Crude Oil Export Restrictions (WSJ)
 
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Goldman Bails Out Steve Cohen (Again) With Art-Backed Loan





It seems Goldman Sachs is willing to do pretty much anything when it comes to maintaining SAC Capital (now Point72) Steve Cohen's liquidity. On the heels of last year's "stand by your man" moment in the midst of the insider-trading scandal, Goldman has kindly offered to provide Cohen another lifeline of liquidity - this time backed by his $1 billion art collection. As Bloomberg reports, Cohen pledged “certain items of fine art” under a security agreement which didn’t specify how much money was borrowed. As one art "investor" noted, this is not unusual, "hedge fund guys who manage their money wisely... look to put their art collections to work... If you can get liquidity out of your collection and pay only 250 basis points...it just makes sense." Sense, indeed!

 
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Leaked Documents Show How Blackstone Fleeces Taxpayers Via Public Pension Funds





The following story by David Sirota at PandoDaily is simply excellent. It zeros in on the secretive and rapidly expanding relationship between private equity firms and the public pensions that invest in them. It shows a crony capitalist love affair greased by lobbyist influence peddlers known as “placement agents”, as well as non-public agreements between PE firms and public pensions chock full of conflicts of interest, extremely high fees and underperformance. Unbelievably, in many instances the trustees of the public pensions are not allowed to know what funds the “fund of funds” invest in. This makes due diligence impossible, and in one particularly egregious example it led the Kentucky Retirement Systems to unknowingly invest in SAC Capital despite the fact it was under SEC investigation at the time.The chief villain in this article will be no stranger to readers of this site. It is Blackstone...

 
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Frontrunning: April 11





  • Sensitive Market Data Leaked After Government Phone Call (WSJ)
  • This is a actual Bloomberg headline: China Fake Data to Skew More Export Numbers (BBG)
  • This is another actual BBG headline: U.S. as Global Growth Engine Putt-Putts Instead of Purring (BBG)
  • Ukraine wants to buy European gas to boost energy security (Reuters)
  • JPMorgan Profit Falls 19% on Trading, Mortgage Declines (BBG)
  • Record Europe Dividends Keep $2.8 Trillion From Factories (BBG)
  • Why is Goldman shutting down Sigma X: SEC eyes test that may lead to shift away from 'dark pools' (Reuters)
  • Ebola Outbreak Empties Hotels as West Africa Borders Closed (BBG)
  • Australian PM says searchers confident of position of MH370's black boxes (Reuters)
  • Gross Says El-Erian Should Explain Reason for Exit (BBG)
 
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Frontrunning: April 10





  • J.P. Morgan's Dimon Describes Year of Pain (WSJ)
  • SAC Faces a Final Reckoning for 14 Years of Insider Scam (BBG)
  • New Standards for $693 Trillion Swaps Market Increase Risk of Blowup (BBG)
  • China says no major stimulus planned; March trade weak (Reuters)
  • As we said in 2012 would happen: Record Europe Dividends Keep $3 Trillion From Factories (BBG)
  • Blame it on the algo: Deutsche Bank Said to Find Improper Communication in FX Case (BBG)
  • Coke Sticks to Its Strategy While Soda Sales Slide (WSJ)
  • Ukraine’s Rust Belt Faces Ruin as Putin Threatens Imports (BBG)
  • RBC Joins Goldman in Suing Clients After Singapore Crash  (BBG)
  • U.S. House panel to look at aluminum prices, warehousing (Reuters)
  • Brooklyn Apartment Rents Jump to a Record as Leases Surge (BBG)
 
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These Are The Most Levered Hedge Funds





In top place, for many years in a row, remains that HFT and quant wolf in fundamental analyst sheep's clothing, Chicago's very own HFT champion Citadel, followed closely by perpetual SAC pod-PM wannabe, Millennium.

 
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Frontrunning: April 9





  • Top Medicare Doctor Paid $21 Million in 2012, Data Shows (BBG)
  • Separatists build barricades in east Ukraine, Kiev warns of force (Reuters)
  • Greece launches sale of five-year bond (FT)
  • High-Frequency Trader Malyshev Mulls Accepting Outside Investors (BBG)
  • U.S. defense chief gets earful as China visit exposes tensions (Reuters)
  • GM Workers Who Built Defective Cars Fret About Recall (BBG)
  • Kerry, Congress Agree: Superpower Status Not What It Was (BBG)
  • Crimeans Homeless in Ukraine Seek Solace in Kiev Asylums (BBG)
  • JPMorgan's Dimon says U.S. banks healthy, Europe lagging (Reuters)
 
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Frontrunning: April 8





  • Russia's Gazprom says Ukraine did not pay for gas on time (Reuters)
  • Ukraine Moves to Keep Control in East (BBG)
  • Banks Set to Report Lower Earnings as Debt Trading Slumps (BBG)
  • More DeGeners and Obama selfies needed: Samsung's lower first-quarter estimate highlights smartphone challenges (Reuters)
  • Citi Is Bracing to Miss a Profit Target (WSJ)
  • Another slam from GM? Safety group calls for U.S. probe of Chevy Impala air bags (Reuters)
  • Japan drugmaker Takeda to fight $6 billion damages imposed by U.S. jury (Reuters)
  • EU court rules against requirement to keep data of telecom users (Reuters)
  • White House may ban selfies with president after Ortiz-Obama photo promotes Samsung (Syracuse)
 
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The Real Reason(s) Why Steve Cohen Is Much, Much Richer Than You (In Steve Cohen's Own Words)





The types of “research” SAC may acquire include, but are not limited to, the following:

  • reports on or other information about particular companies or industries;
  • economic surveys and analyses;
  • consulting services regarding products, technologies, issuers or industries;
  • non-mass-marketed financial publications (delivered in hard copy or electronically);
  • computerized pricing and market data services;
  • pre-trade and post-trade analytics, software and other products that generate market research, including research on optimal execution venues and trading strategies;
  • advice from brokers-dealers on order execution, including advice on execution strategies, market color and the availability of buyers and sellers (and software that provides such market research);
 
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Frontrunning: April 2





  • Why did Yellen use criminals in her employment case studies? Hilsenrath explainz (Hilsenrath)
  • GM avoided defective switch redesign in 2005 to save a dollar each (Reuters)
  • Xuzhou Zhongsen Said to Avert Bond Default on Guarantor Aid  (BBG)
  • France's New Finance Minister Faces Fiscal Challenge (WSJ)
  • The magic is gone: Draghi’s Attempt to Talk Down Euro Lost on Traders (BBG)
  • Another John Kerry smashing success: U.S. Gambit on Mideast Peace Talks Falters (WSJ)
  • Combat-Ready China Military Seen as Xi’s Goal in Graft Battle (BBG)
  • Huge earthquake off Chile's north coast triggers tsunami (Reuters)
  • Pressure rises on Gross as investors pull $3.1 billion from Pimco's flagship fund (Reuters)
 
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Read Michael Lewis' Flash Boys: A Wall Street Revolt: An Adaptation





The stock market really was rigged... “It’s 2009,” Katsuyama says. “This had been happening to me for almost two years. There’s no way I’m the first guy to have figured this out. So what happened to everyone else?” The question seemed to answer itself: Anyone who understood the problem was making money off it...

 
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The New Name Of SAC Capital Has Been Revealed





... And it is Point72. Of course, those who are aware of the physical address of the firm that single handedly made and destroyed "expert networks" (and assured a daily bug sweep at every hedge fund office in New York), or better yet, have visited the firm's sprawling trading floor located at 72 Cummings Point, will know that the name is merely a derivative of the actual address. Then again, perhaps when it comes to address-based appelations, Cohen picked the only feasible option: after all going with the zip code of his trading desk adress may have been a little too reminiscent of a convict's inmate number: 06902. And that would hardly inspire confidence in the New and Improved Stevie A. Cohen.

 
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