All GLG News Analyses Filed Under: Investment Banking & Commercial Finance
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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The Proactive Market Leader - But Carbon Credits are selling
June 22, 2009
JP Morgan Raising A $1 Billion Fund For Green Investments In Korea (JPM) | www.businessinsider.com
For JPM, surviving the 2008 crisis was probably easier and while other Industry doyens lost face and exited Asia ( probably because they were not clued in and had very few options) JM stayed invested in Asia and is planning to grow in the region as well. Green funds are not something anyone else has planned probably only because they are busy putting their house in order According to a recent analysis of an Asian Power project, there is big money in Carbon credits as well( http://tr.im/pd3O) In the event that one green project can harness 5-10 million carbon credits at $ 28 ( current prices, likely to go up ) each JPM investment would make $150 - $300 million every year and the benefits would accrue to the green fund as well as to other investors However the question of whether the Korean fund is a good example is still not answered. Primarily, investors are likely to be wary of anything from BRIC and N-11 that stays concentrated on just one out of these 15 countries
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Lawrence Fink now runs the largest AMC
June 19, 2009
Barclays accepts BlackRock's BGI bid | uk.reuters.com
For just $6.6 billion in Cash , Black rock owns the world's biggest series' in ETFs - Exchange Traded Funds- From India and Brazil to Oil, Gold and the Dow itself, iShares exist for any and every index in the world. No less known are the indices for Infrastructure that come from the iShares stable, they come in all flavours The purchase, the biggest of a fund manager, creates a company overseeing $2.7 trillion in assets, more than the Federal Reserve. BlackRock will add about $1 trillion in investments that track market indexes State Street at $1.4 trillion is almost half the size of the new Blackrock Global Investors The combined company will have a market value of more than $34 billion, Fink, 56, said on a conference call. The deal will add to per-share cash earnings by 10 percent Barclays will have a net gain of $8.8 billion from the sale, which will increase its core Tier 1 capital ratio, a measure of financial strength, by 150 basis points to 8 percent as of Dec. 31, 2008
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Barclays Long Term Future - Corporate or Retail
June 9, 2009
BlackRock faces fight for Barclays' BGI | business.timesonline.co.uk
1. The public auction of BGI has now moved from a sale to show shareholders and regulators that Barclays was well capitalised to one now taking the bank into a strategic direction with potential terminal consequences 2. The bank has now come almost completely under the sway of Bob Diamond resulting in a focus onto its wholesale banking activities and away from its high margin retail franchise 3. The sale of its fund management activities is likely to render Barclays unable to capture the full value of lucrative investment products from manufacture through distribution in the future. The softer issues around investors not recognising Blackrock and putting their funds with a US house should not be underestimated.
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May 14, 2009
HSBC's profits fall as bad debts worsen | business.timesonline.co.uk
Current bad debt issues are only the beginning.
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Marshall MaysFounder & DirectorEmerging Alpha Advisors, Ltd.
Phoney Covered Bonds - Another Bit of Con-Artistry by Korea, Inc
May 8, 2009
Kookmin sells $1 bln worth of covered bonds | www.reuters.com
1. Korean regulators have pushed Kookmin as a tool in developing the consumer finance market and now must bail it out; 2. The big-3 rating agencies may not have learned their CDO lessons; 3. The arrival of a Covered Bond market in Asia may have been delayed by this bit of expediency.
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Richard Van LeeuwenFormer EVP, Chief Risk OfficerFORD MOTOR CREDIT COMPANY LLC
Investors Seeking Higher Return Need To Look No Further Than Auto ABS
April 30, 2009
Volkswagen Offers $1 billion TALF-Eligible Deal | money.cnn.com
Auto ABS shut down when mortgage-backed securities imploded. This was unfortunate and unjustified, because it remained a sound investment, particularly when backed by auto loans originated and serviced by sound lenders such as the finance arms of Volkswagen, Honda and Ford. There is a lot of money essentially on the side line in government securities and money markets earning a low return when auto ABS is a smarter option.
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Sam TimpanoPresidentSam Timpano & Associates
April 29, 2009
One hundred | www.nytimes.com
This administrations' first 100 days have been a failure. The media in America cannot afford to objectively judge this President as their credibility now rests on the false buildup and hype they invested in his election. America is going to be irrevocably changed by this administration and there is little being done at the moment to resist this change. The Republican party is not doing enough to combat this change and are being further marginalized to an extremely dangerous position that will open the door to an even more dangerous paradigm shift in Americas' position in the world. The citizens must now get involved, informed and vocal about this dangerous shift.
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Gold...........all that shines may not be..............
April 27, 2009
DWS Investments Gold Plus Fund Expands 50% as Investors Return | www.bloomberg.com
Gold is not a safe haven asset class. Gold is an alternative investment today because of the fear in the marketplace and the lack of confidence in the U.S. Dollar. There is nothing else to invest in.
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DWS Gold Plus Fund: an Expectation of Inlation and the Revival of Economies:Overstatement!
April 27, 2009
DWS Investments Gold Plus Fund Expands 50% as Investors Return | www.bloomberg.com
Implications: 1. Investments in Tracking Gold Prices? Gold does not pay Interest or Income.Define the Value - Added! 2.Eight (8) consecutive annual advances MAY BE qualified by a weaker dollar due to internationaleconomic policies which due not appear to have an ending! 3.Expectations of inflationary policy may be grounded but with uncertaintity, 4.Hedge against inflation MAY Be a short term "Negative on Gold" The basis for decision-making : A forecast of Higher oil prices. 5. Forecasting MUST include all variables which are likely to surface. A forecasting Survey is not likely to include the unforseen conditions which surface at a latter date!
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Understanding Game Theory Tools for Private Equity in China and other Emerging Markets
April 21, 2009
Wall Street Journal: Control Deals In China – It’s All About The Mindset | blogs.wsj.com
Doing private equity and other business deals in China and other emerging markets using people skills, trust, relationships and concepts based on culture misunderstands the real systems. The best way to analyze the problem and lower risk is to understand the rules using concepts from game theory.
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