A Decade Later, John Meriwether Must Scramble Again (WSJ) The recent struggles at John Meriwether's (ex-LTCM) have been documented elsewhere, though the WSJ brings everything up to speed. His big bond portfolio is down a cool 28 percent this year, though more significantly they're dealing with a potential wave of redemptions that they're trying to stem. There's a lesson here. It's not that Meriwether is a bad money manager. And it's not that he's unlucky. Again, same. It comes back to the old, old cliche: that you're better off losing a ton of money in one of the biggest high profile fund collapses of all time then in just a moderately bad one. Cause any fool can lose $100 million of OPM.
Prudent Bear's Approach Delivers Payoff (WSJ)Amazing interview with David Tice, the longtime manager of the short-oriented 'Prudent Bear' fund, which has been doing well of late. Tice has been a bear for a long, long, long time. Well before anyone coined the term .com bubble. If you ever catch him on CNBC, he just looks like a bear. Very dour. Anyway, the interview: first amazing part is that he apparently went on a date recently (of course he's not married) and when he described his macro view to his date, the date was ruined: "You can almost feel the energy go from the room." Awesome. Imagine going on a date with the guy would probably be as fun as going on a date with Ralph Nader. The second best part: where he says down at the end that he really wants to get bullish again. Yeah. Right. No. Way. The dude likes being the negative guy. The contrarian who talks about bubbles everywhere as far as the eye can see. I'll be shocked if we live to see the day he turns positive.
GE and Santander Reach Preliminary AgreementA little spit swapping from GE and Banco Santander, based in Spain. The latter will acquire GE Money businesses in Germany, Finland and Austria and Its Card and Auto Financing Businesses in the UK. The former will acquire Interbanca, which Santandar got through acquiring ABN. The transactions are valued around 1 billion EUR.
Clear Channel Communications Comments on Temporary Restraining Order Granted in Merger Case by Texas JudgeClear Channel said in a press release this morning that a Texas judge has granted a "temporary restraining order" against the banks, who are looking to walk away from their funding commitments. No, the banks aren't stalking, they just want to save a few billion. From the announcement: "We are pleased that the Banks and the Purchasers will now be able to move quickly to complete the loan documents and fund the Merger." Somehow we doubt it will move that quickly.
Prudent Bear's Approach Delivers Payoff (WSJ)Amazing interview with David Tice, the longtime manager of the short-oriented 'Prudent Bear' fund, which has been doing well of late. Tice has been a bear for a long, long, long time. Well before anyone coined the term .com bubble. If you ever catch him on CNBC, he just looks like a bear. Very dour. Anyway, the interview: first amazing part is that he apparently went on a date recently (of course he's not married) and when he described his macro view to his date, the date was ruined: "You can almost feel the energy go from the room." Awesome. Imagine going on a date with the guy would probably be as fun as going on a date with Ralph Nader. The second best part: where he says down at the end that he really wants to get bullish again. Yeah. Right. No. Way. The dude likes being the negative guy. The contrarian who talks about bubbles everywhere as far as the eye can see. I'll be shocked if we live to see the day he turns positive.
GE and Santander Reach Preliminary AgreementA little spit swapping from GE and Banco Santander, based in Spain. The latter will acquire GE Money businesses in Germany, Finland and Austria and Its Card and Auto Financing Businesses in the UK. The former will acquire Interbanca, which Santandar got through acquiring ABN. The transactions are valued around 1 billion EUR.
Clear Channel Communications Comments on Temporary Restraining Order Granted in Merger Case by Texas JudgeClear Channel said in a press release this morning that a Texas judge has granted a "temporary restraining order" against the banks, who are looking to walk away from their funding commitments. No, the banks aren't stalking, they just want to save a few billion. From the announcement: "We are pleased that the Banks and the Purchasers will now be able to move quickly to complete the loan documents and fund the Merger." Somehow we doubt it will move that quickly.
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