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RT @alexjcampbell Hedge fund mastermind John Meriwether hopes for 'third time lucky': http://bit.ly/1lelCa 10/25/2009 |
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Third times a charm? JWM launches 3rd fund: http://bit.ly/3c8g1H 10/23/2009 |
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RT @samgadjones: Third time lucky for LTCM founder John Meriwether - http://bit.ly/3c8g1H 10/22/2009 |
Meriwether to start new venture
FT Alphaville —
John Meriwether, the hedge fund manager and arbitrageur behind Long-Term Capital Management, is in the process of setting up a new hedge fund – his third. The move comes barely three months after Meriwether decided to close his second company, JWM Partners, after clients saw the value of their investments fall by more than 44% in the financial crisis. The new venture, JM Advisors Management, will, like Meriwether’s previous companies, be based in Connecticut.
Thursday Watch
Between the Hedges —
... step of orchestrating a multi-billion dollar bail-out. Mr Meriwether’s new venture, named JM Advisors Management, will, like both of his previous hedge fund management companies, be based in Greenwich , Connecticut . The fund is expected use the same strategy as both LTCM and JWM to make money: so-called relative value arbitrage, a quantitative investment strategy Mr Meriwether pioneered when he led the hugely successful bond arbitrage group at Salomon Brothers in the 1980s. The strategy typically has a high “blow-up” risk because of the large amounts of leverage it uses to ...
Some People Never Learn
Musings of a Trader —
... John Meriwether, of Liar's Poker fame, is starting a new hedge fund, his third after Long-Term Capital Management (yes, that LTCM) and JWM Partners. As you may remember, his first was bailed out in shame in 1998. His second was closed a few months ago after being down more than 44% over the course of the financial crisis. ...
Meriwether Embarks on Third Fund
DealBook —
... Times reported. The man behind Long-Term Capital Management is making the move just three months after he chose to close his second fund manager, JWM Partners . Mr. Meriwether is perhaps best known for LTCM, which triggered a panic across worlds markets and prompted the Federal Reserve to take the then-unprecedented step of orchestrating a multibillion dollar bailout. The new venture, JM Advisors Management, will be based in Greenwich, Connecticut and will likely launch next year. Go to Article from The Financial Times (Subscription Required) »
Links 10/22/09
naked capitalism —
McCain’s Male Voters Suffered Testosterone Drop PsychCentral (hat tip reader John D)
Paulson revealed policy at Goldman Sachs meeting, book alleges Guardian
Compromise Bill Could Block States on Bank Rules New York Times. This is not good news.
Bernard Madoff enjoys eating pizza with the Mafia in prison Telegraph
$13 an Hour? 500 Sign Up, 1 Wins a Job New York Times
Meriwether setting up new hedge fund Financial Times. There’s one born every minute….
Wall Street Steps Up Political ...
Even with multiple hedge fund failures under his belt, John Meriwether is starting up the fee machine in yet another venture — good luck to investors (history says they might need it) ; TPG returning $20M in fees; Discounted Hamptons homes are selling!
Wall Street Folly —
Meriwether setting up new hedge fund – Financial Times John Meriwether, the hedge fund manager and arbitrageur behind Long-Term Capital Management, is in the process of setting up a new hedge fund – his third. The move comes barely three months after Mr Meriwether decided to close his second fund manager, JWM Partners, which was wound down after clients saw the value of their investments fall by more than 44 per cent over the course of the financial crisis…. ...
Today’s Best Market Rumors (10/22/2009) (NYT)(MSFT)
24/7 Wall St. —
... with Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOG) to sharply increase its revenue. (NYTimes) John Meriwether of the collapsed Long-Term Capital Management hedge fund may make his third run at the money management business (FT) A New York Times (NYSE:NYT) executive ...
Opening Bell: 10.22.09
Dealbreaker —
... she asked Rajaratnam for another job. He didn't give her one, but he did ask if she had any inside information about any companies (turns out the answer was yes). Investigators say the informant and Mr. Rajaratnam both traded shares of Polycom multiple times, as well as shares of two other companies where the informant allegedly got inside information: Hilton Hotels and Google Inc. Also, Kahn and her husband were sued by their housekeeper a few years ago.
Meriwether Setting Up New Hedge Fund (FT)
How much investor money can John Meriwether lose in ...
Return to a risky normal
Abnormal Returns —
... Sam Jones in the FT reports that John Meriwether is getting back into the hedge fund business. Reportedly and not surprisingly the new JM Advisors Management plans to utilize a relative value arbitrage strategy that was the downfall of Meriwether’s two previous hedge fund operations. From the FT: ...
John Meriwether is back, risk must be too
naked capitalism —
... $1.6 billion.
However, the much more important tidbit on the mortgages front comes in terms of foreclosure activity. Because of an August ruling by the Kansas Supreme Court (Yves linked out to a story on this today), we could be seeing some major changes in the way foreclosures happen. A post at Credit Writedowns, “Why mortgages aren’t modified and what a ruling stopping foreclosures means” chronicles the case in greater detail.
Sources
Meriwether setting up new hedge fund – Sam Jones, FT (also with the FT Alphaville ...
John Meriwether Set to Open New Hedge Fund (Again) after 2 Failures
Fund My Mutual Fund —
... fail" in 1998 by "rescuing" his hedge fund (along with the bankers!), and concurrently re-opened (and failed) a 2nd time, can walk on water and raise money with his magic wand. Details on the "original bailout" of Long Term Capital here - the amount, $3.5 Billion, that was considered "too big to fail" back then, is amusing in retrospect to what we've just done the past 18 months. This guy must be able to sell ice cubes to Eskimos. *()@*#()@&&#*#!!!! Via FT.com John Meriwether, the hedge fund manager and arbitrageur behind Long-Term ...
