asterisk2a + hedge   26

Keiser Report: Gold & World’s Debt Problems (Summer Solutions series E940) - YouTube
deflationary trap/liquidity trap - orthodox monetary policy w austerity = stagnation. & west is exporting deflation. // if it is good for consumers ... break up banks. // hedging is BS ... you double the system you double the risk. [...] banks are now bigger! ... ban most derivatives, and reintroduce glass stegall // Black-Schoeles - there is no such think as risk free rate and no such thing as the past reflect the future. risk is not equally distributed. [...] VAR is flawed. //
deflation  deflationary  NIRP  currency  war  currency  debasement  ZIRP  QE  Helicopter  Money  secular  stagnation  western  world  Abenomics  BOE  BOJ  Fed  ECB  economic  history  Richard  Koo  liquidity  trap  debt  overhang  balance  sheet  recession  consumer  debt  household  debt  mortgage  mortgage  market  mortgage  rates  distortion  hunt  for  yield  credit  boom  credit  bubble  PBOC  China  reflate  reflation  squeezed  middle  class  wage  growth  income  growth  income  distribution  income  disparity  working  poor  Precariat  Brexit  GFC  too  big  to  jail  productive  investment  underinvestment  austerity  history  productivity  gap  financial  instruments  investment  banking  global  economy  globalisation  globalization  derivatives  output  gap  productivity  recovery  neoliberal  neoliberalism  Chicago  School  neoclassical  economics  deregulation  Wall  Street  speculative  bubble  property  bubble  Beton  Gold  Betongold  stagnation  aggregate  demand  aggregate  demand  short-fall  too  big  to  bail  too  big  to  fail  TBTF  complexity  systemic  risk  systemrelevant  systemicrisk  systemrelevanz  zombie  bank  zombie  banks  non-performing  loan  leverage  hedge  Glass-Steagall  Black-Scholes  Equation 
july 2016 by asterisk2a
Die Macht der Finanzkonzerne - Wie Blackrock mittels Geld die Welt regiert - YouTube
extraction of fat. no skin in the game. // Privatisation of housing stock - social and affordable, anglo saxon capitalism style; profit maximisation, dividends. // after Goldman Sachs the new vampiresquid // no skin in game; get money for speculation from pension funds, other investors, mutual funds. << that is the system! // nur wer geld hat, kann es vermehren. // nearly no governance, no guidelines regarding sustainability, ethics, transparency, morals. // no regulation = big profit and exploitation, corruption, bribery.
BlackRock  MBO  LBO  M&A  Private  Equity  financial  product  Hedge  Fund  Black  Swan  blackswan  Nassim  Taleb  self-regulation  Mutual  Fund  Venture  Capital  risk  governance  corporate  governance  lobbyist  lobby  Lobbying  Wall  Street  shareholder  value  profit  maximisation  activist  investor  Main  Street  accountability  transparency  mainstreet  arbitrage  squeezed  middle  class  wage  stagnation  bonuses  bonus  speculation  revolving  door  regulation  regulators  Career  Politicians  CEO  pay  dividends  Heuschrecken  ROI  speculative  sustainability  tax  code  ethics  corporate  scandal  accounting  scandal  oligarchy  plutocracy  Super  Rich  1%  GFC  sovereign  debt  crisis 
february 2016 by asterisk2a
Matt Taibbi: Mitt Romney and the Looting of America (1/2) - YouTube
https://de.wikipedia.org/wiki/Heuschreckendebatte // companies turned into financial instruments. // fictionalisation of economy // >> money spend (debt) on hostile takeover/LBO/MBO/M&A are tax deductible! << = invest in debt, rather than equity! & carried interest is only taxed at 15% max. still can reduce it w deductions xyz. // !!! NO SKIN IN THE GAME !!! Nassim Taleb //
Mitt  Romney  risk  capital  Venture  LBO  MBO  Wall  Street  M&A  shareholder  value  profit  maximisation  multinational  conglomerate  Mafia  Private  Equity  oligarchy  plutocracy  Super  Rich  1%  activist  investor  share  buyback  Hedge  Fund  Heuschrecken  bankruptcy  public  sentiment  public  awareness  creative  destruction  financial  product  self-regulation  regulation  regulators  BlackRock  Bain  CEO  pay  bonuses  bonus  squeezed  middle  class  Blackstone  dividends  mainstream  Main  Street  hostile  takeover  USA  lobbyist  lobby  Lobbying  tax  code  Nassim  Taleb  vested  interest  interest  groups  Career  Politicians 
february 2016 by asterisk2a
Lord Ashcroft 'not settling scores' with David Cameron book - BBC News
"If this was just a revenge job, Lord Ashcroft & I could have published it before the election." bbc.in/1V5Rl94 CoAuthor Isabel Oakeshott //&! bbc.in/1FpIfC4 - Ashcroft quits the House of Lords //&! Ashcroft & Cameron - an inevitable end? Two powerful men need each other, and then one of them becomes more powerful, and doesnt need the other anymore. [...] [book] looks a lot like revenge. [...] The Conservatives needed him, as all political parties need money, & between 2002/11 he gave more than £5m. [ those who want leadership position/power, ie Cameron, are & will be never great leaders when history judges them ] - bbc.in/1MEYLko bit.ly/1LrS8QP bit.ly/1MEppd0 bit.ly/1PktP6A bit.ly/1gH7wvI bit.ly/1NHFptp &! So Cameron was young & reckless. Lucky he wasnt young, reckless & poor - bit.ly/1Oqc8Fg bit.ly/1j3nRwJ bit.ly/1LIGEnD bit.ly/1V6xSoy - Cameron is part of a select group of people to whom different rules apply, and he knows it, [like evryone else in Britain [dubbed Hameron scandal].
Tories  Toff  Privileged  Establishment  David  Cameron  dogma  ideology  neoliberal  neoconservatives  neoconservatism  neoliberalism  Career  Politicians  Generationengerechtigkeit  fairness  austerity  Big  Society  election  campaign  promises  general  election  2015  budget  deficit  bank  bailout  banking  crisis  investment  banking  retail  banking  productivity  George  Osborne  budget2015  output  gap  competitiveness  UK  industrial  policy  policy  folly  policy  error  constituency  babyboomers  lobbyist  lobby  Lobbying  Super  Rich  1%  Westminster  London  general  election  2020  STEM  Research  R&D  Privatisation  Public  Services  NHS  Social  Services  Party  Funding  non-dom  tax  evasion  tax  avoidance  CEO  pay  shared  economic  interest  Wall  Street  self-regulation  deregulation  Brexit  profit  maximisation  Hedge  Fund  tax  code  corporate  tax  rate  minimum  wage  living  wage  child  poverty  shareholder  value  Gini  coefficient  mobility  Iain  Duncan  Smith  DWP  income  mobility  poverty  trap  nepotism  inequality  class  warfare  Gesellschaft  Polarisation  PR  spin  doctor  manufactured  consent  corporate  state  corporate  media  Hameron  Scandal  Entitlement  straight  white  male  male  privilege  alpha  male  white  male  privilege  privilege  Jeremy  Corbyn  Jeremy  Hunt 
september 2015 by asterisk2a
Pando: Good news! B rounds have doubled in value over five years!
B Round! doubling down on (to a certain point) proven ideas as they move to make themselves solid/viable (building business model & continued growth if not even putting some more gasoline on the fire with a B Round - allocation of resources). thus there is competition thus bidding up in a private market. BUT BUT also reflects the rising cost! Rising cost to grow, the war for talent to scale, and the cost in said hubs/ecosystems where the talent are already working on scaling other companies, where rent is sky high and space rare to expand office, ops, ramp up head count, ... // why, on a side note!, ? because global ZIRP, NIRP, QE, hunt for yield, FOMO, property speculation, alternative asset management and allocation (newly minted paper millionaers) have bid up prices in metropolitan and hot cities by credit bubbles around the world. bc financial markets are global, thus your allocation/diversification is global, not limited where ur home addr is. adding to volatiliy too bc of froth!
Silicon  Valley  Seed  Round  Party  Round  SPV  Venture  Capital  Private  Market  FOMO  hunt  for  yield  B  Round  A  Round  growth  Private  Equity  Hedge  Fund  Angel  Investor  Micro  VC  2015  cost  of  living  credit  bubble  cost  of  entry  aspirational  leverage  margin  trading  asset  bubble  asset  allocation  distortion  ZIRP  NIRP  QE  BOE  BOJ  Abenomics  PBOC  Fed  unintended  consequences  burn  rate  runway  ECB  Mutual  Fund  unknown  unkown  inflation  targeting  Fed  mandate  inflation  expectation  secular  stagnation  deflationary  deflation  economic  growth  speculative  bubbles  speculative  speculation  reflate  reflation  monetary  policy  unconventional  monetary  policy  financial  financial  repression  western  world  Developing  BRIC  emerging  complexity  incomplete  information 
september 2015 by asterisk2a
Gurley on Global Selloff: Bloomberg West (Full Show 8/21) - YouTube
'averting catastrophic events' - hard things about hard things - book // when taking on growth round to grow aggressively company (buying customer growth)... you might actually take on risk. especially when the sentiment and the market turns and you burned it all and weren't so good at allocating the money and 'growing' you have to maybe raise a flat/downround ... ooopsies. Or even have to accept a debt round and massive lay-off to get to cash flow even/positive. And run a tight ship with the user base/business you've got. // re: post-price correction after speculative China bubble burst and massive China weakness and still existing/persistent deflationary pressures in western world. // &! bit.ly/1NTc3GM - Public markets affect venture funding. Full stop.
growth  round  IPO  Bill  Gurley  Venture  Capital  Private  Market  Unicorn  Decacorn  Mutual  Fund  Private  Equity  Hedge  Fund  2015  speculative  bubbles  speculative  speculation  hunt  for  yield  burn  rate  runway  sentiment  business  confidence  consumer  confidence  China  recovery  bubble  reflate  reflation  book  Ben  Horowitz  Marc  Andreessen  business  model  cash  flow  cash-is-king  Start-Up  lesson  financial  model  Start-Up  advice  valuation  Mark  Suster  Wall  Street 
august 2015 by asterisk2a
Private Tech Draws Wide Array of Mutual Funds — The Information
The number of traditionally public investors in Uber is higher than previously understood, according to regulatory filings. But questions about risk and liquidity remain.
Uber  growth  round  Silicon  Valley  Venture  Capital  Mutual  Fund  Private  Equity  Hedge  Fund  hunt  for  yield  liquidation  preferences  termsheet 
august 2015 by asterisk2a
Hedge funds tell Puerto Rico: lay off teachers and close schools to pay us back | World news | The Guardian
Report commissioned by 34 hedge funds says government had been ‘massively overspending on education’ despite spending only 79% of US average per pupil [...] The group of 34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis after the island’s governor declared its $72bn debt “unpayable” – paving the way for bankruptcy. [...] The funds are “distressed debt” specialists, also known as vulture funds [ Heuschrecken], and several have also sought to make money out of crises in Greece and Argentina, the collapse of Lehman Brothers and the near collapse of Co-op Bank in the UK. // // they are implicit in lending money to a low grade borrower and took on the risk for higher interest rates. instead of looking out for long-term productive investment that benefit society, they go for the investment by click from a Bloomberg Panel, to meet their ROI at year end for their clients, promised in their annual letter.
Wall  Street  Hedge  Fund  crony  capitalism  ethical  machine  capitalism  Greece  banking  crisis  zombie  banks  investment  banking  economic  history  moral  beliefs  ethical  beliefs  ethics  creditrating  creditrisk  IMF  austerity  production  vulture  funds  Heuschreckendebatte  Private  Equity  Opportunism  opportunist  exploitation  Worldbank  World  Bank  Puerto  Rico  financial  market 
july 2015 by asterisk2a
Fear Trumps Greed in Silicon Valley as Some Venture Firms Hedge - Bloomberg Business
[... high ops cost associated w SF/Palo Alto ... fancy office (and expensive (rarefied) developers from Google or Facebook) in SF as a sign of success while burning +2m per year at least with no cash flow in sight ... and with all consumer products being free and hoping to finance themselves in the future with advertising ... ] Some VCs are urging their companies to build a rainy day fund to ensure their survival. [...] It’s a constant battle deciding whether to invest in a potentially lucrative deal, said Philadelphia financier Rudy Karsan: “Greed versus fear.” [ Softbank Capital just last week came out publicly with a shift in strategy, to invest now ONLY in proven winners, at slightly premium to get in (and with preferred liquidation preferences in writing), &focus resources on those portfolio companies ... than to compete in a crowded, distorted, muggy, in transparent, very speculative (with lots of ifs and luck and bet on CEO to execute well) A-, B- (and C-Round) market. ]
Silicon  Valley  burn  rate  runway  cash  flow  cash-is-king  hunt  for  yield  distortion  ZIRP  NIRP  QE  growth  round  SPV  war  for  talent  Private  Market  Private  Equity  Hedge  Fund  Mutual  Fund  bubble  USA  Fed  Taper  asset  bubble  asset  allocation  Angel  Investor  Seed  business  model  advertising  VC  Venture  Capital  Greed  FOMO  bubble  speculative  bubbles  speculative  speculation  SoftBank  Capital  IPO  NASDAQ  A  Unicorn  Decacorn  termsheet  liquidation  preferences  exit  strategy  M&A  acquisition  acquihire  acqui-hire  business  cycle  business  plan  business  investment  business  confidence  consumer  confidence  leverage  debtoverhang  irrational  exuberance 
july 2015 by asterisk2a
Sacca: Bad Deals Are Being Done in Silicon Valley - Bloomberg Business
min 3 - normal people have been prices out of SV, SF, Palo Alto and around the region. sw engineers with entitelment and very little compassion. // bloom.bg/1I8NCAM &! bloom.bg/1Hzb5za &! bloom.bg/1BaVBji &! bloom.bg/1Fd2zQf (Amazon, Fb, Google, eBay, all had cash flow during its growth past IPO, Twitter ops too expensive compared to scale, living beyond its means. does not need to invest in warehouses (Amazon) nor data centers (Google)) // &! bloom.bg/1e8mFGd &! bloom.bg/1L2Accs &! bloom.bg/1INBZ7N &! bloom.bg/1TgmWqi &! http://lowercasecapital.com/2015/06/03/what-twitter-can-be-2/ &! http://lowercasecapital.com/2015/05/21/i-bleed-aqua/ - Sarah Lacy from pando argues, he bleeds green - pando.com/2015/06/11/the-icahn-was-coming-from-inside-the-house-why-dick-costolos-ouster-changes-the-valley/ &! pando.com/2015/06/12/im-more-similar-to-elon-the-5-silliest-things-chris-sacca-said-yesterday/
Chris  Sacca  Silicon  Valley  ecosystem  Twitter  runway  burn  rate  cash  flow  business  model  San  Francisco  Palo  Alto  hunt  for  yield  distortion  growth  round  SPV  Hedge  Fund  Mutual  Fund  late-stage  funding  Private  Market  Private  Equity  ZIRP  NIRP  QE  cash-is-king  Bill  Gurley  Unicorn  Hype  Cycle  inflation  Venture  Capital  Micro  VC  Angel  Investor  war  for  talent 
june 2015 by asterisk2a
One Thing All the Billion-Dollar Unicorns Have in Common | Re/code
[Granting liquidation preferences ie 2x or 3x to your investors/private equity/spv just so to get this growth round (covering burn) closed, is showing you not believing in your ability and product and company to make a profit now or in the very near future. Really? Liquidation preferences are anti VCish, everyone is not in the same boat. An addicts behaviour. Box granted in its last private round by PE, liquidation preferences and a guaranteed timeline to IPO both punitive, also bc timeline for IPO could not be met, both hurt the company and existing shareholders bc of dilution of their existing shares value.] “It turns out that for companies of a certain size, it’s not that hard to get to unicorn status, provided they’re willing to give their investors a lot of assurances that essentially cover their potential losses. The one thing common in every one of these funding deals, the firm says, that in every case — all 37 of them — investors demanded a ‘liquidation preference.'”
Unicorn  Start-Up  lesson  Start-Up  advice  Silicon  Valley  SPV  growth  round  hunt  for  yield  Private  Equity  burn  rate  runway  business  model  Venture  Capital  Mutual  Fund  Hedge  Fund  termsheet  liquidation  preferences 
may 2015 by asterisk2a
[PreMoney MIAMI] Upfront Ventures, Mark Suster, "Venture Outlook 2015 - Goldrush or Fool's Gold" - YouTube
(1) Change from Sales Funnel to Funnel of Intent on Mobile and Social Media. Lower Marketing/Early user acquisition cost at scale. And tap to credit cards to with one click through third party Platforms. And also Open Source Software Stacks and buying 'by time' the hardware stack on Google, AWS or Azure is paradigm shift. Results also in noise one has to break through first - raising the bar (by user choice) for everyone. (2) min10 - Value Creation held inside Private Market through growth & late-stage investing instead of IPO with single-class share structure with wobbily business numbers 'help you god that you aren't out 24m later' because of impatient Wall Street. (3) min14 Series D valuations show Private Market highest bidder wins phenomenon. But Valuations are up across the board. And with more Seed/Angel Investors, Seed Valuations are also bid up higher compared to ABC. // &! min29 youtu.be/25TxrhsXFvs - 500 Startups, Dave McClure "4 Years of Moneyball - What Have We Learned"
Silicon  Valley  Seed  Round  A  Round  growth  Venture  Capital  Sales  Funnel  Funnel  of  Intent  mobile  first  mobile  homescreen  mobile  phone  Social  Media  Start-Up  lesson  Start-Up  advice  hunt  for  yield  ZIRP  NIRP  QE  secular  stagnation  productive  investment  Private  Market  Platform  TOS  2000  dot.com  bubble  2008  IPO  Wall  Street  single-class  share  structure  SPV  short-term  thinking  short-term  view  Hedge  Fund  Mutual  Fund  Private  Equity  late-stage  funding  Unicorn  seedround  seedfunding  angelinvestor  angel-list  Angel  Investor  angelinvestors  incomplete  information  complexity  unintended  consequences  Dave  McClure  Mark  Suster  UpFront  Ventures  500  Start-ups  paradigm  shift 
april 2015 by asterisk2a
Gillmor Gang: Money for Nothing - Gillmor Gang | TechCrunch TV
min 42 // A Round is now a "post-traction" investment aka proven product & business model. A Round is an investment to scale it up, put it up a bunch of gears. // Keith Teare from chat.center (tcrn.ch/1IWFQ1X) people now doing pre-seed, seed, seed prime & bridge funding via existing investors; figuring out Product/Market fit, traction, funnel, etc. Now more than ever a hits driven business. // see also tcrn.ch/1c54UpN // Complexity of phenomenon - symptoms, causes and tangents; biases, selection bias, pattern matching, bidding up hot deals in the private market where the highest bidder will get the deal - irrationality of accepting those valuations and the founders Unicorn-status need, hunt for yield, trendy - the future, when doing 'hard things' becomes fashionable (ie Reality TV, TV Series & a shallow Channel 4's How To Be A Young Billionaire) then beware, negative yields for secure investments (bonds and corp debt), perceived 'conservative' value vs private bid up bubble potential.
Seed  Round  A  Round  traction  hunt  for  yield  ZIRP  NIRP  QE  unintended  consequences  Silicon  Valley  asset  bubble  asset  allocation  behavioral  finance  bond  bubble  bubbles  equity  bubble  demographic  bubble  secular  stagnation  complexity  growth  Start-Up  lesson  Start-Up  advice  pattern  matching  selection  bias  confirmation  bias  bias  Unicorn  Wall  Street  Private  Mutual  Fund  Hedge  Fund  Venture  Capital  savings  glut  productive  investment  business  model  Snapchat  WhatsApp  Instagram  Slack  Uber  productivity  output  gap  STEM  Share  Economy  Services  Industry  Niedriglohnsektor  incomplete  information  economic  history  marginal  cost  liquidity  trap  sovereign  debt  crisis  debt  bubble  zombie  banks  zombie  consumer  zombie  corporations  structural  imbalance  global  imbalances  faultlines  Product/Market  Fit  value  creation  1000  True  Fans  Core  Product  Proposition  differentiate  differentiation 
april 2015 by asterisk2a
What Etsy’s stellar debut doesn’t say about the IPO market | PandoDaily
markets so distorted [...] demand has grown strong enough investors are willing 2 overlook fact that most of tech companies IPOing still losing money. Last year 2/3 of tech companies that raised $100 million or more in IPOs went public with losses. This year, Box, GoDaddy & Etsy all received warm welcomes in public markets while awash in red ink. [bc there is so little alternative 4 actual earning any yield, money managers take on the risk anywy, bc otherwise they would look bad & get fired if they would not deploy the money. its always bad if u have 2 act in order 2 get not fired & not abel 2 say 'I will sit this 1 out.'] [day-one pop values etsy @18x revenue]. &! bit.ly/1HyfxNW [CEO Dickerson] & tcrn.ch/1G0ybi5 >> its abt shareholder value creation going forward >> bloom.bg/1E0H9br >> Founder "maximizing shareholder value is "ridiculous." // Cant marry WallStreet & long-term view, internal values, true 10x better customer value creation fwrd //&! bit.ly/1b08aC3 on.recode.net/1JNUY
Private  Equity  Hedge  Fund  Mutual  Fund  pension  Wall  Street  hunt  for  yield  distortion  QE  ZIRP  NIRP  secular  stagnation  Western  World  IPO  Unicorn  market  Silicon  Valley  incomplete  information  complexity  bubble  bond  bubble  asset  bubble  bubbles  demographic  bubble  speculative  bubbles  burn  rate  shareholder  value  profit  maximisation  crony  capitalism  community 
april 2015 by asterisk2a
NEA Raises North Of $3B For Its New Fund | TechCrunch
I consistently hear that venture groups raising capital are oversubscribed. That directly implies that the firehose of cash fueling the venture capital and technology markets has yet to abate in any meaningful sense, if at all. The music is still playing, and at a furious pace. But with interest rates at zero and NASDAQ 5,000 back in our norm, who can be surprised? Regardless of how the technology industry apportions the risk created by that level of spend, we can feel secure in the fact that the same risk is concentrated in the private sector. This helps to protect the average person from investing in something more ephemeral than a Snapchat ad. So if it all goes to hell, it’s mostly the rich kids who will take it in the gut. Viva la tech.
hunt  for  yield  ZIRP  NIRP  QE  distortion  incomplete  information  unintended  consequences  bond  bubble  equity  bubble  Private  growth  round  Mutual  Fund  Hedge  Fund  Silicon  Valley  burn  rate  economic  history  savings  glut  productive  investment  Super  Rich  1%  Wall  Street  liquidity  trap  complexity  recovery  GFC  speculative  bubbles  asset  bubble  secular  stagnation  borderless  flat  world  globalisation  globalization  Software  Is  Eating  The  output  gap  Western  productivity  STEM  Robotics  automation  algorithm  AI  artificial  intelligence  marginal  cost  3D  printing  augmented  intelligence  Share  Economy  Services  Industry  service  monetary  policy  austerity  IMF  OECD  debt  bubble  sovereign  debt  crisis  Gini  coefficient  inequality  Career  Politicians  Makers 
april 2015 by asterisk2a
Would you rather be a real millionaire or a paper billionaire? The psychology of unicorns and the toll on Q1 returns | PandoDaily
And yet total cash going to venture backed companies was a whopping $17.7 billion– up over the $12.6 billion raised in the same period last year. But here’s the thing: Only $11.3 billion of that came from venture firms, throwing into question whether we should even still keep using the adjective “venture-backed” to describe the category. The disparity shows just how much more money is coming from non-VCs like hedge funds, private equity, mutual funds, and sovereign wealth funds, who have watched the private valuation growth of Facebook and the rest of the deca-corns and are desperately trying to get a stake in private companies before they IPO. [...] Things have gotten strange for VCs — and in turn, entrepreneurs — and the climate doesn’t seem to be improving
Private  Equity  Hedge  Fund  Mutual  Fund  growth  round  Venture  Capital  Silicon  Valley  Unicorn  hunt  for  yield  Sovereign  Wealth  Fund  distortion  ZIRP  NIRP  QE  bubble  bond  bubble  debt  bubble  zombie  corporations  zombie  banks  Super  Cycle  savings  glut  liquidity  trap  productive  investment  speculative  bubbles  Wall  Street  incomplete  information  market  confirmation  bias  pattern  matching  pattern  recognition  selection  bias  bias  behavioral  finance 
april 2015 by asterisk2a
Big Valuations Come With Dangerous Small Print | TechCrunch
[FOCUS on strategy, product, management, world class org] & then came in the PE guys (HedgeFunds & PrivateMutualFunds) & other non-traditional investors in start-ups, when investing in startups, want 2 protect the downside & want guaranteed upside minimum. 2 have that cake, it has 2 be in the term sheet via preferred liquidation preference. 2 have that in case of a suboptimal next round (ie IPO) that is only slightly up or even a down round, existing investors have & will be diluted by issuing more shares for the last investor, the PE guys, 2 guarantee them their upside minimum. // Start-up lesson & advice is stick with traditional VC (which is high risk high return) and maybe Special Purpose Vehicles organized from existing investors and their network for growth rounds. // PS the intro speaks abt a company taking term-sheet that gave them the 1bn valuation; could be Slack & the guy complaining abt it could have been either Chris Sacca or AVC
SPV  Venture  Capital  growth  round  Private  Equity  Hedge  Fund  IPO  Mutual  Fund  mutualfunds  Start-Up  lesson  Start-Up  advice  Wall  Street  hunt  for  yield  distortion  Silicon  Valley  Unicorn 
april 2015 by asterisk2a
Inside SAC's Dell trade - YouTube
DOJ can't go after Cohen, goes after its Hedge Fund. >>> /watch?v=bNMjkwaEsfI + /watch?v=5LSuqeZGRbU + http://www.bloomberg.com/news/2013-07-25/sac-reassures-clients-as-steve-cohen-fights-to-stay-open.html + http://business.time.com/2013/07/25/steve-cohens-allegedly-corrupt-information-gathering-machine/ + http://www.bloomberg.com/video/barofsky-says-sac-capital-is-most-likely-done-pK~JrFxbSZmZCjM6YHnt5w.html "SAC is almost DONE. [...] lead about SAC insider trading extend came from other investigations; Raj Rajaratnam & Rajat Gupta. + /watch?v=8cC30LvTY38 + /watch?v=bIYWMfbtJAo + /watch?v=2Np2qP2ux1s
SAC  Capital  Advisors  DOJ  barofsky  Neil  hedgefund  barackobama  banking  crisis  too  big  to  jail  Rajat  Gupta  bank  crisis  policy  error  Raj  Rajaratnam  policy  folly  Hedge  Fund  insidertrading  trust  SEC  Steve  Cohen  confidence  hedgefonds  trustagent  confidenciality  WallStreet  insider  trading  presidency  Preet  Bharara  governance  corporate  governance 
july 2013 by asterisk2a
Pimco to Pay $92 Million to Settle Futures Lawsuit - Bloomberg
Pacific Investment Management Co., manager of the world’s biggest bond fund, agreed to pay $92 million to settle a private class action lawsuit that accused it of manipulating the price of Treasury futures contracts.
Pimco, which manages about $1.2 trillion, was accused of cornering the market for contracts on the 10-year notes in May and June 2005 on the Chicago Board of Trade. The lawsuit, which sought as much as $600 million in damages, alleged that Pimco used its holdings to drive up the price for traders who had sold the securities short, betting they would fall.
“Pimco’s position is that all such trades were properly designed to secure best execution for its clients,” the firm, based in Newport Beach, California, said today in a statement announcing the settlement. Mark Porterfield, a spokesman for Pimco, declined to comment beyond the statement.
fraud  hedge  PIMCO  2010  lawsuit  banking  finance 
december 2010 by asterisk2a
Merrills Downfall Provides Disclosure Lesson - NYTimes.com
Only after the housing bubble began to deflate did Merrill and other banks begin to clearly divulge the many billions of dollars of troubled securities that were linked to them, often through opaque vehicles like Pyxis.

In the third quarter of 2007, for instance, Merrill reported that its potential exposure to certain subprime investments was $15.2 billion. Three months later, it said that exposure was actually $46 billion. At the time, Merrill said it had initially excluded the difference because it thought it had protected itself with various hedges.

But many of those hedges later failed, and Merrill, the brokerage giant that brought Wall Street to Main Street, soon collapsed into the arms of Bank of America.

“It’s like the parable of the blind man and the elephant: you had some people feeling the trunk and some the legs, and there was nobody putting it all together,”
merrylllynch  bankofamerica  BofA  subprime  hedge  bubble  property  2007  2008  2009  fraud  practice  banking  SEC  FDIC  disclosure  shadowbanking 
august 2010 by asterisk2a
Trader Made Billions on Subprime - WSJ.com
The biggest winner looks to be John Paulson, a little-known hedge fund manager who smelled trouble two years ago.
Funds he runs were up $15 billion in 2007 on a spectacularly successful bet against the housing market. Mr. Paulson has reaped an estimated $3 billion to $4 billion for himself -- believed to be the largest one-year payday in Wall Street history.

Now, in another twist in financial history, Mr. Paulson is retaining as an adviser a man some blame for helping feed the housing-market bubble by keeping interest rates so low: former Federal Reserve Chairman Alan Greenspan.
hedgefunds  hedge  subprime  Hedgefonds  JohnPaulson  alangreenspan  short-selling  recession  bubble  winner  loser  georgesoros 
october 2009 by asterisk2a
CFTC Declares War On Oil Speculators
The CFTC wants to change standard operating procedure to crack down on any excessive speculation in the oil market.
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Federal regulators will examine whether the government should impose limits on the number of futures contracts in oil and other energy commodities held by speculative traders, the head of the Commodity Futures Trading Commission said Tuesday.
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For example, benchmark crude oil prices have roughly doubled since March even though government reports show U.S. supplies brimming with surplus oil. Investors have been buying oil barrels not because of traditional supply and demand, but on the expectation that the economy will eventually improve. Some are also buying crude oil as a hedge against inflation, betting that the dollar will get weaker and push the price of energy commodities even higher.
oilprice  oil  speculation  CFTC  hedge  inflation  dollar  investors 
august 2009 by asterisk2a

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