Very perceptive Maureen. Didn't know that.
S.
--- In AsburyPark@yahoogroups.com, "radio881gal" <[EMAIL PROTECTED]> wrote:
>
> Don't look now, but one of the funds Anselm of Madison Marquette told
> me is a big investor in Capital Guidance, which owns MM, now "faces
> billions in losses", according to today's Wall St. Journal.
> See 'Alpha' Bets Turn Sour.
> Apparently, PERS, the Pennsylvania State Employees Retirement System
> used a strategy called, "portable alpha" to finance investments of $9.2
> billion in hedge-funds. Now PERS could be forced to make cash payments
> of $2.5 billion or more to Wall St. trading partners, according to the
> Journal.
> Last month Anselm and I argued over whether Capital Guidance is a
> hedge fund or not. At that time I was concerned that MM's investments
> here could be in trouble if Capital Guidance were a hedge fund and
> found its credit lines had dried up, since hedge funds are highly
> leveraged. Anselm insists Capital Guidance isn't a hedge fund. But the
> PERS situation is another matter.
> PERS may have to liquidate some of its investments to shore up its
> losses. Let's hope Capital Guidance has them locked in for couple of
> years.
> Anyone want ot venture forth on this one?
> Maureen
>
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