GLG News by Exchange Traded Fund Experts

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Desperate times, desperate measures

July 18, 2009

Analysis of:American Express halts UK pension payments | business.timesonline.co.uk

The value of due diligence, and buyer beware has never before in financial times been so important. There are definitely two sides to this issue. We are faced with commitments made based upon invalid assumptions of risk management techniques.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Where (or what) is the SBA?

July 13, 2009

Analysis of:goldman says it has ‘no material exposure’ to cit (update1) - bloomberg.com | www.bloomberg.com

The latest news regarding CIT  is not good. Fitch Ratings downgraded its ratings for CIT Group Inc. deeper into junk status on Wednesday. From my personal experience and public information, CIT is the third big-bank lender to destroy small-business access to credit.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Genworth MI Canada: Successful IPO, But Mixed Market Reaction

July 9, 2009

Analysis of:What to take from Genworth's IPO | www.theglobeandmail.com

Genworth Financial (NYSE:GNW) completed an IPO of their Canadian operations in a bid to raise capital to pay down debt at the parent company.  The mortgage insurer’s Canadian offering raised at least C$850 million (44.7mm shares priced at C$19 per share and the underwriters have the option to sell an additional C$127mm (6.7mm shares) up until August 6th).  If the option is exercised in full, Genworth Financial would have a 56% ownership interest in Genworth MI Canada (TSX:MIC).  This is the largest IPO in the Canadian marketplace since 2007, when gold miner Franco-Nevada raised C$1.3bn, and is only one of a handful of IPO’s completed in Canada YTD.

Marshall MaysFounder & DirectorEmerging Alpha Advisors, Ltd.

Perpetual mispricing machine - Durable misconceptions about Asia’s markets

July 1, 2009

Analysis of:Asian stocks struggle to gain ground | www.ft.com

1. China's growth, a two-decade-old story, has been rewarding on average to those allowed to tap it, but access price has been high and the disappointments painful. We face huge risk of another one now, at a time other exporters and financial investors can least afford it. When might a publicly disclosed slow-down arise? Will bank performance be the symptom or the cause? 2. Japan is clearly more linked to China's growth than other rich countries, so China's problems are Japan's. Can the accumulation of improvements in Japan make up for the weight of a continued slow-down in PRC demand? 3. If the current risk is no worse than that elsewhere, what about the long term prospects? Are they superior to those elsewhere? Are current earnings multiples justified? If not now, when?

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Capital Without Representation

June 30, 2009

Analysis of:Green groups to sue over RBS investments | www.ft.com

Very tricky investing when it comes to buying stock which can be revalued by the adjustment of the underlying security asset. Buying stock in a bank holding company is similar to buying options. Various issues develop from the government nationalization of previously held assets by the private sector. Obviously the first issue is the principal stripping (inevitable price valuation destruction), and the second issue is becoming; which controls are available to the existing private sector holders (those in at the beginning) and those new government (government of the people by the people) holders.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

What is, is - Redux

June 25, 2009

Analysis of:congress grills bernanke on bofa/merrill deal | www.reuters.com

Currently the U.S. Government is interrogating and receiving testimony from Mr. Bernanke. The overriding theme of the interrogation (which is BofA) has been obfuscated once again by semantics and Bill Clinton era speak.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

BlackRock manages the planet's equity

June 23, 2009

Analysis of:Barclays accepts BlackRock's BGI bid | uk.reuters.com

U.S. fund manager BlackRock with various origination ties to U.S. banking and U.S. government asset management; reaches across the pond and expands its horizons.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Balance of price and funding has occurred in local markets.

May 19, 2009

Analysis of:Mortgage lending picks up | www.ft.com

One of the final stages required for a real estate cycle recovery is buyer availability of funding, and the capitulation of sellers price expectation.

Marshall MaysFounder & DirectorEmerging Alpha Advisors, Ltd.

Phoney Covered Bonds - Another Bit of Con-Artistry by Korea, Inc

May 8, 2009

Analysis of: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.

Marshall MaysFounder & DirectorEmerging Alpha Advisors, Ltd.

Opportunity in Asia's Energy Sector

May 4, 2009

Analysis of:Industry Insight: Resourcefulness is not enough | linux.emerging-alpha.com

1) Our opinion remains that global demand will remain subdued for several more years, with many signs of spring followed by a late frost. 2) Extra fuel in the bunker appears a better coping strategy than stocking up the F&B larder for this year. 3) The high cyclicality of all three segments of the Resources sector, amplified by coverage trends and institutional investor mood swings, make them a good means of gaining exposure to the demographic trends of the region. But the problem for many of the sub-segments is that the downside is not symmetrical with the upside, implying a risky snack – but generally less so for Chinese coal. Although, the beta for the whole sector is higher than 1.2 can reach 1.8, so the snack is definitely not free.

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