Thursday links: the great hedge fund unwind

16Oct08

Thanks again to every for all the kind words on our third blogiversary.  Now on to the linkfest…

“Right now, it seems, everyone is bragging about how much they are holding in cash.”  (WSJ.com)

The great hedge fund unwind continues apace.  (Free exchange, Infectious Greed, Dealbreaker)

Citadel Group fights off the rumors of imminent demise.  (ChicagoTribune.com, WSJ.com)

“Nobody got paid 20 percent of anything this month.”  (NakedShorts)

What form will the CDS market take?  (MarketBeat)

Credit market indicators that matter.  (Accrued Interest)

“It’s unbelievable, but 2008 is now on par with the worst years of the Great Depression for equities.”  (Bespoke also Crossing Wall Street)

The VIX is wicked high, but that is not the interesting thing.  (Daily Options Report also MarketBeat)

Absent a catalyst, equities can remain undervalued for quite some time.  (Woodrow)

How does a ‘stock repair strategy‘ work?  (Barrons.com)

Is value returning to the energy (E&P, refiners, coal) sector?  (WSJ.com, Morningstar.com, market folly)

“But the best time to buy stocks is 3 to 6 months before the recession is over.”  (Econbrowser)

Has the muni market already discounted the worst case scenario?  (Barrons.com)

Preemptive drawdowns of revolving credit lines.   (WSJ.com)

Even the Swiss banks need help.  That can’t be good.  (NYTimes.com, 24/7 Wall St., Alea)

“If credit markets are to get moving again, we need to encourage banks to start trusting each other. Government guarantees make that less, not more, likely.”  (Market Movers)

It is too early to be giving out medals to Hank Paulson just yet.  (Epicurean Dealmaker)

The U.S. economy will not ‘lose a decade.’  (FT Alphaville)

“Our workforce and the ingenuity of the American people are in fact among the most important of economic fundamentals.”  (Curious Capitalist)

30 year mortgage rates remain stubbornly high.  (FT Alphaville)

Housing has not hit bottom, not even close.  (Big Picture)

On “new trade theory” and “new economic geography.”  (Paul Krugman)

This item will lead to some interesting conversations around the water cooler at Barclays.  (Clusterstock)

Tough times for a satirist of a now-defunct Wall Street.  (NYTimes.com)

Thanks for checking in with Abnormal Returns. Feel free to contact us with any questions and/or comments.

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