 | DrumBeat: September 9, 2008 | The Oil Drum | Hurricane Ike, Shut-In Production and Energy Infrastructure (Updated 9/9 10:00 EDT) |  |
18 comments on An Update on ASPO-USA's Conference Sept. 21-23: Are You Going?
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18 comments on An Update on ASPO-USA's Conference Sept. 21-23: Are You Going?
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yup. see #1 and #2 above. i think prime brokers are forcing their clients to reduce leverage too (e.g. if a large hedge fund had $3 billion in capital - they could control $15 billion in energy (or other things), but now the broker is telling them - only 6 billion, meaning if they had full positions of short finance stocks and long energy (either commodity or stocks), they now HAVE to unwind...which is:
a)sending bad signal to policymakers
b)making incredible long term investment opportunities for others
c)making it less likely they will send bad signal to policymakers next time up...
d)scaring the crap out of people
Bill Gross of PIMCO has posted his Sept newsletter which goes a long way in explaining what is occuring in all markets.
http://www.pimco.com/TopNav/Home/Default.htm
David
i pretty much agree with his general explanation -this has been a deleveraging and has impacted the markets that were most leveraged (in short term).
It is also there is a spring in his step while writing that - PIMCO was one of the only buyers of mortgages in past few weeks ahead of FNM/FRE bailout, they had windfall yesterday in the billions (mortgages tightened 2 point and only widened today about 6 ticks)
I am not sure Mr. Gross understands energy howerver. I wonder if he will be attending ASPO - last year I would say about 1/6 of attendees were hedge fund types...
I came across this article this evening which may be of interest to you. Don Coxe writes BASIC POINTS for the Bank of Montreal and has been very bullish on oil for the past +5 years.
This article gives another aspect to what is occuring in the markets.
http://www.globeinvestor.com/servlet/story/GAM.20080910.RHEINZL10/GIStory/