Wednesday, May 16, 2012 1:40 PM EDT
Thirst for yield is back with a vengeance
TIM KILADZE
For what feels like the umpteenth time since the worst of the financial crisis, retail investors are clamouring for yield.
Since the market started its recovery in March 2009, the thirst for yield has gone through fits and starts. At times there has been heavy demand for risky resource stocks, at times there has been hunger for safety.
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Wednesday, May 16, 2012 11:16 AM EDT
Morning meeting: Revenge of the trusts
Can't miss stories from the web
Revenge of the trusts
Jim Flaherty tried to kill them, but they’re back. And they contain FOREIGN assets.
Wednesday, May 16, 2012 12:19 PM EDT
Hedge funds like Nasdaq, long-dated treasuries
TIM KILADZE
It can be hard to read what hedge funds are up to in a regular trading environment, let alone one where investors are skeptical of the euro zone’s prospects. But a new report has helpfully compiled their positions globally, documenting a preference for the Nasdaq and long-dated treasuries, as well as a growing wariness of the S&P 500 and of most major currencies against the U.S. dollar.
Wednesday, May 16, 2012 9:33 AM EDT
Greenlight's Einhorn reconsiders RIM position
BOYD ERMAN
Hedge fund manager David Einhorn thought he saw value in Research In Motion Ltd. late last year, but already it appears he's reconsidering.
Mr. Einhorn's Greenlight Capital bought 3 million shares of RIM in the fourth quarter, establishing a position, according to securities filings. In the first quarter, that position was down by about half, to 1.5 million shares, according to the latest disclosure of Greenlight's holdings.
Tuesday, May 15, 2012 5:37 PM EDT
Hudson’s Element expects to keep growing
Boyd Erman
Financier Steve Hudson promised he was going to grow his new leasing company fast, and he’s living up to it.
Mr. Hudson’s creation, Element Financial Corp., has reached $1-billion in assets in a little more than a year after agreeing to buy an auto-leasing business from Bank of Nova Scotia on Tuesday.
Mr. Hudson has always been in a rush to build Element, believing there is a short window of maybe two years created by the financial crisis, which caused many lease-finance companies to scale back in Canada. It’s that possibility that drew him back into the finance business that he left after selling Newcourt Credit Group in 1999 for $2.4-billion.
Tuesday, May 15, 2012 3:33 PM EDT
Quadra FNX’s CEO steps down after takeover
TIM KILADZE
Paul Blythe, the former chief executive officer of Quadra FNX, is stepping down from his role within KGHM, the Polish firm that acquired his copper miner.
Mr. Blythe’s departure was made public on Tuesday when KGHM released its first-quarter earnings. He didn’t say specifically why he was leaving, but noted he had more or less only stayed on to help with the transition.
Tuesday, May 15, 2012 6:55 PM EDT
Is this what happened to JPMorgan?
BOYD ERMAN
A clearer picture of how JPMorgan Chase traders managed to find themselves stuck with a position losing $2-billion (U.S.) is beginning to emerge -- a hedge against systemic risk that backfired.
JPMorgan has offered few clues, other than characterizing the problem trade as a hedge.
Tuesday, May 15, 2012 2:02 PM EDT
Griffiths Energy stays mum on bribery allegations
CARRIE TAIT
Updated for private equity dollar amount, eighth paragraph
Griffiths Energy International Inc., a company aspiring to go public but marred by an internal corruption investigation, has wrapped up its soul-searching mission.
But potential investors -- as well as existing private ones -- will find little comfort in a statement the company released Tuesday. Only three paragraphs of the 2,188-word (less boilerplate) press release are devoted to its bribery investigation.
Tuesday, May 15, 2012 9:44 AM EDT
Morning meeting: JPMorgan’s infamous trade, explained
Can't miss stories from the web
JPMorgan’s infamous trade, explained
The icing on JPMorgan’s cake turns to ashes as it pursues the ‘Perfect Hedge’.
Tuesday, May 15, 2012 12:11 PM EDT
Energy trust tries $325-million IPO
NATHAN VANDERKLIPPE
With another prospectus out in the market, the next wave of energy trusts is taking another run at convincing investors that a promising new investment model can work.
And this time, it’s likely to extend beyond energy, with new trusts bringing to market investments in foreign wind power, natural gas distribution and manufacturing assets.
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Streetwise Contributors
Boyd Erman
Boyd Erman is a long-time business journalist who has worked at Dow Jones, Bloomberg, and the National Post before joining the Globe and Mail. Over the years, his areas of coverage have included economics, monetary policy, debt markets and corporate finance.
In addition, he is a regular commentator and guest host on Business News Network.
Tim Kiladze
Tim Kiladze is a business reporter with The Globe and Mail. Before graduating from Columbia University’s Graduate School of Journalism, he worked in equity capital markets at National Bank Financial and fixed-income sales and trading at RBC Dominion Securities. Tim has a Bachelor of Commerce in finance from McGill University.
Tara Perkins
Tara Perkins has been a business reporter since 2004, following a brief stint as overnight editor of globeandmail.com. She has been writing for the Globe's business section since the spring of 2007, covering the banking sector during the course of the financial crisis. Prior to that, she worked for the Toronto Star. Tara has a Bachelor of Journalism from Ryerson University and a Bachelor of Commerce from the University of Guelph.
Grant Robertson
Grant Robertson joined The Globe and Mail as a business reporter in 2005 after five years as a business writer at the Calgary Herald. His areas of coverage have included the oil and gas industry, the transportation sector and media & telecom. He now covers the banking sector for The Report on Business and writes for Report on Business Magazine.
Jeff Gray
Jeff Gray covers legal affairs for The Report on Business. For five years, he covered Toronto’s city hall and wrote a column about urban transportation. In 2002, he worked for the world desk of BBC News Online in London and freelanced for The Globe. In 2000, he helped launch The Globe’s first breaking-news website. He started at The Globe in 1998.
David Parkinson
David Parkinson has been covering business and financial markets since 1990, and has been with The Globe and Mail since 2000. A Calgary native, he received a Southam Fellowship from the University of Toronto in 1999-2000, studying international political economics.
