| Bass became a hedge fund legend after predicting | | | | and managed futures, and what is the price for |
| subprime meltdown | | | | that?l With no state income tax and relatively |
| In this Roundtable, Kyle Bass, one of the handful | | | | healthy state finances (unlike any other state, |
| money managers who correctly identified the | | | | Texas is blessed with a $9 billion slush fund), local |
| subprime meltdown, adds a lot of scary details | | | | managers expect an influx of colleagues from |
| and color to his current investment thesis of a | | | | other states where top marginal rates may get |
| Keynesian end that awaits Greece, Japan and the | | | | close to 60%. |
| "Club Med" (Italy, Spain), with the U.S. not be far | | | | This inaugural Opalesque Texas Roundtable was |
| behind. Bass says he is "not contrarian for | | | | sponsored by the CME Group. We also thank the |
| contrarian sake" and he "can't wait to be long" - | | | | Opalesque 2010 Roundtable Series Sponsors |
| after this secular crisis has been overcome | | | | Custom House Group and Taussig Capital for their |
| through debt restructures. | | | | support, as well as Akin Gump for providing the |
| Bass says politicians have front row seats to | | | | meeting venue for our team:l Kyle Bass, Managing |
| observe and reflect on Japan, which is "the best | | | | Partner, Hayman Capitall Don Hodges, Founder, |
| opportunity I have ever seen in my life. It is the | | | | Hodges Capital Managementl Shaun Jordan, |
| most convex opportunity I have ever seen. If | | | | Director, Abraham Trading Companyl Craig |
| you take the time to look at the numbers, you | | | | Caudle, CEO and Principal, Liberty Funds Groupl |
| realize why they have had seven finance | | | | Terry Beneke, CIO, Antares Capital Partnersl |
| ministers in three years, five in the last | | | | Guilllermo de León, Manager of Investments, |
| year-and-a-half. The whole scenario is playing out | | | | Salient Partnersl Barry Greenberg, Executive |
| exactly as you would expect it to play out, right | | | | Director Texas Hedge Fund Association, Partner, |
| under everyone's nose, and no one says a word | | | | Akin Gumpl Rick Redding, Managing Director, CME |
| about it...." | | | | Group |
| However "Real Assets" aren't the Panacea – | | | | |
| what most investors miss | | | | |
| This Roundtable is a thrilling discussion between | | | | Matthias Knab, founder of Opalesque and |
| (global) macro scenarios and equities-centric | | | | internationally recognized expert on hedge funds |
| investment approaches that may leave countless | | | | and alternatives, moderates the Opalesque |
| investors with bloodless net returns, deceived by | | | | Roundtables. |
| "attractive valuations" while real assets could end | | | | |
| up ruling supreme and radically changing the | | | | The Roundtable can be downloaded for free at: |
| distribution of wealth of nations, individuals and | | | | All other previously published Opalesque |
| institutions. "Let me clarify that I am not | | | | Roundtable Scripts can be accessed here: |
| proclaiming some sort of "end of the world". What | | | | |
| I am talking about is a complete change in the | | | | About Opalesque: |
| wealth of people in different nations. Everyone will | | | | |
| get up and go to work the next day, we will just | | | | In 2003, with the publication of its daily Alternative |
| be poorer" says Bass. | | | | Market Briefing, Opalesque successfully launched |
| In such inflationary or hyper-inflationary scenarios, | | | | an information revolution in the hedge fund media |
| usually real assets are viewed to be the save | | | | space: "Opalesque changed the world by bringing |
| haven. But what is a real asset? How safe is your | | | | transparency where there was opacity and by |
| Gold ETF or futures and futures options on | | | | delivering an accurate professional reporting |
| precious metals really, when you compare open | | | | service." - Nigel Blanchard, Culross. This hybrid |
| interest against the registered and eligible | | | | financial news service, which combines proprietary |
| inventories behind those instruments? | | | | industry news stories and filtered third party |
| This Roundtable further covers:l Overview on the | | | | reports, has been credited by many industry |
| Texas hedge fund industry: inflows, structure, | | | | insiders with delivering precise, accurate, and vital |
| upcoming managersl Texas is different: Why | | | | information to a notoriously guarded audience. |
| emerging hedge fund managers can get meetings | | | | |
| with Texas billionairesl Quantitative, qualitative, or | | | | Each week, Opalesque sends out over 700,000 |
| the "blink"-effect? How Texas investors and | | | | editions of its twelve publications to a global |
| family offices select managersl Why do so few | | | | readership in over 170 countries. |
| investors have permanent allocations to CTAs | | | | |