Amaranth Advisors LLC was created in 2000 as a multi-strategy hedge fund with approximately $600 million in capital. It sought to employ a diverse group of arbitrage trading strategies particularly featuring convertible bonds, mergers and utilities. In 2002, Amaranth added energy commodity trading to its slate of strategies with JP Morgan Chase clearing Amaranth’s commodity trades. A multi-strategy fund runs several different strategies in-house that contribute to the total performance of the fund. A single-strategy fund concentrates the whole portfolio on one strategy.
Amaranth was long natural gas futures. They enjoyed huge profits from natural gas futures and option trades in 2005 and early 2006. Brian Hunter used borrowed money
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During a follow up notification on August 9 NYMEX further notified Amaranth that they should not reduce September positions simply by shifting those positions to the October contract. Amaranth complied with NYMEX’s directions and subsequently reduced its September and October positions. However, at the same time Amaranth increased its positions in September and October in ICE contracts and as a results increased their overall positions in natural gas. The events that followed in late August and September led to huge losses with Amaranth losing significant value.
The losses were created due to overconfidence, lack of transparency, and lack of risk management. Amaranth enjoyed huge profits and thought prices would just keep rising. There was no communication between Hunter and the management team. Also, investors had no knowledge that the majority of the portfolio was invested in natural gas positions. Leverage played a huge role in the losses. A hedge fund will typically borrow money, with certain funds borrowing sums many times greater than the initial investment. If a hedge fund has borrowed $9 for every $1 received from investors, a loss of only 10% of the value of the investments of the hedge fund will wipe out 100% of the value of the investor's stake in the fund, once the creditors have called in their loans.
Risk management at Amaranth failed in August
function bpsk(x,fc,fs,br) %x is received signal input file usually *.mat file %fc is carrier frequency in Hz %fs is sampling frequency in Hz %br is bitrate in Hz %the command should be like this: %load input file onebit=fs/br; %number of samples per bit n=(length(x)-1)/onebit; %number of bits transmitted b=onebit; c=1; k=[]; for m=1:n; %iteration from 1 to number of bits y = x(c:b); % take the needed signal for one bit q=cos(2*pi*((c:b)-1)*fc/fs); %reference signal for Quadrature i=-cos(2*pi*((c: b)-1)*fc/fs); %reference signal for Inphase a=y.*q; % (received signal) . (reference signal for Quadrature)
I. Purpose for this investigation is to pin-point problems within the Roanoke branch of Phoenix Advertising which have led to the recent resignations of an art director and an account executive, increasing client complaints about quality of work, productivity and demoralization of employees within that branch.
Check this footing size with Table 3.3 in AS1684.2 or Table 3.1 in As1684.4. What is the footing classification type?
3. Describe two methods that you can use to calculate postage charges for mail and / or packages. [2.3]
PLEASE NOTE: WE DO NOT ENDORSE CHEATING AND ENCOURAGE YOU DO GAIN KNOWLEDGE BY OWN
Understand own responsibilities, and responsibilities of others, relting to health and safety in the work setting.
1.1 Explain the models of practice that underpin equality, diversity and inclusion in own area of responsibility
I am attending GCU to improve my education and myself and to achieve my goals for the future.
Exxon and Chevron are no doubt some of the leading incorporated oil companies on the globe. Exxon Corp. is the second largest oil firm after Royal Dutch Shell, it is respected for getting the biggest revenue return in 2008 which no company in the U.S. have ever reported before. According to Wilson (2009) Chevron has managed to show a lot of profitability in the market despite the decease in its oil production. It graded as one of firms which made a billion dollars profit within a week in the period of July to September 2008. Regardless of profitability trends set by the two oil firms in the U.S. market, they have been facing financial decline like the rest of the companies in other industries. The two firms are like two sailing ships which are taking longer time to sink. In the last few years, the production capacity of Chevron and Exxon has decreased and their listings on the stock market have become weak. The continuation of construction and drilling which requires billions of dollars in expense of oil production might make them experience a bigger financial crisis (Wilson, 2009).
Established in January 1999, Pine Street Capital (PSC) was a market-neutral hedge fund that specialized in the technology field, facing market risk and trying to decide whether and which way to use in order to hedge equity market risk. They choose technology sector because the partners of PSC felt that they have enough ability to evaluate this sector and specially be good at picking out-performing stock. Short-selling of NASDAQ and options hedging strategy are the two major hedging choices for PSC. Either strategy has its own advantages in different economic periods and conditions. The fund has just through one of the most volatile periods in NASDAQ 's history, and it was trying to decide whether it should continue its risk management
I recently had the opportunity to attend my first American Occupational Therapy Association (AOTA) conference in which I was looking forward to learning new skills and ideas. After sitting in on a presentation at the conference, I noticed the presenter had used the same slides I had used during my Pecha Kucha presentation at graduate school. The slides she presented were of my pictures, ideas, and videos. After the presentation was over, I had the opportunity to talk to her about the presentation so I asked her how she came about the idea. She admitted that she had seen something similar online, but said she adapted it to fit her presentation. However, the slides she presented at the conference where the ones from my project and were not adapted in any way. After giving her presentation a little more thought, I realized that she was gaining recognition for work I did and she neglected to provide any form of reference suggesting she used my idea. With all I had learned in undergraduate and graduate schools, I knew a proper citation of my work was required, otherwise it is a form of plagiarism and violates my work. The fact
In today’s competitive world, leadership skills are crucial for both personal and professional development. Leadership is an important function of management which helps an individual or a business to maximize efficiency and to achieve goals. Leadership has different meanings to various authors.Most commonly, leadership is defined as influence, that is, the art of influencing people so that they will strive willingly and enthusiastically toward the achievement of group goals. (Koontz). Leadership is the process of influencing the activities of either formal or informal group in the task of goal setting and goal achievement. A leader is one whose magnetic personality innervates people for some cause. Not by words, but by their actions is
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My goals are to attend college and to continue to support issues such as women empowerment, which I have been actively supporting the past 4 years. I desire to major in informatics because I would like to go into a field that not many women go into and I desire to minor (or perhaps double major if possible) in business because the female to male ratio of leaders in the business are depressingly low for females in America today, despite the fact that women are just as capable as men in the workplace. I believe that the KPMG Future Leaders Program’s goal for developing future generations of women leaders is personally, my perfect opportunity. The scholarship provided in this program would help me go to the best college of my choice to receive