I don’t know why, but when other people in the financial industry do poorly, I get all happy. Don’t panic. I’m not alone in this shameful display of schadenfreude; everyone in the business wishes doom upon his competition. The only person “The Fly” roots for is Howard. I’d like to see Howard make 200% for the next 10 years, raise 50 billion dollars, then fart on live television, following a Larry Kudlow question.
Anyway, as you know, with the commodity tap out, many funds are rumored to be folding tent, including Cramer’s favorite: Atticus Capital.
With 13 billion under management, an Atticus failure would definitely cause ripples. The question is: are they done?
You decide:
Here is their most recent reported holdings, in order:
Union Pacific Corporation [[UNP]]
Burlington Northern Santa Fe Corporation [[BNI]]
ConocoPhillips [[COP]]
MasterCard Incorporated [[MA]]
NYSE Euronext [[NYX]]
Occidental Petroleum Corporation [[OXY]]
Freeport-McMoRan Copper & Gold Inc. [[FCX]]
Crown Castle International Corp. [[CCI]]
Baidu.com, Inc. (ADR) [[BIDU]]
Norfolk Southern Corp. [[NSC]]
Peabody Energy Corporation [[BTU]]
Canadian Natural Resource Ltd (USA) [[CNQ]]
The Boeing Company [[BA]]
Praxair, Inc. [[PX]]
Focus Media Holding Limited (ADR) [[FMCN]]
Genomic Health, Inc. [[GHDX]]
In other news, U.S. Treasury default swaps hit a record today, thanks to the Fannie/Freddie bailout.
Contracts on U.S. government debt increased 3.5 basis points to a record 18, up from 6 basis points in April, according to CMA Datavision prices for five-year credit-default swaps at 5 p.m. in London. Credit-default swaps on German government bonds cost 8 basis points and Japanese bonds 16.5 basis points.
So, contrary to what all of the dollar circle jerkers are saying, the U.S. is not better off than Europe, when it comes to possible insolvency. In other words, in order to insure yourself against the U.S. Government defaulting on their obligations, you now have to pay through the nose.
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