HALISTER: Calstrs’s Ailman Joins Buffett in Bashing Excessive Manager Fees

Calstrs’s Ailman Joins Buffett in Bashing Excessive Manager Fees

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BRK/A US (Berkshire Hathaway Inc)

People
Christopher Ailman (California State Teachers' Retirement System)
Warren Buffett (Berkshire Hathaway Inc)
Alan Howard (Brevan Howard Asset Management LLP)
Crispin Odey (Odey Asset Management LLP)
Daniel Loeb (Third Point LLC)

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UUID: 7947283

HALISTER1: Brazil Reforms May Lead To Further Market Gains: Analysts

Brazil Reforms May Lead To Further Market Gains: Analysts

(Bloomberg) -- Brazil assets may extend YTD rally should a potential new government led by Vice-President Temer implement reforms; for BRL, BCB auctions are also key, analysts say.
  • “If the new government implements everything that it has pledged, the room for (markets) improving is big,” Rodrigo Borges, FI head at Franklin Templeton Invest Brasil says in a phone interview
    • New government “discourse is music for ears. It depends if the government will deliver”
    • Meirelles, would-be finance minister, may have the needed political skills to help government approve measures; reports suggesting Meirelles himself will suggest names for other economic team posts, including the BCB, also seen as positive for the mkt
    • “Having cohesion is a need, as the ship sails better when everyone paddles in the same direction”
  • While BRL gained as much as 113% from 2003 to 2010, when Meirelles headed the BCB, it is unlikely that that the currency will record those levels now, Matheus Gallina, FI trader at Quantitas Gestao de Recursos
    • External scenario not as positive as in 2003-2010, and BCB reverse swaps auctions may lead BRL gain to be limited between 3.00-3.50/USD, Gallina says
    • Potentially more orthodox new BCB team may postpone Selic rate cuts in one or two meetings to assure improvement in inflation expectations
  • Eventual further gains for BRL may be limited even if Brazil solves its political crisis and approves some reforms, Mauricio Oreng, senior strategist at Rabobank says
    • Oreng sees BRL rising temporarily to 3.30-3.40/USD; external scenarios likely to bring BRL back to 3.75/USD
  • NOTE: Since the Senate procedures continue with no delay, President Rousseff’s ouster may be voted on in the second half of next week
  • NOTE: Templeton’s Mobius adds cash to Brazil, saying Rousseff removal not priced in
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Rodrigo Borges (Franklin Resources Inc)
Henrique Meirelles (J&F Investimentos SA)
Mark Mobius (Franklin Resources Inc)
Matheus Gallina (Quantitas Gestao de Recursos SA)
Mauricio Oreng (Banco Rabobank International Brasil SA)

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UUID: 7947283

HALISTER1: Nouy Says ECB Hasn’t Sought Access to Panama Papers Files

Nouy Says ECB Hasn’t Sought Access to Panama Papers Files

(Bloomberg) -- Monitoring of compliance with anti-money laundering legislation, tax laws is matter for relevant national competent authorities, not European Central Bank’s supervisory arm, ECB Supervisory Chair Daniele Nouy says in response to letter from EU parliamentarian Urban Crespo.
  • ECB reports any suspicions of such acts to relevant member state’s competent authority as and when these arise
  • “Accordingly, the ECB has not sought access to the documentation underlying the International Consortium of Investigative Journalists’ investigation, widely referred to as the ‘Panama Papers’”
    • ECB is committed to cooperating with natl authorities in monitoring developments, taking action where appropriate
  • ECB had identified conduct risk “as one of the key risks for the euro area banking system,” takes evidence of misdeeds into account when taking supervisory measures relating to corresponding risk or governance issues
  • Evidence of money laundering also a factor in ECB’s “fit and proper assessement” of bank managers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Daniele Nouy (European Central Bank)

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UUID: 7947283

HALISTER: Valeant Falls After Buffett Calls Business ‘Enormously Flawed’

Valeant Falls After Buffett Calls Business ‘Enormously Flawed’

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BRK/A US (Berkshire Hathaway Inc)
VRX CN (Valeant Pharmaceuticals International Inc)
32663Z US (United States Senate)

People
Warren Buffett (Berkshire Hathaway Inc)
Charles Munger (Berkshire Hathaway Inc)
J Pearson (Synergetics USA Inc)
William Ackman (Pershing Square Capital Management LP)

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UUID: 7947283