05/21/2007

Upper Hedgistan

Hello:

Greenwich, Connecticut is now nick-named "Upper Hedgistan" due to the fact that almost half of the 350+ hedge funds with more than $1 billion in assets are headquartered in or near that city. Many distressed companies are reporting that there are more hedge funds sitting around the conference room table with them than investment banks.

Today, the Chinese government announced that they were buying $3 billion of Blackstone, prior to Blackstone going public, and a large Wall Street firm announced that they will buy approximately $1.5 billion of GSO Partners. With all this money being tossed around in unregulated investments, maybe Upper Hedgistan should be renamed Upper Atlantic City. Or would that be an insult to Atlantic City?

What are the long term goals of your organization? Does your organization have a written investment policy statement (WIPS) to support those goals? For more information about WIPS, please call us at 800.727.0941.

Terri G. Millson, CIMA, CIMC President

Ray Dicius, CSA, GEPC LPL Branch Manager