tag:blogger.com,1999:blog-4815867514277794362.post6542808240954062318..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Robust and thorough due diligence is backJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-4815867514277794362.post-32650188925623648542008-12-20T00:25:00.000+11:002008-12-20T00:25:00.000+11:00Whilst grand conspiracies always make for good blo...Whilst grand conspiracies always make for good blogs, isn't it more likely that the different descriptions of Rye and Defender came about because Bramdean Alternatives is managed by two firms?<BR/><BR/>Rye was in the portion managed by RMF and Defender in the portion managed by Bramdean. I assume they submitted their own descriptions for the annual report. If anything, Bramdean's description is clearer and fuller than RMF's.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-74228840316805001572008-12-19T19:02:00.000+11:002008-12-19T19:02:00.000+11:00Usually getting paid £75,000 a year to Chair an in...Usually getting paid £75,000 a year to Chair an investment company that involves about 4 meetings a year is considered money for old rope.But Brian Larcombe, Chairman of Bramdean Alternatives may find his part time job a little more time consuming over the next few months.<BR/>Bramdean Alternatives values the Fund monthly but the majority of the portfolio is carried at book cost(the private equity portfolio).Quite why monthly valuations should be produced when the majority of the portfolio is carried at cost is beyound me (oh yes, Nicola charges her fee monthly).Anyway, as Mr Larcombe was previouly at 3i he more than anyone should know that the real value of Private Equity investments made at the top of the market in summer 2007 are now worth only a fraction of their book cost.Indeed a recent FT article suggested that initial investments were trading below 50% of cost and in some cases investors were willing to PAY for their investments to be taken off their hands in order to avoid the further drawdown commitments.As such it is reasonable to suggest that the Private equity portfolio is worth about $50 to $75m less that stated.<BR/>If Mr Larcombe doesn`t think that the NAV should include such impairment perhaps the companys auditor,PwC will in March when they have to sign off the accounts.PwC know full well the danger of allowing false valuations of public companies assets.In fact given that the company no longer has the money or borrowing facilities to pay the commitments, PwC may have to consider if Bramdean Alternatives is a "Going concern" .Mr Larcombe would do well to remember that he and his fellow Directors owe a Duty of Care to shareholders not Nicola Horlick and Bramdean LLP.I would urge Mr Larcombe to show independance and terminate the Bramdean management contract.Failing that I would recommed Mr Larcombe transfer his personal assets to his wife as this companys demise maybe faster that he can say shareholder lawsuit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-36109090540757926402008-12-19T14:40:00.000+11:002008-12-19T14:40:00.000+11:00John Haskell- can you please email me...JJohn Haskell- can you please email me...<BR/><BR/>JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-83134145648103748872008-12-19T09:06:00.000+11:002008-12-19T09:06:00.000+11:00Will Savonarola - who posted above - contact me if...Will Savonarola - who posted above - contact me if possible...<BR/><BR/>No email on your contact and I would love to meet an investment banker whose favourite book is Nostromo - the only Conrad I have read set on land. <BR/><BR/>(I guess Heart of Darkness is narrated on the Thames - but is set in the Belgian Congo...)John Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-73049059632697257242008-12-19T08:31:00.000+11:002008-12-19T08:31:00.000+11:00hempton! Hand over the booty!hempton! Hand over the booty!John Haskellhttps://www.blogger.com/profile/08341430524377582352noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-56900786971560913392008-12-19T08:29:00.000+11:002008-12-19T08:29:00.000+11:00I have just done something which I have never done...I have just done something which I have never done before on this blog...<BR/><BR/>I rejected a high quality anonymous post which was on topic.<BR/><BR/>To the poster I am sorry - but the post was PRECISELY my next blog post and I want to claim some credit for it myself...<BR/><BR/>If you were not anonymous I would allow you to post it...<BR/><BR/>JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-29173884135974848312008-12-19T07:52:00.000+11:002008-12-19T07:52:00.000+11:00Will Nicola be paying back to Bramdean Alternative...Will Nicola be paying back to Bramdean Alternatives the 1.5% fees she was paid on the Madoff investments over the past year?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-36859321937280227132008-12-19T05:04:00.000+11:002008-12-19T05:04:00.000+11:00FSA more useless than the SEC.It will take complai...FSA more useless than the SEC.<BR/><BR/>It will take complaints from shareholders to get FSA to mount what would be a token investigation.<BR/><BR/>Horlick will transfer the blame to the Man entity which steered her to Madoff. <BR/><BR/>Brandean Alts will be wound up voluntarily in a year or two because of the huge discount. Or somebody like Mellon will takeover with a promise to liquidate.<BR/><BR/>Good stuff. Hope the jobsworths at FSA take a peek at your excellent blog.Savonarolahttps://www.blogger.com/profile/07500688050397705993noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-26278766760271558512008-12-19T04:21:00.000+11:002008-12-19T04:21:00.000+11:00Here is a project I would love to see someone take...Here is a project I would love to see someone take upon themselves. It can be safely assumed, now that Madoff has been exposed, that his was not the only Ponzi scheme left out there. The only reason he was exposed is that investors everywhere are pulling money out of equities/hedge funds. He was caught because of exogenous forces. But a few people had been speculating for a decade that Madoff's fund was a ponzi scheme. So are there records out there on the web of similar speculations about other hedge funds? If so, that could make a nice story.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-5001442236144879832008-12-19T03:58:00.000+11:002008-12-19T03:58:00.000+11:00Everybody needs to read Markopoulos' letter to the...Everybody needs to read Markopoulos' letter to the SEC - 19 pages which absolutely positively disposed of every possible "innocent explanation" for Madoff's returns, exclusively prepared using information available in the public domain.<BR/><BR/>He mentions going on a fundraising trip through Paris and Geneva where "everyone said they were invested in Madoff"- I can imagine how frustrating that was to hear.John Haskellhttps://www.blogger.com/profile/08341430524377582352noreply@blogger.com