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7.2.09 Spring 2009 Issue of FOCUS The newest issue of FOCUS, Horizon's quarterly newsletter, is now available online. Click here to download.  Themed, "Lessons Learned", the issue includes an interview with one of the co-authors of a fascinating white paper ("The Hedge Fund of Tomorrow:  Building an Enduring Firm"), an article on "What The Madoff Scandal Taught Us" and several other contributions that we think you'll find interesting and useful.   Daily Update Each day around 4pm (Chicago time), we'll post a Daily Update that summarizes the key economic, market and financial themes of the day.  To read the July 2 Daily Update, click here.   Horizon Embraces MFA Guidance on Cash Management Horizon is delighted with the Managed Funds Association's (MFA) just-issued "Sound Practices for Hedge Funds" that not only speaks to the importance of treating cash reserves with attention and care, but offers fund managers specific guidelines to manage cash actively. Click here to read more.   Quote of the Day "Some of our biggest financial firms got away from their original purpose - to fund innovation and to finance the process of 'creative destruction,' whereby new technologies that improve people's lives replace old ones.  Instead, too many banks got involved in exotic and incomprehensible financial innovations - to simply make money out of money - which ended up as 'destructive creation'. - Jagdish Bhagwati Professor of Economics at Columbia University   Working with Numbers The latest issue of Basis Points, Horizon's monthly newsletter of tips and techniques to help improve your business life, is now available. To read this issue - themed "Numbers" - simply click here.   Timely Reading Pauline Modjeski, Horizon's president, is quoted in an article in a recent issue of Financial News. Click here to read this informative piece: "Companies keep a close eye on their money".   A Better Way to the Fix the Bank Nearly everyone agrees that the nation's current economic woes are exacerbated by the lack of free-flowing credit. A recent issue of the The McKinsey Quarterly reveals one way - other than nationalization - that U.S. banks can get rid of their "toxic assets" and resume more normative credit flows. Click here to read this fascinating article.   FOCUS - Winter 2009 Click here to download the latest edition of FOCUS, Horizon's quarterly newsletter.  The issue features a Roundtable Discussion with six notable hedge fund professionals offering their perspectives on the industry.   Survey Shows "Investors are Obsessed with Liquidity" With investors expressing a desire for greater liquidity, many hedge funds have increased their cash holdings... a trend Horizon Cash Management expects to continue well into 2009. Click here to read more.   Hedge Funds Look to Horizon Horizon's addition of $600 million in new assets in late 2008 has the media buzzing.  Click here to read why some hedge funds are removing their cash from prime brokers and turning to specialists like Horizon.   The Economic Crisis Explained Alan Blinder, former vice chairman of the Federal Reserve, provides a simple and easy-to-understand explanation of the current economic crisis and how it came to be.  Click here to read this fascinating article.

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