Horizon Cash Management LLC is an investment advisor specializing in active, efficient cash management tailored to the individual needs and requirements of clients that include managed futures funds, hedge funds, family offices and institutional investors worldwide.
News/Upcoming Events
5.9.08
BREAKING NEWS: Modjeski Selected as "Rising Star"
On May 5, Pauline Modjeski, Horizon's President, was named one of "20 Rising Stars in Hedge Funds" by Alternative Investment News. Pauline and 19 other professionals identified as "Rising Stars" in the industry are profiled in a 36-page special report, which you can read by clicking here. (Pauline's profile begins on page 27). The winners, who are cited as 'up-and-coming' individuals likely to impact the global hedge fund market for years to come, will be honored at the 6th Annual Hedge Funds Industry Awards on June 25th in New York City.
Importantly, each of the "Rising Stars" was asked to identify a mentor who inspired, challenged and helped develop their character as well as their technical skills. Not surprisingly, Pauline chose Diane Mix Birnberg, Horizon's founder, as her most valued mentor.
Recommended Reading
Robert J. Shiller, Professor of Economics and Finance at YaleUniversity, observes that "Ben S. Bernanke chose an awful time to become chairman of the Federal Reserve... just as the economy was about to enter its worst financial crisis since the 1930's.But it was also," Shiller notes, "the perfect time, because it presented him with challenges for which he had a lifetime of preparation."Shiller's thought-provoking article, "The Fed Gets a New Job Description," appeared in the April 6 New York Times.You can read it here.
Planning for the Unthinkable
In a just-issued white paper - "Planning for the Unthinkable" - Horizon provides two condensed case histories that illustrate the wisdom of "hoping for the best, but planning for the worst". Click here to read this article.
Horizon has just issued a comprehensive guide to performing Due Diligence on cash investments. This guide, encompassing more than 50 questions that should be asked of cash managers, helps hedge fund managers and investors take control of their cash balances in terms of risk, structure, availability and performance. The guide is free and can be requested by clicking here.
Daily Update - New!
Each day around 4pm (Chicago time), we'll post a Daily Update that summarizes the key economic, market and financial themes of the day. Click hereto read the May 8 Daily Update.
Building Loyalty
Click here to read the latest issue of Basis Points, Horizon's monthly newsletter of helpful business tips. We'll show you a four-step guide to boosting loyalty and tell you what a Net Promoter Score is and why it matters.
The Minsky Moment
Forty years ago, Hyman P. Minsky, a Harvard-trained economist, unveiled his financial-instability hypothesis. Some believe that Minsky's five-stage model of the credit cycle (displacement, boom, euphoria, profit taking and panic) is in full force today. Click hereto read this intriguing article, from The New Yorker.
Stagflation's Stagnant Returns
Megan Barnett of Portfolio.com observes that with home prices falling, credit markets tight, the stock market iffy, the bond market toxic and real estate dicey, "investors big and small see cash as the only option". Click hereto read this article.
Housing Bubble - Shiller Explains It All
In an article that appears in the March 2 New York Times, economist Robert J. Shiller explains how so many experts - including former Fed Chairman, Alan Greenspan - failed to see the housing bubble that helped trigger the 'house of cards' collapse in US and overseas financial markets. You can read this fascinating article, "How a Bubble Stayed Under the Radar" by clicking here.
Caps Lifted on Fannie Mae and Freddie Mac The nation's two largest mortgage finance companies - Fannie Mae and Freddie Mac - received some excellent news from federal regulators Wednesday. The Office of Federal Housing Enterprise Oversight (OFHEO) removed limits on the two agencies' mortgage portfolios. The result: Fannie Mae and Freddie Mac can now buy more loans and bonds, replacing buyers who exited the market owing to the collapse in subprime mortgages. Bloomberg News has the full account: click here.
For Our Family Office Clients
In its February 14 edition, the Wall Street Journal ran a Page 1 story on two brothers who, having sold their family business last summer for more than $1 billion, authorized a major investment bank to invest in safe, "cash-like" investment vehicles. Less than two months later, the brothers were stunned to discover that nearly $300 million of their investable funds had been allocated to auction rate securities, which had become illiquid and hard to value based on the continuing credit market turmoil. This is a classic example of why families should maintain control of their cash through the type of customized, transparent portfolios created by Horizon. Click here to go to the Wall Street Journal online site, where you can read the article in its entirety.
Monoline Insurers Stumble
In the current issue of The New Yorker, James Surowiecki explains how things have gone horribly wrong for Ambac, MBIA and other monoline insurers. Click hereto read this fascinating article.
Banking Turmoil Makes Investors Skittish
Horizon offers a three-step plan to lower managed futures and hedge fund investors' "stress quotient" regarding cash reserves. To read more, click here.
Two Terrific Websites
If you're on the lookout for fresh thinking and innovative business ideas, here are two websites that never cease to delight: http://www.harvardbusinessonline.com/and
"Striving so mightily to make one and one add up to three
or four or five, Wall Street, Main Street and Washington collectively brought us to this impasse of 2008, in which a
debt crisis is superimposed on a downturn in the economy, which is overlaid on a bear market in real estate, which is conjoined with a persistent and worrying weakness in the dollar."
- James Grant, Editor-Grant's Interest Rate Observer.
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