{"id":6428,"date":"2007-08-14T00:00:00","date_gmt":"2007-08-14T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"blue-planet-hedge-fund-cuts-bets","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2007\/blue-planet-hedge-fund-cuts-bets.html","title":{"rendered":"Blue Planet hedge fund cuts bets"},"content":{"rendered":"<p>Reuters- Market turmoil caused by the U.S. subprime meltdown could mark the start of a financial crisis, said Scottish fund firm Blue Planet Investment Management, which has removed most of its hedgefund&#8217;s long and short bets.<\/p>\n<p>  &#8220;I think we are at the start of &#8230; almost a financial crisis, on a big scale,&#8221; Kenneth Murray, chief executive and head of investments at Blue Planet, which specialises in investing in financial  companies, told Reuters on Friday.<\/p>\n<p>  &#8220;A lot of people will tell you it will be over in a week or two. It won&#8217;t. It&#8217;s just started.&#8221;<\/p>\n<p>  The FTSE 100, which three weeks ago was trading above 6,600, closed down 3.7 percent on Friday at 6,038.3, its biggest fall in more than four years.<\/p>\n<p>  The fall ends a volatile week for both stock and credit markets, amid fears a surge in U.S. subprime defaults will lead to a wider financial crisis.<\/p>\n<p>  Murray said his Global Financials Hedge fund had removed most of its long and short positions and had built up cash. Shorting means betting on a lower price for a security in the future.<\/p>\n<p>  &#8220;We&#8217;ve effectively shut the thing down, we don&#8217;t like what&#8217;s going on &#8230; In 25 years I&#8217;ve never seen volatility like this,&#8221; he said.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" height=\"1\" src=\"http:\/\/feeds.feedburner.com\/~r\/reuters\/UKFundsNews\/~4\/143558849\" width=\"1\" border=\"0\"><br \/><a href=\"http:\/\/feeds.feedburner.com\/~r\/reuters\/UKFundsNews\/~3\/143558849\/idUKNOA32596120070813\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters- Market turmoil caused by the U.S. subprime meltdown could mark the start of a financial crisis, said Scottish fund firm Blue Planet Investment Management, which has removed most of its hedgefund&#8217;s long and short bets. &#8220;I think we are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6428","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=6428"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6428\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=6428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=6428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=6428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}