Friday, 19 September 2014
Last updated 2 hours ago
Jul 19 2010 | 1:32pm ET
Armajaro Asset Management probably isn’t going into the chocolate business, but it could after buying up nearly all of the available stocks of cocoa beans.
The London-based commodities firm took possession of more than 240,000 metric tons of the good stuff, worth as much as $1 billion, on Friday, according to public reports. It was the second-largest cocoa delivery ever, as was 20 times as large as the previous delivery, representing nearly all of the cocoa backing futures contracts on the LIFFE exchange and about 7% of annual production.
Armajaro is certainly no stranger to the cocoa business. Firm co-founder Anthony Ward is nicknamed “Choc Finger” in the British press, he’s long been betting on two of the world’s little addictions, coffee and chocolate, and is a former chairman of the European Cocoa Association.
The hedge fund now owns enough Cocoa to make more than 5 billion chocolate bars, fueling fears of a shortage in September.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.