Jumping at shadows

The fact that a minor filing to the US Securities and Exchange Commission can move our market shows edgy investors will find any excuse to exit equities amid the current turmoil.

It’s unclear whether investors confused KKR Financial Holdings (KFN) with Kohlberg Kravis Roberts & Co., the giant private equity group that is affiliated with KFN’s manager, KKR Financial. In any event, reports that KFN had again delayed payment of asset-backed notes funding more than $5 billion of residential mortgages spooked them. Significantly, the news caused barely a ripple in the US.

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