Horizon Strategy’s John Devaney Says He Is ‘Bleeding, Personally’ After Loss of Hedge Fund

FINANCE
• John Devaney's Gulfstream: gone. His house, helicopter, yacht, and a Renoir: gone, too. "I am bleeding, personally," says the investor, who shut down his Horizon Strategy hedge fund this week after he lost a fortune trading mortgage investments. "I'm devastated; I'm totally devastated." Okay, dude, NO. This is devastation. And this. And this shit. Christ. When will you people learn? There's no crying in hedge funds! [NYT]
• Warren Buffett was preoccupied when he got to the Allen & Co. conference in Sun Valley, and now it's clear why: He was in the middle of facilitating an $18.8 billion deal between Dow Chemical and Rohm & Hass. [DealBook/NYT]
• Blackstone sees money swirling in the sky: The private-equity shop is throwing down $1.6 billion for a stake in a wind farm in Germany, which will be its first investment in alternative energy. [FT]

MEDIA
• Family-feud watch: Viacom chairman Sumner Redstone says his daughter, Sheri, is no longer the heir apparent to his media empire and that she's leaving the board. Sheri, however, isn't onboard with this plan. [NYT]
InStyle is getting a makeover. Not only will the glossy have a new you-go-girl attitude, but the redesign will also play up fashion and include more insights from celebrity hangers-on. Plus, most important, two of the magazine's editors will appear on Gossip Girl this fall. [WWD]
• Does Sepah News, the media arm run by Iran's Revolutionary Guard, use Photoshop? A photograph the outlet released of four missiles, which ran on front pages of newspapers around the country and NYTimes.com and MSNBC, appears to have been digitally altered. [Lede/NYT]

REAL ESTATE
• A crew of workers are de-rod-ing the New York Times building in an effort to thwart Spider-Men. [Curbed]
• Billionaire David Koch is doling out $100 million to revamp the New York State Theater, which will now bear his name. [NYT]
• The cost of buying and selling property in Manhattan is about twice as much as investing in Brooklyn real estate. [NYO]

LAW
• Chief judge Judith Kaye is retiring, so Governor Paterson gets to nominate a judge to take her place. [NYS]
• It's been quite a summer for divorce lawyers. [WSJ]
• Latham & Watkins wants to establish a stronghold in the Middle East. [Law.com]