2008年 03月 09日 ( 6 )

Negative-sum Game

New York Timesより:
Professor French’s study can also be used to show just how different the investment arena is from a so-called zero-sum game. In such a game, of course, any one individual’s gains must be matched by equal losses by other players, and vice versa. Investing would be a zero-sum game if no costs were associated with trying to beat the market. But with the costs of that effort totaling around $100 billion a year, active investing is a significantly negative-sum game. The very act of playing reduces the size of the pie that is divided among the various players.

しかし、アクティブ運用のコストに年間10兆円も使ってるとは。おそろしす。
[PR]
by stupid-market | 2008-03-09 14:11 | Asset Management

U R 2 Old (JK)

New York Timesより:
“Katie, you shouldn’t be texting all the time,” Mr. Hampton recalled telling her. “Your friends are there. It’s rude.” Katie rolled her eyes again.

“But, Dad, we’re texting each other,” she replied with a harrumph. “I don’t want you to hear what I’m saying.”

どこの国も同じですね。調べたところ、JKはJust Kiddingの略のようです。知りませんでした。orz
[PR]
by stupid-market | 2008-03-09 11:59 | Others

Alice in Wonderland

Buffettの手紙(2007年)より:
Many helpers are apparently direct descendants of the queen in Alice in Wonderland, who said: “Why, sometimes I’ve believed as many as six impossible things before breakfast.” Beware the glib helper who fills your head with fantasies while he fills his pockets with fees.

この言葉、額に入れて飾ろうかな。
[PR]
by stupid-market | 2008-03-09 11:45 | Buffett

Pawnbroker of Last Resort

Paul Krugmanのブログより:
And the Fed is afraid that this will lead to a vicious spiral of financial collapse. So it’s responding by doing something different from normal monetary policy: by lending to banks with securities as collateral, it is arguably in effect buying securities other than T-bills. [Add: Waldman calls the Fed “Wall Street’s genial pawnbroker”, and one of Yves Smith’s commenters goes one better and calls the Fed the “pawnbroker of last resort.” Ouch!]

Pawnbrokerというのは質屋のことです。全くなんてこった。
[PR]
by stupid-market | 2008-03-09 09:57 | Economy

really, really scary

Paul Krugmanのブログより:
So what should be done? I’m not sure (and I’m thinking about it, hard.) For now, I’d just say that this is really, really scary.

ああ、恐ろしや。
[PR]
by stupid-market | 2008-03-09 09:35 | Economy

Give me AAA, or otherwise go away

Bloombergより:
MBIA Inc., under threat of a downgrade, asked Fitch Ratings to stop issuing credit rankings on its insurance units, saying the grades have become less valuable to investors, of little use to the company and too expensive to maintain.

うーむ、あまりに酷すぎる。格下げされそうになった途端、格付けしないでくれって、アホか。
[PR]
by stupid-market | 2008-03-09 05:29 | Rating Agency