カテゴリ:SWF( 2 )

Live Performance

Infectious Greedより:
Just for fun

SWFの成績表です。
[PR]
by stupid-market | 2008-03-13 10:08 | SWF

巨大カモ

ロイターより:
――収益管理と運用体制はどうするか。

 「最初は単年度で考えるべきだ。外債、外貨、株式、オルタナティブなどにポートフォリオを分けて、その中で10社くらいに発注して競争してもらう。それを選ぶのがSWFになる。単年度で利益を上げないと退場してもらう。発注する会社は内外無差別だが日本に事務所を置くことを条件にする」

典型的なカモの言うことです。突っ込みどころが多すぎて、笑ってよいのやら、悲しんでよいのやら。リターンの実績からはファンドの良し悪しを判断することができない、という本質的なことが分かってないようですね。


ワシントンポストより:
Next Oz writes some covered options on this event and sells 110 million of them in the derivatives market. This obligates him to pay the option holders $110 million if the event does occur and nothing if it does not. He collects $11 million on the options. To cover his obligations in case the 'bad' event occurs, he uses the investors' money plus the proceeds from the options to buy $110 million in one-year Treasury bills yielding 4 percent, which he deposits in escrow. This leaves $1 million in "pocket money," which he uses to lease some computer terminals and hire a few geeks to sit in front of them, just in case his investors drop by.

The probability is ninety percent that the bad event does not occur and Oz owes nothing to the option holders. With a gross return (before expenses) of $15,400,000, the investors are thrilled, and so is Oz. He collects $2 million in management fees (of which he has only spent $1 million), plus a performance bonus equal to 20 percent of the 'excess return', namely, 20 percent of $11,400,000. All in all, Oz nets over $3 million for doing absolutely nothing.

日本の役人をカモるなんてちょろいもんですね。
[PR]
by stupid-market | 2008-02-28 11:05 | SWF