<   2008年 03月 ( 46 )   > この月の画像一覧

Ben's House

Bloombergより:
The value of Bernanke's home "probably went up to $1.1 million and it's probably back down to $840,000,'' because prices in Washington just a couple years ago "got out of control,'' Wheaton said.

まあ、現時点での痛手は大したことないですが、今後も住宅価格は下がり続けるでしょうから、薄給のベン君には辛いところですね。
[PR]
by stupid-market | 2008-03-21 09:38 | Economy

America Premium

FTより:
The last time the swap moved in this fashion was back in the 1990s, when concerns about the Japanese banks prompted the so-called “Japan premium.”

Now the situation appears reversed. Counterparty concerns about the US banks may have prompted funds to start unwinding their trades. Now it’s starting to look like a stampede to get out, with no bid on the swap.

懐かしい。
[PR]
by stupid-market | 2008-03-21 08:53 | Economy

もう無茶苦茶でんがな

Bloombergより:
Investors seeking the safety of government debt amid the loss of confidence in credit markets pushed rates on three-month bills today to 0.387 percent, the lowest level since 1954. Institutions worldwide have reported $195 billion in writedowns and losses related to subprime mortgages and collateralized debt obligations since the start of 2007, making firms reluctant to hold anything but Treasuries as collateral on loans.

なんか凄いことになってます。

追記:3/23 リンク修正しました。
[PR]
by stupid-market | 2008-03-21 08:42 | Economy

Big Loss of the Day --- Endeavour

FTより:
Endeavour Capital, run by former Salomon Smith Barney fixed-income traders, told investors it fell 27 per cent as a highly leveraged bet on the spread between short- and long-dated JGBs was hit by contagion from the US financial crisis and domestic worries.

ご愁傷様です。
[PR]
by stupid-market | 2008-03-21 08:29 | Hedge Fund

Rumour

FTより:
Yesterday, the speculation reached a crescendo with shares in HBOS falling 19 per cent in early trading on rumours it was struggling to fund its day-to-day business. A slew of e-mails crossed the City revealing that an emergency meeting at the Bank of England had been called to help. More than £1.5bn was wiped off HBOS’s market value in the first hour of trading before the bank had time to respond.

まあ、普段だったら噂話も軽くスルーするところが、いつの間にか大事になってしまったのでしょうか?
[PR]
by stupid-market | 2008-03-20 12:59 | Banking

Absolute Flight to Safety

Reuterより:
The three-month T-bill yield, considered by economists as a benchmark of "risk-free" return on U.S. assets, reached as low as 0.56 percent, down 29 basis points from late Tuesday.

とうとう来てしまいました。
[PR]
by stupid-market | 2008-03-20 08:40 | Monetary Policy

Luck or a scam

FTより:
In other words, even after 20 years the outside investor cannot be confident that the results were not being generated by luck or a scam.

と言う事です。
[PR]
by stupid-market | 2008-03-19 08:28 | Asset Management

2ドル

FTより:
However, the deal, which values Bear at just $2 per share, compared with the $169 hit in January last year and the $30 reached on Friday, will wipe out the value of the investments of Bear’s shareholders including some of its senior management.

キター!!
[PR]
by stupid-market | 2008-03-17 08:43 | Asset Management

Model and Reality

FTより:
The essential problem is that our models – both risk models and econometric models – as complex as they have become, are still too simple to capture the full array of governing variables that drive global economic reality. A model, of necessity, is an abstraction from the full detail of the real world.

モデルは所詮モデルでしかない。信頼しすぎてはいけない。
[PR]
by stupid-market | 2008-03-17 08:39 | Asset Management

Independence

Timesより:
What can we do about this? There's actually a simple answer: just declare our independence from bond ratings.

リスクを取る人自身が、リスクを評価する。それが本来のあるべき姿。
[PR]
by stupid-market | 2008-03-15 22:16 | Rating Agency