<   2008年 03月 ( 46 )   > この月の画像一覧

Astronomical!!

Wall Street Journalより:
Like so many other hedge-fund blowups, Carlyle's troubles came from borrowing too much money. The secret to making money was borrowing massive sums. Carlyle Capital managed only $670 million in client money, but used borrowings to boost its portfolio of bonds to $21.7 billion. Until last week, when the dealers started selling the fund's collateral, it was about 32 times leveraged, a level one mortgage-company analyst called "astronomical."

世の中なにが起こるか分からない、ということを考慮に入れなかったのですね。
[PR]
by stupid-market | 2008-03-14 09:31 | Asset Management

Boring

Market Moverより:
Bonds are boring, stocks are exciting.

まあ、その通りなんですが、、、、
[PR]
by stupid-market | 2008-03-13 10:12 | Asset Management

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

冷凍食品

NIKKEI NETより:
インフレ対策に割安な冷凍食品を食べましょう――。1月の消費者物価上昇率が前年同月比6.6%と約26年ぶりの高い伸びを示したシンガポールで政府が冷凍食品購入を奨励するキャンペーンを始めた。

じゃあ、日本はデフレ脱却のために生ものを食べた方が良いですね。
[PR]
by stupid-market | 2008-03-11 11:48 | Monetary Policy

Deep Sushi

Paul Krugmanのブログより:
So let us all praise expected inflation. Without it, we’d already be in deep sushi.

"deep sushi"ってなんやねん。
[PR]
by stupid-market | 2008-03-11 10:18 | Economy

Due Diligence

MarketWatchより:
Getting the FBI to do your due diligence doesn't seem like a particularly great business strategy.

確かに。
[PR]
by stupid-market | 2008-03-11 10:10 | Others

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