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

Feldstein

The Wall Street Journalより:
The government would fund these loans by issuing new two-year debt and rolling over the debt until the loans are fully repaid, thus eliminating any net cost to the government. The government loans would not add to the budget deficit or to the net debt of the nation. Gross government debt would rise by the amount of the new government lending, but this would be balanced by the asset value of those loans.

アホ過ぎないですか?Feldstein教授。日本版SWFを推進するアホと同じようなこと言ってます。国が借り入れして、20%の住宅ローンを肩代わりし、ローンの金利を追加発行した国債と同じレートにすれば、債務者達も助けられると同時に「国もコストが掛からない」とタワケタことを言ってます。ホントにコストが掛からないなら100%国が肩代わりすればよいのでは?しかし、これでハーバードの経済学の教授とは。アホ過ぎる。
[PR]
# by stupid-market | 2008-03-08 12:53 | Economy

Alpha or Beta

Economistより:
Research suggests that the correlation between hedge-fund returns and the S&P 500 index is already high and getting higher. Worse still, hedge funds are becoming more strongly correlated with each other.

まあ、絶対リターン追及型とか言っても、世の中絶対なものはそんなに無いということでしょう。
[PR]
# by stupid-market | 2008-03-07 13:17 | Hedge Fund

Leverage

Reutersより:
It is unclear how the markets changed for Peloton, but in a Feb. 28 letter to investors, it blamed its lenders for "severe" markdowns in the value of its assets, causing them to pull back on credit. The fund's assets were backed by four-to-five times leverage, or debt, in credit markets that have virtually stalled amid worries about further defaults.

レバレッジは恐ろしいですね。

ただ去年のリターンは87%とのことなので、ファンド・マネージャーは大いに儲かったことでしょう。報酬が通常の2-20で、去年末AUMが30億ドルなら追加の投資や解約が無いとして、一昨年末でAUMが16億ドル。従って、管理報酬が3千万ドルぐらいで、成功報酬で3億ドルといったところでしょうか。別に今年負けても過去の成功報酬を返すなんて話は聞いたことないですからね。余裕で引退できます。一方、投資家に返ってくる金額は多分雀の涙。ああおそろしや。
[PR]
# by stupid-market | 2008-03-07 09:09 | Hedge Fund