Re: verrechnet

verfasst von Cosa, 26.09.2003, 17:52

-->Hi marsch,

>


der etwas längere Überblick:




von vorgestern, bei usatoday erschienen:

Risky buying on margin surges again

By Matt Krantz, USA TODAY

Some investors are so confident that stocks will continue to rally, they are literally betting their portfolios and
buying stocks on margin.

Margin is using borrowed money to buy stocks and using other stock as collateral on the loan. Currently,
investors are on a margin binge that is making some analysts worry we're seeing a return of late '90s-like
speculation. Margin buying is:

•At record levels. Investors at firms regulated by the National Association of Securities Dealers (NASD), the
watchdog of the Nasdaq stock market and 5,300 brokers, borrowed $26 billion against their stock holdings in
July, the latest available data. That tops the old record in March 2000.

•Growing rapidly. Margin borrowing at NASD-regulated firms is up 412% this year and 32% in July.

•Widespread. Total margin borrowing, which includes numbers reported by the New York Stock Exchange, hit
$174.4 billion in July, a 25% increase from the end of 2002. That total is the highest in two years.

This is a big warning to some that greed is back."Those people from 1999 to 2001 are creeping back into the
sunlight again," says Michelle Clayman, managing partner of New Amsterdam Partners."There are people
thinking: 'Gee, maybe I can make back what I lost.'"

Even the NASD has put out a warning to investors to be careful of margin borrowing.

There's so much concern because historically, when margin balances soar, it's bad news for the market. The last
time margin balances at NASD brokers topped $20 billion was March 2000 — just as the market was about to
head into a brutal three-year slide.

Even so, some investors say the spike in NASD-reported margin lending doesn't necessarily spell trouble for the
stock market, because total margin lending is still below record levels. Margin-lending reported by brokers from
both the NYSE and NASD brokers is still 42% below its last peak on March 2000. Just looking at the spike in
NASD margin is misleading, since it includes only about 15% of total margin debt, says Richard Cripps, strategist
at Legg Mason.

Cripps also says total margin borrowing is still less than 1.4% of the market's value. That's up only 0.2 percentage
points from the beginning of the year and down 0.9 percentage points from March 2000."As an alarm, it's
premature," he says.

Ken Tower, chief market strategist at Charles Schwab's Cybertrader unit, says total margin debt remains in line
with historical norms. He says he'd be more worried if margin debt wasn't increasing as stocks rallied; that would
show a lack of conviction.

Still, investors should remember the lessons of the past and avoid taking on heavy margin just to jump into the
rally."People shouldn't engage in this game-playing," says A.C. Moore, strategist for Dunvegan Associates.
"Margin is not the way to go about
this."


Gruss
Cosa

Thread gesperrt

 

gesamter Thread:

• Margin Depts - marsch, 26.09.2003, 17:26
  • Re: Margin Depts - Jacques, 26.09.2003, 17:36
  • Re: verrechnet - Cosa, 26.09.2003, 17:52
    • Re:einmal mehr: herzlichen Dank, Cosa! (owT) - Jacques, 26.09.2003, 18:09
    • Re: verrechnet - marsch, 26.09.2003, 18:37
      • Re: verrechnet - Amanito, 26.09.2003, 19:06
        • Re: verrechnet - marsch, 26.09.2003, 19:15
    • Re: verrechnet - Amanito, 26.09.2003, 19:03
    • Re: Weil wir gerade beim Thema sind: Kurse für Börsensitze? - dottore, 26.09.2003, 20:17
      • Re: Weil wir gerade beim Thema sind: Kurse für Börsensitze? - Cosa, 27.09.2003, 16:45
        • Re: Weil wir gerade beim Thema sind: Kurse für Börsensitze? Hier BoE - Popeye, 27.09.2003, 17:24