Board-Ansicht
Mix-Ansicht- Hedge Funds @ Work - politico, 26.08.2004, 16:54
Hedge Funds @ Work
-->Versteht das und die Risiken jemand genau (aus Doug Nolands letztem Upate):
....................
Let's ponder a more complex example: Here, a hedge fund uses"repo" financing to take a $1 million leveraged position in mortgage-backeds. In this example, there are six players: the hedge fund, the securities dealer, a pension fund, an MBS trust, Bank of Japan, and household sector. First, the securities dealer borrows $1 million of bonds from the pension fund. The dealer then shorts these Treasuries, selling them to the Bank of Japan. The dealer then uses this liquidity to finance the hedge fund's MBS"repo." The hedge fund then purchases mortgage-backeds held by the pension fund. The pension fund, now with $1 million of immediately available funds, chooses to invest these funds temporarily in money market instruments. In this example, these funds are borrowed by the securities dealer, and immediately lent to the hedge fund as it acquires $1 million of new MBS from MBS Trust. This purchase provides liquidity for the Trust to acquire additional mortgages from mortgage brokers across the country, providing the liquidity to finance additional household borrowing and spending (and more trade deficits and foreign central bank securities purchases). And as long as speculative leveraging expands, the economy grows, interest-rates remain low, and foreign demand for U.S. securities is sustained, liquidity will be abundant throughout the entire Credit system.
....................
Scheint ein übliches Hedge-Fund Geschäft zu sein, mit vielen willigen Mitspielern. Mir ist aufgefallen, dass der Hedge Fund kaum Eigenkapital dabei braucht, da er ja alles borgt.
Im Moment scheinen viele Hedge Fonds Probleme zu haben, wann kommt der grosse Gau? Greenspans Segen scheinen sie dabei zu haben, da dies alles seinen grössten Feind, die Deflation hintan hält.
Irgendwann kommt der grosse Knall. Doug Noland vergleicht die heutige Situation mit der kurz vor dem Ende der High Tech Bubble Anfang. Damals soll es auch einen grossen Short Squeeze gegeben haben.
Politico.
<ul> ~ Speculative Finance and Liquidity Bulges</ul>
Thread gesperrtgesamter Thread:
