TheS&P500P/ENeedstoCorrectbyToddSullivan
Aconstantthemeforanyvalueinvestoris"pricealwaysmeetsvalue".Theyjustdo.Itisthe"when"thatwecannotpredictbutweknoweventuallyitdoes.Forthatreasonwebuywhenthevalueisabovethecurrentpriceandsellwhenitreachesorexceedsit.Easy,right?Well,notreally,itisthedeterminationofwhatthatvalueisthattripsfolksupandcausesmistakes.
Thusisthedilemmaofthecurrentmarket.By...[
閱讀全文]
UncertaintyinEconomicRecoverybyStevenHansen
"Predictingtheeconomyisevenmoredifficultthanforecastingtheweather,becauseaneconomyisnotmadeupofmoleculeswhosebehaviorissubjecttothelawsofphysics,butratherofhumanbeingswhoarethemselvesthinkingaboutthefutureandwhosebehaviormaybeinfluencedbytheforecaststhattheyorothersmake."(FedChairmanBenS.Bernankeatthe2009CommencementoftheBostonCollegeSchoolofLaw,Newt...[
閱讀全文]
AreCreditMarketsBacktoNormalNow?
ThecreditmarketshavemarkedlyimprovedsincetheMarchbottomoftheS&P500.Thisdevelopmentissignificantbecauseitislikelytoboostbanks’profits,helpingthemtoexceedanalystexpectationsinthecomingquartersandtoraisecapitalindependently.That,inturn,willenabletheTreasurydepartmenttostartwithdrawingitsTARPmoneyfromthebankingindustry.Thereareseveralsignsofthisimprovement:
閱讀全文]
Yale’sSwensenRecommendsTIPStoHedge‘SubstantialInflation’
2009-05-2304:01:01.0GMT
ByGillianWee
May23(Bloomberg)--DavidSwensen,thetop-rankedcollegeendowmentmanagerinthepastdecade,saidindividualinvestorsshouldowninflation-protectedTreasuriesbecauseU.S.economicrecoveryeffortsmayleadtoanincreaseinconsumerprices.
“We’vehadthismassivefiscalstimulus,massivemonetarystimulus,andit’shar...[
閱讀全文]
Partyisnotoverthisyear:QEwillpushliquiditytoChina
Thismorning,wehaveadebateonwherewillthemktgointhefollowingyear.Ihavesummarizedasbelow:1)QEwillleadtoassetbubbleinEmergingmarkets.Justasin90's,lowgrowthindevelopedcountries+easeningmonetarypolicywillleadliquidityflowintoemergingmarketswhichatleasthavesomegrowthandbetterthandeveloppedcountires.Equitymktbubble,bondmktbubble,propertymktbubblewillfi...[
閱讀全文]
InvestorsentimentreachesnewhighsByRitaRaagasDeRamos|25May2009
BancofAmericaSecurities-MerrillLynch'sMichaelHartnettnotes,however,thattherushtotakeriskisreminiscentofbubble-likebehaviour.
Bullishnessinglobalmarketshasreachednewheightswithsevenoutof10investorspredictingtheworldeconomywillimproveinthenext12months,accordingtotheMerrillLynchfundmanagers'surveyforMay.Supportedbypositiveexpectati...[
閱讀全文]
TRGexpectsEMriskpremiumstofadeByJameDiBiasio|18May2009
Theglobalfinancialcrisisislikelytoerasetheriskpremiumattachedtoemergingmarkets,saysco-founderatTheRohatynGroup.
Theglobalfinancialcrisishasmadeclearthefaultylogicjustifyingriskpremiumsonemerging-marketsecurities,whichsuggeststhesearegoingtofade,saysJorgeMariscal,co-founderandheadofglobalstrategyatTheRohatynGroup,a$3billionNewYork-based...[
閱讀全文]
USbondmanagerswarmtohighyieldByJameDiBiasio|19May2009
Spreadshaveralliedoverthepasttwomonths,butsomeportfoliomanagersreportinvestorshaveagrowingappetiteforrisk.
OneofthebigassetallocationchoicesfacinginvestorsinUSfinancialassetsrightnowiswhethertogotohigh-yieldfixedincome.Averagespreadsonjunkblewoutto2,000basispointsoverTreasuries,butoverthepasteightweeks,tightenedtoinsideof1,200bps.
O...[
閱讀全文]
AssetownersmakeopeningmovesByJameDiBiasio|18May2009
AnupsurgeintransitionmanagementmandatesshowsAsia’sinstitutionalinvestorsaremovingtowardsimplementingstrategicassetallocations.
ThefollowingfeatureappearedintheApril2008editionofAsianInvestormagazine.Forsubscriptions,pleasecontactRichardSantoroonrichard.santoro@asianinvestor.net.
Transitionmanagersreportarapidriseinmandatesfrominstitu...[
閱讀全文]
TsinghuaeconomistoutlinesRMB’sfutureroleByJameDiBiasio|21May2009
YuQiaogavethekeynoteaddressatAsianInvestor’sannualinvestmentsummitinHongKonginwhichhesuggestedwaysforAsianforeignreservestobeputtobetteruse.
YuQiao,aneconomicsprofessoratTsinghuaUniversityinBeijing,saysthebestwayforChinatorescueitselffromadollartrapistograduallytransformtherenminbiintoaregionalcurrencyonparwiththedollarandt...[
閱讀全文]
