Marvin:
maybe they work for hedging purposes,
but they still represent a potential source
of catastrophic instability.
No! This was not my point. My was not that maybe they
work for hedging purposes. My point was that they may
work for hedging purposes but not always.
Size matters.
Also my
I said:
Marvin:
maybe they work for hedging purposes,
but they still represent a potential source
of catastrophic instability.
No! This was not my point.
By the way, it happens that I was the last product
manager of the Leland-Rubinstein portfolio insurance
program. It died in my hands
12:11 AM
Subject: Re: [PEN-L] An essay on economic basis of bourgeois risk and
gambling culture - parasitism as derivatives, options, swaps, hedge funds
etc.
Marvin:
Sabri: How would you answer the argument that most
derivatives are used for hedging operations and are
therefore a source
Frank Partnoy's book suggests that most derivatives exist in order to
get around financial regulations.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
- Original Message -
From: Sabri Oncu [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, March 11, 2004 9:42 PM
Subject: Re: [PEN-L] An essay on economic basis of bourgeois risk and
gambling culture - parasitism as derivatives, options, swaps, hedge funds
etc.
Marvin Gandall
a real
systemic risk.
Marv Gandall
- Original Message -
From: Sabri Oncu [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, March 11, 2004 9:42 PM
Subject: Re: [PEN-L] An essay on economic basis of bourgeois risk and
gambling culture - parasitism as derivatives, options, swaps, hedge
Marvin:
Sabri: How would you answer the argument that most
derivatives are used for hedging operations and are
therefore a source of stability for the system?
Dear Marvin,
I was tempted to open up with the following:
Are they? I did not know this!
But if I do that you may get the
contracts) also grew
significantly, rising by 24% to $7.9 trillion, about a seventh of world GDP.
The Bank of International Settlements has an informative site at www.bis.org
if you are interested.
In the US alone, over $600 billion is thought to be lodged with the hedge
funds, more than 10 times
, swaps, hedge
funds etc.
George Soros, through his Quantum Fund, became famous when his fund
'bet' millions that the UK would be forced to devalue the pound in 1992.
He won his bet, made lots of money, and became famous as the Greek who
broke the pound. Yeah.
Marvin Gandall:
Hungarian, but a good essay nonetheless. :)
No! It is not a good essay.
It is a wonderful demonstration of lack of
understanding of derivatives, as the following
statement of its author demonstrates:
the rate of profit on capital can be significantly
higher, and the risk
U.S. Doctors, Stressed at Work, Escape to Hedge Funds, Business
July 23 (Bloomberg) -- Chip Skowron had visions of happily practicing and
teaching orthopedics after finishing the Yale School of Medicine with M.D.
and Ph.D. degrees in 1998. Then, he met what he calls the ``harsh''
reality of being
Below is an interesting piece on hedge funds. I want to make it clear that
any media cut outs sent by me do not necessarily contain views etc that I
share.
© 2002 Independent Digital (UK) Ltd
Short-selling hedge funds in the firing line again as stock markets crash
Critics claim London
The Economic Times
Thursday, March 28, 2002
Hedge funds face up to dismal returns
REUTERS
LONDON: After months of dismal returns, hedge funds are coming down to
earth,
finding it harder to raise money and make money, bankers say.
Swashbuckling hedge fund managers, who often boast they can
The Financial Express
February 09, 2002
Hedge funds lure Japanese institutions
Tokyo, February 8: Japanese institutional investors, frustrated by a lack of
investment opportunities at home, almost doubled their investment in
high-risk international hedge funds in 2001 and are expected
full article at
http://www.chicago.tribune.com/business/columnists/barnhart/article/0,1122,A
RT-47225,00.html
Hedge funds' popularity in full bloom
The stock boom has made more individuals eligible for the unconventional
investment partnerships
September 30, 2000
The near collapse
By Apu Sikri
NEW YORK: Free-wheeling global hedge funds that were blamed
by governments worldwide for the Asian financial crisis are now suffering
the wrath of their shareholders, who are pulling back investments, citing
the funds' poor performances and secretive
Hedge Funds: Going short in a bull market and winning
-- By Jamie LaReau,
Bridge News Chicago--Mar 8
Only a handful of short-selling managers have survived the quadrupling
of the US stock market over the last 9 years
In today's SF Chronicle there is an article suggesting that BofA will lose
$100 M in the D.E. Shaw hedge fund. I understand that banks that had made
loans to Long Term Capital (sic) Limited were at risk of losing money in
loan defaults, but the Chronicle article suggests that BofA is losing
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