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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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对冲基金“踩空”此轮回升  

2009-06-01 22:52:28|  分类: 默认分类 |  标签: |举报 |字号 订阅

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1. Hedge funds caught too short by rally.
WSJ: HEARD ON THE STREET
MAY 30, 2009
Hedge Funds Caught Too Short by Rally
The fast money is proving slow to jump on the market'sbandwagon.
Hedge funds, decried by many as quick traders, have played catch-upduring the market rally since March. The average fund was 45% "netlong" as of May 19, or had investment holdings valued at 45% morethan its bearish "short" positions, according to Hedge ...

 

Finance Trends Matter
2. From a blog: John Paulson大举介入黄金。
但a、其部分由于对冲的需要;b、披露的仅为其资产组合的一部分(与收购兼并或eventdriven组合相关的)。其持有的黄金组合占其管理资产AUM的比例未必这么大。
http://financetrends.blogspot.com/2009/05/john-paulson-hedge-funds-move-into-gold.html
Friday, May 29, 2009
John Paulson, hedge funds move into gold
There was a good amount of buzz last week surrounding hedge fundmanager John Paulson's move into the gold sector, one thatcoincided with the opening of a new Paulson & Co.fund (the "Paulson Real Estate Recovery Fund") that will invest inreal estate.

Market Folly has more on Paulson & Co.'sinvestments in gold and the gold mining shares in, "Paulson& Co. buys tons of gold":

"The first major move that everyone will be talking about isPaulson's big entrance into gold. His position in the Gold Trust(GLD) is brand new and is brought up to a whopping 30% of hisportfolio.

Now, there are indeed a few caveats with this move: Paulson& Co have said themselves that they have done so asa hedge, as they now own well over 8% of this exchange traded fund(ETF). Their hedge funds have a share class that is denominated ingold (instead of in US dollars or Euros).

Still though, that's quite a large hedge to have. Not tomention, Paulson also has a copious amount of gold miners nowlittered throughout his equity portfolio... And, such a massiveposition in gold and gold miners has to be for more than merely ahedge.

One other thing to consider with Paulson's portfolio is thatthese holdings listed above are only his long equity holdings. Themain reason why we bring this up is because the holdings aboverepresent only a piece of his overall portfolio pie. Many of thepositions above are merger arbitrage and event driven positions.While his gold stakes may be a large part of the assets disclosedin this filing, they are not quite as big when you compare them tohis total assets under management. So, keep that in mind..."

Jay at Market Folly also notes that other prominent hedge funds,including David Einhorn's Greenlight Capital and Stephen Mandel'sLone Pine Capital, have also recently made notable forays into thegold sector. So should we follow the hedge fund crowd into theirrecent gold trade?

Andrew Mickey offers an interesting take on this very issue in,"Why Gold Enthusiasm is 'Cool' Again". As he notes in the article,Paulson's Midas touch has made gold the new "cool" investment onWall Street, which is enough to leave Mickey skeptical on thetiming of this particular speculation.

"Right now, gold is the hot sector. Expectations are soaring andit is only a matter of time until the “hot money” finds somethingnew. Gold is glittering now and it will do so in the future, butit’s best to buy it when it’s not being watched so closely.

Yes, I’ve bought gold and gold stocks in the past. I will bebuying gold stocks again in the future. It’s all part of mypersonal investment plan which I’m sticking too.

Inflation is coming. Real assets and shares of producers of realassets will do exceptionally well in the years ahead. For nowthough, it’s best to look for value in the real asset sectors."

Check out the full piece at the link above (Hat tip to RichardRussell), and see why this writer thinks the recent gold chase hasleft some hard asset sectors overlooked and relativelyundervalued.

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