海纳百川

登录 | 登录并检查站内短信 | 个人设置 网站首页 |  论坛首页 |  博客 |  搜索 |  收藏夹 |  帮助 |  团队  | 注册  | RSS
主题: 笑谈乱侃经济学 - 再请老游、老空、老芦等
回复主题   printer-friendly view    海纳百川首页 -> 罕见奇谈
阅读上一个主题 :: 阅读下一个主题  
作者 笑谈乱侃经济学 - 再请老游、老空、老芦等   
所跟贴 Could you explain more about: -- BigSur - (282 Byte) 2006-8-05 周六, 上午3:48 (296 reads)
bystander
[博客]
[个人文集]






加入时间: 2004/02/14
文章: 669

经验值: 1948


文章标题: FYI (from www.answers.com) (299 reads)      时间: 2006-8-05 周六, 上午4:01

作者:bystander罕见奇谈 发贴, 来自 http://www.hjclub.info

Long-Term Capital Management - LTCM

A large hedge fund led by Nobel Prize-winning economists and renowned Wall Street traders that nearly collapsed the global financial system in 1998 as a result of high-risk arbitrage trading strategies.

The fund formed in 1993 and was founded by renowned Salomon Brothers bond trader John Meriwether.

Investopedia Says: LTCM started with just over $1 billion in initial assets and focused on bond trading. The trading strategy of the fund was to make convergence trades, which involve taking advantage of arbitrage between securities that are incorrectly priced relative to each other. Due to the small spread in arbitrage opportunities, the fund had to leverage itself highly to make money. At its height in 1998, the fund had $5 billion in assets, controlled over $100 billion and had positions whose total worth was over a $1 trillion.

Due to its highly leveraged nature and a financial crisis in Russia (i.e. the default of government bonds) which led to a flight to quality, the fund sustained massive losses and was in danger of defaulting on its loans. This made it difficult for the fund to cut its losses in its positions. The fund held huge positions in the market, totaling roughly 5% of the total global fixed-income market. LTCM had borrowed massive amounts of money to finance its leveraged trades. Had LTCM gone into default, it would have triggered a global financial crisis, caused by the massive write-offs its creditors would have had to make. In September 1998, the fund, which continued to sustain losses, was bailed out with the help of the Federal Reserve and its creditors and taken over. A systematic meltdown of the market was thus prevented.



作者:bystander罕见奇谈 发贴, 来自 http://www.hjclub.info
返回顶端
阅读会员资料 bystander离线  发送站内短信
显示文章:     
回复主题   printer-friendly view    海纳百川首页 -> 罕见奇谈 所有的时间均为 北京时间


 
论坛转跳:   
不能在本论坛发表新主题
不能在本论坛回复主题
不能在本论坛编辑自己的文章
不能在本论坛删除自己的文章
不能在本论坛发表投票
不能在这个论坛添加附件
不能在这个论坛下载文件


based on phpbb, All rights reserved.
[ Page generation time: 0.079727 seconds ] :: [ 27 queries excuted ] :: [ GZIP compression enabled ]