Imali uthango eRashiya ehlabathini simo, ncomo isakhiwo. imali ngothango - it is ...

A uhlobo thunzi ezahlukeneyo yemibono intelekelelo eminyaka iyimiba kumbutho ngamnye, ebizwa-mali uthango. Ngelishwa, le nto nangoku Akumangalisi, njengoko ihashe ezinye mnyama uyilo kunye neempawu yomsebenzi oyinyaniso, nkqu abezoqoqosho akwa. Oku kakhulu kuphunyezwa elithi "uthango" kwi isihloko - kulawulo lwemali engqongileyo, ngokubanzi, oku kuthetha ukuqinisekisa cula kwiingozi zemali.

Kakade ke, abathengi ukulahlekiswa malunga ezinjalo imibutho emininzi kunjalo waqonda kuphela nje inshorensi ngokuchasene ezahlukeneyo kwiimeko ingxaki kwicandelo lezemali, baba ngesisa eliphekwe nezininzi ngakumbi AKHAWUNTI HIV-mali ngokwazo malunga nempumelelo imisebenzi yabo. Nakuba kunjalo, eneneni lo matshini zemali isebenza akunjalo, njengoko icebisa, yaye oku ngokucacileyo into yokuba wonke umntu kufuneka azi unomdla yenzuzo mali.

Umongo kunye nenjongo yombutho

imali uthango - a ubambiswano yabucala, ogama Injongo kukuba bawandise imbuyekezo yotyalo ukuba abatyali anikwe ubungozi okanye yokunciphisa isivuno elinikiweyo (oko xa echaza eli gama 'uthango "egameni -. ukusuka ukhuseleko IsiNgesi, i-inshorensi). kanye uhlobo mali enjalo ingcamango elula yokufumana inzuzo rhoqo ngokusekelwe abagcinisa zotyalo nokuba le meko lentengiso: nokuba ibonwe Ukwehla okanye kakhulu ukukhula. Kuba iingxaki ezinjalo, sebenzisa ezintsonkothileyo izicwangciso zemali, ngokufuthi kuquka kwakhona kuwalawula kuthengwe izabelo intengiso Long okanye elifutshane, kunye nabanye abaninzi.

lonke lwaseNtshona Koloni ziba iintlobo ngeentlobo Iintengiselwano zezimali ezinokuthatha fund ebanzi kakhulu. Kunye nolawulo lomngcipheko kuphela kwimarike - kunoko, Lilungelo leSebe i mibutho kuphela ezithile uthango, uninzi lo mba zakhe - enye kuphela izixhobo kunokwenzeka ukuba ukusebenza kunye nezemali, kodwa hayi umsebenzi kuphela.

Ikakhulu iimali abagcinisa imali ngabaphathi bezibambiso orhwebelana noluntu, kodwa, ngokukodwa, baye bakwazi ukutyala phantse yonke into, ngokokubona zabo, kwaye sicwangciso nako ukuzisa ngakumbi iingeniso: umhlaba, indawo, market yorhwebo, imali njalo njalo .. umda kuphela kule nkalo, ezimiselwe ngqo kutyalo isibhengezo-mali.

Ngelo xesha amathuba otyalo njengokuba ebanzi malunga nokwenziwayo ekhoyo akuthethi ukuba wonke umntu ofuna ukwandisa ubutyebi bakhe: ufikelelo kwi fund ngothango ivuliwe okanye "evunyiweyo" okanye abatyali zobungcali ixabiso layo inetha ngaphezulu ubuncinane $ 1 yezigidi (ngaphandle iindleko yalo yokuhlala enkulu). Esi sithintelo likhona ingxelo zimali ziye sele zilungiselelwe ukuba nobunzima neengozi, obuquka utyalo-declaration olunzulu mali uthango. Uthintelo inani labathathi-nxaxheba, abatyali wagqiba iKhomishini US kwi Securities and Exchange Commission kwaye abantu 99 eliphezulu, apho ubuncinane 65 kufuneka, njengoko kuchaziwe ekuqaleni, "ovunyiweyo" (-mali, ingeniso umnatha, kufuneka leyo, phantsi komthetho US ubuncinane $ 200 lamawaka). Ngenxa ububanzi yezenzo fund kunokwenzeka, iingozi kuba phezulu kakhulu, nto leyo mthetho unyanzelisa abatyali ukutyala imali ngendlela yokuba ilahleko sabo setotali iBhayibhile ithetha nawuphi na umonakalo imali yentsapho.

Ukuzalwa revolution kunye uphawu yayo soze kuqoqosho lwehlabathi

Unique ixesha layo kunye nesizukulwana qhinga inzuzo lenzuzo zengcinga the American ngezoqoqosho Alfredom Uinslou Johnson, owathi ngo-1949 yasekwa kwingxowa-mali yokuqala uthango kwimbali. Umqambi burhanqwe igama mali, ezifana yakhe. Iziphumo umsebenzi wakhe, waza wapapasha iminyaka emithandathu kuphela kamva, ngowe-1965, nto leyo yavelisa ingxolo eninzi, kunye nomdla emarikeni. Kuyo, wachaza ngokweenkcukacha yonke indlela qhinga ngengeniso ngendlela ukuwa imarike nokunyuka ngokusebenzisa indibaniso ye ukuthenga nokuthengisa izabelo overvalued lingako.

I sokuqala izibambiso, ixabiso liphezulu, kodwa lo mzekelo kukho naziphi na iimpawu - izinto-ezo harbingers yoko ekuweni ixabiso kwixesha elizayo. Lingako - ephambene ngqo xa ixabiso share le iphantsi, kodwa zinalo naluphi ngumba, kwaye ithuba lokwanda.

Ukusebenzisa amagama ngokubanzi, isicwangciso echazwe apha ngasentla, Jones iphumelele iziphumo encomekayo - ixabiso kutyalo-mali kwiminyaka elishumi ikhona, ingxowa-mali ifikelele 670%.

Isicwangciso kwaphumelela ukusasazeka kakhulu, yaye ngo-1968 kwi-US yi Securities and Exchange Commission libhalisiwe imibutho iqabane zotyalo-mali ezili-140, nto leyo iphantsi kwinkcazelo "fund uthango."

Noko ke, osimo sawo ngexesha layo, ingcamango kufuphi mali ngo 2008-2009 ibuye ibe intlekele yokwenene yemali, ebizwa kwizangqa ngokubanzi njengoko "uxinzelelo olukhulu". Eyenziwe kwiingcamango ngokuya ezininzi kwaye letiya zemali, umbhodamo ehlabathini ngaloo minyaka wafumana nempembelelo kwiimali ngothango ngokwawo, kunye nemali ngothango - kukuthi, eneneni, umbutho lentelekelelo. Nangona kunjalo, ngenxa ukungabi naxanasi, kufanele kuqatshelwe ukuba kwiqamza ingxa- yokuqala olu qhwithela wezimali izindlu nje. mboleko mortgage eBalaseleyo kwi isikali ngeenkwenkwezi ikhutshwa gama ngokoqobo wonke umntu (xa ubungakanani obukhulu kwaye abo yokuhlawula amatyala ngokubanzi ayikwazanga uvale kwamatyala), etsalela kuye ukuya ezantsi lonke kwicandelo lezimali kunye namatyala, ngoko umbhodamo ngokupheleleyo njengoko kwanwenwa kuqoqosho ngokwenene i-United States kunye namazwe kwamanye amazwekazi.

Idlala kwisilayidi kwizabelo beebhanki, imali hedge utyalo ngaloo andzise kuphela elikhulayo panic zemali catalyzing ngokubonakalayo ukuwa kwezomnotho emhlabeni wonke. Kwaye nangona ezinye ityala le mibutho ukuba yonke into Kwathi ngelo xesha kuyinyaniso emsulwa, kodwa akazange nje nya iziganeko. Ukubawa ke abathengi ngokwabo, nto leyo akukho ndlela enasilela ngayo ingeniso ziingcali zezoqoqosho, watsala ubunzima imbonakalo kwamatyala enkulu sentengo ngokuqhelekileyo kubangelwa baba engahambisani ngokupheleleyo ukukwazi kwabo ukubhatala.

Ukuza kuthi ga ngoku, ihlabathi ifunyanwe kwimiphumo kakhulu le ntlekele, kunye nolawulo phezu imisebenzi mali hedge oluhlaziyiweyo kakhulu emva ngesibetho kunzima reparable kumfanekiso njengamaziko zemali. Xa iyonke market hlabathi unamalunga 12,000 Iimali uthango, impahla ukulawula sibalwa zizigidi zeerandi US. Noko ke, ngenxa yokuba kwiimeko ezininzi, isakhiwo ngokusemthethweni le mibutho, ukubala mali ezintsonkothileyo kwaye ziyabhidisa kakhulu ngqo ngakumbi asethi mali ezithile kunzima kakhulu.

amacandelo noshowo ngendlela eyodwa

imali ngothango - oko kwiimeko ezininzi ezizodwa kwintlangano zayo ngentsebenziswano iimpawu ezininzi bokuqonda. Abanye emangalisayo nzima ziyabhidisa, abanye zibiza isakhiwo ngendlela elula neselubala - konke oko kuxhomekeke ngokupheleleyo iinjongo, iindlela kunye neendlela zokusebenza ze-mali. Nakuba kunjalo, phantse nasiphi na isakhiwo fund hedge iqulathe le miba ibalulekileyo ilandelayo:

• Abatyali - kanye abantu akukho asethi leyo akanakuba ubukho kunye nokusebenza Fund. Lo mbutho unika iinkonzo zayo kubatyali, abo kwimeko yesivumelwano, ukuba utyalo nayiphi na inxalenye eyinkunzi yayo. Emva koko, ngenxa yokusetyenziswa oluchanekileyo nto, kwaye kweso sithuba yavelisa inzuzo kwimarike, bobabini iklayenti nangenxa mali.
• bank iziqinisekiso okanye umgcini - .. Esi ibhanki, umsebenzi walo ongundoqo kukunika asethi yokugcina oluthembekileyo-zimali, nokuba imali, izibambiso, amatye anqabileyo, njl Kwezinye iimeko, le mali okunokutsalela ngayo zebhanki 'abo' ukuziphatha kunye / okanye processing of intengiselwano (kodwa ikakhulu ingumzamo nkqu umthengisi ethe). Ukongeza, ngumgcini nayo inxaxheba kumalungiselelo kweengxelo kwemicimbi ezenziwe yi-akhawunti mali; ukuqinisekiswa ukuthotyelwa realpolitik lulawule lowu mali yitshata uluhlu iinjongo. Kakade ke, indima enjalo idla ibhanki enkulu kunye negama okuqinileyo entle.
• umphathi - umntu okanye, njengoko umthetho, inkampani leyo ichaza isicwangciso lonke utyalo-mali, kunye uxanduva nganye-mali eyamkelweyo izisombululo. Ukongeza, umphathi-mali uthango nayo lilawula yonke imisebenzi.
• YiBhodi yabaLawuli - eyenza ukuqapha kwimisebenzi yolawulo, kwakunye neenkampani ezibonelela ngeenkonzo-mali. Ibhodi ogunyaziselwe ukusombulula iimbambano kunye nemiba ungquzulwano phakathi zabelo kunye nabaphathi, ukuqesha abasebenzi kwizikhundla Fund eziphambili. Ukuba amalungu ebhodi ubutyala (ukuya kwi-mthetho) ngokuthobela yonke ingxowa kumiselwe imigaqo kunye nemigaqo nememorandam.
• umlawuli - Ukumisela ixabiso umnatha ye Fund nokuba umphathi, nto leyo eyenza kube ukunciphisa imingcipheko ebalulekileyo apho imposiso eliqikelelwayo yokugqibela. Noko ke, abaninzi abalawuli isabelo imisebenzi ingxelo mali, intlawulo amatyala, ilumkisa zabelo NEEAKAHWUNTI imisebenzi, ukusasazwa inzuzo kwi zabelo, kwakunye umrhumo kwizabelo / kwiiyunithi ze-mali kunye nentlawulelo zabo.
• Umthengiseli ephambili - kule ndima idla ibhanki enkulu utyalo-mali, nto leyo ongaliphumeziyo Imicimbi athile egameni hedge fund njengoko kumthengisi labucala. Primary fund umthengisi inika ezahlukeneyo ngeenkonzo zobungcali ezinxulumene kokulungisa (nasekucoceni zokuhlala phakathi kwamashishini / iinkampani / amazwe ngokusebenzisa iimveliso / izibambiso / iinkonzo), iinkonzo nokugcinwa kunye nenkxaso kwimisebenzi eyenziwayo.
• umphicothi - umntu owenza ukuqinisekiswa ukuthotyelwa kwemimiselo ka ingxelo wakwa-mali kunye nemithetho-mali. Ukulawula ngokuqhelekileyo aqhube uphicotho ngonyaka ngamnye, kodwa uvavanyo enqabileyo efana imke kwesi sikhundla isakhiwo lombutho - ngaphandle kwezinye iinkampani inkonzo yomphicothi-zincwadi okanye iiarhente zeqela lesithathu ngenkankulu uyavuma ukugcina le mali.
• zabathetheleli kwezomthetho - iyafuneka ukuze kuqinisekiswe imeko-mali mvume, nto leyo ukhutshwa nabalawuli agunyazisiweyo phantsi iimfuno ezithile. License kuvula i umda ngokubanzi kakhulu amathuba kwaye wabeka isiseko-mali, kodwa ngaphandle koko, umcebisi isoloko isetyenziswa kwi ekuphelisweni izivumelwano ezahlukeneyo kunye nezivumelwano.

Ngaloo ndlela kubonakala ubume nakuthango mali. Kwakhona, kwiimeko ezahlukeneyo, eli cebo xa kusenziwa kunokuba kuba lula ngakumbi (nkqu kungekho nayiphi na imifanekiso ngasentla) okanye enye i kakhulu jiko nzima.

"Le ngxowa-mali yoqobo": iintlobo kunye nokuhlelwa ngokusekelwe kwisicwangciso oluqhubekayo investment

Ukongeza, nangona eli candelo kwesakhiwo, imvelaphi International Monetary chonga iintlobo ezintathu mali uthango:

1. imali Global - imisebenzi bayifikelela yonke kwimarike yehlabathi lonke. Nangona kunjalo, esi sicwangciso ngokuqhelekileyo kuphuhlisa olu hlobo mali ngokwesiseko uhlahlelo kunye noqikelelo malunga nemiba kwizabelo leenkampani ngamnye.
2. imali Macro - ukusebenza kuphela ngokwesakhelo imarike athile kuzwelonke. Ngokuqhelekileyo zadweliswa ngokobunjani zoqoqosho kunye zemali kwilizwe elithile.
3. Indleko ekhoyo kwemali - yamandulo uhlobo ezaziwa mali uthango, njengokuba ekuqaleni ubukho bayo. Zibandakanye kwemali kwimpahla lentengiso naliphi na ilizwe olunye, esebenzisa isicwangciso elungileyo endala yokuthengisa izabelo overvalued nokuthenga unrated. Kulo mzekelo, umphathi rhoqo iliso imeko yangoku emarikeni ukukhetha mzuzu ifanelekileyo usebenziswano kwaye ufumane yenzuzo.

Kakade ke, xa ulwahlulohlulo esemthethweni ukwahluka imarike lehlabathi mali hedge ayipheli apho, kuba mncinane luthintele ulawulo ukwenza iintlobo zenyathi ezongezelelweyo kunye namasebe, ukuba kuyimfuneko.

Ukuze ufumane inkcazelo engakumbi malunga zihlandlo zokusebenza kwemali uthango

nkqubo Partnership lwesininzi olungagungqiyo mali hedge swi yobulungu ixesha elide abatyali-mali, ukuze iminikelo yabo ahlale kulahlwe mali kangangexesha elide. Oku ikakhulu uphathelene imveliso imithetho:-mali kufuneka kuthintela umbutho yesigqibo efanayo kwangaphambili, yaye umsantsa phakathi isaziso nokupheliswa kobulungu inokuba ukuya kwiinyanga 2-3 (kuxhomekeke imimiselo emiselwe). Enye rhoqo nazo xa kusenziwa enye - ukurhoxiswa ekhawulezileyo yayo yonke iminikelo yemali, kodwa amaxabiso kuthengwe / kwintengiso yeempahla bubonwa ngqo kwi Fund. Kakade ke, ezininzi kwiimeko ezinjalo, umahluko phakathi kwabo ufikelela izikhombisi ezibalulekileyo kakhulu.

Umzekelo, xa ungena, eshiya okanye enye wokwehla kwenxenye igalelo layo yonke umthamo utyalo yeqabane ngalinye kwakhona yaye, ngokunjalo, umlinganiselo equity iyatshintsha. Ukupheliswa kobulungu a bangaphi abatyali-mali bakwazi ngokuphawulekayo ukwandisa ingeniso iyonke phakathi eliseleyo: ulawulo unako ukuhlawula iimali eshiya kude-mali kakhulu yimpumelelo, eshiya impahla athembisayo kwipotifoliyo yakho. Ngoko, emva kwexesha elithile, ingxowa-mali hedge ungafumana ukunyuka elibukhali kwi imbuyekezo kwimali eyinkunzi ngenxa umnikelo ngaphambili inxaxheba ekudalweni ingeniso yaye kamva Waziqhiwula kokuba abatyali-mali, kodwa okwangoku ixesha ukuze kuloo kwinqanaba umdla ngenxa benefits. Noko ke, ukuba eendaba mali hedge babone Umkhuba nebangela yokungena ebonakalayo abatyali, ukususela nomphumela ngokupheleleyo ngohlobo ubunzima one- uphume nabo sithelelelana nabo yaye akukho bani omzimba. Amaxesha amaninzi, oko, naxa nje kuphela ukuwa imbuyekezo ikhona, kodwa ke imilinganiselo ngokupheleleyo alo mbutho uwonke.

Okunye edidayo ngaphezu indawo ebanzi lotyalo-mali lezemali, yindlela eyongezelelweyo kweekomiti. imali uthango are lomlingani nje kuphela kodwa iindleko zokusebenza, no-2% kulawulo lwee-asethi ngokwabo-20% kuzo naziphi na inzuzo. Kulo mzekelo, nokuba ukuba umphathi ukulahlekelwa yimali yaye akazange azise nayiphi na ingeniso, yena, ngokutsho Amanqaku yeConvenco, xa kunjalo, kufuneka ezi-2% yabo ngumthamo opheleleyo kwee-asethi ezilawulwayo (a nkqubo iye ngokufanelekileyo ngokuthi "2 no-20"). iintlawulo inkqubo uthumo olunjalo kwakusenziwa uninzi zehlabathi kwemali uthango. Noko ke, abahlalutyi abaninzi ngoku ingakumbi zigxininisa isimo transfer kancinane kwemali kwisistim "1 no-10". Kwimeko xa ulawulo nje ityala ukubalwa ukungcwatywa asethi, oko sigqunywe ephezulu ipesenti nezekhomishini yenzuzo eyenziwe.

Xa ekulandeleni inzuzo enkulu: imisebenzi ezaziphila-qhinga investment

amathuba kakhulu ngeentlobo kunye neendawo zotyalo-mali, kwakunye nefuthe izinto ezininzi ezahlukeneyo rhoqo negalelo kwisizukulwana kunye nokusetyenziswa kobugcisa ezintsha ngengeniso mali uthango. Noko ke, nangona oku, umsebenzi mihla icebo esisiseko kwintsimi zemali kusenokwenzeka ukuba Cazulula ezimbalwa eziqhelekileyo iindidi zeefayile:

• / Indawo Long elifutshane (Long / indawo ezimfutshane) - idla mali ngodonga umsebenzi isicwangciso onjalo nge-40% ee-asethi zayo. Kubalulekile ukufumana asethi bengaxatyiswanga kakhulu (ixesha elide) kunye nokuthengisa overrated (short).
• Market-cala arbitrage (Market-olungathath'icala Arbitrage) - kusebenza kuphela xa elinye kunye asethi ezifanayo zezimali ixabiso kwi Exchange ezahlukeneyo. Ulawulo luquka indawo elide kwi-asethi overvalued kwi kutshintshiselwano omnye omfutshane kwelinye - apho asethi manye overvalued.
• Reaction kwiziganeko (Isiganeko Driven) - qhinga isekelwe ixabiso unfair lezabelo naziphi na iinkampani ngokwemigaqo utshintsho ethile (nokuba kokudityaniswa, ukufunyanwa, lahlukene, njl ...). Ukulawula Ubamba ixesha kusiza iintengiselwano (Wothenga / sell) ukuba zingqinelane ezi amaxabiso angafanelekanga emarikeni.
• indawo elifutshane (Short Ukuba nedolo) - xa lo mali sicwangciso ngokubanzi ibamba izikhundla elifutshane, wamkela kuyancipha emarikeni.
• Ixabiso lokwenene (Ixabiso) - le mali eyenziwe ngokhuselo oluthengiswa kwi isaphulelo kwimpahla bha okanye bengaxatyiswanga emarikeni.
• izibambiso Crisis (Ekhathazekile Securities) - izabelo ukuthenga at isaphulelo nzulu kunye namatyala beenkampani ukuba esengozini imilinganiselo okanye ngokutsha. Ukutyala imali le sicwangciso luthatha ukuba ngenxa yeenguqu lwangaphakathi iinkampani ekhethiweyo iya kuba namandla ngakumbi, bephethe akundincedi.

Amaxesha amaninzi, imali aze asebenzise ubuchule engumxube, esebenzisa usiqeqeshela okusilungeleyo, abaliqela iindlela zomsebenzi ezinikwe apha ngentla.

ummiselo Standard: yintoni na imithetho yomdlalo kwinkcitho ekhoyo mali uthango?

Impela mali hedge ixesha elide bodwa kwimarike yehlabathi ngenxa ukufihla zabo ummiselo asiyi kwemali. Noko ke, isiphithiphithi epheleleyo inkululeko amanyathelo, Kakade ke, le ntetho andinakuze ndikwazi - ummiselo olumisiweyo yaba imali, nokuba njalo kuyoba. Kule mihla, unike impembelelo yazo ikhula ngokukhawuleza kwi kwimarike yehlabathi kunye wabonakala ngakumbi rhoqo zezinto ezahlukeneyo kwakunye urhwebelwano lwangaphakathi, ad iikhomishini yethutyana kunye nabasemagunyeni esweni yokuzilawula ngokucokisekileyo ngakumbi kunanini na ngaphambili.

Ngokukodwa, kuqaliswa ngo-Matshi 2012, i-IMISEBENZI Act (Act ziziphembelo wethu Business zokuqala) emva kwexesha saba utshintsho ngokwanelisayo ebalulekileyo mali uthango. Developed njengendlela yokukhuthaza ngemali amaziko ahlukeneyo amashishini amancinane, isenzo buthathaka ulawulo yemarike izibambiso. Ngenxa umthetho omtsha, imali uthango, banikwe amathuba abo utyalo-mali, ziye phantse abaniki ezingundoqo zemali eyinkunzi ngenxa yokuqala-ups kunye namashishini amancinci. Emva koko, lo mthetho waba nempembelelo enkulu ngoSeptemba 2013 okukunyusa yokuvalwa zentengiso-mali ngothango neefem ezifundisa nokubekwa ngamnye izibambiso.

Kumazwe amaninzi, imali uthango kufuneka ingxelo kwabasemagunyeni mali karhulumente ekuqaleni ngesicelo kwizithuba ezinkulu izivumelwano lwemali amazwe, ngokunjalo ukwazisa malunga kwizikhundla zabo kutshanje i Zakhululwa kwegazi okanye balungiselela ukuba akhuphe izibambiso. amanyathelo enjalo kuqaliswa ngokukodwa ukwenzela ukunciphisa imali ngokungekho semthethweni kunye nokomelezwa lolawulo ngapha intshukumo eyinkunzi kubadlali enkulu musa zinyhasha umdla abadlali ezincinane emarikeni.

Ukongeza, umgaqo wolawulo karhulumente kwemali ngothango yaye lujoliswe ekunciphiseni ubungozi zenkqubo destabilization yenkqubo yemali xa iyonke. Oku kubonakala ummiselo yeemfuno ubungakanani udini, akananto nomda ukuba njengabalamli zemali zisingisele abathengi ngamnye.

Ukwenzela ukuthintela umngcipheko eboleka imali hedge abarhwebi inkulu zaseprayimari kwiibhanki inyanga ngemihla kwakhona nokuhlola kwizikhundla zabo xa kuthelekiswa kwisikhundla ngexabiso lemarike mali ivela. Le mali-mboleko kufuneka zibonelelwe wammela ezaneleyo kwifomu-asethi ezibalulekileyo. Ukongeza, iibhanki banelungelo ubeke imida kwi uboleka ukuba ingxowa-mali ngamnye ngokwahlukeneyo, ngokusekelwe esweni yabo icebo lotyalo-mali, ingeniso yenyanga, amatyala eshiya abatyali kwaye nangembali yonxulumano yoshishino.

Imali uthango kakhulu nempumelelo ehlabathini namhlanje

Okwangoku, eyona amaxesha mali hedge liyaqhubeka ukutsala nkqu kunyaka ophelileyo. Lo mzobo ingeniso iyonke yaba ngaphantsi amaxabiso avareji ebhalwe kule minyaka imbalwa idlulileyo: le mali inkulu hedge efunyenwe $ 517,6 yezigidi kunyaka ophelileyo, yintoni? ezinye iingcali? iziphumo ezingcono ngo-2014, kodwa lonke-40% ngaphantsi xa kuthelekiswa ingeniso efunyenweyo ngo-2013.

Nangona kunjalo, ixabiso layo yonke impahla, okanye ngenye inxaxheba kwimisebenzi mali uthango, kunyuke nge malunga $ 51.7 lezigidi, lafikelela kwinqanaba eliqikelelwayo iindleko zizonke $ 2,97 zezigidi.

Le ombi wokuhla ngeniso ngokucacileyo ibonisa nje kuphela ilahleko yemali etheni ubunzima yi nkqu hedge imali kakhulu ehlabathini, kodwa utshintsho ezicaceleyo amanqaku abadlali kakhulu emarikeni. It salahlekelwa ngokunjalo-eyaziwa amanani ezifana Dzhon Polson of Paulson kunye Co., Leon Cooperman ka-Omega aBacebisi, kwakunye kuDaniyeli Loeb yesiThathu Point. iindawo zabo zangaphambili zigxile abadlali ezifana Ken Griffin lenqaba kunye Dzheyms Saymons of Renaissance Technologies. Bobabini for 2015 bakwazi ukufumana irekhodi $ 1.7 billion, ngaloo ndlela kube wanyukela kwinqwanqwa abaphathi mali uthango elinamandla.

imali hedge Rating kungohluka kakhulu, ilahle iyazeya kwi emazantsi sele, ezibonakala, ixesha-kuvavanywa kunye neenkokheli emarikeni. Ngaba izikhundla xa abadlali bawo ngoku top zintlungu ukuya ekupheleni konyaka ilahleko ebonakalayo - uya kukuxelela ixesha kuphela. Okwangoku, ubunkokheli yonke hedge fund-langa ubamba elinesibini le wolawulo:

umphathi	Foundation	inzuzo
Kenneth Griffin	akamsalisela	$ 1.7 billion
Dzheyms Harris Simons	Renaissance	$ 1.7 billion
ray Dalio	Bridgewater	$ 1.4 billion
david Tepper	Appaloosa	$ 1.4 billion
israel Inglander	Millenium Ukw	$ 1.15 billion
Devid Shou	DE Shaw	$ 750 million
John Overdek	Two Sigma	$ 500 million
david Siegel	Two Sigma	$ 500 million
Andreas Halvorsen	Viking Global	$ 370 million
Dzhozef Edelman	aBacebisi okuqonda	$ 300 million

imali uthango Russia: ratings, amathuba kunye neendlela zibekiwe

Hayi maxesha kusiza mali uthango kwakhona sichaphazele umlingani Russian ngabarhwebi yaseMelika. Ibonisa imbuyekezo ezimbi, imeko mali yasekhaya iyonke yi ngaphantsi imibala ngaphezu kwimarike entshona, apho ingqalelo amaziko afana ukuba abe ngomnye izixhobo zemali inokuthenjwa, gqolo bazisa ukuya kwi-20% imbuyekezo yotyalo-mali ingozi encinci kwiimeko ezininzi.

ERashiya, iimali zotyalo-mali kakhulu zimelwe mali mutual (funds utyalo-mali efanayo) kunye nolawulo mali (iimali jikelele yolawulo bank). Ingakumbi mali uthango lwe eMoscow badla awanalo iwonga trust. Iyonke uthango otchestvennyh fund ngoku malunga ezintandathu elinesibini. Ukuba inani lino-efanayo wokuqaliswa yee-yee- kwi-US, apho imarike ngaloo mihla ziyavuyelwa ngokwenene mali uthango. ERashiya, lo mthetho ithintela kakhulu izixhobo ze-mali, hayi evumela ukusetyenziswa eninzi qhinga kurhwebo. Ngenxa yesi sizathu, inxalenye enkulu kobudlelwane zotyalo Russian ebhalisiweyo kwimimandla offshore.

Ngoko ke, ukwamkelwa inani lotshintsho kumthetho ngomba nga kakhulu ukukhuthaza imali uthango Russian nokukhula yabo yezoqoqosho, ukuvumela ukuba kwinkonzo uluhlu olubanzi kakhulu imigaqo-nkqubo.

Nangona imali uthango eRashiya ayikho exhaphakileyo West, imizekelo onomtsalane iinkokeli ngubani na ukukhuphisana kunye okhuphisana kumgangatho wamazwe ngamazwe, sisese apho. Eyona isebenzayo kubo VR Global nonxweme Fund, ogama ingeniso yonyaka yaba 32,32%. Kodwa ezo ngxelo-mali nonxweme Global VR izivuno kurhwebo lwasekhaya kufikelelwe uvimba mali: ingxowa-mali ineyona pesenti iphezulu izohlwayo abatyali umhlalaphantsi lingekafiki ixesha - 4.5%. Diamond Age Atlas Fund besisamkela ngaphantsi - 22,92% yabo ingeniso iyonke, eshiya ngasemva Copperstone Alpha Fund kumgca wesithathu rating. Bronze kuma wakwazi ukukhula kulo nyaka yi-22,06%.

Ekugqibeleni, endaweni wesine ibekwe Burnem Asset Management, ingeniso ogama eyayifikelela kwi 17,63% kunyaka ophelileyo.

Kwizandla-mali ezine ikhankanywe apha ngentla buzinze malunga nama-80% (3.425 yeebhiliyoni zeerandi)-asethi zizonke xa kuthelekiswa namanye okhuphisana kurhwebo Russian. Ngaphezu kwesiqingatha kwezi mali - 1634000000 - ephethwe VR Imvume Global Fund.

amava kunye mali hedge xa siyijonga, abadlali market ngokwabo

Namhlanje, imali uthango - ezi zezinye inzuzo kwaye ngexesha elinye iindibaniselwano zotyalo iyizinzise phakathi kwezinye iindlela ezininzi ukutyala kwimarike yanamhlanje. oosomashishini professional ezinkulu kunye noosomashishini befuna ngengeniso, njengoko umthetho, usoloko kuqatshelwe njengoko prayorithi yeziko mali apho ndiyaniyaleza imali yabo nzima, yinto hedge fund. Ukuphonononga ncomo ezimbi HIV - mhlawumbi ngoku nangona umntu omthembileyo uluvo neznakomtsev- "ngabanikeli" kuthungelwano, xa akhawunti dummy ziye zaba phantse enye izixhobo eziphambili kwezorhwebo.

Enye into kukuba ubungozi ubusoloko, ngoku, yaye iya kuqhubeka, ingakumbi kwezoqoqosho. Ngoko, asinguye wonke omnye mali uthango uyakhona kuba utyalo ukubambisana, kodwa kunokuba kudala njengentsomi ngeenxa igama lakhe ngenjongo enye mthethweni - ubuqhophololo.

Enye amatyala amabi kakhulu yaba scam uBernard Madoff, endiwazuze abatyali Madoff Investment Securities malunga $ 50 ezigidi. Ingxowa-mali wakhe, ixabiso lokungena leyo eyayifikelela kwi-million eziliqela eerandi US, wayesaziwa kubantu abaninzi amaGrike akumgangatho ophezulu. Madoff yena wayesaziwa iminikelo sakhe somusa exhasayo kuphando umhlaza nesifo seswekile, kwi agqithe zonyulo zixabisa US Democratic Party, ngokunjalo kuphuhliso lwamaziko enkcubeko kunye emfundo.

Noko ke, oku akuzange ukugcina Fund ukusuka kumbovu emva kwentlekele 1995 ngokutsha yentsebenziswano investment ukuya iphiramidi zemali. Noko ke, wadala kwiqamza ndiziqhawule ngasekupheleni kuka-2008, emva koko Madoff wagwetywa ukuvalelwa entolongweni iminyaka eli-150.

A abadlali ngokwenene abanamava (abantu kuqala million efunyanwa mali investment) ikakhulu khangela ubuncinane abawacebisayo igalelo. Ukuba ilingana okanye ngaphantsi kwe $ 50,000, ngoko unokuqiniseka ukuba uqinisekise - ujamelene kunye HYIP, bezenze-mali uthango. Umzekelo, ixesha-iimvavanyo ngayo abathengi mali uthango aphesheya ethatha utyalomali ubuncinane $ 100,000.