Thursday, September 21, 2006

又有對沖基金爆煲

次次有對沖基金爆煲,實會令市場無風起巨浪,嚇死投資者。上次LTCM爆煲都「搞到一鑊泡」,而最近又有另一個對沖基金爆煲,還影響不少正常基金,恐怕這次又會搞出甚麼大風波。

這次爆煲的對沖基金叫Amaranth Advisors,由於他們對天然氣價格過分看好,但最後結果是天然氣價格由去年12月開始,好像食錯瀉藥般下瀉,所以損失39億美金的資產,亦即230幾億港元。現時該公司宣稱同債權人商討怎樣善後,以及拋售手上持有的資產,希望能夠保護投資者的利益。最大問題是,這次Amaranth的投資者,不只是一班財大氣粗的賭徒那麼簡單,還有一些退休基金,甚至一些大行的基金。這些大戶的聰明錢這次也不能幸免,把巨資投資於Amaranth。例如摩根士丹利有些基金,就投資逾億美金於Amaranth。估計有不少基金或退休金的表現必會被Amaranth所拖累。

至於天然氣價格跌得那麼厲害,必然不只一間Amaranth受影響,對沖基金連環爆煲一點都不出奇,屆時又不知有幾多基金受牽連。對沖基金爆煲後,必會拋售債券、定息票據、股票等資產套現,下一步肯定會對整個市場有很大影響,還不搞出個大頭佛才怪。其實投資能源期貨這類金融產品,絕對是「高風險到震」,去年中航油的新加坡分公司,就是炒期油期貨,結果炒輸,更拖累公司破產,兼且在當地的老總更要被刑事拘留,要在新加坡坐監。所以如果有對沖基金炒期油、能源期貨之類的投資,散戶最好避之則吉。更重要的是,禤中怡曾講過,現時美國很多對沖基金都是「無王管」,千方百計迴避美國證監會的登記制度監管,而家又多間Amaranth爆煲,為了讓金融市場健康發展,美國證監會加強管制對沖基金是遲早問題。但在對沖基金這隻「甩繩馬騮」被綁住前,散戶最好小心留意大市,免得被無風而起的三呎浪打沉。

上海佘山莊園居內地十大豪宅之首
《福布斯》早前選出全球最貴的十大豪宅,最豪的是位於英國倫敦西南郊的Updown Court,估價約1.3億美元(約10億港元),而內地近日亦選出十大豪宅。由《世界經理人周刊》與世界地產研究院選出2006年度(第三屆)《中國10大超級豪宅》,上海世茂佘山莊園(圖)以2.8億元(人民幣,下同)高居榜首。十大超級豪宅中,上海佔4個席位,北京、廣州各佔兩席,而武漢和大連各有一個入榜。 排行榜從各豪宅的知名度、投資回報率和業主滿意度等5個指標評估。十大超級豪宅平均價格為6,108萬元,比05年的5,518萬元,大幅提升逾一成,反映越來越豪。

(9月21日刊於《am730》)

11 Comments:

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有時真是避無可避,像有些基金,散戶不能干預基金經理的選擇.如不投資,銀行利息根本追不上通脹.總之窮者越窮,富者越富!三角形衹會越來越扁!

 
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