Thursday, August 16, 2007

贖回與減價泵水

港股前日升得些少,兼成交縮減,淡戶昨日即時大舉出動,將恒指推低近700點,反映之前談到的大跌小漲局面尚未消失。


美國次按問題拖累全球股市外,人人擔心銀行為次按投資所作撥備不足,甚至有陰謀論,憂慮銀行或金融機構內裡有隱藏的損失,分分鐘較想像為大,所以各地金融股難逃一跌,其中大笨象滙豐控股(005)股價1日就不見了2元,收市股價見137.9元,已屆今年4月4日以來收市最低位,會否向過去一年收市新低133.7元「邁進」呢?


不過,另一個原因可能是滙控和中國移動(941)這兩隻重磅股佔恒指比重需調低,如滙控從18.23%降至15%,而中移動亦從17.19%減至12.25%的關係,中國移動(941)股價「跳水」表現亦不遑多讓,股價更跌逾2.6%,成交股數增至3,421萬股。


不知大戶是否趁機沽貨先套現,然後增持其他恒指成分股?若果減持陸續有來,港股將再添另一個負面因素。


市場又憂慮出現基金巨額贖回潮,所以大家齊齊洗倉,在一呼百應下,怎不演變成全球股災。英國《金融時報》更話,原來投資對沖基金的大戶,要贖回本金的話,需要最少45日通知期,而若果在9月30日(禤中怡估計是要趕及季度結算)取回擺入對沖基金的血汗錢,原來昨日就是最後期限,料今日就知道真正要贖回的金額,故先下手為強,拋售資產,增持現金比重,應付贖回需求大增。


或許這解釋了像百仕通集團(Blackstone Group)急於上市集資,就是準備應付這個贖回浪潮有朝一日發生,因為拿到長期資金,不用怕這種突然發生的贖回情況,話之你股價潛水,因為投資者沽股票,最多也是股價跌,那筆注碼早已袋袋平安了。


這邊話贖回,高盛個對沖基金就要加碼,由於要獲支持亦不易過關,需要提供優惠以加大吸引力,《金融時報》又話,高盛早前叫投資者為旗下對沖基金加碼,原來可以豁免每年的管理費用,更大減表現費(Performance Fees)。所謂表現費,就是基金經理可分享管理的基金所產生的投資利潤,故每當基金回報達致目標水平後,就可收取額外利潤的一個百分比,作為基金經理的額外報酬。


至於高盛今次就話當有關對沖基金回報達10%,之後需收取的表現費(Performance Fees)僅為有關額外回報的10%水平,與該對沖基金以往收取的費用比較,如管理年費收2%,表現費比率便高達20%來看,優惠認真大手筆,可見高盛出招無所不用其極。面對這種場面,禤中怡也不知道是禍是褔,但賺錢講能力,即使免交易佣金,免存倉費,都要投資有得賺方算上策,成本只是次要考慮。


(8月16日刊於《am730》)

8 Comments:

At 9:26 AM, Blogger oakleyses said...

longchamp handbags, michael kors outlet, prada outlet, burberry outlet, prada handbags, oakley sunglasses cheap, jordan shoes, tory burch outlet, nike shoes, michael kors outlet, gucci outlet, louboutin outlet, longchamp outlet, kate spade handbags, air max, nike free, coach outlet store online, ray ban sunglasses, louboutin, kate spade outlet, michael kors outlet, true religion jeans, tiffany and co, coach purses, louis vuitton, tiffany and co, oakley sunglasses, louboutin, ray ban sunglasses, louis vuitton outlet stores, burberry outlet, michael kors outlet, louis vuitton outlet, michael kors outlet, coach outlet, louis vuitton handbags, longchamp handbags, polo ralph lauren outlet, chanel handbags, michael kors outlet, christian louboutin shoes, oakley sunglasses, true religion jeans, louis vuitton outlet, coach factory outlet, air max, polo ralph lauren outlet

 
At 9:32 AM, Blogger oakleyses said...

nike air max, sac louis vuitton, true religion outlet, abercrombie and fitch, sac louis vuitton, hollister, north face, nike free pas cher, sac longchamp, ray ban pas cher, air max, ray ban sunglasses, vanessa bruno, louis vuitton uk, mulberry, lululemon, sac guess, converse pas cher, michael kors, true religion outlet, michael kors, oakley pas cher, nike roshe run, polo lacoste, ralph lauren, sac burberry, nike free, michael kors pas cher, nike roshe, air max pas cher, louis vuitton, louboutin, nike tn, hogan outlet, air force, nike trainers, air jordan, longchamp, air max, polo ralph lauren, barbour, north face, hollister, timberland, nike blazer, sac hermes, vans pas cher, new balance pas cher

 
At 9:48 AM, Blogger oakleyses said...

ugg australia, canada goose jackets, soccer shoes, ferragamo shoes, celine handbags, canada goose outlet, uggs outlet, mcm handbags, lululemon outlet, p90x, wedding dresses, canada goose, marc jacobs, asics running shoes, birkin bag, instyler, soccer jerseys, giuseppe zanotti, jimmy choo outlet, rolex watches, new balance shoes, ghd, chi flat iron, nike roshe run, north face jackets, mont blanc, mac cosmetics, babyliss pro, reebok outlet, ugg boots, ugg boots, insanity workout, hollister, vans shoes, beats by dre, ugg, bottega veneta, north face outlet, valentino shoes, ugg pas cher, nfl jerseys, herve leger, canada goose, canada goose, longchamp, canada goose uk, nike huarache, abercrombie and fitch

 
At 9:57 AM, Blogger oakleyses said...

louboutin, moncler, montre homme, hollister clothing store, lancel, moncler, moncler, karen millen, vans, louis vuitton, parajumpers, moncler, juicy couture outlet, links of london, converse, air max, swarovski, supra shoes, thomas sabo, ray ban, pandora jewelry, converse shoes, oakley, canada goose, toms shoes, gucci, juicy couture outlet, pandora charms, pandora charms, swarovski crystal, moncler, rolex watches, coach outlet store online, wedding dresses, iphone 6 cases, moncler outlet, canada goose, moncler, air max, ralph lauren, baseball bats, ugg, timberland boots, hollister, hollister, ugg

 
At 2:18 PM, Blogger ninest123 Ninest said...

ninest123 10.19
prada handbags, oakley sunglasses wholesale, oakley sunglasses, cheap oakley sunglasses, christian louboutin outlet, uggs outlet, uggs outlet, michael kors outlet, christian louboutin uk, michael kors outlet online, michael kors outlet online, ray ban sunglasses, ugg boots, replica watches, polo outlet, uggs on sale, nike free, tory burch outlet, louis vuitton, christian louboutin, burberry outlet, gucci handbags, michael kors outlet, christian louboutin shoes, burberry handbags, replica watches, tiffany and co, louis vuitton outlet, jordan shoes, longchamp outlet, louis vuitton, michael kors outlet store, michael kors outlet online, oakley sunglasses, chanel handbags, tiffany jewelry, kate spade outlet, louis vuitton outlet, ugg boots, nike air max, nike air max, longchamp outlet, longchamp outlet, prada outlet, ray ban sunglasses, nike outlet, polo ralph lauren outlet online, ray ban sunglasses

 
At 2:21 PM, Blogger ninest123 Ninest said...

timberland pas cher, north face, sac vanessa bruno, nike roshe run uk, hollister pas cher, coach outlet, ray ban pas cher, jordan pas cher, longchamp pas cher, michael kors, nike roshe, vans pas cher, lululemon canada, polo lacoste, nike air force, nike air max, nike blazer pas cher, true religion jeans, true religion outlet, nike free run, ralph lauren uk, nike free uk, mulberry uk, coach outlet, new balance, ray ban uk, nike tn, true religion outlet, guess pas cher, michael kors outlet, abercrombie and fitch uk, sac hermes, true religion outlet, oakley pas cher, nike air max uk, coach purses, air max, burberry pas cher, michael kors pas cher, louboutin pas cher, michael kors, north face uk, converse pas cher, nike air max uk, kate spade, polo ralph lauren, sac longchamp pas cher, hollister uk, hogan outlet, coach outlet store online

 
At 2:26 PM, Blogger ninest123 Ninest said...

ray ban, ralph lauren, hollister clothing, lululemon, mac cosmetics, mcm handbags, babyliss, longchamp uk, reebok outlet, converse, celine handbags, beats by dre, herve leger, timberland boots, nike trainers uk, vans, louboutin, baseball bats, insanity workout, north face outlet, iphone 6 cases, gucci, nfl jerseys, hollister, vans outlet, soccer jerseys, nike roshe run, north face outlet, instyler, abercrombie and fitch, converse outlet, mont blanc pens, chi flat iron, p90x workout, ghd hair, giuseppe zanotti outlet, oakley, jimmy choo outlet, ferragamo shoes, nike air max, nike huaraches, new balance shoes, hermes belt, wedding dresses, hollister, asics running shoes, bottega veneta, soccer shoes, nike air max, valentino shoes, oakley sunglasses, louis vuitton outlet

 
At 2:28 PM, Blogger ninest123 Ninest said...

doudoune moncler, canada goose, pandora uk, pandora charms, wedding dresses, doke gabbana, karen millen uk, michael kors handbags, lancel, michael kors outlet, moncler, louis vuitton, canada goose outlet, louis vuitton, louis vuitton, louis vuitton, moncler outlet, canada goose jackets, moncler, moncler outlet, links of london, hollister, canada goose uk, ugg uk, toms shoes, replica watches, barbour, pandora jewelry, juicy couture outlet, ugg,uggs,uggs canada, canada goose, moncler, ugg,ugg australia,ugg italia, louis vuitton, coach outlet, michael kors outlet online, juicy couture outlet, canada goose outlet, ugg pas cher, swarovski crystal, canada goose, thomas sabo, supra shoes, swarovski, barbour uk, moncler, moncler uk, canada goose outlet, ugg, pandora jewelry, marc jacobs, montre pas cher
ninest123 10.19

 

Post a Comment

<< Home