Tempo a Milano - Cap. 2
- Creatore Discussione wasabi79
- Data di Inizio
iulius
Forumer storico
andgui
Forumer storico
Caro Julius,
Il mio excell, è molto primitivo nei confronti del tuo "giornalino" e delle tue "inversioni", vedo che comunque in molti casi concorda.
Le tue pubblicazioni mi sono molto utili, perché mi consentono di scegliere i titoli che hanno le stesse valutazioni, sia nel mio che nei tuoi excell.
"A" su fondo colorato è rafforzativa, "?" è una A con qualche dubbio,
Il mio excell, è molto primitivo nei confronti del tuo "giornalino" e delle tue "inversioni", vedo che comunque in molti casi concorda.
Le tue pubblicazioni mi sono molto utili, perché mi consentono di scegliere i titoli che hanno le stesse valutazioni, sia nel mio che nei tuoi excell.
"A" su fondo colorato è rafforzativa, "?" è una A con qualche dubbio,
iulius
Forumer storico
iulius
Forumer storico
gilles1
Forumer storico
BILL GROSS: A RISCHIO IL SISTEMA
Bill Gross: "The Financial System As We Know It Can Be At Risk"
1. Prior market tops (1987, 2000, 2007, etc.) allowed asset managers to partially “insure” their risk assets by purchasing Treasuries that could appreciate in price as the Fed lowered policy rates. Today, that “insurance” is limited with interest rates so low.
Risk assets, therefore, have a less “insurable” left tail that should be priced into higher risk premiums. Should a crisis arise because of policy mistakes, geopolitical crises, or other currently unforeseen risks, the ability to protect principal will be impaired relative to history. That in turn argues for a more cautious and easier Fed than otherwise assumed.
Economists prior to Keynes viewed “modeled” as well as “real time” economies as self-balancing, but subject to imbalances from external shocks like oil prices. Rarely did theory incorporate finance and credit as one of those potential earthquakes.
It took Hyman Minsky to change how economists view the world by introducing the concept of financial stability that leads to leverage and ultimate instability. He alerted economists to the fact that an economy is a delicate balance between production and finance. Both must be balanced internally and then the interplay between them balanced as well.
Bill Gross: "The Financial System As We Know It Can Be At Risk"
1. Prior market tops (1987, 2000, 2007, etc.) allowed asset managers to partially “insure” their risk assets by purchasing Treasuries that could appreciate in price as the Fed lowered policy rates. Today, that “insurance” is limited with interest rates so low.
Risk assets, therefore, have a less “insurable” left tail that should be priced into higher risk premiums. Should a crisis arise because of policy mistakes, geopolitical crises, or other currently unforeseen risks, the ability to protect principal will be impaired relative to history. That in turn argues for a more cautious and easier Fed than otherwise assumed.
Economists prior to Keynes viewed “modeled” as well as “real time” economies as self-balancing, but subject to imbalances from external shocks like oil prices. Rarely did theory incorporate finance and credit as one of those potential earthquakes.
It took Hyman Minsky to change how economists view the world by introducing the concept of financial stability that leads to leverage and ultimate instability. He alerted economists to the fact that an economy is a delicate balance between production and finance. Both must be balanced internally and then the interplay between them balanced as well.
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