una perdita % modesta è sufficiente a spazzare via tutto - gz
By: GZ on Giovedì 21 Giugno 2007 03:30
questi due fondi avevano circa 1.5 miliardi in capitale e 25 miliardi investiti cioè avevano preso a prestito circa 23 miliardi
quindi una perdita % modesta è sufficiente a spazzare via tutto il capitale
ma non basta erano tutti investiti in CDO sui mutui immobiliari di bassa qualità, cioè su derivati su obbligazioni non liquide
Questi due fondi sono i primi della serie e la loro storia sulla prima pagina del Wall Street Journal è quello che ha fatto cedere gli S&P basta vedere come i titoli che affondavano erano Bear Sterns, Moody's, JP Morgan
As of March 31, the Enhanced Leverage fund had $638 million in investor capital and at least $6 billion in borrowings. It used the money to make $11.5 billion in bullish bets and $4.5 billion in bearish bets, according to documents reviewed by The Wall Street Journal. Its sister fund had $925 million in investor money, and made $9.7 billion in bullish bets and $4 billion in bearish bets.
A high level of "leverage," or use of borrowed money, magnifies returns for a fund if everything works as planned. If the security drops in value, that same leverage can amplify losses.
Prominent in the Bear Stearns funds' portfolio were investments in collateralized debt obligations, or CDOs, which are pools of securities that can include mortgage-backed bonds, corporate bonds or leveraged loans, among other things. Many of the CDOs the Bear Stearns funds invested in were pools of mortgage-backed bonds.
Wall Street sells pieces of CDOs to investors all over the world, with some taking risky pieces that are more prone to losses but that promise high returns, while other investors take safer, lower-yielding pieces. They are complicated investments to value because they are effectively giant bundles of securities that have been put together and taken apart again. And changes in the mortgage market, for example, can be glacial -- the default and recovery process in the housing market takes months to sort out -- meaning that the impact can take time before it is felt in a CDO.