Tsanangudzo, Mashandiro Avanoita uye Ngozi Vokudzoka
Mari inopfuura 8 000 yeheji yepamusoro yakachengetedza $ 2.8 trillion muna 2014, maererano neHFR Inc. Iyi inenge katatu mari inotarisirwa muna 2004. Kunyange zvazvo mari yehedge yakapararira mumusika wekutengeswa kwemakore gumi apfuura, kusanganisira munguva yematambudziko emari, ivo vakanyanyisa kubva muna 2009 .
S & P 500 yakasimuka 137 kubva muzana (kusanganisira zvikamu) kubvira ipapo, zvichienzaniswa ne50 muzana yekukwirira kwemari. (Zvinyorwa: "Chii chiri muZita? Mari yeHedge," The Wall Street Journal, Kubvumbi 27, 2015. "Nzira Nhatu dzekutsinhanisa seHedge Fund," Rob Copeland naGregory Zuckerman, The Wall Street Journal, August 4, 2014. )
Zvizhinji zvekuwedzera izvi zvinowedzera kune mari huru-huru. Mari inodarika $ 75 mabhiriyoni yakawedzerwa pamari muna 2014, asi 90 muzana yakaenda kune mari inotarisira $ 1 bhiriyoni kana kupfuura. Chimwe chikonzero ndechokuti vatengesi vemasangano uye vamwe vanozvipira muheji mari vanovimba zvikuru mukuenda nemazita akaedza-uye-echokwadi. Hazvikuvadzi kuisa mari nekutanga-firm firm. Somugumisiro, makambani 864 akavhara muna 2014, achienzanisa $ 70 mamiriyoni ega ega muzvinhu. (Mhedziso: "Hedge Funds: Kuva uye Hauna," Barron's, March 30, 2015.)
Izwi rokuti "hedge fund" rakatanga kushandiswa mumakore ekuma1940 kune mumwe mutengesi wezvikwata Alfred Winslow Jones.
Akasika mari yekutengesa zvigadzirwa zvishoma sechikamu cherongwa hwake. Akaita izvozvi kuti adzivirire pangozi kuti nzvimbo dzake dzakakwirira mumatanda dzaizorasika kukosha.
Mahedheni eHedge Funds Anoshanda Sei
Mari yeHedge inogadziriswa semakambani akabatanidzwa kana zvikwereti zvisingabhadharwi izvo zvinodzivirira mutungamiriri uye vatengesi kubva kune vane chikwereti kana mari yacho ichingopera.
Chibvumirano chinotsanangura kuti maneja wacho anopiwa sei. Iko dzimwe nguva ingarondedzera zvinogona kuitwa nemutungamiriri, asi hapana mitsara.
Vamwe vatungamiri vehedge fund vanofanira kusangana nematambudziko asati abhadhara. Varairidzi vanogamuchira mari yose kusvikira zvinotyisa zvasvika, zvino mutungamiri anogamuchira chikamu chemari. Mahombekombe akawanda emari anoshandiswa pasi pe "mutemo weviri uye wemakumi maviri." Izvi zvinotaura kuti vanowana zvikamu zviviri kubva muzana yezvigadzirwa munguva dzakanaka uye dzakaipa, kuti hapana kana kukanganisa, uye vanogamuchira 20 kubva muzana yezvibereko. Munguva pfupi yapfuura, mari yepensheni nevamwe vashandi vezvikoro vakabhadhara mari itsva yehuta shoma shoma: "1.4 uye 17." (Inobva: "Nei Hedge Funds Ichiita Zvakawanda?" New Yorker, Chivabvu 12, 2014.)
Hedge Funds Makomborero
Hedge mari inopa mari yakawanda nokuda kwemaitiro avo vatengi vavo vari kubhadharwa, marudzi emari yemari inogona kuisa mune, uye kusakwanisa kwemari yemitemo .
Hedge fund mameneja anobhadharwa semapato ezvakadzorerwa zvavanowana. Izvi zvinokwezva vashandi vakawanda vanovhiringidzika nekuti mari yemubhadharo inobhadharwa mari, pasinei nemari yekuita mari. Vongai hutano huripo, vatungamiri vehedge fund vanotungamirirwa kuti vawane huwandu hwemisika.
Hedge fund mameneja anonyanya kushandiswa kushandisa zvigadzirwa zvakanyanyisa, zvakadai sezveramangwana zvibvumirano , zvisarudzo , uye zvikwereti zvinokonzerwa nezvikwereti .
Derivatives inobvumira hedge fund mameneja kuti vabatsirwe kunyange kana mushambadziro uri kutsika. Hedge fund mameneja angashandisa kusarudzwa kwekuisa , kana kuti anogona kutengesa zvikwata zvishoma . Chaizvoizvo, zvinhu izvi zvose vanoita zvinhu zviviri: vanoshandisa mari shomanana, kana kuwedzera , kuti vatarisire zviyero zvakawanda zvematokari kana zvinhu . Chechipiri, vanobhadhara pane imwe nguva panguva. Kubatanidzwa kwehuwandu uye nguva kunoreva kuti vatungamiri vanoita kudzoka kwemajeri kana ivo vachifanotaura zvakanaka kuti kukwidzwa kwemashamba kana kuwira.
Sezvo mari yehuta isingatongorongedzwi sezvinoitwa mumusika wekutengesa, ivo vane rusununguko rwekuisa mari muzvikwereti zvakakwirira, asi zvinofungidzira, mari yemari. Nezvimwe, ona SEC Bulletin paHedge Funds.
Hedge Fund Dambudziko
Hedge mari yakawanda kwazvo. Ndiyo ngozi iyi inokwezva varairi vemazana vanotenda mungozi yakakwirira inotungamirira kukudzoka kwakakwirira.
Zvimwe zvitatu izvo zvinobvumira hedge mari kuti zvivimbise zvikomborero zvakanyanya zvinoita kuti zvive nyore kwazvo. Chokutanga, vatungamiri vemari yehedge vanobhadhara chikamu chemari yavo 'inodzoka. Chii chinoitika kana mari yacho ichirasikirwa nemari? Vanobhadhara mari yacho chikamu chekurasikirwa ikoko here? Aiwa, vatungamiriri vanowana zero pasinei nokuti vanorasikirwa nemari yakawanda sei. Ichi chimiro chinoreva hedge funds mameneja vane ngozi yakawanda yokuregerera. Izvi zvinoita kuti mari yacho ive yengozi kune mutyairi, uyo anokwanisa kurasikirwa nemari yose yavakapa mune mari.
Chechipiri, hedge funds inowedzera muzvigadzirwa zvinotyisa zvikuru nekuda kwekuwedzera. Zvisarudzo zvinofanira kununurwa mukati meimwe firiji yenguva. Kana "dhizha dema," kana kuti zvisingatarisirwi, chiitiko chezvemari chinoitika panguva iyo, kunyange kana maneja ari akarurama pamusoro penguva refu, anogona kurasikirwa nemari. Muchirevo ichocho, hedge fund mamenenja vari kuedza kupedza nguva yemusika, iyo vamwe vangaiti yakaoma zvikuru kana isingakwanisi kuita.
Kusiyana nemari yemari , avo vane vashandi vehurumende, hupfumi mari yakawanda haina kutongororwa ne Securities and Exchange Commission . Kushayikwa kwemitemo kunoreva kuti hedge fund inowana mari haina kuziviswa kune SEC kana chero imwe sangano rinodzora. Kunyange zvazvo hedge mari ichiri kurambidzwa kubva kune uori, iko kusakwanisa kutarisa kunowedzera ngozi. Kunze kwekuti, hedge fund vatengesi vanovewo zvizvarwa zve LLC. Izvi zvinoreva kuti vanogona kurasikirwa nehupfumi hwavo kana hedge fund inopera sebhizimisi, kunyange kana zvikwereti zvikaita zvakanaka.
Ndiani Anowedzera muHedge Funds
Zvikoro zvekusimbisa zvikwereti zvinopa 65 kubva muzana yemari inotengeswa muheji mari. Vanotarisira mari yepensheni uye mari yehupfumi mari . Vanoshandisawo mari yemari yemakambani einishuwarenzi, makambani, uye kuvimba mari. Havana kuisa zvinopfuura 10 kusvika ku20 muzana zvehupfumi hwavo muchikwereti chemari.
Vanonzwisisa kuti leveraging inoshanda sei. Vanofanira kuva vatongi vakanaka vemunhu. Mahombekombe akawanda haatauri zvavanoita kuti vadzoke. Kushayikwa kwekujeka kunoreva kuti vanogona kunge vari Ponzi zvirongwa , zvakadai seimwe inomhanya naBernie Madoff .
Mari yeHedge inoda kuti vawane $ 1 Mamiriyoni mumutengo wakakodzera. Vanoda chikwata ichi chekutsvaga kukanganisa kukuru muzvikwata zvavo. Vamwe vachiri kuedza kudzorera kurasikirwa kwakaitwa panguva yekuparara kwegore ra2008 . Vanochengeta mari yavo vakasungirirwa kwemwedzi mitatu kana kupfuura inotarisirwa nehedge funds. Kutaura zvazviri, zvinopfuura hafu zvine makore matatu. Vanowanzofanira kunge vachida kubhadhara 2 kubva muzana yezvinhu zvavakapa uye 20 muzana yezvimwe zviwanikwa.
Havasi kutsvaga yepamusoro-kupfuura-yevheji inodzoka. Ivo chete 6 kubva muzana vaifunga kuti vanogona kuwana 10 muzana kana kupfuura gore negore kudzoka. Vanongoda havo kutsungirira mungozi iyo inosanganisira. Pane kudaro, 67 muzana vari kutsvaga kudzoka kwegore negore pakati pe4 muzana uye 6 muzana. Izvi zvichida nokuti vanofanirwa kuzivisa kumapuranga vanogona kuzvipisa kana vakatsigira kurasikirwa.
Pane kudaro, ivo vari kutsvaga mari yekusimwa isingabatanidzi pamwe chete nedzimwe sarudzo dzavo . Izvi zvinoreva kuti, kana mari yekutengesera ichirasikirwa kukosha, hutge fund inotengeswa ichasimudza. Mune mamwe mazwi, vanoshandisa mari yehuta kuti vawedzere kusiyanisa kwavo. Vanoziva kuti nzvimbo dzakasiyana-siyana dzinotakura huwandu huchawedzera huwandu hwekudzoka kwemazuva nekuderedza kusagadzikana kwese. Nokuda kwechikonzero ichocho, varairidzi havaenzanisi nekushanda kwemari yavo yehedge fund kune zviyero zvakafanana seS & P 500 , NASDAQ kana Dow Jones .
Mhuri inovimba mari inoshandisa hedge funds kuti iwanikwe kune pfungwa dzakanakisisa muhutano. Sei kuvhara mari kuchikoshesa vashandi vekuchenjera zvikuru? Nokuti vanobhadhara zvakanyanya. Asi 22 kubva muzana yevatengesi vanoti mari yakawanda ndeyekuti vanogadzirisa, kana kuti kunyange kudzivisa, hedge funds.
Hedge Funds Inobatsira sei kune Financial Crisis
Mari yeHedge yakapa mari yekunetseka kwemari muna 2008 munzira nhatu. Chokutanga, ivo vane huwandu hwemashoko, uye zvikurukuru vakavanzwa, hunoita pfuma. Sezvo zvisiri izvo zvakarongerwa sematengo, zvisungo, kana zvekutengeserana, zvakaoma kuziva zvavari kutenga kana kutengesa. Zvinofungidzirwa kuti ivo pachavo ndevamwe pakati pe10-50 muzana yeimwe kushandiswa kwezviyo, uye vanoita hafu yezuva rokutengesa izwi. Kukura kwavo kwakakurumidza kubva muna 2000, uye ndizvo zvakaitawo kusagadzikana mune zvakawanda zvikwata zvekutsvaga.
Chechipiri chaive kushandiswa kwavo kusina kusarudzwa kwezvigadzirwa. Vakatenga zvakawanda zvekutengesa-zvikwereti zvakachengetedzwa . Apo dzimba dzekutengesa dzakatanga kutadzisa muna 2006, zvikwereti zvekare zvakasara. Hedge fund mameneja vakafunga kuti vakachengetedzwa kubva pangozi iyo nekuti vane zvikwereti zvisiri swaps , rudzi rwe inshuwarisi inotora. Asi, nhamba yakawanda yekubhadhara chikwereti chakashata zvakakonzera kusununguka kwevashandi, seAIG . Aya ma-inshuwarisi aida hurumende yehurumende yebhailout kuti igare mune bhizimisi uye iite zvakanaka pane swaps. Somugumisiro, mutengesi werudzi urwu rwe inshuwarisi rwakaputsika. Mabhengi akanga asiri kuda kubhadhara pasina ivo, zvichiita kuti zvive nyore kuwana mvumo mitsva.
Chechitatu, mabhengi akawanda aive nehedge fund sub-divisions. Vaiwanzoedza kuwedzera mararamiro avo kuburikidza nekutsinhanisa mune zvigadzirwa kuburikidza nematombo aya. Apo hupfumi hutengo hunoenda kumaodzanyemba, mabanki akaita se Bear Bear akaenda kuhurumende yehurumende yebhailouts. Apo hurumende haina kubhadhara Lehman Brothers munaSeptember 2008, kubhadhara kwayo kwakaunza kutengeswa kwematengo epasi rose. Chiitiko ichocho chakakonzera dambudziko rezvemari muna 2008 .
Itsva Hedge Fund Regulations
Muna 2010, Dodd-Frank Wall Street Reform Act yakatanga kutonga zvimwe zvikamu zvehedge funds. Izvo zvinopfuura madhora 150 mamiriyoni zvino zvinofanira kunyora neC SEC. Mutemo wakasimbisawo Financial Stability Oversight Council, iyo inotarisira hudge funds nemamwe makambani emari ari kukura zvikuru. Kana vakanyanya kukura kuti vashayike, iyo Council inogona kukurudzira kuti Federal Reserve inoronga idzi mari. (Chinyorwa: "Hedge Funds Mushure meDodd-Frank", New York University Yechikoro cheShizha reBhizimusi, July 19, 2010.)
Dodd-Frank anogadzirisa chikamu chemari inoshandiswa nehedge mabhenji anogona kuita. Mabhangi anogona kushandisa hedge mari nokuda kwevatengi vavo chete, kwete kuwedzera pfuma yavo yekambani.
Dodd-Frank anodanawo mutemo wezvinyorwa pasi peS SEC. Hedge fund mamenenja anofanira kunge achinyorwa. Vanofanirawo kuzivisa matambudziko avo emagetsi, mazano uye zvigadzirwa, nekushanda. Iyo SEC inodawo kuti vatidze nzvimbo dzakachengetwa nehedge fund pachayo, iyo yakawanda yekubhadhara chikwereti iyo inobata, ingani mari inoshandiswa kuburikidza nekushandura kwemakombiyuta, uye chikwereti-ku-equity ratio. (Kubva: "Wall Street Vasingatyi Dodd-Frank," St. Thomas University, February 13, 2013.)
Maitiro Aunoita Iwe
Kana iwe uine chero zvivimbiso zvekutengeserana pachena , kana zvakananga kana kuburikidza nemaka 401 (k), IRA, kana chirongwa chenhepfenyuro, iwe unobatwa neheji yehuta. Vatengesi veHedge fund vakaderedza zvinodhura mari yehuori. Izvo zvakakonzera zvikuru hupfumi. Mafuta emafuta ndiwo chikamu chekuwedzera kwezvinhu , izvo zvinoita kuti vatengi vagone kutenga. Kubvira kubva muzvigadzirwa zvemutengesi inenge makumi manomwe kubva muzana yehupfumi hweUnited States , kuwedzerwa kwesimba rekutenga vatengi kwakakonzera kukura kwekumba. Ukuwo rumwe rutivi, vatakuzi veUnited States vari kukundwa nedhora rakasimba. Izvozvo zvakaderedza kuwedzera kukura.
Mari yeHedge yakagadzirisawo bhizinesi rebhangi. Mabhanga makuru ari kutarisa zvakanyanya pane yakawanda yehedge fund customers. Somuenzaniso, Citi inogamuchira hurukuro dzayo huru dzekutengeserana kubva "Focus Five." Aya ndiwo makuru makuru makambani makambani: Millennium Management, Citadel, Surveyor Capital, Point72 Asset Management, uye Carlson Capital. Mabhizimisi maduku ari nenguva yakaoma zvikuru kuwana mari. (Inowanikwa: "Iwe Wakatipa Chete $ 1 Mamiyoni chete? Tanga Munowanikwa," Bloomberg, Kubvumbi 23, 2016.)
Mukuderera: 2008 Financial Crisis Causes | Basa reDerivatives | Subprime Mortgage Crisis Causes