Inkcazo, Indlela abaSebenza ngayo kunye neengozi zokuVikela
Iimali ezingaphezulu kwama-8,000 ze-hedge funds zalawula i-$ 2.8 trillion ngo-2014, ngokutsho kwe-HFR Inc. Leyo yintathu imali elawulwa ngo-2004. Nangona i-hedge funds iye yagqithisa imarike yemasheya kwiminyaka eyi-15 eyadlulayo, kubandakanywa ngexesha leengxaki zemali, baye baphantsi kwe-2009 .
I- S & P 500 isuka kuma-137 ekhulwini (kubandakanywa iindleko) ukususela ngoko, xa kuthelekiswa ne-50 ekhulwini yokunyuka kweemali. (Imithombo: "Yintoni egameni? I-Funds Hedge," i-Wall Street Journal, ngoMatshi 27, 2015. "Iindlela ezintathu zokutshala imali njengeHedge Fund," uRob Copeland noGregory uZuckerman, iThe Wall Street Journal, ngo-Agasti 4, 2014. ) U
Uninzi lwalokhu kukhula luya kwiimali ezinkulu kakhulu. Kwangeniswa ngaphezu kweedola ezigidi ezingama-75 kwiimali ngo-2014, kodwa iipesenti ezingama-90 zaya kwiimali ezazilawula iibhiliyoni eziyi-1 okanye ngaphezulu. Esinye sezizathu kukuba abatyala-mali beziko kunye nabanye abafaka imali kwi-hedge funds banokuzithemba ngakumbi ekuhambeni ngamagama aqinisekileyo kunye nokwenyaniso. Kuyingozi kakhulu ukutshala nge-firm-up firm. Ngenxa yoko, iifayili ezingama-864 zivaliwe ngo-2014, ezilinganiselwa kwizigidi ezingama-70 ezizigidi ezingama-nganye kwizinto eziphathekayo. (Umthombo: "I-Hedge Funds: Ukuba ne-Have not," iBarron, ngoMashi 30, 2015.)
Igama elithi "hedge fund" lusetyenziswa kuqala kwi-1940 kumnye utyalomali-mali u-Alfred Winslow Jones.
Wadala i-fund eyathengisa iifowuni ezimfutshane njengenxalenye yesicwangciso sayo. Wenza oko ukuze ahlasele umngcipheko ukuba izikhundla zakhe ezide kwiimpahla ziza kulahlekelwa yixabiso.
Indlela I-Hedge Funds isebenza ngayo
Iimali zentengo zenziwe njengezentsebenziswano ezincinci okanye iinkampani ezinobunzima obukhuselekileyo ezikhusela umphathi kunye nabatyalisi kubaboleki bemali ukuba i-fund iya kuphazamiseka.
Isivumelwano sichaza indlela umphathi ohlawulwa ngayo. Ngamanye amaxesha uchaza oko umphathi angayinisela khona, kodwa akukho mida.
Abanye abaphathi be-hedge fund kufuneka bahlangabezane nezinga lokuphazamiseka ngaphambi kokuhlawulwa. Abatyalomali bafumana zonke iingeniso de kube kufikelelwe umyinge wokukhawuleza, ke umphathi ufumana ipesenti yeenzuzo. Uninzi lwee-hedge funds lusebenza phantsi kolawulo "amabini kunye no-20." Oku bathi bafumana iipesenti ezimbini ze-asethi kumaxesha amahle nakwizinto ezimbi, ukuba akukho nqanaba lokuphazamiseka, kwaye bafumana iipesenti ezingama-20 zenzuzo. Ngoku kutshanje, iimali zempesheni kunye nabanye abatyali-mali beziko baye bahlawula ubuncinci imali emfutshane yamatye: "1.4 no-17." (Umthombo: "Kutheni i-Hedge Funds yenza kakhulu?" INew Yorker, ngoMeyi 12, 2014.)
Imivuzo yeHedge Funds
Iimali zeHedge zinika umvuzo ophezulu wezimali ngenxa yendlela abaphathi babo abahlawulelwayo ngayo, iintlobo zezithuthi zemali abangayinayo kunye nokungahambi kwemimiselo yezemali .
Abaphathi be-Hedge fund bahlawulwa njengepesenti yembuyekezo abayifumanayo. Oku kubangalisa abatyali-zimali abaninzi abaxhalabisayo kukuba iimali ezihlawulelwayo zihlawulelwa iimali, kungakhathaliseki ukuba kusebenza njani imali. Ngombulelo kwesi sakhiwo sembuyekezo, abaphathi be-hedge fund baqhutyelwa ukufezekisa ukubuyiswa kweemarike ezingaphezulu.
Abaphathi be-Hedge fund bagxininise ekusebenziseni iziphumo eziyinkimbinkimbi, njengezivumelwano zekamva , iinketho , kunye nezibophelelo zetyala .
Izibonelelo ezivumela abaphathi be-hedge fund ukuba bazuze nangona xa i- market market ihla. Abaphathi be-Hedge fund bangasebenzisa iindlela zokukhetha , okanye bangathengisa ama- stocks short . Ngokukodwa, ezi mveliso zenza izinto ezimbini: zisebenzisa imali encinci yemali, okanye ixabiso , ukulawula ubuninzi beempahla okanye iimpahla . Okwesibini, bahlawula ngento ethile ngexesha. Ukudibaniswa kokubaluleka kunye nexesha lokuthetha kuthetha ukuba abaphathi banokubuyisela impendulo xa bechaza ngokuchanekileyo ukunyuka kwamakethi okanye ukuwa.
Ekubeni i-hedge funds ayinakulawulwa ngokusemthethweni njengemarike yemasheya, banakho ukuhlawula ngokukhululekileyo ukutshala imali kule mivuzo ephezulu, kodwa iinqwelo zeemali. Ngaphezulu, jonga i- SEC Bulletin kwi-Hedge Funds.
Iingozi zeHedge Fund
Iimali zeHedge zingozi kakhulu. Yona mngcipheko okhangela abatshali-mali abaninzi abakholelwa ukuba ingozi ephezulu iholele ekubuyiseni okuphezulu.
Ezi ziimpawu ezintathu ezivumela i-hedge funds ukuthembisa umvuzo omkhulu zibenza zibe neengozi kakhulu. Okokuqala, abaphathi beemali ze-hedge bahlawulwa ipesenteji zeemali zabo. Kwenzeka ntoni ukuba i-fund ilahlekelwe yimali? Ingaba bahlawula i-fund ipesenti yelahleko leyo? Cha, abaphathi bafumana i-zero kungakhathaliseki ukuba balahlekelwa phi imali. Esi sakhiwo sithetha abaphathi beemali zengxowa-mali baxinzeleleke kakhulu. Oku kwenza imali ibe yingozi kakhulu kumtyalo-mali, onokulahlekelwa yiyo yonke imali abayityala kule mali.
Okwesibini, i-hedge funds ityala imali kwiimveliso ezisemngciphekweni kakhulu ngenxa yokubaluleka. Izinketho kufuneka zithunyelwe ngaphakathi kwefestile ethile yexesha. Ukuba i-"swan swan," okanye ingalindelekanga, isiganeko sezoqoqosho senzeke ngeli xesha, nangona ukuba umphathi uchanekile malunga nokuhamba kwexesha elide, unokulahlekelwa yintalo-mali. Ngaloo ndlela, abaphathi be-hedge fund bazama ukuchitha ixesha kwimarike, abathi abanye bayayithetha kunzima kakhulu ukuba akunakwenzeka.
Ngokungafani neemali zengxowa-mali , abanikazi babo abayiinkampani zikarhulumente, i-hedge funds ngokuqhelekileyo ayizange ilawulwe yiKhomishana ye- Securities and Exchange . Ukungabikho komgaqo kuthetha ukuba i-hedge fund earnings ayichazwanga kwi-SEC okanye nayiphi na into ebusayo. Nangona i-hedge funds isavunyelwe ukukhwabanisa, oku kungabikho kwongamela kubangela ingozi. Ngaphandle koko, abatyali-mali be-hedge nabo banabanikazi be-LLC. Oku kuthetha ukuba banokulahlekelwa utyalo-mali ukuba i-hedge fund iya kuphazamiseka njengeshishini, nangona ukuba utyalo-mali lulungile.
Ngubani ofaka imali kwiHedge Funds
Abatyalomali bamaziko banikezela ngamaphesenti angama-65 ekhulu-mali abatyalwe kwiingxowa-mali. Balawula imali yempeshoni kunye neengxowa-mali zolawulo. Baphatha ixabiso lemali yeenkampani ze-inshorensi, iinkampani kunye neemali zethemba. Abafaki ngaphezulu kwe-10 ukuya kwi-20 ekhulwini ze-asethi zabo kwi-hedge funds.
Baqonda indlela ukusebenza kwemisebenzi. Bamele babe ngabagwebi abalungileyo. Uninzi lweengxowa zemali alubonakali oko zenzayo ukuze zibuyiselwe. Ukungabikho kokucaca kuthetha ukuba bangakwazi ukuba yi- Ponzi , njengokuba kuqhutywa nguBernie Madoff .
Iimali zeHedge zifuna ukuba babe ne-$ 1 yezigidi ngokufanelekileyo. Bayafuna le nto yokunyusa imozulu kwiindawo ezihamba phambili kwiiposfoliyo zabo. Abanye bazama ukubuyisela ilahleko ezenzeke ngexesha lokuhlaselwa kuka - 2008 .Bagcina imali yabo ibophelelwe kwiinyanga ezintathu okanye ngaphezulu ezifunekayo ngeemali zentambo. Enyanisweni, ngaphezu kwesahlulo sinexesha elinesithathu leminyaka. Ngokuqhelekileyo kufuneka bazimisele ukuhlawula iipesenti ezi-2 zeempahla abazifakayo kunye neepesenti ezingama-20 zazo nayiphi na inzuzo.
Awukhangeli i-returns-average-average returns. Iipesenti ezisi-6 kuphela zazicinga ukuba zingaphumelela ipesenti ezili-10 okanye ngaphezulu kweembuyekezo zonyaka. Abafuni nje ukunyamezela ingozi ebandakanya. Kunoko, iipesenti ezingama-67 zikhangele ibuyiselo yonyaka phakathi kwama-4 ekhulwini kunye nama-6 ekhulwini. Oku mhlawumbi kuba kufuneka banike ingxelo kwiibhodi ezinokubasa umlilo xa zigcina ilahleko.
Kunoko, bafuna utyalo-mali olungenakulinganiswa nazo zonke ezinye iimali zabo . Oku kuthetha ukuba, ukuba imarike yemasheya ilahlekelwa ixabiso, utyalo-mali lwe-hedge luya kuphakama. Ngamanye amagama, basebenzisa i-hedge funds ukuze bandise ulwahlulo lwabo. Bayazi ukuba iipotifoliyo ezahlukahlukeneyo ziya kukwandisa ukubuyiswa kwexesha elipheleleyo ngokunciphisa ukungazinzi ngokubanzi. Ngenxa yeso sizathu, abatyali-mali abayiqhathanisa nokusebenza kwemali ye-hedge investment kwiimpawu eziqhelekileyo ezifana ne- S & P 500 , i- NASDAQ okanye i- Dow Jones .
Intsapho yemali yokwethemba imali isebenzise i-hedge funds ukuze ifumaneke kwiingcinga ezilungileyo kwi-investment. Kutheni i-hedge imali ikhangela abatshali-mali abahlakaniphile? Ngenxa yokuba bahlawula kakhulu. Kodwa iipesenti ezingama-22 zabatyalomali bathi iimali eziphezulu zizathu zokuba zikhawuleze, okanye ziyakhusela i-hedge funds.
Indlela i-Hedge Funds eyanikezela ngayo kwiCrisis Financial
Iimali zeHedge zinegalelo kwiinkalo zemali ka-2008 ngeendlela ezintathu. Okokuqala, banomsebenzi osemgangathweni, kwaye ngokubanzi ufihlakele, uphuhliso lwezoqoqosho. Ekubeni abalawulwa njengempahla, i-bond, okanye imveliso yeevenkile, kunzima ukufumana oko bathenga okanye bathengise. Kuqikelelwa ukuba ngabakho phakathi kwama-10 ukuya kuma-50 ekhulwini lokuthengisana kwempahla, kunye nokwenza isahlulo somlinganiselo wokuthengisa kwansuku zonke. Ukukhula kwabo kuye kwakhawuleza ukususela ngo-2000, kwaye kunjalo nokunyanzeliswa kwamanqanaba amaninzi okutyalo-mali.
Okwesibini kwakusetyenziswa kwawo okungekho mthethweni kweemvelaphi. Bathengi iimpahla ezininzi zokubambisa imali . Xa amaxabiso ezindlu aqala ukuhla ngo-2006, i-mortgages esekelwe phantsi. Abaphathi be-Hedge fund bacinga ukuba bavikelekile kuloo mngcipheko kuba banomnini- mboleko we- credit swaps , uhlobo lwe-inshurensi efumaneka. Kodwa, inani elincinci lokungahlawulwanga kwemali ekhokhwayo lithintela abathumeli be-swaps, njenge- AIG . Laba bhakikali bafuna ukuxhaswa koburhulumente bombuso ukuba bahlale kwishishini kwaye benze kakuhle kwi-swaps. Ngenxa yoko, imarike yale nkonzo yomshuwalense yawa. Amabhanki awazange avume ukuboleka ngaphandle kwabo, okwenze kube nzima ukufumana ityala elitsha.
Okwesithathu, iibhanki ezininzi zineenkqutyana zecandelo le-hedge fund. Bahlala bezama ukunyusa iimbuyekezo zabo ngokutyalomali kwiimvelaphi ngokusebenzisa le mali. Xa ezi zimali zengozi zihamba ezantsi, amabhanki afana ne- Bear Stearns aye kwi-federal government ukuze bafumane imali. Xa urhulumente akazange akhonze uLehman Brothers ngoSeptemba 2008, i-bankruptcy yayo yabathumela amaxabiso e-stock market. Esi siganeko sagxotha ingxaki yemali ka-2008 .
Imimiselo yeNtsha yeeHedge Fund
Ngo-2010, uMthetho we- Dodd-Frank Wall Reform Act waqalisa ukulawula ezinye iinkalo zemali. Ezi zigidi ezingaphezu kwezigidi eziyi-150 zimele zibhalise kwi-SEC. Lo Mthetho uphinde udale iBhunga loLawulo lokuSigxina kwezeMali, elijongene neengxowa zemali kunye nezinye iinkampani zemali ezikhulayo kakhulu. Ukuba ngaba zikhulu kakhulu ukuba zingaphumeleli, iBhunga lingancomela ukuba i- Federal Reserve ilawula le mali. (Umthombo: "I-Hedge Funds Emva kweDodd-Frank", iYunivesithi yaseNew York kwiShishini loShishino, ngoJulayi 19, 2010.)
I-Dodd-Frank ibeka umlinganiselo we-hedge fund imali-mali ebhanki. Amabhanki angasebenzisa iimali ze-hedge egameni labathengi babo kuphela, kungekhona ukukhulisa iingeniso zabo zenkampani.
U-Dodd-Frank naye ubiza umgaqo weemveliso eziphantsi kweSibini. Abaphathi be-Hedge fund kufuneka ngoku ba bhaliswe. Kufuneka baxelele amanqanaba eengozi, izicwangciso kunye nemveliso kunye nokusebenza. I-SEC iphinde ifune ukuba ibonakalise izikhundla ezibekwe yi-hedge fund ngokwalo, i-credit-exposure equity, ibingakanani iimpahla ezithengiswayo ngokusebenzisa i-computer algorithms kunye ne-rate-equity ratio ratio. (Umthombo: "I-Wall Street ayikhoyiyo yeDodd-Frank," iYunivesithi yeSt. Thomas, ngoFebruwari 13, 2013.)
Indlela abachaphazela ngayo
Ukuba unayo nayiphi na isetyenzisiweyo esithengiweyo esidlangalaleni, ngokukodwa okanye nge-401 (k), i-IRA, okanye iplani yempesheni, uchatshazelwa yimali ye-hedge funds. Abathengisi be-Hedge fund baye banciphisa iindleko zeoli. Oku kwanefuthe elikhulu kuqoqosho. Ixabiso leoli liyinxalenye yexabiso lokunyuka kwamaxabiso , elichaphazela abathengi abakwazi ukuthenga. Ekubeni iimveliso zabathengi ziphantse malunga nama-70 ekhulwini loqoqosho lwe-US , ukwandiswa kwamandla okuthenga abathengi kuye kwandisa ukukhula kwekhaya. Ngakolunye uhlangothi, abavelisi base-United States batshaywe yi dollar eqinile. Oku kunciphisa ukukhula kwamanye amazwe.
Iimali ze-Hedge nazo zatshintshe icandelo lebhanki. Iibhanki ezinkulu zijolise ngakumbi nangaphezulu kumakhasimende aphezulu amakhulu. Ngokomzekelo, iCiti ifumana ii-commissions zayo ezinkulu zorhwebo kwi-"Focus Five". Ezi ziinkampani ezinkulu ze-hedge fund: Ulawulo lwe-Millennium, i-Citadel, i-Surveyor Capital, iPoint72 Management Asset, kunye neCarlson Capital. Amashishini amancinci anexesha elinzima ngakumbi ukufumana imali. (Umthombo: "Usibuyisele yona kuphela i-$ 1 yezigidi? Yiya kumgca," iBloomberg, Matshi 23, 2016.)
Ekujuleni: Iziphumo zeCrisis Crisis 2008 Indima yezinto ezenziwayo Iingxaki zeNgxowa-mboleko zeNgxowa-mali