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Other Forums: What's New Bond Discussions Newslink |
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Posted by
BradyNet
(
Friday, September 5, '03
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Read ‘’Liar’s Poker’’ to learn more about how it works… or if you believe vely big brain means big money let me remind you about Long Term Capital Management where two Nobel Prize winners lost nearly trillion... and many US banks lending them had to swallow the pain while Bankers Trust Alex Brown bank went for little money to Deutsche Bank to become one of their capital markets division if my memory is correct.
IMHO financial market is all about guess and fortune and psychology. Of course people confuse research or fund managers for those who know but if you look accurately at the matters you will reckon the main role of both is to sell BS to those who pay. So it is all about gaming and getting higher level of adrenalin in your blood. Of course some scientific element exists and some science exists to explain the matters but market is not about science and development, market is about making money by fooling someone or losing money by fooling itself… IMVVVVVVVVVVVVVHO
As regards retail investors, you know there are the ones like Colores who are very sophisticated in investing but there are number of people like Tyrolean milkmen whose only knowledge about EM is high yield … i can also tell you that there exist a number of low qualified or unqualified morons in small local banks or separately advising on investing to these milkmen … the result of their advises is usually negative, particularly in dramatic circumstances like was with ARG. When speaking about amateurs i surely meant this group which is not so small in case of ARG.
What concerns institutions you right, damn right because financial industry has flaws which are revealed each new day…one of the flaws is obligation of weight in index when someone regulated by the benchmark cannot go sell completely whole ARG or because risk manager is moron to tell his opinion that his friend butcher told him ARG is safe because it exports excellent steaks… or because manager of the bank says he cannot risk mandates and relations with ARG because of one simple stupid research or because it is human nature not to believe in worse in most cases unless comes too late…
diesen Affen !!!!
ich hab diesen vor einigen Wochen Affen total beleidigt und kriege seitdem überhaupt keine Niggeria, Südafrika etc mails mehr
die kommunizieren miteinander !!!
From: Dr.Gambo Hassan,
ALPHA MERCHANT BANK
Fax: 234-1-7591850
Lagos, Nigeria.
Dear Sir,
My name is Dr.Gambo Hassan, The Manager in charge of bills and changes at the foreign remittance department of ALPHA MERCHANT BANK. At my department, we discovered an abandoned sum of US$ 21.5 Million (Twenty One Million five hundred thousand United States Dollars) in an account that belongs to one of our high profile customers Mr.Noman Joseph,who died along with his entire family in 1988 Lockerbie Pan American Airline plane crash.
Ever since we got information about his death, we have been expecting his next of kin to come over and claim his money because we cannot release it unless somebody applied for it in the person of next of kin or relation to the deceased as stipulated in our banking rules and regulations, but, unfortunately till date of writing this mail to you, nobody has come forward to claim the money as the next of kin.
It is also a law here that any unclaimed funds for 14 years shall be recalled back to the treasury and our government takes it as their funds.
Therefore, to avoid the money been totally lost, we are in search of a partner like you to assist us in receipt of the USD 21.5m for our subsequent investment in roperties and other profitable investments in your country.
You will be required to:
(1) Assist in the receipt of the said sum.
(2) Advise on lucrative area for investment.
(3) Assist us in purchase of properties..
(4) Mode of Sharing After the successful completion of the transfer is
as follows,
(25%) of the total
sum to you, (10%) has been set aside for the expenses to be incurred in
the
course of this project
by all parties concerned and the remaining (65%) shall be for my
colleagues
and I.
In support of the information,you are urged to reply this letter indicating your readiness and interest to participate in this project. After your reponse, you will be advised on the next step afterwards.
I quite believe that you will protect our interest by keeping this business confidential. Your interest will be equally protected.
Trust to hear from you THROUGH MY PRIVATE EMAIL OR FAX NUMBER
234-1-7591850 as above.
For more information, we may not be speaking over phone except there is the urgent need for me to call you.
We count on your earliest reply.
Yours faithfully,
Dr.Gambo Hassan,
Remember the beloved Tscherman and Italian <non institutional> bondholders only hold a fraction of the Argentine external debt. The vast majority of debt should be held by the so called institutional investors, run by well trained wellpaid fundmanagers ;-))))
Rating wizards as always do not catch up and most likely will upgrade Brazil very late … it will be funny if at the time of upgrade Brazil will reverse its tide for some misfortunate reason like absent economic growth, i would not exclude such picture. I still do not know why people use rating agencies, and what for? For answers one may have to ask Italians and Germans who still hold ARG bonds. However this nothing new as we know that RATING agencies are MORONS and IMBECILES.
Wally, i know you are actively on probably half a dozen German boards where you lecture people on basics of investment … still i wonder why Lerrick collected only 1.2bn for his ABRA if Germans believe no principal haircut is the only moto in this game? Lerrick is not stupid and he quickly reckoned a formula of no principal haircut will earn him. His another idea of discrimination is very tricky and questionable but in longer run no one will even remember this trick. From my personal see of him i got impression he is amazingly clever and tough guy. still are German bondholders so amateur and if yes why the heck they buy such bonds as Argentina or Uruguay with no slightest idea about credits? Is this because they saw high yield? Then one has to forbid publishing high yields in a press.
<from the movie "Goldfinger">
y tú aun no lo sabes
yo te quiero tanto,
tierra de mi alma.
quiero tus riberas
tus montes y valles
tus ojillos tristes
llenos de pesares.
...
http://www.thescotsman.co.uk/intern...
<AN EXTRAORDINARY 19th- century plot by German nobility to take over Texas and turn it into a German country has been uncovered by a historian looking through old records of some of Germany’s oldest families.>
Deep down, the Tschermanns really vant to be cowboys! :-)))
but the best is not Galicia...it's Caminante no hay Camino, se hace Camino al Andar, al Andar se hace Camino y al volver la vista atras se ve el Camino que no ha de volverse a caminar...Caminante no hay Camino sino Estelas en la Mar...
fantastic !!!
O instituto, que é ligado ao próprio Ministério do Planejamento, reduziu a previsão de crescimento da economia brasileira de 1,6% para 0,5% em 2003. Mantega afirmou que o Ipea tem sua metodologia, mas o governo continua acreditando em um crescimento maior.
Segundo Mantega, as previsões do Ipea podem "dar uma falsa idéia de que país está em desaquecimento, mas esses dados estão olhando para trás". Mantega afirmou que o Ipea tem sua metodologia, mas que o governo continua acreditando em um crescimento maior.
O projeto de lei orçamentária 2004, enviado ao Congresso, prevê um crescimento da economia de 1,8% do PIB neste ano.
De acordo com o ministro, as projeções para os próximos 12 meses apontam para uma expansão entre 2% e 3% do PIB.
Of course, trying to make people in these regions understand that their language is simply "not worth it" is not an easy task to accomplish. Of course, if madrid gets taxes back to the 5-15% level, we can all agree to a spanish-only spain, and love madrid. No ploblem. I think that this is strictly an economic issue. :-)
Folhas novas!, risa dá-me
esse nome que levás,
qual se a umha moura bem moura,
branca lhe oísse chamar.
Nõe folhas novas; ramalho
de tojos e silvas sôs:
hirtas, como as minhas penas;
feras, como a minha dor.
Sem olido nem frescura,
bravas magoás e feris...
Se na gándara brotades,
como nõe serês assi!
y tú aun no lo sabes
yo te quiero tanto,
tierra de mi padre.
quiero tus riberas
tus montes y valles
tus ojillos tristes
llenos de pesares.
un canto a Galicia, hey,
tierra de mi padre.
un canto a Galicia, hey,
que es mi tierra madre<<<>>>
I'll agree that it's easier than Hungarian or Estonian.
PT não afasta possibilidade de distibuir dividendos extraordinários
A Portugal Telecom (PT) não colocou de parte a hipótese de vir a pagar um dividendo extraordinário, como forma de repatriamento de capital aos accionistas.
Em entrevista à revista interna do grupo, Manuel Rosa da Silva, director Central de Planeamento e Controlo da PT, afirmou que a empresa tem uma meta de dívida líquida/EBITDA de 1,75 para o final do ano e admitiu que a empresa estará a gerar 'cash' em excesso a partir de 2004, consequência do crescimento do EBITDA e queda da dívida, o que pode representar boas notícias perante o seu empenho no repatriamento de capital.
«A empresa não está a comprometer-se com planos de recompra de acções ou com dividendos extraordinários, mas também não os está a pôr de lado», referiu Manuel Rosa da Silva.
Boa noite!
That is the cause of action. Whoever led the unsophisticated investors to believe that <this stuff carried the same risk German or Italian debt has> or failed to clarify that <this stuff carried much higher risk than the German or Italian stuff> should pay some compensation voulntarily or under pressure from the Italian or German governments .
Please read our disclaimer.
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