第一三七二章 股价被腰斩
罗伯逊宣布,老虎管理公司旗下剩下的60多亿美元资产,按照75%现金和5%为基金持有的11种股票,在2000年5月1日前逐步退还给公司股东。
罗伯逊一手创立的老虎基金曾有无比辉煌的战绩,1980年获得800万美元,到1998年的顶峰,这个数字变成了200亿美元,在此期间,老虎基金的初始投资者的投资回报率超过85倍,年化25%的回报率轻松超过标普500指数,只要能在未来两年获得18%的回报,就能创造一个20年100倍的基金,但这一切,都在1998年做空香江金融市场铩羽而归戛然而止。
在短短的一年半时间内,老虎基金投资的一切都下跌,只有他们坚定做空的互联网科技公司,股价却在不断飙升,丝毫不介意被称为“旧经济投资者”的罗伯逊无奈地坚持:老虎多年来成功的关键,是坚定地承诺买入最好的股票,并做空最差的股票。
在理性的环境中,这种策略运作良好,但在一个非理性的市场中,收益和价格考虑让位给流量和趋势,就像我们看到的,这种逻辑变得并不重要,但问题是,在老虎式的价值投资面前,持有人失去了最后的耐心。
从1998年8月开始,投资人潮水般从老虎基金里撤回自己的资金,到罗伯逊亲手关掉老虎基金之时,公司的资产管理规模从200亿美元下降到了65亿美元。
孙健也在第一时间从互联网上看见了这个消息,当晚也从赵国华发过来的每日道琼斯市场和纳斯达克市场股票投资分析报告上证实了这个消息,一点不觉得意外,这是前世发生过的事情,长江后浪推前浪,前浪死在沙滩上!
朱利安·罗伯逊伙同量子基金的乔治·索罗斯、ltcm的约翰·梅里韦瑟沆瀣一气,依靠资金和信息的绝对优势,利用其他国家和地区金融市场规则的漏洞,利用媒体,散布谣言,买空卖空,先后做空英镑和东南亚市场得逞,要不是身后有强大的美国保护,三个老家伙早被抓到监狱去了,不死也会脱层皮!
三人密谋做空香江金融市场,对中国不友好,作为重生者,低调做人,人不犯我我不犯人,孙健既不会与三人为伍,也不会无聊到同三人为敌。
三人被称为国际投资大师,在华尔街金融市场呼风唤雨,联手收割了东南亚国家和地区几十年积累的财富,造成泰国和马来西亚经济倒退十几年,印l出现政z动荡,苏h托被迫下台,被东南亚人称为仇人,索罗斯被马h蒂尔诅咒为恶魔!
谁不让他们割韭菜谁就是他们的敌人!
先后在香江和俄罗斯金融市场惨败,要不是美联储出手相救,ltcm的破产清算就会造成华尔街金融市场剧烈动荡,梅里韦瑟也许会锒铛入狱!
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【我的一九八五】【】
约翰·梅里韦瑟第一个跌落神坛。
今天,朱利安·罗伯逊成了第二个倒霉蛋!
按照孙健的记忆,量子基金被清盘也不远了!
乔治·索罗斯也会跌落神坛!
罗伯逊在写给基金持有人的信中,将关掉老虎基金的主要原因归咎于基金持有人的非理性赎回。
孙健认为,关掉老虎基金关掉的主要原因,罗伯逊刚愎自用,自以为是,每次投资加20、30倍的杠杆是常态,在俄罗斯市场和香江金融市场遭遇惨败,还不吸取教训,投资纳斯达克网络科技股又遭遇惨败,造成老虎基金巨亏,基金持有人纷纷赎回,用脚投票!
投资股票,罗伯逊一向坚持“价值投资”理念,依据公司盈利能力确定合理价位,逢低吸纳,高价出货,但金融市场进入1999年,却刮起了网络科技股旋风,以网络科技为主的“新经济”股票疯狂上涨,并不完全按基础分析的模式运作,价值投资法在网络科技股的投资分析上失效。
罗伯逊低价买入了大量的“旧经济”股份,而这些股份由于市场资金流入“新经济”股而持续大跌,老虎基金持有22%股权的美国航空,在过去12个月内暴跌近五成,老虎基金损失惨重,老虎基金的每股资产从高峰的154万美元跌至2月底的82万美元,跌幅47%。
自1998年8月后,老虎基金在市场上表现差劲,基金持有人用脚投票,赎回金额高达77亿美元。
作为对冲基金,老虎管理利用杠杆买空看好的股份,卖空利淡的股票,对于没有盈利的网络科技股,罗伯逊抛空这些股份是理所当然的,在网络科技股疯狂的前期,罗伯逊先后大肆沽空朗讯和美光科技两大热门网络科技股,损失19%!
在网络科技股疯狂的后期,为势所迫,老虎基金没有坚守对网络科技股泡沫破裂的预测,、戴尔和微软等网络科技股,高位接盘,纳斯达克指数一个月不到暴跌35%,罗伯逊在网络科技股上又挨了当头一棒!
从1998年9月以来,老虎基金管理的资产价值暴跌160亿美元,由于亏损严重,老虎基金管理的资产,已无法提供足够的佣金和分成利润,以支付营运老虎基金的开支和雇员薪酬。
山穷水尽,罗伯逊万般无奈,不得不宣布老虎基金清盘。
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4月1日,周一。
“小李,小闵,孙总指示,在周五收盘价位上,逢低吸纳10亿美元伯克希尔﹒哈撒韦公司的股票。”
上午8:30,股票投资部部长赵国华来到atic机构投资室,一脸笑容的对操盘手李绍明、闵建军布置任务。
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【我的一九八五】【】
这是应孙健的要求,赵国华推荐的大幅下跌绩优股之一,伯克希尔﹒哈撒韦公司的股价从1998年中期的每股大约美元,跌到今年3月10日的美元,股价几乎被腰斩!
“好的!”
“好的!”
闲得无聊的李绍明和闵建军这段时间也在研究道琼斯市场上的传统绩优股,伯克希尔﹒哈撒韦公司也是他们推荐给张部长的绩优股之一,被孙总青睐,也有他们的功劳。
一秒记住【顶点小说】
dingdian321.com,更新快,无弹窗!
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