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Strategies & Market Trends : Waiting for the big Kahuna
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To: bobby beara who wrote (29602)9/30/1998 8:51:00 PM
From: Tommaso  Read Replies (3) of 94695
 
No, Greenspan and company should have raised margin rates and also kept interest rates higher two years ago to dampen the outrageous speculation that has sent money into the equity markets and into these derivatives and "hedge" funds (which are not hedges at all but huge leveraged speculative vehicles that try to profit in a big way from what some people would call arbitrage situations.

But the insanity is everywhere. Harvard University is in the process of losing more money than it can raise becaue the too-clever-by-half investment managers of its endowment have made large bets by buying closed-end country funds and shorting futures or indexes on country indexes. Harvard has lost close to 2 billion dollars over the summer.

But it does not seem fair to second-guess Greenspan within a time frame of only weeks or months. He did not want to inflate the bubble even more.

Or so I see it. Corrections? (To my views--not the market).
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