iShares MSCI EAFE Index (EFA)
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EFA Forum Topics
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- iShares ETF Tracking Error: Risks and Explanations [view article]
- Key Asset Class Returns of the Week [view article]
- Friday Outlook: Commodities, Emerging Markets [view article]
- Weapons of Financial Mass Destruction [view article]
- Wednesday Outlook: Commodities, Emerging Markets [view article]
- S&P 500 Safety Over 5-Year and 10-Year Periods [view article]
- Tuesday Outlook: Commodities, Emerging Markets [view article]
- Global Market Roundup: Will the Bailout Work? [view article]
- Monetary Madness: Global Margin Call Underway [view article]
- Tactical Asset Allocation, Part I [view article]
- The Global Economy: Is Deflation the Next Macro Story? [view article]
- Friday Outlook: Commodities, Emerging Markets [view article]
loading ...Recent EFA Articles
- Key Asset Class Returns of the Week
- Consumer Spending, Equities Investing Take a Big Turn for the Worse
- iShares ETF Tracking Error: Risks and Explanations
- Global Stock Markets: The Crash of 2008?
- Friday Outlook: Commodities, Emerging Markets
- Weapons of Financial Mass Destruction
- World Equity Market Declines: -$25.9 Trillion
- S&P 500 Safety Over 5-Year and 10-Year Periods
- Wednesday Outlook: Commodities, Emerging Markets
- Tuesday Outlook: Commodities, Emerging Markets
- Full List of Articles »
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Tactical Asset Allocation, Part I [view article]
this is TAA in motion:SMN UltraShort Basic Materials ProShares22.92%
EEV UltraShort MSCI Emerging Markets ProShares20.96%
QID UltraShort QQQ ProShares10.34%
SIJ UltraShort Industrials ProShares9.86%
DGP PowerShares DB Gold Double Long ETN9.73%
SDS UltraShort S&P500 ProShares9.64%
IEF iShares Lehman 7-10 Year Treasury Bond Fund9.47%
TWM UltraShort Russell2000 ProShares7.08% Reply
Divergence
Short Cut to Profits? A Closer Look at Inverse Funds [view article]
Thanks. Great answer, and I agree with you. ReplyShort Cut to Profits? A Closer Look at Inverse Funds [view article]
Dr. Divergence:This is uncharted territory. Closest example may be the INP exhange traded note from Barclays that stopped issuing creation units when India temporarily stopped certain foreign investments. That went way out of wack.
In this case the instruments used to fund the inverse fund are most likely of definite term, except for their actual stock shorts. The derivatives will expire and the fund will become less short. Until the next report, we won't know how many if any actual stock shorts they have.
Absent actual stock shorts the fund assets will be in run-off and would eventually be all cash or government debt instruments. In a rational world, the price would approach the NAV in that case.
The expectations for future actions by Congress would probably be key, but I have no idea what those actions would be or how the market would respond.
Today when the bailout vote failed the SPY was off nearly 7%.
SKF is up 18+% as of the moment with nearly 16 million volume. XLF is down 11+% with 52 million volume, so the 2x leverage is approximately working for the moment. Reply
Divergence
Short Cut to Profits? A Closer Look at Inverse Funds [view article]
Point taken, Richard. Good article. Do you have any views about the tracking error issue in SKF et al now that they are unable to issue new creation units due to the short ban? ReplyShort Cut to Profits? A Closer Look at Inverse Funds [view article]
Dr DivergenceI said it "exposes" short investor to interest. That is meant to convey that interest "could" be a factor if the trade goes against the investor to create a margin call.
The point is correct about the "potential" for interest cost, which is not a potential cost with a non-margined long position in an inverse fund. Reply
Divergence
Short Cut to Profits? A Closer Look at Inverse Funds [view article]
Your point #6 is factually incorrect. No interest is paid on a short sale. The sale takes place in a margin account and the short SALE generates a free credit in the account. Generally the broker will credit the short selling customer with somewhere from 50% to 70% of the interest earned on the free credit, subject to negotiation based on account size, trading frequency etc. ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
3 month LIBOR went up before Wachovia was added to the mix. One thing our economy can't afford is a stronger dollar at this point. Take away overseas sales and the last pocket of strength disappears. ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
The idiots in Congress changed the Bail Out rules with only $250 Billion up front, Neither the EU or other Markets are taking this well. 5:11 AM CDT. ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
Re Paultaut1) As I understand it, CDS's can involve any type of debt. that is why it is so huge a number because it is not just mortgages.
2) I agree with you that things are moving to fast to deal with. We do need more time. Reply
Global Stock Markets: The Deleveraging Process Continues [view article]
The "new" proposal appears to be close to the originally proposed one, "Mortgage" related securities.Both House and Senate will supposedly vote on Monday. If the added Pork has been removed (Acorn Funding, $25 Billion to Auto makers, etc) and greater oversight is included, it might pass. Between today and tommorow over 100 pages will have to scrutinized.
Meanwhile, the FBI, SEC, and various State's Attys are going through the Books of Bear, Lehman, AIG and Frannie. They apparently feel that Sarbanes and Mark to Market Rules were violated and are trying to prove same.
The real issue is the Pressure the US has been putting on Foreign Accounting practices for years and the consequences of not "practicing what we preach" in the Global Financial Arena.
I have been following 3 month LIBOR since the Bail Out began, it rose over 30% as the drama unfolded and fell slighly on Friday. Where it goes Monday morning should give me an idea whether the Overseas Financial Markets approve of the revisions.
Wachovia has something like $120 Billion in Option Arms due for adjustment over the next year, they might actually survive with this bailout.
One thing I do not have a clue about is the CDS market which has over $60 Trillion involved. Are Credit Default Swaps considered to be "mortgage" related? I do not know.
I hope this Bill passes not because it will solve anything but because it will Buy more time. I would hate to become a citizen of a Banana Republic overnight.
Reply
Global Stock Markets: The Deleveraging Process Continues [view article]
I agree with SWRichmond,also,dlr!Th... is a web site that I like to read this mans comments,because of his own experence with the FED.!Goldprice.org. Americans better wake up & forget about Party lines & flood the phone & fax systems to DC or we will pay a heavy price in both our Freedoms & any Wealth this Nation will have left,after the Federal Reserve finishs off what it set out to do! ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
Call your Congressman and Senator's people, or reap the consequences. Rumor has it that the vote on the Bailout is going to be Monday in the House, and Wednesday in the Senate. You need to call now if you want to have any influence on their votes. ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
"It will serve the one purpose for which it was intended, the rescue of the Federal Reserve System."Absolutely correct. The Fed wants its balance sheet back. Reply
Global Stock Markets: The Deleveraging Process Continues [view article]
It is worse. The bailout leaves us the droll consumer who has nothing left to spend. Since is he 70% of the economy, suppose he slows down 5%, employment will show, and then the spiral. This is just half of the bail out. Look at the history of Japan's last decade. And not a thing works without the consumer having the funds to spend. How slowly we learn ReplyGlobal Stock Markets: The Deleveraging Process Continues [view article]
paultaut: If you're right, the credit markets will tell us soon enough. Reply