Cam Hui's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/285658/comments http://seekingalpha.com/article/1281011/comments?source=feed#comment-16494451 16494451 Tue, 19 Mar 2013 10:59:33 -0400 http://seekingalpha.com/article/1272911/comments?source=feed#comment-16325101 16325101 Fri, 15 Mar 2013 10:28:16 -0400 http://seekingalpha.com/article/1242841/comments?source=feed#comment-15830561 15830561
See http://bit.ly/13CVqv9]]> Mon, 04 Mar 2013 19:29:24 -0500
See http://bit.ly/13CVqv9]]> http://seekingalpha.com/article/1127271/comments?source=feed#comment-14102581 14102581 Thu, 24 Jan 2013 11:51:24 -0500 http://seekingalpha.com/article/1056961/comments?source=feed#comment-12558801 12558801
http://bit.ly/QWQVFS]]> Thu, 13 Dec 2012 09:50:54 -0500
http://bit.ly/QWQVFS]]> http://seekingalpha.com/article/694561/comments?source=feed#comment-6979061 6979061
China's miracle growth was powered by 1) low labor costs; and 2) CNY-USD peg, which gave rise to an inappropriate monetary policy for China. This meant that when their inflation rose, they couldn't raise interest rates because of the currency peg. Thus real interest rates went negative.

Since their bond market was also relatively underdeveloped, stock market highly speculative and banking interest rates had negative real rates, the household sector had nowhere to put their savings - except real estate. This has created an enormous property bubble, which is an unintended consequence of the currency peg.

Now that the Chinese authorities have painted themselve into a corner, how they manage the situation will be of great importance not only to China but the rest of the world.]]> Sun, 01 Jul 2012 18:22:56 -0400
China's miracle growth was powered by 1) low labor costs; and 2) CNY-USD peg, which gave rise to an inappropriate monetary policy for China. This meant that when their inflation rose, they couldn't raise interest rates because of the currency peg. Thus real interest rates went negative.

Since their bond market was also relatively underdeveloped, stock market highly speculative and banking interest rates had negative real rates, the household sector had nowhere to put their savings - except real estate. This has created an enormous property bubble, which is an unintended consequence of the currency peg.

Now that the Chinese authorities have painted themselve into a corner, how they manage the situation will be of great importance not only to China but the rest of the world.]]> http://seekingalpha.com/article/541311/comments?source=feed#comment-4933371 4933371
The jury is still out on the longer term trajectory.]]> Mon, 30 Apr 2012 10:02:46 -0400
The jury is still out on the longer term trajectory.]]> http://seekingalpha.com/article/509011/comments?source=feed#comment-4685251 4685251 http://bit.ly/JKS4aV]]> Mon, 23 Apr 2012 10:05:32 -0400 http://bit.ly/JKS4aV]]> http://seekingalpha.com/article/425001/comments?source=feed#comment-3416391 3416391
I was (incorrectly) bearish late last year, but to paraphrase John Maynard Keynes: When the circumstances change, so does my view.]]> Mon, 12 Mar 2012 20:17:01 -0400
I was (incorrectly) bearish late last year, but to paraphrase John Maynard Keynes: When the circumstances change, so does my view.]]> http://seekingalpha.com/article/425001/comments?source=feed#comment-3375331 3375331
1) "Good" austerity in the form of tax cuts and government cutbacks
2) Structural reform, defined as union busting and the elimination of the Europe social model

Part 2 creates sufficient labor flexibility to address the structural imbalances between northern and southern Europe.]]> Sun, 11 Mar 2012 11:02:09 -0400
1) "Good" austerity in the form of tax cuts and government cutbacks
2) Structural reform, defined as union busting and the elimination of the Europe social model

Part 2 creates sufficient labor flexibility to address the structural imbalances between northern and southern Europe.]]> http://seekingalpha.com/article/393601/comments?source=feed#comment-2965691 2965691 http://bit.ly/ztR38z]]> Mon, 27 Feb 2012 10:59:24 -0500 http://bit.ly/ztR38z]]> http://seekingalpha.com/article/385571/comments?source=feed#comment-2879191 2879191 Thu, 23 Feb 2012 17:50:32 -0500 http://seekingalpha.com/article/377061/comments?source=feed#comment-2850731 2850731
http://bit.ly/AlVgzQ]]> Wed, 22 Feb 2012 22:16:46 -0500
http://bit.ly/AlVgzQ]]> http://seekingalpha.com/article/377061/comments?source=feed#comment-2788581 2788581 Mon, 20 Feb 2012 17:38:07 -0500 http://seekingalpha.com/article/377061/comments?source=feed#comment-2765411 2765411 Sun, 19 Feb 2012 13:13:12 -0500 http://seekingalpha.com/article/341201/comments?source=feed#comment-2429561 2429561 http://on.ft.com/AF3Kis

As I understand it, there is no difference between what is acceptable as collateral under LTRO1 and LTRO2.

Not sure if they could put up US Treasuries as it is not denominated in euros. Even if they did they would be unlikely to do so as they would be subject to margin calls should the currency move against them (remember that this could be a highly levered trade).]]> Mon, 06 Feb 2012 19:06:11 -0500 http://on.ft.com/AF3Kis

As I understand it, there is no difference between what is acceptable as collateral under LTRO1 and LTRO2.

Not sure if they could put up US Treasuries as it is not denominated in euros. Even if they did they would be unlikely to do so as they would be subject to margin calls should the currency move against them (remember that this could be a highly levered trade).]]> http://seekingalpha.com/article/317328/comments?source=feed#comment-2151348 2151348 http://bit.ly/zWSRJf]]> Thu, 05 Jan 2012 18:12:50 -0500 http://bit.ly/zWSRJf]]> http://seekingalpha.com/article/314645/comments?source=feed#comment-2116964 2116964 Mon, 19 Dec 2011 19:09:23 -0500 http://seekingalpha.com/article/310867/comments?source=feed#comment-2072164 2072164 Wed, 30 Nov 2011 09:19:43 -0500 http://seekingalpha.com/article/310462/comments?source=feed#comment-2068479 2068479 Mon, 28 Nov 2011 21:34:46 -0500 http://seekingalpha.com/article/308234/comments?source=feed#comment-2043218 2043218
You also have to understand that precious metals and miners are part of the risk-on trade. Should a banking crisis hit the eurozone, these asset classes have not performed well. Consider, for example, how gold behaved after the Japanese earthquake. Gold and PMs went down, USD and Treasuries rallied.

I have no trouble with being long commodities longer term if you can live with drawdowns of 20-50% but I am of the opinion that you need to try to time your entry and exit points.]]> Wed, 16 Nov 2011 12:56:36 -0500
You also have to understand that precious metals and miners are part of the risk-on trade. Should a banking crisis hit the eurozone, these asset classes have not performed well. Consider, for example, how gold behaved after the Japanese earthquake. Gold and PMs went down, USD and Treasuries rallied.

I have no trouble with being long commodities longer term if you can live with drawdowns of 20-50% but I am of the opinion that you need to try to time your entry and exit points.]]> http://seekingalpha.com/article/308234/comments?source=feed#comment-2042484 2042484 Wed, 16 Nov 2011 09:15:59 -0500 http://seekingalpha.com/article/306931/comments?source=feed#comment-2031827 2031827
For more details see http://bit.ly/rNF7aM]]> Fri, 11 Nov 2011 00:38:01 -0500
For more details see http://bit.ly/rNF7aM]]> http://seekingalpha.com/article/306195/comments?source=feed#comment-2027055 2027055
It doesn't matter, the markets will rally because the Apocalypse is delayed.

As investors, you have to learn to be agnostic about whether a policy is right or wrong, but think more about how the markets will behave. As a human being, you can have an opinion about a policy, but don't let it affect your portfolio.]]> Wed, 09 Nov 2011 09:05:58 -0500
It doesn't matter, the markets will rally because the Apocalypse is delayed.

As investors, you have to learn to be agnostic about whether a policy is right or wrong, but think more about how the markets will behave. As a human being, you can have an opinion about a policy, but don't let it affect your portfolio.]]> http://seekingalpha.com/article/306195/comments?source=feed#comment-2025692 2025692
Image that the State of California requires that CALPERS buys California debentures which pay a lower than market rate of interest because it is "prudent" to do so. Doesn't that kick the fiscal problem down the road a few years?]]> Tue, 08 Nov 2011 15:00:06 -0500
Image that the State of California requires that CALPERS buys California debentures which pay a lower than market rate of interest because it is "prudent" to do so. Doesn't that kick the fiscal problem down the road a few years?]]> http://seekingalpha.com/article/304310/comments?source=feed#comment-2015353 2015353 Thu, 03 Nov 2011 17:59:05 -0400 http://seekingalpha.com/article/299268/comments?source=feed#comment-1971693 1971693 Thu, 13 Oct 2011 11:54:53 -0400 http://seekingalpha.com/article/296111/comments?source=feed#comment-1944656 1944656 http://bit.ly/pA6LCr

Not all banks will need recapitalization and not all banks will need all of their Tier 1 capital replaced so the full number of a Swedish-style rescue will be less - probably in the EUR 400-600b range. That's very do-able.]]> Fri, 30 Sep 2011 13:20:18 -0400 http://bit.ly/pA6LCr

Not all banks will need recapitalization and not all banks will need all of their Tier 1 capital replaced so the full number of a Swedish-style rescue will be less - probably in the EUR 400-600b range. That's very do-able.]]> http://seekingalpha.com/article/296111/comments?source=feed#comment-1937634 1937634 Tue, 27 Sep 2011 18:46:05 -0400 http://seekingalpha.com/article/296111/comments?source=feed#comment-1937630 1937630 http://bit.ly/nx3Vy6

If Greece devalued and left the eurozone, it could potentially take down the banking system in the periphery countries within the eurozone.

There are no good ways out.]]> Tue, 27 Sep 2011 18:44:57 -0400 http://bit.ly/nx3Vy6

If Greece devalued and left the eurozone, it could potentially take down the banking system in the periphery countries within the eurozone.

There are no good ways out.]]>