Word: assets
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...largest mobile-phone company, to issue additional shares this year. Ping An Insurance, China's second largest life insurer, and oil-and-gas conglomerate PetroChina are also expected to issue more shares. There's no way all can be winners, says Nicholas Yeo, a fund manager for Aberdeen Asset Management. "One of these large IPOs last year would have been impressive," Yeo says. "But can they keep pulling them off? Probably...
...fund but still invests in a few, doesn't worry too much about a meltdown. "My opinion is that the most likely scenario is not a blowup but rather that hedge funds as a group will gradually and continuously lose their edge (if they haven't already) over other asset classes," he writes in an e-mail. "Then they will 'top out'--like mutual funds, real estate, etc.--and then just be a fluctuating fraction of total financial assets--part of the financial landscape...
...largest mobile-phone company, to issue additional shares this year. Ping An Insurance, China's second largest life insurer, and oil-and-gas conglomerate PetroChina are also expected to issue more shares. There is no way all can be winners, says Nicholas Yeo, a fund manager for Aberdeen Asset Management. "One of these large IPOs last year would have been impressive," Yeo says. "But can they keep pulling them off? Probably...
...only stocks are at risk. Because of the liquidity that has been sloshing around the world, prices for all kinds of assets have been soaring in recent years. Virtually anything intrinsically valuable or desirable-real estate, metals, art, vintage wine, collectible watches, classic cars-has shot up in price. This universal asset inflation has been feeding on itself. For example, individuals and institutions holding real estate have been able to use their appreciating properties as collateral in order to take on larger debts, thereby increasing their consumption and driving up asset prices even more. As a result, asset prices have...
...problem with excessive monetary and debt growth is that it always leads to inflation in one sector of the economy or another. In the 1960s we had wage inflation, in the 1970s consumer price inflation, and now we are in the throes of breakneck asset inflation. But every type of inflation eventually ends. And when assets deflate, economic activity will suffer. Business slows, lenders call in their debts, companies go bankrupt-all of which is bad news for stocks, especially those that are priced as if risk no longer existed. Economic history is littered with periods of asset inflation that...