Word: bets
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Dates: during 1990-1999
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...saying, exactly. But the safe bet is that Greenspan believes U.S. banks are in trouble. Big trouble. Maybe on the brink of a disaster to rival that of the S&L crisis (and subsequent government bailout) of the late 1980s. "The Fed did an internal investigation to see how much exposure the banks had to hedge funds and other high-risk investments," says TIME senior economics reporter Bernard Baumohl. "The cut was a clear signal that conditions are more severe than most of us realize...
...junk bonds; this time it's derivatives. Buying a derivative is taking a bet -- called an option -- on the price of a stock at some future point. The plutonium of the financial world, derivatives are complex financial instruments that, in steady economic times, can churn out megatons of money for investors. Bet badly, though, and you get a meltdown. When Long-Term Capital Management, a high-risk, high-rolling hedge fund based on the formulas of two derivatives Nobelists, went belly-up last month, Greenspan realized that the damage wasn't restricted to the brandy-and-cigars crowd. Banks...
...anyone want to invest in a hedge fund? Historically, these funds have delivered superior long-term returns--in falling markets as well as rising ones. Hedge funds are so named because they're better able to hedge risks. They are meant to play both offense and defense. They can bet on some stocks to rise and others to fall. Even when they bet on a stock to rise, they can buy a separate position that cuts their losses if that stock falls sharply. And they can invest in any instrument--stocks, bonds, pork bellies--in any country they want...
...fairly traditional hedge-fund manager, I use leverage sparingly and don't buy any instrument whose price can't be found in the Wall Street Journal. I bet on stocks that my research shows to be under- or overvalued, not on the direction of the French yield curve or the Thai baht. I play defense by betting against stocks that are too expensive, usually by buying put options--in essence, borrowing shares that I can repay at a profit after the price declines...
...BET ON BILL" GAMBLING SITE...