Word: investor
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...looking for an explanation of the wild behavior of financial markets in recent days, this failure to get a grip on risk is as good a one as any. Many analysts attributed the mini-panic that began in Shanghai to a sudden change in investor "risk appetite." But why now? What suddenly made everybody see the future as riskier...
...Roller-coaster rides are not unusual for China's stock markets, which sometimes resemble a casino in Macau. What happened next, however, was decidedly unusual: investors in New York's equity markets woke up, saw that Shanghai had tanked, and had a collective heart attack: they sent the Dow Jones industrial average down more than 400 points, its biggest single-day drop since Sept. 17, 2001 - the first trading session after the terrorist attacks of 9/11. The drop in New York, in turn, fueled fear in markets across Asia the following day, and suddenly investors were seized by visions...
When Jack R. Meyer, former CEO of the Harvard Management Company (HMC), left the University to establish his own hedge fund with a record-setting $6 billion, investors expected him to continue his string of market-beating performance. This past year, however, showed that even veteran investors can struggle in changing markets. Meyer, who headed HMC from 1990 until September 2005, is credited with growing Harvard’s $4.7 billion endowment to $25.9 billion before his departure. His success at Harvard led the University to initially invest $500 million with Meyer’s new fund—Convexity...
Beijing may have good reason to apply the brakes. In frothy markets, investors tend to form unrealistic expectations. They buy into an ill-founded theme, whether it's about future demand for tulip bulbs or, in this case, the notion that China's economic growth is boundless. David Webb, an independent investor based in Hong Kong, says that this is what's happening with many China stocks. "Once you get past the hubbub, the fundamentals behind these prices just aren't there," he notes...
...surprisingly, comparisons are being drawn between China's stock boom and the U.S. dotcom bubble. Certainly there are similarities, such as a frenzy for initial public stock offerings. As investor demand for Chinese stocks has increased, so has the list of mainland companies eager to cash in on the mania by going public. In 2006, Chinese firms raised more than $53 billion in the Hong Kong and Shanghai markets through IPOs and secondary share offerings, up from $24 billion the year before. Among them was the largest IPO in history, November's $22 billion listing in Hong Kong and Shanghai...