Category: Money Tips Date: 2006-03-06
Soaring commodity prices created a new generation of millionaires, just like the 90s as technology stocks boom, some lucky people have made a financial.
As in previous booms, fortune has favored the early adopters. In the 90 years, commodities have been labeled as "old economy label" has become the forgotten investment. The beginning of this century, after the Internet bubble burst, with the rise of the demand for commodities, then commodities began to truly enter into the investor's attention. Some people were really very lucky and they ran special fund to invest in commodities, but also the right time, while others are among the most astute managers of the column, they found that commodity is not so much is the current trend, not as good as said to be an inexorable force.
The darling of the market
According to British "Financial Times" reported that 41-year-old hedge fund manager David Beach is an example, because of his surge in commodity prices during the trading was very successful, and therefore decided to start off forever. Over the years, by David Beach Beach Capital Management hedge fund, after deducting fees and charges the average annual investment return of more than 19%, largely thanks to astute investments in commodities, and this is his investment strategy distributed as part of investment funds.
As the fund's founder, David Beach on April told investors that he was retiring and is ready to dissolve the scale reached 850 million U.S. dollars (about 485 million pounds) in funds to the first quarter of this year, a 15% return for his business funds come to an end.
Beach originally at GNI Fund Management, and subsequently founded in 1998 their own businesses. Over the years, Beach each week working from Monday to Sunday, and in more than 90 markets with transactions. Beach is now on holiday to commemorate his retirement. He said he remains bullish on commodities, but he pointed out that the best managers in the field who also acknowledged that not all commodities are the same.
Another "Super Star" is to manage the RAB Special Situations Fund, Philip Richards. He operated the fund, after deducting fees and charges, so that the original investors in the funds turned over 40 times. In January of this year, the fund's three-year return rate of 2708 percent, making it the best-performing hedge fund over the same period. Almost as striking is that Richards is little or no leverage.
"Natural resources have always been a very long cycle, a long and nasty down cycle that ended in 2001," Mr. Richards said. At that time the industry consensus is that commodity prices were recovering trend, but he felt that many of the global economic forces at work, including China and India, urbanization, are harbingers of a long-term bull market coming. He gave him the correct point of view has been enormously profitable.
Richards is not the only star manager, some fund managers to rely on mountains of statistical data, quantitative strategy, and accordingly hold a large number of commodity-related positions, which joined the commodities boom. One successful funds, including Man Group (Man Group) AHL fund "black box", and Winton Capi-tal Management theoretical physicist turned Daiweihading others.
Other smaller, and with commodity-oriented fund managers are also benefiting from the commodity boom. Like Ruffer Investments in Te Leifu Steele and Daiweibeike, the two have is to operate the General Fund of the Julian Gold Mercury in Bahrain effective go-getters, and their precious metals fund is up 32 percent this year, in 2005, rose 42.3%.
Trader worth double
The boom in commodity futures market to another would seem to be the hottest commodity traders themselves.
International businesses scramble to strengthen once-neglected commodity traders, while the top talent yet so little, so that experienced traders are now commanding seven-digit signing fees and bonuses to match. Industry executives said that in some cases, senior energy trader sign-on fees over two million U.S. dollars. 90s in the 20th century, during and after the Enron bankruptcy, commodities traders mostly flops. Today, soaring energy and metals markets has forced banks to expand commodity trading team.
This week, Citigroup analyst, said plans to extend its global commodity futures exchange to expand the number of staff almost doubled. Recently, Credit Suisse, Lehman Brothers and Bear Stearns and other banks will also strengthen their trading teams. Other investment banks such as Barclays Capital, JP Morgan, Deutsche Bank, Merrill Lynch, UBS, ABN Amro and BNP Paribas Deng Jun has been expanding their commodity trading business.
最近的一些大手笔签约包括亨里克·韦尔伯恩从赫斯能源交易公司跳槽到雷曼兄弟，还有石油期权交易员Xiao Qin离开高盛加入瑞银集团(UBS)?
A recruitment executive said, "They (oil traders) have now become some of the highest paid bank employees." Moreover, not only the industry's top traders in the enjoyment of the benefits of prosperity. According to industry executives said that even the less experienced traders have also asked six-digit contract fees, and sought assurances that money distributed as long as three years.
Capital flows into commodities
In today's era of the market is more open and transparent, hedge funds, commodity index funds and technology funds (also known as Commodity Trading Advisors), and more recently pension funds and endowment funds of funds, from 2000 into the commodity futures and options and other derivatives When billions of dollars, rose to more than today's estimated 150 billion U.S. dollars.
New Finance Capital's portfolio managers Daiweimuni said, "It is not like one or several funds that are driving prices higher, the (investment) effect from index funds and commodity trading adviser, these funds are yes go with the trend. "
But compared with a fixed interest rate securities and the stock market, commodities market is relatively small, it was suggested that so many will make the capital strength of capital inflows distort the price structure of commodity futures.
"Commodity market has bottomed reversed in 1999 began a 18-year is likely to continue the great bull market." Many people now beginning to believe that Jim Rogers had to say.
In recent years, Rogers was raised high the banner of the commodity bull market. In a media interview, he said, "Historically, commodity bull market will last 15-23 years, an average of 18 years. I do not know how long this will last, but according to history, this bull market will continue into 2014 to 2022 years, we have at least 10 years to 18 years of bull market. "Prior to that, Rogers, an investment seminar in London, is threatened that the next few years will surpass the performance of the commodity market stock and bond markets, and now he wants to do is to hoarding of cotton , zinc and copper. Rogers has also predicted that the global price of gold in the energy and raw materials prices will rise driven by a record 1,000 U.S. dollars / ounce.
However, "stock god" Buffett also have different views, a few days ago he was the popularity of real estate and commodity markets speculation has shown concern, he considered that the current commodity price boom is not because of fundamental factors, but there a lot of speculation capital speculation results. In addition to barley, corn, soybeans and other agricultural products, the Buffett that all other commodities have suffered irrational exuberance, especially in the two metals and petroleum products, the emergence of a frightening rise. Buffett said the rise in start-up phase was driven by the fundamentals, then the large influx of speculative capital, and dominated the entire market instead makes up the prices of goods.
