Izimali uthango eRussia futhi emhlabeni simo, isakhiwo ukubuyekezwa. izimali uthango - kuba ...

A uhlobo emthunzini ezihlukahlukene eyeza nezazi zezinkanyezi ezikhuluma nasekuqageleni amashumi eminyaka kokufinyelela inhlangano ngayinye, ngokuthi isiKhwama uthango. Ngeshwa, lokhu namanje akusona isimanga, njengoba okushiwo kuyiqiniso futhi izici umsebenzi ezinye ihhashi elimnyama, ngisho zezomnotho ebona. Lokhu ngokuyinhloko izuzwe elithi "udonga" esihlokweni - ekuphathweni kwezimali imvelo, Imibandela, kusho ukuqinisekisa cula izingozi zezimali.

Yiqiniso, amakhasimende khohlanisa mayelana nezinhlangano ezifana abaningi kunjalo beqonda kuphela njengoba lomshuwalense ezihlukahlukene inkinga izimo emkhakheni wezezimali, babe ngesandla esivulekile enongiwe nezinabantu abaningi kakhulu AKHAWUNTI eyakhayo evela izimali ngokwabo mayelana nokuphumelela nemisebenzi yabo. Nokho, empeleni lo mshini zezimali usebenza akunjalo, njengoba kusikisela, futhi lena yindlela engasebenzi kahle into bonke abantu kufanele bazi unesithakazelo inzuzo zimali.

Ingqikithi nenjongo inhlangano

izimali uthango - sangasese nokulingana ukubambisana, ogama Inhloso ukukhulisa nenzuzo yokutjala ukuze zimali zinikezwe ingozi noma ingozi kwezintela isivuno okunikeziwe (yilokhu uchaza igama elithi "udonga" egameni -. kusukela Ukuvikelwa isiNgisi, umshwalense). Lona kanye uhlobo lezo zimali ingabe umbono elula yokuthola inzuzo engaguquki ngesisekelo emabhange utshalomali kungakhathaliseki isimo emakethe wamanje: noma engakaze ibonwe kuwa noma abalulekile ukukhula. Ukuze izinkinga ezinjalo, sebenzisa eziyinkimbinkimbi amasu ezezimali, ngokuvamile okuhlanganisa futhi asizakale ukuthenga amasheya ngendlela ukudayiswa Long noma esifushane, nabanye abaningi.

Yonke nomkhakha we ezihlukahlukene kwemali ukuthi kungathatha Isikhwama ebanzi kakhulu. Futhi ukuphathwa ingozi kuphela emakethe - kunalokho akubona izinhlangano abathile kuphela uthango, iningi lesi sici yakhe - ungoyedwa amathuluzi yinto engenzeka ukuthi sisebenzisane izimali, kodwa hhayi umsebenzi kuphela.

Ikakhulu emabhange imali etshaliwe yi abaphathi izibambiso adayiswa obala, kodwa, ngokuyinhloko, bayakwazi ukutshala cishe konke ukuthi, ngokombono wabo, isu uyakwazi eminye ukuletha inzuzo: umhlaba, ingcebo, lezimpahla emakethe, lwemali nokunye .. umkhawulo kuphela kulesi sici, ngqo engamiswanga isimemezelo utshalomali yesikhwama.

Ngesikhathi esifanayo amathuba njengoba ebanzi utshalomali practice etholakalayo alulona olwawo wonke umuntu ofuna ukwandisa Engcebweni yakhe: ukufinyelela uthango Isikhwama ivuliwe noma "egunyaziwe" noma zimali professional kuwufanele kabani net kumele singeqi okungenani $ 1 million (ngaphandle izindleko yokuhlala zako ezisemqoka). Lo mngcele ukhona nge-akhawunti ye-abagcini zimali professional kakade uzilungiselele ukubhekana nobunzima noma izingozi, okubandakanya olubanzi utshalomali ukumenyezelwa uthango izimali. Imikhawulo inani ababambiqhaza, abatshalizimali ezanquma Commission on Zezibambiso and Exchange Commission futhi abantu 99 esiphezulu, lezo okungenani 65 kumele kube, njengoba kushiwo ekuqaleni, "izitifiketi" (zimali, imali net okuyinto, ngaphansi komthetho wase-US, kumele okungenani $ 200 ayizinkulungwane). Banikezwe nobubanzi kungenzeka izenzo Isikhwama, izingozi kungaba eliphezulu kakhulu, okuyinto umthetho uphoqa zimali ukutshala imali ngendlela yokuthi ukulahlekelwa kwabo Imininingwane akusho kuhilelani sanoma yikuphi ukulimala kwe ibhajethi umndeni.

Ukuzalwa inguquko kanye izibazi ongenakucimeka wokulingwa on emnothweni wezwe

Unique ngesikhathi sako isizukulwane inzuzo abahola isu ukuthi avela nesazi-American Economist Alfredom Uinslou Johnson, owayehambele ngo-1949 wasungula uthango Isikhwama wokuqala emlandweni. Ubuqambi hedged igama Isikhwama, efana yakhe. Imiphumela yomsebenzi wakhe, wanyathelisa eyisithupha kuphela kamuva, ngo-1965, lapho kukhiqizwa komsindo, futhi isithakazelo emakethe. Kuyo, wachaza ngokuningiliziwe yonke indlela amasu nomholo endaweni falling kanye nemakethe ekuphumeni ngokusebenzisa inhlanganisela ka ukuthenga nokuthengisa ngamasheya overvalued bengahlonishwa.

Eyokuqala kukhona izibambiso, ukubaluleka lwamanje okusezingeni eliphezulu, kodwa kulokhu kukhona izimpawu - izici-the harbingers lokho wokugoqa intengo esikhathini esizayo. Ezibekwe emazingeni aphansi - uhluke lapho intengo yamasheya liphansi, kodwa benza uneminye izimfanelo, futhi ithuba lokwanda.

Ukusebenzisa imigomo generalized, isu ezichazwe ngenhla, Jones zathola imiphumela umxhwele - ukubaluleka ukutshalwa yayo phezu kweminyaka eyishumi khona isikhathi, lesisikhwama safinyelela 670%.

Icebo yimpumelelo kwaba ukusabalala omkhulu, futhi ngo-1968 e-US ngo-Securities and Exchange Commission ibhalisiwe utshalomali izinhlangano umlingani mayelana 140, olungena ngaphansi kwencazelo "uthango Isikhwama."

Nokho, evula indlela ngesikhathi sako, umqondo eduze wezimali ngo 2008-2009 yaphenduka inhlekelele ezinkulu ngokwezimali, ngokuthi emibuthanweni ebanzi njengoba 'ukuhlehla omkhulu ". Eyenziwe kokuqagela ngokuya eziningi futhi ngokuya eziyinkimbinkimbi tetimali, inhlekelele yembulunga yonke leyo minyaka wathola nethonya elikhulu kusukela uthango izimali ngokwabo, futhi uthango izimali - okungukuthi, empeleni, inhlangano zokucabangela. Nokho, ngenxa umnqopho, kufanele kuphawulwe ukuthi bubble Ekhala lokuqala kulesi siphepho wezimali kwaba nje izindlu. Ezivelele mortgage loans esikalini yezinkanyezi ikhishwa ngesikhathi ngokoqobo wonke omunye umuntu (izinto eziningi eside futhi labo abamagama solvency ngokuvamile ayikwazanga ukuvala izibopho izikweletu), ngamthatha phansi zonke emkhakheni wezezimali kanye credit ke lenkinga ngokugcwele njengoba ibhebhetheka emnothweni wangempela uthi States kanye amazwe nakwamanye amazwekazi.

Idlala ku-slide ngamasheya amabhange, utshalomali uthango izimali kanjalo kuphela babhebhethekisa ukwesaba ezikhula zezimali ukuthi kakhulu catalyzing ukuwa kwezomnotho okwenzeka emhlabeni wonke. Futhi noma ezinye icala kulezi zinhlangano ngoba konke okwenzeka ngaleso sikhathi akunakuphikwa, kodwa hhayi kuphela akazange bathonya izenzakalo. Ukuhaha kuyimbangela abathengi ngokwabo, okuyinto neze kunabayeni kuya profiteering zezomnotho, bakhangwa ukubukeka mass elikhulu credit izikweletu ukuthi ngokuvamile umphumela babe ongalingani ngokuphelele ikhono lazo ukukhokha.

Kuze kube manje, lo womhlaba wasimama imiphumela ezinzima kokuntengantenga, futhi ukulawula imisebenzi uthango izimali kakhulu olusha ngemuva igalelo ngokulambisa reparable isithombe sawo njengoba izikhungo zezimali. Sekukonke emakethe izwe inemali uthango mayelana 12.000, ukulawula izimpahla kubalwa e izigidigidi aseMelika. Nokho, ngenxa eziyinkimbinkimbi futhi kudida kakhulu ezimweni eziningi, isakhiwo zomthetho zalezi zinhlangano, ukubala amanani enembe kakhudlwana yokulawula amafa izimali eziqondile kunzima kakhulu.

izingxenye isakhi indlela eyodwa

izimali uthango - kuba ezimweni eziningi eziyingqayizivele enhlanganweni yayo ngokubambisana ne izici eziningi kanye umehluko wemisindo nemiqondo yamagama. Ezinye ngendlela emangalisayo kuyinkimbinkimbi futhi kuyindida, abanye abiza isakhiwo njengoba elula esobala - konke lithembela ngokuphelele imigomo, amasu nezindlela zokusebenza yesikhwama. Nokho, cishe noma isiphi isakhiwo uthango Isikhwama siqukethe izici ezilandelayo esemqoka:

• Abatshalizimali - kakhulu abantu kungekho amafa okungakwazi kube khona futhi ukusebenza kwesiKhwama. Inhlangano inikeza amasevisi zayo ukuba abatshalizimali, labo esimweni sivumelwano, ukutshala noma iyiphi ingxenye nenhloko-dolobha yalo. Ngemva kwalokho, ngenxa ukusetshenziswa ngokufanele-ke, ngesisekelo yathela inzuzo emakethe, kokubili iklayenti futhi kulesi sikhwama.
• Yisiboniso yasebhange noma umgcini - .. Lokhu ebhange, umsebenzi kabani main ukuhlinzeka okunokwethenjelwa isitoreji amafa zimali, kungaba lwemali, izibambiso, amatshe ayigugu, njll Kwezinye izimo, lesi sikhwama okungadonsela yasebhange "yabo" ukuqhuba kanye / noma ukucutshungulwa ukuthengiselana (kodwa ikakhulukazi kuba umsebenzi ngisho broker prime). Ngaphezu kwalokho, wokuba umgcini walo mcebo futhi behileleke ukulungiswa imibiko ukuthengiselana benziwa akhawunti yesikhwama; yokuqinisekisa ukuhambisana realpolitik control ezishiwo Isikhwama sisekelo uhlu imigomo. Yiqiniso, ungenza okufanayo ngokuvamile ebhange elikhulu nge idumela okuqinile omuhle.
• umphathi - umuntu noma, njengoba umthetho, inkampani ichaza lonke Isu lokutshala izimali, kanye umthwalo ngasinye Isikhwama yokutholwa izixazululo. Ngaphezu kwalokho, umphathi uthango Isikhwama futhi uphatha yonke imisebenzi.
• IBhodi Yabaqondisi - eyenza ukuqapha imisebenzi ukuphathwa, kanye nezinkampani ukuthi sihlinzeke izinhlelo kulesi sikhwama. IBhodi egunyazwe ukuxazulula izingxabano kanye nezindaba ukungqubuzana phakathi kwabanikazi bamasheya kanye nezimenenja, ukuqasha abasebenzi ukuze ukhiye izikhundla Isikhwama. Lokho amalungu ebhodi ngabanye nesibopho (kufika ku lobugebengu) kuhambisana zonke Isikhwama ebekiwe izimiso nemithetho memorandamu.
• umlawuli - Thola ukubaluleka net Isikhwama kungakhathaliseki umphathi, okwenza kube abalulekile yokuncishiswa uma kwenzeka iphutha elilinganisiwe yokugcina. Nokho, abaphathi kakhulu ukwabela imisebenzi ezimali yokubika, nokukhokhwa izikweletu, isixwayiso bamasheya-akhawunti imisebenzi, ukusatshalaliswa inzuzo kubanikazi bamasheya, kanye okubhaliselwe namasheya / amayunithi yesikhwama nokuhlengwa yabo.
• I-broker eyinhloko - kule indima ngokuvamile ebhange imali enkulu, okungadingi afeze ukuthengiselana ngezikhathi ezithile egameni Isikhwama uthango edayisa yangasese. Isikhwama nomdayisi Primary inikeza ezihlukahlukene Imisebenzi eprofetjhinali ezihlobene ukusula (ukusula zokuhlala phakathi amabhizinisi / izinkampani / amazwe ngokusebenzisa imikhiqizo / lokuphepha / amasevisi), amasevisi nokusekelwa tekusebenta.
• mabhuku - umuntu enza yokuqinisekisa ukuhambisana nemithetho ukubika isitokwe accounting kanye nomthetho wezimali. Ukuphatha ngokuvamile wenze ucwaningomabhuku njalo ngonyaka, kodwa ngisho ukuhlolwa ezingavamile esinjalo asisho ukuthi akudingeki zibe khona ezingaphazamisa lesi isikhundla ohlakeni lwale nhlangano - ngaphandle kwezinye izinkampani service mabhuku noma third-party ejenti neze uyavuma ukugcina isikhwama.
• iseluleko Legal - kuyadingeka ukuqinisekisa isimo ilayisensi Isikhwama, okuyinto ekhishwe nabalawuli ogunyaziwe ngaphansi nezimfuneko ezithile eziqondile. Ilayisensi kuvula up a ububanzi obanzi kakhulu amathuba bese usetha base zimali, kodwa ngaphandle ukuthi, kwathintwa uchwepheshe livame ukusetshenziswa ekuphetheni izivumelwano ezihlukahlukene futhi izivumelwano.

ngaleyo ndlela Kubonakala isakhiwo uthango Isikhwama. Nalapha futhi, ezimweni eziningi, le isikimu ku umkhuba kungaba ngisho elilula (ngisho ne nokungabi khona kwanoma yiliphi yezithombe ngenhla) noma omunye umuntu tortuous okuningi futhi kunzima.

"Isikhwama ejwayelekile": izinhlobo kanye ngezigaba ngesisekelo kwesu eliqhubekayo utshalomali

Ngaphezu kwalokho, naphezu kwezingubo ingxenye kwesakhiwo, ngemuva-International Monetary ikhomba ezintathu izinhlobo uthango izimali:

1. izimali Global - nemisebenzi yabo ukumboza wonke emakethe emhlabeni. Nokho, isu ngokuvamile eba lolu hlobo izimali ngesisekelo ukuhlaziya kanye izibikezelo we Dynamics lamasheya izinkampani ngabanye.
2. izimali Macro - ukusebenza kuphela ngaphansi kohlaka emakethe ethize kazwelonke. Ngokuvamile kusekelwe emigomweni yomnotho wezimali ka ezweni elithile.
3. Izindleko isihlobo kwezimali - acwebile uhlobo zakudala uthango izimali, njengoba ayenjalo ekuqaleni ukhona. Zibandakanye nezimali stock market zanoma yiliphi izwe elilodwa, usebenzisa isu elihle endala ukuthengisa amasheya overvalued nokuthenga okungalinganiselwanga. Kulokhu, umphathi yengamela isimo samanje emakethe ukukhetha okwamanje efaneleke kakhulu into bese uthole inzuzo esiphezulu.

Yiqiniso, kule ngezigaba esemthethweni ukuhlukahluka emakethe emhlabeni uthango izimali akugcini lapho, ngoba kancane evimbela isilawuli ukudala ezihlukahlukene zenyathi ezengeziwe futhi amagatsha, uma kudingeka.

Ukuze uthole ukwaziswa okwengeziwe mayelana nezikhathi zokusebenza uthango izimali

inqubomgomo lobambiswano seningi eliphelele uthango izimali igxile ubulungu eside zimali, ukuze iminikelo yabo bahlale anawo Isikhwama isikhathi eside ngesikhathi. Lokhu ikakhulukazi siphathelene ekhishwa imithetho: zimali kufanele ukuvimbela inhlangano nesinqumo esifanayo kusengaphambili, futhi igebe phakathi isaziso kanye ukwesulwa kobulungu kungenzeka izinyanga 2-3 (kuncike kwemithetho esungulwe). Enye ezivame ukubhekana nazo emasimini umkhuba okunye - ukudamba ngokushesha yonke iminikelo ngokheshi, kodwa amanani ukuthenga / ukudayiswa kwempahla kunqunywa ngqo yisiKhwama. Futhi-ke, ezimweni eziningi ezinjalo, yini umehluko phakathi kwalokhu ifinyelela izinkomba abalulekile kakhulu.

Ngokwesibonelo, uma ufaka, kokushiya noma okunye wokwehla olungaphelele igalelo lalo lonke ivolumu nokutshalwa kwezimali umlingani ngamunye ibuyekezwa futhi, ngokufanelekile, isilinganiso ukulingana ngokuya zishintsha. Ukwesulwa kobulungu yenombolo zimali kungenzeka kakhulu ukukhulisa inzuzo Imininingwane phakathi esisele: ukuphathwa kungaba sikhokha izimali kokushiya kude utshalomali yimpumelelo kakhulu, kokushiya amafa ethembisa ngaphezulu iphothifoliyo yakho. Ngakho, ngemva kwesikhathi esithile, kwavulwa isikhwama uthango ungathola waba ukwanda okukhulu kwezincwadi zihlomule emnothweni ngenxa umnikelo ngaphambilini ukudalwa engenayo kwalandela kuhoxiswe kokuya zimali, kodwa kuze kube kwadingeka isikhathi sokuthi ukuthi iphuzu nesithakazelo ngenxa izinzuzo. Nokho, uma abezindaba uthango Isikhwama baboné mkhuba eqinile maqondana entry asebenzayo zimali, kusukela nomphumela ophambene ngokuphelele ngesimo mass uvalo uphume abalingani futhi sonke sibhekana. Ngokuvamile, igcwele hhayi kuphela ekwindla ka zihlomule emnothweni, kodwa futhi ucabanga ephelele yonke inhlangano.

Okuningi kuyadida kuka endaweni ebanzi lekusisa ezezimali, kuba uhlelo enwetshiwe amakomiti. izimali uthango akuzona kuphela Coefficient eyodwa kodwa izindleko, futhi 2% ekuphathweni kwempahla ngokwabo futhi 20% wanoma yimuphi inzuzo. Kulokhu, ngisho noma umphathi ulahlekelwa imali futhi abalethanga encane ayeyithola,, ngokuvumelana Izihloko Incorporation, kunoma yiliphi icala, ukuthi lawa 2% umthamo isamba izimpahla elawulwa (isimiso esinjalo iye ngokufanele ngokuthi "2 no-20"). Okunjalo amacala ikhomishana uhlelo eyayiqhutshwa iningi labantu emhlabeni uthango izimali. Nokho, abahlaziyi abaningi manje ikakhulukazi ukugcizelela isimo ukudluliswa kancane kancane izimali ohlelweni "1 no-10". Esimeni lapho ukulawula Akukhona nje ukushaja ukubala kusukela sengqondo amafa, kuyahlanganiswa ikhomishana iphesenti ephakeme ku enzuzweni ezokwakhiwa.

Ekufuneni inzuzo enkulu: imisebenzi wesimanje nge Isu lokutshala izimali

amathuba ahlukahlukene kakhulu futhi izindawo zokutshala izimali, kanye umphumela izici eziningi ezahlukene njalo nomthelela isizukulwane kanye nokuqaliswa ubuchwepheshe obusha ngoba ngemali uthango izimali. Nokho, naphezu kwalokhu, yesimanje eziyisisekelo isu umsebenzi emkhakheni wezimali kungenzeka zokuhlukanisa izinhlobo ezimbalwa ezivamile:

• Long / isikhundla emifushane (Long / isikhundla iDemo) - ngokuvamile izimali uthango umsebenzi onjalo isu nge 40% ama-asset ayo. Kuyinto ukuthola amafa bengahlonishwa (eside) nokuthengisa kuzwakala kuyihaba (omfushane).
• Arbitrage Market kwezomshado (Market-Neutral Arbitrage) - kusebenza kuphela uma omunye futhi kahle imali efanayo value at ukushintshisana ezahlukene. Isiphathi kufaka isikhundla eside amafa overvalued kwenye exchange iDemo ngakolunye - lapho izimpahla elifanayo overvalued.
• Indlela Abasabela Ngayo izenzakalo (Izinkundla Driven) - isu kusekelwe inani badlale ukwabelana yimuphi izinkampani ukuthi iye yashintshwa ezithile (kungakhathaliseki ekubumbaneni, ukuthathwa lokusebaleni, kuhlela kabusha, njll ...). Ukuphatha zibeke isikhathi inzuzo ngemisebenzi (Thenga / ethengisa) ukuze uqondanise lezi amanani kwalabo emakethe.
• isikhundla iDemo (iDemo Bias) - uma lesi sikhwama isu ngokuvamile ophethe isikhundla esifushane, abahola ukwehla emakethe.
• Inani langempela (Value) - investimenti eyenziwe izibambiso Bathengisa at isaphulelo impahla eziyimbangela noma bengahlonishwa emakethe.
• Crisis izibambiso (Ezicindezelekile Securities) - ukuthenga ukwabelana at isaphulelo ngokujulile kanye nezikweletu izinkampani ukuthi sekungaphezu ucabanga noma ukwakha kabusha. Ukusebenzisa lelisu izitshela ukuthi ngenxa izinguquko zangaphakathi izinkampani ezikhethiwe kuyoba enamandla kakhulu ngokwengeziwe, eziletha nalo inzuzo.

Ngokuvamile, izimali aye ayisebenzisa kaningi amasu okuxubile, usebenzisa i-nzuzo, eziningana yezindlela umsebenzi letinikwe lapha ngenhla.

isiqondiso Standard: yiziphi imithetho yalo mdlalo kanye asizakale akhona for uthango izimali?

Adalberto isikhathi eside uthango izimali bebodwa eziphethe imakethe yomhlaba wonke ngenxa ekusithekeni yabo nomthethonqubo abayekethisayo kwemali. Nokho, kwakunezinxushunxushu ephelele kanye nenkululeko isinyathelo Yiqiniso, inkulumo ngikwazi - isiqondiso normative kwaba izimali, kuyinto futhi njalo kuthanda. Namuhla, uma kubhekwa ithonya labo elikhula ngokushesha emakethe zomhlaba futhi ukubonakaliswa ngokuya njalo yokuxhashazwa ahlukahlukene nokuhweba, okukhethekile ikhomishini futhi iziphathimandla ukugada nokulawula kwabo ngokuphelele kunanini ngaphambili.

Ikakhulukazi, yethulwa ngo-March 2012, i-IMISEBENZI Act (Jumpstart wethu webhizinisi Ukuqala Mthetho) ngemuva kwesikhathi esithile yashintsha sasivumela okuphawulekayo uthango izimali. Sikhanyisiwe njengendlela yokuthola ukugqugquzela ngezimali izikhungo ibhizinisi ezihlukahlukene encane, isenzo buthaka ukulawula izibambiso emakethe. Ngenxa umthetho omusha, uthango izimali, banikelwe amathuba abo utshalomali, cishe sekube abahlinzeki main yokuthola imali ekuqaleni abantu abadala kanye namabhizinisi amancane. Ngemva kwalokho, lesi senzo yaba nethonya elikhulu ngo-September 2013 kwi wavulwa nokukhangisa uthango izimali kanye namafemu ukunikela nokubekwa ngabanye kwamatayitela.

Emazweni amaningi, izimali uthango ukuthi ubikele esimweni iziphathimandla zezimali ngesicelo lokuqala izikhundla ezinkulu izivumelwano ku currency angaphandle, kanye ukwazisa mayelana izikhundla zabo phezu esanda kukhululwa kwegazi noma ulungiselela ukukhipha izibambiso. Izinyathelo ezinjalo yethulwe ngokuqondile ukuze anciphise zemali kanye nokuqiniswa ukulawula ukuhamba capital abadlali omkhulu musa aphula ama-izithakazelo abadlali encane emakethe.

Ngaphezu kwalokho, inqubomgomo lokulawula isimo uthango izimali futhi kuhloswe ngazo ukunciphisa ubungozi letindzala ka destabilization kohlelo lwezezimali iyonke. Lokhu kubonakala ukulawulwa izimfuneko usayizi wekhasi, eseduze kuletse ukuthi abaxhumanisi zezimali avulekele amakhasimende ngabanye.

Ukuze uvimbele ingozi uboleka uthango izimali nabashintshi ngobukhulu eyinhloko namabhange nsukuzonke kuthiwa kabusha ahlola ezikhundleni zawo ezilinganiselwe kwindawo intengo emakethe kwezimali uyasho. Lokhu kubolekisa ngemali kufanele unikezwe eseduze ezanele ngesimo ezibaluleke. Ngaphezu kwalokho, amabhange Unelungelo bekani imingcele uboleka i Isikhwama ngasinye, ngokusekelwe ukuqapha abo Isu lokutshala izimali, imali nyangazonke, amacala kokushiya zimali kanye umlando ubuhlobo bezebhizinisi.

Impumelelo uthango izimali ezweni namuhla

Phakathi naleso sikhathi, hhayi izikhathi ezingcono ukuze uthango izimali uyaqhubeka ukudonsa ngisho ne ngonyaka odlule. Inani inzuzo babengamaphesenti aphansi ukwedlula kumanani esilinganiso ezilotshwe kule minyaka embalwa edlule: kwekulu uthango izimali wathola $ 517,6 million wangonyaka odlule, yini? Ochwepheshe abathile? imiphumela engcono ngo-2014, kodwa wonke u-40% ngaphansi ngokuziqhathanisa inzuzo wathola ngo-2013.

Nokho, intengo wonke amafa, noma ngenye indlela ahileleke imisebenzi uthango izimali, lenyuka cishe $ 51,7 billion, lafinyelela Kubiza balinganiselwa $ 2.97 trillion.

Umkhuba engakhi inzuzo ukwehla ibonisa ngokucacile hhayi kuphela ukulahlekelwa eziphathekayo zezimali wahlupheka ngisho best uthango izimali zomhlaba, kodwa futhi izinguquko asobala izilinganiso abadlali esiqine emakethe. It salahlekelwa njengoba owaziwa izibalo ezifana Dzhon Polson ka Paulson and Co, Leon Cooperman of Omega Advisors, kanye Daniel Loeb ka Okwesithathu Point. Izindawo zabo zangaphambili lizimelele abadlali ezifana Ken Griffin ka Citadel futhi Dzheyms Saymons ka Renaissance Technologies. Bobabili-2015 bakwazi uthole irekhodi $ 1.7 bhiliyoni, ngaleyo ndlela kufanele wawenyukela isinyathelo abaphathi esiqine uthango Isikhwama.

Isilinganiselwa uthango izimali ziyahlukahluka kakhulu, wamshaya laqonda phansi kakade, esibonakala, osekuyisikhathi eside isetshenziswa kanye nabaholi emakethe. Ingabe izikhundla abadlali bayo phezulu zamanje abahlupheki ukuze ekupheleni ukulahleka onyakeni obalulekile - kuyocaca ngokuhamba kwesikhathi. Okwamanje, ubuholi bonke uthango Isikhwama kule planethi egcina kweshumi le control:

umphathi	Foundation	inzuzo
Kenneth Griffin	citadel	$ 1.7 bhiliyoni
Dzheyms Harris Simons	Renaissance	$ 1.7 bhiliyoni
ray Dalio	Bridgewater	$ 1.4 billion
David Tepper	Appaloosa	$ 1.4 billion
Israyeli Inglander	Millenium Mgmt	$ 1.15 bhiliyoni
Devid Shou	DE Shaw	$ 750 izigidi ezingu
John Overdek	amabili Sigma	$ 500 izigidi ezingu
David Siegel	amabili Sigma	$ 500 izigidi ezingu
Andreas Halvorsen	viking Global	$ 370 izigidi ezingu
Dzhozef Edelman	Advisors okuqonda	$ 300 million

izimali uthango Russia: izilinganiso, amathemba kanye izitayela evezwe

Hhayi izikhathi inzuzo kakhulu uthango izimali futhi kwathinta uzakwabo Russian abadayisi American. Ibonisa ukubuyiselwa negative, isimo nge izimali basekhaya Imininingwane lingaphansi ezimibalabala kuka emakethe entshonalanga, lapho izinhlangano ezinjalo abhekwa omunye amathuluzi enokwethenjelwa kakhulu zezimali, njalo ukuveza 20% nenzuzo yokutjala nge ingozi sakugcina ezimweni eziningi.

ERussia, izimali utshalomali ngokuyinhloko emelelwa mutual funds (izimali utshalomali mutual) bese ekhokhela izikhungo zokuphatha (izimali jikelele ukuphathwa ebhange). Ikakhulukazi izimali uthango eMoscow ngokuvamile babe isimo ithemba. Ubude uthango otchestvennyh Isikhwama manje mayelana eziyisithupha kweshumi. Isibalo efanayo yabhaliswa maphakathi nawo-Eighties e-US, lapho emakethe ngalezo zinsuku bayaziswa ngempela izimali uthango. ERussia, umthetho kakhulu kuvimbela amathuluzi izimali, singavumeli ukusetshenziswa ndathane amasu emakethe. Ngenxa yalesi sizathu, ingxenye enkulu Russian utshalomali ukubambisana bhalisiwe zokuzamazama sogu lolwandle.

Ngakho-ke, ukwamukelwa kwenkolelo-ze eziningi izinguquko umthetho ophathelene nezinkampani ezenza inkinga kungaba ngokuphawulekayo sikhuthaze Russian uthango izimali nokukhula kwezomnotho, ukuvumela ukuthatha ku service ezahlukene ebanzi kakhulu izinqubomgomo.

Nakuba izimali uthango eRussia akuyona kakhulu e-West, izibonelo umxhwele abaholi abangakwazi ancintisane izimbangi ezingeni lomhlaba wonke jikelele, sisengabantu khona. Indlela ephumelela kakhulu sazo sasingamashumi VR Global Imvume yesabelo sogu Isikhwama, ingeniso ngoba ngonyaka zaba 32,32%. Kodwa umlando onjalo wenza abantu ngenxa VR Global Imvume yesabelo sogu Isikhwama yasekhaya emakethe ezithela izuzwe uvimba imali: yesikhwama inenani eliphakeme kunawo wonke inhlawulo zimali sokuthatha umhlalaphansi singakashayi - 4.5%. Diamond Ubudala Atlas Isikhwama wathola kancane - 22,92% we inzuzo Imininingwane lishiye Copperstone Alpha Isikhwama emgqeni wesithathu isilinganiso. Bronze medalist wakwazi ikhule ngesikhathi unyaka 22,06%.

Ekugcineni, esikhundleni wesine elise Burnem Asset Management, ingeniso zaba 17,63% ngonyaka odlule.

Njengoba izintambo ziyobe ziphethwe yesikhwama ezine ezibalwe ngenhla bagxila mayelana 80% (3.425 amaRandi) kwempahla Imininingwane kuqhathaniswa nezinye izimbangi emakethe Russian. Abangaphezu kwesigamu lezi zimali - 1634000000 - ephethwe VR Global Imvume yesabelo sogu Isikhwama.

isipiliyoni siqu uthango izimali e ukubuyekeza, emakethe abadlali ngokwabo

Namuhla, izimali uthango - lezi ezinye inzuzo kakhulu futhi ngesikhathi esifanayo esitebeleni kunazo nebudlelwano phakathi kwezinye izindlela abaningi ukutshala imali emakethe lanamuhla. Elikhulu osomabhizinisi professional nosomabhizinisi befuna inzuzo, njengoba umthetho, njalo waphawula njengesidingongqangi esiphezulu sezimali lapho ababaphathise imali yabo kanzima, kuba Isikhwama uthango. Izibuyekezo Izibuyekezo ezingezinhle omuhle - mhlawumbe manje Nokho othile bayothembela umbono neznakomtsev- "abanikeli" e inethiwekhi, uma ama-akhawunti dummy cishe sekube lamathuluzi main yokuthengelana.

Enye udaba wukuthi izingozi bekusolo, manje, futhi sizoqhubeka, ikakhulukazi emnothweni. Ngakho akubona bonke omunye izimali uthango empeleni ube utshalomali ubambiswano, kodwa kunalokho kudala inkohliso azungeze igama lakhe ngenjongo eyodwa emthethweni - ukukhwabanisa.

Elinye lamacala esibi kakhulu kwaba esibhekene Bernard Madoff, okwabangela inhlekelele zimali Madoff Investment Securities mayelana $ 50 bhiliyoni. Lakhe Isikhwama utshalomali, izindleko ukungena ezingafinyelela ayizigidi eziyizinkulungwane eziningana, wayaziwa abantu abaningi emphakathini okusezingeni eliphezulu. Madoff yena wayaziwa nangokuba iminikelo sakhe somusa yesihle ku locwaningo umdlavuza nesifo sikashukela, elalisemagcekeni yokhetho kubiza US Democratic Party, kanye nokuthuthukiswa izinhlangano zamasiko ezemfundo.

Nokho, lokhu akuzange ugcine Isikhwama kusukela okuseduze emva Inkinga 1995 kabusha ngokubambisana utshalomali ukuze mbhoshongo zezimali. Nokho, edala bubble aqhume ekupheleni kuka-2008, ngemva kwalokho Madoff wagwetshwa ukuba agqunywe ka engu-150.

A abadlali ngempela uhlangabezane (abantu abangekho lokuqala kwezigidi ezingu ezizuzwa izimali utshalomali) ngokuyinhloko ukubheka Kunconywa inani lemali elincane input. Uma kuwukuthi esilingana noma esingaphansi $ 50,000 ke ungaqiniseka ngokuqinisekile - ubhekene nge HYIP, wazifihla njengendlela Isikhwama uthango. Ngokwesibonelo, isikhathi ihlolwe futhi inqwaba amakhasimende kwezilwandle uthango izimali athatha utshalomali ubuncane $ 100,000.