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Taiwan Semiconductor Manufacturing Co. (#TSMC), the world's largest contract chipmaker, will sell US$1 billion worth of unsecured straight corporate bonds to fund production expansion during a time of lingering supply shortages on the global market.
https://focustaiwan.tw/business/202109110010
David Giroux, who has run the Capital Appreciation fund since 2006, has gained 13.5 per cent so far this year with a mix of equities and bonds, ranking ahead of peers and the Morningstar benchmark split between equity and fixed income.
But Giroux has cut the fund’s equity exposure down from about 70 per cent at the market low of 2020 to the mid-50s per cent level now, fearing that stocks are running too hot.
Giroux’s strong reputation for timing market shifts means other investors are likely to take note. “The equity market is rich here at more than 20 times earnings for the next year and we have pulled back,” Giroux told the Financial Times.
5年期以下公債在下跌，7年以上長天期公債在上漲，
殖利率曲線開始走平，長得不像經濟會持續大好的樣子。
哪個國家或是商品會先爆呢 ?
#殖利率曲線走平金融業就辛苦了
主持人：陳鳳馨
來賓：丁學文
主題：一週國際經濟趨勢
(1)《經濟學人》封面故事：When every vote counts 當每一票都有效〈分析 2020 美國大選後的未來趨勢〉
(2)《經濟學人》緒論：How to fix the market for Treasury bonds 如何修復國庫券市場〈分析全球公債市場的危機〉
(3)《經濟學人》梧桐樹專欄：Why dollar assets are still riding high after America’s election 為什麼在美國大選後，美元資產仍舊在上漲？
(4)《經濟學人》與中國相關 / 共 5 篇。選讀：Circling back 中國的雙循環政策
節目時間：週一至週五 07:00-09:00am
本集播出日期：2020.11.11
#陳鳳馨 #TheEconomist #一週國際經濟趨勢
更多 #財經起床號 專題影音：https://bit.ly/2QvBR55
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被動收入並不是富人專利，即使本金不多，都可以實行。今日 #施傅教學 就會分享 4 個不同的方法，即使本金只有 1 萬元，都可以建立被動現金流，增加收入，一步步致富。
以下更為大家準備了更多相關資料：
REITs
https://www.reit.com/what-reit/reit-sectors
https://fifthperson.com/top-10-singapore-reits-that-made-you-money-if-you-invested-from-their-ipo/
https://www.morningstar.com/stocks/xses/me8u/dividends
Youtube
https://influencermarketinghub.com/youtube-money-calculator/
https://www.impactbnd.com/blog/most-popular-types-of-videos-on-youtube-infographic
https://blog.sellfy.com/youtube-affiliate-programs/
Bonds
https://www.nasdaq.com/market-activity/funds-and-etfs/tlt/dividend-history
https://ycharts.com/indicators/us_corporate_aa_effective_yield
https://ycharts.com/indicators/us_corporate_a_effective_yield
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【零至千萬加速器】1小時簡介+工作坊
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茶敘50 《ALL or NOTHING》
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所有課程/活動一覽: https://money-tab.info/activity
施傅新書「量化交易」手冊
網上即買： https://www.money-tab.info/2020-book-purchase
✓ APP下載: http://onelink.to/mtapp
✓ 升級版: https://money-tab.com/membership
❖訂閱【富翁電視MTTV】頻道:
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#現金流 #CashFlow #小資族 #哲學 #理財
Rayner: In today’s episode, I have a question from Zac, who asked, "Hey Rayner, how do you manage correlations in your trading?" So, before I talk about how I do it, I want to share with you two things about correlations that most traders don't quite get.
[00:00:30] Number one is this, correlations are always changing. If you look back in time, in the '08, '09 financial crisis, you will see that the stock markets are declining, going down, right? And if you look at the bond markets, it's actually going up. Because money is taken out of the stock markets, into the bond markets as a safe haven. So, that is why you have this negative correlation between the bonds and the stock markets.
But if you look at, let's say, recent times, you would notice that both the stock and bond markets are actually moving up in tandem. You can see that the correlation has changed over the last few years.
[00:01:00] So, that's the first point that I want to bring across, is that number one, correlations, they change over time. So what is correlated in the past, does not mean that the correlation will hold in the future, okay?
And number two is this, is that correlations can change depending on the timeframe you're looking at. Let's say, for example, you trade the FX markets, you know the Eurodollar, and pound dollar, and they appear to be correlated on a daily timeframe. But if you go down to, let's say, the lower timeframe, you might see that hey, they're actually negatively correlated.
[00:01:30] So, the second thing that I want to point out is that correlations also depend on the timeframe you're looking at. So that's two things that I want to bring across. So now to share with you, how do you manage correlations in a market? Let me share with you a few things that you can use. The first thing is, you can divide your risk accordingly.
[00:02:00] So, for example, let's say you are bullish on the Euro. You are thinking about buying either Euro Aussie or Euro New Zealand and you can't decide. What you can do is split your risk across this two currency pairs. For example, if you usually risk like 2% on each trade. Now what you can do is risk 1% on Euro Aussie and 1% on Euro New Zealand. Right? That's the first thing you can do. Split the risk.
[00:02:30] The second thing you can do is to, what I call, pick the strongest market to long and short the weakest market. So if for example, Euro Aussie and Euro New Zealand, you realize that Euro Aussie is a stronger currency to long compared to New Zealand, maybe because the moving rate is steeper or maybe because Euro Aussie is the first market that breaks out.
What you can do is, long the strongest and ignore the second tier currency pair. That's another way you can go about it.
[00:03:00] And the final thing to share is understanding the markets you're trading. For example, which markets are correlated, which are not correlated, how strong the correlation, how weak their correlation and stuff like that. It's really based on understanding the markets, watching the markets, and then knowing which are the different correlations out there because it's always changing as I've shared with you earlier. Understanding the markets would definitely help you as a trader, dealing with correlations.
And so, that's pretty much it for this week's question. If you have anything that you want me to answer, just let me know in the comments section below, all right, and I'll get back to you. With that said, head down to my website, tradingwithrayner.com where you'll learn trading strategies that work right so that you can get rich slow.
If you want more actionable trading tips and strategies, go to https://www.tradingwithrayner.com
Thanks for watching!
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bonds market 在 16.1 Bonds and Bond Markets - GitHub Pages 的推薦與評價
The volume of capital traded in the bond markets is far greater than what is traded in the stock markets. All sorts of borrowers issue bonds: corporations; ... ... <看更多>