索罗斯三次最伟大的投资

2016-02-17 15:15:09

John Edwards  2016年2月10日

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在过去几十年中乔治索罗斯做出过做过许多令人印象深刻的投资和交易。他是世界金融领域最著名的投资人并以在外汇领域进行巨额投资闻名。人们相信他在做空英镑时曾一天赚取超过10亿美元。

索罗斯在二战期间居住在匈牙利,最终移民到英国并在伦敦经济学院学习。之后他搬到纽约。最后,他成立了索罗斯基金管理公司,该公司就是之后著名的对冲基金量子基金。到2013年,据估计该基金自开始运营以来已经盈利了400亿美元。下面将介绍索罗斯三次最大的外汇下注。

做空英镑

索罗斯对英镑的做空被称为有史以来最大的外汇交易。英国在高通胀和低利率的1991年加入了欧洲货币汇率机制。作为协议的一部分,英国同意与德国马克保持一定范围的固定汇率。索罗斯意识到英镑对德国马克的价值被高估。当时英镑处于协议范围的低端。英国被迫提高利率吸引英镑的买家。

在1992年夏天,索罗斯开始做空英镑。根据他同事的介绍,在整个夏天的大多数时候他都持有价值15亿美元的做空仓位。英国政府通过一次次的提高利率保护英镑。英国政府很快意识到他们将为保护英镑支付巨额资金。德国官员也公开声明欧洲货币汇率机制可能在九月中旬进行改组。

为了回应德国官员的这些评论,索罗斯决定大幅度增加持有的仓位。他在9月中旬将持有的仓位从15亿美元增加到100亿美元。这时英国政府在支撑英镑上遇到了麻烦。这时英镑可能保持相对稳定,在这种情况下索罗斯和他的投资者将会损失小部分资金,或者相反他们的下注将会获得丰厚回报。因此那是一个低风险大机会的交易。

英国政府在1992年9月16日被迫放弃欧洲货币汇率机制并允许英镑自由浮动。第二条英镑对德国马克下跌15%,对美元下跌25%,据估计索罗斯在那次交易中赚取了超过100亿美元。

做空泰铢

据称索罗斯在1997年亚洲金融危机中也大规模做空过泰铢。马来西亚总理指控索罗斯袭击亚洲货币,引起过一系列的反犹太评论。索罗斯之后澄清他在经济危机发生之前几个月的1997年早期就对亚洲货币的做空进行了平仓。在危机发生的秋天,索罗斯实际上是那些货币的买家,以交付之前的合约获取利润。

做空日元

最近的一次是2013年和2014年对日元的大规模做空。这些交易使索罗斯再次赚到约10亿美元。索罗斯知道日本首相安倍正在使用极端货币宽松政策以刺激日本停滞的经济。这些经济政策被称为安倍经济政策。

这些量化宽松导致日元贬值。与此同时,索罗斯买入日经指数。在索罗斯交易期间日元下跌了约17%,而日本股市上涨了约28%。索罗斯家族投资基金价值接近240亿美元,2013年回报约10%。

 

George Soros: 3 Best Investments Ever 

By John Edwards | Updated February 10, 2016 

George Soros has made a number of impressive investments and trades over the years. He is one of the most famous investors in the financial community and is known for making massive currency bets on a global economic scale. It is believed he made up to $1 billion in a single day on a trade where he shorted the British pound.

Soros lived in Hungary during World War II, eventually emigrating to England to study at the London School of Economics. He later moved to New York City. Eventually, he formed Soros Fund Management, which became the Quantum Fund, a prominent hedge fund. By 2013, it was estimated the fund had generated $40 billion since its inception. The following are three of his largest currency trades.

Bet Against the Pound

Soros’ bet against the British pound has been called one of the greatest currency trades of all time. Britain joined the European Exchange Rate Mechanism, or ERM, in 1991 during a period of high inflation and low interest rates. As part of that agreement, Britain agreed to keep the pound within a certain band in relation to the German mark. Soros recognized the pound was overvalued versus the German mark. It was trading on the lower end of the agreed-upon range with the mark. Britain was forced to keep raising interest rates to attract buyers for its currency.

During the summer of 1992, Soros began building a short position in sterling. According to his colleagues, he carried a $1.5 billion short position for most of the summer. The British government defended the pound by raising interest rates more and more. The government soon realized it would pay out massive amounts of money to defend the pound. German officials also made public statements that realignment within the ERM might be possible in mid-September.

In response to these comments by German officials, Soros decided to massively increase the size of his bet. He went from a $1.5 billion position to a massive $10 billion in the middle of September. He knew the pound was at the lower end of the range with the mark. The British government was having trouble keeping it propped up. Either the pound stayed relatively stable, in which case Soros and his investors would lose a little money, or the alternative was their bet would pay off. Thus, this was a low-risk, high-opportunity trade.

The British government was forced to abandon the ERM and begin allowing its currency to float freely on the evening of Sept. 16, 1992. The next day the pound fell 15% versus the German mark and 25% against the U.S. dollar. It is estimated Soros made around $1 billion on the trade.

Bet Against the Baht

Soros also allegedly made a made a massive bet against the baht during the Asian financial crisis in 1997. The Malaysian Prime Minister accused Soros of attacking Southeast Asian currencies, making a number of anti-Semitic comments against him. Soros later clarified he had sold those Asian currencies short early in 1997, months before the crisis. During the crisis that fall, Soros was actually a buyer of currencies to book profits on his previously made contracts to deliver large amounts of the currencies.

Bet Against the Yen

More recently, Soros made another large bet against the yen in 2013 and 2014. These bets once again netted Soros around $1 billion. Soros knew the Japanese Prime Minister Shinzo Abe was engaging in extensive monetary easing to jump start Japan’s stagnant economy. These economic policies are known as Abenomics.

The quantitative easing had the effect of devaluing the yen. At the same time, Soros was long the Nikkei, the Japanese stock market. The yen weakened around 17% during the time of Soros’ wager, while the Japanese stock market rallied around 28% before eventually selling off. The Soros family investment fund, worth approximately $24 billion, returned around 10% during 2013.

 

本文反义由兄弟财经提供

文章来源:http://www.investopedia.com/articles/investing/090815/3-best-investments-george-soros-ever-made.asp

 
 承诺与声明

兄弟财经是一间香港注册的正规公司,是全球历史最悠久,信誉最好的外汇返佣代理。多年来兄弟财经兢兢业业,稳定发展,获得了全球各地投资者的青睐与信任。历经十年的积淀,打造了我们在业内良好的品牌信誉。

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