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8월 30일 " a country's strongest asset is its strongest speaker. As the most widely read book in history starts: In the beginning was the word. And the word was..."
Dear Friends,
I thought you would appreciate reading my latest essay published in the Financial Times this week.
George Soros
(Please do not reply to this email, because this inbox is not monitored.)
A Danish fix for the US mortgage crisis
By George Soros --- Published: August 11 2008
The recent compromise struck between the Treasury and Democrats in Congress on the fate of Fannie Mae and Freddie Mac, the government-sponsored mortgage guarantors, constitutes the worst of all possible worlds. The Treasury offered a blank cheque to come to the rescue, if necessary, but the managements of both companies were kept in place. They know that their survival depends on not drawing on that blank cheque. They will therefore do everything in their power to reduce the need for any new equity capital that would be dilutive. In short, as privately owned but undercapitalised financial institutions, the GSEs cannot fulfil their stated mission of providing stability, liquidity and affordability to the nation's housing finance system.
In presentations to investors, which followed big quarterly losses, the GSEs said they would curtail purchases of mortgages and might shrink their holdings to preserve capital. They highlighted that fees from their insurance guarantee business had nearly doubled. They also improved the quality of new loans by focusing on borrowers with higher-quality credit, who put down greater down payments. This means that the GSEs have significantly increased the cost of mortgages and tightened lending standards.
The problems in the banking system have left the two GSEs as the only game in town in the mortgage market. Their market share of new mortgages has doubled over the past year and is now close to 80 per cent. Much of the balance is accounted for by the Federal Housing Administration, a fully guaranteed government agency. As the two companies fight for survival and try to reduce their need for new capital, the availability and cost of mortgages in the US suffer. Coming at a time when the supply of houses is swollen by a rising tide of foreclosures, this is a recipe for disaster. House prices have already fallen sharply and will continue to fall unless mortgages are made available on more favourable terms to a broader group of people.
This compromise, or stalemate, practically ensures that house prices will overshoot on the downside. That, in turn, renders the policies of the GSEs self-defeating as lower house prices increase their losses and push them further into insolvency. The GSE crisis has merely been postponed, at a cost of making the housing crisis more severe.
Confidence in GSE-backed bonds has been shaken. The stocks remain under pressure. Markets are forcing officials to come up with a better solution. We need to recognise that the business model of the GSEs is fatally flawed. They are public/private partnerships in which the risks are borne by the public sector while profits accrue to the private sector: management and shareholders. The companies have been plagued by accounting problems and other irregularities; their managements have spent enormous sums lobbying Capitol Hill. This is not a business model that deserves to be perpetuated.
Fortunately, alternatives are available. Hank Paulson, the Treasury secretary, has suggested the use of covered bonds, a mortgage-financing vehicle popular in Europe. I would recommend the system of mortgage credit used in Denmark, where loan-to-value ratios and underwriting standards are strictly enforced by a single, strong regulator. These mortgages are transformed into instantly tradable bonds. Cover for the bonds is provided by both the mortgages and the credit of the financial institutions issuing them. The mortgages remain on the balance sheets of the issuers, eliminating the moral hazard inherent in the US system, which is based on earning fees from selling them on to the market.
The standardisation of mortgages in the Danish system promotes transparency and liquidity. Householders can prepay their mortgages at any time by buying the bonds. Since house values and bond prices tend to move in unison this arrangement reduces the danger of householders' equity falling into negative territory. For the issuing banks, owning these bonds carries lower capital requirements so the bonds sell at a premium to ordinary covered bonds. This system has survived and provided affordable home mortgages since its creation shortly after the great Copenhagen fire of 1795.
I pioneered the introduction of the Danish system in Mexico with the support of Paul O'Neill, when he was Treasury secretary. With modification, it offers a long-term solution to providing affordable mortgages in the US.
The writer, author of The New Paradigm for Financial Markets, is chairman of Soros Fund Management, which has held and continues to hold short positions in GSEs
The Financial Times Article
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Thank you for your interest.
Please do not respond to this email, messages sent to this address will not be read or answered. For more information about George Soros please visit GeorgeSoros.com |
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Today's Scripture
“And He took the bread, gave thanks and broke it, and gave it to them, saying, ‘This is My body given for you; do this in remembrance of Me’” (Luke 22:19 NIV).
Today's Word from Joel and Victoria
Taking communion is a powerful reminder and declaration of our covenant with God through the blood of Jesus. When we turn our hearts toward the Father and take communion with a pure heart, we are making a declaration before heaven and earth that we belong to Him. We are showing the whole world that we receive the sacrifice that Jesus made on our behalf. Every time we partake of communion in remembrance of Jesus, we are opening our hearts to the deeper things of God. We are inviting Him to search our hearts and minds and to do a work in our lives.
Communion is powerful when we come together during our church services, but it’s just as powerful when you partake of communion at home with your family or even by yourself individually. The important thing is that you keep your heart and mind open to Him and keep a thankful attitude. As you do this in remembrance of Him, God will pour out His blessing on your life. He’ll show you His goodness, and you’ll experience Him in ways you never dreamed!
A Prayer for Today
Father in heaven, thank You for sending Your Son, Jesus to save me. Thank You for allowing me to be a part of Your kingdom here on earth. I open my heart to You and choose to remember You in communion. In Jesus’ Name. Amen.
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Agence France-Presse - 8/28/2008 11:45 AM GMT
Democrats primed for spectacular finale
Barack Obama will Thursday summon Americans to join his crusade for political change as he claims his place in history in a dazzling finale to the Democratic convention.
The Illinois senator will formally accept his nomination as the first African-American from a major party to run for the White House before more than 70,000 people crammed into an open-air stadium in Colorado.
"We want to open up this convention to make sure that everybody who wants to come can join in the party, and join in the effort to take America back," Obama said Wednesday.
Historic echoes will be everywhere: the speech will be taking place on the 45th anniversary of the day when civil rights champion Martin Luther King envisaged a future of racial equality with his "I have a Dream" speech.
Against a classically-themed backdrop, and with fireworks primed to go off after his closing line, Obama will set course for a general election showdown with Republican John McCain in November which polls suggest is a dead heat.
While the evening promises to be spectacular, Obama knows he must try to reach into the living rooms of American voters struggling to make ends meet amid an economic crunch, and who have turned against the Iraq war.
"This speech and the election is not about Barack Obama, it's about the American people and the direction we need to go in, to get us out of the ditch we are in," said Obama strategist David Axelrod.
In a deafening moment of history, the Democratic Party on Wednesday anointed Obama as the first black major-party nominee for president, in a cathartic release of unity, hope and tears .
The newly-minted nominee sent the convention into raptures by crashing his own party a day early, after a stemwinding speech from running-mate Joseph Biden and a belated but glowing endorsement from ex-president Bill Clinton.
But McCain -- who accepts his party's nomination next week and reportedly settled on the name of his vice presidential pick on Wednesday -- is plotting to block Obama's historic quest for the White House.
Obama formally got the nomination when former rival Hillary Clinton halted a roll-call vote and called for the 47-year-old son of a Kenyan father and white mother from Kansas to be nominated by acclamation.
In his first public appearance since his historic elevation, Obama said he was proud to have the Biden family along on a "journey to take America back" and praised the Clintons for helping to heal the wounds of a bruising primary.
Biden lauded Obama, after his own son Beau reduced Obama's wife Michelle to tears by praising his dad's courage after a 1972 car wreck which killed the senator's first wife and daughter.
Biden ripped into an attack on McCain, but paid homage to his rival's heroism as a Vietnam war prisoner.
"These times require more than a good soldier, they require a wise leader, a leader who can deliver change, the change everybody knows we need."
Earlier, tears streamed down the faces of never-say-die Clinton supporters while many African-American Obama backers also gave in to their emotions on a day many thought they would never see.
"With eyes firmly fixed on the future, in the spirit of unity, with the goal of victory, with faith in our party and our country, let's declare together in one voice right here, right now, that Barack Obama is our candidate and he will be our president," Clinton said.
The Republicans meanwhile set the stage for their convention in Minnesota next week, with US news media reporting McCain had chosen his running mate, and would inform him or her on Thursday.
Former president Bill Clinton also offered a resounding endorsement, after harboring bitterness at his wife's defeat.
"Barack Obama is ready to lead America and restore American leadership in the world," Clinton said, his ovation from the crowd recreating his 1990s heyday.
"Barack Obama is ready to honor the oath to preserve, protect and defend the constitution," he added. "Barack Obama is ready to be president of the United States."
Clinton had on a previous occasion declined to say Obama was ready to lead, fueling a sense of mistrust between the two camps, which some analysts believe might have severely hampered Democratic hopes in November.
Obama repaid the compliment as he appeared on stage with Biden.
"If I'm not mistaken, Hillary Clinton rocked the house last night," he said.
"And just in case you were wondering, I think president Bill Clinton reminded us of what it's like when you've got a president who actually puts people first," he said, pointing to the smiling former first couple. 8월 28일
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Today's Scripture
“As the heavens are higher than the earth, so are my ways higher than your ways and my thoughts than your thoughts” (Isaiah 55:9).
Today's Word from Joel and Victoria
Sometimes it’s easy to get focused on what’s happening in the world around us. We see things on the news or hear something about the economy, and we dwell on those thoughts. Before long, those thoughts start to drag us down. But when we choose to think higher thoughts, the way God thinks, and when we choose to meditate on God’s Word, His higher thoughts will draw us to a higher level of living.
You can live above the stress and pressure of the world because He has promised to give us perfect peace when we keep our minds focused on Him. You can live above financial worries because God has promised that when we follow His Word, He will supply all our needs according to His riches in glory. You can live above fear and dread because God has promised that His perfect love will drive out all fear. Choose God’s higher thoughts today and allow His ways to become Your ways. Open your heart and allow Him to direct your every step. As you do, you will rise higher and higher, and you’ll live the life of victory He has in store for you.
A Prayer for Today
Father in heaven, I humbly come to You giving You all that I am. Fill me with Your higher thoughts which will lead me in Your higher ways. Help me to look beyond my circumstances to the good things You have in store for me. In Jesus’ Name. Amen.
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Questions or comments? Please contact us:
Joel Osteen Ministries
PO Box 4271, Houston, TX 77210
1 (800) 278-0520
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Today's Scripture
“Let us hold fast the confession of our hope without wavering, for He who promised is faithful” (Hebrews 10:23 NKJ).
Today's Word from Joel and Victoria
God knew there would be times when we would be tempted to waver in our confession of hope. Maybe you are believing for something and you’re starting to think, “Is this really for me? Will this really ever happen?” If that’s you today, remember, He who promised is faithful! And His faithfulness doesn’t depend on your ability to figure it all out. His faithfulness doesn’t depend on the plans we can make or the scenarios we can come up with; He’s faithfulness depends on His Word which never changes! Declare His Word and hold on to your confession of hope today. Be confident that God can make a way when there seems to be no way. Even when your mind may waver, don’t allow your confession to waver. Declare that God is working behind the scenes on your behalf. Declare that He Who began a good work in you is faithful to complete it. Remember, there is power in your words and power when your words are in agreement with His Word. As you hold on to your confession of hope, you’ll see His faithfulness, and you’ll move forward into victory in every area of your life.
A Prayer for Today
Heavenly Father, thank You for Your faithfulness. I choose to guard my confession, and I will declare hope in Your Word. I trust that You are working behind the scenes on my behalf and thank You for victory in every area of my life. In Jesus’ Name. Amen.
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Questions or comments? Please contact us:
Joel Osteen Ministries
PO Box 4271, Houston, TX 77210
1 (800) 278-0520
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"The earth is the Lord's, and all its fullness, the world and those who dwell therein" (Psalm 24:1).
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| This Week’s Featured Resource
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Global Warming: A Scientific And Biblical Expose' Of Climate Change
This bold new documentary is an exciting and important tool for all who face the rampant misinformation propagated by ecological alarmists. Global Warming addresses subjects that others will not touch, including the misinformation contained in Al Gore's An Inconvenient Truth.
Through on-location interviews with leading Christian scientists, climatologists, and other commentators the dangers and politics of global warming are revealed.
Learn how you can be effective in caring for creation without becoming an unwitting accomplice to the myths of global warming. This balanced approach to a very hot subject will equip you with the information necessary to honor the Creator . . . without worshipping the creation.
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8월 25일
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Praise Him in the Sanctuary
Today's Scripture
“I will give you thanks in the great assembly; I will praise you among a mighty throng” (Psalm 35:18).
Today's Word from Joel and Victoria
There is tremendous power available when we worship the Lord. The Bible says that God inhabits the praises of His people, and when God’s presence manifests, the enemy must flee. When we worship together in a corporate setting, at church or a prayer meeting or Bible study, that power is multiplied. The scripture says that one can put a thousand to flight, but two can put ten thousand to flight. That’s why it’s so important that we give thanks and worship when we come together in our church services.
Worship begins with an act of our will. We have to choose to give God praise and thanks even if we don’t necessarily feel like it. That’s why the Psalmist says, “I will give You thanks…” Choose to worship Him today with your whole being—body, soul, and spirit. Praise Him and thank Him and connect with other believers. As you do, He will empower and strengthen you. He will take you places you never dreamed, and you will live as an overcomer in every area of your life.
A Prayer for Today
Father in heaven, today I choose to bless and magnify You. I will praise and honor You because You alone are worthy to receive all glory. Thank You for Your goodness and faithfulness to me. In Jesus’ Name. Amen.
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Questions or comments? Please contact us:
Joel Osteen Ministries
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| 8월 24일
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"My son, pay attention to my wisdom, lend your ear to my understanding" (Proverbs 5:1).
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| This Week’s Featured Resource
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Truths That Transform: LOGOS Scholar Library
The best value in Bible software today !
This powerful digital library includes the following:
Truths That Transform: A study guide to enhance your study of the book; and 18 of Dr. Kennedy's audio sermons corresponding to the book's chapters.
In addition, this Bible Study Library includes the LOGOS Bible Software Scholar's Library, which is a value-priced collection of texts and tools for serious Bible study using Greek, Hebrew, and English resources.
Included are more than 330 Bibles and Bible reference titles worth over $6,100.00 in equivalent print editions.
The Scholar's Library software can assist you in your Bible study by automatically collecting materials and generating tailored reports. It allows you to organize content around your specific target passage.
The Scholar's Library provides an amazing wealth of resources for your personal study, right at your fingertips.
PLEASE NOTE: Additional levels of this resource are available. Click on the item for more details. | | |
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8월 22일
Coming to Theaters: Buffett Spotlights U.S. Debt Crisis
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Thursday, August 21, 2008 8:57 AM
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Buffett and Pete Peterson warn that if the U.S. doesn't do something, and fast, to tame the federal government's debts, then coming generations of Americans will be faced with critical economic problems. |
OMAHA, Neb. -- The catastrophe looming in the documentary "I.O.U.S.A." isn't romantic like the doomed young love in "Titanic," but billionaires Warren Buffett and Pete Peterson warn it could break many more hearts.
The disaster they warn of could be bigger than any we've ever seen — bigger than an iceberg, bigger even than the current mortgage crisis.
If the U.S. doesn't do something, and fast, to tame the federal government's debts — now more than $50 trillion - the two Nebraska natives warn we will saddle coming generations with economic problems that will make this year's financial turbulence look like a trip to the debt counselor's office.
Premiering Thursday at 358 theaters nationwide, "I.O.U.S.A." is part of Peterson's campaign to give the ballooning debt a central role in the presidential campaign.
A live panel discussion after the first showings — tape delayed for moviegoers in the West — will include Buffett, Peterson and other experts. Despite ticket prices much higher than for a feature, at $11.50 to $20, Thursday's showings had sold out at some theaters by Wednesday, organizers said.
The two prominent investors don't share a political philosophy: Peterson endorses Republican John McCain for president while Buffett favors Democrat Barack Obama. But they say the nation's budget and trade deficits aren't really partisan issues.
"Our situation is a lot worse than advertised, and we need to start making some tough choices if we want our future to be better than our past," former U.S. Comptroller David Walker, one of the movie's stars, said Wednesday.
Peterson — who co-founded the Blackstone Group LP (BX) private equity firm and served as commerce secretary under President Nixon - is financing the movie and the discussion in Omaha to advance the goals of his foundation, created in February, which Walker runs.
Peterson pledged $1 billion to help raise the alarm about the nation's budget deficit, the projected shortfalls in Medicare and Social Security funding, the trade deficit and the meager savings rate for most Americans.
Peterson and Walker both talk about the substantial debt burden that could be left for future generations if changes aren't made.
"We're mortgaging the future of people who can't vote and might not even be born yet," Walker said.
The "I.O.U.S.A." filmmakers followed Walker as he toured the country speaking to college groups, newspaper editorial boards and community groups about the nation's financial problems.
Most of the talks in the movie took place while Walker still ran the Government Accountability Office, an investigative arm of Congress that audits and evaluates the performance of the federal government.
Walker and the movie cite GAO figures that show the U.S. government owed roughly $53 trillion more than it had at the end of the 2007 fiscal year, which is the most recent figure available.
About $11 trillion of that covers the publicly traded government debt, the amount the federal government owes to employee pensions and the cost of environmental cleanup of federal land. The rest of the $53 trillion figure accounts for projected shortfalls in Medicare and Social Security.
The cost of covering those obligations is expected to spiral as more and more baby boomers become eligible for the two programs.
The film also features interviews with prominent businessmen and officials from both major political parties, such as former Federal Reserve chairman Alan Greenspan and Paul Volcker and former U.S. Treasury secretaries Paul O'Neill and Robert Rubin.
Buffett did not respond to a request for an interview for this story, but he has said the United States is essentially selling off chunks of the country to foreign investors to finance the nation's overconsumption.
"We've got a super-subprime crisis brewing - namely, the federal government's finances," Walker said. "The factors that caused the mortgage-based subprime (crisis) to explode exist for the government's finances. The difference is it's 25 times - at least - bigger."
Buffett also has warned for years that the nation's trade deficit - the difference between how much the country imports and exports - was going to devalue the dollar and create other problems.
"Our trade equation guarantees massive foreign investment in the U.S. When we force-feed $2 billion daily to the rest of the world, they must invest in something here," Buffett said in his annual letter to shareholders earlier this year.
Thursday's panel discussion will also feature Bill Novelli, AARP's chief executive, and William Niskanen, chairman of the libertarian-leaning CATO Institute.
With showings in 358 theaters, the movie's premiere likely will be bigger than its planned 12-city theatrical run, which begins Friday.
The main reason the movie is being distributed in theaters is that its makers think it could contend for an Academy Award, Walker said. More people will likely see the movie after it leaves theaters because the foundation hopes to air it on television early next year, he said.
Clips from the movie and panel discussion will be available online.
© 2008 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
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Lehman Tumbles, Soros Buys in Big
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| Thursday, August 21, 2008 10:35 AM
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Lehman Brothers, the fourth-largest U.S. investment bank, has seen its shares drop precipitously, leading many to speculate that the firm is headed for bankruptcy.
Don’t count hedge fund legend George Soros among the doubters. The man who once made $1 billion betting against the pound has lifted his stake in Lehman to 9.47 million shares as of June 30 from only 10,000 shares three months earlier.
The heavy buying, which Soros revealed in a filing with the Securities and Exchange Commission, gives him a 1.4 percent stake in the securities firm.
Clearly, most investors disagree with Soros. Lehman shares have tanked 79 percent this year, to $12.02 per share, as the firm continues to suffer from its inventory of soured mortgage securities.
Just today came news in the Financial Times that Lehman held secret talks earlier this month to sell up to 50 percent of its shares to South Korean or Chinese investment firms.
Lehman clearly was unable to reach an agreement with either government-owned Korea Development Bank or China’s Citic Securities.
Lehman faces growing pressure to procure funding, as analysts say its earnings report next month could well include write-downs of $4 billion, bringing the firm’s total to $12 billion going back to last year.
Lehman also is looking at dumping its $40 billion commercial real estate portfolio, which is littered with damaged properties, and its money management division, which includes Neuberger Berman.
That division may be the firm’s most valuable asset. Analysts peg its value at up to $10 billion.
So selling it would be a double-edged sword: the sale would bring hefty revenue but leave the firm with weaker holdings.
Still, none of this has been enough to deter Soros. He has declined to comment on the reasons for his purchase.
© 2008 Newsmax. All rights reserved.
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Eternity Is In Your Heart
Today's Scripture
He has made everything beautiful in its time. He also has planted eternity in men's hearts and minds, a divinely implanted sense of a purpose working through the ages which nothing under the sun but God alone can satisfy (Ecclesiastes 3:11 AMP).
Today's Word from Joel and Victoria
God has placed eternity in the hearts of mankind. Everything we experience not only serves a purpose here on earth, but it serves a purpose for eternity. Right now, God is working in you and putting inside of you everything you need to fulfill your eternal destiny. He is making you ready to rule and reign with Him. As long as you are moving forward and gaining strength, you are gaining eternal victory.
View what’s going on in your life with an eternal perspective. You have a higher calling; you have a greater purpose. Focus on what God is doing in your life. Don’t allow the little irritations to get you off course or distract you from what God has called you to do. Open your heart and mind and allow Him to prepare you for eternity. As you keep an eternal perspective and stay determined to be who God has called you to be you will see His hand moving in your life and you will live as an overcomer now and throughout eternity.
A Prayer for Today
Father in heaven, thank You for placing eternity in my heart. Help me stay focused on things that have eternal value so that I can live to give You glory. In Jesus’ Name. Amen.
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Questions or comments? Please contact us:
Joel Osteen Ministries
PO Box 4271, Houston, TX 77210
1 (800) 278-0520
| 8월 21일
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Today's Scripture
“For I am persuaded, that neither death, nor life, nor angels, nor principalities, nor powers, nor things present, nor things to come, nor height, nor depth, nor any other creature, shall be able to separate us from the love of God, which is in Christ Jesus our Lord” (Romans 8:38 KJV).
Today's Word from Joel and Victoria
God loves you so much today. He wants you to know and experience His love. When you experience something, it becomes real to you. You “own” it, so to speak. For example, if you’ve never eaten chocolate, someone else can describe it to you. They can tell you all about the taste and texture, but until you take a bite of it, it won’t really mean anything.
In the same way, you can hear all about God’s love and how wonderful He is, but it’s not until you experience it first hand and allow His love to sink down into your heart, that something happens on the inside of you. His love changes you. It builds confidence and strength in you. It empowers you to overcome temptation and to stand strong no matter what difficulty you may be facing. When you open your heart and receive His love, you will be fully persuaded that nothing can separate you from Him!
A Prayer for Today
Father in Heaven, I open my heart to You today. Fill me with Your love so that I can know You more. I surrender every area of my life to You and ask You to fulfill Your purpose in me. In Jesus’ Name. Amen.
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Questions or comments? Please contact us:
Joel Osteen Ministries
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1 (800) 278-0520 | 8월 19일 " From my earliest youth, I have known that while one is obliged to plan with care the stages of one’s journey, one is entitled to dream, and keep dreaming, of its destination. A man may feel as old as his years, yet as young as his dreams. The laws of biology do not apply to sanguine aspiration.
Science, technology, and information are - for better or worse - universal. They are universally available. Their availability is not contingent on the color of skin or the place of birth. Past distinctions between West and East, North and South, have lost their importance in the face of a new distinction: between those who move ahead in pace with the new opportunities and those who lag behind."
[ Shimon Peres ]
8월 17일 King penguin receives Norwegian knighthood
By RAPHAEL G. SATTER, Associated Press WriterFri Aug 15, 1:43 PM ET
Nils Olav already has medals for good conduct and long service. He made honorary colonel-in-chief of the elite Norwegian King's Guard in 2005. And on Friday he was knighted. Not bad for a 3-foot tall penguin — actually, three of them.
A resident of Edinburgh Zoo in Scotland, the original Nils Olav was made an honorary member of the King's Guard in 1972 after being picked out as the guard's mascot by lieutenant Nils Egelien. The guards adopted him because they often toured the zoo during their visits to the Edinburgh Military Tattoo, an annual military music festival, according to zoo spokeswoman Maxine Finlay.
The king penguin was named after Egelien and Norway's then-King Olav V. When the penguin died — Finlay said no one at the zoo knew exactly when — he was replaced by a second penguin, who inherited Nils Olav's name and rank.
The current Nils Olav, the third penguin to serve as the guards' mascot, was promoted from honorable regimental sergeant major to honorary colonel-in-chief in 2005, Finlay said.
The knighthood ceremony began Friday morning with speeches and a fanfare before Nils arrived, under escort with the King's Guard Color Detachment. Nils then reviewed the troops lined up outside the penguin enclosure at the zoo, waddling down the row of uniformed soldiers, occasionally stopping to crane his neck and peer inquisitively at their crisp uniforms before being guided forward by his handler.
Nils was then knighted by British Maj. Gen. Euan Loudon on behalf of Norway's King Harald V. Loudon dropped the king's sword on both sides of Nils's black-and-white frame, and the penguin's colonel-in-chief badge, tied to his flipper, was swapped for one symbolizing his knighthood.
"He'll be a "sir" now," Finlay said. 8월 16일
Go Global With Closed-End Funds
By Motley Fool Staff
July 28, 2008
Despite this year's turbulence in world markets, returns on international stocks over the past several years have been red-hot. As measured by Morgan Stanley's MSCI-EAFE index, which includes stocks in developed countries around the world, international stocks have returned an average of more than 12% annually over the past five years in U.S. dollar terms. If you expand your scope to include stocks in emerging-market countries such as China, India, Russia, and Brazil, you'll find other MSCI indices returning more than twice those of the MSCI-EAFE index.
Closed-end mutual funds are one way to own shares in foreign countries. Like exchange-traded funds, closed-end funds trade on stock exchanges, rather than being purchased directly from the mutual fund company. Unlike most exchange-traded funds, however, many closed-end funds have actively managed portfolios that fund managers can modify on an ongoing basis to react to changing market conditions.
Why closed-end funds?
High-flying international market returns have prompted an explosion in the number of ways to invest globally. Many foreign companies list their stocks directly on U.S. stock exchanges, making them available to anyone with a standard brokerage account. A number of exchange-traded funds, such as iShares' series of index-tracking country funds, give investors broad exposure to a range of companies within a particular country. Mutual fund inflows into international funds have been extremely high in relation to money going into domestic stock funds.
Because of all of the ways in which you can participate in the booming international stock market, you may wonder how closed-end funds distinguish themselves.
In the global arena, closed-end funds have several advantages over other kinds of investments. Closed-end funds offer both investors and managers a chance to work with each other under favorable conditions, in comparison with traditional mutual funds. At the same time, the opportunity to buy shares at a discount can make closed-end investing more lucrative.
Access to efficient fund management
For investors seeking active management of their investments, international closed-end funds sometimes represent the cheapest way to gain access to a particular fund manager. For example, Franklin Templeton fund manager Mark Mobius has won a number of awards for his work in managing investments in emerging markets around the world. If you want to invest in the traditional mutual funds he manages, however, you'll probably have to pay a sales load of as much as 5.75%. On the other hand, you can buy shares of closed-end funds he manages, such as Templeton Dragon Fund (NYSE: TDF) or Templeton Emerging Markets Fund (NYSE: EMF), for no more than the cost of your purchase commission.
Closed-end funds' structure makes them easier to manage than traditional mutual funds. Because investors in traditional mutual funds can buy or sell shares at any time, the managers of those funds must constantly deal with flows of money going in or out of their funds and adjust their investing portfolios accordingly. When too much money comes in at once, managers may find it difficult to locate enough suitable investment opportunities. Because many foreign stock markets have significantly less liquidity than investors are used to seeing in the United States, this problem is of particular concern to international fund managers. On the other hand, if money is flowing out of the fund, fund managers may have to liquidate assets, even if they believe that those assets would perform well for their investors.
Closed-end fund managers, by comparison, don't have to worry about money flowing in or out of their funds. Once the public offering of closed-end-fund shares is complete, transactions involving shares of closed-end funds occur solely in the secondary market, with absolutely no effect on the fund or its assets. Managers can focus on the money they have, knowing that it is all that they may ever have to invest for their shareholders.
Discounts on closed-end funds
The other primary advantage that some closed-end funds have is that they may trade at a discount to the value of the assets they own. With funds focusing on international stocks, it's not uncommon to see discounts of 10% or more.
However, don't expect to see discounts on every international closed-end fund. Because investing in some international markets can be extremely difficult, closed-end funds sometimes offer the only access to a particular country or region. For example, although many large Japanese companies have listed shares on U.S. stock exchanges, it's harder for investors to buy shares of smaller companies in Japan. As a result, the Japan Smaller Capitalization Fund (NYSE: JOF) often trades at a premium to net asset value, especially when investing in Japan is in vogue. Similar situations are visible in the shares of the Thai Fund (NYSE: TTF), Thai Capital Fund (NYSE: TF), and Indonesia Fund (NYSE: IF).
Depending on what you're looking for in an international investment, closed-end funds are worth your consideration. In some cases, they offer the best way to focus your investment exactly how you want, while you get to retain the advantages of active asset management.
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Go Global With Closed-End Funds
By Motley Fool Staff
July 28, 2008
Despite this year's turbulence in world markets, returns on international stocks over the past several years have been red-hot. As measured by Morgan Stanley's MSCI-EAFE index, which includes stocks in developed countries around the world, international stocks have returned an average of more than 12% annually over the past five years in U.S. dollar terms. If you expand your scope to include stocks in emerging-market countries such as China, India, Russia, and Brazil, you'll find other MSCI indices returning more than twice those of the MSCI-EAFE index.
Closed-end mutual funds are one way to own shares in foreign countries. Like exchange-traded funds, closed-end funds trade on stock exchanges, rather than being purchased directly from the mutual fund company. Unlike most exchange-traded funds, however, many closed-end funds have actively managed portfolios that fund managers can modify on an ongoing basis to react to changing market conditions.
Why closed-end funds?
High-flying international market returns have prompted an explosion in the number of ways to invest globally. Many foreign companies list their stocks directly on U.S. stock exchanges, making them available to anyone with a standard brokerage account. A number of exchange-traded funds, such as iShares' series of index-tracking country funds, give investors broad exposure to a range of companies within a particular country. Mutual fund inflows into international funds have been extremely high in relation to money going into domestic stock funds.
Because of all of the ways in which you can participate in the booming international stock market, you may wonder how closed-end funds distinguish themselves.
In the global arena, closed-end funds have several advantages over other kinds of investments. Closed-end funds offer both investors and managers a chance to work with each other under favorable conditions, in comparison with traditional mutual funds. At the same time, the opportunity to buy shares at a discount can make closed-end investing more lucrative.
Access to efficient fund management
For investors seeking active management of their investments, international closed-end funds sometimes represent the cheapest way to gain access to a particular fund manager. For example, Franklin Templeton fund manager Mark Mobius has won a number of awards for his work in managing investments in emerging markets around the world. If you want to invest in the traditional mutual funds he manages, however, you'll probably have to pay a sales load of as much as 5.75%. On the other hand, you can buy shares of closed-end funds he manages, such as Templeton Dragon Fund (NYSE: TDF) or Templeton Emerging Markets Fund (NYSE: EMF), for no more than the cost of your purchase commission.
Closed-end funds' structure makes them easier to manage than traditional mutual funds. Because investors in traditional mutual funds can buy or sell shares at any time, the managers of those funds must constantly deal with flows of money going in or out of their funds and adjust their investing portfolios accordingly. When too much money comes in at once, managers may find it difficult to locate enough suitable investment opportunities. Because many foreign stock markets have significantly less liquidity than investors are used to seeing in the United States, this problem is of particular concern to international fund managers. On the other hand, if money is flowing out of the fund, fund managers may have to liquidate assets, even if they believe that those assets would perform well for their investors.
Closed-end fund managers, by comparison, don't have to worry about money flowing in or out of their funds. Once the public offering of closed-end-fund shares is complete, transactions involving shares of closed-end funds occur solely in the secondary market, with absolutely no effect on the fund or its assets. Managers can focus on the money they have, knowing that it is all that they may ever have to invest for their shareholders.
Discounts on closed-end funds
The other primary advantage that some closed-end funds have is that they may trade at a discount to the value of the assets they own. With funds focusing on international stocks, it's not uncommon to see discounts of 10% or more.
However, don't expect to see discounts on every international closed-end fund. Because investing in some international markets can be extremely difficult, closed-end funds sometimes offer the only access to a particular country or region. For example, although many large Japanese companies have listed shares on U.S. stock exchanges, it's harder for investors to buy shares of smaller companies in Japan. As a result, the Japan Smaller Capitalization Fund (NYSE: JOF) often trades at a premium to net asset value, especially when investing in Japan is in vogue. Similar situations are visible in the shares of the Thai Fund (NYSE: TTF), Thai Capital Fund (NYSE: TF), and Indonesia Fund (NYSE: IF).
Depending on what you're looking for in an international investment, closed-end funds are worth your consideration. In some cases, they offer the best way to focus your investment exactly how you want, while you get to retain the advantages of active asset management.
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