Negli ultimi giorni gli articoli sulla stampa internazionale si stanno facendo più numerosi e ricchi di particolari: oggi parliamo di riposizionamento dei portafogli di investimento dei principali intermediari finanziari negli USA. In particolare, si sta assistendo ad una intensificazione di vendite di Titoli di Stato USA, a fronte della quale ci sono acquisti di nassa di mutui ipotecari, esattamente come accadeva nel periodo antecedente allo scoppio della bolla immobiliare. Al riguardo, si vedano:
- Bloomberg 10/1 "Wall Street Dumps Most Treasuries Since 2004 on Growth Wager": "Wall Street banks are cutting their holdings of Treasuries at the fastest pace since 2004 as the world’s biggest bond firms bet that the economy will strengthen and demand for higher-yielding assets will increase. The 18 primary dealers that trade with the Federal Reserve reported that holdings of U.S. government debt tumbled to a net $2.34 billion on Dec. 29 from $81.3 billion on Nov. 24, the most since June 2009, according to the most recent central bank data. While the stake is the lowest since February, corporate bond and mortgage securities have risen from the lows of the year";
- CNBC 10/1 "Investors Act Like Crisis Never Happened: Fund Manager": "Investors have very short memories and the major economies of the world are not as strong as the markets would have us believe, Pedro Noronha, fund manager at Noster Capital, said Monday. “Investors are acting as if 2000-2003 and 2007-2009 never happened, and the hot topic 'du jour' is, once again, emerging markets," Noronha wrote in a letter to investors. "According to most sell-siders (who are paid to be bullish), emerging markets are the place to be because the developed world has gone ‘ex-growth’ and the only place an investor should have exposure to are the thriving emerging economies,” he wrote. But investors should be very careful in this very crowded trade, Noronha added. “The problem we see is that everybody is already in that trade and emerging market assets are at the highest relative valuation vis-à-vis developed markets that has ever been registered," he wrote";
Queste notizie spingono a riflessioni più accurate sul ruolo e la funzione delle operazioni di finanza strutturata, sui titoli derivati ed i mutui ipotecari ad esso collegati, ancora oggi ritenuti i principali responsabili della crisi dei "titoli tossici".
Matteo Olivieri
>> Le informazioni qui contenute non (!) costituiscono sollecitazioni ad investire.
Nessun commento:
Posta un commento