My recollection of Norway was incorrect.
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7 comments:
Japan decoupled from planet earth years ago, but I'm starting to read some hopeful commentary and parts of their market seem to be stirring. Not pretending to understand, I might be a follower there, but only a small position.
Roger.
Have you tried Stub Hub?
http://tinyurl.com/3yz96e
I also have a personal friend of mine who I used to work with and is very honest and professional, Dan Dunn, who owns tixoutlet. (John is his partner)
http://www.tixoutlet.com/buy.htm
Dan's work cell phone # is 412-537-1833. Tell him you know Jack Sills. He doesn't have any tickets listed now, but when someone makes a request he can go to any ticket outlet and get them for you. He will seat you anywhere you want to sit, I assure you.
I have owned EWA for a while and it been getting hit. Maybe I'll increase my position in a few months. Isn't this position though heavy in financials, and do you think they have any sub prime exposure?
Japan has been like a siren call for quite a few people for a while. I will pass.
Thank you JackS, I know stubhub and tickets.com too. EWA is 45% financials. The number I heard for Aussie subprime is 1-2%. The RE market is overheated but subprime is not really an issue. The businesses of the banks are less complex than US banks. Macquarie and Babcock&Brown, as IBs are more complex obviously.
Regarding hedges, I have looked into MUB which is
a US municipal bond ETF. It pays 3% something dividend, I believe, and is way ahead of the market
since its inception in September or so.
I heard Jonathan Hoenig recommend it today.
Any thoughts? I also heard MOO recommended
although I got stopped out this week with a tad of
profit. The DBA has fared much better ytd. The double shorts have taken been useful
with this level of volatility, thanks for educating us
on those, Roger.
Scoot
To buy MUB, as opposed to an individual issue, is to buy high and hope it goes higher. That might work that is what it looks like to me.
I disclosed having MON, the largest component of MOO the last I looked, from Oct and that I sold 1/4 of it recently. It has since gotten hit, as have MOS and POT. So I'm in. The next 15% could be down for all I know. I am a believer in the global food demand theme but I expect the volatility to be extreme from time to time.
Be careful with the bond funds. They are very sensitive to interest rates, and since they are "open" you cannot simply ignore the price and hold till maturity.
Also, with the downgrades and threats of bankruptcy for insurers the munis may take a big hit in price. seems they are already reacting to the rating downgrade.
Few years ago, when my kids were born, i bought individual issues whose maturity would coincide with the time they go to college, to augment their 529 plans.
I have been very pleased with the individual issues and would definitely recommend the concept vs. bond funds.
I would like to whole heartedly second sami's comments about the muni bond funds...
The ratings downgrade for the monoline insurers is starting to be felt in the muni bond market, and it will probably get worse before it gets better.
That being said, you may be able to pick up some individual issues on the cheap. Just remember to do your homework!! Make sure the municipality issuing the bonds has a reasonably strong balance sheet.
I know, I can hear the laughter already, but I'll give you an example. Maine does not issue a great deal of paper, and yes, we lost 20 million in the subprime mess. But because we don't issue a ton of paper, we have a pretty good credit rating. Also if you're worried, you can go shorter duration. Please remember, do your homework, its your money, no one cares about it more than you....
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