I have no idea what has gotten into Brazil today as the iShares Brazil (EWZ) is up nearly 9%; that's the large caps index.. but Gafisa (GFA) is up 14% and since I just added to this Monday in the $38s [Bookkeeping: Adding Gafisa] I am going to cut back a bit here in the $43s. If anyone knows why Brazil is so happy today let me know in comments area; I do have a pretty good idea why Brazil is happy overall. It's Samba time!
Gafisa is now down to a 1.5% stake (it had appreciated to 2.1%); I will let more go north of $45 if we get there. Otherwise I am content to hold the rest since unlike my other homebuilders it's not in the United States of Subprime.
Totally unrelated educational moment of the day: Most Americans have the misconception that Spanish is the language of Brazil. It is actually Portuguese.
Long Gafisa in fund and personal account
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13 comments:
Brazil got upgraded to an investment grade rating today.
Thank you
Much like Ambak I assume the USA is still triple A? ;)
I upgraded Brazil to investment grade a few years ago...
It's strange how they upgrade governments like that. I also thought that brazil was being overly discounted, but I never thought that an upgrade like that, would actually move the entire market that way, all at once. I really wanted to add more exposure in this area... stupid S&P!
Yea I know Ambak Enron etc...
but a bunch of mutual funds can only invest in investment-grade securities, once again why would you want to open one when a hedge fund is a VASTLY superior vehicle I have no idea, but whatever....
RMJ, why is is strange? each country has a rating. The better your rating the lower your cost of capital in theory. I mean its worked great for us - allowed us to borrow over our head for decades. I am just peeved that the hamsters did not tell me this earlier in the day... more wheel running for them.
Shax,
Go find me a bunch of folks making $200K+ a year who want to invest good sums of money with me, and I'll open a hedge fund within 30 days. I'm having a hard enough time attracting the folks the Fed is attacking each day with their policies; not to mention the upper crust ;)
It will be interesting to see if this move lasts. My RIO went way up.
lol - i cant tell if you are being sarcastic. But I'll assume so.
But it annoys me, that just because S&P says they are more credit worthy, it changes instantly, the value of the entire market. What the hell? Wasn't the probability of default the same now, as it was 6 hours ago??
All we saw, was hundreds of analysts keying in a lower discount rate, and bidding up prices with a whack of computers.
It probably annoys me even more, as a risk manager.
** I'm having a hard enough time attracting the folks the Fed is attacking each day with their policies; not to mention the upper crust ;)**
So you are gunning for that 85% that owns 15% of the money and needs most of it to pay grocery and booze bills... OoohKay.
Again, what would your solution be?
You cannot advertise if you run a hedge fund. And for people who are not in the right circles you would never attract capital. You make it appear as if as long as you wish something to be true, you can make it. It's a whole different circle of folks.
Tradermark
Why don't you become a broker and gather clients. Later you can start your fund with those people. You are far better than most brokers.
Ok, so I spend 8 hours a day as a new broker cold calling people on lists provided by me from my firm, trying to convince people I am no different than the 50 other people who have called them (because the same people are on every list) and that they should bring business to my firm ...
Got it.
There is a reason that 90% of brokers turnover in the first year. It's basically used card salesmen - same skill set... only with financial knowledge to some degree.
And in those 8 hours I could never watch the market...
Next!
From an Elliot Wave Point of view EWZ is topping its Cycle I, luring frenzied capita in capital in at the height of its cycle
yes its getting to hot for me in the near term. Some amazing moves since 2 PM yesterday.
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