Bear Stearns次按 長爆長有

十幾日前，孫柏文睇《華爾街日報》話管理兩個炒爆次按基金嘅Bear Stearns，會喺「最遲7月16日」公開基金裏面啲次按債券，直到6月30日值幾多錢。到我落筆嘅呢一刻，好似仲未有消息。

今時今日，好多擁有次按債券嘅單位，根本無法知道，甚至唔想知道啲次按債券值幾多錢。因為如果債券資產不抵債，分分鐘可以即時執笠。我唔知Bear Stearns幾時會公佈債券估值，同埋如果一公佈之後，其他基金會否相應下調自己手上債券嘅估值。

不過可以肯定嘅係，好似一個完全被毀容嘅病人一樣，要第一次知自己今日係乜嘢樣，一定要有心理準備。最後大家要謹記，Bear Stearns只提供佢哋覺得啲次按債券，喺6月30日嘅一刻值幾多錢。因為穆廸同標普反枱，將次按投資評級大幅下調，今個月先至開始發生，花旗國樓泡沫呢個故事，真係長爆長有。



大家準備接收聯儲局印出來嘅銀紙啦！

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PS. Shareholders in the Bear Stearns hedge funds lost 90% of their money.

They had US$600m equity, US$4b leverage in form of margin loans. That means that the fund's assets are worth still US$4.06b.

Which begs the question. WHO IS DOING THE VALUATION OF THESE ASSETS and WHAT ARE THEY SMOKING?

Also, did Bear Stearns acquire those left over positions from the busted hedge funds? If so, oh o.