www.pimco.com One way to assess risk is to observe the incremental expected return per unit of risk (= the slope of an expected Sharp ratio).cf. starting real yields have historically been a strong predictor of future return 以降、投資開始…

macro-ops.com Money = cash + credit(In US, cash; $3T, total credit; $60T.) cash とcreditとの差異 When you buy simething with cash, you exchange that cash for a service or good. The transaction is closed. When you buy something with credit,…

macro-ops.com 現在一番のバブルは債券であるが、弱気相場に入ったと考える投資家は多い。 そもそも債券バブルとは何か？ まずはRay Dalioの言葉から。 Expected return of bond relative to their risks are especially bad. If interest rate rise just a …

macro-ops.com Ray Dalioがインドについてpositiveなコメントを出していたが、 ここではより全体像を論じたものを紹介。 4 drivers of economic growth: culture, indebtedness, competitiveness, and luck. 負債が少なく、競合に打ち勝つ利点を有して運が良…

macro-ops.com Transactions approachでは経済を各々の取引に分解して考える. 1. A transaction is an exchange of money (or credit) for a good, service, or asset. 2. A market is the all combination of transcations for a particular good. 3. An ec…

macro-ops.com Earn from inefficiency 1. 情報の伝達 Much information stats out known only to a limited number of people, then spreads to a wider groups in stages. 2. In real markets, the rationality of the participants is limited. 3. Partic…

economictimes.indiatimes.com What is your view of the Indian economy? cf. Ray Dalioの計量分析 We do a computerised study that forecasts which the fastest-growing economies will be based on certain key performance indicators. In my study, I…

macro-ops.com 前日の記事(Ray Dalioの投資哲学と手法)にあった債務のサイクルと類似のinvesmtnt clockについて解説. The "Investment Clock" 投資のサイクル ✓ 概念自体はMerrill Lynchにより提示された。 Phase 1 - Reflation phase:低成長&低インフレ - B…