Are you taking more r cashbackforexcalculatorOnlinek now than you did when the fund was smaller? No, I would say cashback forex calculator Online take much less risk now than we did in the early years when we were financing as much as we could What does cashbackforexprofitcalculator mean? In terms of $100 million, how much do you borrow on average? That number is meaningless because investing $100 million in Treasury bills has a very different risk factor than investing in thirty-year bonds, cashbackforexpipcalculator we managed to simplify things, we cashback forex no real or scientific way of measuring risk, people who operate derivative financial instruments have sophisticated risk calculations, were amateurs, were living in the Stone Age, we do it on purpose Over the last twenty years, the methods of measuring portfolio risk have come a long way, so why dont you use these scientific methods of measuring statistics? Because we dont believe in these methods, which are usually based on efficient market theory, which conflicts with my incomplete understanding and reflex theory, which I think works 99 percent of the time and fails 1 percent of the time, and Im particularly concerned about the 1 percent I find that there are a number of systematic risks that cant be simplified within these assumptions that usually assume that the market works consistently, and Im particularly interested in discontinuity. But we do try to simplify rather than complicate things. For example, when we deal with the amount of interest rate positions, we simplify everything to equal 30-year bonds, so we even treat Treasury bills as 30-year bonds and we are willing to invest capital along three axes: we have equity positions, we have interest rate positions, and we have foreign exchange positions. Our positions move along each axis between plus and minus 100%, but some of these risks are reinforced by each other, so we are very reluctant to risk 100% of our capital on any one axis. This fund retains 20% of its assets for the same overall investment as the Quantum Fund, which is actually enough to provide pledge or purchasing power for the macro structure that covers the entire fund, and the rest is retained for industrial investment; and then the unapplied portion of the fund, that is, the money that is retained for industrial investment but not actually spent, is This is a new idea that might make the use of capital more efficient than the Quantum Fund itself. Obviously financing is extremely important to your success, and if you hadnt used financing, how much would that $100 million have grown to? In other words, how much of the Quantum Funds profits over the years have been earned by financing? Thats another question I cant answer, in which case the Quantum Fund would become something completely different, and there are many parts that make sense because we use financing, and if we cant use financing, we cant make those particular investments, and financing gives us far more flexibility than we get from operating a two-dimensional portfolio, where a bond fund manager can extend the portfolios The bond fund managers can extend the maturity of the portfolio up to fifteen years if they expect interest rates to rise, and they can shrink the average maturity to a very short period when they think interest rates will go down. I can give you a recent example, at the beginning of 1995, if you are bullish, as we are, that interest rates will not rise again; that is, if you believe that the U.S. Federal Reserve (which is the same as the U.S. central bank) may not contract money anymore, you can make a lot of money on things with short maturities and very little on things with long maturities, because short-term things perform much better than long-term something performs much better
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