|
[³o½g¤å³¹³Ì«á¥Ñrainbow¦b 2007/02/04 04:23pm ²Ä 2 ¦¸½s¿è]v2
1) ¼Ó ¥D Âà¶Kªº¤å³¹·Q¥Î¤é¥»ªº³B¹Ò¤ñ¸û¤¤°ê¥Ø«eªº§Î¶Õ, ¬O comparing apples vs. oranges. ¤é¶ê»P¤H¥Á¹ô¥»½è¤£¬Û¦P.GkoWGm ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ LrjC ¦b 1970 ¦~«á¡A Bretton Woods system ˶ò, ¤é¶ê¶}©l¯B°Ê¶×²v (floating exchange rate). ¤é¶ê¬O¦b´¯¶}ªº¥~¶×¥«³õ ¥i¦b forex market ¥æ©ö, ¤é¶ê¤£¬O¹jÂ÷«ÊÂꪺ currency. Japanese Yen's relative value is determined in foreign exchange market by supply and demand¡Cq6Q ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ , ¤¤°êªº¤H¥Á¹ô¤£¬O open to ¥~¶×¥«³õ, ¬O¹jÂ÷«ÊÂꪺ currency, ¤H¥Á¹ô¬O relatively ©T©w¶×²v, its value is definitely NOT based on free market supply and demand. ¤£¹L, ¤¤°ê¸gÀÙ¦n, ¤H¥Á¹ï³f¹ôªº»Ý¨D§ó¦h, ¦L¨ê§ó¦h¤H¥Á¹ô, ¬y³q¦h, ®e©ö³q³f¿±µÈ.P,B ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ \ ¤¤°ê¬F©²¥i¥H¹K¤î¥~°ê¤H¾Ö¦³©Ð¦a²£Åv, ·Å¦{¤H³ßÅwª£©Ð¦a²£, Åý¦Û¤v¤Hª±°Õ.BJ".2 ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ x|=n@; ¤¤°ê¤HÀ³¸Ó¿W¥ß«ä¦Ò, ¦Ò¼{¹ï¦Û¤v¦³§Qªº system, §Ú¦³ impression ¤¤°ê¤H¤Ó¨Ì¿à¥~°ê¤H, almost to the point of »{¬°¥~°ê¤H¥i¥H¨M©w§Aªº©R¹B.x/|b?] ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ dV a) ¨Ò¦p¥h¦~»s§@ªº°²¬G¨Æ: ¤Ï¹ïÁp¦X°ê©Ó»{©M±µ¨ü²Åé¦r?!?! - ¨ä¹ê¡A¥xÆW¦b¤C¤Q¦~¥N¤w¸g¥¢¥h¨ä¦bÁp¦X°êªº¦¨û°ê®a®y¦ì, ¦b¤C¤Q¦~¥N¤¤°ê¨ú¥N¥xÆW³Q©Ó»{, ¥¿Åé¦r¦bÁp¦X°ê¤]¦b¨º®É³Q²Åé¦r¨ú¥N, ¬°»s§@ªº°²¬G¨Æ ¤Ï¹ïÁp¦X°ê©Ó»{²Åé¦r, ¬°¤°»ò¤Ó¦b·N ¥~°ê¤H»{¦P¦Û¤v©Î§_©w¦Û¤vªº»y¨¥¨t²Î ¡H³o¬O¤¤°ê¤H¹ï¦Û¤v¯Ê¤Ö«H¤ßªº¸ñ¶H¡Cl!+b ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ "u-6Y b) ¨Ò¦p¡A¤¤°ê¤H·Qn¥~°ê¤H¾Éºt "¤¤°ê¥DÃD" ªº¹q¼v (¦è¹C°O) ©Î ¥~°ê¤H¦@¦P¾Éºt¦b¥_¨Êªº¶ø¹B?? Ãø¹D¥~°ê¤H²z¸Ñ¤¤°ê¤å¤Æ§ó¦n? ©Î¥~°ê¤HÁà¤Æ¤¤°ê¤H§ó¦³¤O¶q?o@C5 ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ 5`/X 2) §Ú¤£§_»{¬ü°ê·Q¤ä°t¥@¬É¡A¬ü°ê¦³ big ego¡C¦ý¬O, Âà¶Kªº¤å³¹ª½«ü¤é¥»©Ð¦a²£°I°h¬O¥Ñ¬ü°ê manipulate ¤é¶ê, ¤é¶ê¬O¥i¦b¦Û¥Ñªº forex market ¥æ©ö, its value is determined by supply and demand. Currency manipulation¥i¯àµu´Á work¡A¦ý¬O¥~¶×¥«³õ¬O¤@Ó¤j¥«³õ, ¦p¦ó¾ÞÁa¤@Ó¤jªº¦Û¥Ñ¥«³õ¡H1985 ¦~ªº Plaza Accord, ¬ü¤¸¦b¦Û¥Ñ¥~¶×¥«³õªá¤F¤j¬ù 2 ¦~¶SȬü¤¸ against ¤é¶ê©M¼w°ê°¨§J, ¬ü°êªº¥Øªº¤D¬O benefit ¬ü°ê¶T©ö, ¤£¬O benefit §ë¾÷©Êª£¤é¥»©Ð¦a²£ªº¤H. ¬ü°ê¤H¹ï¦í®a¾Ö¦³Åv (home ownership)ªº·§©À¼Ò½k, ®a®xÆ[©À¤£¦p¦p¤¤°ê¤H±j, ¥L̤£¦p¤¤°ê¤H¼ö¤¤ home ownership ©Mª£©Ð¦a²£.N[j~6 ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ cJD §A°O±o ³¯ªG¤¯ (Vincent Chin) ¬O½Ö¶Ü¡H ¦b1982¦~¡A®ÉȬü°ê¸gÀÙ§C°g¡A¤é¥»¨T¨®¤jÁ|·G»ù¯F¤J¬ü°ê¡A¬ü°ê¨T¨®¤u¤H¤H¤H¦Û¦M¡A¥Íp¤£«O¡C³¯ªG¤¯¬O¤@¦WµØ¸Ç¤uµ{®v, ¥L¦b±K¦è®Ú¦{©³¯S«ß (Detroit, Michigan) ³Q´Î¥´¦º¡A¦]¬°¥¢·~ªº©³¯S«ß¨T¨®¤u¤H¿ù»~¦a§â³¯ªG¤¯µø¬°¤é¥»¤H¡C/u? ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ a;x6+ ¤µ¤Ñ¡A¬Æ¦Ü Hedge Fund ªº¤jô¤j Steven A. Cohen (SAC Capital hedge fund ¤j¦ÑÁó) ³Ìªñ¹ï¡mµØº¸µó¤é³ø¡n©Ó»{¥L "¤jô¤j" ±o§ó«÷©R¦a¦hµo²{¥ô¦ó¦nªº¥æ©ö, ¦]¬°¥«³õÅܱo«Ü¤j¡A¸ò³o»ò¦hªº Hedge Fund players ¤@°_, it's getting overcrowded, becoming much more difficult to find great deals in the market. Too much money chasing too few good deals.DcO ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ 1m 3) ³q³f¿±µÈÀ£¤O: ¹ï¬ü°ê¼vÅT¤£¤j. ¦]¬°¡u¤¤°ê»s³y¡v¤j¦h¬O·G»ù©M§C½è¶qªº²£«~. ¥u¼vÅT¦b Wal-Mart Áʪ«ªº½a¤H. ¨Tªo¤W¤É¤~¬O¬ü°ê³q³f¿±µÈªº¯u¥û.P@ p{e ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ ROs 2k ¦]¬°¬ü°ê¦a¤è¤j, ¦{»ÚÅK¸ô¨t²Î (Amtrak) ¬O«ÜÁ¡®zªº, «Ü¤Ö¤H¨Ï¥Î Amtrak ÅK¸ô, »Ýn¸¾÷¶Ç¿é³fª«, ©Ò¦³³fª«©M²£«~¦b©è¹F¾÷³õ¥H«á, ¥²¶·¨Ï¥Î truck ©Î©ì©Ô¾÷©ì¨® (tractor trailer) ¶Ç¿é³fª«, ¸¾÷, ¤j¥d¨®¯S§O¦Yªo, ¨Tªo¤W¤É = ¼W¥[¸¾÷, ¤j¥d¨®¶Ç¿é¶O¥Î. By the way, §Ú¨C¤Ñ¦b¦{»Ú°ª³t¤½¸ô¤W¤U¯Z¤jÀY¯k, »P¼Æ¤Q³¡¤j¥d¨®, ©Î©ì©Ô¾÷©ì¨® "Ävª§" °ª³t¹D¸ô, ¨ä¹ê¡A¬O "§Åý" ¤j¥d¨®, ¦]¬°¦pªG»P¤j¥d¨®µo¥Í·N¥~¡Aª«²z¾Ç¨M©w§Ú±NÄY«¨ü¶Ë¡A©Î¦º¥h, ¬Û¤Ï¤j¥d¨®¥q¾÷³Ì¦h¥u¬O»´¶Ë¡C¬ü°ê®ø¶OªÌ¯à¾AÀ³·sÅܤÆ, ¨Ò¦p¡A¥h¦~®L¤Ñ¨Tªo¤W¤É, ¬ü°ê¤H§ó´«¤é±`¥Í¬¡²ßºD, ´î¤Ö¨ä¥L¶}¾P¡A©Î¤W¤U¯Z car pool, ¦ý¬O°Ó®aÃB¥~ªº¶Ç¿é³fª«ªº¨Tªo¶O¥Î, Âಾ¨ì®ø¶OªÌ, ¤~¬O¯uªº³q³f¿±µÈÀ£¤O, ¼vÅT©Ò¦³¼h¦¸ªº®ø¶OªÌ (´I¤H, ¤¤²£¶¥¯Å, ©M½a¤H)¡CY"4A7r ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ i2 4) ¤¤°ê²£«~»P¤é¥»²£«~¤£¬Û¦P, ¹ï¬ü°ê«Â¯Ù¤O¤£¦ü¤é¥»«Â¯Ù³o»ò¤j, ¤¤°ê²£«~¤£¼vÅT¬ü°ê®Ö¤ß high end / luxury type ²£«~, ¤¤°ê¤j¦h¥Í²£·G»ù©M§C½è¶qªº²£«~, ¬ü°ê½a¤H¥h¤j½æ³õ Wal-Mart Áʪ«, Wal-Mart ½T¹ê¬O«Ü profitable ªº¤½¥q, Wal-Mart ½æªº¤j¦h¬O·G»ù¡u¤¤°ê»s³y¡v²£«~¡Ce`H ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ *}H ÁöµM§Ú¤£¬O´I¤H, ¦ý¬O§ÚŪ¤F¤Ó¦h®£©Æªº¡u¤¤°ê»s³y¡v·s»D, §Ú¹ç¥iªá§ó¦h¿ú¶R§ó¦nªº«~µP¡C¦pªG§Ú¬Ý²M²£«~¬O¡u¤¤°ê»s³y¡v¡A§Ú¥u·|¶R·G»ùªº¡u¤¤°ê»s³y¡v«B³Ê¡C§Ú¤£·|¶R¡u¤¤°ê»s³y¡vªº¨T¨®¡A®a¨ã¡A¹q¾¹, etc¡CÄѱø©M¹ª«¡A§Ú³q±`±qÁú°ê¶W¯Å¥«³õ¨º¸Ì¶R¨Ó, Å@½§«~¤]¬O¤£¶R¡u¤¤°ê»s³y¡vªº¡C¤é¥»°ª»ù²£«~¼vÅT¬ü°ê®Ö¤ß: ¨Ò¦p¡AToyota, Honda ¨T¨®, Sony, Panasonic ¹q¾¹, Shiseido ¤Æ§©«~ / Å@½§«~.w`7Ez ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ * ¡u¤¤°ê»s³y¡v¼È®É¤£¯àº¡¨¬/ªï¦X´I¤Hªº¥Í·N, ´I¤H³è±ó·G»ù²£«~¬O´¶¹Mªº°ÝÃD, ¬O¤£¤À°êÄy¡A¤£¤ÀºØ±Ú³è±ó·G»ù²£«~, ¬O snob appeal. ¬Æ¦Ü¤¤²£¶¥¯Å¤]»´µø._H`) ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ % ¦b§Úªº¥°Ï¿ì¤½«Ç, °ª¯ÅºÞ²z¼h¦³«Ç¤º¹w©wªº°±¨®³õ (reserved parking, «Ç¤º parking ¤£©È«B¡A³·¡A©M°ª¼ö«×¤Ó¶§)¡C°ª¯ÅºÞ²z¼h°ª¦¬¤J, ¥L̾r¾p»¨µØ«~µP (»«¤h, BMW, Lexus, Cadillac, etc) ªº¨T¨®©M SUV¡CM.U ©½t¥Í³N¼Æ¬ã¨sªÀ -- ³N¼Æ¬ã¨s¡@¡@ |^/hYZ °ª¯Å¸g²z¤£¬OºÞ²z¼h, ¥²¶·¦b¤á¥~ªº°±¨®³õ°±©ñ¨T¨®¡A°ª¯Å¸g²z¤]¤j¦h¼Æ¾r¾p»¨µØ»«¤h, Audi, BMW ©Î SUV¡A§C¼h¶±û¤]¥²¶·¦b¤á¥~ªº°±¨®³õ°±©ñ¨T¨®, §C¼h¶±û¤j¦h¼Æ¾r¾p low end ·G»ù Toyota, Honda ¤é¥»¨®, Hyundai Áú°ê¨®, Volkswagan ¼w°ê¨®, ©Î low end ·G»ùªº¬ü°ê¨®. ¤£¹L, ¤@¨Ç§C¼h¶±û¥»¨®a®x´I¸Î, ¤]¾r¾p©ù¶Qªº¨T¨®¡C)Q6
| | |
|
|
|