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Author, Andrew Sheldon

Global Mining Investing is a reference eBook to teach investors how to think and act as investors with a underlying theme of managing risk. The book touches on a huge amount of content which heavily relies on knowledge that can only be obtained through experience...The text was engaging, as I knew the valuable outcome was to be a better thinker and investor.

While some books (such as Coulson’s An Insider’s Guide to the Mining Sector) focus on one particular commodity this book (Global Mining Investing) attempts (and does well) to cover all types of mining and commodities.

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Monday, January 28, 2008

SocGen 'one of the better managers' ???

I was amazed yesterday when I saw on Bloomberg a fund manager commented on the Societe General loss of $US4.9 billion by a rogue trader. He said that this is nothing for SocGen. Its actually surprising because they are one of the better managed financial institutions, suggesting that this was a one-off.
I dont know about you - but the idea that one of the better managed derivatives players is lossing $US4.9 billion - thats reason for concern. That is one trader. The market is painting this situation as unique because this rogue trader had a history in the trading & backoffice areas, so was able to identify a loophole to cover his trades.
That is a nonsensical argument to me because:
1. It strikes me as well-known that the industry tends to monitors net positions
2. This guy took larger positions to offset his losses in an attempt to par back losses, and covered his losses with new positions to make them look ok on a net basis. I see no reason why that cannot happen at an institutional level, nor why the loophole would not be identified from office conversation.
I have long made the point that the fact that institutions only look at their net positions is a reason for great concern, though my focus is on the differing credit-worthiness of counterparties. It makes you wonder how many other traders are covering up at this point.
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Andrew Sheldon www.sheldonthinks.com
Posted by Andrew Sheldon at 10:08 PM
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If you are investing for the long term, you still need an investment strategy. Dont be fooled by the rhetoric of fund managers. The reason they advise you to 'buy & hold' is because they dont want to compete with you in sell-offs. Markets and industrial sectors are cyclical, so they demand trading to get the best returns. Fund managers actually cant hope to match the performance of small investors (if you are half good) because they have to manage huge amounts of funds and charge you a fee besides.
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