ΤΟ ΠΟΚΕΡ ΤΩΝ ΕΚΑΤΟΜΜΥΡΙΟΥΧΩΝ

Μια πολύ ωραία ανάλυση που βρήκα για ένα πολύ ενδιαφέρον παιχνίδι, το λεγόμενο πόκερ των δισεκατομμυριούχων.Την παρθέτω αυτούσια στη βαρβαρική, απο όπου προέρχεται και η τεχνογνωσία άλλωστε

ΓΡΑΦΕΙ Ο:"ΕΛΙΕΝ"

**When Volkswagen’s share price exceeded the point where it made sense for Porsche to buy the company, a number of hedge funds realized that Volkswagen shares have nowhere to go but down. With Porsche out of the picture, there was simply no reason for VW to keep going up, and the funds were willing to bet on it. So they shorted huge amounts of VW stock, borrowing it from existing owners and selling it into circulation, waiting for the price drop they considered inevitable.Porsche anticipated exactly this situation and promptly bought up much of these borrowed VW shares that the funds were selling. Do you see where this is going? Analysts did. According to The Economist, Adam Jonas from Morgan Stanley warned clients not to play “billionaire’s poker” against Porsche. Porsche denied any foul play, saying it wasn’t doing anything unusual.But then, last October 26th, they stepped forward and bared their portfolio: through a combination of stock and options, they owned 75% of Volkswagen, which is almost all the company’s circulating stock. (The remainder is tied up in funds that cannot easily release it.)To put it mildly, the numbers scared the living hell out of the hedge funds: if they didn’t immediately buy back the Volkswagen stock they were shorting, there might not be any left to buy later, and it isn’t their stock — they have to return it to someone. If their only option is thus to buy the VW stock from Porsche, then the miracle of supply and demand will hit again, and Porsche can ask for whatever price it wants per VW share — twenty times their value, a hundred times their value — because there’s no other place to buy. They’re the only game in town.And that, my friends, is called a short squeeze.**
αναρτηθηκε απο αργυρη σιδερη 11/1/09