金融革命が続く米国
多様化する米国のETF（ビジネス・ウィーク誌）
One-Stop Dividend Shopping
A portfolio of dividend-paying stocks in a single security can simplify your life. But mind those ETF differences
S&Pが１９９３年に開発したETFという商品は、今や米国では２１２種類、３５兆円を越える規模に膨らんでいるそうです。加えて、新たな新商品が次々登場しています。
Exchange-traded funds (ETFs) have come a long way since Standard & Poor's Depositary Receipts (SPDRs) first appeared in 1993. By the end of the first quarter of 2006, there were 212 ETF portfolios in the
One reason for the spread of dividend-based and other specialized ETFs is the evolution of indexes, says James Pacetti, president of ETF International, a New York consultant (see BW Online, 5/5/06, "ETFs: Sliced, Diced, and Razor-Thin"
). Indexes initially served to describe markets, and were later tweaked into growth and value segments.
INDEXES A GO-GO. Today, says Pacetti, cheap computer power means that "quantitative strategies are being packaged as indexes." Current dividend ETFs are based on indexes created by four providers (see table): Dow Jones (DJ
), Mergent, Morningstar (MORN
), and Standard & Poor's, a division of The McGraw-Hill (MHP
) Companies.
The first ETF devoted to dividend payers was the iShares Dow Jones Select Dividend Index Fund (DVY
). The fund tracks the Dow Jones
独断的コメント：
「ダウ・インデックスを買いたい」という笑い話を商品化したETFは、コロンブスの卵のようなものですが、一旦実現し、成功を収めれば、後は順列組み合わせのように、様々なETFが登場します。後追いが得意なわが国もこれに追随して、今後次々にETF新商品が売り出されるのでしょう。
更に興味のある方は、 ↓
http://www.businessweek.com/print/investor/content/may2006/pi20060512_643703.htm
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
CITIはどこに行くのか？
存在感を欠くCITI（フォーブス誌）
Financial Services
Where's Citi?
Liz Moyer, 05.17.06,
CITIは今や総資産で世界最大の銀行ですが、米国での存在感は最近とみに薄れているようです・・・・・。
（前略） After the Golden West-Wachovia deal was announced, some analysts began wondering whether Citi's deal-making engines would turn back on and reclaim the lost ground. The Federal Reserve recently lifted a moratorium on Citi's doing big deals (it had told Citi to hold off on major transactions while it shored up internal controls).
Many analysts put Citi in a deal with
Some others see it in a big credit card transaction. Though Morgan Stanley Chief Executive John Mack has stated his commitment to the cards business, Discover Financial Services could be a good fit with Citi, says David Robertson, publisher of the Nilson Report. (Discover was the only other card issuer to lose share last year.)
Discover, with $44 billion in receivables, would lift Citi, which has $111 billion, past Bank of
独断的コメント：
我が国では色々お騒がせのCITIですが、米国でも精彩を欠くようです。コーポレート・ファイナンスでは最早インベストメント・バンクに対抗できなくなった商業銀行は、リテール業務に注力しているはずですが、CITIはその中核分野で順位を落としています。カード業務では全米第３位、住宅ローンでは第６位、支店網では第５位で首位のBOAの６分の一しかありません。海外では積極的に買収を行っているので、米国から逃げ出しているのかと皮肉られています。
更に興味のある方は、 ↓
http://www.forbes.com/2006/05/17/citi-banking-mergers-mojo-cx_lm_0517citi_print.html
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
米国SOX法の将来
SOX法が廃案になる？
Market Place
S.E.C. Eases Audit Rules but Rejects Exemptions
By FLOYD NORRIS
SOX法を巡り激しい抵抗にさらされているSECは、中小企業の適用免除には妥協しないつもりのようですが・・・・・・。
The Securities and Exchange Commission moved yesterday to make audit rules that have angered many companies easier and less expensive to apply. But despite political pressure, the commission said smaller companies would eventually have to comply with rules governing their internal controls.
The commission also indicated that it would take at least two years to ensure that every public company was in compliance.
"The basic message is the S.E.C. is saying that there is no ultimate postponement for smaller companies," the chairman of the commission, Christopher Cox, said in a telephone interview. "Ultimately, all companies will be required to comply."
Some companies have complained bitterly about the cost of auditing their internal controls, and an S.E.C. advisory committee had proposed exempting all but the largest companies from the rule.
The cost of compliance for smaller companies has been the prime exhibit in political arguments that provisions of the Sarbanes-Oxley Act of 2002 should be scaled back, and a bill to exempt most companies from the rules was introduced in Congress hours before the commission made its announcement. (後略)
独断的コメント：
SECがなんといおうと、法改正ですべてがご破算になります。現にSOX法改正のロビー活動はますます激しくなっているようで、SOX法の生みの親、サーベインス上院議員とオックスレー下院議員が引退する来年にも改正案が通る可能性が指摘されています。
尚、わが国の大企業も関係する海外の上場企業へのSOX法適用時期は未定だそうです。
更に興味のある方は、 ↓
http://www.nytimes.com/2006/05/18/business/18place.html?pagewanted=print
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
フォーブスの金持ち元首ランキング
国富をATMにする支配者たち（フォーブス誌）
Billionaires
Fortunes Of Kings,
Luisa Kroll 05.05.06, 9:00 AM ET
隣の赤貧無法国家を含め、国富を家産のように扱う中世的国家がまだまだ多いことに驚かされます。
What do
Click here to see ten wealthy rulers.
Entrepreneurs they’re not. These fortunes are largely derived from inheritances or positions of power. And the lines often blur between what is owned by the country and what is owned by the individual. No surprise then that these estimates are more art than science. For instance, we figure
Even stickier: Proving a dictator controls funds and uses them for personal gain—not for the country’s benefit.
独断的コメント：
企業ランキングはフォーチュン誌のお家芸ですが、フォーブス誌はこれに対抗して個人の金持ちランキングを発表しています。この記事はその中でも国家支配者の富裕者ランキングです。この記事では、ドバイ、赤道ギネア、キューバの独裁者に触れています。
カストロは自分は無一文だと白々しいことを言っているようですが・・・・・。
更に興味のある方は、 ↓
http://www.forbes.com/2006/05/04/rich-kings-dictators_cz_lk_0504royals_print.html
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
生保リスクの証券化
中々進まない保険の証券化
（インスティチューショナル・インベスター誌）
Scottish Re Mortality Bond Hits Target Despite Pandemic Fears
スコッティッシュ再保険は、疫病などによる大量死亡リスクをヘッジする証券化を行いました。これは、昨年のスイス再保険によるものに続く生保リスクの証券化ですが・・・・。
Life reinsurer Scottish Re has completed a $155 million securitization that transfers catastrophic mortality risk – the risk of many people dying at once from a big event – to the capital markets. It is only the second company to securitize this kind of risk. Swiss Re was the first with its two Vita Capital deals, the most recent of which was completed in April 2005.
The reinsurer launched the bond to protect itself against increases in
独断的コメント：
未だに利差、比差、死差という制度に守られた収益に依存し続ける我が国の生保業界には、金融イノベーションは他人事か精々インテリジェンス活動（産業スパイ類似行為）の域をでませんが、欧米でも保険リスクのキャピタル・マーケットへの移行は中々進展しないようです。一頃脚光を浴びたキャット・ボンドなども結局線香花火で終わっているようです。それでも、折に触れてこのような証券化が行われるのは欧米のイノベーション志向の表れなのでしょう。
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
ますます肥大化する経営者のperk
公私混同がますます激しくなる経営者達（ニューヨーク・タイムス紙）
Executives Take Company Planes as if Their Own
（前略） Chief executives' salaries have risen sharply. On top of that, new government data show, shareholders are paying more for executives' personal travel on corporate jets, long criticized as a symbol of excess.
Because the value of a trip counts as personal income for the executives, some companies are even paying the executives' taxes on trips. Others are agreeing to provide leisure travel for retirees, like Sanford I. Weill
, who just departed Citigroup
as chairman. Edward E. Whitacre Jr. will travel on the corporate plane once his contract is up as chief executive of AT&T
, as will Peter F. Chernin after his tenure as president of the News Corporation
.
Taking the corporate jet is variously described as a necessity for time-pressed executives and politicians, a luxury for the elite, a security precaution, or an addiction, depending on who is talking.
"One chief executive told me, 'You can fool around with my stock options all you want, but don't fool around with my airplane,' " recalled Richard H. Moore, treasurer of the state of North Carolina, who oversees $72 billion in investments. "You can compare it to crack cocaine. Once they get used to having the plane there waiting for them, they don't want to go back."
Equilar, an independent compensation research firm, reviewed the government filings of the 100 largest public companies that had made their 2005 government filings and found that companies reporting personal use of corporate aircraft billed shareholders 45 percent more for such travel than in the previous year. The number of companies reporting personal use of jets rose as well, to 67 from 60. The reported value, which critics say vastly understates the actual cost, was $10 million. （後略）
独断的コメント：
役職員の給与外の特典をperquisites, 略してperkといいます。経営者は監視されなければ、際限なく強欲になりますので、報酬委員会や会計報告に報酬を明記するなどの処置が取られますが、それでも監視されるほうが規則を定めるという矛盾した企業統治方式のため、様々な抜け道を作り出してきました。
この記事はそのひとつで、現役、引退を問わず、経営者が社用ジェット機を私用に使い、請求書を当然のように会社に回している実態に触れています。
更に興味のある方は、 ↓
http://www.nytimes.com/2006/05/10/business/10jets.html?_r=1&oref=slogin&pagewanted=print
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
黎明期にある日本のヘッジ・ファンド業界
ヘッジ・ファンド投資家たちは関心を日本に向けるが、人材がいない
（インスティチューショナル・インベスターズ誌）
Hedge Funds Grow Slowly On Japanese
Global hedge fund investors love hedge funds having to do with
http://www.dailyii.com/article.asp?ArticleID=1040074&LS=EMS74112
独断的コメント：
この国の金融革命は常に輸入物ですが、ヘッジ・ファンド業務は欧米の隆盛にもかかわらず、ファンドの組成力も乏しく、ファンド・マネジャーのなり手も少ないために、革命前夜のようです。一方で、ファンドを売りたい金融業者は山のようにいて、零細投資家への小売までしようとしているようです。
このような需給ギャップは早晩解消されるはずで、欧米のヘッジ・ファンドが優秀なトレーダーやアンド・マネジャーを引き抜く形で日本での投資を拡大していくのでしょう。
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
自己責任の基金運用！
へッジ・ファンドは米国の隅々まで浸透している（ニューヨーク・タイムス紙）
Market Place
After Doing Its Homework, a College Puts Its Money Into Hedge Funds
基金の８０％をヘッジ・ファンドに投資し続け、大成功を収めている米国の地方大学の話です。
THE
Yet its endowment is on a roll. Nearly 80 percent of the endowment's assets are invested in hedge funds — making
Still, that strategy has brought it rich rewards: Its endowment has climbed to $250 million today, from $89 million in 1990.
"A bigger endowment allows us to go out and be more competitive with faculty salaries," said Stewart R. Massey, a trustee of the college who has served as chairman of the investment committee for about 14 years. "It allows us to increase financial aid. It allows us to attract better students," he said, speaking on Monday after the MarHedge 12th Annual Mid-Year Institutional Investment Conference in
Pension plans, endowments and rich people have long grappled with how to understand and invest in the elusive world of hedge funds, lightly regulated investment pools that charge high fees and have fewer investment constraints than mutual funds.
There are currently more than 8,000 funds with $1.2 trillion in assets. Driven largely by institutions like
独断的コメント：
日本も自己責任の時代になりました。公立大学も独立行政法人となり、自立経営を迫られていますので、米国の一地方大学の経験も役に立つかもしれません。それ以上に、膨大な資産を保有する企業年金もこれからは、生保や信託任せの運用ではなく、自主的な積極運用を行わなくてはならないのでしょう。
更に興味のある方は、 ↓
http://www.nytimes.com/2006/05/10/business/10place.html?_r=1&oref=slogin&pagewanted=print
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
進化する中国の贋作作り
新たなカントリー・リスク？、偽装企業！（ニューヨーク・タイムス紙）
Next Step for Counterfeiters: Faking the Whole Company
By DAVID LAGUE
In mid-2004, managers at the
After two years and thousands of hours of investigation in conjunction with law enforcement agencies in
The pirates were faking the entire company.
Evidence seized in raids on 18 factories and warehouses in China and Taiwan over the past year showed that the counterfeiters had set up what amounted to a parallel NEC brand with links to a network of more than 50 electronics factories in mainland China, Hong Kong and Taiwan. （後略）・・・・・・・・・・・・・・・・・・・・
独断的コメント：
偽装天国のわが国も驚くことに、偽造作りに長けた中国人はとうとう会社そのものまで贋物作りを始めたようです。経済一流、政治三流、外交番外のわが国企業は、「政冷経熱」の中で中国企業に良い様にやられてしまうのでしょうか？
更に興味のある方は、 ↓
http://www.nytimes.com/2006/05/01/technology/01pirate.html?_r=1&oref=slogin&pagewanted=print
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.
I・バンカー必読！
ゴールドマンの栄光と課題（エコノミスト誌）
Goldman Sachs
On top of the world
Apr 27th 2006
From The Economist print edition
In its taste for risk, the world's leading investment bank epitomises the modern financial system
皮肉屋のエコノミスト誌ですら、ゴールドマンの実績には非のつけようがないようです。それでも、３つの問題を提起しています。
BY ANY measure, Goldman Sachs is a formidable company. The bank knocks the spots off its competitors, whether in pure “investment banking”, the traditional craft of underwriting and mergers and acquisitions in which it made its name, or in its new focus, trading for customers and its own account. Even compared with leaders in other industries, Goldman makes spectacular returns. Among its latest record-busting yardsticks was a 40% quarterly return on equity. The average pay-packet of its 24,000 staff last year was $520,000—and that includes a lot of assistants and secretaries.
（中略）
Yet the sheer size of the numbers involved does mean it is worth raising three questions. How exactly has Goldman and its industry achieved this? Can it be sustained? And what should happen if something goes wrong?
Like most of its rivals, Goldman is a difficult institution for outsiders to understand. Until 1999 it was a private partnership. With public ownership came greater reporting responsibilities, but precisely what Goldman is up to remains obscure. The bank likes to say that it still relies a lot on traditional investment banking, but Goldman's accounts show that its profits come increasingly from trading. The sharp-suited investment bankers act as a sales force for less-well-dressed colleagues who work out how to make money from swaps, options and direct investments.
(後略)
独断的コメント：
余りにも成功し続けてきた企業には、持続可能性という課題が付きまといます。それが金融業者として、PEが低く評価されている理由なのでしょう。俺までは、金融革命の流れを美味く利用し、M&Aからディーリング、デリバティブ、アセット・マネジメント、プロップ・トレーディング、プリン氏パル・インベストメントと収益源を拡大してきましたが、今後のビジネス・モデルと競争優位は不透明なようです。
更に興味のある方は、 ↓
http://www.economist.com/opinion/PrinterFriendly.cfm?story_id=6855910
Fair use notice
This Blog News contains copyrighted material the use of which
has not always been specifically authorized by the copyright
owner.
The material is being made available for purposes of education
and discussion in order to better understand the complex
nature of businesses in today's world.
We believe this constitutes a "fair use" of any such copyrighted
material as provided for in relevant national laws.
The material is distributed without profit to those who have
expressed an interest in receiving the included information for
research and educational purposes.
If you wish to use copyrighted material from this site for purposes
of your own that go beyond "fair use", you must obtain permission
from the copyright owner.
We cannot guarantee that the information contained in this Blog
News is complete and correct or be liable for any loss incurred
as a result of its use.
Nor can we be responsible for any subsequent use of the material.