Risk Management

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By Dimitris N. Chorafas (auth.)

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Sample text

Even if the risk aggregator seeks to deliver enhanced returns, and says that he diversifies between investment styles and markets, he does not do away with exposure. ’ This comment surprises me, because the paragraph in question did not speak of greed. What it said is that diversification through alternative investments is no penicillin. Beyond this, even a diversified portfolio can get burned. 4 shows the contents of a diversified investment portfolio, which includes both derivatives risk and more classical credit risk/market risk.

TT International also invests in the macromarkets, particularly by taking position in currencies. Trading in currencies and interest rates are not intended as a hedge. At TT, macromarket trading is its own independent profit centre, to which that part of NAV is allocated that is not in equities or in cash and liquid instruments. The latter include liquid government securities, futures, options, and money market futures contracts. Macrotrading occurs not only in foreign exchange products, but also in government securities, emerging market exposure, as well as other products and permutations of different instruments.

Therefore, ● ● Absolute power over money leads to a wave of corruption and malfeasance. The old days of ‘your word is your bond’ are more a part of the past than of current business practice. This is fully documented by the well-known cases of absolute irresponsibility at the CEO and board level in the 2001–2 timeframe. Just look at the grand larceny that took place at the investor’s expense, with the result that business confidence has taken leave and virtue has been dethroned by greed. Don’t follow the herd.

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