Month: December 2013

I say perhaps that some banks and bolder companies with the game of the derivatives still go to break, velhinhas and American widowers had lost deep part of the sweated saving managed by the aggressive ones, must be xingando ' ' yuppies' ' of century XXI, but unhappyly it is party to suit. The restriction to the credit, toada in the media with force, must be temporary. I say that as a full bus and bothering for the passengers, certain hour, of one braked any, adjusts everybody. The good credit, for healthful creditors will not dry. ' ' junk bonds' ' , secutitizados rotten papers in still more depraved credits will cease, will turn dust as they sizem in the market. The real economy account with the resilience of the free and democratic market, one of its bigger virtues. Emergent with China and India pulling the boat goes to lick the wounds of the world-wide economy and to follow in front. Somebody finds that the Chinese consumer lost money in ' ' Wall street ' '? They know that the Asian stock markets resist the chaos well, at least with more resistance that the occidental people.

Already it said that I am against prophecy, but I find that in few months, a trimester perhaps, the things come back to the normal one, with a detail: a lesson of as the regulation of markets of risks is important, some lies had been learned, plus one will be. Predicting, the growth will be reduced, but we will not enter in contraction, nor here nor in the world. The inflation already patrol diverse countries and can appear here and acol, with a detail, the management tools are others. We go to see what it happens, a thing is certain, this package reestablishes, of certain form, the confidence in the financial market, this is good. The bank and company in addition that had put the feet for the hands is also inexorable. Things of the capitalism.

The myth and the belief of that the capitalism finished with the destruction it American banking system are fallacy, sophism. The capitalism and the market are natural forces, the intervention of governments are falvel, but necessary as we attend diverse times. Still I prefer the forces natural of what the interventions human beings. It was not the first crisis and nor will be the last one, lies are learned and the tools of perfected management and control. I repeat mago Greenspan, crises they are not necessarily bad, they are part of the game.

The investor also must be intent the evaluation of rating and the triggers that assist in the preservation of notes gotten in the date of the emission, since rating must be trustworthy and to suffer changes throughout the time where the heading is inside of the deep one. This also can compromise the flow of entrance of resources for the deep one, reason for which a degradation of the quality can cause the liquidation of the deep one. The investor also must look at the risk of dissolution of marriage of tax of interests, in the case of the deep ballast of being, for example, predetermined, whereas the quota has post-fixed taxes; the risk of decurrent daily pay-payment of the drawees who can occur in deep with ballast in loans in consignment contract in leaf of payment or real estate recebveis. Finally, it has the liquidity risk after the regimen of lack, that can occur if a deep one to reserve for its box an amount evaluation, amortization and liquidation and the reasons had caused that them. For example, a custodiante exchange would cause the evaluation event, that must be explained the corporate shareholders. Such events consist in mechanisms of protection to the investors.

These instruments, when carefully analyzed, appear as an interesting alternative for the diversification of portflio because, if chosen well and in the correct amount inside of a portflio, they can add more return front to the risk, increasing the efficiency of the wallet. Although destined only the qualified investors as the definition given for the Commission of Movable Values (CVM), the Investment funds in Credit Rights, must have its analyzed prospects, regulations and abridgement of rating with much attention. The analysis of these> alternative investments gain more relevance in a context of tax of reasonable real interests of economy. In case that contrary, the relation return front to the incurred risk of these investments can leave of being perceived as atraente.*Marcelo Rabbat is managing of the PR& , The specialized company at risk of Credit, Risk of Mercado and Consultoria de Investimento. Source: Notebook of Economy