Chidzidzo chakaitwa nevanodzidza veYunivhesiti kubva kuYale naMaastricht kune Financial Times vanoona kuti pamakore gumi kubva muna 2001, US mari yeupfumi yakagamuchira 4.5 kubva pagore, mushure mekubhadhara, kubva pamari yavo yega yega.
Iyo inofanirana zvisina kufanira neS & P 400, iyo yakabudisa chiyero chekudzoka kwegore negore cha 6.7% panguva imwechete, uye zvikwereti zvadzorerwa zvakare. Chidzidzo chacho chinoratidzawo kuti, kana mari yose inofungidzirwa, inenge 70 muzana yezvakadzokorora zvakakosha pamari yega yega yega yakachengetwa nemari ivo pachavo.
Imhosva yepamusoro yakasimba inobva kuna Simon Lack, nyanzvi yemhizha yemari uye munyori weThe Hedge Fund Mirage . Mune bhuku iri, anofungidzira kuti, kubvira muna 1998 kusvika muna 2010, hedge funds pamwe chete yakadzorera $ 9 mabhiriyoni kune varairi vemari apo ichipa mari inokwana madhora mabhiriyoni 440 kune vatariri vavo nevamwe vasiri vega.
Kunyange zvazvo hedge mari uye mari yekutengesa mari yega yega isinganzwisisiki, pane kuenzana kwakakwana pakati pezvikamu zvehupfumi hwenyika yese kuratidza kuti kugoverwa kwakadaro kunogona kunge kwakaratidza zvekupedzisira zvakare. Pakati pezvinowanzoonekwa zvakaenzana mari yekubhadhara mari ndeizvi:
Mafambisi Akutarisira
Kutarisirwa mari yekubhadhara kunobata mari yekuchengetedza mari yega yega yega, kunyange zvazvo chikwata chinowedzera chekutsvakurudza chinoratidza kuti mari iyi inowanzopfuura kupfuura mari. Mutero wekutarisira kazhinji unobva kubva ku55 kusvika ku 2.0% yezvinhu.
Zvisinei, mumakore okutanga ehurumende yega yega yepo, mari yekuchengetedza inogona kureva chikamu chakakwirira kwazvo chemari chaiyo inotengeswa.
Izvi ndezvokuti zvinowanzotaridzirwa pamusoro pemari yose iyo vatengesi vakazvipira muhomwe, asi iyo iyo mari isati yasara.
Mafambiro ekuita
Mafambisiro ekugadzirisa anowanzo anenge anenge makumi maviri kubva kune makumi maviri ezvimwe zvikamu zvekutsvaga kwekutsvaga zvakanyorwa nehurumende yega yega yega Kana chikwereti chikaita kurasikirwa mugore rakapiwa, kushanda kwemari kune zero. Uyezve, zviito zvakanakisisa mumudhizimusi zvinotarisa kuti, kusati kwatanga kubhadhara mari inogona kubhadharwa, kurasikirwa kwakapfuura kwekare kunofanira kuregererwa kubudirira kubudirira mumakore ekubudirira.
Bata Mari
Kubhadhara mari inoshandiswa nehuwandu hwekuchengetedza humwechete kune makambani muzvikwata zvavo. Vanofanirwa kuvhara mabasa akasiyana-siyana ekutungamirirwa anopiwa neyaimbova kune vekupedzisira.
Transaction Fees
Kubhadhara mitero kunoshandiswa nemakambani ekutenga kumakambani atinotenga. Mumakore anouya muna 2009 uye 2010, mari iyi yakawanzova inenge 1.24% yehuwandu hwekubatana, zvekutenga zvakakosha pakati pe $ 500 mamiriyoni uye $ 1 bhiriyoni, kubva ku 0.99% muna 2005 kusvika muna 2008.
Kuongorora Mari
Kuongororwa mari inobhadharwa nekambani dzemapatotikiti kune vadzidzisi vavo vekuchengetedzana kwekuchengetedzana kwekuchengetedza mazano ekubvunzurudza uye mazano.
Mienzaniso Yeviri Kudhinda
Izvozvi zvakasiyana-siyana zvehutano hwekuzvimiririra zviri kuuya pasi pekutsoropodzwa kwekuwedzera kwete kungova kunyanya kudarika asi nokuti vanomiririra kubhadhara kaviri kwemabasa nemabasa akafanana, kuongororwa kune vatengesi uye makambani epapotipoti panguva imwe chete.
Apo makambani ekufambisa mapurisa anoenda kune vanhu vose, vanowanzofanira kubhadhara mari yakawandisa yemari yekugumisa zvibvumirano zvavo zvinopa mazano nemakambani ehurumende yepamusoro, kunyange zvazvo guru rinobva purogiramu yemari yega yega neyemabhizimisi ekutsvaga inofanirwa kugadziriswa zvakakwana kubva kutora makambani emapurisa ehurumende.
Mamwe makambani ehutano ega ega anoongorora mari yekambani yemapatotikiti kuitira kubhadhara chikwereti chavo. Inokonzera vazhinji vanocherechedza sevanodarika, nekuda kwezvikonzero zviviri. Imwe, makambani ega ega ega ega ari ezvo kukonzera mari yakawanda yekwereti pakutanga, paunotora makambani ari oga mune yeveragedaged buyouts (LBOs). Zvinyorwa zviviri, kufungidzika kwemashoko ekuderera kwechikwata zvinowedzera mari yekambani yepodfolio, uye naizvozvo hupfumi huripo huripo hunobudirira.
Mhinduro dzevatengi
Nhamba inowedzera yevatengesi vari kusimbisa kuti mamwe emamwe mitero yakasiyana-siyana inofanira kushandiswa kukanganisa mari yekufambisa, panzvimbo yekushanda sezviwedzerwa kune iyo inoita pfuma yakakwana yehurumende yekutengesa yega, kana kutsigira zvakanyanya kubhadhara vashandi vayo.
Mukupindura, inenge 83% yemari yekubhadhara mari inosanganiswa nemari yakasimudzwa muna 2011 iri kudzorerwa kuvasimari, maererano ne70% yemari yakasimudzwa muna 2009. Zvisinei, izvi zvinogona kukanganiswa nekuwedzera kweizvi nezvimwe mari.
Pension Fund Incentives
Vatungamiri vemari pamapapiro akasiyana-siyana emapenjeni vanogona kunge vane chikonzero chakashata chekuda kugoverwazve kwemari yakasiyana-siyana yekuregererwa kwavo kwakakwana. Izvi ndezvokuti mari yakabhadharwa inowanzorondedzerwa sekuwedzerwa kwekudzoka kwemari. Izvo, zvakare, ichawedzera nyanzvi yemari yekupa mari, kunyanya kana ichipiwa mabhonasi akasungirirwa kudzokera kwekutsvaga.
Kune rumwe rutivi, kana mari yacho isati yabhadharwa, kuenzanisa kusinganzwisisiki kwakapiwa makambani epapotipoti (zvinoratidza kuti havakwanisi kutengeswa uye kutengeswa mumashamba ekuchengetedzwa kwevanhu) zvimwe vangadai vasina kuonekwa kuti vakasimuka nemari yakawanda .
Zvinyorwa: "Kutenga-out fund vanosimudza mari vanoshevedza shanduko mu" nguva yekare "yekubhadharwa kwemari," Financial Times , November 7, 2011. "Kubatana kwepamwechete: Mari yepamusoro yakashata," The Economist , November 12, 2011. mubvunzo "uye" Mari yekubhadhara mari yekuchengetedza mari iri pasi pekuongororwa, " Financial Times , January 24, 2012." Makomborero ekukundikana: Hedge fund vatengi vanobhadhara zvakawanda zvishoma, maererano nekudanidzira uku kunoparadza, " Financial Times , February 18, 2012.