Taiwan Economic Miracle: Lessens in the Economic Development 0 Preface 1 The process of Taiwan’s economic development 1.1 Trend of the GDP growth 1.2 Three stages of the industrial transition 2 Characterizing Taiwan’s macroeconomics 2.1 Consumption-led economy 2.2 Ups and downs 3 Explanation to Taiwan’s economic miracle 3.1 Literature review of existing theories 3.2 Capital accumulation increases comparative advantages 3.3 Demographic dividend promotes the expansion of manufacturing 3.4 Total factor Productivity (TFP) as a key factor 4 Root cause of Taiwan’s economic success 4.1 Change of government policies 4.2 Openness 5 Conclusion and Discussion 5.1 How did Taiwan grow? 5.2 Challenges and opportunities 5.2.1 Wage inequality 5.2.2 Less profit gained through pillar industry 5.2.3 Vulnerability to the global economic turbulence 5.2.4 Hollowing out of Taiwan’s industry 5.3 A prediction of Taiwan’s future development
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The 4 Charts Your Friendly Equity Hedge Fund Manager Does Not Want You To See Submitted by Tyler Durden on 06/10/2013 16:40 -0400 Exchange Traded Fund Morgan Stanley Russell 3000 A funny thing happens when there is only one driver of economic market growth, any chance of intelligent fact-based, logic-induced, fundamental-biased investing becomes reduced to the rubble of momentum-chasing leveraged beta. No matter how much your 2-and-20 taking manager explains his 'process', the charts below show that the thundering herd of 'dumb' money that used to be so useful in identifying the extremes of market hubris and dysphoria appear to have overwhelmed the world of 'smart' money. Hedge funds have never been more net long US equities ; hedge fund returns have never been more correlated to the market; hedge funds have never produced so little alpha; and hedge funds are as leveraged to this beta as they were at the top in 2007 . This will not end well... The alpha-generation has left the building... as hedgies are increasingly mimicking their low-cost low-tracking-error ETF nemeses... Which has meant that hedge funds have never been more net long US equities... and in order to justify their fees, they have had to lever - and have never been more leveraged... Gross exposure rose by 12% to $1280bn notional in 1Q13. Percentage-wise, gross exposure increased to about 160%. When including ETF positions the gross exposure increases to 180%. In Q1 2013, hedge funds reduced cash holdings to the 2Q07 trough of 4.3%, while raising net exposure to the 2Q07 peak of 59% in 1Q13. Meanwhile, dollar notional net exposure rose by 11% to $463bn notional in 1Q13 – setting a new record. The bullish positioning indicates that risk appetite is back to the peak set in 2007. At of the end of 1Q13, hedge funds owned 5.0% of the Russell 3000 float shares, second only to the 2Q08 peak of 5.1%. Charts: BofAML and Morgan Stanley Average: 4.833335 Your rating: None Average: 4.8 ( 6 votes) Tweet - advertisements - Login or register to post comments 12640 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied - The Sequel This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied The One Chart US Banks Don't Want You To See The Complete Q2 Hedge Fund Holdings Update (In Which We Discover That 181 HFs Hold Apple Stock) Guest Post: The Driver For Gold You’re Not Watching
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