Phuputso e entsoeng ke litsebi tsa Univesithing ea Yale le Maastricht bakeng sa Financial Times e fumana hore ho feta lilemo tse leshome ho tloha ka 2001, chelete ea penshene ea US e fumane chelete ea 4,5% ka selemo, ka mor'a litefello, ho tloha licheleteng tsa bona tsa lichelete.
E bapisa hantle le S & P 400, e hlahisitseng ts'ebetso ea selemo ka selemo ea 6.7% ka nako e le 'ngoe, e nang le likhaello tse tsosolositsoeng. Thuto e boetse e bontša hore, ha litefello tsohle li nahanoa, hoo e ka bang 70% ea litefello tse tebileng ka chelete ea lichelete tsa botho e bolokiloe ke chelete ka boeona.
Nyeoe e matla haholo e tsoa ho Simon Lack, mookameli oa chelete ea litsebi le mongoli oa The Hedge Fund Mirage . Bukeng ena, o hakanya hore, ho tloha ka 1998 ho ea ho 2010, hedge funds kaofela e khutlisitse liranta tse limilione tse likete tse 9 ho baeti ba lichelete ha li ntse li hlahisa liranta tse limilione tse likete tse limilione tse likete tse limilione tse likete tse limilione tse likete tse limilione tse likete tse limilione tse likete tse limilione tsa limilione tse likete.
Le hoja lichelete tsa lichelete le lichelete tsa lichelete tsa botho li sa tšoane, ho na le ho tšoana ho lekaneng har'a likarolo tsena tsa bokahohle ba tsamaiso ea lichelete ho fana ka maikutlo a hore kabelo e joalo e ts'oaretsoeng e ka 'na ea e-ba pontšo ea bobeli. E 'ngoe ea likhetho tse tloaelehileng tsa tekanyetso ea botho ke:
Litefiso tsa Tsamaiso
Litefiso tsa tsamaiso li fana ka litšenyehelo tsa mosebetsi oa boemeli ba lekunutu, le hoja lipatlisiso tse ntseng li eketseha li bontša hore litefello tsena li atisa ho feta litšenyehelo. Litefiso tsa tsamaiso hangata li tsoa ho 1.5% ho ea ho 2.0% ea thepa.
Leha ho le joalo, lilemong tse qalang tsa ho ba le chelete ea lichelete ka boinotšing, litefiso tsa tsamaiso li ka emela karolo e phahameng ka ho fetisisa ea chelete e sebelisitsoeng hantle.
Hobane ka tloaelo ho hlahlojoa chelete eohle eo basholuoa ba e entseng letšolong lena, empa ke eng eo letlōle le sa e sebelisang.
Litefiso tsa ts'ebetso
Litefiso tsa tshebetso ka tloaelo ke hoo e ka bang karolo ea 20% ea phaello efe kapa efe ea lichelete e tlalehiloeng ke letlōle la lichelete. Haeba letlōle lena le baka tahlehelo selemong se fanoeng, litšenyehelo tsa tshebetso ke zero. Ho feta moo, mekhoa e metle ho indasteri e re, pele chelete ea ts'ebetso e ka fumanoa, litšenyehelo tsa nakoana tse fetileng li lokela ho khotsofatsoa ka katleho ea lilemo.
Chelete Litšenyehelo
Ho lefella litšenyehelo ho lefisoa ke khoebo ea botho e ikemetseng ho ba lik'hamphani liphatlalatsong tsa bona. Ba tlameha ho koahela litšebeletso tse fapaneng tsa tsamaiso tse fanoang ke batho ba pele ho ba bang.
Litefiso tsa Transaction
Litefello tsa litlaleho li lefisoa ke mekhatlo ea ho reka ho likhamphani tseo ba li rekang. Lilemong tsa 2009 le 2010, litefello tsena li ne li atisa ho ba ka 1,24% ea boholo ba sebopeho, bakeng sa theko ea chelete e ka bang $ 500 limilione le $ 1 limilione tse likete, ho tloha ho 0,99% ho tloha ka 2005 ho fihlela ho 2008.
Litefiso tsa ho lekola
Litefiso tsa ho lebela li lefisoa ke lik'hamphani tsa lifofane ho ba le beng ba bona ba nang le tekanyetso ea ho lekana ho fana ka litšebeletso tse fapaneng tsa lipuisano le litlhahiso.
Mehlala ea Litefiso tse peli
Lichelete tsena tse sa tšoaneng tsa tekanyetso ea lichelete li ntse li tsoela pele ho nyatsuoa eseng feela ka ho feteletseng empa hobane li emela boikarabello ba makhetlo a mabeli bakeng sa mesebetsi le litšebeletso tse lekanang, ho lekanngoa ho baeti ba lichelete le lik'hamphani tsa lifolete tsa khamphani ka nako e le 'ngoe.
Ha lik'hamphani tsa likoranta li etsoa phatlalatsa, hangata li tlameha ho lefa lichelete tse ngata haholo ho felisa tumellano ea likeletso le likhoebo tse ikemetseng, le hoja mohloli o moholo oa phaello ea ho lekana le mekhatlo ea ho reka e tlameha ho etsoa ka ho toba ho tloha ho nka lik'hamphani tsa sechaba tsa sechaba.
Mekhatlo e meng e ikemetseng e lekanyetsa tefo ho lik'hamphani tsa lifofane tsa likoranta bakeng sa ho nchafatsa likoloto tsa bona. E otla ba bangata ba e bonang ka tsela e feteletseng, ka mabaka a mabeli. E 'ngoe, likhoebo tse ikemetseng li na le boikarabello ba ho bokella likoloto tse ngata pele, ha li nka lik'hamphani tse ikhethang ka lichelete tsa lichelete (LBOs). Tse peli, ho nchafatsa lichelete tse fokolang tsa phaello ho eketsa phaello ea khamphani ea mosebetsi oa lipapali, 'me kahoo maruo a boinotšing a boipheliso a lekunutu.
Likarabo tsa bahoebi
Palo e ntseng e eketseha ea bahoebi ba tsitlallela hore litefello tsena tse ling tse fapaneng li lokela ho sebelisoa ho fokotsa tefiso ea tsamaiso, ho e-na le hore e sebetse e le litlatsetso tse hlahisang phaello e hloekileng bakeng sa khoebo ea puso e ikemetseng, kapa ts'ehetso e feteletseng bakeng sa basebetsi ba eona.
Ha li arabela, hoo e ka bang 83% ea litefello tsa thekiso e amanang le lichelete tse tsositsoeng ka 2011 li khutlisetsoa ho babalang ba lichelete, ho fihlela ho 70% bakeng sa lichelete tse tsositsoeng ka 2009. Leha ho le joalo, sena se ka 'na sa fokotseha ka keketseho e akaretsang ea litefiso tsena le tse ling.
Letšolo la Liphoso tsa Pension
Baokameli ba lichelete lichelete tse fapaneng tsa penshene ba ka 'na ba ba le tšusumetso e fosahetseng ea ho khetha ho arolelana ha litšenyehelo tsena tse sa tšoaneng ho felisoa ha bona ka ho toba. Ke hobane litšenyehelo tse fokolisitsoeng hangata li tlalehoa e le keketseho ea lichelete tsa lichelete. Ka lehlakoreng le leng, e tla eketsa baokameli ba chelete ba lefa matšeliso, haholo-holo haeba ba fuoa li-bonuses tse amanang le meputso ea matsete.
Ka lehlakoreng le leng, haeba litšenyehelo li sa lefelloe, litekanyetso tsa likhetho tse fuoang lik'hamphani tsa lifolete tsa lipapali (ka lebaka la hore ha li na chelete e lekanngoang le ho rekisoa ha thepa ea lichelete tsa sechaba) mohlomong e ne e ke ke ea nkoa e phahame ka chelete e lekaneng .
Lisebelisuoa: "Basebetsi ba theko ea lichelete ba rekisang chelete ba reka phetoho ea 'mekhabiso ea' nako e sa tsoa feta '," Financial Times , la 7 November, 2011. "Tekano ea Botho: Lekhetho le phahameng haholo," The Economist , la 12 November 2011. " potso "le" Lichelete tsa tefiso ea tsamaiso ea lichelete tlas'a lichelete , " Financial Times , la 24 January, 2012." Meputso ea ho hlōleha: Basebetsi ba Hedge fund ba lefella haholo, ho latela tlhaloso ena e senyang, " Financial Times , la 18 February, 2012.