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ETF: Beware of systemic risk
This is a topic I should have paid more attention to earlier: systemic risk in ETFs (Exchange Traded Funds). Here are my thoughts in a few bullet points: ETFs are a great idea. They allow diversification at minimal cost to the investor (especially compared to mutual funds). Unfortunately, the financial industry is in the process…
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GLD now the world’s second largest ETF
GLD is now the world’s second largest ETF (exchange traded fund) with 1,308 tonnes of gold worth $51bn (SPY is the biggest one with $83bn). Governments finally realize that too much debt leads to default. Now they try to tighten the fiscal belt. All that it left to avoid financial disaster is “quantitative easing” (=…
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LQD: sold all positions, closed short puts
Update May 5, 2010: We have closed all our short puts on LQD (June 105, September 106) with nice profits on May 4. We also sold all LQD (US Investment Grade Corporate Debt ETD) in our cash accounts (May 4 + 5). Reasoning: We are uneasy regarding the high proportion of bank debt in LQD.…
Category: ETF
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