危険ing a 落ちる on hedge 基金 merry-go-一連の会議、交渉／完成する

By Lisa Buckingham
Updated: 00:00 BST, 15 July 2001

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ALL the 成分s of 災害 are there: fashion, enormous sums of money and 無 規則. Welcome to the world of hedge 基金s. いっそう少なく than three years after the 近づく-崩壊（する） of 巨大（な） hedge 基金 操作者 Long-T erm 資本／首都 管理／経営 (LTCM) 脅すd to 土台を崩す capitalism as we know it, money is flowing into hedge 基金s at a remarkable £3bn every month.

More than £300bn is 投資するd in about 6,000 hedge 基金s - and all of it unregulated. Worryingly, what was once a merry-go-一連の会議、交渉／完成する for 深い-pocketed gamblers is pulling in the financially naive.

It is 平易な to see why these 基金s, which take large bets against movements in 株 prices, 利益／興味 率s and 通貨s, are so 流行の／上流の. As demoralised punters nurse 負傷させるs （打撃，刑罰などを）与えるd by the bursting of the internet 泡 and watch their 火刑／賭けるs in telecoms companies disappear 負かす／撃墜する the 投資 plug-穴を開ける, hedge 基金s 誇る of making money whatever the 条件s.

Though yet to 証明する themselves in a 耐える market, the 最近の volatility of 全世界の markets is a gift to 基金s whose 投資 behaviour magnifies the gyrations from which they 料金d.

With 伝統的な 公正，普通株主権 markets showing few 調印するs of stabilising, 投資家s who played 安全な in the past are joining the high-rollers who have always patronised these 基金s.

Calpers, the 巨大（な） Californian 年金 基金, 計画（する）s to plough almost £4bn into hedge 基金s while AstraZeneca is に引き続いて 控訴 with part of its 年金 計画／陰謀. Even 安全な-as-houses Abbey 国家の is in on the 行為／法令／行動する.

Desperate times 明確に call for desperate 対策. But, as usually 用心深い players 押し進める more money into these 基金s, there is one certainty - the pickings that have been on 申し込む／申し出 are about to get slimmer.

Many successful 基金s are now の近くにd to new 投資家s. Others have 簡単に raised their 告発（する），告訴（する）／料金s.

There are plenty left, but many are run by people of 疑わしい ability and insubstantial 跡をつける 記録，記録的な／記録する. Large 量s of money are flowing into the 手渡すs of gung-売春婦 youngsters with an irrepressible 勧める to 証明する themselves and, of course, make personal fortunes.

The mix is 潜在的に 爆発性の and too few hedge 基金 経営者／支配人s are old enough or have even a superficial sense of history to lo ok 支援する at the fallout from the hedge 基金 frenzy of the Sixties and Seventies.

Hedge 基金s can 供給する 広大な／多数の／重要な returns. Tony Dye, the 'Doctor Doom' who left Phillips & Drew to 設立する his own hedge 基金, produced a rise of 2.8% in the three months to May compared with a 2% 落ちる in the FTSE 100. They can also chalk up 抱擁する losses. Last week MAN Group 明らかにする／漏らすd it had taken a £175 million bath by betting the wrong way against the dollar and US markets.

We may not be looking at another LTCM and hedge 基金s are certainly here to stay, with an important 役割 to play, but the 警告 調印するs are there. For those who have arrived late or ill-用意が出来ている for this dangerous bandwagon, there is an awful lot to lose.

Good judgment?
THE FTSE4Good 索引 was 開始する，打ち上げるd last week as a （判断の）基準 for the new socially responsible 投資 指導基準s that 基金 経営者／支配人s have been 軍隊d to produce since last summer. It is, however, a shambles - and やめる かもしれない dangerous.

Input from 尊敬（する）・点d thinkers in 商売／仕事 倫理学 has been ignored, companies were not 協議するd and a hotchpotch of 対策 has been selected to 裁判官 会社／堅いs.

The botched 結果 led to the 除外 of companies such as Tesco, 王室の Bank of Scotland and 財政上の Mail and This Is Money's parent group, DMGT.

More worryingly, FTSE has 簡単に ignored any companies operating in タバコ, 武器 and 核の 力／強力にする. Many 投資家s do not like these 産業s, but they are 合法的な and, in the 注目する，もくろむs of some, no worse than selling hard アルコール飲料 or despoiling 北極の beauty by 演習ing for oil.

The 政府 明確に wants big 株主s to 押し進める 支援する the frontiers of socially responsible behaviour by big 商売／仕事. But even 投資家s who support this 手段 argue that FTSE has overstepped the 示す. Value judgments belong with the 基金s, not the 索引 compilers.

FTSE must 確実にする it does not 設立する a 'FTSE4Bad', 供給するing a 言及／関連 point for 投資家s who are too lazy to form their own opini ons. The sooner FTSE gets this one 支援する to the 製図／抽選 board, the better.