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một chính sách phối hợp kinh tế được thiết kế để chống lại sự thái quá của một hệ thống thị trường tự do. Nó vẫn còn để được nhìn thấy như thế nào chúng tôi đã học được bài học của chúng tôi. Trong bất kỳ trường hợp nào, những lợi ích của thời đại hoàng kim mới đang lây lan rất không đồng đều. | YEN PROFITS AND LOSSES US Millions Jul 14 Jul 18 Jul 24 Jul 30 Aug 5 Aug 11 Aug 15 Summary of Transactions in Japanese Yen Future and Forward Contracts1 Date Transaction Made Transaction Amount USS Mill. Avg. Price USS JOO Yen Total Outstand. USS Mill. P Lon Transac. USS Mill. Total P L USS Mill. Jul 14 Outstanding long position 0.6122 486.666 16.742 23.634 Jul 24 Decreased long position 132.040 0.6408 364.170 5.215 33.178 Aug 5 Decreased long position 96.870 0.6458 269.812 3.140 35.747 Aug 8 Decreased long position 188.307 0.6507 83.977 8.382 38.161 1 Figures include positions in Yen Sep. futures and forward contracts due 9 17. Price of forward contracts is assumed equal to price of futures. 257 258 The Real-Time Experiment The market is also concerned about inflation. My strategic view has not changed if the authorities can coordinate their policies we ought to have continued subdued growth. I am encouraged by the relative stability of the dollar. Nevertheless it seems that the stock market needs to test the downside. At present I don t expect much more than say 40 points on the Dow Jones. Nevertheless I Sept. 8 1986 Closing Change 9 8 86 from 9 5 Closing 9 8 86 Change from 9 5 DM 2.0750 -1.3 s p 500 248.14 -.9 156.00 -.4 U.S. T-Bonds 962V32 .6 1.4835 .7 Eurodollar 94.04 -.1 Gold 411.00 -2.8 Crude Oil 15.62 Japanese Bonds 104.30 QUANTUM FUND EQUITY 1 592 000 000 Net Asset Value Per Share 10 304 Change from 9 5 86 - 2.8 Change from 8 16 85 135.3 Portfolio Structure in millions of dollars Net Change 2 Investment from Net Currency -4.6 -.8 Net Change 2J from Positions 1 Long Short 9 5 Exposure 6 Long Short 9 5 Stocks DM-related 151 2 US Stocks 1 189 32 -24 Japanese Yen 137 -25 US Index Pound Sterling G 1 Futures 261 - 238 US Dollar Foreign Other 1 298 -20 Stocks 647 7 Currencies Bonds 3 US Gvt. Short Term 4 8 - 3 Long Term Japanese 5 2 360 -25 Commodities Oil 72 4 Gold 223 -24 Phase 2 July 1986-November 1986 259 decided to cut my position in s p futures in half in .
