How Does the Fed Keep Rates Near Its Target? A Primer

“……

The fed funds rate is the rate banks with excess reserves charge when they lend money to other banks overnight. It moves according to a traditional supply-demand path. When there are more institutions looking to borrow than lend, the rate goes up. When there are more lenders, it goes down. The Federal Reserve sets a target for this interest rate, and the Trading Desk at the Federal Reserve Bank of New York adds or drains funds to keep the rate near its target, which is now 5.25%.

……” –Phil Izzo

Ref:
http://www.newyorkfed.org/aboutthefed/fedpoint/fed04.html

Andre Kostolany

歐洲股神教路:遠離群眾 長期持有

http://ec4.images-amazon.com/images/I/51–8A4Yy9L._BO2,204,203,200_PIsitb-sticker-arrow-click,TopRight,35,-76_AA300_SH20_OU28_.jpg

 【明報專訊】數月前港股還在3萬點以上衝刺,最近卻又因美國次按問題而急挫近萬點,一時間股民「末日心態」畢呈,但香港經濟環境真的已出現了翻天覆地的改變嗎?

 不期然令人想起有歐洲巴菲特之稱、已故的另一真正股神安德烈‧科斯托拉尼(Andre Kostolany)的遺作《大投機家的證券心理學》(Kostolanys Borsenpsychologie),當中所包含的睿智。

 科斯托拉尼說了一個故事。一個人帶着心愛的狗上街溜躂,主人在往前走,被拖着的狗子卻一會兒往前,一會兒又往後跑,雖然最後主人和狗都會到達同一終點,但過程中,主人和狗的走動方向卻有時吻合,又不時相反。

 可以將主人想象成經濟的表現,而狗則是股市,則就算預計經濟大方向準確,而股市長線亦會配合經濟,但過程中卻是反覆難免,不少股民卻是在市場的波動中被「震」走,難以享有最終的巨大利潤。

 科氏指出,股市的短期波動,往往只是股民的心理變化所做成,而這正好提供最佳的入市或出貨時機。

  科氏的最著名建議,是當選對了優質股和判斷了經濟的大方向,最好的做法,便是到藥店買了安眠藥,睡上幾年,當從睡夢中醒來,必將發覺驚喜連連。科斯托拉尼 指出,在他的數十年股市生涯裏頭,從未看過因技術分析而終可成為百萬富翁,而股民大多數如賭徒一樣的「上了癮」,不持有股票便不安樂,這不單誤了正業,且 長賭必輸。

 除了技術分析外,這位歐洲股神也嘲笑那些只懂硬硬生運用分析指 標如市盈率的分析員。他說,這等人士永遠買不到如IBM等高增長的股票(高增長是指科氏在生的年代),因這類股票的市盈率一定「偏高」,更不會購入一些仍 在虧損,但潛力豐厚的股票,而他本人卻是透過購入「虧轉盈」的股票,不少時候賺了大錢。

 與群眾「對着幹」

  科氏認為,要在股市投資或投機成功,便要記着兩大要點,一是要知道群眾是無知的,所要保持「高傲」,要遠離群眾作思考,並要與之對着幹。所以,當所知道的 最後一個悲者也變成了樂觀者,市場也就走到了「牛市」的盡頭;相反當所知道的最後一個樂觀者也變成了悲觀者,市場也就走到了「熊市」的盡頭了。

 要長期持有好股票

 至於另一要緊記的原則,就是遇上好的股票便要長期持有,雖然市場會隨股民的心理而反覆,但好的股票,股價始終會反映它的真成潛質。而要做到這,除了有好的策略和心理素質外,也不要輕易借錢投機,才不容易被「震」走。

 當香港股市早前颷升至3萬點以上時,市場一片樂觀,已被證明是最佳出貨點之一,而現在調整了三分之一,分析員對後市卻反而更審慎,也是時候思考歐洲股神的投資格言了。

 撰文: 陸振球

Yahoo Stock Quotes URL

example
http://finance.yahoo.com/d/quotes.csv?s=BBDB.TO+NT.TO+GE+MSFT&f=snl1d1t1ohgdr

reference
http://www.gummy-stuff.org/Yahoo-data.htm

a Ask a2 Average Daily Volume a5 Ask Size
b Bid b2 Ask (Real-time) b3 Bid (Real-time)
b4 Book Value b6 Bid Size c Change & Percent Change
c1 Change c3 Commission c6 Change (Real-time)
c8 After Hours Change (Real-time) d Dividend/Share d1 Last Trade Date
d2 Trade Date e Earnings/Share e1 Error Indication (returned for symbol changed / invalid)
e7 EPS Estimate Current Year e8 EPS Estimate Next Year e9 EPS Estimate Next Quarter
f6 Float Shares g Day’s Low h Day’s High
j 52-week Low k 52-week High g1 Holdings Gain Percent
g3 Annualized Gain g4 Holdings Gain g5 Holdings Gain Percent (Real-time)
g6 Holdings Gain (Real-time) i More Info i5 Order Book (Real-time)
j1 Market Capitalization j3 Market Cap (Real-time) j4 EBITDA
j5 Change From 52-week Low j6 Percent Change From 52-week Low k1 Last Trade (Real-time) With Time
k2 Change Percent (Real-time) k3 Last Trade Size k4 Change From 52-week High
k5 Percebt Change From 52-week High l Last Trade (With Time) l1 Last Trade (Price Only)
l2 High Limit l3 Low Limit m Day’s Range
m2 Day’s Range (Real-time) m3 50-day Moving Average m4 200-day Moving Average
m5 Change From 200-day Moving Average m6 Percent Change From 200-day Moving Average m7 Change From 50-day Moving Average
m8 Percent Change From 50-day Moving Average n Name n4 Notes
o Open p Previous Close p1 Price Paid
p2 Change in Percent p5 Price/Sales p6 Price/Book
q Ex-Dividend Date r P/E Ratio r1 Dividend Pay Date
r2 P/E Ratio (Real-time) r5 PEG Ratio r6 Price/EPS Estimate Current Year
r7 Price/EPS Estimate Next Year s Symbol s1 Shares Owned
s7 Short Ratio t1 Last Trade Time t6 Trade Links
t7 Ticker Trend t8 1 yr Target Price v Volume
v1 Holdings Value v7 Holdings Value (Real-time) w 52-week Range
w1 Day’s Value Change w4 Day’s Value Change (Real-time) x Stock Exchange
y Dividend Yield