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債券多頭之歌——杠桿搞起來

來源: http://wallstreetcn.com/node/212840

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金融博客FT Alphaville作者Matthew C Klein在節日過後，寫了一首“債券多頭之歌”。歌詞中融入了美聯儲加息、加大杠桿等元素，緊貼當下的貨幣政策環境。

配以假日歌曲Jingle Bells，以下為Klein所寫的歌詞。

Rolling down the curve
With my Eurodollar strips
Making tons of money
‘til the Fed hikes 50 bps!

Better hope that yield curve’s steep
So I can keep rolling in my sleep
Cuz when the Fed does hike
Oh, hedging won’t be cheap!

Hey!

Du-ra-tion, du-ra-tion
Lev’rage all the way!
Oh what fun, it is to bet
On the future price of mon-EY!

Du-ra-tion, du-ra-tion
Levered up the a$$!
Oh what fun, it is to bet
On the future price of cash!

They told me they’d be patient
But I’m no representative agent,
So when the Fed did hike
Oh, my fund got totally wiped!

I once had lots of clout
Now my position’s been stopped out
So much for being king
Now that rates are ri-i-sing!

Hey!

[Refrain]

The curve must soon invert
Which surely shall alert
–My clients!–
That the economy could slip
Into a double-dip!

Yes, the Fed will have to ease
And quantitatively please
So let’s go out and buy
Eurodollars ’til I cry!

Hey!

[Refrain]

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