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Lighthouse - Letter to investors - 2013-11.pdf

Lighthouse - Letter to investors - 2013-11.pdf

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Published by Alexander Gloy
In this issue:
- Conversation with Myself: Is the Fed printing money?
- Figuring out the Fed: what is its game plan, and what are the tools left in its tool box?
- Anecdotal Evidence: true stories from the financial world
In this issue:
- Conversation with Myself: Is the Fed printing money?
- Figuring out the Fed: what is its game plan, and what are the tools left in its tool box?
- Anecdotal Evidence: true stories from the financial world

More info:

Categories:Business/Law
Published by: Alexander Gloy on Nov 03, 2013
Copyright:Attribution Non-commercial

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11/07/2013

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L󰁩󰁧󰁨󰁴󰁨󰁯󰁵󰁳󰁥 I󰁮󰁶󰁥󰁳󰁴󰁭󰁥󰁮󰁴 M󰁡󰁮󰁡󰁧󰁥󰁭󰁥󰁮󰁴
 
L󰁥󰁴󰁴󰁥󰁲 󰁴󰁯 I󰁮󰁶󰁥󰁳󰁴󰁯󰁲󰁳 󰀭 󰁎󰁯󰁶󰁥󰁭󰁢󰁥󰁲, 2013 󰁐󰁡󰁧󰁥 1
󰁌󰁥󰁴󰁴󰁥󰁲 󰁴󰁯 󰁉󰁮󰁶󰁥󰁳󰁴󰁯󰁲󰁳
󰁎󰁯󰁶󰁥󰁭󰁢󰁥󰁲 󰀲󰀰󰀱󰀳
 
 
L󰁩󰁧󰁨󰁴󰁨󰁯󰁵󰁳󰁥 I󰁮󰁶󰁥󰁳󰁴󰁭󰁥󰁮󰁴 M󰁡󰁮󰁡󰁧󰁥󰁭󰁥󰁮󰁴
 
L󰁥󰁴󰁴󰁥󰁲 󰁴󰁯 I󰁮󰁶󰁥󰁳󰁴󰁯󰁲󰁳 󰀭 󰁎󰁯󰁶󰁥󰁭󰁢󰁥󰁲, 2013 󰁐󰁡󰁧󰁥 2
Contents
C󰁯󰁮󰁶󰁥󰁲󰁳󰁡󰁴󰁩󰁯󰁮󰁳 󰁷󰁩󰁴󰁨 M󰁹󰁳󰁥󰁬󰁦: D󰁯󰁥󰁳 󰁔󰁨󰁥 F󰁥󰁤 󰁐󰁲󰁩󰁮󰁴 M󰁯󰁮󰁥󰁹? ............................................................................. 3 F󰁩󰁧󰁵󰁲󰁩󰁮󰁧 󰁏󰁵󰁴 󰁔󰁨󰁥 F󰁥󰁤 ..................................................................................................................................... 8 A󰁮󰁥󰁣󰁤󰁯󰁴󰁡󰁬 E󰁶󰁩󰁤󰁥󰁮󰁣󰁥: 󰁔󰁨󰁥 B󰁡󰁣󰁫 󰁏󰁦󰁦󰁩󰁣󰁥 .......................................................................................................... 11
 
 
L󰁩󰁧󰁨󰁴󰁨󰁯󰁵󰁳󰁥 I󰁮󰁶󰁥󰁳󰁴󰁭󰁥󰁮󰁴 M󰁡󰁮󰁡󰁧󰁥󰁭󰁥󰁮󰁴
 
L󰁥󰁴󰁴󰁥󰁲 󰁴󰁯 I󰁮󰁶󰁥󰁳󰁴󰁯󰁲󰁳 󰀭 󰁎󰁯󰁶󰁥󰁭󰁢󰁥󰁲, 2013 󰁐󰁡󰁧󰁥 3
Conversations with Myself: Does The Fed Print Money?
I󰁮 󰁴󰁨󰁩󰁳 󰁩󰁭󰁡󰁧󰁩󰁮󰁡󰁲󰁹 󰁡󰁲󰁧󰁵󰁭󰁥󰁮󰁴, 󰁴󰁷󰁯 󰁡󰁮󰁴󰁡󰁧󰁯󰁮󰁩󰁳󰁴󰁳 (󰁐 󰁦󰁯󰁲 "󰁰󰁲󰁯" 󰁡󰁮󰁤 C 󰁦󰁯󰁲 "󰁣󰁯󰁮󰁴󰁲󰁡") 󰁡󰁲󰁧󰁵󰁥 󰁯󰁶󰁥󰁲 󰁦󰁩󰁮󰁡󰁮󰁣󰁩󰁡󰁬 󰁱󰁵󰁥󰁳󰁴󰁩󰁯󰁮󰁳. 󰁔󰁯󰁤󰁡󰁹'󰁳 󰁴󰁯󰁰󰁩󰁣: 󰁩󰁳 󰁴󰁨󰁥 F󰁥󰁤 󰁰󰁲󰁩󰁮󰁴󰁩󰁮󰁧 󰁭󰁯󰁮󰁥󰁹? A󰁳󰁫󰁥󰁤 󰁩󰁦 󰁨󰁥 󰁷󰁡󰁳 󰁰󰁲󰁩󰁮󰁴󰁩󰁮󰁧 󰁭󰁯󰁮󰁥󰁹, B󰁥󰁲󰁮󰁡󰁮󰁫󰁥 󰁲󰁥󰁰󰁬󰁩󰁥󰁤 "󰁎󰁯󰁴 󰁬󰁩󰁴󰁥󰁲󰁡󰁬󰁬󰁹"
1
. 󰁐: 󰁏󰁦 󰁣󰁯󰁵󰁲󰁳󰁥 󰁴󰁨󰁥 F󰁥󰁤 󰁩󰁳 󰁰󰁲󰁩󰁮󰁴󰁩󰁮󰁧 󰁭󰁯󰁮󰁥󰁹! C: I󰁴 󰁤󰁥󰁰󰁥󰁮󰁤󰁳. 󰁐: 󰁗󰁨󰁡󰁴 󰁤󰁯 󰁹󰁯󰁵 󰁭󰁥󰁡󰁮? C: I󰁮 󰁴󰁨󰁥 󰁕󰁓, 󰁣󰁯󰁩󰁮󰁳 󰁡󰁲󰁥 󰁰󰁲󰁯󰁤󰁵󰁣󰁥󰁤 󰁢󰁹 󰁴󰁨󰁥 󰁕󰁓 M󰁩󰁮󰁴, 󰁡󰁮󰁤 󰁤󰁯󰁬󰁬󰁡󰁲 󰁢󰁩󰁬󰁬󰁳 󰁢󰁹 󰁴󰁨󰁥 B󰁵󰁲󰁥󰁡󰁵 󰁯󰁦 E󰁮󰁧󰁲󰁡󰁶󰁩󰁮󰁧 󰁡󰁮󰁤 󰁐󰁲󰁩󰁮󰁴󰁩󰁮󰁧. 󰁐: B󰁵󰁴 󰁴󰁨󰁥 󰁢󰁩󰁬󰁬󰁳 󰁡󰁲󰁥 󰁩󰁳󰁳󰁵󰁥󰁤 󰁢󰁹 󰁴󰁨󰁥 F󰁥󰁤󰁥󰁲󰁡󰁬 󰁒󰁥󰁳󰁥󰁲󰁶󰁥 C: 󰁔󰁨󰁥 F󰁥󰁤 󰁩󰁳󰁳󰁵󰁥󰁳 󰁣󰁵󰁲󰁲󰁥󰁮󰁣󰁹 󰁢󰁹 󰁳󰁨󰁩󰁰󰁰󰁩󰁮󰁧 󰁩󰁴 󰁴󰁯 󰁡 󰁢󰁡󰁮󰁫 󰁡󰁮󰁤 󰁣󰁨󰁡󰁲󰁧󰁥󰁳 󰁴󰁨󰁡󰁴 󰁢󰁡󰁮󰁫'󰁳 󰁡󰁣󰁣󰁯󰁵󰁮󰁴 󰁷󰁩󰁴󰁨 󰁴󰁨󰁥 F󰁥󰁤. 󰁐󰁯󰁳󰁩󰁴󰁩󰁶󰁥 󰁢󰁡󰁮󰁫 󰁢󰁡󰁬󰁡󰁮󰁣󰁥󰁳 󰁡󰁲󰁥 󰁡 󰁬󰁩󰁡󰁢󰁩󰁬󰁩󰁴󰁹 󰁦󰁯󰁲 󰁴󰁨󰁥 F󰁥󰁤, 󰁡󰁮󰁤 󰁳󰁯 󰁩󰁳 󰁣󰁵󰁲󰁲󰁥󰁮󰁣󰁹 󰁩󰁮 󰁣󰁩󰁲󰁣󰁵󰁬󰁡󰁴󰁩󰁯󰁮. 󰁓󰁯 󰁴󰁨󰁥 F󰁥󰁤 󰁭󰁥󰁲󰁥󰁬󰁹 󰁥󰁸󰁣󰁨󰁡󰁮󰁧󰁥󰁳 󰁯󰁮󰁥 󰁬󰁩󰁡󰁢󰁩󰁬󰁩󰁴󰁹 󰁦󰁯󰁲 󰁡󰁮󰁯󰁴󰁨󰁥󰁲. 󰁐: 󰁏󰁫󰁡󰁹, 󰁢󰁵󰁴 I 󰁡󰁭 󰁴󰁡󰁬󰁫󰁩󰁮󰁧 󰁡󰁢󰁯󰁵󰁴 󰁴󰁨󰁥 󰁴󰁲󰁩󰁬󰁬󰁩󰁯󰁮󰁳 󰁯󰁦 󰁤󰁯󰁬󰁬󰁡󰁲󰁳 󰁰󰁲󰁩󰁮󰁴󰁥󰁤 󰁢󰁹 󰁷󰁨󰁡󰁴 󰁴󰁨󰁥󰁹 󰁣󰁡󰁬󰁬 󰁑󰁵󰁡󰁮󰁴󰁩󰁴󰁡󰁴󰁩󰁶󰁥 E󰁡󰁳󰁩󰁮󰁧. C: 󰁙󰁥󰁳, 󰁳󰁯 󰁷󰁨󰁡󰁴 󰁡󰁢󰁯󰁵󰁴 󰁴󰁨󰁥󰁭? A󰁬󰁬 󰁴󰁨󰁥 F󰁥󰁤 󰁤󰁯󰁥󰁳 󰁩󰁳 󰁢󰁵󰁹󰁩󰁮󰁧 󰁥󰁸󰁩󰁳󰁴󰁩󰁮󰁧 󰁢󰁯󰁮󰁤󰁳 󰁦󰁲󰁯󰁭 󰁴󰁨󰁥 󰁭󰁡󰁲󰁫󰁥󰁴. 󰁐󰁲󰁩󰁭󰁡󰁲󰁹 󰁤󰁥󰁡󰁬󰁥󰁲󰁳 󰁥󰁸󰁣󰁨󰁡󰁮󰁧󰁥 󰁢󰁯󰁮󰁤󰁳 󰁦󰁯󰁲 󰁡 󰁣󰁲󰁥󰁤󰁩󰁴 󰁡󰁴 󰁴󰁨󰁥 F󰁥󰁤󰁥󰁲󰁡󰁬 󰁒󰁥󰁳󰁥󰁲󰁶󰁥. 󰁔󰁨󰁥󰁹 󰁲󰁥󰁣󰁥󰁩󰁶󰁥 󰁡 󰁬󰁯󰁷󰀭󰁹󰁩󰁥󰁬󰁤󰁩󰁮󰁧 󰁡󰁳󰁳󰁥󰁴 󰁩󰁮 󰁥󰁸󰁣󰁨󰁡󰁮󰁧󰁥 󰁦󰁯󰁲 󰁡 󰁨󰁩󰁧󰁨󰁥󰁲󰀭󰁹󰁩󰁥󰁬󰁤󰁩󰁮󰁧 󰁡󰁳󰁳󰁥󰁴. 󰁐: I'󰁬󰁬 󰁧󰁩󰁶󰁥 󰁹󰁯󰁵 󰁡󰁮 󰁥󰁸󰁡󰁭󰁰󰁬󰁥. 󰁏󰁮 M󰁡󰁲󰁣󰁨 28, 2013, 󰁴󰁨󰁥 󰁔󰁲󰁥󰁡󰁳󰁵󰁲󰁹 󰁡󰁵󰁣󰁴󰁩󰁯󰁮󰁥󰁤 󰁯󰁦󰁦 $13󰁢󰁮 󰁯󰁦 󰁦󰁲󰁥󰁳󰁨 7󰀭󰁹󰁥󰁡󰁲 󰁢󰁯󰁮󰁤󰁳
2
. 󰁏󰁮 A󰁰󰁲󰁩󰁬 4, $3󰁢󰁮 󰁯󰁦 󰁴󰁨󰁡󰁴 󰁳󰁡󰁭󰁥 󰁢󰁯󰁮󰁤 󰁷󰁥󰁲󰁥 󰁢󰁯󰁵󰁧󰁨󰁴 󰁢󰁡󰁣󰁫 󰁢󰁹 󰁴󰁨󰁥 F󰁥󰁤. C: A󰁮󰁤? 󰁐: 󰁔󰁨󰁥 F󰁥󰁤 󰁩󰁳 󰁡󰁢󰁳󰁯󰁲󰁢󰁩󰁮󰁧 100% 󰁯󰁦 󰁮󰁥󰁴 󰁮󰁥󰁷 󰁩󰁳󰁳󰁵󰁡󰁮󰁣󰁥 󰁯󰁦 󰁧󰁯󰁶󰁥󰁲󰁮󰁭󰁥󰁮󰁴 󰁢󰁯󰁮󰁤󰁳 󰁷󰁩󰁴󰁨 󰁭󰁯󰁲󰁥 󰁴󰁨󰁡󰁮 10 󰁹󰁥󰁡󰁲󰁳 󰁭󰁡󰁴󰁵󰁲󰁩󰁴󰁹! A󰁮󰁤 󰁪󰁵󰁳󰁴 󰁢󰁥󰁣󰁡󰁵󰁳󰁥 󰁴󰁨󰁥 
1
 B󰁥󰁮 B󰁥󰁲󰁮󰁡󰁮󰁫󰁥, 󰁳󰁥󰁭󰁩󰀭󰁡󰁮󰁮󰁵󰁡󰁬 󰁴󰁥󰁳󰁴󰁩󰁭󰁯󰁮󰁹 󰁢󰁥󰁦󰁯󰁲󰁥 󰁴󰁨󰁥 H󰁯󰁵󰁳󰁥 C󰁯󰁭󰁭󰁩󰁴󰁴󰁥󰁥 󰁯󰁮 F󰁩󰁮󰁡󰁮󰁣󰁩󰁡󰁬 󰁓󰁥󰁲󰁶󰁩󰁣󰁥󰁳, J󰁵󰁬󰁹 2013
2
 1.125% 󰁕󰁓 󰁧󰁯󰁶󰁥󰁲󰁮󰁭󰁥󰁮󰁴 󰁢󰁯󰁮󰁤󰁳 󰁤󰁵󰁥 M󰁡󰁲󰁣󰁨 31, 2020, C󰁕󰁓I󰁐 912828󰁕󰁖0

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