Under demographic influences this long bull market will be followed by long to bear market from 2007-8 when the institutional investors will become net sellers. (grifo and boldface ours). We will come back to this subject in the section ' ' The recovery of the IBOVESPA after debacle of 2008: the relationship of life cycle of determined Stock exchange with expansion/contraction of mercado' '. I.3 TWO CASES OF SPECULATION MAL-SUCEDIDOS? Continuing in our boarding, we will go, to follow, to present two badly-succeeded cases of speculation. In the first example, we go to show a speculation that failed due to ' tempo' insufficient. Credit: Penguin Random House-2011. Thus, ' ' ' ' , as it is followed: all speculation, failed or exitosa, is always a question of timing (6) Une telle stratgie n' est shovels toujours gagnante, more elle dfinit l' it loves woollen spculation: to jouer contre les conventions.
Un Bon exemple d' chec spculatif est donn pair le fameux fonds spculatif LTCM (Long Term Capital Management). Sur le to papier, sa stratgie est san faille: en aot 1998, to there the suite du choc russe, ce fonds markdowns qu' il exists between DES obligations of scratches out comparable un cart trs important of taux, ce qu' on appelle un spread. Au regard DES donnes fondamentales, ce spread est bien trop lev. Anomalie joins telle ne peut to durer longtemps. L' ide est alors of prendre position contre le march. Cell est d' autant plus naturel qu' situation joins telle est proprement aberrant du point of vue woollen thorie financire. Rien ne justifie l' attitude d' rapport distinguishes frilosit pair au scratches out qu' on connat durant ces semaines et qui conduit les investisseurs to refuser toute obligation autre that les plus you eliminate. Il est to clair qu' il s' agit l d' un accident et that situation doit ncessairement to retourner un there jour or l' autre to there normale.