主题：【原创】巨额外汇储备的麻烦 -- 常乐

is that the guys who manages China's solvency funds don't know how to set the investment objectives.

When the Fed fund rate is at the highest level, they said they wanted to invest into equity linked securities bearing higher return, which proved wrong in such cases as Blackstone. When the interest rate is close to zero and equity market starts to rebound, they are embracing the nearly zero yield U.S paper. The objectives are so contractible that I do not see a consistent pattern.

It is understandable that liquidity is an issue for some who need the liquidity to meet payment due, but for China's solvency fund I do not see such liabilities. So seeking liquidity is out of the question.

I fully agree with the strategy to hold different asset classes, which will not only provide value preservation purposes but eliminate the risk of holding only U.S. Treasury notes. Lucr88's argument below would be true one year ago when the crisis just started and cash preservation was becoming an issue ahead. With one year's experience of what the market is performing and from a forward looking perspective, Lucree88's statement may no longer prove true as the downside risk of holding only U.S. paper will grow. We have heard of lots of news about the massive infrastructure investment promised by the President Elected and the ongoing money printing. These are the signs which the money managing guys should pay attention to, and therefore adopt the strategy mentioned by 常乐.