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By Dambisa Moyo

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It was now home to some 15,000 international companies, one of the leading centres for the manufacturing of PC components. In addition, with China being the world’s largest producer and exporter of toys, Dongguan (with more than 4,000 factories at its peak) is the leading toy manufacturer in a province which contributes 70 per cent of China’s overall toy output. In 2002, with nearly US$3bn of goods exported worldwide – the majority to the US – Dongguan ranked third among Chinese cities (behind Shanghai and Shenzen).

Every year around 80,000 Indians travel to Switzerland, of whom 25,000 are frequent visitors. In the interests of full disclosure, Russia lies second (US$470bn) in the league tables of Swiss bank depositors, with Ukraine and China fourth and fifth at US$100bn and US$96bn, respectively. Surprisingly, the only Western country in the top five is Britain, with US$390bn. CASH IS KING On 24 June 2008, the Financial Times published its list of the top 500 global companies by market capitalization (after all, what is relevant is the market capitalization, not simply the existence of a big conglomerate flagship).

The first example demonstrates that, for a given expected enterprise value, the higher variance benefits/favours the equity claim at the expense of the debt claim. In that sense, the equity claim is long volatility and the debt claim is short volatility. The example that now follows will show how the equity claimant also loves leverage and is prone to taking on more debt, and not less. Again the opposite is true for the debt holder. Remember that the fundamental point of all this is to show how, unlike Barney Frank’s proclamation, equity holders – and by extension the management that work on their behalf – love risk, and deliberately seek it out.

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