SlideShare a Scribd company logo
1 of 4
Download to read offline
Agcapita Update
January 2012
Agcapita Update




Are we witnessing the end of a mercantilist, Keynesian financial
system? Gustave Flaubert said “The future is the worst thing
about the present.” Gustave would have made a wonderful
central banker. Who can read this and not feel that it is an apt
description of the global financial situation? Despite all the high
level assurances that matters are improving who can’t help feel
that more bad news lurks in the future. The political and financial
classes are attempting to create a state of suspended animation
based on a dread of what the future surely holds for their deficit
& leverage heavy operating models. They seem to genuinely
believe that the problems can be indefinitely postponed by further
mercantilist, Keynesian debauchery in the form of even greater
deficits and deeper currency devaluations. If only all life’s problems
could be managed this way.

For those of you unfamiliar with the term - in its current application,
mercantilism is a policy of government intervention in foreign trade
to try to create a positive balance of payments most often via
currency devaluation. As for Keynesianism, at this stage in the
financial crisis I doubt the concept of government deficit spending
needs much introduction.

The tide has been going out for a few years now and we are
beginning to see who has been swimming naked - this hackneyed
phrase is a simpler way of saying that we are finally discovering
what themes, managers, and sectors were actually just providing
debt fueled beta while advertising alpha. The finance, insurance
& real estate economy ( “FIRE”) particularly real estate and most
of what passes for investing by the financial industry come to
mind immediately. In fact, a large part of the financial sector has
been engaged in a business model that I have heard described as
“picking up dimes in front of a moving steamroller. Leverage allows
you to pick up lots of dimes but eventually the steamroller flattens
you with ugly results for your investors.”

Instead of relying on privatized gain and socialized losses as a
modus operandi, I would encourage the FIRE economy to return
to more fundamental models - seek out value, try to invest with a


                                                                          1
Agcapita Update (continued)




linkage to sectors/markets with demonstrable growth      interest on servicing their debt, let alone funding day-
prospects, and if possible incorporate some low          to-day commitments.
cost inflation hedging as insurance against continued
central bank misbehavior.                                And therein lies the issue. Our commitments
                                                         are entering a high growth phase in the face of
Perhaps the reason for the foreboding in the west        deteriorating demographics. The magnitude of
is that we are experiencing the simultaneous             our impending entitlement costs are barely on the
denouement of three powerful trends - central            radar. Layer on an absence of political support for
bank inflation/currency debasement activities, state     a reduction in government spending and can some
sponsored mercantilism and demographic driven            form of printing press default be far behind? Its
insolvency.                                              certainly difficult to see how any combination of tax
                                                         increases, economic growth or marginal adjustments
As states strive to create or maintain current account   to entitlements is going to close western funding
surpluses there is what amounts to a race to the         gaps. The era of exponentially growing government
bottom in the currency markets. Unfortunately it is a    borne by a linear productive economy is in the
truism that few people win in a currency war - other     last gasps - the question is then how does it end?
than holders of real assets.                             Current indications are with a default by the printing
                                                         press to fund ballooning fiscal deficits.
State debt service as a percent of tax revenues is
already at high levels for most developed nations, yet   If this is the case, and it looks increasingly likely, then
interest rates are at historic lows. As state finances   the unvarnished truth is that we are living beyond
enter distress, they are forced to finance themselves    our means and dishonestly passing the cost onto
at shorter durations creating roll-over risk. The        future generations. On that note I will leave you with
combination of interest servicing issues and duration    the words of Herbert Hoover who prophetically said
compression leaves them heavily exposed to even          “Blessed are the young for they shall inherit the
modest increases in interest rates. When rates rise,     national debt”.
state revenues will be rapidly consumed by just the




                                                                                                                       2
DISCLAIMER:

                                     The information, opinions, estimates, projections and other materials
                                     contained herein are provided as of the date hereof and are subject to
                                     change without notice. Some of the information, opinions, estimates,
                                     projections and other materials contained herein have been obtained from
                                     numerous sources and Agcapita Partners LP (“AGCAPITA”) and its affiliates
                                     make every effort to ensure that the contents hereof have been compiled or
                                     derived from sources believed to be reliable and to contain information and
                                     opinions which are accurate and complete. However, neither AGCAPITA
                                     nor its affiliates have independently verified or make any representation or
                                     warranty, express or implied, in respect thereof, take no responsibility for
                                     any errors and omissions which maybe contained herein or accept any
                                     liability whatsoever for any loss arising from any use of or reliance on the
                                     information, opinions, estimates, projections and other materials contained
                                     herein whether relied upon by the recipient or user or any other third
                                     party (including, without limitation, any customer of the recipient or user).
                                     Information may be available to AGCAPITA and/or its affiliates that is not
                                     reflected herein. The information, opinions, estimates, projections and other
                                     materials contained herein are not to be construed as an offer to sell, a
                                     solicitation for or an offer to buy, any products or services referenced herein
                                     (including, without limitation, any commodities, securities or other financial
                                     instruments), nor shall such information, opinions, estimates, projections and
                                     other materials be considered as investment advice or as a recommendation
                                     to enter into any transaction. Additional information is available by contacting
                                     AGCAPITA or its relevant affiliate directly.




#205, 120 Country Hills Landing NW     Tel: +1.403.608.1256              www.agcapita.com
Calgary, AB T3K 5P3                    Fax: +1.403.648.2776
Canada

More Related Content

What's hot

Agcapita November 2010 Update
Agcapita November 2010 UpdateAgcapita November 2010 Update
Agcapita November 2010 UpdateVeripath Partners
 
Agcapita September 2012 - Bull Market in Unintended Consequences Continues
Agcapita September 2012 - Bull Market in Unintended Consequences ContinuesAgcapita September 2012 - Bull Market in Unintended Consequences Continues
Agcapita September 2012 - Bull Market in Unintended Consequences ContinuesVeripath Partners
 
January 2011 Investment Update
January 2011 Investment UpdateJanuary 2011 Investment Update
January 2011 Investment Updateswazzy33
 
The Consequences Are Profound
The Consequences Are ProfoundThe Consequences Are Profound
The Consequences Are ProfoundShamik Bhose
 
2017.3 IceCap Global Market Outlook - The Pendulum
2017.3 IceCap Global Market Outlook - The Pendulum2017.3 IceCap Global Market Outlook - The Pendulum
2017.3 IceCap Global Market Outlook - The PendulumIceCap Asset Management
 
Wealthy & Wise (February Edition)
Wealthy & Wise (February Edition)Wealthy & Wise (February Edition)
Wealthy & Wise (February Edition)Sameer Rastogi
 
10 Macroeconomic Forecasts for 2016
10 Macroeconomic Forecasts for 201610 Macroeconomic Forecasts for 2016
10 Macroeconomic Forecasts for 2016Guggenheim Partners
 
FI Insights V17I1 Print Version
FI Insights V17I1 Print VersionFI Insights V17I1 Print Version
FI Insights V17I1 Print VersionDean Miller
 
Ask The Experts - Quater 2, 2013 - Part 4
Ask The Experts - Quater 2, 2013 - Part 4Ask The Experts - Quater 2, 2013 - Part 4
Ask The Experts - Quater 2, 2013 - Part 4Mercer - Investments
 
Q2 2016 Fixed-Income Outlook: Chart Highlights
Q2 2016 Fixed-Income Outlook: Chart HighlightsQ2 2016 Fixed-Income Outlook: Chart Highlights
Q2 2016 Fixed-Income Outlook: Chart HighlightsGuggenheim Partners
 

What's hot (15)

Agcapita November 2010 Update
Agcapita November 2010 UpdateAgcapita November 2010 Update
Agcapita November 2010 Update
 
Agcapita September 2012 - Bull Market in Unintended Consequences Continues
Agcapita September 2012 - Bull Market in Unintended Consequences ContinuesAgcapita September 2012 - Bull Market in Unintended Consequences Continues
Agcapita September 2012 - Bull Market in Unintended Consequences Continues
 
January 2011 Investment Update
January 2011 Investment UpdateJanuary 2011 Investment Update
January 2011 Investment Update
 
The Consequences Are Profound
The Consequences Are ProfoundThe Consequences Are Profound
The Consequences Are Profound
 
2017.3 IceCap Global Market Outlook - The Pendulum
2017.3 IceCap Global Market Outlook - The Pendulum2017.3 IceCap Global Market Outlook - The Pendulum
2017.3 IceCap Global Market Outlook - The Pendulum
 
Wealthy & Wise (February Edition)
Wealthy & Wise (February Edition)Wealthy & Wise (February Edition)
Wealthy & Wise (February Edition)
 
10 Macroeconomic Forecasts for 2016
10 Macroeconomic Forecasts for 201610 Macroeconomic Forecasts for 2016
10 Macroeconomic Forecasts for 2016
 
Agcapita Feb 2010 Macro
Agcapita Feb 2010 MacroAgcapita Feb 2010 Macro
Agcapita Feb 2010 Macro
 
FI Insights V17I1 Print Version
FI Insights V17I1 Print VersionFI Insights V17I1 Print Version
FI Insights V17I1 Print Version
 
Ask The Experts - Quater 2, 2013 - Part 4
Ask The Experts - Quater 2, 2013 - Part 4Ask The Experts - Quater 2, 2013 - Part 4
Ask The Experts - Quater 2, 2013 - Part 4
 
Agcapita Mar 2010 Update
Agcapita Mar 2010 UpdateAgcapita Mar 2010 Update
Agcapita Mar 2010 Update
 
2013 Outlook
2013 Outlook2013 Outlook
2013 Outlook
 
Predicting is Hard | Under the Hood
Predicting is Hard | Under the HoodPredicting is Hard | Under the Hood
Predicting is Hard | Under the Hood
 
Q2 2016 Fixed-Income Outlook: Chart Highlights
Q2 2016 Fixed-Income Outlook: Chart HighlightsQ2 2016 Fixed-Income Outlook: Chart Highlights
Q2 2016 Fixed-Income Outlook: Chart Highlights
 
Riders Explained: The Inflation Rider
Riders Explained: The Inflation RiderRiders Explained: The Inflation Rider
Riders Explained: The Inflation Rider
 

Viewers also liked

The Federal Debt Ceiling
The Federal Debt CeilingThe Federal Debt Ceiling
The Federal Debt CeilingJeff Green
 
Turning your Managers into Enterprise Mentors
Turning your Managers into Enterprise MentorsTurning your Managers into Enterprise Mentors
Turning your Managers into Enterprise Mentorsenterpriseleaders
 
Re@ct FIlm Festival Workshop 2 june 2011
Re@ct FIlm Festival Workshop 2 june 2011Re@ct FIlm Festival Workshop 2 june 2011
Re@ct FIlm Festival Workshop 2 june 2011ezzaw8
 
Keeping Change On Track Bevan
Keeping Change On Track BevanKeeping Change On Track Bevan
Keeping Change On Track Bevanciaranmay
 
A User's Guide to Helm™
A User's Guide to Helm™A User's Guide to Helm™
A User's Guide to Helm™webhostingguy
 
Learn how to describe food in English
Learn how to describe food in EnglishLearn how to describe food in English
Learn how to describe food in EnglishCasa Thomas Jefferson
 
Plesk 8.1 for Windows
Plesk 8.1 for WindowsPlesk 8.1 for Windows
Plesk 8.1 for Windowswebhostingguy
 
The job market outlook – recovery still on track
The job market outlook – recovery still on trackThe job market outlook – recovery still on track
The job market outlook – recovery still on trackJeff Green
 
Agcapita December 2011 - Leverage is Dead, Long Live Value investing
Agcapita December 2011 - Leverage is Dead, Long Live Value investingAgcapita December 2011 - Leverage is Dead, Long Live Value investing
Agcapita December 2011 - Leverage is Dead, Long Live Value investingVeripath Partners
 
10.chap10 file systemsimlementation
10.chap10 file systemsimlementation10.chap10 file systemsimlementation
10.chap10 file systemsimlementationLinh Nguyễn Thanh
 
The WEB E government Domain
The WEB E government DomainThe WEB E government Domain
The WEB E government Domainwebhostingguy
 

Viewers also liked (20)

The Federal Debt Ceiling
The Federal Debt CeilingThe Federal Debt Ceiling
The Federal Debt Ceiling
 
Silverstar[1]
Silverstar[1]Silverstar[1]
Silverstar[1]
 
Turning your Managers into Enterprise Mentors
Turning your Managers into Enterprise MentorsTurning your Managers into Enterprise Mentors
Turning your Managers into Enterprise Mentors
 
Re@ct FIlm Festival Workshop 2 june 2011
Re@ct FIlm Festival Workshop 2 june 2011Re@ct FIlm Festival Workshop 2 june 2011
Re@ct FIlm Festival Workshop 2 june 2011
 
Keeping Change On Track Bevan
Keeping Change On Track BevanKeeping Change On Track Bevan
Keeping Change On Track Bevan
 
A User's Guide to Helm™
A User's Guide to Helm™A User's Guide to Helm™
A User's Guide to Helm™
 
Learn how to describe food in English
Learn how to describe food in EnglishLearn how to describe food in English
Learn how to describe food in English
 
Plesk 8.1 for Windows
Plesk 8.1 for WindowsPlesk 8.1 for Windows
Plesk 8.1 for Windows
 
presentation
presentationpresentation
presentation
 
The job market outlook – recovery still on track
The job market outlook – recovery still on trackThe job market outlook – recovery still on track
The job market outlook – recovery still on track
 
Agcapita December 2011 - Leverage is Dead, Long Live Value investing
Agcapita December 2011 - Leverage is Dead, Long Live Value investingAgcapita December 2011 - Leverage is Dead, Long Live Value investing
Agcapita December 2011 - Leverage is Dead, Long Live Value investing
 
N3 new word1-4
N3 new word1-4N3 new word1-4
N3 new word1-4
 
Welcome to week 7
Welcome to week 7Welcome to week 7
Welcome to week 7
 
Ovnis
OvnisOvnis
Ovnis
 
10.chap10 file systemsimlementation
10.chap10 file systemsimlementation10.chap10 file systemsimlementation
10.chap10 file systemsimlementation
 
The WEB E government Domain
The WEB E government DomainThe WEB E government Domain
The WEB E government Domain
 
Baker
Baker Baker
Baker
 
Web Servers
Web ServersWeb Servers
Web Servers
 
Download It
Download ItDownload It
Download It
 
Market Update
Market UpdateMarket Update
Market Update
 

Similar to Agcapita January 2012 Briefing - Trees, Meet the Forest

Agcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsAgcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsVeripath Partners
 
Agcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsAgcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsVeripath Partners
 
Petrocapita May 2011 - Robbing Peter to Pay Paul
Petrocapita May 2011 - Robbing Peter to Pay PaulPetrocapita May 2011 - Robbing Peter to Pay Paul
Petrocapita May 2011 - Robbing Peter to Pay PaulPetrocapita
 
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?Veripath Partners
 
Agcapita October 2011 - Pensions and Hobson's Choice
Agcapita October 2011 - Pensions and Hobson's ChoiceAgcapita October 2011 - Pensions and Hobson's Choice
Agcapita October 2011 - Pensions and Hobson's ChoiceVeripath Partners
 
Market Watch - December 2016
Market Watch - December 2016Market Watch - December 2016
Market Watch - December 2016Bank of Singapore
 
ALTUM Investor presentation, April 2019
ALTUM Investor presentation, April 2019ALTUM Investor presentation, April 2019
ALTUM Investor presentation, April 2019ALTUM
 
Investor presentation altum april2019_final
Investor presentation altum april2019_finalInvestor presentation altum april2019_final
Investor presentation altum april2019_finalSandra Eglite
 
ALTUM Investor presentation, April 2018
ALTUM Investor presentation, April 2018ALTUM Investor presentation, April 2018
ALTUM Investor presentation, April 2018ALTUM
 
Pre-launch token distribution by Capx.pdf
Pre-launch token distribution by Capx.pdfPre-launch token distribution by Capx.pdf
Pre-launch token distribution by Capx.pdfCapx.fi
 
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015Veripath Partners
 
Alsk plp v11.13.20
Alsk plp v11.13.20Alsk plp v11.13.20
Alsk plp v11.13.20Drew Peng
 
Gogerty NYSSA dec 3 Systemic Risk discussion
Gogerty NYSSA dec 3 Systemic Risk discussionGogerty NYSSA dec 3 Systemic Risk discussion
Gogerty NYSSA dec 3 Systemic Risk discussionNick Gogerty
 
ALTUM Investor presentation, June 2021
ALTUM Investor presentation, June 2021ALTUM Investor presentation, June 2021
ALTUM Investor presentation, June 2021ALTUM
 

Similar to Agcapita January 2012 Briefing - Trees, Meet the Forest (20)

Agcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsAgcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian Wreckonomics
 
Agcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian WreckonomicsAgcapita November 2011 - Keynesian Wreckonomics
Agcapita November 2011 - Keynesian Wreckonomics
 
Petrocapita May 2011 - Robbing Peter to Pay Paul
Petrocapita May 2011 - Robbing Peter to Pay PaulPetrocapita May 2011 - Robbing Peter to Pay Paul
Petrocapita May 2011 - Robbing Peter to Pay Paul
 
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?
 
Agcapita June 2011
Agcapita June 2011Agcapita June 2011
Agcapita June 2011
 
Agcapita October 2011 - Pensions and Hobson's Choice
Agcapita October 2011 - Pensions and Hobson's ChoiceAgcapita October 2011 - Pensions and Hobson's Choice
Agcapita October 2011 - Pensions and Hobson's Choice
 
Market Watch - December 2016
Market Watch - December 2016Market Watch - December 2016
Market Watch - December 2016
 
ALTUM Investor presentation, April 2019
ALTUM Investor presentation, April 2019ALTUM Investor presentation, April 2019
ALTUM Investor presentation, April 2019
 
Investor presentation altum april2019_final
Investor presentation altum april2019_finalInvestor presentation altum april2019_final
Investor presentation altum april2019_final
 
ALTUM Investor presentation, April 2018
ALTUM Investor presentation, April 2018ALTUM Investor presentation, April 2018
ALTUM Investor presentation, April 2018
 
Pre-launch token distribution by Capx.pdf
Pre-launch token distribution by Capx.pdfPre-launch token distribution by Capx.pdf
Pre-launch token distribution by Capx.pdf
 
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015
Agcapita August 7, 2012 Briefing - Rollover Risk World Tour 2015
 
Alsk plp v11.13.20
Alsk plp v11.13.20Alsk plp v11.13.20
Alsk plp v11.13.20
 
DeFi Technologies Deck
DeFi Technologies Deck DeFi Technologies Deck
DeFi Technologies Deck
 
Michael Curry
Michael CurryMichael Curry
Michael Curry
 
Gogerty NYSSA dec 3 Systemic Risk discussion
Gogerty NYSSA dec 3 Systemic Risk discussionGogerty NYSSA dec 3 Systemic Risk discussion
Gogerty NYSSA dec 3 Systemic Risk discussion
 
Green growth-brands
Green growth-brandsGreen growth-brands
Green growth-brands
 
DeFi Technologies Deck - September 2021
DeFi Technologies Deck - September 2021DeFi Technologies Deck - September 2021
DeFi Technologies Deck - September 2021
 
Valour Investor Deck 2022
Valour Investor Deck 2022Valour Investor Deck 2022
Valour Investor Deck 2022
 
ALTUM Investor presentation, June 2021
ALTUM Investor presentation, June 2021ALTUM Investor presentation, June 2021
ALTUM Investor presentation, June 2021
 

More from Veripath Partners

Veripath 2021 Portfolio Carbon Report
Veripath 2021 Portfolio Carbon ReportVeripath 2021 Portfolio Carbon Report
Veripath 2021 Portfolio Carbon ReportVeripath Partners
 
Canadian Farmland - Saskatchewan Provincial Fact Sheet
Canadian Farmland - Saskatchewan Provincial Fact SheetCanadian Farmland - Saskatchewan Provincial Fact Sheet
Canadian Farmland - Saskatchewan Provincial Fact SheetVeripath Partners
 
Canadian Farmland - Quebec Provincial Fact Sheet
Canadian Farmland - Quebec Provincial Fact SheetCanadian Farmland - Quebec Provincial Fact Sheet
Canadian Farmland - Quebec Provincial Fact SheetVeripath Partners
 
Canadian Farmland - Ontario Provincial Fact Sheet
Canadian Farmland - Ontario Provincial Fact SheetCanadian Farmland - Ontario Provincial Fact Sheet
Canadian Farmland - Ontario Provincial Fact SheetVeripath Partners
 
Canadian Farmland - Manitoba Provincial Fact Sheet
Canadian Farmland - Manitoba Provincial Fact SheetCanadian Farmland - Manitoba Provincial Fact Sheet
Canadian Farmland - Manitoba Provincial Fact SheetVeripath Partners
 
Canadian Farmland - BC Provincial Fact Sheet
Canadian Farmland - BC Provincial Fact SheetCanadian Farmland - BC Provincial Fact Sheet
Canadian Farmland - BC Provincial Fact SheetVeripath Partners
 
Canadian Farmland - Provincial Fact Sheets
Canadian Farmland - Provincial Fact SheetsCanadian Farmland - Provincial Fact Sheets
Canadian Farmland - Provincial Fact SheetsVeripath Partners
 
Canadian Farmland - Alberta Provincial Fact Sheet
Canadian Farmland - Alberta Provincial Fact SheetCanadian Farmland - Alberta Provincial Fact Sheet
Canadian Farmland - Alberta Provincial Fact SheetVeripath Partners
 
Veripath Q4 2021 Investor Letter
Veripath Q4 2021 Investor LetterVeripath Q4 2021 Investor Letter
Veripath Q4 2021 Investor LetterVeripath Partners
 
Farmland as a Proxy for Water Investments
Farmland as a Proxy for Water InvestmentsFarmland as a Proxy for Water Investments
Farmland as a Proxy for Water InvestmentsVeripath Partners
 
Veripath Farmland Partners Research - portfolio optimization using farmland a...
Veripath Farmland Partners Research - portfolio optimization using farmland a...Veripath Farmland Partners Research - portfolio optimization using farmland a...
Veripath Farmland Partners Research - portfolio optimization using farmland a...Veripath Partners
 
Veripath Q3 2021 Investor Letter
Veripath Q3 2021 Investor LetterVeripath Q3 2021 Investor Letter
Veripath Q3 2021 Investor LetterVeripath Partners
 
Veripath Partners Q1 2021 Investor Newsletter
Veripath Partners Q1 2021 Investor NewsletterVeripath Partners Q1 2021 Investor Newsletter
Veripath Partners Q1 2021 Investor NewsletterVeripath Partners
 
Veripath Partners Q2 2021 Investor Newsletter
Veripath Partners Q2 2021 Investor NewsletterVeripath Partners Q2 2021 Investor Newsletter
Veripath Partners Q2 2021 Investor NewsletterVeripath Partners
 
Equicapita Announces Acquisition of Majority of CCMET
Equicapita Announces Acquisition of Majority of CCMETEquicapita Announces Acquisition of Majority of CCMET
Equicapita Announces Acquisition of Majority of CCMETVeripath Partners
 
Equicapita Reaches $100M in Subscribed Trust Capital
Equicapita Reaches $100M in Subscribed Trust Capital  Equicapita Reaches $100M in Subscribed Trust Capital
Equicapita Reaches $100M in Subscribed Trust Capital Veripath Partners
 
Agcapita - Farmland Fund V Launches
Agcapita - Farmland Fund V LaunchesAgcapita - Farmland Fund V Launches
Agcapita - Farmland Fund V LaunchesVeripath Partners
 
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...Veripath Partners
 
VBA Journal: Farmland, Reaping the Reward of Illiquidity
VBA Journal:  Farmland, Reaping the Reward of IlliquidityVBA Journal:  Farmland, Reaping the Reward of Illiquidity
VBA Journal: Farmland, Reaping the Reward of IlliquidityVeripath Partners
 
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...Veripath Partners
 

More from Veripath Partners (20)

Veripath 2021 Portfolio Carbon Report
Veripath 2021 Portfolio Carbon ReportVeripath 2021 Portfolio Carbon Report
Veripath 2021 Portfolio Carbon Report
 
Canadian Farmland - Saskatchewan Provincial Fact Sheet
Canadian Farmland - Saskatchewan Provincial Fact SheetCanadian Farmland - Saskatchewan Provincial Fact Sheet
Canadian Farmland - Saskatchewan Provincial Fact Sheet
 
Canadian Farmland - Quebec Provincial Fact Sheet
Canadian Farmland - Quebec Provincial Fact SheetCanadian Farmland - Quebec Provincial Fact Sheet
Canadian Farmland - Quebec Provincial Fact Sheet
 
Canadian Farmland - Ontario Provincial Fact Sheet
Canadian Farmland - Ontario Provincial Fact SheetCanadian Farmland - Ontario Provincial Fact Sheet
Canadian Farmland - Ontario Provincial Fact Sheet
 
Canadian Farmland - Manitoba Provincial Fact Sheet
Canadian Farmland - Manitoba Provincial Fact SheetCanadian Farmland - Manitoba Provincial Fact Sheet
Canadian Farmland - Manitoba Provincial Fact Sheet
 
Canadian Farmland - BC Provincial Fact Sheet
Canadian Farmland - BC Provincial Fact SheetCanadian Farmland - BC Provincial Fact Sheet
Canadian Farmland - BC Provincial Fact Sheet
 
Canadian Farmland - Provincial Fact Sheets
Canadian Farmland - Provincial Fact SheetsCanadian Farmland - Provincial Fact Sheets
Canadian Farmland - Provincial Fact Sheets
 
Canadian Farmland - Alberta Provincial Fact Sheet
Canadian Farmland - Alberta Provincial Fact SheetCanadian Farmland - Alberta Provincial Fact Sheet
Canadian Farmland - Alberta Provincial Fact Sheet
 
Veripath Q4 2021 Investor Letter
Veripath Q4 2021 Investor LetterVeripath Q4 2021 Investor Letter
Veripath Q4 2021 Investor Letter
 
Farmland as a Proxy for Water Investments
Farmland as a Proxy for Water InvestmentsFarmland as a Proxy for Water Investments
Farmland as a Proxy for Water Investments
 
Veripath Farmland Partners Research - portfolio optimization using farmland a...
Veripath Farmland Partners Research - portfolio optimization using farmland a...Veripath Farmland Partners Research - portfolio optimization using farmland a...
Veripath Farmland Partners Research - portfolio optimization using farmland a...
 
Veripath Q3 2021 Investor Letter
Veripath Q3 2021 Investor LetterVeripath Q3 2021 Investor Letter
Veripath Q3 2021 Investor Letter
 
Veripath Partners Q1 2021 Investor Newsletter
Veripath Partners Q1 2021 Investor NewsletterVeripath Partners Q1 2021 Investor Newsletter
Veripath Partners Q1 2021 Investor Newsletter
 
Veripath Partners Q2 2021 Investor Newsletter
Veripath Partners Q2 2021 Investor NewsletterVeripath Partners Q2 2021 Investor Newsletter
Veripath Partners Q2 2021 Investor Newsletter
 
Equicapita Announces Acquisition of Majority of CCMET
Equicapita Announces Acquisition of Majority of CCMETEquicapita Announces Acquisition of Majority of CCMET
Equicapita Announces Acquisition of Majority of CCMET
 
Equicapita Reaches $100M in Subscribed Trust Capital
Equicapita Reaches $100M in Subscribed Trust Capital  Equicapita Reaches $100M in Subscribed Trust Capital
Equicapita Reaches $100M in Subscribed Trust Capital
 
Agcapita - Farmland Fund V Launches
Agcapita - Farmland Fund V LaunchesAgcapita - Farmland Fund V Launches
Agcapita - Farmland Fund V Launches
 
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...
 
VBA Journal: Farmland, Reaping the Reward of Illiquidity
VBA Journal:  Farmland, Reaping the Reward of IlliquidityVBA Journal:  Farmland, Reaping the Reward of Illiquidity
VBA Journal: Farmland, Reaping the Reward of Illiquidity
 
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...
 

Recently uploaded

Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...amitlee9823
 
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...priyasharma62062
 
Q1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfQ1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfAdnet Communications
 
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Bookingroncy bisnoi
 
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men 🔝Malda🔝 Escorts Ser...
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men  🔝Malda🔝   Escorts Ser...➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men  🔝Malda🔝   Escorts Ser...
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men 🔝Malda🔝 Escorts Ser...amitlee9823
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...priyasharma62062
 
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...priyasharma62062
 
7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator OptionsVince Stanzione
 
Strategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationStrategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationAdnet Communications
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques  in Participating in Various Types...Business Principles, Tools, and Techniques  in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...jeffreytingson
 
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...priyasharma62062
 
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...roshnidevijkn ( Why You Choose Us? ) Escorts
 
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...priyasharma62062
 
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...dipikadinghjn ( Why You Choose Us? ) Escorts
 

Recently uploaded (20)

Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
 
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...
CBD Belapur Expensive Housewife Call Girls Number-📞📞9833754194 No 1 Vipp HIgh...
 
Q1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdfQ1 2024 Conference Call Presentation vF.pdf
Q1 2024 Conference Call Presentation vF.pdf
 
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Koregaon Park Call Me 7737669865 Budget Friendly No Advance Booking
 
W.D. Gann Theory Complete Information.pdf
W.D. Gann Theory Complete Information.pdfW.D. Gann Theory Complete Information.pdf
W.D. Gann Theory Complete Information.pdf
 
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men 🔝Malda🔝 Escorts Ser...
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men  🔝Malda🔝   Escorts Ser...➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men  🔝Malda🔝   Escorts Ser...
➥🔝 7737669865 🔝▻ Malda Call-girls in Women Seeking Men 🔝Malda🔝 Escorts Ser...
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
 
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...
Diva-Thane European Call Girls Number-9833754194-Diva Busty Professional Call...
 
7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options
 
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
From Luxury Escort Service Kamathipura : 9352852248 Make on-demand Arrangemen...
 
Strategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationStrategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate Presentation
 
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques  in Participating in Various Types...Business Principles, Tools, and Techniques  in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...
 
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...
VIP Call Girl in Mira Road 💧 9920725232 ( Call Me ) Get A New Crush Everyday ...
 
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...
Airport Road Best Experience Call Girls Number-📞📞9833754194 Santacruz MOst Es...
 
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
 
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
 
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
 
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...
( Jasmin ) Top VIP Escorts Service Dindigul 💧 7737669865 💧 by Dindigul Call G...
 
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
(INDIRA) Call Girl Mumbai Call Now 8250077686 Mumbai Escorts 24x7
 

Agcapita January 2012 Briefing - Trees, Meet the Forest

  • 2. Agcapita Update Are we witnessing the end of a mercantilist, Keynesian financial system? Gustave Flaubert said “The future is the worst thing about the present.” Gustave would have made a wonderful central banker. Who can read this and not feel that it is an apt description of the global financial situation? Despite all the high level assurances that matters are improving who can’t help feel that more bad news lurks in the future. The political and financial classes are attempting to create a state of suspended animation based on a dread of what the future surely holds for their deficit & leverage heavy operating models. They seem to genuinely believe that the problems can be indefinitely postponed by further mercantilist, Keynesian debauchery in the form of even greater deficits and deeper currency devaluations. If only all life’s problems could be managed this way. For those of you unfamiliar with the term - in its current application, mercantilism is a policy of government intervention in foreign trade to try to create a positive balance of payments most often via currency devaluation. As for Keynesianism, at this stage in the financial crisis I doubt the concept of government deficit spending needs much introduction. The tide has been going out for a few years now and we are beginning to see who has been swimming naked - this hackneyed phrase is a simpler way of saying that we are finally discovering what themes, managers, and sectors were actually just providing debt fueled beta while advertising alpha. The finance, insurance & real estate economy ( “FIRE”) particularly real estate and most of what passes for investing by the financial industry come to mind immediately. In fact, a large part of the financial sector has been engaged in a business model that I have heard described as “picking up dimes in front of a moving steamroller. Leverage allows you to pick up lots of dimes but eventually the steamroller flattens you with ugly results for your investors.” Instead of relying on privatized gain and socialized losses as a modus operandi, I would encourage the FIRE economy to return to more fundamental models - seek out value, try to invest with a 1
  • 3. Agcapita Update (continued) linkage to sectors/markets with demonstrable growth interest on servicing their debt, let alone funding day- prospects, and if possible incorporate some low to-day commitments. cost inflation hedging as insurance against continued central bank misbehavior. And therein lies the issue. Our commitments are entering a high growth phase in the face of Perhaps the reason for the foreboding in the west deteriorating demographics. The magnitude of is that we are experiencing the simultaneous our impending entitlement costs are barely on the denouement of three powerful trends - central radar. Layer on an absence of political support for bank inflation/currency debasement activities, state a reduction in government spending and can some sponsored mercantilism and demographic driven form of printing press default be far behind? Its insolvency. certainly difficult to see how any combination of tax increases, economic growth or marginal adjustments As states strive to create or maintain current account to entitlements is going to close western funding surpluses there is what amounts to a race to the gaps. The era of exponentially growing government bottom in the currency markets. Unfortunately it is a borne by a linear productive economy is in the truism that few people win in a currency war - other last gasps - the question is then how does it end? than holders of real assets. Current indications are with a default by the printing press to fund ballooning fiscal deficits. State debt service as a percent of tax revenues is already at high levels for most developed nations, yet If this is the case, and it looks increasingly likely, then interest rates are at historic lows. As state finances the unvarnished truth is that we are living beyond enter distress, they are forced to finance themselves our means and dishonestly passing the cost onto at shorter durations creating roll-over risk. The future generations. On that note I will leave you with combination of interest servicing issues and duration the words of Herbert Hoover who prophetically said compression leaves them heavily exposed to even “Blessed are the young for they shall inherit the modest increases in interest rates. When rates rise, national debt”. state revenues will be rapidly consumed by just the 2
  • 4. DISCLAIMER: The information, opinions, estimates, projections and other materials contained herein are provided as of the date hereof and are subject to change without notice. Some of the information, opinions, estimates, projections and other materials contained herein have been obtained from numerous sources and Agcapita Partners LP (“AGCAPITA”) and its affiliates make every effort to ensure that the contents hereof have been compiled or derived from sources believed to be reliable and to contain information and opinions which are accurate and complete. However, neither AGCAPITA nor its affiliates have independently verified or make any representation or warranty, express or implied, in respect thereof, take no responsibility for any errors and omissions which maybe contained herein or accept any liability whatsoever for any loss arising from any use of or reliance on the information, opinions, estimates, projections and other materials contained herein whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user). Information may be available to AGCAPITA and/or its affiliates that is not reflected herein. The information, opinions, estimates, projections and other materials contained herein are not to be construed as an offer to sell, a solicitation for or an offer to buy, any products or services referenced herein (including, without limitation, any commodities, securities or other financial instruments), nor shall such information, opinions, estimates, projections and other materials be considered as investment advice or as a recommendation to enter into any transaction. Additional information is available by contacting AGCAPITA or its relevant affiliate directly. #205, 120 Country Hills Landing NW Tel: +1.403.608.1256 www.agcapita.com Calgary, AB T3K 5P3 Fax: +1.403.648.2776 Canada