Insight Summit 2017: Intelligent Risk Taking - Active vs passive investing
Is factor investing a bubble? - René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, Ohio State University
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Retirement Presentation For Small Businessguest4a21e5
Prepare for your future today with the right type of tax advantage savings plans. offer your employees the benefit of a retirement plan. Learn from this presentation what you can do today to make a bettewr tomorrow.
Insight Summit 2017: Intelligent Risk Taking
Portfolio construction today - Cliff Asness, Managing & Founding Principal, AQR Capital Management
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Insight Summit 2017: Intelligent Risk Taking – Private Equity
Partners Capital View of the Future of Private Equity Investing
Stan Miranda, Founder and CEO, Partners Capital Investment Group
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
¿Qué son las reformas sociales?
Definir qué es una reforma social es algo complejo, pues esta se encuentra estrechamente relacionada con concepciones de carácter ideológico, político y económico. Para cada actor social, la naturaleza de una reforma de carácter social puede variar sustancialmente.
Acercándonos a una definición lo más amplia posible, podríamos señalar que las reformas sociales son medidas de carácter político que apuntan a mejorar la eficacia, la calidad y la igualdad en el acceso a servicios y bienes considerados fundamentales para la sociedad, como la salud, la educación, el acceso a la tierra, el acceso a la propiedad y a la calidad del trabajo.
Por su parte, las reformas económicas son medidas de carácter teórico o instrumental, que buscan regularizar el funcionamiento de la economía, independiente de los efectos que estas medidas puedan tener en la sociedad. Como la palabra lo expresa, estas medidas son tomadas estrictamente en términos económicos y, al igual que las reformas sociales, este tipo de reformas depende en buena medida de elementos de carácter ideológico y político que determinan sus propósitos y sus alcances.
Tipos de reformas
Existen diversos tipos de reformas, dependiendo de su calidad, profundidad y duración. Hablaríamos en principio de tres tipos, dependiendo de su manifestación en el tiempo:
Las reformas estructurales. Son reformas que afectan las partes más profundas de la sociedad, y que implican cambios fundamentales en los modelos económicos y productivos, como también en las formas de entender a la sociedad y su desarrollo.
Las reformas graduales. Se producen en largos lapsos de tiempo, buscando disminuir los efectos del impacto de su aplicación. Se relacionan con decisiones políticas de largo plazo y que afectan a la estructura económica.
Las reformas de choque. Son medidas implantadas para hacer frente a crisis inesperadas o momentáneas que urgen una solución inmediata. Generalmente estas medidas son de carácter temporal y de corta duración.
El sentido de las reformas
Los impactos de las reformas, positivos o negativos, son relativos respecto a la perspectiva con que se contemple. Muchas reformas que son positivas para la economía resultan afectando de manera negativa a la sociedad, o puede darse el caso contrario.
La valoración de los efectos de las reformas es un problema de carácter político, aunque en términos generales, los organismos internacionales coinciden en unos principios básicos: estas deben apuntar a alcanzar la equidad, tanto en el acceso a los servicios y bienes, como a la ampliación de los beneficios económicos y sociales, y, como se estableció en el programa llamado Los objetivos del desarrollo del milenio, las reformas deben apuntar, entre otras muchas cosas, a disminuir la pobreza y marginalidad social.
Las reformas sociales
Desde hace muchos años es claro que uno de los principal
Claseshistoria.com
Presentación sobre la Revolución industrial. Materia: Historia del Mundo Contemporáneo. Nivel: 1º de Bachillerato. Autor: Jorge Juan Lozano Cámara, profesor del IES Juan de la Cierva de Vélez Málaga.
Insight Summit 2017: Intelligent Risk Taking - Active vs passive investing
Is factor investing a bubble? - René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, Ohio State University
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Retirement Presentation For Small Businessguest4a21e5
Prepare for your future today with the right type of tax advantage savings plans. offer your employees the benefit of a retirement plan. Learn from this presentation what you can do today to make a bettewr tomorrow.
Insight Summit 2017: Intelligent Risk Taking
Portfolio construction today - Cliff Asness, Managing & Founding Principal, AQR Capital Management
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Insight Summit 2017: Intelligent Risk Taking – Private Equity
Partners Capital View of the Future of Private Equity Investing
Stan Miranda, Founder and CEO, Partners Capital Investment Group
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
¿Qué son las reformas sociales?
Definir qué es una reforma social es algo complejo, pues esta se encuentra estrechamente relacionada con concepciones de carácter ideológico, político y económico. Para cada actor social, la naturaleza de una reforma de carácter social puede variar sustancialmente.
Acercándonos a una definición lo más amplia posible, podríamos señalar que las reformas sociales son medidas de carácter político que apuntan a mejorar la eficacia, la calidad y la igualdad en el acceso a servicios y bienes considerados fundamentales para la sociedad, como la salud, la educación, el acceso a la tierra, el acceso a la propiedad y a la calidad del trabajo.
Por su parte, las reformas económicas son medidas de carácter teórico o instrumental, que buscan regularizar el funcionamiento de la economía, independiente de los efectos que estas medidas puedan tener en la sociedad. Como la palabra lo expresa, estas medidas son tomadas estrictamente en términos económicos y, al igual que las reformas sociales, este tipo de reformas depende en buena medida de elementos de carácter ideológico y político que determinan sus propósitos y sus alcances.
Tipos de reformas
Existen diversos tipos de reformas, dependiendo de su calidad, profundidad y duración. Hablaríamos en principio de tres tipos, dependiendo de su manifestación en el tiempo:
Las reformas estructurales. Son reformas que afectan las partes más profundas de la sociedad, y que implican cambios fundamentales en los modelos económicos y productivos, como también en las formas de entender a la sociedad y su desarrollo.
Las reformas graduales. Se producen en largos lapsos de tiempo, buscando disminuir los efectos del impacto de su aplicación. Se relacionan con decisiones políticas de largo plazo y que afectan a la estructura económica.
Las reformas de choque. Son medidas implantadas para hacer frente a crisis inesperadas o momentáneas que urgen una solución inmediata. Generalmente estas medidas son de carácter temporal y de corta duración.
El sentido de las reformas
Los impactos de las reformas, positivos o negativos, son relativos respecto a la perspectiva con que se contemple. Muchas reformas que son positivas para la economía resultan afectando de manera negativa a la sociedad, o puede darse el caso contrario.
La valoración de los efectos de las reformas es un problema de carácter político, aunque en términos generales, los organismos internacionales coinciden en unos principios básicos: estas deben apuntar a alcanzar la equidad, tanto en el acceso a los servicios y bienes, como a la ampliación de los beneficios económicos y sociales, y, como se estableció en el programa llamado Los objetivos del desarrollo del milenio, las reformas deben apuntar, entre otras muchas cosas, a disminuir la pobreza y marginalidad social.
Las reformas sociales
Desde hace muchos años es claro que uno de los principal
Claseshistoria.com
Presentación sobre la Revolución industrial. Materia: Historia del Mundo Contemporáneo. Nivel: 1º de Bachillerato. Autor: Jorge Juan Lozano Cámara, profesor del IES Juan de la Cierva de Vélez Málaga.
A look at how we got into this mess of a financial meltdown, what to do in the midst of it, and how to capitalize going forward. This presentation illustrates the need of hiring a professional advisor to help you manage your emotions during times of uncertainty.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...
2009 Pulse Of The Market
1.
2. Pulse of the Market 2009 OppenheimerFunds Solid information to help you maneuver through the changing times of today’s financial markets. Welcome to This presentation has been filed as a complete presentation and is designed to be presented in its entirety in the order shown. These views represent the opinions of OppenheimerFunds, Inc. as of 12/31/08, are subject to change based on subsequent developments and are not intended as investment advice—consult your financial advisor. Past performance does not guarantee future results. The performance information shown in this presentation does not predict or depict the performance of any Oppenheimer fund. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. Changing Times for Investors
5. “ Routine” Declines 370 Dec. 2008 38 days 3.4 per yr 32% 6.4% (5%+ Loss) “ Moderate” Corrections 120 Nov. 2008 105 days 1.1 per yr 49% 7.9% (10%+ Loss) “ Severe” Corrections 59 Nov. 2008 210 days 0.5 per yr 54% 9.7% (15%+ Loss) “ Bear” Markets 32 Nov. 2008 369 days 0.3 per yr N/A 9.8% (20%+ Loss) 1. Source of chart data: Ned Davis Research, as of 12/31/08. Stocks are represented by the Dow Jones Industrial Average (DJIA), a widely used indicator of the overall U.S. stock market, without considering income, transaction costs or taxes. The DJIA is unmanaged and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. 2. As of 12/31/08, this market decline/correction is ongoing. Therefore, data related to “Average Length” and “Frequency” is not currently available. 3. Depicts average results of hypothetical investments in the DJIA at the bottom of all declines and held for five years. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Declines in the Dow (1900 – 2008) 1 5-Year Average Number of Last Average What % Get Annual Return Declines Occurred Length 2 Frequency 2 Worse?* Following Declines 3 *For example, 32% of “Routine” declines deteriorated to “Moderate” corrections. Market Declines Are Normal
6. Average Annual Total Returns (%) 1 (As of 12/31/08) Stocks Bonds T-bills 1. Source of chart data: Ned Davis Research, 12/31/08. Stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance, bonds by the Barclays Capital Aggregate Bond Index, and T-bills by a 91-day Treasury Bill Index. For the 1970–12/31/08 period, bonds are represented by S&P Long-term Government Bonds. Treasury indices are total return indices held at constant maturities. Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Stocks and bonds are subject to different risks. Stocks are also different from fixed income securities in that (i) Government bonds and Treasury notes and bills are backed by the full faith and credit of the U.S. Government, and (ii) bonds, if held to maturity, may offer both a fixed rate of return and fixed principal value. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. What’s Reasonable to Expect? Stock market performance since the millennium has been nothing like the booming ’90s. It’s imperative to maintain realistic expectations for the long term and expect ongoing volatility
7. Total Percentage Returns of Major Indices 1 Russell 2000 Index Barclays Capital Aggregate Bond Index DJIA MSCI EAFE Index NAREIT Index S&P GSCI ™ S&P 500 Index % 1. Source of chart data: FactSet, 12/31/08. The Dow Jones Industrial Average (DJIA) is a widely-used indicator of the U.S. stock market. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The Barclays Capital Aggregate Bond Index is comprised of a broad range of investment-grade U.S. Government and corporate bonds. The Russell 2000 Index is comprised of the smallest 2,000 stocks (by market value) in the Russell 3000 Index. The Morgan Stanley Capital International (MSCI) EAFE Index measures over 1,500 companies representing the stock markets of 21 developed countries in Europe, Australia, New Zealand and the Far East and provides total returns in U.S. dollars. Commodities are represented by the S&P GSCI ™ , a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Indices are unmanaged, include reinvested income and cannot be purchased directly by investors. The NAREIT Equity REIT Index is a real estate index comprised of 153 tax-qualified REITs ranging in market capitalization of $11.4 million to $16.9 billion with an aggregate market capitalization of approximately $36 billion. Index performance is shown for illustrative purposes only and does not predict or depict the return of any investment. These indices represent market sectors that may have different risks. In the case of foreign stocks, those include currency fluctuations, foreign taxes, and political and economic factors. Small-cap stocks may be more volatile than stocks of larger, more established companies. Debt securities are subject to credit and interest rate risks. When interest rates rise, bond prices generally fall and the Fund’s share prices can fall. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. What Will the Markets Do This Year? 2006 2007 2008
8. Source of data: Bloomberg, 12/31/08. The Chicago Board Options Exchange SPX Volatility Index (VIX) is a popular measure of stock market volatility. The VIX takes the weighted average of implied volatility for the Standard & Poor’s 500 Index and measures the volatility of the market. Dividing the S&P 500 by the VIX (ratio) gives the confidence level in relation to the market. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. S&P 500 Index vs. Volatility Index 0 400 1,600 600 800 1,000 1,200 1,400 VIX Index S&P 500 Index Perspective on Stock Market Volatility ~~
9. 1. Source of chart data: Ned Davis Research, 12/31/08. A contraction is defined as the trough from the previous peak in the business cycle; an expansion is the trough to the peak of the next business cycle. 2. Duration is measured in months. Historical Trends in the U.S. Business Cycle 1 Recessions Happen 58 11 10 12 1945–2008 40 5 18 5 1919–1945 25 16 22 16 1854–1919 38 32 17 33 1854–2008 Average Duration 2 of Expansions Number of Expansions Average Duration 2 of Contractions Number of Contractions Time Period Recessions are a natural part of the economic cycle. But expansions have historically lasted longer than recessions.
10.
11. Source of chart data: DALBAR, Inc., Quantitative Analysis of Investor Behavior, July 2008 update. This is an annual survey and data is through 2007. The data may be substantially different next year when 2008 market returns are included in the study. The S&P 500 Index returned –37.0% for calendar year 2008. The DALBAR study is for illustrative purposes only and does not predict or depict the performance of any Oppenheimer fund. Past performance does not guarantee future results. 1. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Investments Did Well, Investors Not So Well Average Annual Returns (1986 – 2007) Chasing Performance Chasing performance and short-term trading can really hurt returns. Stocks Average Inflation Equity Fund Investor As measured by the S&P 500 Index 1
12. 1. Source of chart data: Ned Davis Research, 12/31/08. The chart shows the results of a $1,000 hypothetical investment in the S&P 500 Index on 12/31/88 held through 12/31/08 compared to similar hypothetical investments in stocks that were not invested on the days that were the market highs during the period. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Stay in the Market—Don’t Miss Your Window of Opportunity Hypothetical $1,000 investment over 20-year period 1 (12/31/88 – 12/31/08) If You… Missed the Top 25 Days Missed the Top 5 Days Stayed Invested Missed the Top 15 Days Compound 8.3% 6.2% 3.5% 1.4% Return $4,940 $3,300 $2,002 $1,332 Trying to Predict the Market? No one can accurately predict market performance. Trying to do so by moving in and out of the market can be very costly.
13. Annual Rolling Period Results for S&P 500 Index 1 (1926 – 2008) 1. Source of chart data: Ned Davis Research, 12/31/08. Based on calendar year-end results for all investment periods beginning and ending within January 1926 and December 31, 2008. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. What’s Your Time Horizon? The longer your holding period, the lower your chances of experiencing a losing investment. 0 59 25 Years 16 81 3 Years 14 79 5 Years 3 74 10 Years 29% 83 1 Year Periods with Loss (%) Number of Periods Holding Period
14. Source of chart data: Ned Davis Research, 12/31/08. Inflation rates are represented by the change in the Consumer Price Index (CPI) and CD Rates are six-month certificates of deposit rates as tracked by Standard & Poors Micropal Inc. Returns are net of 28% federal income tax rate. Real rate of return is equal to (CD rate minus inflation rate) minus (CD Rate x Tax rate). This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Real Returns on CDs (12/31/88 – 12/31/08) % The Bottom Line on CDs
15. Past performance does not guarantee future results. This chart is shown for illustrative purposes only and is not intended to represent the performance of any Oppenheimer fund. Systematic investing does not assure a profit and does not protect against loss in declining markets. Before investing, investors should evaluate their long-term financial ability to participate in such a plan. Regular Investing May Smooth the Ride Invest $1,200 All at Once or Over Time? TOTAL SHARES PURCHASED Average price: $10/share 0 $14 12 10 8 6 4 2 SHARE PRICE LUMP SUM LUMP SUM 120 shares at $10 / share 120 shares 0 $14 12 10 8 6 4 2 SHARE PRICE DOLLAR COST AVERAGING Shares Purchased Each Month 10.0 8.3 7.1 9.1 10.0 12.5 20.0 16.7 16.7 11.1 12.5 10.0 144 shares Average price: $9/share DOLLAR COST AVERAGING
16. Growth vs. Value Annual Returns (1999 – 2008) 1 % 1. Source of chart data: FactSet, 12/31/08. Growth performance is represented by the S&P 500 Citigroup Growth Index. Value performance is represented by the S&P 500 Citigroup Value Index. There are special risks in both styles: with growth investments, there is the possibility of increased volatility; with value investing, there is the possibility that the market may not recognize a stock as undervalued and it might not appreciate as expected. The indices are unmanaged, includes reinvested income and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Diversification does not assure a profit or protect against loss. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Besides diversifying across asset classes, you should also consider the benefits of style diversification, which could help stabilize your portfolio. Different Times, Different Styles Growth Value
17. Large Cap vs. Mid Cap vs. Small Cap Annual Returns (1999 – 2008) 1 % 1. Source of chart data: FactSet, 12/31/08. Large-cap stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance; mid-cap stocks are represented by the S&P MidCap Index; small-cap stocks are represented by the Russell 2000 Index. Returns are based on rolling 12-month index total returns. Indices include income, but not transaction costs or taxes, are unmanaged, and cannot be purchased directly by investors. Small-cap stocks may be subject to greater volatility than stocks of larger, more established companies. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Capitalization Counts! Small, medium or large? Has smaller capitalization meant higher volatility? How about considering a little of the advantages and risks of each in your portfolio? Large cap Small cap Mid cap
18. Source of chart data: FactSet, 12/31/08. U.S. stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance. International stocks are represented by the Morgan Stanley Capital International (MSCI) Developed Markets indices, which are designed to measure the performance of equity markets in economically developed countries and regions worldwide. These countries are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and the U.S. Indices are unmanaged, assume reinvestment of distributions and cannot be purchased directly by investors. Performance is for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Investing in foreign securities involves additional expenses and special risks such as currency fluctuations, foreign taxes and political and economic factors. Investments in emerging markets and developing markets are subject to greater volatility and risks. Top-performing Developed Markets Investing Internationally Singapore 99.4 Sweden 79.7 U.S. 21.0 Japan 61.5 Hong Kong 59.5 Switzerland 5.9 Canada 5.3 Denmark 3.4 Norway –0.9 Italy –1.3 U.S. –9.1 New Zealand 8.4 Australia 1.7 Ireland –2.8 Austria –5.7 Belgium –10.9 U.S. –11.9 U.S. –22.1 New Zealand 24.2 Norway –7.3 Italy –7.3 Australia –1.3 Austria 16.6 Greece 70.0 Sweden 64.5 Germany 63.8 Spain 58.5 Austria 57.0 U.S. 28.7 U.S.10.9 Norway 53.3 Austria 71.5 Ireland 43.1 Sweden 36.3 U.S. 4.9 Canada 28.3 Japan 25.5 Austria 24.6 Denmark 24.5 Norway 24.3 U.S. 14.7 Spain 49.4 Portugal 47.4 Ireland 46.8 Norway 45.1 Sweden 43.4 Finland 152.6 Finland 48.7 Hong Kong 41.2 Germany 35.3 Norway 31.4 Canada 29.6 U.S. 5.5 160% 130 70 40 10 -30 -50 100 Japan –29.3 Switzerland –30.5 U.S. –37.0 Spain –40.6 France –43.3 Canada –45.5 0 Belgium 43.5
19. Leading Firms and Their Countries of Origin Source of chart data: FactSet, 12/31/08. Past performance does not guarantee future results. Investing in foreign securities involves additional expenses and special risks such as currency fluctuations, foreign taxes and political and economic factors. Investments in emerging markets and developing markets are subject to greater volatility and risks. This graphic in no way implies the Oppenheimer mutual funds invest in the listed companies, or does the mention of these firms constitute a recommendation by OppenheimerFunds, Inc. Finding Potential Around the World (UK) Unilever (Japan) Sony (France) LVMH (Japan) Nintendo (Finland) Nokia (UK) Cadbury Schweppes (France) L’Or éal (Sweden) H&M (Switzerland) Nestl é (Germany) BMW
20. Past Performance of Major Fixed Income Indices 1 (Average annual total returns for the 10-year period ended 12/31/08) 1. Source of chart data: FactSet, 12/31/08. Treasury securities, while subject to interest rate risks like all fixed income securities, are backed by the full faith and credit of the U.S. Government. High yield bonds are represented by the U.S. High Yield Master Index. Foreign bonds are represented by the Citigroup World Government Bond Index. Mortgage-backed securities are represented by the Mortgage Master Index. Investment-grade corporate bonds are represented by the Barclays Capital Aggregate Bond Index. Municipal bonds are represented by the Barclays Municipal Bond Index. Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall and the fund’s share prices can fall. Stocks and bonds have different risks, since bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. High yield bonds are subject to greater risks of default than investment-grade bonds, and are subject to liquidity risk. Foreign investments are subject to special risks, such as currency fluctuations, foreign taxes and political and economic factors. Mortgage-backed securities may be especially sensitive to interest rate changes. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Even though, on average, equities have led the pack over the long term, bonds have proven their merit over time. Note below that different bonds have different risks. 30-Year Treasuries Foreign Bonds High Yield Bonds Mortgage-backed Securities Municipal Bonds Investment-grade Bonds Diversify with Bonds
21. Source of Chart Data: FactSet, 12/31/08. The S&P 500 Index is a broad-based measure of domestic stock market performance. The Russell 2000 Growth Index contains small-capitalization stocks with above-average growth orientation and lower dividend yields. The MSCI EAFE Index is a broad-based index of global stock performance. The Barclays Capital Aggregate Bond Index contains a broad range of investment grade U.S. Government and corporate bonds. The NAREIT Equity REIT Index is a real estate index comprised of 153 tax-qualified REITs ranging in market capitalization of $11.4 million to $16. 9 billion with an aggregate market capitalization of approximately $36 billion. The S&P GSCI TM is a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Stocks, commodities and bonds are subject to different risks. Stocks and commodities are also different from bonds, where bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall the fund’s share price can fall. Foreign investing has special risks, including currency fluctuations, foreign taxes and political and economic factors. Commodities may be subject to greater volatility. Diversification does not assure a profit or protect against loss. Past performance does not guarantee future results. Diversification May Help Lower Risk Be Diversified S&P 500 Index Russell 2000 Growth Index MSCI EAFE Index Barclays Capital Aggregate Bond Index The National Association of Real Estate Investment Trusts (NAREIT) Equity REIT Index S&P GSCI; previously known as Goldman Sachs Commodities Index BEST WORST BEST WORST – 15.7 5.5 7.0 7.1 11.2 37.5% 2007 – 15.1 4.3 13.4 13.6 26.3 35.1% 2006 – 38.5 4.2 14.3 26.4 – 15.9 – 13.0 – 10.1 19.5 – 43.4 3.0 9.0 20.7 – 23.4 – 21.4 – 14.8 – 0.8 – 37.7 12.2 17.3 37.1 3.8 – 9.2 11.6 27.0 – 49.5 2.4 4.3 4.1 – 30.3 – 31.9 – 22.4 – 4.6 – 37.0 13.5 20.3 38.6 10.3 8.4 26.4 40.9 5.2% 25.6% 31.6% 48.5% 32.1% 13.9% 49.7% 43.1% 2008 2005 2004 2003 2002 2001 2000 1999
22. Growth of $10,000 over 25 Years 1 (12/31/83 – 12/31/08) 1. Source of chart data: Ned Davis Research, 12/31/08. Asset allocation models are for illustrative purposes only and are not intended as investment advice or recommendations. Results are for $10,000 hypothetical investments allocated to the percentages shown in each model from 12/31/83 – 12/31/08. Stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance; bonds by the Barclays Capital Aggregate Bond Index; foreign stocks by the Morgan Stanley Capital International (MSCI) EAFE Index, a broad-based measure of foreign stock market performance; commodities by the S&P GSCI, a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Indices include reinvested income, but not transaction costs or taxes, are unmanaged and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Stocks, commodities and bonds are subject to different risks. Stocks and commodities are also different from bonds, where bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall and the Fund’s share prices can fall. Foreign investing has special risks, including currency fluctuations, foreign taxes and political and economic factors. Commodities may be subject to greater volatility. Diversification does not assure a profit or protect against a loss. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost. Asset Allocation at Work Aggressive $103,152 70% 30% Conservative $75,064 10% 5% 15% 70% Stocks Bonds Foreign Stocks Commodities Moderate 10% 10% 45% 35% $82,933