Johnny Depp is an American actor and musician best known for his collaborations with director Tim Burton in films like Edward Scissorhands, Sleepy Hollow, Sweeney Todd, and Alice in Wonderland. Depp rose to prominence for his lead role in the television series 21 Jump Street and had his first major film role in A Nightmare on Elm Street. He has two children with his former partner Vanessa Paradis and has starred in many other popular films like Pirates of the Caribbean and Cry-Baby.
This short document promotes the creation of Haiku Deck presentations on SlideShare by stating it provides inspiration and allows users to get started making their own Haiku Deck presentations.
The document is an accreditation certificate from A2LA (American Association for Laboratory Accreditation) that:
1) Accredits ETS Product Service (HK) Co., Ltd. in Kowloon, Hong Kong for technical competence in electrical testing according to the ISO/IEC 17025 standard.
2) Lists the specific electromagnetic compatibility, radio equipment, digital cellular telecommunications, and electrical safety tests that the laboratory is accredited to perform.
3) States the accreditation is valid until September 30, 2008.
Adma Barbour has over 10 years of experience in accounting, administration, and customer service roles. She holds a BA in Banking and Finance and has worked as an accountant for several companies where her responsibilities included journal entries, financial reporting, and interacting with clients. She is proficient in accounting software and Microsoft Office applications and is fluent in English, French, and Arabic.
The document provides an analysis of Union Pacific Corporation by the Student Management Investment Fund. It includes economic data, an industry outlook, company information on UNP, drivers and risks for the company, management profiles, and financial analyses. The fund finds UNP undervalued given its stable business model, experienced management, and attractive price, and recommends buying the stock with a 26.4% upside to a $98 target price.
Johnny Depp is an American actor and musician best known for his collaborations with director Tim Burton in films like Edward Scissorhands, Sleepy Hollow, Sweeney Todd, and Alice in Wonderland. Depp rose to prominence for his lead role in the television series 21 Jump Street and had his first major film role in A Nightmare on Elm Street. He has two children with his former partner Vanessa Paradis and has starred in many other popular films like Pirates of the Caribbean and Cry-Baby.
This short document promotes the creation of Haiku Deck presentations on SlideShare by stating it provides inspiration and allows users to get started making their own Haiku Deck presentations.
The document is an accreditation certificate from A2LA (American Association for Laboratory Accreditation) that:
1) Accredits ETS Product Service (HK) Co., Ltd. in Kowloon, Hong Kong for technical competence in electrical testing according to the ISO/IEC 17025 standard.
2) Lists the specific electromagnetic compatibility, radio equipment, digital cellular telecommunications, and electrical safety tests that the laboratory is accredited to perform.
3) States the accreditation is valid until September 30, 2008.
Adma Barbour has over 10 years of experience in accounting, administration, and customer service roles. She holds a BA in Banking and Finance and has worked as an accountant for several companies where her responsibilities included journal entries, financial reporting, and interacting with clients. She is proficient in accounting software and Microsoft Office applications and is fluent in English, French, and Arabic.
The document provides an analysis of Union Pacific Corporation by the Student Management Investment Fund. It includes economic data, an industry outlook, company information on UNP, drivers and risks for the company, management profiles, and financial analyses. The fund finds UNP undervalued given its stable business model, experienced management, and attractive price, and recommends buying the stock with a 26.4% upside to a $98 target price.
This document provides information about anechoic chambers and RF-shielded rooms supplied by Frankonia, including:
1) They are designed as modular structures using standardized shielding panels and components to allow for flexible dimensions.
2) Technical features include galvanized steel construction, ventilation systems, various door options, and filter components for signal and power lines.
3) Floor and lining options include false floors, ground planes, and soundproof or absorber materials depending on the chamber type.
This document provides an introduction to organizational behavior concepts. It discusses key elements of organizational behavior including people, structure, jobs/tasks, technology, and the external environment. It defines organization and management. There are two broad categories of organizational structure - mechanistic and organic. Mechanistic structures are more formalized with centralized decision making, rigid hierarchies and specialized jobs. Organic structures are more flexible with decentralized decision making, fewer hierarchy levels and generalist jobs. Understanding these organizational behavior concepts is important for managing people and enhancing human relationships within organizations.
The document provides an analysis of Union Pacific Corporation by the Student Management Investment Fund. It includes economic data, an industry outlook, company information on UNP, drivers of the company, a company analysis, and a valuation analysis. The summary recommends buying UNP as it has a simple business model, favorable long-term prospects, is operated by experienced management, and is available at an attractive price below the $98 target price, offering 26.4% upside.
This document provides an analysis of Home Bancshares Inc. It includes sections on the company's business model, financial performance, growth drivers, competitors, and valuation. The analysis finds that Home Bancshares has favorable long-term prospects due to its transparent business model, experienced management, and attractive valuation. It recommends buying the stock with a target price of $44.04, representing a 23% upside from the current price.
The document is an Arabic alphabet workbook for children. It contains instructions for parents on how to use the workbook to teach their child the basic Arabic letters. Each page focuses on one letter, providing its name, pronunciation guide, and space for the child to trace, color, and write the letter. The goal is to help children learn the letters through repetition and practice in a fun, engaging way.
Makalah ini membahas tentang vitamin A, D, E, dan K yang merupakan vitamin larut lemak. Vitamin-vitamin tersebut memiliki peran penting dalam tubuh, seperti pertumbuhan, penglihatan, metabolisme kalsium dan fosfat, serta perkembangan sel. Kekurangan maupun kelebihan asupan vitamin dapat berdampak buruk bagi kesehatan.
Everyone enjoys a nice surprise - especially the ones that cause you to grin ear to ear, smile non-stop and wish the moment will never end.
There can also be bad surprises - and these are not the least bit enjoyable.
In this issue of the IceCap Global Outlook, we explain how governments are about to experience a bad surprise. And their reaction to these surprises will be significantly higher taxes for everyone.
There will also be a good surprise - adjusting your portfolios in anticipation of the bad surprise will allow you to not only preserve your capital, but also have you grinning ear to ear.
We invite you to read more.
For many, the investment world can be a confusing place. Banks, mutual finds, stocks, bonds, currencies, insurance, inflation, taxes, economies - it's no wonder the majority have glossed eyes.
And sitting on top of this confusion pie are central banks.
Each country has its own central bank which is responsible for setting overnight interest rates and the amount of money in that country's financial system.
Yet, there is one central bank that is the most important, sits on top of the world, and all of its actions impact not only their local country, but also every other country in the world.
This central bank is the US Federal Reserve.
In this latest IceCap Global Outlook we share how actions by the US Federal Reserve are always reactive to a crisis which, ironically, it helped create in the first place.
Today's central banks are once again, trying to thread the financial needle, and rescue us from the crisis that was born from the depths of the 2008-09 Great Financial Crisis.
The crisis is happening, yet there is good news - the crisis is creating opportunities to not only preserve your hard earned savings, but to capitalize too.
For the past 10 years, global central banks have created policies to artificially suppress interest rates to the lowest levels ever recorded.
Included in this strategy has been a deliberate strategy to create negative interest rates which have subsequently created an enormous financial bubble in global bond markets.
While this bubble and associated risks are known to a small section of global investors, Canada remains highly complacent to the risks involved and have demonstrated a lack of appreciation of how risks outside of Canada, can actually create financial stress within Canada.
This issue of the IceCap Global Outlook shares our view on Canadian Provincial Debt markets and why we believe it has a high probability of evolving into a significant liquidity event for Canadian investors.
The current economic expansion has achieved 2 significant milestones. And what makes these milestones special is that when combined together, they create an economic paradox.
For starters, the current economic expansion has set the record as the longest period of continuous economic growth in US history.
While at the same time, it has also set the record as being the weakest period of continuous economic growth in US history.
This should raise questions as well as concerns.
The answer to the primary question is as follows: this economic expansion has been completely supported and enabled by unorthodox interest policies by global central banks. Zero % and negative % interest rates around the world has allowed economies to maintain positive, yet muted growth.
The concern with this economic experience is that the majority of this growth has been artificially created.
In this IceCap Global Outlook, we examine the invisible hand and why it is the key to understanding why economic growth is so weak, and better still - what happens next.
The European Union (EU) is a political and economic union of 28 member countries.
Its stated goals are to promote peace, freedom, and justice. It will also enhance economic, social and territorial cohesion, while also respecting everyone's rich culture and diversity.
Reality is a different story.
The EU is a bully.
Its short history is littered with continuous, venomous, and contradicting actions against many of its 28 member countries - and all to the benefit of those in Brussels.
It has been documented, that bullies only respond to strength. And today across the EU - the victims of the bullies in Brussels are fighting back.
The political establishments are quickly losing power.
The tide has turned, and it will have a profound effect on the EU, the Eurozone and global financial markets.
Every major shift in economics, politics and social environments creates significant investment opportunities.
This time will be no different.
South of San Francisco lies a small stretch of the famous California Highway 1 notoriously known by locals as The Devil's Slide.
The stunning view along this road is supported by a weak and steep foundation of loose rock, and porous soil that has been increasingly eroding away over the years sweeping cars, pavement and lives into the sea below.
Naturally, rock slides from the erosion reached a point where the road has been deemed unsafe and closed. In the end, the Devil in the details was a weak foundation supported by illogical engineering.
Today, the Financial Devil has watched patiently, as the world’s central banks and political leaders built a financial debt and interest rate structure on a foundation consisting of theories, acronyms and worst of all – hope.
Since 1982, the financial world has enjoyed a thrilling ride – one zoomed around the world by 36 years of bailouts and declining long-term interest rates.
In this issue of the IceCap Global Outlook we help you see how a pattern of minor financial stresses will culminate into a major financial stress.
And more importantly, how to identify the opportunities that will be created as the majority of the industry continues to ignore the Financial Devil.
In this issue, IceCap shows how the Toronto housing bubble has been created and what will make it break - the answer may surprise you.
In addition, we detail how the European Central Bank has applied all sorts of financial make-up to convince the world that Italy, Spain, Portugal and others are in solid, financial shape.
Of course, the problem with make-up is that eventually it wears off, and then what is left exposed is not pretty.
The recent American election continues to have the world on edge. Seemingly every media outlet and investment manager around the world continues to hammer away at the bad or good that will be created by the actions of the new President.
This is a mistake.
While the entire world continues to be focused on President Trump and American Politics, it has become completely distracted as to what is happening in Europe.
Europe remains a pile of timber and in this issue of the IceCap Global Outlook, we describe how dramatic swings in politics and interest rates will be the spark that reignites the crisis in the old world.
With Halloween right around the corner, it's the time of year to analyse what is safe and what is scary in investment markets.
And, the scariest investments in the world will become a complete surprise to many.
In this IceCap Global Outlook we detail what to be afraid of and why, and better yet - where you should hide.
With Halloween right around the corner, it's the time of year to analyse what is safe and what is scary in investment markets.
And, the scariest investments in the world will become a complete surprise to many.
In this IceCap Global Outlook we detail what to be afraid of and why, and better yet - where you should hide.
The reason the world's economic slump continues is quite clear - people are spending less money than before.
The solution used by the world's central banks is to reduce the amount of money available to people to spend.
Irony or confusion? Take a pick. One thing is clear - investors are doing unusual things with their money, and unfortunately they are paying the price.
When it comes to sleepless nights, Toimi Soini of Finland originally set the record by using the “toothpicks under the eyelids” method for 11 straight days. In hindsight, Toimi was an amateur.
You wouldn’t know it, but the nice people running the Bank of Canada have gone sleepless since 2003 – that’s 3,564 days without sweet dreams.
Yet, that’s nothing compared to the very private folks at the Swiss National Bank. These super-secretive bankers have surpassed over 4,660 sleepless nights – despite living in Zzzzzzurich.
This, of course brings us to the World record for sleepless nights. At 5,025 nights and counting, the always polite and well dressed chaps over at the Bank of England are reigning champions.
Toimi Soini was not a banker and this was his downfall. As for the Canadians, Swiss and British – yes they are all bankers, but not just any bankers. This terrific trio have the displeasure of forever being known as the bankers who sold their gold.
The irony of course, is the action of the World’s central bankers themselves is the reason why gold is destined to remain golden for sometime to come. And with gold sitting near $1700/oz, and with no end to the money printing games, the sleepless nights are destined to continue.
She adores hats. She is always very polite and respectful of others. She waves to everyone, and consistently avoids conflict. She is a lady; she is The Queen.
Without a doubt, Queen Elizabeth lives a life quite unlike everyone else in the World – after all, royalty does have its privileges. Yet, when it comes to investing, the Queen is swimming in the same pool of stock market sharks as us common people.
Like everyone else, she pours through her quarterly statements to see how she’s fared. And like everyone else, she loves to make money and simply deplores negative returns. It was rumored that the 2008 crisis hit her particularly hard – over USD 40 million in stock market losses.
This experience must have jilted something, as when The Queen was visiting the esteemed London School of Economics she asked the professor a rather “un-queen” like question – why did economists fail to predict the biggest global recession since the Great Depression?
Berlin (1990): Inspiration from the German reunification was not inspiring. In fact – nothing was going as planned. Ideas were not flowing, lyrics were not working, and the music certainly wasn’t playing.
The days were so dire, that Bono pleaded that their music would have to move people in mysterious ways, and be even better than the real thing. Never to give up, the rock band dug themselves in and declared they would keep trying to become one, until the end of the world.
Berlin (2013): Inspiration from becoming the World’s exporting super power had long vanished. Throwing their hard earned money at the Irish and Portuguese, staring down the Greeks while Athens burned, and forcing the Italians, Spanish and Cypriots to accept their way or the highway was reason for celebration. Everything was going as planned - until now.
This document provides information about anechoic chambers and RF-shielded rooms supplied by Frankonia, including:
1) They are designed as modular structures using standardized shielding panels and components to allow for flexible dimensions.
2) Technical features include galvanized steel construction, ventilation systems, various door options, and filter components for signal and power lines.
3) Floor and lining options include false floors, ground planes, and soundproof or absorber materials depending on the chamber type.
This document provides an introduction to organizational behavior concepts. It discusses key elements of organizational behavior including people, structure, jobs/tasks, technology, and the external environment. It defines organization and management. There are two broad categories of organizational structure - mechanistic and organic. Mechanistic structures are more formalized with centralized decision making, rigid hierarchies and specialized jobs. Organic structures are more flexible with decentralized decision making, fewer hierarchy levels and generalist jobs. Understanding these organizational behavior concepts is important for managing people and enhancing human relationships within organizations.
The document provides an analysis of Union Pacific Corporation by the Student Management Investment Fund. It includes economic data, an industry outlook, company information on UNP, drivers of the company, a company analysis, and a valuation analysis. The summary recommends buying UNP as it has a simple business model, favorable long-term prospects, is operated by experienced management, and is available at an attractive price below the $98 target price, offering 26.4% upside.
This document provides an analysis of Home Bancshares Inc. It includes sections on the company's business model, financial performance, growth drivers, competitors, and valuation. The analysis finds that Home Bancshares has favorable long-term prospects due to its transparent business model, experienced management, and attractive valuation. It recommends buying the stock with a target price of $44.04, representing a 23% upside from the current price.
The document is an Arabic alphabet workbook for children. It contains instructions for parents on how to use the workbook to teach their child the basic Arabic letters. Each page focuses on one letter, providing its name, pronunciation guide, and space for the child to trace, color, and write the letter. The goal is to help children learn the letters through repetition and practice in a fun, engaging way.
Makalah ini membahas tentang vitamin A, D, E, dan K yang merupakan vitamin larut lemak. Vitamin-vitamin tersebut memiliki peran penting dalam tubuh, seperti pertumbuhan, penglihatan, metabolisme kalsium dan fosfat, serta perkembangan sel. Kekurangan maupun kelebihan asupan vitamin dapat berdampak buruk bagi kesehatan.
Everyone enjoys a nice surprise - especially the ones that cause you to grin ear to ear, smile non-stop and wish the moment will never end.
There can also be bad surprises - and these are not the least bit enjoyable.
In this issue of the IceCap Global Outlook, we explain how governments are about to experience a bad surprise. And their reaction to these surprises will be significantly higher taxes for everyone.
There will also be a good surprise - adjusting your portfolios in anticipation of the bad surprise will allow you to not only preserve your capital, but also have you grinning ear to ear.
We invite you to read more.
For many, the investment world can be a confusing place. Banks, mutual finds, stocks, bonds, currencies, insurance, inflation, taxes, economies - it's no wonder the majority have glossed eyes.
And sitting on top of this confusion pie are central banks.
Each country has its own central bank which is responsible for setting overnight interest rates and the amount of money in that country's financial system.
Yet, there is one central bank that is the most important, sits on top of the world, and all of its actions impact not only their local country, but also every other country in the world.
This central bank is the US Federal Reserve.
In this latest IceCap Global Outlook we share how actions by the US Federal Reserve are always reactive to a crisis which, ironically, it helped create in the first place.
Today's central banks are once again, trying to thread the financial needle, and rescue us from the crisis that was born from the depths of the 2008-09 Great Financial Crisis.
The crisis is happening, yet there is good news - the crisis is creating opportunities to not only preserve your hard earned savings, but to capitalize too.
For the past 10 years, global central banks have created policies to artificially suppress interest rates to the lowest levels ever recorded.
Included in this strategy has been a deliberate strategy to create negative interest rates which have subsequently created an enormous financial bubble in global bond markets.
While this bubble and associated risks are known to a small section of global investors, Canada remains highly complacent to the risks involved and have demonstrated a lack of appreciation of how risks outside of Canada, can actually create financial stress within Canada.
This issue of the IceCap Global Outlook shares our view on Canadian Provincial Debt markets and why we believe it has a high probability of evolving into a significant liquidity event for Canadian investors.
The current economic expansion has achieved 2 significant milestones. And what makes these milestones special is that when combined together, they create an economic paradox.
For starters, the current economic expansion has set the record as the longest period of continuous economic growth in US history.
While at the same time, it has also set the record as being the weakest period of continuous economic growth in US history.
This should raise questions as well as concerns.
The answer to the primary question is as follows: this economic expansion has been completely supported and enabled by unorthodox interest policies by global central banks. Zero % and negative % interest rates around the world has allowed economies to maintain positive, yet muted growth.
The concern with this economic experience is that the majority of this growth has been artificially created.
In this IceCap Global Outlook, we examine the invisible hand and why it is the key to understanding why economic growth is so weak, and better still - what happens next.
The European Union (EU) is a political and economic union of 28 member countries.
Its stated goals are to promote peace, freedom, and justice. It will also enhance economic, social and territorial cohesion, while also respecting everyone's rich culture and diversity.
Reality is a different story.
The EU is a bully.
Its short history is littered with continuous, venomous, and contradicting actions against many of its 28 member countries - and all to the benefit of those in Brussels.
It has been documented, that bullies only respond to strength. And today across the EU - the victims of the bullies in Brussels are fighting back.
The political establishments are quickly losing power.
The tide has turned, and it will have a profound effect on the EU, the Eurozone and global financial markets.
Every major shift in economics, politics and social environments creates significant investment opportunities.
This time will be no different.
South of San Francisco lies a small stretch of the famous California Highway 1 notoriously known by locals as The Devil's Slide.
The stunning view along this road is supported by a weak and steep foundation of loose rock, and porous soil that has been increasingly eroding away over the years sweeping cars, pavement and lives into the sea below.
Naturally, rock slides from the erosion reached a point where the road has been deemed unsafe and closed. In the end, the Devil in the details was a weak foundation supported by illogical engineering.
Today, the Financial Devil has watched patiently, as the world’s central banks and political leaders built a financial debt and interest rate structure on a foundation consisting of theories, acronyms and worst of all – hope.
Since 1982, the financial world has enjoyed a thrilling ride – one zoomed around the world by 36 years of bailouts and declining long-term interest rates.
In this issue of the IceCap Global Outlook we help you see how a pattern of minor financial stresses will culminate into a major financial stress.
And more importantly, how to identify the opportunities that will be created as the majority of the industry continues to ignore the Financial Devil.
In this issue, IceCap shows how the Toronto housing bubble has been created and what will make it break - the answer may surprise you.
In addition, we detail how the European Central Bank has applied all sorts of financial make-up to convince the world that Italy, Spain, Portugal and others are in solid, financial shape.
Of course, the problem with make-up is that eventually it wears off, and then what is left exposed is not pretty.
The recent American election continues to have the world on edge. Seemingly every media outlet and investment manager around the world continues to hammer away at the bad or good that will be created by the actions of the new President.
This is a mistake.
While the entire world continues to be focused on President Trump and American Politics, it has become completely distracted as to what is happening in Europe.
Europe remains a pile of timber and in this issue of the IceCap Global Outlook, we describe how dramatic swings in politics and interest rates will be the spark that reignites the crisis in the old world.
With Halloween right around the corner, it's the time of year to analyse what is safe and what is scary in investment markets.
And, the scariest investments in the world will become a complete surprise to many.
In this IceCap Global Outlook we detail what to be afraid of and why, and better yet - where you should hide.
With Halloween right around the corner, it's the time of year to analyse what is safe and what is scary in investment markets.
And, the scariest investments in the world will become a complete surprise to many.
In this IceCap Global Outlook we detail what to be afraid of and why, and better yet - where you should hide.
The reason the world's economic slump continues is quite clear - people are spending less money than before.
The solution used by the world's central banks is to reduce the amount of money available to people to spend.
Irony or confusion? Take a pick. One thing is clear - investors are doing unusual things with their money, and unfortunately they are paying the price.
When it comes to sleepless nights, Toimi Soini of Finland originally set the record by using the “toothpicks under the eyelids” method for 11 straight days. In hindsight, Toimi was an amateur.
You wouldn’t know it, but the nice people running the Bank of Canada have gone sleepless since 2003 – that’s 3,564 days without sweet dreams.
Yet, that’s nothing compared to the very private folks at the Swiss National Bank. These super-secretive bankers have surpassed over 4,660 sleepless nights – despite living in Zzzzzzurich.
This, of course brings us to the World record for sleepless nights. At 5,025 nights and counting, the always polite and well dressed chaps over at the Bank of England are reigning champions.
Toimi Soini was not a banker and this was his downfall. As for the Canadians, Swiss and British – yes they are all bankers, but not just any bankers. This terrific trio have the displeasure of forever being known as the bankers who sold their gold.
The irony of course, is the action of the World’s central bankers themselves is the reason why gold is destined to remain golden for sometime to come. And with gold sitting near $1700/oz, and with no end to the money printing games, the sleepless nights are destined to continue.
She adores hats. She is always very polite and respectful of others. She waves to everyone, and consistently avoids conflict. She is a lady; she is The Queen.
Without a doubt, Queen Elizabeth lives a life quite unlike everyone else in the World – after all, royalty does have its privileges. Yet, when it comes to investing, the Queen is swimming in the same pool of stock market sharks as us common people.
Like everyone else, she pours through her quarterly statements to see how she’s fared. And like everyone else, she loves to make money and simply deplores negative returns. It was rumored that the 2008 crisis hit her particularly hard – over USD 40 million in stock market losses.
This experience must have jilted something, as when The Queen was visiting the esteemed London School of Economics she asked the professor a rather “un-queen” like question – why did economists fail to predict the biggest global recession since the Great Depression?
Berlin (1990): Inspiration from the German reunification was not inspiring. In fact – nothing was going as planned. Ideas were not flowing, lyrics were not working, and the music certainly wasn’t playing.
The days were so dire, that Bono pleaded that their music would have to move people in mysterious ways, and be even better than the real thing. Never to give up, the rock band dug themselves in and declared they would keep trying to become one, until the end of the world.
Berlin (2013): Inspiration from becoming the World’s exporting super power had long vanished. Throwing their hard earned money at the Irish and Portuguese, staring down the Greeks while Athens burned, and forcing the Italians, Spanish and Cypriots to accept their way or the highway was reason for celebration. Everything was going as planned - until now.
Years ago, the seeds were sown.
Governments began an untenable trend of consistently spending more money than they collected in taxes. The difference of course, was made up by borrowing. As the years and deficits rolled along, so too did the amount of money owing. Governments responded by borrowing even more.
Meanwhile, global economies inevitably experienced varying crises. Governments and central banks always responded the same way - even more spending (and borrowing), and lower interest rates to stimulate growth.
Today, we've reached a dead-end.
Governments continue to borrow, but only because interest rates have been reduced to 0% AND because they are borrowing from themselves by printing money.
This dead-end is also compounded by a slowing global economy caused by the reluctance of private investors to spend.
In this issue of the IceCap Global Outlook, we prepare investors for a collision between:
a slowing economy,
0% and negative% interest rates,
an unsustainable debt binge.
What happens next hasn't occurred before in our lifetime - and this is why many investors will be blindsided.
- Pension plans face a major mystery in accurately valuing their assets and liabilities given uncertainties around future market returns, inflation, and other economic factors.
- They estimate future returns, called the expected rate of return, to smooth out market volatility but these estimates are often unrealistic and do not reflect the global bond bubble.
- With most pension plans already running deficits, an accurate expected rate of return that incorporates the risks of the bond bubble popping could show significantly larger deficits than currently reported and require greater employer contributions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Our view on global investment markets:
March 2014 – Connecting the Dots
Keith Dicker, CFA
Chief Investment Officer
keithdicker@IceCapAssetManagement.com
www.IceCapAssetManagement.com
2. 1
He shoots, he scores
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March 2014 Connecting the Dots
Canadian, Wayne Gretzky is known as the greatest hockey player ever
to lace up a pair of skates. His magical performances have left many
fans, teammates and opposing players shaking their heads in awe.
When asked the secret to his success, Mr. Gretzky simply replied that
he connected the dots and went to where the puck was going – not
where it had already been.
American football legend Frank Gore, has also made a career at
connecting the dots. This mystical man also has the uncanny ability to
anticipate slight movements of opposing defensive ends and
linebackers, and then suddenly burst through the smallest of
openings driving his team to victory.
While we all can’t be Wayne Gretzky or Frank Gore, we do have the
unique opportunity to connect the dots of our investment world.
Seeing these dots and their connections, and correctly anticipating
the windows of opportunities will guide investors to benefiting of
what is about to happen on the investment field.
The Shoe
Just a few short weeks ago we dedicated our global market outlook
to the increasing social unrest in emerging markets and the
probability of it spreading into developed markets. In the publication
we specifically addressed Saudi Arabia’s positioning and the potential
impact in the Middle East, as well as the developing crises in Ukraine,
Turkey, and Thailand.
We have been told by our readers that the reason for the success of
our Global Outlook is due to our ability to think independently, to
remain objective and above all, to consistently challenge you to think
outside the box.
Today, the box has shifted ever so suddenly into the next phase of the
ongoing debt crisis. While it’s difficult to find this perspective from
the main stream media and worse still, the big banks - if you refocus
your direction away from the daily minutiae of financial markets and
reporting, you’ll see very clearly that social and political change has
taken hold.
Mind you, we have also been told that this stuff is irrelevant – just
buy strong companies that pay dividends and you’ll be okay. After all,
this is what your big banks told you at market highs in the summer of
1987, then again in the spring of 1998, and let’s not forget March of
2000, or the summer of 2007.
Financial historians are undoubtedly responding that despite sharp
losses following each of these cherry-picked dates, markets have
always recovered and will recover again, regardless of whatever
happens next.
These infinitely-optimistic market cheerleaders are correct – markets
will recover, they always do. Yet, few of these pundits acknowledge
that each of these preceding, devastating market events, were
followed by aggressive responses from our central banks and
governments.
3. 2
Animal blazoned logos
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In addition, not everyone has a 30 year investment horizon. Sharp
turns in markets actually hurt real people. Anticipating these turns
will reward you with a few more solid nights of sleep.
With each crisis, our academically-anchored leaders cut interest
rates, then cut taxes, and then increased spending. Of course, none
of this would have been possible without borrowing more money.
And it is this continuous increasing of our debt load that has quietly
pushed the world’s financial boat out too far one last time.
Now don’t be too alarmed. Despite our vision of very serious events
on the horizon, there are investment strategies to both grow and
protect your capital during these volatile times. Yes, this is nice to
hear. On the other hand, there are also investment strategies that will
produce a few rather uncomfortable and likely awkward moments.
And it is this upcoming state of uneasiness that grabs our attention
the most. During conversations with other investors and managers, it
has become equally shocking and disappointing to learn that the
majority are in the investment dark. Failing to recognise or worse still,
acknowledge the extreme conditions the world is in will be the
downfall for many.
For many investors these days, their hard earned savings have all
been slammed into various reincarnations of the expensive balanced
fund. Saving for a house – you get the balanced fund. Saving for your
kids’ education – meet the balanced fund. Retiring soon – there’s a
balanced fund for you. And even saving for that very special rainy day,
will find yourself eyes deep in a balanced fund.
Not to worry though. Some of these funds have really cool names
and animal-blazoned logos. Others come attached with manager
pedigrees that would make a Labrador retriever proud.
Yet in the end your wealth is ricocheting down the highway at night
with no lights on, and the radio blaring Pink Floyd and other hot
money hits. Yes, the investment industry is degenerating right before
your very eyes.
There is some good news. Using those very same eyes and a glass of
unencumbered reality, you can see for yourself the two events that
will significantly affect financial markets.
Connecting these dots is easy, but seeing them is up to you.
Government Bond and Currency Crisis
Rock star status is achieved by the very few. To be eligible, one must
simply be held in a very high regard. It’s difficult to achieve, but once
you’ve earned this distinguished level of recognition, in the eyes of
many you can never do wrong. Until of course you do.
In universities, students no longer aspire to become hedge fund
managers, or investment bankers – that is so 2000s. Today, the really
sharp knives all want to become a central banker. Posters of Warren
March 2014 Connecting the Dots
4. 3
A Mona Lisa Smile
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Buffett and Ray Dalio have been replaced with the Mona Lisa-like
grins of Mark Carney, Ben Bernanke and Janet Yellen.
It is true that these masters’ of the universe control the levers that
affect our global economy, but is the praise, the respect, and the
power justified? Sadly, no.
Reading down IceCap’s memory lane, you’ll recall our November
2012 “Salma Hayek” publication which described how world leaders
had two choices in the way to manage the global economy.
The first option was based upon economic theory by Friedrich Hayek
who claimed that the economy couldn’t be and shouldn’t be
managed on an acute basis. Mr. Hayek believed that governments
should simply ensure there was enough money available. That was
about it.
If only our leaders had listened.
Instead, the financial world we enjoy today chose the second option
which was built entirely on the mislead belief of John Maynard
Keynes, that man could in fact control or better still eliminate the
business cycle by changing interest rates, changing tax rates, and
spending more money than you own.
In theory, this approach works beautifully. Then it meets reality. From
our perspective, reality arrives when there are no more interest
rates to cut, no more taxes to cut, and no more money to spend.
Chart 1 on the next page shows the success enjoyed by the US
central bank’s interest rate policy over the years. In 1997, the Asian
crisis followed by the Russian crisis followed by the collapse of a
gigantic hedge fund, allowed the American central bank to plant the
seeds for the next crisis which turned out to be the tech bubble.
At the time, both financial pundits and the big banks with their
balanced funds proclaimed that the world had indeed entered a
different financial and economic era – yes, this time it was different.
Of course 4,000 Dow Jones Industrial and NASDAQ points later, the
sheep started to lazily admit that perhaps this new post-Y2K
economy wasn’t all that it was cracked up to be.
Not to worry, once again the American central bank mounted their
ponies and rode the global economy straight into several years of
ultra-low interest rates. The hope (there’s that word again) was that
really cheap money would encourage people, companies and
governments to borrow and spend again.
And borrow and spend they did – right smack into the biggest
housing bubble in economic history. Day traders became passé, and
the newest game in town was flippin’ houses. Rich people flipped
mansions, plumbers and teachers flipped suburban homes and even
March 2014 Connecting the Dots
6. 5
Flippin’ out
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Vegas strippers got in on the act and flipped condos among other
things. By the time it was over, the entire world was flipped upside
down – courtesy of the US Federal Reserve and their interest rate
machine.
And this brings us to the next global crisis, which we assure you is on
its way. After all, Chart 1 proves it is crystal clear that every time the
US Federal Reserve acts to save us from one crisis, it directly sows the
seeds for an even bigger crisis in the future.
The thing to understand about the US Federal Reserve is that
although it makes decisions to acutely affect the American economy,
it also directly affects the economies of other countries around the
world. First of all, many countries do not have their own currency and
instead rely upon the US Dollar. Others have their own currency, yet
have it directly tied to the US Dollar and therefore the interest rate
policies that come with it.
Since 2009, the 0% short-term interest rate policy, money printing,
bailouts, implicit and explicit guarantees effectively been exported to
the entire US Dollar world.
To put it another way, we estimate that only about 40% of America’s
economic stimulus has actually stayed in America – the remainder
has flowed elsewhere. But what has made this policy especially
ineffective, is that the stimulus has been indirectly thrown at the
economy in the form of lower interest rates and higher stock
markets. In other words – these extraordinary stimulus plans are not
March 2014 Connecting the Dots
reaching the real economy and the average person on the street.
Now the curious thing about our world’s financial leaders is that they
all read from the exact same playbook. It may come in different
names, shapes and sizes but at the end of the day the Bank of
England, the European Central Bank and the Bank of Japan all hum
and whistle to the same tune as the US Federal Reserve.
This means all of the world’s biggest economies and biggest
borrowers have 0% interest rates, money printing and explicit and
implicit guarantees for various countries and companies who need to
borrow money.
This point is important to understand and this is how you connect the
dots to the next crisis on the horizon.
These extreme interest rates, money printing and debt guarantees
have created the illusion that everything looks marvelous. On the
surface, stock markets are rising, and bankrupt countries look
beautiful when borrowing in the bond market.
Yet, when you strip away the wonderful headline news, you can see
that no country is decreasing the money they owe. Worse still, new
jobs and wages are not increasing enough to maintain an accelerating
economy. This is an economic death sentence – debt totals continue
to rise, not decline.
7. 6
Neuron numbing
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March 2014 Connecting the Dots
What this means is that the weakest of the weak countries are
gradually reaching the point where either they won’t be able to
borrow additional money, or implicit guarantees from a larger
country will no longer be available.
In terms of where exactly this occurs, you have to look no further
than Europe.
Connect the dots – European Union Wealth Tax
In our opinion, the European Wealth Tax is the most sure fire event
that will occur in the very near future. Anyone living in the Eurozone
or the maybe even the entire European Union should be prepared to
hand over 10% or more of your wealth to the governments.
Let that sink in for a minute – 10% of your wealth will be confiscated
to fight the good fight.
Anyone who disagrees with the seriousness of this risk either has
their head completely buried in a hole or still belongs to the flat earth
society – take your pick.
Our chart 2 on the next page details the flawless connectivity
between the 2013 Cyprus bank bail-in to the upcoming, and very
generous, donation of wealth by Europeans everywhere.
If you are European, to completely understand why you are about to
have at least 10% of your wealth skimmed off the top, you only have
to go back to the latest Greek bailout when Germany stated that
everyone except the IMF, the ECB and the EU bailout programs would
have to take losses on their Greek bonds.
As this amount of savings to Greece would only be a minuscule
improvement to their debt-filled bucket, it had suddenly become
quite obvious that someone else would have to pay for future
bailouts. And by a process of elimination, that someone else would
be anyone with a bank account.
Unfortunately for the average person in Cyprus, this new and yet-to-
be-tried solution would be launched in their backyard. By the time it
was over, some Cypriots lost not 10%, but over 50% of their savings.
Prior to unleashing this unpalatable bail-out weapon, the only fear of
European leaders was that other Europeans would actually wake up
and literally take their money and run out of the old world altogether.
But this didn’t happen. The Spanish, the Italians, and others remained
unhappy, but they remained.
Brussels rolled their political dice – and won.
The next dot formed when the IMF stated that they wholeheartedly
recommend that governments implement a 10% wealth tax on
everyone. This bold announcement also stated that there should be
no declaration of the tax before it is implemented and that it should
occur over the weekend – hardly a ringing endorsement for market
confidence.
9. 8
Stunning
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Yet again, not one European flinched, let alone blinked. Relative to
Americans and Canadians, we’re not sure if the lack of a response by
the average European to the prospect of losing 10% or more of their
money is a cultural difference, or maybe they are simply not aware of
what is about to happen.
Nevertheless, Brussels is playing the political playbook to the tee. It
first floated the idea and implemented it in Cyprus, and then it re-
floated the idea via the IMF. Since there wasn’t a negative response,
the next step was to float the idea yet again.
This next dot was formed when the German central bank, the
Bundesbank, stated that they also agreed that capital levies should
be used to help countries avoid bankruptcy. And again – zero
response from the average European. This is stunning to say the least.
Well, with three very big dots connected, the confidence levels of the
folks in Brussels reached astronomical heights. What else could
explain the rather brazen announcement by the European
Commission that they also endorse the use of personal savings to
plug the financial gap created by too much borrowing.
Let’s face it, if you live in the European Union, Brussels is laughing at
you right now. Four significant announcements about you forking
over your hard earned savings, and no reaction.
However, where Brussels may be confident that they can implement
March 2014 Connecting the Dots
wealth taxes with no negative feedback, IceCap is confident they will
be wrong.
As far as which country loses control and triggers this wealth tax –
take your pick. Italy, Portugal, Spain and France are all solid
candidates. However, Greece is actually the one to watch. Greek
banks have exposure to Turkish government bonds, and considering
the Turkish government corruption scandal is escalating there is a
very real risk that should Turkey fall into chaos, then Greek banks
would immediately need another bailout. And this is where and how
the European wealth tax experiment may begin.
As for the seriousness of chaos in Turkey – take a few well deserved
minutes and research yourself. The country is deeply divided
between two political parties and it isn’t getting any better. For those
who think it will take years for such an event to occur, recall that
Ukraine literally split in two over a 3 week period. Libya was similar as
was Syria.
Now, it is at this point many of our Canadian readers are thinking that
this doesn’t apply to them and will not affect them. Canadians have a
noble belief that if you run into money problems, work your way out
of it. After all, this is precisely what happened in Canada not too long
ago and the country worked its way through it.
However, extrapolating this perspective and experience onto the
current European situation is a mistake. Canada is a great country,
10. 9
You’re richer than you think
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March 2014 Connecting the Dots
but it is a small country whose international capital flows and banking
system are not capable of pushing the world around.
Instead, Canadians and others must know the European Union
Wealth Tax will be the last attempt by Brussels to save the Euro –
after all, once this genie has been let out of the bottle there is no
stopping the capital flight that is certain to follow.
In our opinion, the European Wealth Tax will be announced over a
weekend giving all governments a few days to prepare for the
dreaded Monday morning that follows every weekend. This Monday
morning will be unlike any other. Furious savers from every European
country will forego their morning espresso and hit the streets.
And, while these public protests build and gain momentum, money
and capital fleeing Europe will also gain momentum and seek a safer
home.
That home will be the USD Dollar.
Connecting more dots
Some time ago, IceCap began preparing our readers for the oncoming
tidal wave of wealth re-distribution everywhere around the world.
The term wealth re-distribution isn't a particular fear-inducing word.
Its mere mention is causing few to fall out if their chairs, less are
choking on their espresso, and virtually no one is running for the hills.
This lack of a reaction is simply due to either denial or a lack of
appreciation for what "wealth re-distribution" really means.
In simplest terms, it means most people are about to pay
considerably more in annual taxes as well as one-time wealth taxes.
In other words, if you've managed to save money over the years you
are about to hand a lot of this over to those who haven't saved a
single dime.
Still, few people are blinking as many of them don't believe they have
saved enough or earned enough to qualify as being rich. We hate to
disappoint you, but some people in Cyprus with $100,000 in savings
discovered that they were actually rich and ended up donating
almost 50% of their savings to help bail out their country.
Meanwhile, in the land of the brave and home of the free, it's already
been established that if you make over $260,000 a year, you are free
and brave enough to pay the highest tax rates in the country.
And, if you think that’s not an especially high threshold to be tagged
with the rich label, consider the Canadian perspective which defines
a “middle class” family as one that earns $40,000 to $80,000 in
annual pay.
Unfortunately, from a tax perspective – perhaps many of you are
richer than you think.
11. 10
flabbergasted, gobsmacked, and dumbfounded
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In our February 2013 Global Market Outlook, IceCap warned
investors that governments were slowly and subtly digging
everywhere to grab more taxes, and in our mind, property taxes had
an enormous target on its back.
It turns out, just a few months ago the IMF, introduced a paper that
details how property taxes around the world are too low, and that
countries should target this soft area as a place to raise taxes.
Yes, this is the very same IMF that recently stated it is ok to tax every
European 10% of their wealth (repeat, "wealth", not "income“).
It's at this point, you should be flabbergasted, gobsmacked, and of
course, dumbfounded. On the other hand, if the likelihood of paying
more taxes and having your hard earned savings confiscated excites
you, then we suggest you are a unique individual indeed.
Of course, these silly IMF sponsored taxes haven't and won't happen
- especially in Canada, USA, Australia, South Korea, Japan, Norway,
Britain, Sweden, and Switzerland.
And this is the point we make – financially speaking, many people in
the world are perfectly comfortable. They do not see the financial
struggles caused by the ongoing debt crisis. They do not connect the
dots to see the rising unemployment, the social unrest, the massive
demonstrations and the political change that is creeping across the
world.
March 2014 Connecting the Dots
The debt crisis, particularly in Europe, is very real. Investors must
understand that the IMF would not be making such draconian wealth
tax and property tax recommendations without the explicit support
of the USA, Germany, and Britain.
These trial balloon IMF papers and subsequent confirmations by
other important entities are invoking very little professional pushback
or public angst. Unfortunately, these straw polls only further reinforce
the increasing probability of these taxes occurring.
In other words – be prepared. Even though you probably don’t live in
the Eurozone or the European Union, these taxes are going to have a
significant impact on financial markets in North America and Asia.
Global currencies, stock and bond markets are all going to behave in
an expected and sometimes paradoxical manner.
For starters, as these taxes become more and more real, capital will
flow out of the areas affected. European stock and bond markets will
not enjoy this movement. Broad European markets, especially bond
markets will not do very well.
Connecting even more dots, it should be easy to see European banks
not doing very well either. Remember, for every $1 lost in deposits, a
bank becomes about 15-20 times weaker.
Since capital has to go somewhere, it’s important to know where it’s
12. 11
The Paradox
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headed. In our opinion, the USA is the only market big and deep
enough in the world to absorb the kind of capital flows in which we
envision moving. Chart 3 demonstrates how the money will flow.
The US Dollar in particular will increase relative to every other
currency. US stocks will also absorb money and high end real estate
will attract attention.
The paradox in financial markets will occur as many bonds - the
traditional capital preservation investment, will actually become
riskier than stocks. Go figure.
And then we have gold. As this transition develops, gold will
outperform non-USD’s. Yet, it won’t go parabolic, not yet anyway.
Gold will have its day, but only after the US has its day in the debt
filled sun.
Well, that was awkward
Just as the world converged upon the 2014 Olympics in Russia, our
world super powers were at it once again. It was only a few months
ago the Americans and Russians were playing hardball in Syria, now
they are using Ukraine as their next war proxy.
Yes, Ukraine has a democratically elected government. And yes,
Ukraine was previously a part of the Russian communist sphere. And,
yes just recently Ukraine backed out on becoming that much closer
politically and economically to Europe. But, in the world of super
March 2014 Connecting the Dots
powers, only today and tomorrow matter – anything in the recent
past, is simply passé.
While the rest of the world focused on Canada’s drive for more
Olympic hockey gold, Ukraine remained deeply divided. The west
wanted closer ties to Europe and the east wanted closer ties to
Russia. Sounds simple enough. So simple that thousands of soldiers,
tanks, armoured vehicles, warships and warplanes later, the world
gets to relive the 1980s cold war all over again.
Yet, we’d like to draw your attention to the real reason behind the
split of Ukraine – its debt crisis. Ukraine is flat broke. This was the
reason for its agreement to grow closer to Europe – Europe offered
financial assistance and a bailout. Of course, Russia caught wind of
this upcoming trade and galloped into Kiev with an even bigger and
better bailout.
What happened next is of course history but without the debt
problem, the current situation would likely not have happened.
Remember; people with jobs and full bellies do not protest in the
streets.
Connecting the dots, we see the potential for similar uprisings in
France, Greece, Italy, Spain and Portugal. In addition, continuous
political unrest in Turkey also has the potential to grow into
something we wouldn’t like.
13. 12
Chart 3:Anticipate global capital flows to land in the US
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March 2014 Connecting the Dots
14. 13
The most peaceful man on earth
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Remember, just connect the dots and the current global landscape
becomes much clearer.
UN Security Council
In what can only be described as a Seinfeld episode, the UN Security
Council – yes, the very group which was mocked by Saudi Arabia and
detailed in our last global market outlook, held a vote on whether it
would recognise Russia’s annexation of Crimea from Ukraine.
As a reminder, five countries are deemed to be permanent members
of the council and each holds a veto vote on everything brought to
order. Yes, even if four of the permanent member countries votes yes
on something, the entire issue can be rendered moot by a veto vote
by the fifth member.
This of course brings us to the latest episode of the UN Security
Council and its vote on whether to recognise Russia’s annexation of
the Crimea Region in Ukraine.
What made this vote very Seinfield-esque, was that Russia was voting
on whether to allow itself to annex another country. While the main
stream media reported the outcome as a surprise, we find it hilarious
that many actually expected Russia to vote against itself.
This would have been analogous to Obama voting for Romney, W.
Bush voting for Gore, and H.W. Bush voting for Clinton – we think you
get the picture.
March 2014 Connecting the Dots
But then again, maybe our quick witted response to the UN Security
Council is off base. After all, Russia’s President Vladimir Putin was just
nominated for the Nobel Peace Prize. We kid you not.
Yes, apparently if you move thousands of troops, tanks, nuclear
powered submarines and ships to threaten another country and then
annex the very same country, you not only qualify as a war monger
but also meet the criteria of those kind little folks in Norway who
determine who is most peaceful man on earth.
And that man is the President of Russia.
15. 14
The beat goes on
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Our Strategy
Since September 2013, we have increased our allocations to the
stock market, as well as added direct exposure to the US Dollar for
our Canadian clients.
However, our research now shows that stocks are getting rather
toppy and we’ll continue to respect our sentiment and trend models
for guidance as to our next move.
Within currency markets, we did close our short Canadian Dollar
strategy for clients realizing a 7% gain. Since this shift in strategy,
Canadian Dollar conditions have changed yet again, and we are
returning to US Dollars for appropriate clients.
Our fixed income strategy hasn’t changed, overall we continue to
prefer corporate bonds over government bonds, and keep duration
and maturities low. In the bond market, higher long-term rates
remain the primary risk; however, inflation remains low all around
the world. From our perspective, bond market risk remains fully
anchored to happenings at the central banks as well as geopolitical
risk.
The Ukraine crisis is not over, this will continue to evolve and keep
markets on edge producing even more market volatility as we head
into April.
As always, we’d be pleased to speak with anyone about our
investment views. We also encourage our readers to share our global
market outlook with those who they think may find it of interest.
Please feel to contact:
John Corney at johncorney@IceCapAssetManagement.com or
Keith Dicker at keithdicker@IceCapAssetManagement.com.
Thank you for sharing your time with us.
March 2014 Connecting the Dots