This memo discusses how securities markets seem to be moving toward reducing the role of people through three trends: 1) index/passive investing and ETFs, 2) quantitative/algorithmic investing, and 3) artificial intelligence and machine learning. It provides background on the rise of index funds and passive investing since the 1960s. While passive investing avoids costs and errors, it also means no one is analyzing companies or prices. The memo questions what will happen to active investing and stock prices as passive investing continues to grow. It argues that active investors currently set stock prices, and passive investors benefit, but prices may diverge more from value as passive investing increases.
The document provides an overview of covering financial markets for journalists. It discusses how to summarize stock market activity in 3 sentences or less, focusing on key metrics like largest gains/losses and price comparisons. It also reviews bonds, mutual funds, hedge funds, and other financial concepts, providing questions for self-review.
The document discusses exchange-traded funds (ETFs) and how they compare to mutual funds. It notes that ETFs have grown significantly in popularity due to their lower fees compared to mutual funds. While ETFs may benefit investors through lower costs, they also increase complexity and risk for less sophisticated investors. The document reviews the history of mutual funds and ETFs and various studies that have found no statistically significant performance difference between ETFs and index funds, though ETFs may slightly outperform index mutual funds in terms of risk-adjusted returns. Overall, ETFs appear to be competitive with and in some ways superior to mutual funds, particularly due to their lower fees.
The Indian Financial Market Is Touted as Benchmark in Today’s Global Economic...paperpublications3
Abstract: To describe my contents in a concise manner the above topic throws light on credentials of a Indian financial market in both theoretical and pragmatic ways. Through this I want to highlight the working of share markets and how a common investor can achieve better return from his or her capital investment. Profit is the only “mantra” that can drive success in a capital market and for ensuring profitability one needs knowledge and self-interest. I feel privileged to write this topic and describe my own experiences of share market in a pictorial and best possible manner.
Zercatto the basics-of_the_stockmarketDavid Mendes
The document provides an introduction to analyzing stocks from both a fundamental and technical perspective. Fundamental analysis looks at underlying company financials and economic factors, and is best for long-term investing. Technical analysis uses stock charts and indicators to identify patterns in price movements to predict future stock behavior and is more suited for short-term trading. Both approaches have merits, with the author's father preferring fundamental analysis of raw company numbers and his brother using technical analysis with charts, indicators and patterns.
introduction of share market,brifely clear misunderstanding about share market,various opportunities in share market,importance of share market to development our country. last conclusion about share market presention
The carry trade is an investment strategy that involves borrowing in currencies with low interest rates and investing in currencies with high interest rates. The aim is to profit from interest rate differentials. Typically, the Japanese yen is used as the funding currency due to its low yields, while currencies like the US dollar that have higher yields are the target currencies. The main risk of the carry trade is currency risk, as exposure exists to the high-yielding currency depreciating against the funding currency.
This presentation will give a brief idea about "SHARE MARKET" & what are the various terms one must be associated with before investing in 'SHARE MARKET'A
This document summarizes a thesis that examines the market timing ability of hybrid funds between 2000-2014. The author develops a new methodology to measure market timing ability with respect to stocks and bonds. The main findings are that hybrid funds, particularly balanced funds, exhibit significant evidence of market timing ability over the period studied. This ability is driven by successfully anticipating changes in stocks and bonds. The thesis helps further the understanding of whether hybrid funds can successfully time shifting investments between asset classes.
The document provides an overview of covering financial markets for journalists. It discusses how to summarize stock market activity in 3 sentences or less, focusing on key metrics like largest gains/losses and price comparisons. It also reviews bonds, mutual funds, hedge funds, and other financial concepts, providing questions for self-review.
The document discusses exchange-traded funds (ETFs) and how they compare to mutual funds. It notes that ETFs have grown significantly in popularity due to their lower fees compared to mutual funds. While ETFs may benefit investors through lower costs, they also increase complexity and risk for less sophisticated investors. The document reviews the history of mutual funds and ETFs and various studies that have found no statistically significant performance difference between ETFs and index funds, though ETFs may slightly outperform index mutual funds in terms of risk-adjusted returns. Overall, ETFs appear to be competitive with and in some ways superior to mutual funds, particularly due to their lower fees.
The Indian Financial Market Is Touted as Benchmark in Today’s Global Economic...paperpublications3
Abstract: To describe my contents in a concise manner the above topic throws light on credentials of a Indian financial market in both theoretical and pragmatic ways. Through this I want to highlight the working of share markets and how a common investor can achieve better return from his or her capital investment. Profit is the only “mantra” that can drive success in a capital market and for ensuring profitability one needs knowledge and self-interest. I feel privileged to write this topic and describe my own experiences of share market in a pictorial and best possible manner.
Zercatto the basics-of_the_stockmarketDavid Mendes
The document provides an introduction to analyzing stocks from both a fundamental and technical perspective. Fundamental analysis looks at underlying company financials and economic factors, and is best for long-term investing. Technical analysis uses stock charts and indicators to identify patterns in price movements to predict future stock behavior and is more suited for short-term trading. Both approaches have merits, with the author's father preferring fundamental analysis of raw company numbers and his brother using technical analysis with charts, indicators and patterns.
introduction of share market,brifely clear misunderstanding about share market,various opportunities in share market,importance of share market to development our country. last conclusion about share market presention
The carry trade is an investment strategy that involves borrowing in currencies with low interest rates and investing in currencies with high interest rates. The aim is to profit from interest rate differentials. Typically, the Japanese yen is used as the funding currency due to its low yields, while currencies like the US dollar that have higher yields are the target currencies. The main risk of the carry trade is currency risk, as exposure exists to the high-yielding currency depreciating against the funding currency.
This presentation will give a brief idea about "SHARE MARKET" & what are the various terms one must be associated with before investing in 'SHARE MARKET'A
This document summarizes a thesis that examines the market timing ability of hybrid funds between 2000-2014. The author develops a new methodology to measure market timing ability with respect to stocks and bonds. The main findings are that hybrid funds, particularly balanced funds, exhibit significant evidence of market timing ability over the period studied. This ability is driven by successfully anticipating changes in stocks and bonds. The thesis helps further the understanding of whether hybrid funds can successfully time shifting investments between asset classes.
WCM is a global merchant banking and private equity firm that provides strategic advisory, financing, and investment services. It has offices in major cities around the world including Beijing, Shanghai, Shenzhen, San Francisco, Los Angeles, and New York. WCM focuses on cross-border transactions and assisting high-growth companies in the US, Asia, and Europe with corporate finance objectives such as pre-IPO financing and M&A deals. It manages over $5 billion in assets and portfolio companies.
Companies raise funds through either debt financing such as loans or equity financing such as selling shares. When a company sells its shares for the first time through an initial public offering (IPO), investors can directly purchase shares from the company. After an IPO, the company's shares are listed on a stock exchange where most trading occurs between buyers and sellers, with exchanges acting as intermediaries. Key stock exchanges in India are the National Stock Exchange and Bombay Stock Exchange, while the Securities and Exchange Board of India regulates stock trading.
The document discusses share markets and how they work. It defines key terms like primary market, secondary market, bulls and bears. The primary market is where companies issue IPOs to raise funds, while the secondary market is where existing shares are traded. Brokers facilitate trades on the stock exchange, which regulates markets and ensures orderly transactions. Investors can purchase shares to share in company ownership and profits. Overall the share market benefits both companies and investors.
This document defines and describes capital markets. It discusses that capital markets are financial markets for buying and selling long-term debt or equity securities to channel wealth from savers to long-term investments. It notes there are two types of capital markets: primary and secondary. The primary market deals with new security issuance, while the secondary market is where previously issued securities are traded. Some capital market instruments are listed as equity, bonds, and derivatives. Market risk and credit risk are also highlighted as capital market risks.
Extract of White Paper Summaries, Dec 2008 - Sept 2010keatingcapital
An extract of our white papers, including: Direct Listings: A More Certain Path to NASDAQ; Aftermarket Support: How to Create a Liquid Public Stock; Why Go Public: the $100 Million Question; The Yale Endowment Model of Investing is Not Dead; Mining the Gems in Private Equity; True Alpha - Does it Exist?
The document provides an overview of the capital market in India. It defines the capital market and discusses its key elements - financial assets/instruments, financial intermediaries, and financial markets. It describes the primary and secondary markets. It notes that the Indian economy and capital markets have grown rapidly in recent decades. Regulations have also improved, making the Indian capital market one of the best regulated in the world.
- The stock market refers to the collection of exchanges where public trading of company stocks and shares takes place. It allows companies to raise capital and investors to share in ownership.
- Most trading in India occurs on the two main exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Common stock types are shares in a company's equity, while preferred stock and bonds are other fixed income securities.
- Individual investors can purchase stocks through a brokerage account linked to a trading account and demat account to hold shares electronically. Stock prices fluctuate daily based on demand and supply in the market.
A stock represents partial ownership in a company. Companies issue stock to raise money for operations or expansion. While stockholders own shares, they do not manage the company. Stocks are traded on stock exchanges like Bombay Stock Exchange and National Stock Exchange. Investors can buy stocks directly from companies during initial public offerings, or purchase from other investors on an exchange. Stock prices fluctuate daily based on supply and demand.
A stock market or equity market is a public market for trading company stock and derivatives at agreed prices. Stocks are listed on stock exchanges, which are entities like the New York Stock Exchange. When a company issues stock, it raises money from investors in exchange for ownership stakes. Stock buyers own a claim on the company's assets and earnings. A stock exchange provides a market for trading stocks and bonds, and facilitates capital raising for companies. Major Indian stock exchanges include the Bombay Stock Exchange and National Stock Exchange, located in Mumbai.
This document provides an overview of the basics of investing in the stock market. It discusses why investment is needed, when to start investing, and where to invest. The key points are:
1. Investment allows individuals to earn returns from idle savings and prepare for future goals and uncertainties. The sooner one starts investing, the longer investments have to grow.
2. Individuals can invest in physical assets like real estate or financial assets such as stocks, bonds, mutual funds, etc. Short-term options include savings accounts while long-term options include mutual funds and bonds.
3. The stock market provides a secondary market for trading shares of publicly listed companies. It allows individuals to invest with minimal funds and time
This course delves into the businesses of investment banks/bankers. It looks at both universal players and botique operations covering such areas as mergers and acquisitions, the debt, equity and trading businesses. Moreover, it looks at how investment bankers interact with their clients--as advisors and in developing pitch books and diagnostic tools to understand customer needs. The course is case-study driven with many self-directed activities. It prepares participants for the world of investment banking either as a practitioner or client.
This document provides information about stock market investing and mutual funds. It defines a mutual fund as a pool of money from various investors used to purchase stocks, bonds, and other securities. Mutual funds allow investors to get exposure to a diversified portfolio without having to research and manage investments themselves. The stock market allows individuals to buy shares of companies, with the goal of purchasing low and selling high. While both involve risk, mutual funds provide diversification which can help manage that risk. The document recommends mutual funds for those with limited time or expertise to invest on their own.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing how they work and their history in India. It also discusses different types of mutual funds and how they are classified. The objectives of the study discussed are to analyze the performance and returns of mutual funds and their correlation with stock market indices. Data on various mutual funds and market performance from 2009-2012 is collected for analysis.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing them as investment vehicles that pool money from investors to purchase a variety of securities. The document then discusses the objectives of the study, which are to analyze returns from investing in stock markets and examine how well mutual fund schemes attract investor confidence. It also describes the methodology used, including collecting performance data on mutual funds and market indices from 2009-2012 and analyzing two mutual funds and two index funds.
This tutorial from Chris Roush is a crash course in financial markets. Roush, the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill, will teach you:
* How to cover stocks and what to look for as news.
* The importance of bond coverage to business coverage.
* Why commodities and futures coverage is increasing.
1) The document summarizes the history and evolution of index investing and ETFs, from their origins in Burton Malkiel's advocacy for a passive index fund to their current widespread use.
2) It describes how index providers have developed increasingly specialized indexes and methodologies, such as those based on fundamentals, in order to partner with ETF providers and profit from asset gathering.
3) The document cautions that certain types of ETFs, like leveraged, inverse, and futures-based products, are generally poor long-term investments due to structural issues like compounding effects and contango.
An Intro to the Financial Services IndustryEric Tachibana
The Financial Service Industry is one of the most attractive industries to target if you are a consultant. However, when selling into, or delivering for, Financial Services Institutions (FSIs), it is useful to have some understanding of how FSI business models work, and the unique requirements that drive their IT strategies.This deck is a living document that hopes to act as a primer for consultants who need to support FSI clients, but who may not have prior experience in the sector.
Chapter 02_Overview of the Financial SystemRusman Mukhlis
This chapter provides an overview of the financial system, including the functions of financial markets and intermediaries in channeling funds from lenders to borrowers. It describes the structure of markets, such as debt versus equity, and primary versus secondary markets. It also discusses the internationalization of markets and the role of regulation in ensuring stability and transparency.
The document discusses portfolio management and mutual funds. It provides an introduction to portfolio management, explaining that investing in a group of securities called a portfolio helps reduce risk without sacrificing returns. It then discusses types of mutual fund schemes, including open-ended funds that are available for subscription all year and closed-end funds that have a specified maturity period. The document also defines what a mutual fund is and how it works, pooling money from investors to invest in stocks, bonds and other securities.
The document discusses portfolio management and mutual funds. It provides an introduction to portfolio management, explaining that investing in a group of securities called a portfolio helps reduce risk without sacrificing returns. It then discusses types of mutual fund schemes, including open-ended funds that are available for subscription all year and closed-end funds that have a specified maturity period. The document also defines what a mutual fund is, explaining that it is a trust that pools savings from investors to invest in stocks, bonds, and other securities.
WCM is a global merchant banking and private equity firm that provides strategic advisory, financing, and investment services. It has offices in major cities around the world including Beijing, Shanghai, Shenzhen, San Francisco, Los Angeles, and New York. WCM focuses on cross-border transactions and assisting high-growth companies in the US, Asia, and Europe with corporate finance objectives such as pre-IPO financing and M&A deals. It manages over $5 billion in assets and portfolio companies.
Companies raise funds through either debt financing such as loans or equity financing such as selling shares. When a company sells its shares for the first time through an initial public offering (IPO), investors can directly purchase shares from the company. After an IPO, the company's shares are listed on a stock exchange where most trading occurs between buyers and sellers, with exchanges acting as intermediaries. Key stock exchanges in India are the National Stock Exchange and Bombay Stock Exchange, while the Securities and Exchange Board of India regulates stock trading.
The document discusses share markets and how they work. It defines key terms like primary market, secondary market, bulls and bears. The primary market is where companies issue IPOs to raise funds, while the secondary market is where existing shares are traded. Brokers facilitate trades on the stock exchange, which regulates markets and ensures orderly transactions. Investors can purchase shares to share in company ownership and profits. Overall the share market benefits both companies and investors.
This document defines and describes capital markets. It discusses that capital markets are financial markets for buying and selling long-term debt or equity securities to channel wealth from savers to long-term investments. It notes there are two types of capital markets: primary and secondary. The primary market deals with new security issuance, while the secondary market is where previously issued securities are traded. Some capital market instruments are listed as equity, bonds, and derivatives. Market risk and credit risk are also highlighted as capital market risks.
Extract of White Paper Summaries, Dec 2008 - Sept 2010keatingcapital
An extract of our white papers, including: Direct Listings: A More Certain Path to NASDAQ; Aftermarket Support: How to Create a Liquid Public Stock; Why Go Public: the $100 Million Question; The Yale Endowment Model of Investing is Not Dead; Mining the Gems in Private Equity; True Alpha - Does it Exist?
The document provides an overview of the capital market in India. It defines the capital market and discusses its key elements - financial assets/instruments, financial intermediaries, and financial markets. It describes the primary and secondary markets. It notes that the Indian economy and capital markets have grown rapidly in recent decades. Regulations have also improved, making the Indian capital market one of the best regulated in the world.
- The stock market refers to the collection of exchanges where public trading of company stocks and shares takes place. It allows companies to raise capital and investors to share in ownership.
- Most trading in India occurs on the two main exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Common stock types are shares in a company's equity, while preferred stock and bonds are other fixed income securities.
- Individual investors can purchase stocks through a brokerage account linked to a trading account and demat account to hold shares electronically. Stock prices fluctuate daily based on demand and supply in the market.
A stock represents partial ownership in a company. Companies issue stock to raise money for operations or expansion. While stockholders own shares, they do not manage the company. Stocks are traded on stock exchanges like Bombay Stock Exchange and National Stock Exchange. Investors can buy stocks directly from companies during initial public offerings, or purchase from other investors on an exchange. Stock prices fluctuate daily based on supply and demand.
A stock market or equity market is a public market for trading company stock and derivatives at agreed prices. Stocks are listed on stock exchanges, which are entities like the New York Stock Exchange. When a company issues stock, it raises money from investors in exchange for ownership stakes. Stock buyers own a claim on the company's assets and earnings. A stock exchange provides a market for trading stocks and bonds, and facilitates capital raising for companies. Major Indian stock exchanges include the Bombay Stock Exchange and National Stock Exchange, located in Mumbai.
This document provides an overview of the basics of investing in the stock market. It discusses why investment is needed, when to start investing, and where to invest. The key points are:
1. Investment allows individuals to earn returns from idle savings and prepare for future goals and uncertainties. The sooner one starts investing, the longer investments have to grow.
2. Individuals can invest in physical assets like real estate or financial assets such as stocks, bonds, mutual funds, etc. Short-term options include savings accounts while long-term options include mutual funds and bonds.
3. The stock market provides a secondary market for trading shares of publicly listed companies. It allows individuals to invest with minimal funds and time
This course delves into the businesses of investment banks/bankers. It looks at both universal players and botique operations covering such areas as mergers and acquisitions, the debt, equity and trading businesses. Moreover, it looks at how investment bankers interact with their clients--as advisors and in developing pitch books and diagnostic tools to understand customer needs. The course is case-study driven with many self-directed activities. It prepares participants for the world of investment banking either as a practitioner or client.
This document provides information about stock market investing and mutual funds. It defines a mutual fund as a pool of money from various investors used to purchase stocks, bonds, and other securities. Mutual funds allow investors to get exposure to a diversified portfolio without having to research and manage investments themselves. The stock market allows individuals to buy shares of companies, with the goal of purchasing low and selling high. While both involve risk, mutual funds provide diversification which can help manage that risk. The document recommends mutual funds for those with limited time or expertise to invest on their own.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing how they work and their history in India. It also discusses different types of mutual funds and how they are classified. The objectives of the study discussed are to analyze the performance and returns of mutual funds and their correlation with stock market indices. Data on various mutual funds and market performance from 2009-2012 is collected for analysis.
This document discusses mutual funds and stock markets in India. It provides background on mutual funds, describing them as investment vehicles that pool money from investors to purchase a variety of securities. The document then discusses the objectives of the study, which are to analyze returns from investing in stock markets and examine how well mutual fund schemes attract investor confidence. It also describes the methodology used, including collecting performance data on mutual funds and market indices from 2009-2012 and analyzing two mutual funds and two index funds.
This tutorial from Chris Roush is a crash course in financial markets. Roush, the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill, will teach you:
* How to cover stocks and what to look for as news.
* The importance of bond coverage to business coverage.
* Why commodities and futures coverage is increasing.
1) The document summarizes the history and evolution of index investing and ETFs, from their origins in Burton Malkiel's advocacy for a passive index fund to their current widespread use.
2) It describes how index providers have developed increasingly specialized indexes and methodologies, such as those based on fundamentals, in order to partner with ETF providers and profit from asset gathering.
3) The document cautions that certain types of ETFs, like leveraged, inverse, and futures-based products, are generally poor long-term investments due to structural issues like compounding effects and contango.
An Intro to the Financial Services IndustryEric Tachibana
The Financial Service Industry is one of the most attractive industries to target if you are a consultant. However, when selling into, or delivering for, Financial Services Institutions (FSIs), it is useful to have some understanding of how FSI business models work, and the unique requirements that drive their IT strategies.This deck is a living document that hopes to act as a primer for consultants who need to support FSI clients, but who may not have prior experience in the sector.
Chapter 02_Overview of the Financial SystemRusman Mukhlis
This chapter provides an overview of the financial system, including the functions of financial markets and intermediaries in channeling funds from lenders to borrowers. It describes the structure of markets, such as debt versus equity, and primary versus secondary markets. It also discusses the internationalization of markets and the role of regulation in ensuring stability and transparency.
The document discusses portfolio management and mutual funds. It provides an introduction to portfolio management, explaining that investing in a group of securities called a portfolio helps reduce risk without sacrificing returns. It then discusses types of mutual fund schemes, including open-ended funds that are available for subscription all year and closed-end funds that have a specified maturity period. The document also defines what a mutual fund is and how it works, pooling money from investors to invest in stocks, bonds and other securities.
The document discusses portfolio management and mutual funds. It provides an introduction to portfolio management, explaining that investing in a group of securities called a portfolio helps reduce risk without sacrificing returns. It then discusses types of mutual fund schemes, including open-ended funds that are available for subscription all year and closed-end funds that have a specified maturity period. The document also defines what a mutual fund is, explaining that it is a trust that pools savings from investors to invest in stocks, bonds, and other securities.
Stocks represent shares of ownership in a company, while bonds are loans made to companies or governments. Stockholders own a stake in the company and may receive dividends, while bondholders are lenders who receive interest payments. There are various types of stocks, including common and preferred stocks, as well as growth stocks and value stocks, which can be categorized by size, sector, region, and growth potential. Bond types include government bonds, municipal bonds, corporate bonds, and zero-coupon bonds which are issued by governments, local authorities, corporations, and accrue interest over time respectively. External economic factors like interest rates and money supply can also impact stock and bond prices.
As cryptoassets enter the mainstream, index funds are increasingly presenting both retail and institutional investors with the opportunity to gain exposure to the cryptoasset market. In this space, index funds are now being employed to track the activity and performance of specific cryptocurrencies or basket of cryptocurrencies to meet a variety of risk and return objectives of different client types.
As cryptoassets enter the mainstream, index funds are increasingly presenting both retail and institutional investors with the opportunity to gain exposure to the cryptoasset market. In this space, index funds are now being employed to track the activity and performance of specific cryptocurrencies or basket of cryptocurrencies to meet a variety of risk and return objectives of different client types.
The document discusses concepts from behavioral finance that influence investor behavior and markets, including herd behavior, anchoring, and various calendar effects. It provides an overview of each concept and recent evidence questioning whether strategies like "Sell in May" have been reliable. The conclusion acknowledges that while machines now influence markets, human behavior still plays a role, and deep research is needed to overcome cognitive biases and take a long-term view of investing.
The document provides an overview of mutual funds, including their history and popularity in the United States, different types of mutual funds categorized by risk and return potential, and key aspects of how mutual funds work such as costs, net asset value, and reading mutual fund performance tables. It discusses the growth of mutual funds since the 1960s and how they have become a mainstream investment for millions of Americans. It also outlines the major phases of development of the mutual fund industry in India and provides details on the organization, costs, and mechanics of mutual funds.
Role of Behavioural Finance in the Financial Marketinventionjournals
This document discusses the role of behavioural finance in financial markets. It begins by outlining some key limitations of traditional finance theories, such as assuming complete rationality of investors and ignoring emotional and psychological factors. It then discusses the development of behavioural finance, which incorporates insights from psychology to develop a more realistic understanding of investor behaviour. Some common cognitive biases and heuristics identified by behavioural finance research that influence investment decisions are also summarized, such as loss aversion and herd behaviour. While behavioural finance does not directly help raise finance, the document argues it could indirectly do so by reducing bubbles and increasing investor confidence by accounting for common irrational biases in decision-making. In conclusion, behavioural finance provides a useful framework but requires further
The document proposes a new method called Market Behavior Analysis (MBA) for identifying trends and stages of trends in financial markets. The MBA models fuse technical analysis and behavioral analysis by developing a proprietary indicator. The indicator breaks markets into 5 stages: Long, Richly Priced, Correction, Short, and Deeply Sold. Charts are presented showing the MBA indicator can successfully identify trends and stages across different asset classes over various time periods. The indicator aims to help investors identify opportunities for long term appreciation as well as know when to exit positions that may be entering correction or decline stages.
During the last 15 years more than $800 billion dollars has been contributed to index funds. At Selective we believe there are many limitations to these products and don't truly capture the heart of investing - business ownership. To learn more go through the presentation. If you would like more content like this visit us at www.selectivewm.com or contact us at info@selectivewm.com
The document discusses investment strategies and thinking processes. It summarizes that good thinking is a lonely process that requires anticipating change correctly. It discusses how linear thinking can cause investors to miss opportunities for change. It provides examples from history where thinking on the margins helped identify opportunities, such as recognizing changes in technology stocks in the 1960s and interest rates in the 1980s. It analyzes current market conditions and predicts the odds of a new secular bull market are now 45-50%, though few investors currently believe this. It concludes that select market correlations broke down last week and economic reports imply tapering may be delayed, supporting stocks in the near-term.
Ashford Capital Management Small Cap Criteria White PaperCliff Short III
This “Small Cap Effect” has been analyzed, deliberated, and dissected for decades, and subsequent studies have proven that, with some caveats, the out performance of small capitalization stocks on both a risk-adjusted and absolute basis is real.
This document provides an introduction and overview of hedge fund activism. It discusses how historically most investors have been passive and outlines some statistics on the growth of the hedge fund industry. The document then discusses the concept of activist hedge funds which take stakes in undervalued companies in order to design plans to improve the company's value and gain influence over decisions. It provides examples of four case studies of activist investments that will be analyzed later in the paper. The introduction concludes by noting the paper aims to examine how activist managers influence company valuation and whether their actions improve situations long term or just impact short term value.
The document outlines Joe Kostner's final decision checklist that he uses before making an investment. It contains 8 items that evaluate whether the decision maker is tired, has done sufficient research, understands the business, has conservative balance sheet and good management, provides value to customers, has downside protection from a moat or assets, and has significantly more upside than downside potential. The checklist is meant to help stay disciplined and avoid mistakes by fully understanding a business before investment.
- Howard Marks is a renowned investor and co-founder of Oaktree Capital Management. In his new book "Mastering the Market Cycle", he emphasizes the importance of understanding where the market stands in its cycle and managing risk accordingly.
- While it is impossible to precisely predict market movements, Marks believes investors can gain an edge by studying historical cycles and assessing the current environment to determine if conditions present better or worse odds. This allows calibrating risk exposure along a continuum rather than reacting with all-in or all-out approaches.
- A key theme is that periods of excessive optimism and high valuations late in an upcycle pose risks, while times of pessimism and recovery early in a cycle offer comparatively better
1) Many institutional investors are increasing their allocations to private equity investments in hopes of boosting returns and closing funding gaps, as public market returns are expected to be lower.
2) However, private equity has grown significantly in recent years with $5 trillion in assets and $1 trillion in uninvested capital, driving up prices and deal multiples.
3) Studies show that private equity returns have mainly come from leverage rather than operational improvements, and that it is getting harder to consistently achieve top returns given increased competition.
1) The document presents a "Moat Map" that plots companies on two spectrums based on their business models: the degree of supplier differentiation and the extent to which network effects are internalized or externalized.
2) Facebook and Google are shown to have highly internalized network effects and commoditized suppliers, while Apple and Microsoft have more differentiated suppliers and externalized network effects.
3) The map is used to analyze companies' strategic positions and potential "moats" based on where they fall within these two dimensions. Being outside the map, like Uber, makes defending market position more difficult.
Sumantra Ghoshal discusses how the context or "smell" of a company's culture can profoundly impact employee behaviors and performance. Specifically, he contrasts a culture of "constraint, compliance, control, and contract" which feels oppressive like the summer heat of Calcutta, versus one of "stretch, discipline, trust and support" which feels invigorating like the forest in Fontainebleau. Ghoshal's research found that high-performing companies are able to intentionally cultivate a culture characterized by the latter dimensions, and that with determination a company can shift its cultural context over time.
Jim Chanos is the founder of Kynikos Associates, one of the largest fundamental short selling hedge funds. He became involved in short selling after correctly identifying a fraud as an analyst in the 1980s. Chanos believes short selling provides an important check on markets and enables long investors to take on more risk. Rather than viewing his fund as benefiting from market declines, Chanos sees it as providing "insurance" to investors by hedging downside risk and allowing clients to increase their long exposure. He manages risk by operating different funds, including a market neutral long/short fund and a fund that maintains a net long position despite holding significant short positions.
Marcus Lemonis invests in failing small businesses on the reality show "The Profit" and implements simple management changes to turn them around. These changes, such as focusing production on best-selling high margin products, improving organization and inventory tracking, are effective because management matters greatly. Studies show that management interventions can significantly and sustainably improve productivity and profits through such basic methods. Personal problems within family-owned businesses also often undermine their management and efficiency.
Companies need a strategy that fits the predictability and malleability of their sector. With an increasing amount of industries being subject to disruption it’s a fair bet that the strategic adaptability needs to increase.
The immediate effect of management skill might be larger in a turn-around candidate but it also requires skill to fortify the moats that long term keep competitors at bay.
The document discusses how difficult it is for people to accurately predict how they will respond to future risks and challenges. It provides the example of a friend who achieved his goal of becoming a doctor against all odds, but is now disappointed in his career. People are poor forecasters of their future selves and tend to ignore important context when anticipating future situations. Investors in particular struggle to predict how fearful or greedy they will feel during market downturns or surges. The best approach is to use past behavior as a guide rather than trying to envision hypothetical future responses.
The document discusses the concept of the Ouroboros, a snake eating its own tail, as a metaphor for the current financial environment where low volatility is feeding into even lower volatility. It argues that the multi-trillion dollar short volatility trade exposes the global financial system to potentially violent increases in volatility if interest rates rise or a shock occurs. Central bank stimulus and share buybacks have contributed to unprecedented demand for yield assets and a giant short volatility position incorporated in various investment strategies, setting the stage for a sharp rise in volatility.
This document discusses the problems with how people consume news today. It argues that news is quickly outdated, news producers have incentives to prioritize quantity over quality, and consuming too much news can hijack people's attention and prevent deeper thinking. It recommends being more selective with news by focusing on publications that add long-term value and reading fewer articles and more books over time.
Howard Marks provides a balanced discussion of the current market environment, covering both positives and negatives. On the positive side, the U.S. economy is growing and corporate profits are increasing. However, asset valuations are very high by historical standards and investor behavior has become increasingly risky. Given the high prices and uncertainties, Marks favors a cautious stance rather than aggressiveness. While not recommending getting out of the market, he advocates incorporating more defensiveness into portfolio management strategies.
The document discusses signs that the current bull market may be entering a "blow-off" or melt-up phase, characterized by accelerating price increases similar to other historical bubbles. While stock prices are very high, the author notes that price alone is not sufficient to indicate an impending bubble break. Recent signs of modest price acceleration over the last six months could signal the beginning of a final price surge. The author presents models where a 9-18 month acceleration in stock prices reaching gains of 60% would resemble past bubbles. Other indicators like improving fundamentals and signs of investor euphoria, while still lacking, have begun developing in recent months. No two bubbles are exactly the same, so identifying a late-stage bubble requires reconc
The document discusses developing the conviction to hold winning stock investments for the long term in order to achieve significant returns. It argues that discipline is required to hold investments through periods where the stock price stagnates or consolidates, and that the biggest gains come from allowing winners to run. Maintaining thorough knowledge of a company's business through ongoing due diligence is key to having the conviction to ignore price fluctuations and hold on to strong performers. Selling based only on changes to the underlying business fundamentals, not arbitrary price targets, is advised. Patience is important, as multi-bagger returns often materialize over several years rather than quickly.
Bill Ackman, the founder of Pershing Square Capital Management, has experienced significant losses in recent years totaling billions of dollars. This has led to redemptions by investors totaling $2 billion and a halving of assets under management to $9.5 billion. Ackman's most recent defeat was losing a proxy battle for board seats at ADP in November. The article discusses Ackman's past successes, recent failures including Valeant and Herbalife short positions, as well as his outlook going forward as he works to recover investor capital and confidence.
This document discusses the growing consensus among lawmakers that large technology companies like Google, Facebook, and Amazon have become too powerful and need to be reigned in through increased regulation. It outlines several regulatory strategies being considered, including narrowly targeting specific problems, restricting mergers and acquisitions, enforcing existing laws by classifying tech companies under categories like media or utilities, giving users ownership of their own data to allow portability between platforms, and breaking up the largest companies. Each strategy comes with concerns about impacts on innovation, consumer benefits, and the ability of US companies to compete internationally.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.