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.
Wealthy & Wise, a wealth insight magazine started by SAKSHAM WEALTH Solutions Private Limited. under guidance of Mr. Sameer Rastogi.
The magazine covers latest trends and opportunities in all asset classes.
Some of the Topics Covered
1. Inflation: A Retirement Chewing Monster
2. Bitcoin: Honeymoon phase seems to be over for now
3. Rural Opportunities in India: A discussion with Krishna Kumar, CIO - Sundaram MF and fund manager for Sundaram Rural India Fund
4. Mistakes to be avoided in the current market rally.
5. Budget 2018 review by Sanjay Sapre, President - Franklin Templeton India
6. Real Estate recovery insight
7. How Rich People Think - A book review
8. Macro economic indicators... and more
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.
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?
Agcapita February 2011 Update - Two ways to be fooledPetrocapita
As Kierkegaard elegantly pointed out, "There are two ways to be fooled: One is to believe what isn't so; the other is to refuse to believe what is so." The problem of being fooled "by believing what isn't so" appears to be endemic in mainstream economic circles. Increasingly, we see the panic of central bankers and politicians in the thrall of the mistaken belief that the mere act of printing money can conjure wealth and sustainable growth into existence that this nostrum has stopped working. Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with over $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios.
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.
Wealthy & Wise, a wealth insight magazine started by SAKSHAM WEALTH Solutions Private Limited. under guidance of Mr. Sameer Rastogi.
The magazine covers latest trends and opportunities in all asset classes.
Some of the Topics Covered
1. Inflation: A Retirement Chewing Monster
2. Bitcoin: Honeymoon phase seems to be over for now
3. Rural Opportunities in India: A discussion with Krishna Kumar, CIO - Sundaram MF and fund manager for Sundaram Rural India Fund
4. Mistakes to be avoided in the current market rally.
5. Budget 2018 review by Sanjay Sapre, President - Franklin Templeton India
6. Real Estate recovery insight
7. How Rich People Think - A book review
8. Macro economic indicators... and more
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.
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?
Agcapita February 2011 Update - Two ways to be fooledPetrocapita
As Kierkegaard elegantly pointed out, "There are two ways to be fooled: One is to believe what isn't so; the other is to refuse to believe what is so." The problem of being fooled "by believing what isn't so" appears to be endemic in mainstream economic circles. Increasingly, we see the panic of central bankers and politicians in the thrall of the mistaken belief that the mere act of printing money can conjure wealth and sustainable growth into existence that this nostrum has stopped working. Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with over $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios.
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.
Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with almost $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios. Agcapita publishes a monthly agriculture briefing.
China scares us because it looks like a bubble economy. Understanding these kinds of bubbles is important because
they represent a situation in which standard valuation methodologies may fail. Just as financial stocks gave a false
signal of cheapness before the GFC because the credit bubble pushed their earnings well above sustainable levels
and masked the risks they were taking, so some valuation models may fail in the face of the credit, real estate, and general fixed asset investment boom in China, since it has gone on long enough to warp the models’ estimation of
what “normal” is.
What has distinguished the companies that have thrived in 2020 from those that are barely surviving? How will the 2020 election results impact financial markets and the economy? What tax strategies can I implement now to potentially reduce my income taxes for 2020? Get answers to these questions and more in the Reby Advisors Fall 2020 Newsletter!
Credit Suisse Global Investment Returns Yearbook 2016 Credit Suisse
Against the backdrop of the first interest rate increase by the Federal Reserve in almost a decade, the Credit Suisse Research Institute’s Global Investment Returns Yearbook examines similar episodes since 1900 and derives potential implications for future economic and financial market developments.
- Download the full report: http://bit.ly/1QSo6qn
- Order hard copy: http://bit.ly/1T9sTbe
- Visit the website: bit.ly/18Cxa0p
The fundamental theme of the newsletter remains the same -- to dive deeper into economic issues that affect our investors. However to keep it interesting, the analysis has been kept at a macro level without getting into minute details.
We received encouraging feedback on the inaugural issue and we have used the same to improve this edition.
We hope you find the newsletter interesting.
Us economy goldilocks- 4th oct 2007 published in singapore timessatya saurabh khosla
The author's article that appeared in Business Times, Singapore on Oct 4, 2007 stated that USA Housing, low interest rates and derivatives will lead the global economy into a recession
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.
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.
Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with almost $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios. Agcapita publishes a monthly agriculture briefing.
China scares us because it looks like a bubble economy. Understanding these kinds of bubbles is important because
they represent a situation in which standard valuation methodologies may fail. Just as financial stocks gave a false
signal of cheapness before the GFC because the credit bubble pushed their earnings well above sustainable levels
and masked the risks they were taking, so some valuation models may fail in the face of the credit, real estate, and general fixed asset investment boom in China, since it has gone on long enough to warp the models’ estimation of
what “normal” is.
What has distinguished the companies that have thrived in 2020 from those that are barely surviving? How will the 2020 election results impact financial markets and the economy? What tax strategies can I implement now to potentially reduce my income taxes for 2020? Get answers to these questions and more in the Reby Advisors Fall 2020 Newsletter!
Credit Suisse Global Investment Returns Yearbook 2016 Credit Suisse
Against the backdrop of the first interest rate increase by the Federal Reserve in almost a decade, the Credit Suisse Research Institute’s Global Investment Returns Yearbook examines similar episodes since 1900 and derives potential implications for future economic and financial market developments.
- Download the full report: http://bit.ly/1QSo6qn
- Order hard copy: http://bit.ly/1T9sTbe
- Visit the website: bit.ly/18Cxa0p
The fundamental theme of the newsletter remains the same -- to dive deeper into economic issues that affect our investors. However to keep it interesting, the analysis has been kept at a macro level without getting into minute details.
We received encouraging feedback on the inaugural issue and we have used the same to improve this edition.
We hope you find the newsletter interesting.
Us economy goldilocks- 4th oct 2007 published in singapore timessatya saurabh khosla
The author's article that appeared in Business Times, Singapore on Oct 4, 2007 stated that USA Housing, low interest rates and derivatives will lead the global economy into a recession
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.
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.
Retirement Planning Guide - Life After WorkIBB Law
IBB's Wealth Management Planners have created a new Retirement Planning Guide.
For advice on wealth management and retirement planning as well as other issues such as inheritance tax planning, please visit: https://www.ibblaw.co.uk/service/ibb-wealth
For more information please contact Kellie Lewis, Client Relationship Manager, on 01895 544001 or kellie@ibbwealth.co.uk or Graeme Cowie, Director, on 01895 544001 or graeme@ibbwealth.co.uk. Alternatively please visit www.ibbwealth.co.uk.
The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in
their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice
after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and
tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor.
The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
A Target Retirement Income Plan is a nonqualified, supplemental, after-tax executive retirement benefit program that changes the focus from return on investment to certainty of predictable income in retirement.
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.
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.
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.
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.
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.
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.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Greek trade a pillar of dynamic economic growth - European Business Review
2020.01 IceCap Global Outlook
1. Our view on global investment markets:
January 2020 – “The Invisible Man”
Keith Dicker, CFA
President & Chief Investment Officer
keithdicker@IceCapAssetManagement.com
www.IceCapAssetManagement.com
Twitter: @IceCapGlobal
Tel: 902-492-8495
www.IceCapAssetManagement.com
2. IMPORTANT: An investment in any strategy, including the strategies
described herein, involves a high degree of risk. There is no guarantee
that the investment objective will be achieved. Past performance of
these strategies is not necessarily indicative of future results. There is
the possibility of loss and all investment involves risk including the loss
of capital.
The opinions and views expressed in this publication are those of the
firm and the author.
Disclaimer
3. I can see you
“I’ll show you who I am”
And with that one line - the world of invisibility was born.
The 1933 blockbuster film, “The Invisible Man” launched a genre that
would span decades, producing many enjoyable and many
unenjoyable movies of things and people we can’t see.
Next up was “The Invisible Man Returns”, followed by “The Invisible
Man’s Revenge”, “The Invisible Boy”, “The Invisible Mom”, “The
Invisible Mom 2”, and let’s not forget the Chevy Chase classic
“Memoirs of an Invisible Man.”
Through the humour, terror, and mystery, the one thing that was
constant throughout these stories was - consistency.
The consistency was in the way the story was told, the path it took and
the usual predictable ending.
Unseen and definitely unappreciated by most investors today, the
global financial world is missing an important factor that is crucial to
keeping the world humming along in a predictable pattern. A pattern
that rewards success, punishes failure and then sets the scene to begin
the cycle all over again.
This missing factor is none other than the Invisible Hand.
January 2020 The Invisible Man
Unfortunately, the Invisible Hand is hard to see. It’s never discussed
by the media, big banks, and certainly never discussed by the central
banks - after all, they’re the ones who caused it to go missing in the
first place.
As you sit back to enjoy and appreciate this latest edition of the
IceCap Global Outlook, we ask you to use your vision to see and
understand why today’s markets have been displaced, and what
happens with the next great story - The Return of the Invisible Hand.
Industry vs Markets
2019 was quite the year. A few weeks after the New Years
celebration, investment managers, advisors, and mutual fund
salespeople around the world will eagerly explain to their clients
what a fantastic year it was for their investment portfolios.
For those invested solely in equities, most investors should see
returns between +18% to +25%.
For those invested solely in a regular bond fund, most investors
should see returns between +5% and +8%.
Yes, it was a really nice year.
Unless of course you consider the starting point for measuring
performance was the end of 2018, which just so happens to be a very
low starting point.
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4. Don’t forget
And when it comes to measuring investment performance, a very low
starting point acts as a catapult towards awesome returns.
To keep things real, consider the 2-year annual return for most equity
investors will be between +5% to +9%. [Note: US stocks performed
+9% and most other markets are closer to +5%].
Meanwhile, bond investors are eating a 2-year annualized return
between 0% and +2%.
The point we make with these observations are two-fold:
First, the investment industry is VERY good at conveniently
forgetting/ignoring the bad years.
Second, bond market returns have likely peaked.
At IceCap, it’s our fiduciary duty to consistently emphasize to
investors that there’s a big difference between the investment
industry and investment markets.
As well, as investment managers we constantly assess all financial
markets for their risk-return dynamics.
And as 2019 closed, we share with you our view that bond markets
continue to offer the worst risk-return opportunities across most
investment markets.
In other words, that 2% annualized return over the last 2 years
perfectly illustrates our expectation that the high end of returns
across bond strategies is in the +2% to +4% range while the downside
is minus 20% or more.
Yes, this isn’t exactly warm and fuzzy holiday news for conservative
investors.
Yet, there’s a reason the world’s most conservative investors have
been stuffed with gobs of bond funds - they’ve asked for them!
With interest rates around the world anchored to -0.5% to +1.5%,
savers have been financially choked to death.
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5. Two things are certain
Instead of paying their dearest respects, the investment industry has
a different idea - revive the dearly departed and set them up for
another, more gruesome death in the future.
That gruesome future death has appeared in the form of bond funds
that have been stuffed to the gills with long maturity bonds
combined with emerging market bonds and junk bonds.
To demonstrate, below and to the right is the description of a typical
fixed income fund being sold to Canadian investors.
While there are few certainties in life, in the investment world these
types of bond funds face two.
For starters, if a recession never again occurs, then these bond funds
should perform very well.
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6. The Fragility of the Bond Universe
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When the next
recession
occurs and/or
interest rates
rise - this
entire block of
bonds is at risk
of declining
rapidly
7. Never, never happens
For enders, if long-term interest rates never rise, then these bond
funds should perform very well.
Considering most of the world has now enjoyed nearly 10 years of
positive economic growth, combined with the fact that many
economies are experiencing deteriorating economic conditions, the
likelihood of a recession being near is considerably higher than what
is communicated by these bond funds.
Meanwhile, long-term rates everywhere are at not only the lowest
points in our lifetimes, but also at the lowest points across 1000s of
years. They have remained at these low levels due to artificial
suppression policies by our central banks - it’s only a matter of time
before they spring higher.
The Recession
Since 1967, the United States has experienced 7 different recessions.
And since 1967, the Survey of Professional Forecasters collectively,
have predicted exactly zero recessions.
This 0% batting average can be interpreted two ways:
1) Collectively, this group isn’t very good at their job.
2) Forecasting or predicting recessions is next to impossible.
Yet, the beat goes on.
Recessions can be measured in different ways.
The Professional Forecasters focus on a collective decline in industrial
production, employment, real personal income and sales.
A more common definition used by the big box banks and
mainstream media is two consecutive quarters of negative GDP
growth.
Meanwhile the most popular definition of a recession is when YOU
lose your job.
What we do know, is that a normal economy moves in a cycle where
there are highs and lows.
The highs are the good times. While the lows are the bad times.
January 2020 The Invisible Man
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8. Good times are followed by bad times
To illustrate the typical economic cycle, consider the below chart.
What’s really neat about the business cycle is that over time, it flows
in a logical and somewhat predictable direction.
When the good times roll, they really roll. Yet eventually, momentum
runs out of the economy and the good times gradually slow to a point
where good times turn into bad times. But then, slowly the bad times
end, and a recovery and the beginning of the next good times begins
again.
Of course, to be more technical, the global economy is simply a
function of changes in money supply and demand for credit.
Yet, everyone who has ever studied economics eventually comes to
the same realization - the economy absolutely moves in ebbs and
flows, and eventually it is always guided by an invisible hand.
Now, those with an interest in economics are quick to recognize
We are here
Central banks are trying to permanently
avoid the inevitable recession
January 2020 The Invisible Man
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9. Everyone likes pizza
this “Invisible Hand” as the discovery by Scottish economist Adam
Smith, as a way to describe how an economy will function if
governments left people alone to buy and sell freely amongst
themselves.
If left alone, the prices of most goods and services would be
determined by what people are willing (or able ) to pay.
As an example, if all pizzerias are charging $20 for a pie eventually
someone will enter the market and make the equivalent quality pizza
and charge $15.
This enterprising pizzeria will take customers away from everyone
else, until they too decrease their prices to match the $15.
Alternatively, another new pizzeria might look at this market and
determine they can make a significantly better pie and charge $25.
This enterprising pizzeria will take customers away from everyone
else until they begin to match the higher quality.
This movement of people making and eating pizza is being guided by
an invisible hand - and it works.
Now, let’s consider what happens to the invisible hand if our dear
governments saw what was happening and for whatever reason
declared by law that no pizza could ever be sold for more than $10.
In this case, several things happen.
For starters, the pizzerias will have to find ways to reduce their costs
to compensate for the lost revenues per pizza sold.
Some will succeed but by only using even lower quality ingredients.
Others will simply take a bow and close up shop.
What happens next, is similar to what is happening in the financial
world today.
Now, as governments eat pizza like everyone else, eventually they
realize that the quality of pizza has deteriorated and there are less
pizzerias than what previously existed.
Never to let a crisis go to waste, governments next announce they’ll
pay each pizzeria $10 per pizza to compensate them for the lost
revenues from not being able to charge the original price of $20.
Two things have now happened.
First, government involvement in setting prices has completely
distorted the pizza industry.
Second, the “invisible hand” has been completely blocked out and
unable to keep the market in balance.
Today, the exact same story is playing out in the world of interest
rates.
January 2020 The Invisible Man
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10. Comrades
When the financial world blew-up in 2008-09, governments and
central banks around the world made a coordinated decision to
become involved in uncountable ways to affect the monetary system.
And in its most simplest forms - central banks have decided that
instead of letting Adam Smith’s invisible hand determine the correct
price of money (ie. interest rates), they would set the price of money.
This price of money has ranged from NEGATIVE % across Europe and
Japan, to near ZERO % across everywhere else.
This crowding out effect is having two effects on our money world:
One - the economic cycle has been temporarily suspended.
Two - zombie companies and governments now roam the lands.
Recall how on page 5 we showed how a regular economic cycle
weaves and bobs over time.
The interference in interest rates by central banks has completely
flattened cyclical economic movements and instead has changed the
economic cycle to appear as a flat line - one characterized as having
no growth and no contractions.
Some might say this is a good thing. Afterall, it would mean steady
eddy economies, one characterized by consistency in everything.
Yet, a successful flat-lined economy is one that doesn’t exist now, it
hasn’t existed in the past and will not exist in the future.
For those in disagreement, note that this kind of a controlled
economy has been tried numerous times over the years.
Those that tried include:
The Soviet Union (Marxism-Leninism)
Germany (Nazi National Socialism)
China (Maoism Communism)
Cuba (Communism)
Venezuela (National Socialism)
Each of these failed states attempted to eliminate the invisible hand
from doing what it does best - rewarding economic success, or put
another way, not rewarding economic failure.
Unknown to most today, the global financial system has taken on
economic characteristics of socialism/communism.
And it is happening right before your eyes in the form of central
banks setting interest rates at zero % and negative %, as well as their
policies of printing money to help stimulate the economy.
These monetary policies have been ongoing now globally for 10 years
and while the creators of these policies hail them as a resounding
success - others declare the opposite has happened.
January 2020 The Invisible Man
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11. The Invisible Zombie
From an economic perspective, 10 years of zero/negative rates
combined with trillions in money printing has only achieved muted
economic growth (see Chart Page 10).
Europe is unable to achieve consistent growth >1.5%.
America is unable to achieve consistent growth >2.5%.
Japan is unable to achieve consistent growth >1%.
China is unable to achieve consistent “official” growth >6%.
But this attempt to break the invisible hand is also having another far
more devasting effect that is never discussed by the big box banks,
the mainstream medias and the mutual fund salespeople - 1000s of
companies and governments have turned into financial zombies.
From a corporate perspective, the lack of growth is causing many
companies the inability to generate enough revenues and profits to
not only pay off their debt, but to simply pay the interest on their
debt.
The only reason they remain alive is due to interest rates being so
low, that interest owed can be met by borrowing even more.
Once the invisible hand returns (it always does), interest rates will
surge higher, making it impossible for most of these companies to
operate with their debt loads.
And in case you’re wondering - these borrowings by these zombie
companies are actually bonds.
And guess who owns these bonds from these zombie companies -
many of the new bond funds like those described on page 3.
Put another way, bonds from zombie companies are also known as
junk bonds which are wrapped up nice and neat and sold to investors
as high yield bonds.
Other forms of bonds at risk include leveraged loans, and private
credit. Beware - bond market risk comes in several forms.
The absence of the invisible hand is not only setting up the most
conservative investors with unrecoverable future losses, but it’s also
Yet
January 2020 The Invisible Man
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12. Translation:
January 2020 The Invisible Man
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wreaking havoc within the sharpest and brightest minds on Wall
Street.
As you can imagine - the world of finance is complicated.
There are many markets, in many currencies with all trading in either
public or private transactions.
And within each of these many markets, there are many factors that
have either a material or immaterial impact on pricing.
And to make matters even more confounding, there are times when
the material factors are material and other times when these very
same factors are immaterial.
However - there is always one factor that plays a significant role in
helping market participants (and the invisible hand) determine an
appropriate price.
This factor is interest rates.
In the next column, we demonstrate how the sharpest and brightest
minds in the industry have recognized that something is unusual,
different, or uncertain.
The cause of this uneasiness and confusion - the absence of the
invisible hand.
Translation: the invisible hand is missing from bond markets.
Translation: the invisible hand is missing from financial modeling.
Of course, the absence of the invisible hand is also having a dramatic
effect on governments too.
The worst kept secret on the planet is how all governments are
unable to spend less than what they collect in taxes.
Source: Anne Walsh, CFA Guggenheim
13. Stimulus Isn’t Working The longest economic expansion ever…
…is also the WEAKEST economic expansion ever
January 2020 The Invisible Man
Source: Ned Davis Research
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14. The weakest ever expansion has been supported by debt and low rates
January 2020 The Invisible Man
As interest rates
declined from
15% to 2%...
… debt increased from $285
Billion to $20.8 Trillion
From 2009
to 2020 the
Invisible
Hand of
interest rates
disappeared
2009 to 2020
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15. Spend, spend, spend!
This lack of financial control is called the deficit and boy-oh-boy are
governments running this puppy home.
Now, this is important to understand - the ONLY reason these
governments are able to continue the greatest financial charade
known to mankind is due to the absence of the invisible hand.
Using Canada as an example, Provincial and the Federal Governments
currently spend as much on Interest Cost as they do on pension
benefits and education - and this is when rates are at record lows.
January 2020 The Invisible Man
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16. Even if it’s invisible, it’s easy to see
As reminder, today’s debt was really used to buy stuff in the past.
In other words, all this money spent on today’s debt servicing costs is
for yesterday’s spending sins.
Of course, considering education, social security and pension costs
are growing significantly faster than the economy - expecting these
governments to turn around and balance their books is foolishness at
its finest.
To make matters even more clear, once the invisible hand reappears,
interest rates will surge making the amount of debt servicing costs
increase exponentially.
In the world of finance, the interest on these borrowings MUST BE
PAID FIRST.
Bond interest is paid before pension benefits.
It’s paid before teachers’ salaries.
And it’s even paid before the salaries of members of parliament,
congress and other government workers.
What this means is that when the invisible hand of interest rates
returns to the world, there will be less money available to fund basic
and critical government spending.
And when this happens, the prices of bonds everywhere go down in
value.
Government bonds decline in value.
The highest rated corporate bonds decline in value.
And the flavour of the day - high yield and emerging market bonds
decline in value.
In some ways, economics has become a dismal science.
Forecasting recessions and expansions and inflation and everything
else with a number is difficult.
Yet, one area of economics that isn’t difficult to understand is the
science of cycles and the invisible hand.
Cycles and the invisible hand haven’t disappeared, they’ve just been
hiding in the wings.
Which means, two things have become CERTAIN in today’s economic
world:
1) A recession is coming
2) Long-term interest rates are going higher.
Which indicates, even if it’s invisible, it’s still easy to see.
January 2020 The Invisible Man
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17. Stay Calm
Repo Markets
Readers who follow markets closer than the average person know,
but may not understand specifically why the repo crisis has started.
Meanwhile, readers who think they follow markets closely but are
unaware of this repo crisis, should really pay attention.
In very simple terms, the repo market is a $1 Trillion/day credit eating
machine.
Banks, quais-banks, shadow banks, investment managers and money
market funds all borrow and lend to each other every day and then
repeat the process again the next day.
To avoid diving deep into a rabbit hole - just know that the premise
behind repo markets is that one side will sell an asset (a bond for
example) to another firm with the promise to repurchase that very
same asset the next day at a slightly higher price.
This transaction replicates a loan and it happens every single day.
The effective rate of interest on these transactions is known as the
repo rate. Effectively, it is very close to the rate set by the US Federal
Reserve for their over night rate.
The reason this enormous market is unknown to practically most
people in the investment world is because it is boring and never has a
moment when it should attract attention.
This all changed 5 months ago when this happened:
Effectively, the interest rate on overnight borrowing through the repo
market surged from 2% to 6% and then to 10%.
At this point, the US Federal Reserve had to get involved and pumped
billions of dollars into the market to help restore a sense of calmness.
This is a big deal.
Let’s make no mistake about it - it was so serious, that in order to
ensure this key funding rate remained closer to the Fed Funds rate,
the US Federal Reserve has been providing capital into the repo
market every day since.
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18. There is so much more
The reasons provided for this highly unusual market reaction and
subsequent US Federal Reserve reaction range from banks and
companies requiring additional monies for quarterly tax payments, to
blaming the US Treasury for returning to credit markets to fund their
trillion dollar deficit.
IceCap is telling you there is something much more significant
happening.
The reason the repo crisis started was due to entities not accepting
collateral from each other.
For whatever reason, suddenly Bank A is telling Bank B that they will
not lend to them overnight unless they agree to pay 10% interest.
Put another way - a lack or diminished level of trust has returned to
the banking system.
The USD is the world’s reserve currency and it is used and needed by
everyone around the world in one way or another.
Therefore, believing this is an American banking problem is naïve.
IceCap has written and talked extensively about our lack of
confidence in the European banking system.
European banks operate in the repo market and in our opinion this is
the epicentre of the crisis that is developing.
As was demonstrated during the 2008-09 crisis, banks have no idea
what other banks are holding on their balance sheets.
We know for certain that Europe’s banking risks were never cleansed
from the system.
And here we are now after 10 years of negative rates, zero rates,
bank and sovereign bailouts - maybe the invisible hand of the banking
system is finally re-emerging.
The repo crisis has our attention.
Actions by the US Federal Reserve is NOT a simple extension of
money printing/quantitative easing as is being bantered by the media
and talking heads.
Quantitative easing targeted long-term interest rates. It’s objective
was to make the cost of borrowing cheap which in turn would
encourage borrowing and produce economic growth.
This repo crisis is DIFFERENT.
The Fed’s reactions towards the repo crisis is to ensure the banking
sector regains enough confidence to ensure the enormous overnight
lending market continues uninterrupted.
Once trust leaves the banking system, it is very difficult to retrieve.
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19. Our Strategy
Stocks
There have been plenty of reasons to dislike equity markets based
upon fundamental factors. Yet IceCap continues to maintain that
since the explicit interference in financial markets by our central
banks and governments, fundamentals have become meaningless.
Our non-fundamental equity models remain very positive and have
resulted in our portfolios maintaining our equity allocations over the
past year.
Having said that, once the data changes and our models produce
different results so too will our allocations to equities.
Presently, we remain on downgrade alert and will continue to hold
equity allocations.
Bonds
There is not too much else to say about bond markets. In our opinion,
every bond market is priced to perfection and this pricing has created
severe asymmetric risk-return relations across the fixed income and
bond spectrum.
Chart top of next column illustrates how perfect corporate bond
markets have been priced. Here we show you credit spreads and how
they look relative to previous periods.
If there’s a recession or surge in long-term rates, bond markets are
toast.
xcvxcvxc
January 2020 The Invisible Man
Bloomberg Barclays US Aggregate Corporate Avg OAS
Currencies
No changes. We are well aware of the myriad of reasons why
investors believe the USD will decline rapidly and we continue to
disagree.
The global financial system has been bottled up now for 10 years and
we are increasingly seeing signs that a crisis will re-emerge which will
send foreign capital seeking safety in USD.
Our portfolios remain well positioned to benefit from a rapidly
appreciating USD.
Commodities
Gold remains on our want to buy list. We still expect it to have one
more leg down when USD eventually strengthens rapidly. We remain
patient.
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20. IceCap Investment Solutions
IceCap Global Managed Portfolios
• Managed by IceCap Asset Management
• Available for private clients and institutional investors
• Separately Managed Portfolios consisting of Long-only strategies
including equities, fixed income, currencies, volatility and
commodities.
• Contact directly:
• Keith Dicker: KeithDicker@IceCapAssetManagement.com
• Or any team member below
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.
Keith earned the Chartered Financial Analyst (CFA) designation in 1998
and is a member of the Chartered Financial Analysts Institute. He has
been recognized by the CFA Institute, RealVision, MacroVoices,
Reuters, Bloomberg, BNN and the Globe & Mail for his views on global
macro investment strategies. He is a frequent speaker on the
challenges and opportunities facing investors today, and is available to
present to groups of any size.
Keith Dicker, CFA founded IceCap Asset
Management Limited in 2010 and is the Chief
Investment Officer. He has over 25 years of
investment experience, covering multi asset class
strategies including equities, fixed income,
commodities & currencies.
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Our Team:
Keith Dicker: keithdicker@IceCapAssetManagement.com
John Corney: johncorney@IceCapAssetManagement.com
Haakon Pedersen: haakonpedersen@IceCapAssetManagement.com
Andrew Feader: andrewfeader@IceCapAssetManagement.com
Conor Demone: ConorDemone@IceCapAssetManagement.com