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.
Fasanara Capital | Investment Outlook
1. Fake Markets: How Artificial Money Flows Kill Data Dependency, Affect Market Functioning and Change the Structure of the Market
Hard data ceased to be a driver for markets, valuation metrics for bonds and equities which held valid for over a century are now deemed secondary. Narratives and money flows trump hard data, overwhelmingly.
‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows.
- Passive Flows: The Prehistoric Elephant In The Room
- ETFs Are Taking Over Markets
- The Impact of Passive Investors on Active Investors: the Induction Trap
- How Narratives Evolve To Cover For Fake Markets
- Defendit Numerus: There is Safety in Numbers
- What Could We Get Wrong
2. Be Short, Be Patient, Be Ready
Markets driven by Central Banks, passive investment vehicles and retail investors are unfit to price any premium for any risk. If we are right and this is indeed a bubble (both in equity and in bonds), it will eventually bust; it is only a matter of time. The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust.
The risk of a combined bust of equity and bonds is a plausible one. It matters all the more as 90%+ of investors still work under the basic framework of a balanced portfolio, exposed in different proportions to equity and bonds, both long. That includes risk parity funds, a leveraged version of balanced portfolio. That includes alternative risk premia funds, a nice commercial disguise for a mostly long-only beta risk, where premia is extracted from record rich markets that made those premia tautologically minuscule.
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?
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
Fasanara Capital | Investment Outlook
1. Fake Markets: How Artificial Money Flows Kill Data Dependency, Affect Market Functioning and Change the Structure of the Market
Hard data ceased to be a driver for markets, valuation metrics for bonds and equities which held valid for over a century are now deemed secondary. Narratives and money flows trump hard data, overwhelmingly.
‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows.
- Passive Flows: The Prehistoric Elephant In The Room
- ETFs Are Taking Over Markets
- The Impact of Passive Investors on Active Investors: the Induction Trap
- How Narratives Evolve To Cover For Fake Markets
- Defendit Numerus: There is Safety in Numbers
- What Could We Get Wrong
2. Be Short, Be Patient, Be Ready
Markets driven by Central Banks, passive investment vehicles and retail investors are unfit to price any premium for any risk. If we are right and this is indeed a bubble (both in equity and in bonds), it will eventually bust; it is only a matter of time. The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust.
The risk of a combined bust of equity and bonds is a plausible one. It matters all the more as 90%+ of investors still work under the basic framework of a balanced portfolio, exposed in different proportions to equity and bonds, both long. That includes risk parity funds, a leveraged version of balanced portfolio. That includes alternative risk premia funds, a nice commercial disguise for a mostly long-only beta risk, where premia is extracted from record rich markets that made those premia tautologically minuscule.
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?
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
The Great Fall in China August 2015 - Special market bulletin St. James's PlaceMichael de Groot
Monday 24th August 2015 saw one of the biggest stock market crashes in China. St. James's Place published a special bulletin to let their investors know to stay clam and that the incident wasn't unexpected. This bulletin contains some great advice.
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
1. Reflation Phase To Be Temporary, More Downside Ahead
Earlier on in 2016, ‘random and violent markets’ went off to panic mode out of (i) fears over China’s messy stock market and devaluing currency, (ii) plummeting oil price, (iii) strong US Dollar. Today, we believe complacent markets are similarly illogical and over-shooting, this time on the way up. As we re-assess the validity of the underlying risks, we expect a shift in narrative in the few months ahead and a sizeable sell-off for risk assets.
2. Four Key Conviction Ideas
We analyze below our key ideas for the next 12 months:
Short Chinese Renminbi Thesis. In Q1, China only managed to keep GDP in shape by means of graciously expanding credit by a monumental 1 trn $. Unsurprisingly, at 250% total debt on GDP, you cannot borrow 10% of GDP per quarter for long, without a currency adjustment, whether desired or not.
Short Oil Thesis. Long-term, we believe Oil will follow a volatile path around a declining trend-line, which will take it one day to sub-10$. Within 2016, we expect global aggregate demand to stay anemic and supply to surprise on the upside, inventories to grow, primarily due to the accelerating speed of technological progress.
Short S&P Thesis. To us, the S&P is priced to perfection, despite a most cloudy environment for growth and risk assets, thus representing a good value short, for limited upside is combined with the risk of a sizeable sell-off in the months ahead.
Short European Banks Thesis. We believe that micro policies at the local level, while valid, are impotent against heavy structural macro headwinds, and only the macro environment can save the banking sector in its current form in the longer-term. Macro structural headwinds for banks these days are too heavy a burden (negative sloped interest rate curves, deeply negative interest rates, deflationary economy, depressed GDP growth, over-regulation, Fintech), and will likely push valuations to new lows in the months/years ahead.
The current economic expansion has achieved 2 significant milestones. And what makes these milestones special is that when combined together, they create an economic paradox.
For starters, the current economic expansion has set the record as the longest period of continuous economic growth in US history.
While at the same time, it has also set the record as being the weakest period of continuous economic growth in US history.
This should raise questions as well as concerns.
The answer to the primary question is as follows: this economic expansion has been completely supported and enabled by unorthodox interest policies by global central banks. Zero % and negative % interest rates around the world has allowed economies to maintain positive, yet muted growth.
The concern with this economic experience is that the majority of this growth has been artificially created.
In this IceCap Global Outlook, we examine the invisible hand and why it is the key to understanding why economic growth is so weak, and better still - what happens next.
The 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.
Global Macro-economics, Trends, Portfolio ImplicationsNikunj Sanghvi
My presentation to the Bombay Chartered Accountants' Society International Economic Study Circle on Global macro-economics, trends, portfolio implications
Aug 7th 2013
Mumbai, India
Market Outlooks
We leverage a global network of investment consultants and researchers to deliver industry specific knowledge and dynamic tools, which allows our clients to make informed strategic investment decisions.
Economics theory fails to comprehend how 'money' is the consequence of trading connections creation of business processes. 'Money' is invoked by the need of society to account for the outputs in ledgers without fully accounting for the inputs. From that observation the Risk Price develops in the modal geometry of the business process that correlates the worth of credit floats created by trading connections into the worth applied to support the firm and consistently appears as a modal pattern in ledgers. That geometry is fundamental in all firms business process. The consequent need for 'money' to account for trading connections driving exchange through the business process creates the need to invoke 'money' as banking creates. Alice, meet the money multiplier that achieves the liquidity for 'money' to flow through society's business, leaving its imprint on ledgers everywhere as if a phantom.
Petrocapita is an investment trust built around the premise that demand for energy will continue to move prices higher over the long-term. Petrocapita was created to allow investors to add professionally managed oil & gas assets directly to their portfolios.
Agcapita May 2011 - Robbing Peter to Pay PaulPetrocapita
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.
The Great Fall in China August 2015 - Special market bulletin St. James's PlaceMichael de Groot
Monday 24th August 2015 saw one of the biggest stock market crashes in China. St. James's Place published a special bulletin to let their investors know to stay clam and that the incident wasn't unexpected. This bulletin contains some great advice.
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
1. Reflation Phase To Be Temporary, More Downside Ahead
Earlier on in 2016, ‘random and violent markets’ went off to panic mode out of (i) fears over China’s messy stock market and devaluing currency, (ii) plummeting oil price, (iii) strong US Dollar. Today, we believe complacent markets are similarly illogical and over-shooting, this time on the way up. As we re-assess the validity of the underlying risks, we expect a shift in narrative in the few months ahead and a sizeable sell-off for risk assets.
2. Four Key Conviction Ideas
We analyze below our key ideas for the next 12 months:
Short Chinese Renminbi Thesis. In Q1, China only managed to keep GDP in shape by means of graciously expanding credit by a monumental 1 trn $. Unsurprisingly, at 250% total debt on GDP, you cannot borrow 10% of GDP per quarter for long, without a currency adjustment, whether desired or not.
Short Oil Thesis. Long-term, we believe Oil will follow a volatile path around a declining trend-line, which will take it one day to sub-10$. Within 2016, we expect global aggregate demand to stay anemic and supply to surprise on the upside, inventories to grow, primarily due to the accelerating speed of technological progress.
Short S&P Thesis. To us, the S&P is priced to perfection, despite a most cloudy environment for growth and risk assets, thus representing a good value short, for limited upside is combined with the risk of a sizeable sell-off in the months ahead.
Short European Banks Thesis. We believe that micro policies at the local level, while valid, are impotent against heavy structural macro headwinds, and only the macro environment can save the banking sector in its current form in the longer-term. Macro structural headwinds for banks these days are too heavy a burden (negative sloped interest rate curves, deeply negative interest rates, deflationary economy, depressed GDP growth, over-regulation, Fintech), and will likely push valuations to new lows in the months/years ahead.
The current economic expansion has achieved 2 significant milestones. And what makes these milestones special is that when combined together, they create an economic paradox.
For starters, the current economic expansion has set the record as the longest period of continuous economic growth in US history.
While at the same time, it has also set the record as being the weakest period of continuous economic growth in US history.
This should raise questions as well as concerns.
The answer to the primary question is as follows: this economic expansion has been completely supported and enabled by unorthodox interest policies by global central banks. Zero % and negative % interest rates around the world has allowed economies to maintain positive, yet muted growth.
The concern with this economic experience is that the majority of this growth has been artificially created.
In this IceCap Global Outlook, we examine the invisible hand and why it is the key to understanding why economic growth is so weak, and better still - what happens next.
The 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.
Global Macro-economics, Trends, Portfolio ImplicationsNikunj Sanghvi
My presentation to the Bombay Chartered Accountants' Society International Economic Study Circle on Global macro-economics, trends, portfolio implications
Aug 7th 2013
Mumbai, India
Market Outlooks
We leverage a global network of investment consultants and researchers to deliver industry specific knowledge and dynamic tools, which allows our clients to make informed strategic investment decisions.
Economics theory fails to comprehend how 'money' is the consequence of trading connections creation of business processes. 'Money' is invoked by the need of society to account for the outputs in ledgers without fully accounting for the inputs. From that observation the Risk Price develops in the modal geometry of the business process that correlates the worth of credit floats created by trading connections into the worth applied to support the firm and consistently appears as a modal pattern in ledgers. That geometry is fundamental in all firms business process. The consequent need for 'money' to account for trading connections driving exchange through the business process creates the need to invoke 'money' as banking creates. Alice, meet the money multiplier that achieves the liquidity for 'money' to flow through society's business, leaving its imprint on ledgers everywhere as if a phantom.
Petrocapita is an investment trust built around the premise that demand for energy will continue to move prices higher over the long-term. Petrocapita was created to allow investors to add professionally managed oil & gas assets directly to their portfolios.
Agcapita May 2011 - Robbing Peter to Pay PaulPetrocapita
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.
Western governments are hopelessly addicted to deficit financing while refusing to address looming funding issues - with apologies to the embarrassingly foolish Angela Merkel, politicians can no more successfully “battle” the markets than you and I can successfully “battle” gravity. Petrocapita is an investment trust built around the premise that demand for energy will continue to move prices higher over the long-term. Petrocapita was created to allow investors to add professionally managed oil & gas assets directly to their portfolios.
Base on the article answer 2 According to Austrian schoo.pdfadvanibagco
Base on the article, answer:
2. According to Austrian school, what should be our guiding policy for economic crisis mentioned
in the article?
3. What kind of economic policy is our government pursuing to deal with this crisis? What would
the author of this article recommend?
PLEASE WRITE A MINIMUM OF SIX LINES FOR EACH ANSWER.
The article:
In March 2007 then-Treasury secretary Henry Paulson told Americans that the global economy
was as strong as Ive seen it in my business career. Our financial institutions are strong, he added
in March 2008. Our investment banks are strong. Our banks are strong. Theyre going to be strong
for many, many years. Federal Reserve chairman Ben Bernanke said in May 2007, We do not
expect significant spillovers from the subprime market to the rest of the economy or to the financial
system. In August 2008, Paulson and Bernanke assured the country that other than perhaps $25
billion in bailout money for Fannie and Freddie, the fundamentals of the economy were sound.
Then, all of a sudden, things were so bad that without a $700 billion congressional appropriation,
the whole thing would collapse. In the wake of this change of heart on the part of our leaders,
Americans found themselves bombarded with a predictable and relentless refrain: the free market
economy has failed. The alleged remedies were equally predictable: more regulation, more
government intervention, more spending, more money creation, and more debt. To add insult to
injury, the very people who had been responsible for the policies that created the mess were
posing as the wise public servants who would show us the way out. And following a now-familiar
pattern, government failure would not only be blamed on anyone and everyone but the
government itself, but it would also be used to justify additional grants of government power. The
truth of the matter is that intervention in the market, rather than the market economy itself, was the
driving factor behind the bust. F.A. Hayek won the Nobel Prize for his work showing how the
central banks intervention into the economy gives rise to the boom-bust cycle, making us feel
prosperous until we suffer the inevitable crash. Most Americans know nothing about Hayeks
theory (known as the Austrian theory of the business cycle), and are therefore easy prey for the
quacks who blame the market for problems caused by the manipulation of money and credit. The
artificial booms the Fed provokes, wrote economist Henry Hazlitt decades ago, must end in a
crisis and a slump, andworse than the slump itself may be the public delusion that the slump has
been caused, not by the previous inflation, but by the inherent defects of capitalism. Although my
recently released book, Meltdown explains the process in more detail, an abbreviated version of
Austrian business cycle theory might run as follows: Government-established central banks can
artificially lower interest rates by increasing the supply of money (and thus the funds banks have
a.
Base on the article answer 1 Explain F A Hayeks theory of.pdfadvanibagco
Base on the article answer:
1. Explain F A Hayek's theory of the "Business Cycle".
PLEASE WRITE A MINIMUM OF SIX LINES FOR EACH ANSWER.
The article:
In March 2007 then-Treasury secretary Henry Paulson told Americans that the global economy
was as strong as Ive seen it in my business career. Our financial institutions are strong, he added
in March 2008. Our investment banks are strong. Our banks are strong. Theyre going to be strong
for many, many years. Federal Reserve chairman Ben Bernanke said in May 2007, We do not
expect significant spillovers from the subprime market to the rest of the economy or to the financial
system. In August 2008, Paulson and Bernanke assured the country that other than perhaps $25
billion in bailout money for Fannie and Freddie, the fundamentals of the economy were sound.
Then, all of a sudden, things were so bad that without a $700 billion congressional appropriation,
the whole thing would collapse. In the wake of this change of heart on the part of our leaders,
Americans found themselves bombarded with a predictable and relentless refrain: the free market
economy has failed. The alleged remedies were equally predictable: more regulation, more
government intervention, more spending, more money creation, and more debt. To add insult to
injury, the very people who had been responsible for the policies that created the mess were
posing as the wise public servants who would show us the way out. And following a now-familiar
pattern, government failure would not only be blamed on anyone and everyone but the
government itself, but it would also be used to justify additional grants of government power. The
truth of the matter is that intervention in the market, rather than the market economy itself, was the
driving factor behind the bust. F.A. Hayek won the Nobel Prize for his work showing how the
central banks intervention into the economy gives rise to the boom-bust cycle, making us feel
prosperous until we suffer the inevitable crash. Most Americans know nothing about Hayeks
theory (known as the Austrian theory of the business cycle), and are therefore easy prey for the
quacks who blame the market for problems caused by the manipulation of money and credit. The
artificial booms the Fed provokes, wrote economist Henry Hazlitt decades ago, must end in a
crisis and a slump, andworse than the slump itself may be the public delusion that the slump has
been caused, not by the previous inflation, but by the inherent defects of capitalism. Although my
recently released book, Meltdown explains the process in more detail, an abbreviated version of
Austrian business cycle theory might run as follows: Government-established central banks can
artificially lower interest rates by increasing the supply of money (and thus the funds banks have
available to lend) through the banking system. This is supposed to stimulate the economy. What it
actually does is mislead investors into embarking on an investment boom that the artificially lo.
Instructions1. On the top of the page, provide the article citat.docxnormanibarber20063
Instructions
1. On the top of the page, provide the article citation in current APA format.
On the next line down, type the topic of your articles: (Gross Domestic Product (GDP)
in all caps and bold format.
2. In a double-spaced document, briefly explain the author’s purpose for writing the article. One way to understand the author’s purpose is to ask yourself why he or she wrote it. (For example, consider current and future events, politics, or anything else that may have inspired the article.)
3. Summarize the article(The criminality of Wall Street), focusing on the discussion of the topic the article addresses. Incorporate relevant economic theory that is present so that discussion of the article content is clear.
Article: The Criminality of Wall Street
Tabb, William K. Monthly Review66.4 (Sep 2014): 13-22.
The current stage of capitalism is characterized by the increased power of finance capital. How to understand the economics of this shift and its political implications is now central for both the left and the larger society. There can be little doubt that a signature development of our time is the growth of finance and monopoly power.1
In 1980 the nominal value of global financial assets almost equaled global GDP. In 2005 they were more than three times global GDP.2 The nominal value of foreign exchange trading increased from eleven times the value of global trade in 1980 to seventy-three times in 2009.3 Of course it is not certain what this increase means, since such nominal values can fluctuate widely, as we saw in the Great Financial Crisis. They cannot be compared directly and without all sorts of qualifications to the value added in the real economy. But they do give an impressionistic sense of the enormous magnitude by which finance grew and came to dominate the economy. Between 1980 and 2007, derivative contracts of all kinds expanded from $1 trillion globally to $600 trillion.4 Hedge funds and private equity groups, special investment vehicles, and mega-bank holding companies changed the face of Western capitalism. They also brought on the collapse from which we still suffer. Ordinary people may not be acquainted with the numbers (and even those best informed are not sure of their significance), but people generally understand in different and often deep ways what has been happening: namely, an ongoing process of financialization that has come to dwarf production.
What is particularly important is that despite the huge bubble created by this metastasizing growth of finance, the economy did not expand as rapidly as it had in the postwar years, before the goods producing industries lost ground in terms of employment to other sectors of the economy, and when government spending was used actively to promote growth. While the nature of much of the growth that occurred then is certainly open to criticism from all sorts of standpoints, at the time there was widespread understanding in policy circles that government spending was.
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.
one hedge fund manager can pocketed $ 1,3 bio (2014)!
This reminded me of a famous Wall Street joke – about a visitor to New York who admired the gorgeous yachts of the richest bankers and brokers. After gazing long and thoughtfully at these beautiful boats, the visitor asked wryly: “Where are the customers’ yachts?” Of course, the customers could not afford yachts, even though they dutifully followed the advice of their bankers and brokers.
Are fiscal/monetary conditions affecting the macro thesis for Canadian farmland investments? Do publicly traded equity investments hedge all inflation regimes? Canada's debt to GDP - looming threat or irrelevancy?
Some thoughts on economic activity and predictions farooq 2019 2Farooq Omar
An overview of challenges facing Pakistan after the 2018 elections. predominately the state of affairs of decline economic activity, it root causes and why? An excellent brief of overlooked critical areas which might have a negative affect and obstacles in achieving the objectives. A short but an eye opener for the fiscal economist. Do's and dont's. A birds eye view.
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.
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
Similar to Agcapita February 2011 Update - Two ways to be fooled (20)
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
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.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
2. Agcapita Update
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.
In simple terms the powers that be in the west have been fooled
by Keynesian dogma that:
– nominal increases in GDP represent growth;
– printing money increases nominal GDP; therefore
– printing money must generate growth.
Surely, this is to believe what isn’t so. A simple example of
the fallacy this represents is Frederic Bastiat’s parable of the
“broken window”. To paraphrase Bastiat, if all the windows in
the country were suddenly broken there might be an increase
in nominal GDP as the reconstruction took place but we should
not be fooled into believing that this has made us wealthier.
Keynesians would argue that business activity has been
stimulated, jobs were created and the economy benefited.
In his own version of the “broken window” Keynes famously
advocated burying newly printed money and paying people to
dig it up as a way to stimulate the economy.
With all due respect to Lord Keynes, this belief is in the process
of being exposed as the mirage it has always been. The true
measure of the wealth of an economy is the pool of productive
capital. Currency is merely the measuring stick. In our broken
window example, the pool has been maintained but without
the reconstruction it could have been increased - therefore the
1
3. Agcapita Update (continued)
net effect, taking into account both “the seen and overnight would we have more farmland, more oil
the unseen” in Bastiat’s words, is actually a loss of wells, more factories, more of anything other than
wealth. decimal places in our currency? The nominal price of
all these things would likely increase but the size of
If printing money does not create productive capital the capital pool has not changed. How do the money
then how can you explain its perennial appeal printing programs currently underway differ from this
amongst the banking and political classes? in anything but magnitude?
For politicians, printing money is desirable for two Unfortunately, the perverse consequences of printing
reasons. Firstly, it acts as an unseen tax. One which money do not stop with the misappropriation of
few voters understand and for which even fewer wealth from the inflatees to the inflators. A policy
are likely to blame the political class, at least in the of artificially low interest rates serves to sustain or
beginning. Secondly, by reducing the value of the create additional mal-investments - investments that
currency, the measuring stick I mentioned above, cannot generate sufficient returns, and in many cases
politicians are able to fool many of the voters that over the last decade ANY returns, to justify their
their wealth has increased, but of course no such existence. The failure to liquidate mal-investments
thing has happened. allows the economic problems they cause to multiply
and the inevitable accounting to be that much more
For members of the privileged banking class the devastating. Artificially low interest rates also fool the
appeal of printing money is that they are best market into believing that capital is plentiful and that
positioned to take advantage of the confusion consumption can continue at unsustainable levels
between the measurement of the pool of capital and with severe consequences for the real economy.
the actual pool of capital itself. In simple terms, they The word consume means “to expend, to use up,
can exchange the declining currency for productive to waste or squander”. Always remember that
assets while artificially low interest rates finance these consumption represents the diversion of productive
activities at minimal cost. capital into non-productive uses - i.e. the destruction
of capital. Savings, on the other hand, are the only
So in general while printing money creates no new source of capital to create productive assets.
wealth in the form of productive capital, a significant
amount of wealth can be misappropriated silently by I do not believe that the aggressive expansion of the
the banking and political classes. For the rest of us, money supply in the west will have a beneficial effect
the relentless expansion of the money supply offers on the real economy - i.e. will not increase the pool of
no true benefits and the very real danger that it is our productive capital in any meaningful way. However,
wealth that is misappropriated. I do believe it will fuel inflation and speculative
activities. Of course, more inflation and speculation
In the spirit of Bastiat, ask yourself if the central are exactly the opposite of what western economies
banks increased the global money supply 20-fold need. We cannot all make our livings selling condos,
2
4. Agcapita Update (continued)
stocks and bonds to each other - someone has to In general, my investment premise remains that
produce something and production requires genuine sustained real growth is unlikely to take place in the
capital. developed world until we stop engaging in capital
destroying activities. Worse, our depleted and
But this Frankenstein, finance driven economy declining capital pool, combined with an enormous
appears to be exactly what our governments and expansion of the monetary base and expanding
central bankers are trying to keep alive. The west has government is creating a high probability of an
become a vast inflation-creating machine in order to extended period of stagflation in the west.
support the impaired banking and housing sectors.
According to data published by analyst Mike Hewitt, This is not to say that I take a universally pessimistic
since the dot.com crash in 2001 and the onset of view of possible future returns. I believe that
aggressive low interest policies, the global money exposure to inflation-hedging assets with strong
(M0) supply has increased over 170%. Some, fooled macro fundamentals and underlying cash generating
by government inflation data ask - “but where is all capability, ideally in sectors exposed to growth
the inflation?” Fortunately for us, the Renminbi peg outside of developed markets, will continue to be
and OPEC petro-dollar recycling have been escape a fruitful area to search for outperformance over
routes for a large amount of western money/inflation the long-term. My personal preference remains
creation and heavily massaged government inflation agriculture and energy.
data has helped disguise the rest.
Kind Regards
As fast as we have been creating money in the west,
China and OPEC have been importing and storing Stephen Johnston - CIO
it on their balance sheets in the form of developed
world sovereign debt. Some observers even argue Petrocapita Income Trust & Agcapita Farmland
that China will indefinitely accumulate western debt in Investment Partnership
order to maintain its peg against our inherently weak
currencies. I believe that this is wishful thinking and
once again it is to be fooled into believing what isn’t Stephen graduated from London Business School
so merely because something hasn’t happened to and is the founder of one of Canada’s largest
date. When the emerging economies are forced to farmland investment funds, Agcapita, and Petrocapita
take serious steps to check domestic inflation - which Income Trust. Petrocapita is an energy investment
for example is already starting to happen in China trust built around the core premise that the world is in
- they will stop purchasing our debt and even start a bull market in commodities driven by inflation and
selling it, at which point decades of stored western a step-change increase in demand and, accordingly,
inflation could be returned to us in a very short period that investments with direct or indirect exposure
of time indeed. to commodities in a politically stable environment
3
5. Agcapita Update (continued)
such as Canada will provide above average returns.
Petrocapita holds a portfolio of low risk, producing
energy assets.
Stephen has over 15 years experience as a fund
manger – working for organizations such as the
European Bank for Reconstruction and Development,
Societe Generale and Baring Brothers.
Stephen has appeared on Business News Network
and CBC News and been quoted in such media
outlets as Fortune, the Financial Times and The
Globe and Mail.
4
6. DISCLAIMER:
The information, opinions, estimates, projections and other materials
contained herein are provided as of the date hereof and are subject to
change without notice. Some of the information, opinions, estimates,
projections and other materials contained herein have been obtained from
numerous sources and Agcapita Partners LP (“AGCAPITA”) and its affiliates
make every effort to ensure that the contents hereof have been compiled or
derived from sources believed to be reliable and to contain information and
opinions which are accurate and complete. However, neither AGCAPITA
nor its affiliates have independently verified or make any representation or
warranty, express or implied, in respect thereof, take no responsibility for
any errors and omissions which maybe contained herein or accept any
liability whatsoever for any loss arising from any use of or reliance on the
information, opinions, estimates, projections and other materials contained
herein whether relied upon by the recipient or user or any other third
party (including, without limitation, any customer of the recipient or user).
Information may be available to AGCAPITA and/or its affiliates that is not
reflected herein. The information, opinions, estimates, projections and other
materials contained herein are not to be construed as an offer to sell, a
solicitation for or an offer to buy, any products or services referenced herein
(including, without limitation, any commodities, securities or other financial
instruments), nor shall such information, opinions, estimates, projections and
other materials be considered as investment advice or as a recommendation
to enter into any transaction. Additional information is available by contacting
AGCAPITA or its relevant affiliate directly.
#400, 2424 4th Street SW Tel: +1.403.608.1256 www.agcapita.com
Calgary, Alberta T2S 2T4 Fax: +1.403.648.2776
Canada