“Just because you do not take an interest in politics
doesn’t mean politics won’t take an interest in you”
Pericles - 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.
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.
EPIC RESEARCH SINGAPORE - Daily SGX Singapore report of 24 December 2014Epic Research Singapore
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Singapore and SGX Exchange, You can get Daily Favorable Tips & future Strategy for SGX Stocks Market.
Scott Minerd, Chairman of Investments and Global CIO, analyzes global macroeconomic trends most likely to shape the investment environment in 10 charts.
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.
EPIC RESEARCH SINGAPORE - Daily SGX Singapore report of 24 December 2014Epic Research Singapore
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Singapore and SGX Exchange, You can get Daily Favorable Tips & future Strategy for SGX Stocks Market.
Scott Minerd, Chairman of Investments and Global CIO, analyzes global macroeconomic trends most likely to shape the investment environment in 10 charts.
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 causes of economic events, as opposed to the often more
head-line grabbing symptoms, are frequently overlooked by the
mainstream financial media. So while recent public opinion has
seen virtually a consensus of hostility towards the symptom of
financial sector malfeasance, as yet there does not seem to be a
coherent understanding about the cause of the financial crisis.
The causes of economic events, as opposed to the often more
head-line grabbing symptoms, are frequently overlooked by the
mainstream financial media. So while recent public opinion has
seen virtually a consensus of hostility towards the symptom of
financial sector malfeasance, as yet there does not seem to be a
coherent understanding about the cause of the financial crisis.
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?Veripath Partners
“Never, ever take counterparty risk. It is the one risk you are almost never rewarded for taking.” Joshua Brown summarizing a recent presentation by bond guru Jeffrey Gundlach. Sage but largely unheeded advice as the emerging winner of the “Unexpected Risk of 2011” competition is surely counter-party risk. For the longest time, counter-party risk has not been something that the average investor gave much consideration. State backed financial insurance schemes and the ostensibly strong balance sheets of financial service providers combined to create an unwarranted sense of safety.
Since the downgrade of the US does not come as a surprise to adherents of the Austrian School of Economics let's discuss something else. 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.
Agcapita September 2012 - Bull Market in Unintended Consequences ContinuesVeripath Partners
The central bankers of the two key western economies have pulled out all the monetary stops in recent weeks. Our mandarins of money assure us that this time their efforts will be sufficient - that this “unlimited” expansion in central bank balance sheets/ money-supply will provide the raw material for a rebirth of real growth in the west.
So with that context in mind, I believe it is putting it mildly indeed to say that we have arrived at a point where the vast majority of financial institutions are simply regulatory oligopolies with asset-harvesting business models more concerned with fees and proprietary speculative activities than with providing any useful services to savers and retail investors.
Agcapita October 2011 - Pensions and Hobson's ChoiceVeripath Partners
A Hobson’s choice is a free choice in which only one option is offered. As a person may refuse to take that option, the choice is therefore between taking the option or not - i.e. “take it or leave it”. So how does this apply to pensions?
Agcapita April 2013 Briefing - Bail-ins and the velocity of moneyVeripath Partners
So-called bank “bail-ins”, whereby losses are imposed on depositors, represent the next stage in the modus operandi of the political class in response to the ongoing solvency crisis in the state and financial sectors. The concept whereby thinly capitalized government agencies purport to guarantee trillions in deposits with billions in capital has always been implausible as an insurance scheme. There is nothing resembling
insurance about it. It is simply another unfunded government guarantee which in an age of insolvent states is being revealed, along with many other such guarantees, as the fiction it always 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.
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.
Agcapita April 2011 - Bull Market in Unintended ConsequencesVeripath Partners
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.
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.
Trump’s election victory has sent a global shockwave, mixing positive demand and negative supply elements in his policy rhetoric. There remains considerable ambiguity about the actual mix of Trump’s policies. Since it is too early to extrapolate Trump, it is best to assess his policies through the prism of three scenarios: the “good”, the “not so bad”, and the “ugly”.
Alaska Communications (NASDAQ: ALSK) is a premium telecom asset with embedded growth.
ALSK has limited competition and is a strong, growing #2 player vs. its primary competitor, GCI Communications (NASDAQ: GLIBA).
On November 3, 2020, Macquarie and GCM Grosvenor announced an all-cash deal to take-private ALSK for $3.00/share, valuing the enterprise at ~$310 million.
This valuation amounts to:4.65x TTM Adjusted EBITDA;10.15x TTM Adjusted EBITDA less CapEx;1.0x tangible book (no goodwill on balance sheet).
This is a ridiculously low price for a premium asset. 30-day go-shop period currently in progress, expires 11:59pm ET on December 3rd, 2020.
Steeper the climb sweeter the view- Fixed Income Updateiciciprumf
We believe that the current steepness in bond markets should not make investors wary, instead it could be an opportune time to add duration as the longer end of the yield curve becomes attractive.
Agcapita December 2011 - Leverage is Dead, Long Live Value investingVeripath Partners
Financial leverage (at least as it has come to be used in the last 15 or so years) is the logical but abused investment tool of a great
30-year period of declining interest rates. I know this may seem
counter-intuitive in a negative real interest rate environment, but
I believe in the short to medium term most investments should
incorporate less leverage rather than more.
Unlocking Capital for Land Use and Conservation Projects – Fabian Huwyler, Cr...CIFOR-ICRAF
This presentation by Credit Suisse's Fabian Huwyler was given at a session titled "Unlocking Capital for Land Use and Conservation Projects" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/
Veripath has over 90,000 (2021) acres across its Canadian row-crop portfolios and its principals have been investing in the Canadian farmland space since 2007, including creating the first RRSP eligible Canadian farmland fund. Minimum and zero tillage methodologies have very high penetration in Canadian prairies (AB, SK and MB). These tillage techniques are accepted to increase carbon/biomass in the soil and are a key component of conservation/regenerative agriculture practices. Veripath portfolios have minimum and zero tillage usages levels that on average are materially higher
than baseline provincial levels
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 causes of economic events, as opposed to the often more
head-line grabbing symptoms, are frequently overlooked by the
mainstream financial media. So while recent public opinion has
seen virtually a consensus of hostility towards the symptom of
financial sector malfeasance, as yet there does not seem to be a
coherent understanding about the cause of the financial crisis.
The causes of economic events, as opposed to the often more
head-line grabbing symptoms, are frequently overlooked by the
mainstream financial media. So while recent public opinion has
seen virtually a consensus of hostility towards the symptom of
financial sector malfeasance, as yet there does not seem to be a
coherent understanding about the cause of the financial crisis.
Agcapita December 2011 Briefing - Counterparty Risk in Your Portfolio?Veripath Partners
“Never, ever take counterparty risk. It is the one risk you are almost never rewarded for taking.” Joshua Brown summarizing a recent presentation by bond guru Jeffrey Gundlach. Sage but largely unheeded advice as the emerging winner of the “Unexpected Risk of 2011” competition is surely counter-party risk. For the longest time, counter-party risk has not been something that the average investor gave much consideration. State backed financial insurance schemes and the ostensibly strong balance sheets of financial service providers combined to create an unwarranted sense of safety.
Since the downgrade of the US does not come as a surprise to adherents of the Austrian School of Economics let's discuss something else. 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.
Agcapita September 2012 - Bull Market in Unintended Consequences ContinuesVeripath Partners
The central bankers of the two key western economies have pulled out all the monetary stops in recent weeks. Our mandarins of money assure us that this time their efforts will be sufficient - that this “unlimited” expansion in central bank balance sheets/ money-supply will provide the raw material for a rebirth of real growth in the west.
So with that context in mind, I believe it is putting it mildly indeed to say that we have arrived at a point where the vast majority of financial institutions are simply regulatory oligopolies with asset-harvesting business models more concerned with fees and proprietary speculative activities than with providing any useful services to savers and retail investors.
Agcapita October 2011 - Pensions and Hobson's ChoiceVeripath Partners
A Hobson’s choice is a free choice in which only one option is offered. As a person may refuse to take that option, the choice is therefore between taking the option or not - i.e. “take it or leave it”. So how does this apply to pensions?
Agcapita April 2013 Briefing - Bail-ins and the velocity of moneyVeripath Partners
So-called bank “bail-ins”, whereby losses are imposed on depositors, represent the next stage in the modus operandi of the political class in response to the ongoing solvency crisis in the state and financial sectors. The concept whereby thinly capitalized government agencies purport to guarantee trillions in deposits with billions in capital has always been implausible as an insurance scheme. There is nothing resembling
insurance about it. It is simply another unfunded government guarantee which in an age of insolvent states is being revealed, along with many other such guarantees, as the fiction it always 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.
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.
Agcapita April 2011 - Bull Market in Unintended ConsequencesVeripath Partners
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.
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.
Trump’s election victory has sent a global shockwave, mixing positive demand and negative supply elements in his policy rhetoric. There remains considerable ambiguity about the actual mix of Trump’s policies. Since it is too early to extrapolate Trump, it is best to assess his policies through the prism of three scenarios: the “good”, the “not so bad”, and the “ugly”.
Alaska Communications (NASDAQ: ALSK) is a premium telecom asset with embedded growth.
ALSK has limited competition and is a strong, growing #2 player vs. its primary competitor, GCI Communications (NASDAQ: GLIBA).
On November 3, 2020, Macquarie and GCM Grosvenor announced an all-cash deal to take-private ALSK for $3.00/share, valuing the enterprise at ~$310 million.
This valuation amounts to:4.65x TTM Adjusted EBITDA;10.15x TTM Adjusted EBITDA less CapEx;1.0x tangible book (no goodwill on balance sheet).
This is a ridiculously low price for a premium asset. 30-day go-shop period currently in progress, expires 11:59pm ET on December 3rd, 2020.
Steeper the climb sweeter the view- Fixed Income Updateiciciprumf
We believe that the current steepness in bond markets should not make investors wary, instead it could be an opportune time to add duration as the longer end of the yield curve becomes attractive.
Agcapita December 2011 - Leverage is Dead, Long Live Value investingVeripath Partners
Financial leverage (at least as it has come to be used in the last 15 or so years) is the logical but abused investment tool of a great
30-year period of declining interest rates. I know this may seem
counter-intuitive in a negative real interest rate environment, but
I believe in the short to medium term most investments should
incorporate less leverage rather than more.
Unlocking Capital for Land Use and Conservation Projects – Fabian Huwyler, Cr...CIFOR-ICRAF
This presentation by Credit Suisse's Fabian Huwyler was given at a session titled "Unlocking Capital for Land Use and Conservation Projects" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/
Veripath has over 90,000 (2021) acres across its Canadian row-crop portfolios and its principals have been investing in the Canadian farmland space since 2007, including creating the first RRSP eligible Canadian farmland fund. Minimum and zero tillage methodologies have very high penetration in Canadian prairies (AB, SK and MB). These tillage techniques are accepted to increase carbon/biomass in the soil and are a key component of conservation/regenerative agriculture practices. Veripath portfolios have minimum and zero tillage usages levels that on average are materially higher
than baseline provincial levels
"Show me the incentive and I'll show you the outcome" – Veripath Farmland Funds Q4 Investor Letter: Investing in a World of Financial Repression, Negative Real Rates, Valuation “Challenges” and Inflationary Forces.
Do G7 governments have an incentive to attempt to keep inflation higher for longer and real rates lower for longer? Negative real rates across a broad spectrum of credit assets are a graphic sign that we inhabit a world of financial repression orchestrated by central banks at the formal/informal behest of sovereign borrowers. In a normally functioning market, lenders do not provide capital to borrowers for negative yields – i.e., they do not pay for the privilege of lending. It goes without saying we are not in a normally functioning market.
Veripath Research "As people in the emerging economies of India and China make the transition to western standards of
living there is an often-overlooked issue – their water
consumption is rising dramatically.
Veripath Farmland Partners Research - portfolio optimization using farmland a...Veripath Partners
A review of the Canadian farmland market over the last 30 years reveals: a farmland holding would have improved the financial performance of typical investor portfolios; realized volatility that was lower than stocks; realized returns that were greater than bonds; a low correlation to traditional financial asset returns; and most importantly domestic institutional and retail investors are clearly under-invested relative to efficient frontier analysis.
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?
Equicapita Announces Acquisition of Majority of CCMETVeripath Partners
Equicapita Income Trust and Equicapita Income LP (collectively “Equicapita” or the
“Fund”) are pleased to announce the completion of the acquisition of a 70% equity ownership of CCMET
Group of Companies, a leading provider of integrated, full service materials engineering and testing
services throughout Western Canada, by an affiliate of the Fund.
Equicapita Reaches $100M in Subscribed Trust Capital Veripath Partners
Equicapita Income Trust announces it has completed the raise of $100M in subscribed preferred trust capital.
Stephen Johnston, a partner at Equicapita reports, "Equicapita is pleased to have passed the $100M mark in subscribed capital. Equicapita is part of a group of innovative Calgary based alternative funds seeking alternative investments. As managers we seek to deliver superior investment returns with lower volatility than public markets through private equity investing that combines strong underlying asset fundamentals and a disciplined value style. In practice we look for investments with: established macro drivers (typically in the form of a favourable supply/demand situation) and: a margin of safety (in the form of discounted asset prices, ability to acquire cash flow cheaply). To date, we have successfully deployed capital in multiple investment strategies via a group of funds – in farmland, SME PE, energy and non-bank lending – and currently have approximately $300M in unlevered AUM.
Agcapita is pleased to announce that Agcapita Fund IV has launched. Agcapita Fund V is a $20 million offering and is the only RRSP eligible farmland investment vehicle in Canada. If you would like to receive information about Agcapita Fund V please feel free to contact us at Fund5@agcapita.com or register online at the Agcapita website.
Stephen Johnston, co-founder of Agcapita, commented "Agcapita believes that prices of Canada farmland, in particular Saskatchewan farmland, are discounted to world averages for a tonne of productive capacity. Part of our investment premise is that this gap will close and with the attention that Canadian farmland is receiving from investors it can obviously happen quite quickly. It is this "margin of safety" return driver that attracted us to Canada and Saskatchewan in the first place.”
Investigating the Long Run Relationship Between Crude Oil and Food Commodity ...Veripath Partners
"Crude oil price is believed to be one of the factors that affect food commodity prices. It is an
agricultural production input, therefore the prices of fertilizer, fuel and transportation are affected by the crude oil prices directly, and subsequently they influence the production of grain commodities. There is another dimension to how oil prices can affect food commodity prices, and it is from the derived demand for biofuels. With rising oil prices, demand for biofuels increase and the production
of these fuel is highly dependent on the availability of agricultural feed stocks. So it is primarily because of the above two dynamics that I want to investigate if there is a long term relationship between crude oil prices and food commodity prices. This is an important issue in present times because of the rising prices and volatility in the oil and food commodity markets. I will try to examine if there exist a cointegrating relationship between crude oil price and food commodity price for the period between 1980 to 2011. The food commodities selected are maize, rice, soybean and wheat. Time Series econometric techniques were applied to find our results. The Engle-Granger Co-integration test revealed that there is long run relationship between crude oil prices and maize, soybean, wheat. But, rice prices were not found to be cointegrated. I also carried out the traditional Granger Causality test to check whether causality exist between the two prices. We find that there is unidirectional causality, with only crude oil prices ‘Granger causing’ each of the four food commodity prices. The reverse was not true, as crude oil prices were not found to be influenced by price of food commodities. So from our results we can confirm the significance of oil prices and the impact it has on the food commodity prices."
VBA Journal: Farmland, Reaping the Reward of IlliquidityVeripath Partners
Farmland is an asset class that provides a legal claim on land, and the agricultural produce that is grown on that land, in perpetuity. The returns from farmland are like those of a perpetual bond, with the proviso that operational farming returns show high volatility, being largely driven in the short term by climatic conditions and commodity prices. Bonds are typically priced at between 20 and 50 times returns, which is consistent with farmland price multiples. In contrast, equities in a moderate growth sector generally trade at a price to earnings ratio of approximately 10, making farmland look less attractive if perceived as a stock. Like other real assets farmland is protected against inflation, as is farm production. Farmland is thus similar to an inflation-protected perpetual bond with a variable yield, where both principal
and coupons are protected against currency depreciation.
Agcapita Update – Canadian Growing Season Lengthens 2 Weeks Over Last 50 Year...Veripath Partners
According to a recent Bloomberg article: "Corn is the most common grain in the U.S., with its production historically concentrated in a Midwestern region stretching from the Ohio River valley to Nebraska and trailing off in northern Minnesota. It had been ungrowable in the fertile farmland of Canada’s breadbasket. That is changing as a warming climate, along with the development of faster-maturing seed varieties, turns the table on food cultivation. The Corn Belt is being pushed north of what was imaginable a generation ago. Growing seasons on the Canadian prairie have lengthened about two weeks in the past half-century.
Top mailing list providers in the USA.pptxJeremyPeirce1
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
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Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
buy old yahoo accounts buy yahoo accountsSusan Laney
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Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
2. Agcapita Update
“Just because you do not take an interest in politics
doesn’t mean politics won’t take an interest in you”
Pericles
Summer is here and the inevitable Keynesian endgame
seems to be arriving for Greece. Shall we feign
surprise that massive governments deficits to pay for
unsustainable entitlement programs funded by insolvent
banks and money printing central banks are not a recipe
for a successful economy?
When you are bankrupt more debt doesn’t remedy your
problem - at best it may serve to maintain your liquidity
which is not the same as your solvency. None of the
participants in the unfolding Greek tragedy are willing
to take losses. Everyone wants to be bailed out by
the other guy, something akin to trying to lift a bucket
while standing in it as Winston Churchill once quipped.
How will the Greek story end? Let’s assume that some
combination of the following must occur:
– Government needs to shrink
– Banks must take losses
– Central banks must stop printing money
– Taxpayers must accept reduced entitlements
Judging by this list my conclusion would be “not well”.
The banks want the taxpayers to shoulder the losses,
the state wants the taxpayers to shoulder the losses, the
taxpayers want the banks to shoulder the losses. This
is a fantasy that cannot continue indefinitely. Before we
get too smug about the mess in Greece let us not forget
most G8 sovereign balance sheets don’t look much
better.
Why? Its simple math. Whether you are Greek,
Canadian or Zimbabwean you cannot indefinitely
1
3. Agcapita Update (continued)
receive $5 of government services for less than $5 of Why is this being done? A cynic might be inclined to
payments, if you are a bank you cannot keep lending answer that there are many more compelling reasons
to insolvent borrowers without incurring losses, and over and above Libya:
if you are a central bank you cannot keep printing
money without reducing its value. When a country – Sweet versus Sour: Incremental Saudi production
arrives at the point where its debt is two times the is too sour and heavy to bring down global prices
size of its economy and its unfunded liabilities are because refineries that lost Libyan sweet crude
even greater, if the end is not near it must certainly be cannot handle sour crude.
visible on the horizon. – Spare Production: It appears that despite the
verbal posturing to the contrary, Saudi can only
In the ongoing battle to postpone the day of pump modest amounts of additional oil and then
reckoning, at least until after the next election cycle, only for short periods of time. Just the loss of 1.6
the less scrupulous members of the political class are million barrels a day revealed that the emperor
now willing to pull out all the stops and intervene in was not wearing any clothes.
ways and in markets that would have been unheard – Demand Growth: With any kind of reasonable
of just a few years ago. Sadly, we are now dealing economic growth, the demand for oil will
to a large degree with political investment markets continue to increase. China aims to be middle
not economic ones - the question then becomes how class and even after 2 decades of impressive
long before economic gravity re-asserts itself? development is still at the very early stage of that
transformation.
Economic gravity in the form of escalating nominal – Hidden Stimulus - QE2.5: Every dollar drop in
prices certainly seems to be re-asserting itself in the the price of oil acts as a $7 billion annualized tax
energy markets over the last 24 months. So much break for US consumers.
so that the International Energy Agency (IEA) recently – Nominal Price Pressures: Rapid money supply
announced that the US and its partners will release increases are driving nominal energy prices and
60 million barrels of oil - ostensibly to offset the loss monetary authorities are eager to disguise this
of Libyan output even though Libya only amounts fact - even if only temporarily. With commodity
to around 2% of daily supply. The US will release a prices at nominal highs there will be stiff
million barrels a day from the Strategic Petroleum grass roots resistance to even the hint of QE3
Reserve (SPR) - an emergency action it has only emanating from central bankers.
taken 3 times in the SPR’s history:
Perversely, by reducing prices even temporarily the
– 1990/91 - Desert Storm sale - 21 million barrels IEA will make marginal supply uneconomic which will
– 2005 - Hurricane Katrina sale - 11 million barrels curtail future development plans - another example
– 2011 - Arab Spring sale - 30 million barrels of the short-sighted “kicking the can down the road”
behavior of our governments.
2
4. Agcapita Update (continued)
I believe we are seeing the unraveling of some very The benign investing world of the last two decades
powerful long-term trends particularly the long-term appears to be passing rapidly and the one replacing it
bull market in sovereign debt. This is certainly an is more volatile at all levels.
ominous development but is does not mean we
should give up all hope to generate returns. Changes Kind Regards
of the magnitude that we are witnessing should
provide commensurately big opportunities. The Stephen Johnston
key is to be ready and position yourself accordingly.
3
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