Wine can be a good investment under certain conditions. The document makes three key arguments for why wine investment may be more valuable than typically thought:
1. Wine quality varies by vintage, so investors only purchase high quality vintages. This means indexes based on all vintages understate returns for typical investors.
2. In some countries, wine investment returns are not taxed, unlike returns from standard assets. Comparisons of pre-tax returns therefore understate the value of wine.
3. Including wine in a diversified portfolio can help reduce overall risk, even if wine's individual risk-return profile is not superior. This expanded efficient frontier means wine can still be a worthwhile investment.
J. Alexander's Mispriced Spin-Off Exacerbated By Understated GuidanceLester Goh
- Shares of J. Alexander's restaurant company fell sharply after spinning off from its parent company Fidelity National, likely due to non-fundamental reasons rather than issues with the business itself. As a small part of Fidelity National, J. Alexander's was a stub position for many investors who sold it off after the spin-off. Additionally, the company has limited analyst coverage as a smaller entity. However, the document argues that J. Alexander's is well-positioned in the upscale dining industry, with strong sales momentum, prime locations comparable to industry leaders, and guidance that understates the business, suggesting its shares are undervalued.
1) Steve is the author's friend who buys investments after they have risen and sells them after they have dropped, acting as an indicator that those investments are a bad idea.
2) Many investors make poor decisions by chasing recent winners and abandoning investments as soon as they fall, hoping winners will continue winning when past performance does not predict future returns.
3) Even professionals like mutual fund managers fall prey to emotional reactions, buying high and selling low, which causes their funds to underperform simple index investing over time.
Supercharge your Investments with Tax-Loss HarvestingWealthfront
Tax-loss harvesting, or "tax selling," is a technique used to lower your taxes while maintaining the expected risk and return profile of your portfolio. It harvests previously unrecognized investment losses to offset taxes due on your other gains and income. You can reinvest these tax savings to significantly grow the value of your portfolio.
Wealthfront has two different strategies available for Tax-Loss Harvesting on client portfolios:
1. Daily Tax-Loss Harvesting
2. The Tax-Optimized US Index Portfolio
Both of Wealthfront’s Tax-Loss Harvesting strategies run every day, selling underperforming assets and replacing them with similar but not identical ones as opportunities arise.
Learn more about Daily Tax-Loss Harvesting and Stock level Tax-Loss Harvesting with the Wealthfront Tax-Optimized US Index Portfolio here.
This document discusses capital structure and leverage. It defines capital structure as the composition of a company's long-term capital sources including loans, reserves, shares and bonds. The optimal capital structure maximizes firm value by balancing the use of debt and equity. Leverage refers to a company's use of fixed-cost funds, like debt, to increase returns to shareholders. Both financial leverage and operating leverage can magnify the impact of changes in revenues and earnings but also increase business risk.
Our $14.50 price target and Buy rating are reiterated. Learn more about our Sporting Goods Monitor equity research service at http://www.sportinggoodsmonitor.com/.
MarineMax (NYSE: HZO) is building steam while West Marine
(NASDAQ: WMAR) is stuck at anchor. To learn more about Forward View equity research, visit http://www.sportinggoodsmonitor.com/
J. Alexander's Mispriced Spin-Off Exacerbated By Understated GuidanceLester Goh
- Shares of J. Alexander's restaurant company fell sharply after spinning off from its parent company Fidelity National, likely due to non-fundamental reasons rather than issues with the business itself. As a small part of Fidelity National, J. Alexander's was a stub position for many investors who sold it off after the spin-off. Additionally, the company has limited analyst coverage as a smaller entity. However, the document argues that J. Alexander's is well-positioned in the upscale dining industry, with strong sales momentum, prime locations comparable to industry leaders, and guidance that understates the business, suggesting its shares are undervalued.
1) Steve is the author's friend who buys investments after they have risen and sells them after they have dropped, acting as an indicator that those investments are a bad idea.
2) Many investors make poor decisions by chasing recent winners and abandoning investments as soon as they fall, hoping winners will continue winning when past performance does not predict future returns.
3) Even professionals like mutual fund managers fall prey to emotional reactions, buying high and selling low, which causes their funds to underperform simple index investing over time.
Supercharge your Investments with Tax-Loss HarvestingWealthfront
Tax-loss harvesting, or "tax selling," is a technique used to lower your taxes while maintaining the expected risk and return profile of your portfolio. It harvests previously unrecognized investment losses to offset taxes due on your other gains and income. You can reinvest these tax savings to significantly grow the value of your portfolio.
Wealthfront has two different strategies available for Tax-Loss Harvesting on client portfolios:
1. Daily Tax-Loss Harvesting
2. The Tax-Optimized US Index Portfolio
Both of Wealthfront’s Tax-Loss Harvesting strategies run every day, selling underperforming assets and replacing them with similar but not identical ones as opportunities arise.
Learn more about Daily Tax-Loss Harvesting and Stock level Tax-Loss Harvesting with the Wealthfront Tax-Optimized US Index Portfolio here.
This document discusses capital structure and leverage. It defines capital structure as the composition of a company's long-term capital sources including loans, reserves, shares and bonds. The optimal capital structure maximizes firm value by balancing the use of debt and equity. Leverage refers to a company's use of fixed-cost funds, like debt, to increase returns to shareholders. Both financial leverage and operating leverage can magnify the impact of changes in revenues and earnings but also increase business risk.
Our $14.50 price target and Buy rating are reiterated. Learn more about our Sporting Goods Monitor equity research service at http://www.sportinggoodsmonitor.com/.
MarineMax (NYSE: HZO) is building steam while West Marine
(NASDAQ: WMAR) is stuck at anchor. To learn more about Forward View equity research, visit http://www.sportinggoodsmonitor.com/
Hamtaro is a helpful hamster who falls in love with Bijou at first sight. Boss is a naughty hamster who likes to bully the timid Maxwell and also loves Bijou. Maxwell is bullied by Boss despite being highly intelligent but shy. Hamtaro imagines himself as a hero and uses a wheel to successfully knock down Boss and save Maxwell, becoming friends with both afterwards.
The sea greets us with its vast expanse, ever-changing moods, and mysteries yet to be uncovered by human exploration. Its waves crash upon shorelines around the world, a reminder of nature's power and our smallness within the grand scheme. Though its depths remain largely uncharted, the sea nourishes all with the fruits of its waters and connects all lands with its currents, a common heritage for all people.
The document discusses how a media product uses, develops, and challenges conventions of real media. It summarizes that the product aimed to be good value, look professional, and contain relevant articles like local newspapers. It developed conventions by using modern fonts and brighter colors. It challenged conventions by using higher quality images to look more sophisticated. The product aimed to appeal to older readers so it used larger text and fewer columns on inside pages. Overall, it aimed to follow conventions more than challenge them to be more receptive to the target audience.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
The document describes the layout changes to a newspaper throughout the week. Monday's edition features a blue, yellow, and red color scheme with a large lead image and two-paragraph lead article. Tuesday is similar but has an angrier headline in black. Wednesday has an offer banner and lead article in a white box over the main image. Thursday and Friday editions are also similar, with the lead article in a white box over the main image. Saturday has a smaller lead image and lowercase headline to emphasize emotion. Throughout the week, the newspaper maintains consistent design elements like the masthead, fonts, and color scheme.
The document contains contact information for Ahmed Younes, listing his name, job titles as an executive pastry chef and master sugar and chocolate trainer, and email address of ahmedsfah@yahoo.com repeated over 60 times.
Dokumen tersebut membahas tentang pentingnya branding baik secara internal maupun eksternal bagi pemerintah kota Tangerang. Secara internal, perlu ada upaya lebih untuk melibatkan seluruh warga termasuk yang berasal dari luar kota. Sementara secara eksternal, perlu digali potensi khusus kota Tangerang yang dapat dijadikan identitas untuk menarik minat wisatawan dan investor. Langkah awal yang penting adalah melakukan studi mend
Investment in Wine - Rasmus Bonde GreisRasmus Greis
This paper analyzes investing in fine wine from 1978 to 2014. It finds that wine returned an average of 10.67% nominally and 7.19% real annually, outperforming stocks and bonds over this period. A regression model shows wine prices were uncorrelated with traditional assets like stocks and bonds. Wine is thus a good portfolio diversifier. However, wine investment has costs and risks investors must consider, like storing and trading expenses. Overall, the study demonstrates fine wine has been a successful alternative investment due to strong returns and low correlation with other assets over the past 37 years.
This document summarizes the findings from attempting to become wine investors over the course of one week. Some key conclusions are:
1) Wine can be a good investment due to its scarcity, appreciation over time, and tax benefits. However, it also has risks like fraud, improper storage damaging wines, and future vintages affecting past values.
2) A buy and hold strategy focused on established wines that score highly based on pedigree, longevity, appreciation, liquidity, and critical acclaim has historically generated strong returns.
3) Diversification across regions and lesser known quality wines can provide exposure beyond just the most established Bordeaux wines and reduce risk compared to focusing only on a few brands.
Wine can be a stable and low-risk investment according to market studies. Simplicity is key to wine investment - buyers purchase wine at a lower price, wait for it to mature, and sell at a higher mature price. Wine investment relies on supply and demand and vintage years, with the greatest wines from the greatest vintages in high demand and increasing in value rapidly. Profiters International is a company that helps investors select wines based on quality, climate, quantity, and proper storage to realize gains from wine investment.
Luxe Fund Introduction to Champagne InvestmentsThe LUXE Fund
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critical reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, vintages, and critically acclaimed Champagnes to create a diversified portfolio for long-term growth.
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critic reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, outstanding vintages, and pristine bottles to create a diversified portfolio for long-term growth.
Pouring Wine to Your Investment Portfolio - Returns on a High!Vikas Sharan
Find the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/321-pouring-wine-to-your-investment-portfolio-returns-on-a-high
Fine Wine Investment Offers Portfolio Diversification | Aranca Articles and P...Aranca
Fine Wine investment offers portfolio diversification at higher returns and low correlation. Fine Wine provided higher returns compared to the traditional asset classes such as equity, bond, real estate, or commodity due to its limited production.
This private placement memorandum is offering shares in Snooth, an online wine retailer. Snooth operates a website and mobile apps that allow consumers to research and purchase wines from various retailers. It also provides tools for wine producers and retailers to market and sell inventory through its platform. The memorandum warns that investing carries high risks as the company requires more funding and its success is not guaranteed. It also notes that shares offered are illiquid and investors could lose their entire investment.
1. Investing is like winemaking in that both require careful decision making at the outset to achieve superior outcomes over the long term.
2. An investment manager's philosophy and process is akin to terroir in winemaking, with core principles including passionate individuals focused on clients, a robust and flexible process, and achieving long term client outcomes.
3. Patience and staying invested over the long term, like aging wine, allows investments to mature and often delivers stronger returns than emotional reactions to short term noise.
Join CMT Level 1, 2 & 3 Program Courses & become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
https://www.ptaindia.com/chartered-market-technician/
This document discusses how hedge funds can enhance traditional investment portfolios. It notes that while traditional investments aim for liquidity and outperforming benchmarks, alternative investments like hedge funds use flexibility to manage risk and avoid bubbles. The document shows that a portfolio including hedge funds achieved higher returns over 10 years than one with just traditional investments. Institutional investors increasingly allocate to hedge funds for their ability to produce returns in any market environment.
This chapter discusses accounting for intercorporate investments and consolidations. It covers short-term and long-term investments in debt and equity securities, as well as the market and equity methods for accounting for investments. The chapter also addresses preparing consolidated financial statements, accounting for minority interests, goodwill, and impairment of goodwill.
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009Livex
Liv-ex Director James Miles' presentation on “The history and development of the fine wine investment market”, given at the Hong Kong International Wine & Sprits Fair Trade Conference.
Hamtaro is a helpful hamster who falls in love with Bijou at first sight. Boss is a naughty hamster who likes to bully the timid Maxwell and also loves Bijou. Maxwell is bullied by Boss despite being highly intelligent but shy. Hamtaro imagines himself as a hero and uses a wheel to successfully knock down Boss and save Maxwell, becoming friends with both afterwards.
The sea greets us with its vast expanse, ever-changing moods, and mysteries yet to be uncovered by human exploration. Its waves crash upon shorelines around the world, a reminder of nature's power and our smallness within the grand scheme. Though its depths remain largely uncharted, the sea nourishes all with the fruits of its waters and connects all lands with its currents, a common heritage for all people.
The document discusses how a media product uses, develops, and challenges conventions of real media. It summarizes that the product aimed to be good value, look professional, and contain relevant articles like local newspapers. It developed conventions by using modern fonts and brighter colors. It challenged conventions by using higher quality images to look more sophisticated. The product aimed to appeal to older readers so it used larger text and fewer columns on inside pages. Overall, it aimed to follow conventions more than challenge them to be more receptive to the target audience.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
The document describes the layout changes to a newspaper throughout the week. Monday's edition features a blue, yellow, and red color scheme with a large lead image and two-paragraph lead article. Tuesday is similar but has an angrier headline in black. Wednesday has an offer banner and lead article in a white box over the main image. Thursday and Friday editions are also similar, with the lead article in a white box over the main image. Saturday has a smaller lead image and lowercase headline to emphasize emotion. Throughout the week, the newspaper maintains consistent design elements like the masthead, fonts, and color scheme.
The document contains contact information for Ahmed Younes, listing his name, job titles as an executive pastry chef and master sugar and chocolate trainer, and email address of ahmedsfah@yahoo.com repeated over 60 times.
Dokumen tersebut membahas tentang pentingnya branding baik secara internal maupun eksternal bagi pemerintah kota Tangerang. Secara internal, perlu ada upaya lebih untuk melibatkan seluruh warga termasuk yang berasal dari luar kota. Sementara secara eksternal, perlu digali potensi khusus kota Tangerang yang dapat dijadikan identitas untuk menarik minat wisatawan dan investor. Langkah awal yang penting adalah melakukan studi mend
Investment in Wine - Rasmus Bonde GreisRasmus Greis
This paper analyzes investing in fine wine from 1978 to 2014. It finds that wine returned an average of 10.67% nominally and 7.19% real annually, outperforming stocks and bonds over this period. A regression model shows wine prices were uncorrelated with traditional assets like stocks and bonds. Wine is thus a good portfolio diversifier. However, wine investment has costs and risks investors must consider, like storing and trading expenses. Overall, the study demonstrates fine wine has been a successful alternative investment due to strong returns and low correlation with other assets over the past 37 years.
This document summarizes the findings from attempting to become wine investors over the course of one week. Some key conclusions are:
1) Wine can be a good investment due to its scarcity, appreciation over time, and tax benefits. However, it also has risks like fraud, improper storage damaging wines, and future vintages affecting past values.
2) A buy and hold strategy focused on established wines that score highly based on pedigree, longevity, appreciation, liquidity, and critical acclaim has historically generated strong returns.
3) Diversification across regions and lesser known quality wines can provide exposure beyond just the most established Bordeaux wines and reduce risk compared to focusing only on a few brands.
Wine can be a stable and low-risk investment according to market studies. Simplicity is key to wine investment - buyers purchase wine at a lower price, wait for it to mature, and sell at a higher mature price. Wine investment relies on supply and demand and vintage years, with the greatest wines from the greatest vintages in high demand and increasing in value rapidly. Profiters International is a company that helps investors select wines based on quality, climate, quantity, and proper storage to realize gains from wine investment.
Luxe Fund Introduction to Champagne InvestmentsThe LUXE Fund
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critical reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, vintages, and critically acclaimed Champagnes to create a diversified portfolio for long-term growth.
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critic reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, outstanding vintages, and pristine bottles to create a diversified portfolio for long-term growth.
Pouring Wine to Your Investment Portfolio - Returns on a High!Vikas Sharan
Find the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/321-pouring-wine-to-your-investment-portfolio-returns-on-a-high
Fine Wine Investment Offers Portfolio Diversification | Aranca Articles and P...Aranca
Fine Wine investment offers portfolio diversification at higher returns and low correlation. Fine Wine provided higher returns compared to the traditional asset classes such as equity, bond, real estate, or commodity due to its limited production.
This private placement memorandum is offering shares in Snooth, an online wine retailer. Snooth operates a website and mobile apps that allow consumers to research and purchase wines from various retailers. It also provides tools for wine producers and retailers to market and sell inventory through its platform. The memorandum warns that investing carries high risks as the company requires more funding and its success is not guaranteed. It also notes that shares offered are illiquid and investors could lose their entire investment.
1. Investing is like winemaking in that both require careful decision making at the outset to achieve superior outcomes over the long term.
2. An investment manager's philosophy and process is akin to terroir in winemaking, with core principles including passionate individuals focused on clients, a robust and flexible process, and achieving long term client outcomes.
3. Patience and staying invested over the long term, like aging wine, allows investments to mature and often delivers stronger returns than emotional reactions to short term noise.
Join CMT Level 1, 2 & 3 Program Courses & become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
https://www.ptaindia.com/chartered-market-technician/
This document discusses how hedge funds can enhance traditional investment portfolios. It notes that while traditional investments aim for liquidity and outperforming benchmarks, alternative investments like hedge funds use flexibility to manage risk and avoid bubbles. The document shows that a portfolio including hedge funds achieved higher returns over 10 years than one with just traditional investments. Institutional investors increasingly allocate to hedge funds for their ability to produce returns in any market environment.
This chapter discusses accounting for intercorporate investments and consolidations. It covers short-term and long-term investments in debt and equity securities, as well as the market and equity methods for accounting for investments. The chapter also addresses preparing consolidated financial statements, accounting for minority interests, goodwill, and impairment of goodwill.
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009Livex
Liv-ex Director James Miles' presentation on “The history and development of the fine wine investment market”, given at the Hong Kong International Wine & Sprits Fair Trade Conference.
Investment performance reports can be confusing because they use different calculation methods that measure performance differently. Time-weighted returns measure average returns without regard for cash flows, allowing fair comparison of managers. Dollar-weighted returns are more influenced by timing of cash flows. In an example, a portfolio had steady gains for 4 years but a large inheritance and market loss in the 5th year, so dollar-weighted return was negative while time-weighted still showed gains due to each year having equal weight. Performance standards use time-weighted returns to provide accurate comparisons across investments.
On Wednesday, February 13th we were joined by Jon Kazarian, Director of Business Development at Windham Labs, for a conversation on Portfolio Construction and Evaluation.
The document provides an overview of mutual funds, including what they are, how net asset value is calculated, common types of mutual funds, expenses and fees associated with mutual funds, and factors to consider when purchasing and selling mutual funds. It discusses key mutual fund concepts such as returns, risks, performance, and strategies for mutual fund investment.
Equity fund investors have historically earned lower returns than stock market indexes due to costs. Mutual funds charge management fees around 1.19% of assets annually on average as well as transaction costs of 1.44% from frequent trading. These costs total around 2.63% annually and help explain why fund investor returns have lagged the market by around 8 percentage points annually over 30 years. While some fund company practices like late trading and directed brokerage have been banned, high costs remain a major reason for the "missing return" of equity fund investors compared to market indexes.
This document discusses the barriers that individual investors face in achieving strong investment returns, including lack of access to meaningful information, high costs, poor risk control, and emotional decision making. It promotes the services of Sandpiper Capital, an investment advisor, which aims to remove these barriers by providing research-driven investing, minimizing costs, controlling risks through diversification and rebalancing, and removing emotions from the investing process. Sandpiper clients are said to experience limited downside due to risk management and have outperformed the average investor over time.
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
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Virtual Leadership and the managing workIruniUshara1
Virtual leadership is a form of leadership in which teams are managed via a remote working environment.
Like traditional leadership roles, virtual leaders focus on motivating employees and helping teams accomplish their goals.
Virtual leadership focuses heavily on improving collaboration through communication, accountability, and transparency
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1. AMERICAN ASSOCIATION
OF WINE ECONOMISTS
WINE INDEX: RETHINKING WINE INVESTMENT
Abstract
This article presents three arguments as to why the value of wine as an investment good
has typically been understated and argues that wine investment represents a good value
proposition. It is argued that general all vintage wine indexes understate the return the
typical investor receives; that comparisons using pre-tax returns overstate the value of
standard financial assets relative to wine; and that wine investment provides good value
in terms of allowing portfolio risk to be reduced.
1. INTRODUCTION
Broadly speaking, the return to wine literature suggests that wine investment is not a
profitable activity. See Fogarty (2006, p. 544-5) for a summary table outlining details of
the return to wine literature. The work presented in this article shows that the existing
literature has understated the potential value of wine investment.
It is argued here that the value of wine as an investment good has been understated for
the following reasons. Firstly, as the quality of any given vintage of wine is largely
known in advance, wine investors will not invest in poor quality vintages. This means a
wine price index based on the return to all vintages of wine understates the return
achieved by the typical wine investor.
As the asset return comparisons made in the literature are typically made using the return
to an all vintage wine index, these comparisons understate the return achieved by the
typical wine investor.
Secondly, in certain countries, the returns to wine are generally not taxed, while the
returns to standard financial assets are taxed.
As the comparisons of asset returns typically made in the literature are comparisons of
pre-tax returns, these comparisons understate the value of wine
investment.
Thirdly, the appropriate framework for assessing the value of wine as an investment class
is not a comparison of the risk-return profile of wine compared to other asset classes, but
rather an assessment of the role wine can play in expanding the Markowitz (1952)
Investment Efficient Frontier.
Even if the return to wine is lower than standard financial assets and the risk higher, if
including wine in an investment portfolio reduces portfolio risk, wine should be
considered a worthwhile investment class.
This paper proceeds as follows. Section two explores and comments on some of the
specific extra costs incurred by those investing in wine. Section three discusses in detail
2. the three reasons proposed for believing the existing literature has understated the
potential benefits to wine investment, and presents examples that illustrate the points
made.
2. SOME WINE SPECIFIC COSTS
Those considering wine investment face a number of costs that are peculiar to wine
investment. The most obvious of these costs are storage costs, but transaction costs when
trading wine are also slightly higher than the transaction costs involved when trading
standard financial assets:
Wine must be kept in a cool, humid, and preferably dark location where daily
temperature fluctuations are minimal. For those without a wine cellar, which is most
people, there are several options: have a purpose built cellar excavated; install one or
more climate and humidity controlled wine cabinets; or use and pay for commercial
storage at a purpose built wine storage facility.
The best wine brokerages will offer an inclusive storage cost investment, which negates
the main cost factor in relation to the overall investment package. Obviously these firms
are the ones to deal with rather than those that do not offer this, as clearly there is a
higher ROI.
Yet despite these extra costs, this paper argues that wine can still represent a good,
valuable addition to an investment portfolio. The reasons for this are explored in detail in
the next section.
3. THREE REASONS FOR RECONSIDERING THE VALUE OF WINE
INVESTMENT
Proposition One: Quality vintages can be identified in advance and people considering
wine investment hold only quality vintages.
Although work presented in relatively recent times has formalised the relationship
between weather and wine quality (Ashenfelter et al., 1995; Byron and Ashenfelter,
1995; De Vittorioand Ginsburgh, 1996) in a way that economics professionals can
understand, the basic weather conditions that lead to good wine have long been known by
viticulturalists. See for example Gladstones (1992) for historical, technical, and statistical
details on wine and climatic conditions.
Yet even those who have never picked up viticulture textbook or a wine economics paper
know wine quality varies between vintages. It is, for example, inconceivable that anyone
interested in wine investment would not be aware 2005 was a great vintage in Bordeaux,
just as it is equally impossible for someone to not know 1998 was a great vintage in
Australia’s Barossa Valley and Coonawarra region.
The popular press does report on exceptional vintages, but more generally, those
interested in wine understand that quality varies between vintages, and because they
know quality varies each year, they use vintage charts to inform their wine purchasing
decisions.
3. For Australian wine there are vintage charts and wine ratings such as those of:
Langton’s – from renowned wine critic(s) Jeremy Oliver, author of the Australia Wine
Annual; and James Halliday, author of the Australian Wine Companion.
Investors undoubtedly also consult a vintage chart before making the decision to invest in
a particular vintage. The ratings provided by Australian critics are highly regarded.
The existence of vintage charts alone does not justify moving away from a general wine
price index to one based on select vintages. It is only reasonable to move to a select
vintage wine index because vintage chart information is published substantially in
advance of when the wine is available for sale. In this sense the equity market and the
wine market are fundamentally different.
When a company lists on the stock exchange there is much uncertainty about its future
profitability. Whether the management team has the skills to generate above average
results is largely unknown. When a wine first appears in the secondary market there is
very little uncertainty about whether the wine is above average, below average, or merely
average. The quality of the vintage is largely determined by the weather conditions
prevailing that year. As fine wine is sold some years after the grapes have been harvested,
the wine bottled, and the vintage charts published, the quality of any given vintage is
known prior to purchase. All but the most determinedly ignorant of wine investors will
not invest in bad vintages. As such, in the case of wine, the return to a general wine index
understates the return the average investor is likely to receive.
It is worth noting that there is no wine investment advice in published or on-line sources
that suggests holding an investment portfolio of all wine vintages. Wine investment
decisions and or recommendations, are always discussed with respect to each particular
vintage. This feature of the wine market appears not to be reflected in the return to wine
literature.
For shares and bonds, it is however appropriate to use, for comparison purposes, the
return to an appropriately defined broad market total return index. Ensuring above
average performance over the longer term, for most investors, is simply not possible.
Were it possible to consistently achieve above average returns, active fund managers
would consistently outperform the market. Yet as Sharpe (1991, p. 7) explains, the return
to the market is the weighted average of the return to the active and passive segments of
the market, and as the passive return equals the market return, the average return to an
actively managed fund must also equal the market return. Empirical work generally
supports the idea that the return to active fund management, once fees are taken into
consideration, is no better than the market return, and may be noticeably worse. (Frino
and Gallagher, 2001; Gallagher and Jarnecic, 2002).
Proposition Two: Investors are concerned with after-tax returns not pre-tax returns. In
general, the returns to wine are generally not taxed. Comparisons made using pre-tax
returns will therefore understate the attractiveness of wine to potential investors.
4. If someone is deemed to be trading wine as an on-going dedicated business
activity, the income derived from capital gains on the sale of wine are treated as income
and are taxable. For most people the capital gains from the sale of wine will fall under the
collectables exemption to capital gains tax, and so profits on the sale of wine are not
taxed.
This is not the case for the return to shares and bonds. Dividend payments generally
attract franking credits that, depending on the marginal tax rate faced by the investor,
offset part or all of the individual’s tax liability.
Capital gains on share holdings are, however, subject to capital gains tax. There are no
tax concessions associated with holding bonds, although actual tax rates will vary
according to the proportion of the returns that are capital gains and the proportion that
represent an income stream.
Although investors are primarily concerned with after-tax returns, discussions on
investment returns generally take place in terms of pre-tax returns. That the tax
circumstances of individuals vary markedly is the likely reason discussion focuses
primarily on pre-tax returns.
Yet, tax affects the return to each asset class differently.
With respect to standard financial assets, taxation substantially reduces the return
received by the investor. In comparison the return to wine is generally not taxed. As such,
it is important comparisons of the risk-return profile of wine, compared to standard
financial assets, be made using after-tax returns. Comparisons made using pre-tax returns
systematically understate the value of wine investment.
CONCLUSION
Ever since Krasker (1979) first posed the question of whether wine should be saved or
savoured, the main theme of the return to wine literature has been to say wine should be
savoured and not saved. This paper has argued that the true value of wine as an
investment good has generally been understated because: (i) quality vintages can be
identified in advance and investors hold only quality vintages; (ii) wine investment
generally enjoys a special tax status in these countries; and (iii) including wine in an
investment portfolio allows portfolio risk to be reduced. Wine should always be
savoured, but those who choose to both save and savour wine may be making a wise
decision afterall.