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.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
Marlow Felton, Chris Felton • Transamerica Financial Advisors Inc.
- A Millennial’s perspective: How we really feel about money and investing by Nick Halle
- The continuous bid under the market
- The force of Supply at major tops in the U.S. equity market by Tracy L. Knudsen, CMT
- Working a structured referral process (Don Meredith, Lincoln Financial Advisors Corp.)
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.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
Marlow Felton, Chris Felton • Transamerica Financial Advisors Inc.
- A Millennial’s perspective: How we really feel about money and investing by Nick Halle
- The continuous bid under the market
- The force of Supply at major tops in the U.S. equity market by Tracy L. Knudsen, CMT
- Working a structured referral process (Don Meredith, Lincoln Financial Advisors Corp.)
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
Upfront LP Survey of the Venture Capital & Startup IndustryMark Suster
Upfront Ventures surveyed Limited Partners (LPs) on their outlook on the venture capital markets and the underlying technology startups we back. This presentation created in Q1 2017 shares this outlook.
Rod Smith • National Planning Corporation
- What is your investment style? by Ron Rowland
- Solid, if unspectacular, full-year 2014 GDP—even as Q4 disappoints
- What volatility derivatives can tell you about the stock market by Lawrence G. McMillan
- Promoting a partnership approach (Brian Glaze & Larry Ware, LPL Financial)
StartUp Health Insights Funding Report Q3 2017 YTDStartUp Health
Digital health funding broke all previous records in Q3, with 2017 YTD funding surpassing $9.0B. Assuming
momentum continues through Q4, we’ll finish 2017 well past $10B, a significant signal of support for
entrepreneurs working to achieve their Health Moonshots. Despite the headlines and uncertainty surrounding
healthcare reform, investment into digital health companies continues to accelerate.
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.
Basic rules of venture finance at Venture Out Moldova, Fall 2013David Kirsch
Slides review basic rules of venture finance and considerations when thinking about how to raise money and from whom. Includes overview of crowdfunding.
November 2018 Economic Minute with Dennis HoffmanShay Moser
The Director of the L. William Seidman Research Institute and Professor of Economics Dennis Hoffman shares the arithmetic on whether 3 percent gross domestic product and above is sustainable and why it matters. Listen to his presentation here: https://news.wpcarey.asu.edu/20181115-question-du-jour-about-gdp-growth
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2018BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Mark Montgomery with BBVA Compass, Ali Nasser with AltruVista, and Scott Winship of GulfStar Group.
Slides used for All Things Talent event by IIMJobs.com. The objective is to gather experienced professionals from the world of Human Resources under one roof to discuss the latest when it comes to Employee Retention, Talent Management & Tackling attrition.
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
Upfront LP Survey of the Venture Capital & Startup IndustryMark Suster
Upfront Ventures surveyed Limited Partners (LPs) on their outlook on the venture capital markets and the underlying technology startups we back. This presentation created in Q1 2017 shares this outlook.
Rod Smith • National Planning Corporation
- What is your investment style? by Ron Rowland
- Solid, if unspectacular, full-year 2014 GDP—even as Q4 disappoints
- What volatility derivatives can tell you about the stock market by Lawrence G. McMillan
- Promoting a partnership approach (Brian Glaze & Larry Ware, LPL Financial)
StartUp Health Insights Funding Report Q3 2017 YTDStartUp Health
Digital health funding broke all previous records in Q3, with 2017 YTD funding surpassing $9.0B. Assuming
momentum continues through Q4, we’ll finish 2017 well past $10B, a significant signal of support for
entrepreneurs working to achieve their Health Moonshots. Despite the headlines and uncertainty surrounding
healthcare reform, investment into digital health companies continues to accelerate.
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.
Basic rules of venture finance at Venture Out Moldova, Fall 2013David Kirsch
Slides review basic rules of venture finance and considerations when thinking about how to raise money and from whom. Includes overview of crowdfunding.
November 2018 Economic Minute with Dennis HoffmanShay Moser
The Director of the L. William Seidman Research Institute and Professor of Economics Dennis Hoffman shares the arithmetic on whether 3 percent gross domestic product and above is sustainable and why it matters. Listen to his presentation here: https://news.wpcarey.asu.edu/20181115-question-du-jour-about-gdp-growth
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2018BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Mark Montgomery with BBVA Compass, Ali Nasser with AltruVista, and Scott Winship of GulfStar Group.
Slides used for All Things Talent event by IIMJobs.com. The objective is to gather experienced professionals from the world of Human Resources under one roof to discuss the latest when it comes to Employee Retention, Talent Management & Tackling attrition.
Journal of Applied Corporate Finance • Volume 22 Number 2 A Mo.docxpriestmanmable
Journal of Applied Corporate Finance • Volume 22 Number 2 A Morgan Stanley Publication • Spring 2010 1
It Ain’t Broke: The Past, Present, and Future of Venture Capital
BT
by Steven N. Kaplan, University of Chicago Booth School of Business
and NBER, and Josh Lerner, Harvard Business School and NBER*
he U.S. venture capital (VC) industry is currently
subject to a great deal of uncertainty and contro-
versy. Some observers and practitioners believe
that the VC model is broken and that the U.S.
VC industry needs to shrink.1 In this paper, we put the U.S.
VC industry into its historical context, assess the current state
of the VC market, and discuss the implications of that history
and the current conditions for the future.
We begin by describing the fundamental problem that
entrepreneurs face and VCs need to solve in order to invest
successfully. There is a great deal of evidence to support what
is now a highly developed theory of how the U.S. VC model
provides an efficient solution to this basic problem of entre-
preneurial finance. And there is little doubt that the U.S.
venture capital industry has been very successful. A large
fraction of IPOs, including many that are now among the
most successful public companies in the world, have been
funded by VCs. And, where possible, the U.S. VC model has
been copied around the world.
Next we look at the historical patterns of commitments
to U.S. VC funds and investments in companies by those
funds. U.S. VC investments in companies have represented
a remarkably constant 0.15% of the total value of the stock
market over the past three decades—the period for which we
have reliable data. Commitments to VC funds, while more
variable, have been consistently in the 0.10% to 0.20% range.
These percentages have not changed in recent years.
Third, we consider the historical record on VC fund returns,
paying particular attention to returns of post-2000 “vintages.”
Contrary to the popular impression, we do not find that returns
to VC funds this decade have been unusually low (or high)
relative to the overall stock market. This is true despite the
relatively low number of IPOs. Overall, VC investment and
returns have been subject to boom-and-bust cycles over time.
Based on our historical analyses, we make some observa-
tions about the current situation and consider what is likely to
happen going forward. The level of commitments to and the
investment pace of VC funds since 2002 have been consistent
with the long-term historic averages. At the same time, the
returns relative to the overall stock market appear to have
been roughly average. This does not suggest to us that there
is too much money in U.S. VC, or that the VC model is
broken. Instead it appears to reflect the natural evolution of
a relatively competitive market.
In fact, given the unusual and unexplained paucity of IPOs
between 2004 and 2007, we argue there is more upside than
downside for the VC vint ...
Silicon Valley Bank’s annual healthcare M&A report, Trends in Healthcare Investments and Exits, examines the merger and acquisition and IPO activity of private, venture-backed bio-pharma and medical device companies.
The study found that healthcare IPOs tripled in 2013, leading to record potential IPO/big exit returns of $12.5 billion.
For a detailed analysis access the report at: http://www.svb.com/healthcare-report_2014/.
**Report updated on 8/4/2014
The Non-Dilutive Cash Injection: Selling Your PatentsErik Oliver
Should you sell your patents for a cash infusion? If you have a patent portfolio, you may want to consider selling your patents to meet your liquidity needs. We analyze the steps to selling your patents, including developing the sales package and finding the right price.
C
A
SP
A
R
B
EN
SO
N
/G
ET
TY
IM
A
G
ES
STRATEGY
IN THE AGE OF
SUPERABUNDANT
CAPITAL
MONEY IS NO LONGER A SCARCE RESOURCE.
THAT CHANGES EVERYTHING.
BY MICHAEL MANKINS, KAREN HARRIS,
AND DAVID HARDING
66 HARVARD BUSINESS REVIEW MARCH–APRIL 2017
most of the past 50 years, business leaders viewed fi-
nancial capital as their most precious resource. They
worked hard to ensure that every penny went to fund-
ing only the most promising projects. A generation
of executives was taught to apply hurdle rates that
reflected the high capital costs prevalent for most
of the 1980s and 1990s. And companies like General
Electric and Berkshire Hathaway were lauded for the
discipline with which they invested.
Today financial capital is no longer a scarce
resource—it is abundant and cheap. Bain’s Macro
Trends Group estimates that global financial capital
has more than tripled over the past three decades and
now stands at roughly 10 times global GDP. As capital
has grown more plentiful, its price has plummeted.
For many large companies, the after-tax cost of bor-
rowing is close to the rate of inflation, meaning that
real borrowing costs hover near zero. Any reasonably
profitable large enterprise can readily obtain the capi-
tal it needs to buy new equipment, fund new product
development, enter new markets, and even acquire
new businesses. To be sure, leadership teams still need
to manage their money carefully—after all, waste is
waste. But the skillful allocation of financial capital is
no longer a source of sustained competitive advantage.
The assets that are in short supply at most compa-
nies are the skills and capabilities required to translate
good growth ideas into successful new products, ser-
vices, and businesses—and the traditional financially
driven approach to strategic investment has only com-
pounded this paucity. Indeed, the standard method
for prioritizing strategic investments strives to limit
the field of potential projects and encourages compa-
nies to invest in a few “sure bets” that clear high hur-
dle rates. At a time when most companies are desper-
ate for growth, this approach unnecessarily forecloses
too many options. And it encourages executives to
remain committed to investments long after it’s clear
that they’re not paying off. Finally, it leaves companies
with piles of cash for which executives often find no
better use than to buy back stock.
Strategy in the new age of capital superabundance
demands a fundamentally different approach from the
traditional models anchored in long-term planning
and continual improvement. Companies must lower
hurdle rates and relax the other constraints that reflect
a bygone era of scarce capital. They should move away
from making a few big bets over the course of many
years and start making numerous small and varied
investments, knowing that not all will pan out. They
must learn to quickly spot—and get out of—losing
ventures, while ag ...
The State of the Venture Capital Industry is an annual report produced by TrueBridge Capital Partners highlighting the trends in venture fundraising, investing, valuations, exits, and performance.
All data sourced from Thomson Reuters, VentureSource, CB Insights, PitchBook, and Cambridge Associates.
SME development, constraints, credit risk & islamic banking solutionsMace Abdullah
This analytic paper examines the status of small and medium sized enterprises (SME) worldwide, provides theoretical information and explores issues regarding their development, constraints and credit risk. SME have been heralded worldwide as being the economic “engine” of economic development. Certainly, from an Islamic finance perspective, the development of SME represents a propitious opportunity, a vital step towards an epistemological response to criticism of Islamic finance and should play an indispensible role in forging a more robust Islamic capital market. Yet, SME face persistent identifiable obstacles to growth and development. This paper focuses on SME development, particularly as it relates to the so-called “credit gap” and the concomitant credit risk. The SME “credit gap” is pervasive worldwide; particularly so in emerging economies. Accordingly, this paper analyzes: the determinants and drivers of SME development; constraints on SME development; the SME “credit gap” and concomitant credit risk; and the role Islamic banking can play in meeting the challenge of SME development.
America is in the grips of a speculative frenzy. Investment .docxgreg1eden90113
A
merica is in the grips of a speculative frenzy. Investment bankers, private investment firms, and even a few dozen recently graduated
MBAs labelling themselves “searchers” are calling, emailing, wining, and dining small business owners. Their goal is to translate prosaic
small businesses into the poetry of private equity.
The great postcrisis private equity gold rush is on, fueled by cheap debt and enthusiastic investors. A lawn care chain might get half a dozen calls
and emails a week from business brokers and “searchers.” A regional bank auctioning off a business with $15 million in profits might pitch two
hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price
which the majority of bidders considers crazy. And the greatest prize of all—a software company—could sell for many multiples of revenue,
regardless of profitability.
As with the mortgage-backed securities bubble, experts are the promoters and pioneers of an “asset class” that they claim will offer high returns
with low risk, guided by the sage wisdom of elite managers. The legendary leader of Yale University’s endowment, David Swensen, has gone so far
as to call private equity a “superior form of capitalism.”
The experts agree with Swensen. A recent survey of institutional investors found that 49 percent expect private equity (PE) to outperform the
public equity market by a whopping 4 percent per year or more. Another 45 percent believe PE will outperform by 2–4 percent per year. Only 6
percent think returns will be comparable. The survey did not even bother to ask if investors thought PE might underperform. This is particularly
shocking given that data from Cambridge Associates shows that private equity returns have lagged the Russell 2000 index by 1 percent and the
S&P 500 by 1.5 percent per year over the past five years.
This consensus has led institutional investors to flood private markets with capital, about $200 billion per year of new commitments. The result is
soaring prices for private companies of all shapes and sizes. Just before the financial crisis, in 2007, the average purchase price for a PE deal was
8.9x EBITDA (earnings before interest, taxes, depreciation, and amortization—a commonly used measure of cash profitability). Deal prices reached
8.9x again in 2013 and are now up to nearly 11x EBITDA.
But asset prices are going up everywhere. What makes private equity dangerous is the use of debt—and the use of phony accounting to conceal the
riskiness of these leveraged bets. The average PE deal is 65 percent debt financed, and whereas the valuations of public equities are determined by
transparent, liquid public markets, PE firms determine the valuations of their own portfolio companies. Unsurprisingly, they report far lower
volatility than public markets.
This appraisal accounting also encourages lenders to take risks. After the financial crisis, the Fede.
Similar to Angels Still Actively Stimulating The Economy (20)
1. Angels Still Actively Stimulating The Economy
Funding for just a few entrepreneurs would mean that only a few companies have the chance of
emerging onto the business circle. Although, lesser capital may reduce the survival chances of a
business venture, it does not mean such a business cannot succeed. There is a high level of
unemployment and governments all over the world have introduced fresh funds running into trillions
of dollars into their economies search engines as stimulus to get things back on a solid footing.
Hence, it is welcome news that angels are still putting in the level of investments that make some of
these new business ventures possible.
It is a commonly held belief that angel investment generally reduces during the period of an
economic recession. The reasons behind this idea is not far-fetched as it is believed that when there
is a crash in the market, angels that would have otherwise been interested in investing in business
ventures become a little more cautious with their funds as a result of bad economy.
For instance, a report from New Hampshire Center for Venture Research indicates that the level of
angel investments went down by as much as 2.9% in year 2008. However left between a choice of
better funding for a lesser number of entrepreneurs and sites to search at insufficient capital
funding for a larger number of entrepreneurs, the second option is probably a better idea. In some
instances great companies have risen far above the limitations of little capital to become thriving
business concerns. However, it is quite instructive to note that there was also still some level of
activities by angel investors.
About the Author:
Michael Jones is a writer who is intrested in .You can find more of his work at
More new business ventures translate into new jobs, new stimulus for the economy and an increase
in the general standard of living. This figure was done in comparison with the level of deals done by
angels in 2007. This is usually as a result of the entrepreneurs going back to the drawing board and
evolving new strategies that would make their business run better on the amount of capital funding
available to them.
In recent times the economy has being embroiled in a dire financial crisis unlike any other since the
period of the Great Depression. In order to get a proper picture of this analysis, it is necessary to
also consider the rate of angel deals done in 2009 where the level of investments further reduced
from that of 2008.
2. This is in opposition to best search sites the
view of business analysts that the state of
the world economy would dry up the
channels for seed capital investment in
business ventures, although angel
http://www.whitehouse.gov/economy/
investment was down by as much as 25%
and a larger number of new entrepreneurs
were probably not able to raise as much
capital as they expected for their business
ideas, the level of angel investment was still
significant enough to help in oiling the
wheels of the business circuit.