Newfound Research was founded in 2008 based on the premise of capital preservation for investors. The company believes in portfolio processes that are simple, consistent, and thoughtfully designed, with managing risk being paramount. Newfound Research focuses on defensive, simple, consistent, and thoughtful investment philosophies and strategies. The documents provides an overview of Newfound Research's investment philosophy and approach to risk management. It also discusses concepts like asset bubbles, bond valuations, equity valuations, and the benefits of diversification in periods of low expected future returns for traditional stock and bond portfolios.
Combining unconstrained and tactical investment strategies to seek hedging, equity-like, and absolute-return style investment exposure.
Explores how to combine tactical equity, minimum volatility, managed futures, risk parity, and other approaches.
In a lower expected return environment, should we just accept lower withdrawal rates?
In this presentation, we outline 8 simple ideas that when used together can potentially help make up the return gap.
How effective is your method of managing portfolio risk? We compare and contrast different approaches – including fixed income, managed futures, low volatility equities, and tactical – to explore the relative protection they can deliver versus the return drag they can create.
In All About Factors, we cover the basics of what factors are, where we expect them to derive their excess returns from, their advantages and disadvantages and if there is indeed any merit to this approach or if it just another Wall Street marketing gimmick.
After covering the commonly accepted factors basics, we discuss expectations for factor investing, the theory as to why short-term pain must be present for long-term return, and some key considerations in moving from the academic research to creating investible portfolios.
Also explored is the current on-going debate between industry titans Rob Arnott (Research Affiliates) and Cliff Asness (AQR) as to the efficacy of using valuation-based spreads to time factor exposures.
Lastly, we look at some different methods that a retail investor can utilize smart-beta investing, by highlighting some of the current industry techniques for diversifying factor exposures and building a multi-factor portfolio.
Book presentation: Excess Returns: a comparative study of the methods of the ...Frederik Vanhaverbeke
This is a pdf presentation of the book Excess Returns: a comparative study of the methods of the world's greatest investors. The presentation explains the various topics that are discussed in the book and show plenty of practical examples to understand the main points. It challenges the Efficient Market Hypothesis by showing some extraordinary track records in the investment world. It explains where top investors look for bargains. It shows how they perform a due diligence and how they value stocks. A separate section is devoted to the way top investors buy and sell various types of stocks, and how they buy and sell over stock market cycles. It also explains the various psychological aspects that top investors deem essential to beat the market.
"Opportunities and Pitfalls in Momentum Investing" by Gary Antonacci, Author ...Quantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Gary will begin by explaining the origins and history of momentum investing. He will show why momentum is called “the premier anomaly.” He will describe the way momentum is most commonly used and why this may not be the best approach. He will discuss the hidden risks associated with momentum and other factor based investments.
Using easily understood examples and historical research findings, he will show how relative strength momentum can enhance investment returns, while trend-following absolute momentum can dramatically decrease risk exposure.
Gary will show which assets are best to use for momentum investing. Finally, he will describe the behavioral biases you must deal with and the mind set you need to become a successful momentum investor.
In this talk you will learn how to:
a) Spot the best momentum investment opportunities in any market environment.
b) Protect yourself from bear market risk exposure and behavioral biases.
c) Construct your own low-cost, rules-based dual momentum portfolio that is simple to understand and easy to maintain.
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
Combining unconstrained and tactical investment strategies to seek hedging, equity-like, and absolute-return style investment exposure.
Explores how to combine tactical equity, minimum volatility, managed futures, risk parity, and other approaches.
In a lower expected return environment, should we just accept lower withdrawal rates?
In this presentation, we outline 8 simple ideas that when used together can potentially help make up the return gap.
How effective is your method of managing portfolio risk? We compare and contrast different approaches – including fixed income, managed futures, low volatility equities, and tactical – to explore the relative protection they can deliver versus the return drag they can create.
In All About Factors, we cover the basics of what factors are, where we expect them to derive their excess returns from, their advantages and disadvantages and if there is indeed any merit to this approach or if it just another Wall Street marketing gimmick.
After covering the commonly accepted factors basics, we discuss expectations for factor investing, the theory as to why short-term pain must be present for long-term return, and some key considerations in moving from the academic research to creating investible portfolios.
Also explored is the current on-going debate between industry titans Rob Arnott (Research Affiliates) and Cliff Asness (AQR) as to the efficacy of using valuation-based spreads to time factor exposures.
Lastly, we look at some different methods that a retail investor can utilize smart-beta investing, by highlighting some of the current industry techniques for diversifying factor exposures and building a multi-factor portfolio.
Book presentation: Excess Returns: a comparative study of the methods of the ...Frederik Vanhaverbeke
This is a pdf presentation of the book Excess Returns: a comparative study of the methods of the world's greatest investors. The presentation explains the various topics that are discussed in the book and show plenty of practical examples to understand the main points. It challenges the Efficient Market Hypothesis by showing some extraordinary track records in the investment world. It explains where top investors look for bargains. It shows how they perform a due diligence and how they value stocks. A separate section is devoted to the way top investors buy and sell various types of stocks, and how they buy and sell over stock market cycles. It also explains the various psychological aspects that top investors deem essential to beat the market.
"Opportunities and Pitfalls in Momentum Investing" by Gary Antonacci, Author ...Quantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Gary will begin by explaining the origins and history of momentum investing. He will show why momentum is called “the premier anomaly.” He will describe the way momentum is most commonly used and why this may not be the best approach. He will discuss the hidden risks associated with momentum and other factor based investments.
Using easily understood examples and historical research findings, he will show how relative strength momentum can enhance investment returns, while trend-following absolute momentum can dramatically decrease risk exposure.
Gary will show which assets are best to use for momentum investing. Finally, he will describe the behavioral biases you must deal with and the mind set you need to become a successful momentum investor.
In this talk you will learn how to:
a) Spot the best momentum investment opportunities in any market environment.
b) Protect yourself from bear market risk exposure and behavioral biases.
c) Construct your own low-cost, rules-based dual momentum portfolio that is simple to understand and easy to maintain.
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
"Snake Oil, Swamp Land, and Factor-Based Investing" by Gary Antonacci, author...Quantopian
BlackRock forecasts smart beta investing oriented toward size, value, quality, momentum, and low volatility to reach $1 trillion by 2020 and $2.4 trillion by 2025. Gary’s talk will show that this growth may not be justified due to these factors' lack of robustness, consistency, persistence, intuitiveness, and investability. Gary will also show that the success attributed to these factors would be better directed toward macro momentum and the short interest ratio.
"Is Momentum Still Relevant for Today’s Markets?" by Anthony Ng, Senior LecturerQuantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Despite being ‘discovered’ over 20 years ago, there is still confusion on what a momentum strategy entails and people ‘invest in momentum’. There are two generally accepted definitions of momentum in academic literature. In the quantitative equity investment sphere, momentum is frequently referred to as across securities or assets (cross-sectional or relative) and typically traded in a long-short or hedged manner. In futures trading, momentum is often referred to the past return of the security (time-series) and normally traded in a directional fashion.
Following from the above, we conducted an analysis on the performance of a momentum strategy of different asset classes: equity, fixed income, futures, and currencies. The study showed that both types of momentum are prevalent and persistent across all asset classes. Furthermore, as the correlations between the two types of momentum strategies and amongst the asset classes are quite low, substantial diversification benefit can be derived by combining them.
"Portfolio Optimisation When You Don’t Know the Future (or the Past)" by Rob...Quantopian
We generally assume the past is a good guide to the future, but well do we even know the past? What effect does this uncertainty when estimating inputs have on the notoriously unstable algorithms for portfolio optimization?
I explore this issue, look at some commonly used solutions, and also introduce some alternative methods.
Dual Momentum Investing by Gary Antonacci QuantCon 2016Quantopian
Gary will begin by reviewing the most common investment vehicles throughout history while explaining their advantages and disadvantages. He will then show how momentum can help accentuate the positives and eliminate the negatives. Using easily understood examples and historical research findings, Gary will show how relative strength momentum can enhance investment return, while trend-following absolute momentum can dramatically decrease bear market exposure. Finally, Gary will show how you can implement and easily maintain your very own dual momentum portfolio using the best assets classes.
Trade Like a Chimp: Unleash Your Inner Primate by Andreas Clenow at QuantCon ...Quantopian
It is a long established fact that a reasonably well behaved chimp throwing darts at a list of stocks can outperform most professional asset managers. It is less known why this is the case. While there would be obvious advantages with hiring chimps over hedge fund traders, such as lower salaries and calmer tempers, there are also a few practical obstacles to such hiring practices. For those asset management firms unable to retain the services of a cooperative primate, a random number generator may serve as a reasonable approximation of their skills.
The fact of the matter is that even a random number generator can, and will, outperform practically all mutual funds. Such random strategies may seem like a joke, and perhaps they are, but if a joke can outperform industry professionals we have to stop and ask some hard questions.
When designing investment strategies, it can be very useful to have an understanding of random strategies, how they work and what kind of results they are likely to yield. Given that random strategies perform quite well over time, they can act as a valid benchmark. After all, if your own investment approach fails to outperform a random strategy, you may as well outsource your quant modeling to the Bronx Zoo.
"Three Dimensional Time: Working with Alternative Data" by Kathryn Glowinski,...Quantopian
From QuantCon 2017: Lookahead bias and stale data when used in an algorithm are generally categorized as "incorrect data". In fact, the issue does not lie with the data itself, but instead is an issue of perspective. This talk will examine how data is typically viewed through the lens of time, and why, on the whole, that approach is wrong.
At Quantopian, we've tried several ways of handling data with regards to time, and we'll talk about lessons learned along the way. We'll also discuss what multidimensionality means for financial data specifically, and how we can apply this to get better results in backtesting.
Additionally, we'll touch on how to apply multidimensionality to more general data, and why it's important for anyone working with applied data to take this approach.
Insight Summit 2017: Intelligent Risk Taking - Active vs passive investing
Money management in equilibrium - Jonathan Berk, A.P. Giannini Professor of Finance, Graduate School of Business, Stanford University
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
"From Alpha Discovery to Portfolio Construction: Pitfalls and Solutions" by D...Quantopian
From QuantCon 2017: Implementation is the efficient translation of alpha research into portfolios. It includes portfolio construction and trading. It is a vital step in the quant equity workflow, as poor implementation can ruin even the best alpha ideas. Two crucial challenges must be solved: how to construct a portfolio that most efficiently captures a given alpha signal; and, in the presence of multiple signals, how to optimally combine them into a single composite alpha factor.
This talk addresses these challenges, examines common pitfalls in the implementation of quantitative strategies and good practices to avoid them. A common theme is striking the right balance between factor signal purity and investability. We look at how factor models and optimisation techniques help professional investors answer three key questions:
· What risks should your risk model be cognisant of?
· What objective function should you use?
· What effect do investability constraints have on your portfolio?
The Sustainable Active Investing Framework: Simple, but Not Easy by Wesley Gr...Quantopian
To some, the debate of passive versus active investing is akin to Eagles vs. Cowboys or Coke vs. Pepsi. In short, once our preference for one style over the other is established is can become so overwhelming that it becomes a proven fact or incontrovertible reality in our minds.
We cannot overemphasize that alpha in the market is no cakewalk. More importantly, being smart, having superior stockpicking skills, or amassing an army of PhDs to crunch data is only half of the equation. Even with those tools, you are still only one shark in a tank filled with other sharks. All sharks are smart, all sharks have a MBA or PhD from a fancy school, and all the sharks know how to analyze a company. Maintaining an edge in these shark infested waters is no small feat, and one that only a handful (e.g., we can count them in one hand) of investors has successfully accomplished.
In order too achieve sustainable success as an active investing, one needs both skill and an understanding of human psychology and market incentives (behavioral finance). We start our journey where mine began: as an aspiring PhD student studying under Eugene Fama at the University of Chicago. Let the adventure begin...
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
Insight Summit 2017: Intelligent Risk Taking – Private Equity
Partners Capital View of the Future of Private Equity Investing
Stan Miranda, Founder and CEO, Partners Capital Investment Group
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
FiBAN's business angel training "Business Angel Returns" by Robert Wiltbank -...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
Combining the Best Stock Selection Factors by Patrick O'Shaughnessy at QuantC...Quantopian
Patrick will explore how to combine the value factor with other stock selection factors to build a superior stock selection strategy. He will discuss unique ways of using momentum, share buybacks, and quality factors to improve on a simple value screen. He will discuss portfolio concentration, rebalancing, and risk management. He will also explain why the best versions of these strategies are only possible for smaller firms and investors.
"Snake Oil, Swamp Land, and Factor-Based Investing" by Gary Antonacci, author...Quantopian
BlackRock forecasts smart beta investing oriented toward size, value, quality, momentum, and low volatility to reach $1 trillion by 2020 and $2.4 trillion by 2025. Gary’s talk will show that this growth may not be justified due to these factors' lack of robustness, consistency, persistence, intuitiveness, and investability. Gary will also show that the success attributed to these factors would be better directed toward macro momentum and the short interest ratio.
"Is Momentum Still Relevant for Today’s Markets?" by Anthony Ng, Senior LecturerQuantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Despite being ‘discovered’ over 20 years ago, there is still confusion on what a momentum strategy entails and people ‘invest in momentum’. There are two generally accepted definitions of momentum in academic literature. In the quantitative equity investment sphere, momentum is frequently referred to as across securities or assets (cross-sectional or relative) and typically traded in a long-short or hedged manner. In futures trading, momentum is often referred to the past return of the security (time-series) and normally traded in a directional fashion.
Following from the above, we conducted an analysis on the performance of a momentum strategy of different asset classes: equity, fixed income, futures, and currencies. The study showed that both types of momentum are prevalent and persistent across all asset classes. Furthermore, as the correlations between the two types of momentum strategies and amongst the asset classes are quite low, substantial diversification benefit can be derived by combining them.
"Portfolio Optimisation When You Don’t Know the Future (or the Past)" by Rob...Quantopian
We generally assume the past is a good guide to the future, but well do we even know the past? What effect does this uncertainty when estimating inputs have on the notoriously unstable algorithms for portfolio optimization?
I explore this issue, look at some commonly used solutions, and also introduce some alternative methods.
Dual Momentum Investing by Gary Antonacci QuantCon 2016Quantopian
Gary will begin by reviewing the most common investment vehicles throughout history while explaining their advantages and disadvantages. He will then show how momentum can help accentuate the positives and eliminate the negatives. Using easily understood examples and historical research findings, Gary will show how relative strength momentum can enhance investment return, while trend-following absolute momentum can dramatically decrease bear market exposure. Finally, Gary will show how you can implement and easily maintain your very own dual momentum portfolio using the best assets classes.
Trade Like a Chimp: Unleash Your Inner Primate by Andreas Clenow at QuantCon ...Quantopian
It is a long established fact that a reasonably well behaved chimp throwing darts at a list of stocks can outperform most professional asset managers. It is less known why this is the case. While there would be obvious advantages with hiring chimps over hedge fund traders, such as lower salaries and calmer tempers, there are also a few practical obstacles to such hiring practices. For those asset management firms unable to retain the services of a cooperative primate, a random number generator may serve as a reasonable approximation of their skills.
The fact of the matter is that even a random number generator can, and will, outperform practically all mutual funds. Such random strategies may seem like a joke, and perhaps they are, but if a joke can outperform industry professionals we have to stop and ask some hard questions.
When designing investment strategies, it can be very useful to have an understanding of random strategies, how they work and what kind of results they are likely to yield. Given that random strategies perform quite well over time, they can act as a valid benchmark. After all, if your own investment approach fails to outperform a random strategy, you may as well outsource your quant modeling to the Bronx Zoo.
"Three Dimensional Time: Working with Alternative Data" by Kathryn Glowinski,...Quantopian
From QuantCon 2017: Lookahead bias and stale data when used in an algorithm are generally categorized as "incorrect data". In fact, the issue does not lie with the data itself, but instead is an issue of perspective. This talk will examine how data is typically viewed through the lens of time, and why, on the whole, that approach is wrong.
At Quantopian, we've tried several ways of handling data with regards to time, and we'll talk about lessons learned along the way. We'll also discuss what multidimensionality means for financial data specifically, and how we can apply this to get better results in backtesting.
Additionally, we'll touch on how to apply multidimensionality to more general data, and why it's important for anyone working with applied data to take this approach.
Insight Summit 2017: Intelligent Risk Taking - Active vs passive investing
Money management in equilibrium - Jonathan Berk, A.P. Giannini Professor of Finance, Graduate School of Business, Stanford University
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
"From Alpha Discovery to Portfolio Construction: Pitfalls and Solutions" by D...Quantopian
From QuantCon 2017: Implementation is the efficient translation of alpha research into portfolios. It includes portfolio construction and trading. It is a vital step in the quant equity workflow, as poor implementation can ruin even the best alpha ideas. Two crucial challenges must be solved: how to construct a portfolio that most efficiently captures a given alpha signal; and, in the presence of multiple signals, how to optimally combine them into a single composite alpha factor.
This talk addresses these challenges, examines common pitfalls in the implementation of quantitative strategies and good practices to avoid them. A common theme is striking the right balance between factor signal purity and investability. We look at how factor models and optimisation techniques help professional investors answer three key questions:
· What risks should your risk model be cognisant of?
· What objective function should you use?
· What effect do investability constraints have on your portfolio?
The Sustainable Active Investing Framework: Simple, but Not Easy by Wesley Gr...Quantopian
To some, the debate of passive versus active investing is akin to Eagles vs. Cowboys or Coke vs. Pepsi. In short, once our preference for one style over the other is established is can become so overwhelming that it becomes a proven fact or incontrovertible reality in our minds.
We cannot overemphasize that alpha in the market is no cakewalk. More importantly, being smart, having superior stockpicking skills, or amassing an army of PhDs to crunch data is only half of the equation. Even with those tools, you are still only one shark in a tank filled with other sharks. All sharks are smart, all sharks have a MBA or PhD from a fancy school, and all the sharks know how to analyze a company. Maintaining an edge in these shark infested waters is no small feat, and one that only a handful (e.g., we can count them in one hand) of investors has successfully accomplished.
In order too achieve sustainable success as an active investing, one needs both skill and an understanding of human psychology and market incentives (behavioral finance). We start our journey where mine began: as an aspiring PhD student studying under Eugene Fama at the University of Chicago. Let the adventure begin...
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
Insight Summit 2017: Intelligent Risk Taking – Private Equity
Partners Capital View of the Future of Private Equity Investing
Stan Miranda, Founder and CEO, Partners Capital Investment Group
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
FiBAN's business angel training "Business Angel Returns" by Robert Wiltbank -...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
Combining the Best Stock Selection Factors by Patrick O'Shaughnessy at QuantC...Quantopian
Patrick will explore how to combine the value factor with other stock selection factors to build a superior stock selection strategy. He will discuss unique ways of using momentum, share buybacks, and quality factors to improve on a simple value screen. He will discuss portfolio concentration, rebalancing, and risk management. He will also explain why the best versions of these strategies are only possible for smaller firms and investors.
Importance of epidemics in mono and poly cyclic diseases caused by various plant pathogens and the mathematical models for studying the strategy of those epidemics
Don't be deceived by the simplified experience of managing SharePoint permissions! What appears to be harmless could tailspin to a giant mess, requiring massive cleanup. This presentation walks through real-world scenarios and pitfalls of permissions administrations, so you could learn from the mistakes of others and not end up digging yourself into a SharePoint permissions hole.
View a recording of the session here: https://www.youtube.com/watch?v=Poh4zxHTNvw
Inscription sur salesforce.com/paris.
Le 25 juin prochain, rejoignez plus de 4 500 décideurs, experts, partenaires et influenceurs à la Porte de Versailles.
Le Salesforce World Tour Paris est une occasion inédite de découvrir comment augmenter vos ventes, améliorer la satisfaction de vos clients et créer des campagnes marketing personnalisées sur tous les canaux.
Inscrivez-vous dès maintenant pour participer à cette journée entièrement dédiée au CRM et à la réussite de vos clients.
"The Patience Principle" is an article written by Jim Parker, Vice President at DFA Australia Limited, for Dimensional Fund Advisors Outside the Flags column.
Years ago, the seeds were sown.
Governments began an untenable trend of consistently spending more money than they collected in taxes. The difference of course, was made up by borrowing. As the years and deficits rolled along, so too did the amount of money owing. Governments responded by borrowing even more.
Meanwhile, global economies inevitably experienced varying crises. Governments and central banks always responded the same way - even more spending (and borrowing), and lower interest rates to stimulate growth.
Today, we've reached a dead-end.
Governments continue to borrow, but only because interest rates have been reduced to 0% AND because they are borrowing from themselves by printing money.
This dead-end is also compounded by a slowing global economy caused by the reluctance of private investors to spend.
In this issue of the IceCap Global Outlook, we prepare investors for a collision between:
a slowing economy,
0% and negative% interest rates,
an unsustainable debt binge.
What happens next hasn't occurred before in our lifetime - and this is why many investors will be blindsided.
Stop Wasting Your Money & Start Having a Better Investment ExperienceAndreas Scott, CFP®
To have a better investment experience, people should focus on the things they can control. If you follow these ten steps you will have a better investment experience.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
2. In August 2008, Newfound Research was founded based on a simple, but powerful, premise: investors
care deeply about capital preservation.
We believe in portfolio processes that are simple, consistent, and thoughtfully designed.
Most of all, we believe that managing risk is paramount to potentially achieving superior risk-adjusted
returns*.
Volatility happens. Have a plan with Newfound Research.
OUR INVESTMENT PHILOSOPHY
DEFENSIVE | SIMPLE | CONSISTENT | THOUGHTFUL
2
Defensive Simple Consistent Thoughtful
We view risk management
from the investor’s point of
view, seeking to participate in
bull markets and avoid large
losses during bear markets.
Volatility will happen: it is the
price of admission to the
financial markets. We believe
investors need a thoughtful
plan to deal with this volatility
before it happens.
We believe that each strategy
should seek to adhere to a
simple investment objective,
providing transparency both
in expected outcome and
process. Our research
shows that simple processes
are more robust to
uncertainty than complicated
processes – an important
factor in delivering consistent
and repeatable results.
To meet a simple objective, a
strategy must be governed
by a guiding policy. At
Newfound, we believe that
the best way to ensure
consistency in our process is
through a quantitatively-
enabled, rule-based
approach, which can help
mitigate the behavioral
biases that often compound
into investment errors.
At Newfound, we recognize
the clear distinction between
the quantitative models that
generate our investment
signals and the rules we use
to translate those signals into
portfolios. We believe that it
is with these rules – the
design of the portfolio – that
we seek to achieve our
objective and manage model
risk.
There is no guarantee that any investment strategy will achieve its objectives.
* Risk-adjusted returns is a measure to find out how much return an investment will provide given the level of risk associated with it.
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
3. Asset Bubbles
What are they?
Asset Bubble: When an asset trades at a price that significantly deviates from
its intrinsic value.
Asset bubbles are often difficult to observe in real-time (after all, if they weren’t it
would be easy to avoid them) and are instead observed in retrospect after
prices crash.
Examples:
- 1600s: Tulipmania (single tulip sells for $60,000 in today’s dollars!)
- 1700s: South Sea bubble, Mississippi Bubble
- 1900s: Great Depression (NYC real estate prices down 67% in one quarter), Japan
- 2000s: Dot-com bubble (NASDAQ up 671% from Dec. 1994 to Mar. 2000, subsequently lost 78%,
didn’t recover untilApril 2015), Real estate / global financial crisis
3
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
4. Asset Bubbles
What are their impact?
At their core, asset bubbles lead to depressed future returns. Oftentimes, this is
because the bubble pops.
4
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
Growth of $1 after all-time high
Emerging Markets
Return: -3.4%
Volatility: 37.9%
Technology
Return: -1.2%
Volatility: 27.9%
Financials
Return: -3.2%
Volatility: 42.0%
Mortgage REITs
Return: -6.3%
Volatility: 31.3%
Private Equity
Return: -5.1%
Volatility: 36.4%
Emerging Markets represented by EEM and data is from October 2007 to April 2016. Financials represented by XLF and data is from June 2007 to April 2016. Private
Equity represented by PSP and data is from June 2007 to April 2016. Mortgage REITs represented by REM and data is from June 2007 to April 2016. Technology
represented by XLK and data is from March 2000 to April 2016. Returns i nclude the reinvestment of dividends. Source: Yahoo! Finance. Calculations by Newfound
Research. Past performance does not guarantee future results.
5. 5
Takeaway:
Bubbles compress future asset
returns.
“What the wise do in the
beginning, fools do in the end”
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
7. Nominal (including inflation) GDP growth is a good rough proxy for interest rate
“fair value.”
Why?
- If the economy returns a rate higher than prevailing interest rates, then it
makes sense for businesses to borrow and expand. This is a positive return
proposition since returns are higher than borrowing costs. More demand for
credit should eventually increase interest rates.
- If the economy returns a rate lower than prevailing interest rates, then
borrowing to invest is a losing proposition. Credit demand will fall and the
cost of borrowing (interest rates) will decline.
Are Bonds in a Bubble?
Model for Bond Fair Value
7
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
8. Bonds look to be moderately overvalued relative to nominal GDP growth.
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
1953
1954
1956
1957
1959
1960
1962
1963
1965
1966
1968
1969
1971
1972
1974
1975
1977
1978
1980
1981
1983
1984
1986
1987
1989
1990
1992
1993
1995
1996
1998
1999
2001
2002
2004
2005
2007
2008
2010
2011
2013
2014
Economic Growth vs. Interest Rates
YOY Nominal GDP Growth 10-Year Constant Maturity Treasury Rate
Are Bonds in a Bubble?
Model for Bond Fair Value
8
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Dec. 2015
10-Year Rate: 2.2%
GDP Growth: 3.1%
Source: Federal Reserve Economic Data from the St. Louis Federal Reserve. Calculations by Newfound Research.
9. 9
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00%
HypotheticalReturnon10-YearConstantMaturity
TreasuryIndex
Increase in 10-Year Interest Rates Over the Next Year
Are Bonds in a Bubble?
Probably Not in The Traditional Sense
Increase to “Fair Value” in next year would lead to -7.7%.
Rates would need to increase to above 6.5% for 30% loss.
Data Source: Federal Reserve Economic Data from the St. Louis Federal Reserve. Calculations by Newfo und Research. Assumes hypothetical 10-year Treasury bond
that pays interest annually and that the rate increase occurs in year one of the bond’s life. Numbers include the benefit from the interest payment in year one.
10. Interest Rates vs. Forward Bond Returns
But Perhaps a Bubble can be Painful Without Popping
10
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
1953
1954
1956
1957
1959
1960
1962
1963
1965
1966
1968
1969
1971
1972
1974
1975
1977
1978
1980
1981
1983
1984
1986
1987
1989
1990
1992
1993
1995
1996
1998
1999
2001
2002
2004
2005
2007
2008
2010
2011
2013
2014
10-Year Constant Maturity U.S. Treasury Index
(1953 to 2016)
Starting 10-Year Yield Subsequent10-Year Return
Correlation = 0.93
Data Source: Federal Reserve Economic Data from the St. Louis Federal Reserve. Calculations by Newfound Research. Assumes hypothetical constant maturity 10-
year Treasury bond i ndex that is rolled over every month. Retur ns include the reinvestment of interest. Index returns are hypothetical and do not reflect fees or
transaction costs. Past performance does not guarantee future results.
11. 11
Takeaway:
Bonds don’t need to “pop” to
disappoint.
“You don’t need to be a rocket
scientist. Investing is not a
game where the guy with the
160 IQ beats the guy with 130
IQ.”
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
13. Nowhere to Hide?
U.S. Stocks and Bonds Both Historically Overvalued
13
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Stocks overvalued
Bonds overvalued
Stocks undervalued
Bonds overvalued
Stocks overvalued
Bonds undervalued
Stocks undervalued
Bonds undervalued
1999 to 2009
0.6% per year after
inflation
1981 to 1991
10.5% per year after
inflation
2015
Data Source: Shiller data library (http://www.econ.yale.ed u/~shiller/data.htm) and Federal Reserve of St. Louis. Calculations by Newfound Research. Data for the period
from 1953 to 2015. Cyclically Adjusted P/E Ratio is a version of the P/E ratio that averages earnings over the prior ten years. The 50/ 50 portfolio is a hypothetical index
that is rebalanced annually. Index returns are hypothetical and do not reflect fees or transaction costs. Past performance does not guarantee future results.
Colors representforward 10-year
return on a 50/50 stock/bond
portfolio. Darker orange
indicates lower returns and
darker green indicates higher
returns.
-
5
10
15
20
25
30
35
40
45
50
0% 2% 4% 6% 8% 10% 12% 14% 16%
CyclicallyAdjustedP/ERatio
10-Year Treasury Rate
14. Nowhere to Hide?
U.S. Stocks and Bonds Both Historically Overvalued
14
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Expected Returns from
ResearchAffiliates
U.S. Large Cap
Stocks
U.S. Core Bonds
60/40 U.S.
Stock/Bond Portfolio
Yield 2.2% 0.8% 1.6%
Growth 1.3% 0.8%
Roll Return 0.7% 0.3%
Credit Loss -0.3% -0.1%
Valuation -2.2% -0.4% -1.5%
FX 0.0%
10 Yr. Expected Real
Return 1.3% 0.8% 1.1%
Source: Research Affiliates. Data as of 3/31/16. Expected returns are calculated by Research Affiliates using data from MSCI, Bloomberg, and Barclays. These
forecasts are forward looking statements based upon the reasonable beliefs of Research Affiliates and are not a guarantee of future performance. This content is not
investment or tax advice.
16. Nowhere to Hide?
Expand Your Horizons, Especially With High Income
16
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10-Year Expected Real Returns from Research Affiliates
Source: Research Affiliates. Data as of 3/31/16. Expected returns are calculated by Research Affiliates using data from MSCI, Bloomberg, and Barclays. These
forecasts are forward looking statements based upon the reasonable beliefs of Research Affiliates and are not a guarantee of future performance. This content is not
investment or tax advice.
17. Nowhere to Hide?
Expand Your Horizons, Especially With High Income
17
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Expected Returns from Research
Affiliates
60/40 U.S. Stock/Bond
Portfolio
Diversified
Yield 1.6% 2.3%
Growth 0.8% 0.2%
Roll Return 0.3% 0.6%
Credit Loss -0.1% -0.5%
Valuation -1.5% -0.5%
FX 0.0% 0.5%
10 Yr. Expected Real Return 1.1% 2.7%
Source: Research Affiliates. Data as of 3/31/16. Expected returns are calculated by Research Affiliates using data from MSCI, Bloomberg, and Barclays. These
forecasts are forward looking statements based upon the reasonable beliefs of Research Affiliates and are not a guarantee of future performance. This content is not
investment or tax advice. The diversified portfolio consists of a 12.5% allocation to U.S. large-cap equities, a 7.5% allocation to EAFE equities, a 5% allocation to EM
equities, a 5% allocation to long-term Treasuries, a 10% allocation to U.S. core fixed income, a 10% allocation to global core fixed
income, a 5% allocation to REITs, a 5% allocation to U.S. TIPS, a 10% allocation to high yield, a 10% allocation to
USD EM bonds, a 10% allocation to local currency EM bonds, and a 10% allocation to bank loans.
18. 18
Takeaway:
Opportunity exists globally and
in high income asset classes.
“You can get in a whole lot more
trouble in investing with a
sound premise than with a false
premise.”
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
19. This document (including the hypothetical/backtested performance results) is provided for informational purposes only and is subject to revision.
This document is not an offer to sell or a solicitation of an offer to purchase an interest or shares (“Interests”) in any pooled vehicle. Newfound
does not assume any obligation or duty to update or otherwise revise information set forth herein. This document is not to be reproduced or
transmitted, in whole or in part, to other third parties, without the prior consent of Newfound.
Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking
terminology such as “may,” “will,” “should,” “expect,”“anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives
thereof or other variations or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance
of an investment managed using any of the investment strategies or styles described in this document may differ materially fromthose reflected
in such forward-looking statements or in the hypothetical/backtested results included in this presentation. The information in this presentation is
made available on an “as is,” without representation or warranty basis.
There can be no assurance that any investment strategy or style will achieve any level of performance, and investment results may vary
substantially from year to year or even from month to month. An investor could lose all or substantially all of his or her investment. Both the use of
a single adviser and the focus on a single investment strategy could result in the lack of diversification and consequently, higher risk. The
information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.
You should consult your investment adviser, tax, legal, accounting or other advisors about the matters discussed herein. These materials
represent an assessment of the market environment at specific points in time and are intended neither to be a guarantee of future events nor as a
primary basis for investment decisions. The hypothetical/backtested performance results and model performance results should not be
construed as advice meeting the particular needs of any investor. Past performance (whether actual, hypothetical/backtested or model
performance) is not indicative of future performance and investments in equity securities do present risk of loss. The ability to replicate the
hypothetical or model performance results in actual trading could be affected by market or economic conditions, among other things.
Investors should understand that while performance results may show a general rising trend at times, there is no assurance that any such trends
will continue. If such trends are broken, then investors may experience real losses. No representation is being made that any account will achieve
performance results similar to those shown in this presentation. In fact, there may be substantial differences between backtested performance
results and the actual results subsequently achieved by any particular investment program. There are other factors related to the markets in
general or to the implementation of any specific investment program which have not been fully accounted for in the preparation of the
hypothetical/backtested performance results, all of which may adversely affect actual portfolio management results. The information included in
this presentation reflects the different assumptions, views and analytical methods of Newfound as of the date of this presentation.
19
Disclosures
FOR ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.