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.
Asset bubbles: what are they, why do they exist, and what are their implications? With near record-low interest rates, Newfound Research presents our view as to whether we are in a bond bubble and the implications for investors going forward.
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.
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.
Asset bubbles: what are they, why do they exist, and what are their implications? With near record-low interest rates, Newfound Research presents our view as to whether we are in a bond bubble and the implications for investors going forward.
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.
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.
"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.
"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.
"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.
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.
"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.
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.
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...
"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?
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.
How important are the rules used to create smart beta portfoliosRalph Goldsticker
Most Smart Beta presentations are about: “What and Why?”
This presentation addresses: “Do the rules used to construct a Smart Beta portfolio matter?”
Our approach was to use alternative portfolio construction rules to simulate multiple 25-year return histories for Low Volatility, Fundamental Indexing and Momentum strategies, and then compare their average returns, risks, drawdowns and factor exposures.
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
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.
Investing makes it possible for many of us to achieve important lifetime goals, such as retirement. That’s why we employ an investment approach based on almost nine decades of data, analysis and research, insights from behavioral finance and close relationships with leading academics. There are four key concepts which play a vital role in the construction and management of our portfolios. Together, they add up to a distinctive long-term, approach we call Asset Class, or evidence-based, Investing
"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.
"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.
"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.
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.
"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.
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.
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...
"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?
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.
How important are the rules used to create smart beta portfoliosRalph Goldsticker
Most Smart Beta presentations are about: “What and Why?”
This presentation addresses: “Do the rules used to construct a Smart Beta portfolio matter?”
Our approach was to use alternative portfolio construction rules to simulate multiple 25-year return histories for Low Volatility, Fundamental Indexing and Momentum strategies, and then compare their average returns, risks, drawdowns and factor exposures.
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
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.
Investing makes it possible for many of us to achieve important lifetime goals, such as retirement. That’s why we employ an investment approach based on almost nine decades of data, analysis and research, insights from behavioral finance and close relationships with leading academics. There are four key concepts which play a vital role in the construction and management of our portfolios. Together, they add up to a distinctive long-term, approach we call Asset Class, or evidence-based, Investing
Russell Luce • Foresters Equity Services
- Slicing the market: An active manager's view of a complex investment world by Ron Rowland
- Recession job losses finally recovered
- Profit with business valuation (Mark Miehe, SII Investments)
Prime Financial Group has a comprehensive investment process. How we evaluate and choose where investments are made is an extensive, collective process. It incorporates a structured in depth research and analysis process.
www.primefinancial.com.au
If your company needs to submit a Wealth Advisory Proposal PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response. http://bit.ly/2SeQewq
This slide presentation is an overview of Conner Management Group, LLC (CMG), an investment management firm. CMG is an SEC registered investment advisor.
If your company needs to submit a Wealth Management Advisory Services Proposal PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response. http://bit.ly/37gnhEr
If your company needs to submit a Financial Advisory Proposal PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response. http://bit.ly/2HwkAEs
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
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
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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
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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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 swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
Building an Unconstrained Sleeve
1. Building an
Unconstrained Sleeve
Traditional and Non-Traditional Assets &
Strategies
July 2017
Newfound Research LLC
425 Boylston Street, 3rd Floor
Boston, MA 02116
p: +1.617.531.9773 | w: thinknewfound.com Newfound Case ID: 5975123
2. Newfound Research was founded in August 2008 to offer quantitative
investment research.
Over time, our capabilities evolved to include the design of custom mandate
portfolios, the development of tactical overlay solutions, and sub-advisory
services.
In December 2013, we began offering discretionary asset management
services with portfolios directly advised by Newfound.
In all of our capabilities, we are dedicated to helping clients achieve their
long-term goals with research-driven, quantitatively-managed portfolios, while
simultaneously acknowledging that the quality of the journey is just as
important as the destination.
2
About Newfound
Newfound was awarded 2016 ETF Strategist of the Year by ETF.com.
3. 3
About Newfound Research
Portfolio Management
Services
Investment Research
Publications
• Offer solutions for institutional and retail
investors
• Capabilities include the design of:
• Custom mandate portfolios
• Tactical overlay solutions
• Sub-advisory services
• Access to discretionary asset management
services through portfolios directly advised by
Newfound
• SMA/UMA strategies available on a
number of TAMPs
• Family of open-end mutual funds
• Model allocation portfolios (including
Newfound mutual funds and 3rd party
products)
• Firm began by providing quantitative
investment research in 2008
• Currently provide content on a variety of
topics, including:
• Asset allocation
• Alternatives
• Behavioral finance
• Risk premium
• Risk management
• Research is delivered through a wide range of
media as well as directly to individual readers
4. 4
Fundamental Elements of our Process
While there are many elements necessary for successful investing, Quantitative
and Behavioral are our foundational elements.
QuQUANTITATIVE
BeBEHAVIORAL
We believe in a research-driven,
systematic approach to investing.
We believe the optimal
investment plan is first and
foremost the the one we can
stick with.
5. 5
Investment Team
Justin Sibears
Managing Director
• Frequent speaker on industry panels and contributor to ETF Trends.
• Prior to joining Newfound, structured and traded derivatives at J.P. Morgan and Deutsche
Bank
• MS Computational Finance, Carnegie Mellon University
• MBA, Carnegie Mellon University
• BS Finance and Mathematics, Notre Dame University
Nathan Faber
Vice President
• Prior to joining Newfound, worked as a chemical engineer at URS.
• MS Computational Finance, Carnegie Mellon University
• BS Chemical Engineering, Case Western Reserve University
Corey Hoffstein
Chief Investment Officer
• Frequent speaker on industry panels and contributor to ETF.com, ETF Trends, and Forbes
Great Speculations blog.
• Named ETF All Star in 2014 by ETF Report.
• MS Computational Finance, Carnegie Mellon University
• BS Computer Science, Cornell University
6. 6
Global Research Readership
Readership stats
• ~50 publications per year
• ~3200 subscribers
• ~160k article views in 2016
• Channels represented:
• Pensions
• Insurance Companies
• Superannuation Funds
• Family Offices
• Wealth Advisory
Audiences across the globe regularly utilize our data-driven investment research to help make
portfolio management decisions within institutional mandates
8. It is important to define what we are looking for:
what role does the sleeve serve in the portfolio?
• A hedge to equity exposure: explicitly offsetting
equity losses?
• Equity-like, but with downside protection?
• Absolute return?
8
Reasonable Expectations
9. Anecdotally, what we often hear:
“60-80% of the upside, 25-50% of the downside.”
Our take:
• If the market is the benchmark, meaningful up-
capture will require meaningful equity beta.
• Greater upside participation requires stomaching
more short-term volatility.
• “Upside” and “downside” are horizon-dependent
measures.
9
Reasonable Expectations
10. 𝑰𝑹 = 𝑰𝑪 𝑵
𝑰𝑹 is “Skill”: How effective are your tactical calls?
𝑰𝑪 is “Depth”: How accurate are your signals?
𝑵 is “Breadth”: How many signals do you have?
Probably easier to increase breadth than depth; i.e.
combine different approaches and benefit from
process diversification.
10
Two Ways of Doing It
11. Do we have to do anything?
A 60/40 portfolio is a pretty good starting point:
• Positive returns from bonds means up-capture is
likely >60%
• “Flight-to-safety” quality of bonds means that
down-capture is likely <60% in a crisis.
• Rebalancing can allow an investor to benefit
both from short-term momentum and long-term
mean-reversion.
11
Reasonable Expectations
13. Equity - Trend strategies use time-series momentum approaches that seek to invest during
positively trending market environments and retreat to safety (e.g. short-term U.S. Treasuries)
otherwise.
13
Equity – Trend
Source: MSCI, St. Louis Federal Reserve. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Equity – Trend strategy is rebalanced
monthly. The strategy invests in the MSCI World index when it is above its 10-month moving average and in a 1-year constant maturity U.S. Treasury index when it is below.
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Equity - Trend Equity - MSCI World
14. Equity - Minimum Volatility strategies seek to exploit the low-volatility phenomenon, whereby
lower risk securities exhibit an excess risk-adjusted return. They typically invest in securities
exhibiting lower volatility and beta.
14
Equity – Minimum Volatility
Source: MSCI. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of future results. Performance is
gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Equity – Minimum Volatility strategy is the MSCI World Minimum
Volatility Index.
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Equity - Minimum Volatility Equity - MSCI World
15. Macro – Trend strategies apply long/short trend-following techniques to equities, rates,
currencies, and commodities. Historically, their dynamic nature has made them an excellent
hedge during a variety of different crisis periods.
15
Macro – Trend
Source: MSCI, Salient. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of future results.
Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Macro – Trend strategy is the Salient Trend Index.
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Macro - Trend Equity - MSCI World
16. Macro - Risk Parity strategies seek to exploit diversification opportunities by using leverage to
allow all asset classes to contribute an equivalent amount of risk to the portfolio.
Empirical evidence suggests that this approach exploits the multi-asset low volatility
phenomenon, where low volatility assets exhibit an excess risk-adjusted return.
16
Macro – Risk Parity
Source: MSCI, Salient. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of future results.
Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Macro – Risk Parity strategy is the Salient Risk Parity
Index.
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Macro - Risk Parity Equity - MSCI World
17. Macro - Contrarian strategies seek to exploit the long-term mean-reversionary behavior
exhibited by asset classes through either valuation or price-reversal measurements. By their
nature, they tend to be fearful when others are greedy, and greedy when others are fearful.
17
Macro – Contrarian
Source: MSCI, St. Louis Federal Reserve. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Macro – Contrarian strategy is
rebalanced monthly and invests 30% in the MSCI World Index, 30% in the Vanguard Total Bond Market fund (VBMFX), and 40% in a contrarian sleeve. The contrarian sleeve
ranks the MSCI World and the Vanguard Total Bond Fund based on trailing 12-60 month returns and invests in highest ranking asset class. The contrarian sleeve is rebalanced
annually using 12 overlapping portfolios.
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Macro - Contrarian Equity - MSCI World
18. Macro – Income strategies are non-traditional bond strategies, investing across the globe in
both traditional (e.g. sovereign debt) and non-traditional (e.g. corporate bonds and asset-
backed securities) fixed income.
18
Macro – Income
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee
of future results. Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Macro – Income strategy is
rebalanced monthly and invests 80% in the HFRI Relative Value Fixed-Income Corporate Index and 20% in a 7-Year Constant Maturity U.S. Treasury Index.
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Macro - Income Equity - MSCI World
19. Due to their perceived safety and liquidity, Intermediate-Term U.S. Treasuries have historically
exhibited a “flight-to-safety” premium during equity market collapses. The instantaneous
nature of this premium has made U.S. Treasuries an excellent hedge, regardless of whether
equity losses are sudden or prolonged.
19
Bond – Intermediate-Term U.S. Treasury
Source: MSCI, St. Louis Federal Reserve. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions. The Intermediate-Term U.S. Treasuries
index is a 7-Year Constant Maturity U.S. Treasury Index.
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Intermediate-Term U.S. Treasuries Equity - MSCI World
20. 20
Historical Capture Ratios
Quintiles of Monthly U.S. Equity Market Returns
Bottom
Quintile
2nd
Quintile
3rd
Quintile
4th
Quintile
Top
Quintile
Equity – Trend 41% 75% 75% 91% 63%
Equity – Min. Volatility 59% 32% 70% 77% 76%
Macro – Trend -12% 38% 45% 67% 25%
Macro – Risk Parity 22% 71% 55% 62% 50%
Macro – Contrarian 33% 34% 65% 65% 55%
Macro – Income 9% -23% 66% 39% 26%
Bond – Int. U.S. Treasury -26% -19% 18% 20% 3%
Source: MSCI, HFRI, Salient, and St. Louis Federal Reserve. Calculations by Newfound Research. Performance is backtested and purely hypothetical. Past performance is not
a guarantee of future results. Performance is gross of all fees. Returns include the reinvestment of dividends, capital gains, and other distributions.
22. Run a simulation-based optimization that explicitly seeks to minimize downside capture to the
MSCI World Index.
22
Equity Hedge
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research.
Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends,
capital gains, and other distributions.
Bond -
Intermediate-
Term U.S.
Treasuries
65%
Macro -
Income
2%
Macro -
Trend
33%
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Hedge MSCI World Equity Index
23. Run a simulation-based optimization that explicitly seeks to minimize downside capture to the
MSCI World Index.
23
Equity Hedge (No Bonds)
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research.
Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends,
capital gains, and other distributions.
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Hedge (No Bonds) MSCI World Equity Index
Macro -
Trend
93%
Macro - Risk
Parity
7%
24. To offset equity losses, strategies with negative correlations
are required.
Historically, this has meant exposures like U.S. Treasuries
and Macro – Trend.
These positions diversify each other well, both having
historically exhibited crisis alpha, but with U.S. Treasuries
potentially reacting more quickly than Macro – Trend.
In the backtest, both portfolios exhibit positive returns in
2000, 2001, 2002 and 2008.
Uncorrelated behavior can lead to frustrating returns: in
2009, when the MSCI World Index returned 29.9%, the
Hedge and Hedge (No Bond) strategies returned -3.3% and
2.5% respectively.
24
Takeaways
26. Run a simulation-based optimization that explicitly seeks to maximize up-capture to the MSCI
World Index, with the constraint that the relative “Ulcer Index” of the strategy is 25% or
less than that of the MSCI World Index.
26
Equity-Like
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research.
Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends,
capital gains, and other distributions.
Bond -
Intermediate-
Term U.S.
Treasuries
2%
Equity -
Minimum
Volatility
22%
Equity -
Trend
31%
Macro -
Income
10%
Macro - Risk
Parity
8%
Macro -
Trend
4%
Macro -
Value
23%
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Equity-Like MSCI World Equity Index
27. To gain equity-like exposure, significant equity beta
must be present.
Equity – Trend and Equity – Minimum Volatility both
have the potential for an asymmetric risk profile.
Nearly 50% of the portfolio contains other exposures,
highlighting the benefits of process diversification.
Maintaining equity beta may increase drawdowns. In
the backtest, the strategy had a maximum drawdown
of -19%.
Diversification makes keeping up in a bubble, like the
late 1990s, near impossible.
27
Takeaways
29. Run a simulation-based optimization that seeks an equal-risk contribution for each strategy
employed.
29
Absolute Return
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research.
Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends,
capital gains, and other distributions.
Bond -
Intermediate-
Term U.S.
Treasuries
25%
Equity -
Minimum
Volatility
8%
Equity -
Trend
9%
Macro -
Income
25%
Macro - Risk
Parity
9%
Macro -
Trend
12%
Macro -
Value
12%
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Approach #3 MSCI World
30. Run a simulation-based optimization that seeks an equal-risk contribution for each strategy
employed.
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Absolute Return (No Bonds)
Source: MSCI, HFRI, St. Louis Federal Reserve. Calculations by Newfound Research.
Performance is backtested and purely hypothetical. Past performance is not a guarantee of
future results. Performance is gross of all fees. Returns include the reinvestment of dividends,
capital gains, and other distributions.
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Absolute Return (No Bond) MSCI World Equity Index
Equity -
Minimum
Volatility
16%
Equity -
Trend
18%
Macro - Risk
Parity
19%
Macro -
Trend
23%
Macro -
Value
24%
31. Diversification is key. Balancing asset class and
process risk is paramount.
Balancing risks means that absolute return style
strategies will likely badly underperform equities
during strong bull markets.
Even absolute return-style strategies are not
immune to liquidity crises like 2008.
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Takeaways
33. Your mileage with unconstrained strategies will vary
depending on where you’re trying to go.
• Strategies that are historically effective at hedging in
downturns are often painfully random during the rest
of the cycle.
• To capture significant equity upside, you have to bear
equity risk. This means being subject to sudden,
significant losses.
• Diversification may help you achieve more consistent
returns, but can lead to significant underperformance.
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Takeaways
35. The optimization applied is a simulation-based, block-bootstrap
approach.
For each simulation, returns for each strategy are aligned by month. To
simulate 10 years of returns, 20 6-month chunks are randomly
selected.
The first 6-month chunk is randomly selected. Subsequent chunks are
selected by adding a random normal variable with location zero and
scale of 36 months to the starting point of the prior chunk.
Optimal portfolios under each simulation are averaged together.
Simulations are run until the solution converges (approximately
250).
We believe this approach helps capture many of the salient features
empirically evident in asset class returns, including autocorrelation,
auto-regressive and heteroskedastic volatility, and time-varying
cross asset class dynamics.
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Optimization