This document provides a summary of slides for a presentation on the risks facing China's economy and currency. It discusses the large capital outflows from China, the end of China's currency carry trade, declining foreign exchange reserves, and deflationary pressures. The document argues that China will be forced to allow greater depreciation of its currency, the renminbi, in order to regain control over monetary policy and restore competitiveness. It predicts a disorderly disruption in China could cause a 20% or greater fall in the renminbi and trigger widespread turmoil across emerging markets similar to the 1997 Asian financial crisis.
The document discusses current account deficits, global imbalances, and balance of payments. It provides details on Thailand's experience with current account deficits, devaluation of its currency, and liberalization policies during the Asian financial crisis of 1997-1998. It finds that devaluation and liberalization may help correct imbalances if done carefully and not extended beyond stabilization, as Thailand's economy recovered after the crisis through managed float of its currency, liquidation of troubled financial institutions, and debt restructuring. Global imbalances have narrowed since peaking in 2007-2008 during the financial crisis.
The document summarizes the East Asian financial crisis of 1997-1998. It provides background on the economic growth and policies of East Asian countries prior to the crisis. It then discusses some of the key factors that contributed to the crisis, including faulty macroeconomic policies, excessive foreign borrowing and risk-taking, and poor lending practices. The crisis began in Thailand and then spread to other countries through financial contagion and loss of investor confidence. The IMF intervened to stabilize currencies and reform banking systems.
The document discusses balance of trade, exchange rates, and factors that affect exchange rates. Balance of trade is the difference between a country's exports and imports, with a trade surplus occurring when exports are greater than imports. Exchange rate is the value of one country's currency compared to another's, such as the US exchange rate with Mexico, Russia, and Japan. Factors that can impact the exchange rate include a country's balance of payments, economic conditions, and political stability.
This document discusses the causes of the 1997 Asian financial crisis. It outlines two main arguments about the causes: fundamental weaknesses in Asian economies vs. financial panic and lack of a lender of last resort. It also discusses the roles of the IMF and Malaysia's response. The purpose is to review the key causes, compare the IMF and Malaysian strategies, and identify lessons learned.
The document discusses the development of the Investment Rate, which aims to determine how much money will be systematically invested into the economy each year to define longer-term economic and stock market cycles. It describes how the author analyzed various economic data and theories before determining that the key factor was the life cycles of normal people. Through analyzing data on retirement planning, mortgage payoff timelines, and college education costs, the author was able to identify age 50 as the key "Kee Age" when normal people have both the means and motivation to begin investing aggressively for retirement.
The document proposes establishing a private global currency foundation to manage a new global currency that is not controlled by any single government. It outlines criteria for an ideal currency, including being stable, not prone to inflation/deflation, and maintaining purchasing power. It then proposes the formation of a Global Currency Foundation with an independent board of directors including prominent economists and investors like Paul Volcker, George Soros, Warren Buffett, Bill Gates, and Herbert Allen to govern the currency. The currency would initially be virtual-only to avoid legal tender laws and be backed by gold to maintain stability and value. The goal is to create a truly independent global currency not subject to political manipulation.
October 2017 Investment Insights:
The best time to prepare for a market decline is before one happens. In our opinion, the four most important necessary elements to survive a bear market are diversification, quality, a long-term perspective, and professional management.
www.mycwmusa.com
The document discusses current account deficits, global imbalances, and balance of payments. It provides details on Thailand's experience with current account deficits, devaluation of its currency, and liberalization policies during the Asian financial crisis of 1997-1998. It finds that devaluation and liberalization may help correct imbalances if done carefully and not extended beyond stabilization, as Thailand's economy recovered after the crisis through managed float of its currency, liquidation of troubled financial institutions, and debt restructuring. Global imbalances have narrowed since peaking in 2007-2008 during the financial crisis.
The document summarizes the East Asian financial crisis of 1997-1998. It provides background on the economic growth and policies of East Asian countries prior to the crisis. It then discusses some of the key factors that contributed to the crisis, including faulty macroeconomic policies, excessive foreign borrowing and risk-taking, and poor lending practices. The crisis began in Thailand and then spread to other countries through financial contagion and loss of investor confidence. The IMF intervened to stabilize currencies and reform banking systems.
The document discusses balance of trade, exchange rates, and factors that affect exchange rates. Balance of trade is the difference between a country's exports and imports, with a trade surplus occurring when exports are greater than imports. Exchange rate is the value of one country's currency compared to another's, such as the US exchange rate with Mexico, Russia, and Japan. Factors that can impact the exchange rate include a country's balance of payments, economic conditions, and political stability.
This document discusses the causes of the 1997 Asian financial crisis. It outlines two main arguments about the causes: fundamental weaknesses in Asian economies vs. financial panic and lack of a lender of last resort. It also discusses the roles of the IMF and Malaysia's response. The purpose is to review the key causes, compare the IMF and Malaysian strategies, and identify lessons learned.
The document discusses the development of the Investment Rate, which aims to determine how much money will be systematically invested into the economy each year to define longer-term economic and stock market cycles. It describes how the author analyzed various economic data and theories before determining that the key factor was the life cycles of normal people. Through analyzing data on retirement planning, mortgage payoff timelines, and college education costs, the author was able to identify age 50 as the key "Kee Age" when normal people have both the means and motivation to begin investing aggressively for retirement.
The document proposes establishing a private global currency foundation to manage a new global currency that is not controlled by any single government. It outlines criteria for an ideal currency, including being stable, not prone to inflation/deflation, and maintaining purchasing power. It then proposes the formation of a Global Currency Foundation with an independent board of directors including prominent economists and investors like Paul Volcker, George Soros, Warren Buffett, Bill Gates, and Herbert Allen to govern the currency. The currency would initially be virtual-only to avoid legal tender laws and be backed by gold to maintain stability and value. The goal is to create a truly independent global currency not subject to political manipulation.
October 2017 Investment Insights:
The best time to prepare for a market decline is before one happens. In our opinion, the four most important necessary elements to survive a bear market are diversification, quality, a long-term perspective, and professional management.
www.mycwmusa.com
The document summarizes the Asian financial crisis of the late 1990s. It describes how large capital inflows into Southeast Asian countries in the early 1990s fueled economic booms and real estate bubbles. However, the bubbles eventually burst when foreign investors began pulling money out. This led Thailand to float its currency in July 1997, sparking a financial crisis that spread to other countries through currency devaluations and falling stock markets. The IMF intervened with bailout packages that required economic reforms. The crisis exposed issues with crony capitalism and overreliance on foreign capital inflows in the region.
The document summarizes the 1997-99 economic crisis in Southeast Asia and its aftermath. It describes the causes of the crisis, including weak macroeconomic fundamentals, overvalued currencies, and an open capital account. This led to currency devaluations, weakened financial institutions, and high unemployment. ASEAN countries responded by stabilizing exchange rates and debt, addressing social impacts, strengthening financial regulation, and increasing economic integration between ASEAN nations. New frameworks like the Manila Framework and Chiang Mai Initiative were created to promote regional cooperation and monitoring of economic conditions.
The document summarizes the Asian financial crisis that began in July 1997. It provides an overview of the timeline of events, including countries that faced economic troubles and sought assistance from the IMF. It then discusses some of the key causes of the crisis, such as poor economic regulation, overinflated asset prices, and fixed exchange rates. The document also examines the impact and history of the crisis, as well as theories around what fueled the bubble economy. It concludes with recommendations for preventing future financial crises, such as improving global coordination and regulation.
The East Asian economic crisis in the late 1990s affected several countries in the region. It was caused by weak domestic policies, global financial liberalization, and speculative attacks on currencies with fixed exchange rates. Thailand was hit first as investors lost confidence in its currency, the baht. The crisis led to sharp declines in currencies, stock markets, and asset prices across Asia. It also had spillover effects globally. The IMF responded by providing loans with conditions for austerity measures, which deepened recessions. Countries have since rebuilt their economies and financial systems to be stronger against future crises.
A Case Study Analysis on the Asian Financial Crisis of 1997 and Zapa ChemicalsSadman Ahmed
Asian Financial Crisis of 1997:-
The Asian crisis was one of the worst financial disasters in the history of Thailand. The investors moved away large sums money away, inflation spiraled out of control, and it ultimately put pressure on the exchange rates of the Baht. Due to Thailand’s problems alone, the effect of the crisis spread along different countries in Asia. The impacts prove how integrated the economies of today are. Much of the fault lies on the failed policies of the government and weak regulatory regime.
Zapa Chemicals (risk management)
The exchange rate exposure and the legal hurdles can be quite a burden when transferring funds across the borders. In the case of Zapa Chemicals, the tax filing problem did not help them to transfer funds. They didn’t know when exactly the funds would be available for receiving. The risk management of the firm is quite a hefty task for foreign companies to successfully pursue.
What Is South East Asian Currency CrisisPujil Khanna
The document summarizes the 1997 Asian Financial Crisis that impacted countries in Southeast Asia. It discusses some of the key causes of the crisis, including excessive foreign borrowing by Thailand, Indonesia, and South Korea which led to large current account deficits. When the US raised interest rates, it caused investors to pull money out of Southeast Asia rapidly, severely depreciating currencies and causing economic turmoil and recessions across the region. The IMF intervened to provide loans and encourage reforms to stabilize economies and currencies.
The 1997-1998 Asian Financial Crisis had spill over effects on the United States economy through trade, capital flows, and financial market interlinkages. It reduced U.S. exports to Asia but boosted some domestic sectors. Specific industries like high-tech, agriculture, and textiles saw declines in exports to Asia, while financial institutions and some businesses faced losses. However, overall the crisis led to lower interest rates and inflation in the U.S. which stimulated the domestic economy.
The 1997 Malaysian currency crisis was caused by macroeconomic imbalances like large current account deficits financed by short-term capital inflows, as well as a sudden shift in market confidence. In response, the Malaysian government froze foreign currency accounts, fixed the exchange rate, and introduced capital controls. Key lessons from the crisis included the need for financial market reform, managing investor confidence, and accumulating large foreign reserves to prevent future speculative attacks.
Milton Friedman's monetarist theory of inflation argues that inflation is always caused by increases in the money supply. When the money supply increases, people's real cash balances exceed demand, so they spend more on goods and services, bidding up prices if output does not rise. The rate of inflation is determined by the rate of growth of the money supply minus the rate of output growth, with inflation directly related to money supply increases when the economy is at full employment. Friedman's theory modifies Keynes' ideas and assumes full employment, but critics argue it ignores fiscal policy and speculative demand for money.
The document summarizes the 1997 Asian Financial Crisis that affected economies in Southeast Asia. It provides background on the crisis, describing how currency devaluations in Thailand, Indonesia, and other countries led to a loss of over $100 billion from the region. This resulted in high unemployment, falling wages, and corporate and bank failures. A combination of factors contributed to the crisis, including risky private sector borrowing, currency speculation, and weak economic performance. Countries took measures like seeking IMF aid and reforming banking systems to overcome the crisis. The crisis indirectly impacted countries like India through slower global growth and affected Indian exports, while India was shielded by capital controls and a floating exchange rate.
The document discusses the 1997 Asian Financial Crisis that originated in Thailand and spread to other Southeast Asian countries. It provides background on the "Four Asian Tigers" of high-growth economies prior to 1997. It then describes the events and impact of the crisis in Thailand, Indonesia, South Korea, Hong Kong, Malaysia and other nations. These included currency declines, falling stock markets, GDP declines and the need for IMF bailout packages. Causes of the crisis included easy foreign lending, real estate bubbles, and currency devaluations. The IMF was later criticized for its crisis response of imposing "structural adjustment" measures.
The document summarizes the 1997 Asian Financial Crisis. It began in Thailand due to a real estate bubble fueled by foreign capital inflows. When the US raised interest rates, capital fled Thailand, forcing the baht to float and devalue sharply. This triggered a financial crisis that spread to other Southeast Asian countries as currency devaluations made foreign debt more expensive. The IMF provided $40 billion in bailout loans to stabilize currencies in affected countries which included Thailand, Indonesia, South Korea, Hong Kong, Malaysia, and the Philippines.
The document summarizes the social impacts of the Asian financial crisis of the late 1990s. It discusses how the crisis led to rising unemployment and inflation, a decline in real incomes and household assets, and increases in poverty levels. Vulnerable groups like women, children, the elderly and migrant workers were disproportionately affected. Governments, communities, and households implemented various responses and coping mechanisms to deal with the economic hardship caused by the crisis.
Asian Financial Crisis in 1997
Asia before Financial Crisis
Beginning of Asian Financial Crisis
Affected countries from Asian financial Crisis
End of Asian Financial Crisis
IMF role during Asian financial crisis
3 Causes of Asian Financial Crisis
Impact of Asian Financial Crisis to:
Thailand
Philippines
Malaysia
Japan
How these countries overcame the Crisis
Current developments to Avoid future financial crisis
This document provides an overview of the 1997 East Asian Financial Crisis, including:
1. It describes the economic growth and policies of East Asian countries prior to the crisis, known as the "East Asia Miracle".
2. It then outlines some of the key reasons for the crisis, including short-term foreign borrowing by banks and corporations and weaknesses in financial systems.
3. It examines the effects on specific countries, with Thailand, Indonesia, and South Korea being hit hardest by currency devaluations and economic downturns.
4. It also discusses the more moderate impact on countries like China and Singapore and the role of the IMF in providing bailout packages with strict reform conditions.
Causes of the 1997 South East Asian Financial Crises & its Impact on the Fina...Krutika Panari
The 1997 Asian Financial Crisis began in Thailand and spread to other Southeast Asian countries as well as Japan, South Korea and Russia. It was caused by currency speculation and excess foreign debt taken on by countries to finance real estate bubbles and investments. When Thailand floated its currency, it collapsed and investors fled the region, causing currencies and stock markets to crash across Asia. The IMF intervened but its austerity measures exacerbated recessions. The crisis had global impacts including the 1998 Russian crisis and LTCM collapse. It reduced confidence in globalization and international financial institutions.
The document summarizes the events that led to the 2008 financial crisis. Cheap money policies by the Federal Reserve encouraged risky lending. Mortgage loans were given to high-risk borrowers and new financial instruments spread risk throughout the system. When the housing bubble burst, the crisis spread globally as losses mounted. The document provides tips for surviving the crisis such as reducing debt, investing for the long term in necessities, and staying informed about market conditions.
The Asian Financial Crisis began in July 1997 when Thailand floated its currency, the baht, causing its value to drop and triggering a series of currency devaluations and economic turmoil across Asia. The crisis most severely impacted Indonesia, South Korea, and Thailand as their currencies collapsed, stock markets plunged, real estate prices fell, and numerous companies went bankrupt. The International Monetary Fund orchestrated large bailout packages for the affected countries and imposed structural adjustment programs that required high interest rates, spending cuts, and market liberalization to stabilize currencies and restore investor confidence. While most countries recovered relatively quickly, the crisis had long-lasting economic and political impacts on the region.
La evolucion de los sistemas operativosDiego Gomez
El documento describe la evolución de los sistemas operativos Microsoft Windows desde 1985 hasta 2013, incluyendo las fechas de lanzamiento y características clave de cada versión importante como Windows 1.0, 3.0, 95, XP, 7 y 8.1. Se destacan los cambios en la arquitectura, el soporte de nuevos procesadores, la introducción de interfaces gráficas y el énfasis en consumidores y servidores.
The document summarizes the Asian financial crisis of the late 1990s. It describes how large capital inflows into Southeast Asian countries in the early 1990s fueled economic booms and real estate bubbles. However, the bubbles eventually burst when foreign investors began pulling money out. This led Thailand to float its currency in July 1997, sparking a financial crisis that spread to other countries through currency devaluations and falling stock markets. The IMF intervened with bailout packages that required economic reforms. The crisis exposed issues with crony capitalism and overreliance on foreign capital inflows in the region.
The document summarizes the 1997-99 economic crisis in Southeast Asia and its aftermath. It describes the causes of the crisis, including weak macroeconomic fundamentals, overvalued currencies, and an open capital account. This led to currency devaluations, weakened financial institutions, and high unemployment. ASEAN countries responded by stabilizing exchange rates and debt, addressing social impacts, strengthening financial regulation, and increasing economic integration between ASEAN nations. New frameworks like the Manila Framework and Chiang Mai Initiative were created to promote regional cooperation and monitoring of economic conditions.
The document summarizes the Asian financial crisis that began in July 1997. It provides an overview of the timeline of events, including countries that faced economic troubles and sought assistance from the IMF. It then discusses some of the key causes of the crisis, such as poor economic regulation, overinflated asset prices, and fixed exchange rates. The document also examines the impact and history of the crisis, as well as theories around what fueled the bubble economy. It concludes with recommendations for preventing future financial crises, such as improving global coordination and regulation.
The East Asian economic crisis in the late 1990s affected several countries in the region. It was caused by weak domestic policies, global financial liberalization, and speculative attacks on currencies with fixed exchange rates. Thailand was hit first as investors lost confidence in its currency, the baht. The crisis led to sharp declines in currencies, stock markets, and asset prices across Asia. It also had spillover effects globally. The IMF responded by providing loans with conditions for austerity measures, which deepened recessions. Countries have since rebuilt their economies and financial systems to be stronger against future crises.
A Case Study Analysis on the Asian Financial Crisis of 1997 and Zapa ChemicalsSadman Ahmed
Asian Financial Crisis of 1997:-
The Asian crisis was one of the worst financial disasters in the history of Thailand. The investors moved away large sums money away, inflation spiraled out of control, and it ultimately put pressure on the exchange rates of the Baht. Due to Thailand’s problems alone, the effect of the crisis spread along different countries in Asia. The impacts prove how integrated the economies of today are. Much of the fault lies on the failed policies of the government and weak regulatory regime.
Zapa Chemicals (risk management)
The exchange rate exposure and the legal hurdles can be quite a burden when transferring funds across the borders. In the case of Zapa Chemicals, the tax filing problem did not help them to transfer funds. They didn’t know when exactly the funds would be available for receiving. The risk management of the firm is quite a hefty task for foreign companies to successfully pursue.
What Is South East Asian Currency CrisisPujil Khanna
The document summarizes the 1997 Asian Financial Crisis that impacted countries in Southeast Asia. It discusses some of the key causes of the crisis, including excessive foreign borrowing by Thailand, Indonesia, and South Korea which led to large current account deficits. When the US raised interest rates, it caused investors to pull money out of Southeast Asia rapidly, severely depreciating currencies and causing economic turmoil and recessions across the region. The IMF intervened to provide loans and encourage reforms to stabilize economies and currencies.
The 1997-1998 Asian Financial Crisis had spill over effects on the United States economy through trade, capital flows, and financial market interlinkages. It reduced U.S. exports to Asia but boosted some domestic sectors. Specific industries like high-tech, agriculture, and textiles saw declines in exports to Asia, while financial institutions and some businesses faced losses. However, overall the crisis led to lower interest rates and inflation in the U.S. which stimulated the domestic economy.
The 1997 Malaysian currency crisis was caused by macroeconomic imbalances like large current account deficits financed by short-term capital inflows, as well as a sudden shift in market confidence. In response, the Malaysian government froze foreign currency accounts, fixed the exchange rate, and introduced capital controls. Key lessons from the crisis included the need for financial market reform, managing investor confidence, and accumulating large foreign reserves to prevent future speculative attacks.
Milton Friedman's monetarist theory of inflation argues that inflation is always caused by increases in the money supply. When the money supply increases, people's real cash balances exceed demand, so they spend more on goods and services, bidding up prices if output does not rise. The rate of inflation is determined by the rate of growth of the money supply minus the rate of output growth, with inflation directly related to money supply increases when the economy is at full employment. Friedman's theory modifies Keynes' ideas and assumes full employment, but critics argue it ignores fiscal policy and speculative demand for money.
The document summarizes the 1997 Asian Financial Crisis that affected economies in Southeast Asia. It provides background on the crisis, describing how currency devaluations in Thailand, Indonesia, and other countries led to a loss of over $100 billion from the region. This resulted in high unemployment, falling wages, and corporate and bank failures. A combination of factors contributed to the crisis, including risky private sector borrowing, currency speculation, and weak economic performance. Countries took measures like seeking IMF aid and reforming banking systems to overcome the crisis. The crisis indirectly impacted countries like India through slower global growth and affected Indian exports, while India was shielded by capital controls and a floating exchange rate.
The document discusses the 1997 Asian Financial Crisis that originated in Thailand and spread to other Southeast Asian countries. It provides background on the "Four Asian Tigers" of high-growth economies prior to 1997. It then describes the events and impact of the crisis in Thailand, Indonesia, South Korea, Hong Kong, Malaysia and other nations. These included currency declines, falling stock markets, GDP declines and the need for IMF bailout packages. Causes of the crisis included easy foreign lending, real estate bubbles, and currency devaluations. The IMF was later criticized for its crisis response of imposing "structural adjustment" measures.
The document summarizes the 1997 Asian Financial Crisis. It began in Thailand due to a real estate bubble fueled by foreign capital inflows. When the US raised interest rates, capital fled Thailand, forcing the baht to float and devalue sharply. This triggered a financial crisis that spread to other Southeast Asian countries as currency devaluations made foreign debt more expensive. The IMF provided $40 billion in bailout loans to stabilize currencies in affected countries which included Thailand, Indonesia, South Korea, Hong Kong, Malaysia, and the Philippines.
The document summarizes the social impacts of the Asian financial crisis of the late 1990s. It discusses how the crisis led to rising unemployment and inflation, a decline in real incomes and household assets, and increases in poverty levels. Vulnerable groups like women, children, the elderly and migrant workers were disproportionately affected. Governments, communities, and households implemented various responses and coping mechanisms to deal with the economic hardship caused by the crisis.
Asian Financial Crisis in 1997
Asia before Financial Crisis
Beginning of Asian Financial Crisis
Affected countries from Asian financial Crisis
End of Asian Financial Crisis
IMF role during Asian financial crisis
3 Causes of Asian Financial Crisis
Impact of Asian Financial Crisis to:
Thailand
Philippines
Malaysia
Japan
How these countries overcame the Crisis
Current developments to Avoid future financial crisis
This document provides an overview of the 1997 East Asian Financial Crisis, including:
1. It describes the economic growth and policies of East Asian countries prior to the crisis, known as the "East Asia Miracle".
2. It then outlines some of the key reasons for the crisis, including short-term foreign borrowing by banks and corporations and weaknesses in financial systems.
3. It examines the effects on specific countries, with Thailand, Indonesia, and South Korea being hit hardest by currency devaluations and economic downturns.
4. It also discusses the more moderate impact on countries like China and Singapore and the role of the IMF in providing bailout packages with strict reform conditions.
Causes of the 1997 South East Asian Financial Crises & its Impact on the Fina...Krutika Panari
The 1997 Asian Financial Crisis began in Thailand and spread to other Southeast Asian countries as well as Japan, South Korea and Russia. It was caused by currency speculation and excess foreign debt taken on by countries to finance real estate bubbles and investments. When Thailand floated its currency, it collapsed and investors fled the region, causing currencies and stock markets to crash across Asia. The IMF intervened but its austerity measures exacerbated recessions. The crisis had global impacts including the 1998 Russian crisis and LTCM collapse. It reduced confidence in globalization and international financial institutions.
The document summarizes the events that led to the 2008 financial crisis. Cheap money policies by the Federal Reserve encouraged risky lending. Mortgage loans were given to high-risk borrowers and new financial instruments spread risk throughout the system. When the housing bubble burst, the crisis spread globally as losses mounted. The document provides tips for surviving the crisis such as reducing debt, investing for the long term in necessities, and staying informed about market conditions.
The Asian Financial Crisis began in July 1997 when Thailand floated its currency, the baht, causing its value to drop and triggering a series of currency devaluations and economic turmoil across Asia. The crisis most severely impacted Indonesia, South Korea, and Thailand as their currencies collapsed, stock markets plunged, real estate prices fell, and numerous companies went bankrupt. The International Monetary Fund orchestrated large bailout packages for the affected countries and imposed structural adjustment programs that required high interest rates, spending cuts, and market liberalization to stabilize currencies and restore investor confidence. While most countries recovered relatively quickly, the crisis had long-lasting economic and political impacts on the region.
La evolucion de los sistemas operativosDiego Gomez
El documento describe la evolución de los sistemas operativos Microsoft Windows desde 1985 hasta 2013, incluyendo las fechas de lanzamiento y características clave de cada versión importante como Windows 1.0, 3.0, 95, XP, 7 y 8.1. Se destacan los cambios en la arquitectura, el soporte de nuevos procesadores, la introducción de interfaces gráficas y el énfasis en consumidores y servidores.
The document outlines 8 unique challenges of enterprise selling: 1) Competition is sophisticated and relentless, requiring thorough research of competitors. 2) The sales cycle can take months or years, requiring patience. 3) Pursuits require significant financial and resource investments. 4) Buyer networks within enterprises are wide and diverse, encompassing many functions. 5) Selling teams must also be cross-functional to match the buyer networks. 6) Decision structures within enterprises are complex with multi-layered processes. 7) Enterprise organizations have incredibly diverse and complex structures. 8) Solutions must have unassailable business value focused on client needs, not products. Overcoming these challenges requires thorough planning, customized solutions, and understanding client needs and processes.
Presentation delivered at Wavefront's See the Big Picture in Growing Your Small Team.
Starting to think about hiring and growing your start-up? A couple of tips to make your recruitment efforts effective and efficient as you start building your talent strategy. It's critical to think of the ROI of your time, and how to interview and close your top candidates. Recruitment is after all, one of the most important sales processes to grow your human capital.
The document describes how others may perceive someone based on their score on some unspecified test or assessment. It provides descriptions for various score ranges:
- Over 60 points: Seen as vain, self-centered, dominant, and needing to be handled with care. Others may admire but not fully trust.
- 51-60 points: Seen as an exciting natural leader who makes quick decisions, though not always right ones. Seen as bold and adventuresome.
- 41-50 points: Seen as fresh, lively, charming, amusing, practical, and interesting. Someone who attracts attention without being egotistical. Also seen as kind and understanding.
- 31-40 points: Seen as sensible, cautious
Eat, Sleep, BOX, Repeat! Die 2. Evolution der HochseecontainerSteffen Tröger
Hat Malcom McLean vor rund 60 Jahren mit der Erfindung des ISO genormten Seecontainers eine erste Evolution im Bereich der weltweiten Logistik von Gütern eingeleitet, stehen wir heute vor der 2. Evolutionsstufe: Dem Nutzen dieser stählernen Kolosse nach ihren Hochseeeinsätzen zum Schaffen von (temporärer) Event-, Gastronomie-, Arbeits- und Wohnarchitektur.
Seecontainer sind sexy, modular, vielseitig und mobil. In dem Impulsvortrag „Eat, Sleep, BOX, Repeat! - Die 2. Evolution der Hochseecontainer“ werden nicht nur die Themen Upcycling und Einsatzmöglichkeiten von Seecontainern beleuchtet, sondern auch die damit verbundenen gesellschaftlichen Trends. Am Beispiel von BigBoxBerlin wird zusätzlich aufgezeigt, wie neue Produkte aus Seecontainern entwickelt und am Markt positioniert werden.
Rajendra V. Datar is a senior project manager with over 15 years of experience in project management, planning, execution, and quality assurance. He has a bachelor's degree in electrical engineering. Currently he works at Bajaj Electricals managing illumination projects for power plants, stadiums, and industrial areas. Previously he has worked in electrical maintenance, design, and procurement roles for various manufacturing companies.
1. ASU has a parking area problem due to not enough spaces and everyone arriving at the same time, which can result in missing classes or wasting time.
2. The document discusses potential solutions such as constructing more parking areas, which would require ASU to pay more fees, changing schedules or transportation methods, or improving public transportation options.
3. It notes that while more parking areas would benefit students and faculty, they require money, and considers options other schools have taken like reducing subsidies or using shuttles from off-campus parking.
AWS RDS provides a managed database service for provisioning, operating, and scaling MySQL databases in the cloud. It handles tasks like installation, patching, backups, replication, and failover that would otherwise need to be manually configured and managed when using unmanaged MySQL on EC2. RDS also provides high performance through features like automated striping across EBS volumes and ability to provision thousands of IOPS. It allows scaling for read-heavy workloads through creation of read replicas and offers point-in-time recovery of backups retained for up to 35 days.
MWW PR Lawsuit: MWW Public Relations Group Sued by Scholastic EverythingPR
In a lawsuit recently filed in United States District Court, Southern District of New York, Scholastic has filed a lawsuit against MWWPR seeking $699,377.01 plus legal damages for a series of unpaid bills. The lawsuit claims that Scholastic provided educational materials for MWW Public Relations – which was used for their client Samsung – yet the PR firm refuses to pay past-due invoices.
Email Tips from Shop.org's Digital SummitMike Cassidy
Face it. Going to Shop.org consists of standing in front of a fire hose of information. You can't remember it all. We're here to help.
Reminder 1: What David Cost said about email.
The document provides a 7-step guide for purchasing and implementing industrial robots in a manufacturing facility:
1. Choose a process to automate that is highly repetitive and predictable.
2. Get at least 3 quotes from robot integrators and provide clear requirements to get accurate pricing.
3. Establish acceptance criteria for testing the system and negotiate a payment structure.
4. Select an integrator that can provide on-site support and spare parts to keep the robot running.
5. Commit to preventative maintenance to extend the life of the robot and prevent breakdowns.
6. Ensure safety standards for installation, operation, and maintenance are followed to minimize workplace hazards.
7.
Diana Frank gave a presentation at UX camp HH 2016 in Hamburg on getting real impact from user experience in large organizations. She discussed three main challenges: 1) issues with self-esteem and impact from one's own work, 2) structural problems working within large organizations, and 3) practical steps for making an impact, such as focusing on problems, leaving one's comfort zone, and building trust. She emphasized understanding contexts, structures, and mindsets in order to identify opportunities to create impact with less effort.
Как мы стали лучшим рестораном в РоссииSergeн Itskov
Наращивая консалтинговый опыт, я столкнулся с фактом: большинство рестораторов пренебрегает простыми истинами, теряя гостей и прибыль. Надеюсь, что эта короткая презентация поможет взглянуть на свой бизнес с другой стороны.
10 элементарных вещей, которых не делает 99% ресторанов, теряя гостей и прибыль.
Este documento propone un nuevo enfoque para explicar el límite de funciones de dos variables sin utilizar inicialmente las definiciones formales. Sugiere comenzar analizando el comportamiento algebraico y gráfico de la función, y relacionarlo con conceptos de límites de una variable. Luego, define formalmente el límite de dos variables utilizando la noción de entorno en R2. El objetivo es que los estudiantes comprendan mejor el concepto a través de un desarrollo más intuitivo antes de presentar las definiciones.
The document summarizes the East Asian financial crisis that began in 1997. It started in Thailand with the collapse of major companies which destabilized the economy. This triggered a rapid withdrawal of foreign funds across East Asia due to concerns over political and economic stability. The withdrawals accelerated into a financial panic. Countries were affected through currency depreciation, high inflation, rising debt, and economic contraction. The IMF provided $120 billion in bailouts but its austerity programs may have worsened the crisis. India was less impacted due to capital controls and strong fundamentals.
Ss china the us & currencies harvard kennedy school presentationMarcus Vannini
- The document discusses currency issues between China, the US, and the RMB. It argues that China should allow gradual appreciation of the RMB for several reasons, including avoiding overheating of the Chinese economy and making exchange rate policy an effective tool for balancing internal and external economic conditions.
- It also discusses criticisms of US twin deficits and theories around sustainable current account deficits. The global monetary system is shifting from a dollar-based system to one with multiple international reserve currencies.
The document discusses the relationship between the US and Chinese economies and currencies. It notes that the US economy depends heavily on foreign capital, particularly Chinese renminbi. China holds over $1 trillion in US treasury bonds and US debt totaled over $18 trillion as of September 2014. However, the relationship is complex as the two countries are also major trading partners and competitors. Maintaining a stable economic relationship is important for both countries but also challenging given the different economic systems and priorities.
The document discusses whether the Chinese yuan will become the next global reserve currency. It outlines factors that influence a currency being used as a reserve, including the size and importance of the economy, open financial markets, and macroeconomic policies. Currently the US dollar dominates as a reserve currency, but its position is weakening due to rising debt and China's increasing influence. The yuan is moving towards becoming a reserve through currency swaps and trade deals settled in yuan. However, the yuan faces challenges to becoming a reserve like lack of convertibility and large bond markets. China needs reforms to make the yuan freely floating and develop its financial systems before the yuan can replace the dollar as the dominant global reserve currency.
1. China has experienced a dramatic economic rise fueled by cheap labor, investment, and exports, but this growth has been built on unsustainable levels of debt and a fragile financial system.
2. China is at high risk of a financial crisis in the next few years as liquidity growth slows and debt levels surpass 225% of GDP, with corporate and shadow banking debt posing significant risks.
3. While China can take steps like developing its bond market, increasing consumption and reducing unproductive investment will be difficult due to political opposition, so a crisis may be needed to force meaningful reforms.
China's Turbulent Economy, Summer of 2015MyValueTrade
The stock market crash in Shanghai this summer and the unexpected devaluation of the Chinese yuan, shows how difficult it will be for policymakers to steer China's economy out of the biggest slowdown in decades.
This document provides an overview of monetary policy frameworks and operating procedures. It discusses key concepts like monetary policy transmission mechanisms, inflation targeting, central bank independence, and the evolution of monetary policy in India. The document outlines the objectives, instruments, and transmission channels of monetary policy. It also covers unconventional monetary policy tools used in recent times like quantitative easing and forward guidance. Charts are included showing inflation trends in major economies and changes in policy rates in advanced and emerging market economies.
This document provides an overview of All Star Financial, an independent fee-only financial advisory firm. It discusses the firm's services, investment philosophy, and approach to managing client portfolios. Key points include:
1. All Star Financial provides personal and corporate financial planning, investment management, and tax services. They manage client assets using mutual funds, ETFs, stocks, and bonds.
2. The firm's investment approach focuses on reducing risk and volatility through strategic asset allocation and diversification. They emphasize keeping what you earn over maximizing returns.
3. Examples from past economic cycles and market downturns illustrate why diversification and staying the course are important strategies during volatile periods. Panicking and making
Rajiv Gandhi ignored advice from finance ministers and the RBI in 1988 to seek an IMF loan when warned of future crisis, due to domestic political concerns. By the time he agreed to approach the IMF in 1989, it was too late, and the balance of payments crisis occurred under the new V.P. Singh government in 1991. Interviews with central bank and finance ministry officials revealed that Rajiv Gandhi's delay in seeking IMF assistance due to impending elections significantly contributed to the severity of the 1991 crisis.
Will the US Rebound Cause Another Emerging Markets Crisis?Brien Desilets
1) Past financial crises in emerging markets have often been caused by events in developed markets like the US. As the US economy rebounds, emerging markets may face another crisis if capital flows reverse out of those markets.
2) Many emerging markets remain reliant on foreign financing and currency, leaving them vulnerable to changes in developed markets. However, emerging markets are generally better prepared now than in past crises due to policy and regulatory reforms.
3) Countries like Malaysia demonstrated resilience during the 2008 crisis by requiring large capital buffers and limiting foreign currency lending. Developing local financial systems can help emerging markets insulate themselves from instability abroad.
Rumpelstiltskin at the Fed by Harley Bassman, PIMCO, executive vice presiden...Nigel Mark Dias
Rumpelstiltskin at the Fed by Harley Bassman, PIMCO, executive vice president & portfolio manager
SUMMARY
Has the Federal Reserve reached the bottom of its policy toolkit? Many things are still possible, at least in theory, including negative interest rates (which we believe would be ineffective and potentially harmful) or a “helicopter drop” of money. Another option is to resurrect a successful plan from 83 years ago: Purchase a tremendous amount of gold at a price substantially higher than market levels.
A massive Fed gold purchase program might finally lift the anchor on inflationary expectations and consumers’ spending habits. It would increase the price of a globally recognized store of value. It almost sounds like a fairy tale – but it’s happened before.
Though it seems incredibly farfetched, a massive Fed gold purchase program could echo a Depression-era effort that effectively boosted the U.S. economy.
Warren Buffett famously railed against the shiny yellow metal in 2012 when he noted all the gold in the world could be swapped for the totality of U.S. cropland and seven ExxonMobils with $1 trillion left over for “walking-around money.” His point was that these assets can generate significant returns while owning gold produces no discernable cash flow.
While this observation is certainly true, the rub is that this is not a fair comparison since gold is not an asset; rather, it should be considered an alternate currency. Pundits often describe the five factors that define “money”:
Its supply is controlled or limited,
It is fungible/uniform – this is why diamonds cannot qualify,
It is portable – this is why land cannot qualify,
It is divisible – thus art cannot be money, and
It is liquid – this means people will readily accept it in exchange.
By this definition, gold is certainly a form of money, and to Mr. Buffett’s point, one also earns no cash flow on paper dollars, euros, yen or yuan.
The Perfect Storm with Chinese Characteristics: A downside Scenario for China...Team Finland Future Watch
A Downside Scenario for China’s Economy.
- Scenario analysis is not use to generate predictions, but rather to generate plausible futures in order to understand how they might come about in order to support planning and strategy formulation. An economic collapse scenario for China’s economy is not the consensus view.
- The scenario described in this document is not a prediction, but rather one plausible future given the current state of China and the world.
The document discusses emerging markets and whether recent turmoil could lead to contagion as seen in 1997. It summarizes that while some emerging markets face issues like inflation and political unrest, economies are now stronger and the affected countries too small to significantly impact the US economy. The author believes recent emerging market weakness provides an excuse for investors to take profits after big gains in 2013, but that a correction would not be fundamentally driven given the ongoing economic recovery.
Understanding the coming domination of Chinese Yuan mnathani
The document discusses the growing prominence of the Chinese yuan (CNY) as an alternative international reserve currency to the US dollar. It notes that China's GDP and foreign exchange reserves have grown rapidly in recent decades. Standard Chartered Bank predicts that by 2020, 28% of China's international trade will be denominated in yuan, China's capital account will be more open, and the yuan will be a freely floating currency. The document suggests the international community should consider establishing a new reserve currency to replace the dollar and reforming international financial institutions to be less US-centric.
The Renminbi (RMB) was first issued in 1949 and China instituted a dual currency system in 1978 with the RMB only usable domestically. In the late 1980s and 1990s, China worked to make the RMB more convertible on current accounts. From 1994 to 2005, China pegged the informal value of the RMB to the US dollar. In the 2000s, the US pressured China to appreciate the RMB to decrease Chinese exports and preserve US manufacturing jobs. China resisted due to concerns over affecting exports and jobs. RMB appreciation could impact China's economy, exports, investment, and production while benefiting consumers and potentially creating new jobs through innovation and industrial upgrading.
This document discusses exchange rates and managing exchange rate risk. It begins with definitions of exchange rates and factors that influence exchange rate changes such as demand and supply of goods, capital flows, inflation, and government intervention. It then discusses specific examples like the Asian Financial Crisis of 1997 and sovereign debt crisis in Europe to illustrate exchange rate challenges. For managing exchange rate risk, the document recommends hedging techniques like forward contracts but cautions they are not always effective at eliminating risk and business fundamentals are more important than trying to precisely predict exchange rates.
A financial crisis is defined as any situation where one or more significant financial assets such as stocks, real estate, or deposits (and usually unexpectedly) loses a substantial amount of their nominal value.
Ex: financial market crashes, Increase Borrowing by banks and investors
The Asian Financial Crisis began in Thailand in 1997 and spread to other Asian countries, sparking fears of a global economic meltdown. Thailand's currency collapsed under the weight of foreign debt, driving the country into bankruptcy. As the crisis spread, currencies and stock markets declined across Southeast Asia and Japan. The crisis stemmed from inappropriate borrowing by the private sector for speculative investments during a period of strong economic growth. When firms could not repay loans, creditors withdrew funds from the region, placing further pressure on currencies. The crisis exposed weaknesses like overvalued currencies, inadequate financial regulation, and heavy reliance on short-term external debts. Governments and the IMF implemented policies to stabilize currencies and financial systems while addressing rising unemployment and social impacts.
1. JA N UAR Y 2 0 1 5
S T R I C T L Y C O N F I D E N T I A L
N O T F O R D I S T R I B U T I O N
CONTACT
Kevin Dougherty
+1 203 569-7743
kevin@kdgfam.com
China & EM, here we go again...
2. PAGE 2
Slide 3: China: Capital Outflows the Critical Fragility
Slide 4: Closed Capital Account + Current Account Surplus does NOT Protect Against Crisis
Slide 5: Global Currencies vs USD
Slide 6: What RMB Devaluation?
Slide 7: Asian Devaluations in 1997/98
Slide 8: China Carry Trade Dynamics
Slide 9: Hidden ‘hot money’ inflows
Slide 10: China FX Reserves & Sufficiency
Slide 11: China Base Money Dynamics
Slide 12: Why China Will Give up its RMB Defense
Slide 13: Why Not Just Enforce/Tighten Capital Controls?
Slide 14: Can China halt Disorderly Disruption?
Slide 15: What Can/Will Global Institutions Do?
Slide 16: How to Position for China Disorderly Disruption
Slide 17: How to Position (continued)
3. PAGE 3
Source: St Louis Federal Reserve, China State Administration of Foreign Exchange
5. PAGE 5
USD has been in a major bull
market and appreciated strongly
against every non-pegged global
currency.
CNY has only devalued 8% from
its peak ( 6.05 RMB/USD in Jan
2014).
RMB devaluation allows China to
take back control of its Monetary
Policy and implement needed
easing, in addition to restoring
competitiveness lost over the last
years due to its USD quasi-peg.
6. PAGE 6
CNY is still up about 27% since
September 2011 on NEER basis,
but the Reversal is clear, and in its
very early days…
7. PAGE 7
Source: Morgan Stanley, Asia ex Japan Economics: A Comparison of the Current Cycle with 1997-98; August 24, 2015
8. PAGE 8
Prior to 2014, the RMB had
extremely attractive Carry Trade
dynamics, resulting in the largest
Carry Trade in history (est. $2-3Tr)
‘Hot money’ inflows were hidden
in the Current Account (fake
exports) and Capital Account
(fake FDI), making exact
calculation of the size of the Carry
Trade impossible.
The RMB Carry Trade is now
reversing, adding to Capital
Outflow pressures. An estimated
$1-2Tr of the Carry Trade has not
been unwound yet.
9. PAGE 9
Over $1Tr in ‘hot money’ inflows from 2009-2014 hidden in FDI and
overinflated exports to Hong Kong…These are just 2 of many channels
10. PAGE10
Under IMF FX reserves adequacy
definition, China’s minimum
prudential level of FX reserves is
$2.6Tr. China is less than $700B
away from that level.
Estimated $500B-1Tr of China’s FX
reserves are in illiquid assets (FX
loans to SOE’s; Capital injections
in policy banks; investments in
external entities, etc.)
China Household Bank Deposits
are 55 Trillion CNY ($8.4Tr);
‘Quasi-liquid’ WMP & Equity
holdings are around 30Tr CNY
($4.6Tr)
Source: Citibank: EM Macro & Strategy Outlook; Aug 21, 2015
11. PAGE11
Capital Outflows destroy Base Money in China, which removes liquidity and increases market
interest rates, increasing pressures on the financial system and raising the risk of a full blown
financial crisis
Interest rate and RRR cuts by the PBoC have been fully neutralized by Capital Outflows (which
have taken Monetary Policy control away from China), and will continue to be ineffective until net
Capital flows balance again. Inflating monetary policy requires a much bigger exchange rate
adjustment
Capital flows will only balance once the market believes no further sharp devaluation lies ahead and
that the RMB is trading at or near a ‘market equilibrium’ level
12. PAGE12
1. Capital Outflow Pressures (est. $930B - $1.3Tr+ from 2Q14-end-2015)
• Carry Trade Reversal is structural
• IF THESE CONTINUE, NOTHING ELSE MATTERS. It will not be about what China’s
leadership ‘wants’ to do, it will be about what they are ‘FORCED’ to do.
2. Domestic Liquidity Considerations & Monetary Policy
• RMB defense is destroying Base Money & tightening liquidity, increasing domestic pain
• China needs Monetary Policy flexibility, & lower Real Interest Rates
• Devaluation and letting RMB find ‘market equilibrium’ will make Monetary Policy effective
again as easing steps will no longer result in new liquidity immediately turning into more
capital outflows
3. Deflationary Pressures: PPI in deflation for 46 straight months
4. Prevent Debt-Deflationary spiral
5. Relatively low FX debt – around $1Tr – means limited pain
6. Lower RMB will support (CNY denominated) Domestic Equity market
7. Restore Lost Competitiveness
8. Encourage resumed gross Capital inflows & balanced net flows
13. PAGE13
1. China needs Gross inflows to resume. Reversing course on Capital Account
openness will send the wrong signal to the market and discourage inflows
2. Investor confidence will likely be severely damaged if China backtracks on
Capital Account openness and renews Capital controls, as this will be a clear signal
of loss of control
3. Capital Controls unlikely to work anyway. Successful uses of Capital Controls
(Malaysia 1998, Iceland 2009) – Capital Controls were imposed AFTER large
devaluations (48% at the trough in Malaysia, eventually stabilizing at 35%; over 50%
in Iceland).
• Similar to different effectiveness of Hong Kong Gov’t stock rescue in 1998
(successful – HK Gov’t bought after collapse), and China Gov’t stock rescue in
2015 (unsuccessful – China Gov’t bought too early trying to prevent a collapse)
4. Capital Control attempts fail, and result in increasing Capital outflows and
ultimately devaluation, after burning through capital that would have been better used
to support economic recovery.
14. PAGE14
All of China’s potential policy responses come with costs. There
are no ‘painless’ solutions
Strong Currency defense, maintain gradual depreciation
1. Capital outflows will continue and likely accelerate
2. Domestic Liquidity will continue to tighten
3. Monetary Policy easing will continue to be ineffective
4. No help for heavily indebted, heavily overcapacity Corporate sector
Allow RMB to “float”
1. “Front running Capital outflows” stop
2. China regains control of Monetary Policy
3. Corporate sector restores some competitiveness
4. Deflation likely turns to inflation, helping with crippling Corporate debts
Lessons from Previous crises – 1997 Asian Financial Crisis, early 1990’s
Nordic crisis, 1992 UK deval, 1990’s (and ongoing…) Japan - are clear:
• Devaluation can be a critical and necessary component of recovery
• Devaluation is not a “cure all”, but it is part of the adjustment process
15. PAGE15
Globally coordinated action by Central Banks, Governments and
Supranational Organizations:
• Politically impossible BEFORE crisis. Even if there is a “bailout
package”, or new global Currency regime, it will not happen before
there are sizeable losses across assets
• Same with US Fed reversing course
• China too important to allow to fail? So was Russia in 1998….
• Impact on Confidence: Will investors embrace QE4 as they did the
previous versions, or will this be the “Emperor’s Clothes” moment?
Geopolitics are much more poisonous now than they were in
2008, 1997, 1994, 1991……
• US Presidential election, UK EU Referendum, Taiwan election
• During previous crises, there was significantly greater political stability,
US Economic power and policies were unquestioned and all of the
recipient states had friendly relations with the US
16. PAGE16
Expect RMB to fall 20%+ vs USD (to 8.0+) This would be a ‘Reset Event’
Globally: All forecasts for Inflation/deflation, Interest Rates, Currency
crosses, Growth, Commodity prices would have to be ripped up.
There is no place to hide in EM…1997-98 type crash probable…China
today is 1.6-2x the size Asia ex-Japan was in 1997 as % of global GDP
1st derivatives of China (commodities & commodity exporters) have already
had substantial losses, as have 2nd derivatives (currencies of commodity
exporters, EM Equities, EM focused Asset Management, MNC’s with heavy
China exposure), but 3rd and 4th derivative trades are early in their
corrections. High beta assets at historically high valuations (Hong Kong
property….) face major corrections
Investor liquidation from EM will indiscriminately hit all EM risk assets, even
those that do not sell to, or compete with China (i.e. India)
DM Risk assets all vulnerable too. US$ and US Gov’t Bonds may be the
only ‘safe havens’.
17. PAGE17
Tail Risk trades
• Correlation & Volatility trades
• ‘Best-of’ put options
• Low delta, deep ‘out-of-the-money’ puts. Avoid spread trades
What are the Peregrine’s and Lehman’s today?
• Dependent on Wholesale market liquidity
• Long the Wrong Assets: Carry Trade, Commodities, China, EM
• Beware Counterparty Risk!! Avoid Asia & EM focused counterparties
When will it be time to get Long Again?
China is the Epicenter of stress in EM and Commodity markets, and a prime
contributor to DM uncertainty. EM & Commodities will not hit bottom until
China’s disorderly disruption is resolved, which requires some combination of:
Devaluation (extremely likely), systematic Debt restructuring (already started,
but very early in the process), ‘sane’ Equity valuations (ongoing). Only
AFTER this, and the associated capitulation out of EM, should EM present
another “once-in-a-generation” investment opportunity….
18. The information in this document does not constitute or form any part of, and should not be construed as investment advice or an offer, invitation, inducement or solicitation to sell, issue, purchase, subscribe for or
otherwise acquire shares or other securities, or engage in investment activity of any kind nor shall it or any part of it form the basis of, or be relied on in connection with, any contract therefore. Such offer or solicitation
will only be made by a Confidential Private Offering Memorandum for the Fund. No person should rely on any information in this document, but should rely on the Confidential Private Offering Memorandum and other
Fund documentation in considering whether to invest in the Fund. The Fund will be available only to qualified investors, as determined by the Fund’s investment manager and its affiliates, in their discretion. Nothing
contained herein should be considered investment, legal, tax or other advice, a recommendation to purchase or sell any particular security or entity nor is it to be relied on in making an investment or other decision.
Before making an investment decision with respect to the Fund, potential investors are advised to consult with their tax and financial advisors and legal counsel. An investor should carefully consider the Fund’s
investment objective, risks, charges and expenses and other important information contained in the Confidential Private Offering Memorandum before investing.
No reliance may be placed upon the information or opinions contained in this document. No representation or warranty, express or implied, is given by or on behalf of Kevin Dougherty, KDGF Asset Management LLC,
or any of its members as to the accuracy, completeness or fairness of the information or opinions contained herein and, to the fullest extent permitted by law, no responsibility or liability is accepted for any such
information or opinions.
Investors in the Fund will have a limited right to redeem or transfer Shares of the Fund. In addition, Shares will not be listed and it is not expected that there will be a secondary market for Shares. While the Fund
generally is expected to offer to redeem Shares on a monthly basis, there can be no assurance that the Fund will in fact do so at all or to the extent necessary to satisfy Investor demand for repurchases.
Shares of the Fund will not be registered under the U.S. Securities Act of 1933, as amended, and may be offered and sold in reliance on exemptions from the registration requirements of said Act and such laws. The
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Recipients of this document are reminded that the information in this document and any further information provided by or on behalf of KDGF Asset Management LLC, whilst given in good faith, has not been verified and
is liable to change at any time. The information in this document is for information purposes only and is confidential. It is not directed at or intended for distribution to or use by any person or entity in any jurisdiction
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Past performance is not indicative of future returns.
The information in this presentation is only as current as the date of its publication, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based
on current market conditions, which will fluctuate.
The information in this presentation may contain projections or other forward looking statements regarding future events, targets or expectations. There is no guarantee that the target allocations or other characteristics
of the investment will be realized or achieved, and they may be significantly different than those shown here. Statements concerning financial market trends are based on current market conditions, which will fluctuate.
Any forward-looking statements are reflected as of the date they are made, and Kevin Dougherty, KDGF Asset Management LLC and its affiliates do not assume any duty to and do not undertake to update forward
looking statements.
Hedge funds are speculative investments and are not suitable for all investors, nor do they represent a complete investment program. An investment in hedge funds includes the risks inherent in an
investment in securities, as well as specific risks associated with the use of leverage, short sales, options, futures derivative instruments, ETFs, investments in non-U.S. securities, bonds and illiquid
investments. Investment strategies and allocations are for illustrative purposes only.
This presentation describes certain proposed terms of investment associated with a private investment fund that has yet to be formed. There is no guarantee that the Fund will implement these trading
strategies and/or allocations at all or do so in the same manner as set forth in this summary. The Fund may change its investment strategies and/or allocations at any time without notification to its investors.
There can be no assurance that any investment strategy will be successful or that the Fund will achieve its investment objective after it commences operations.
• Kevin Dougherty
• +1 (203) 569-7743
• kevin@kdgfam.com
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