The document summarizes the agenda and presentations for a quarterly meeting and conference call of the Arizona Local Government Investment Pool (LGIP). Key topics included LGIP and endowment fund performance, earnings, new separately managed account products, and economic updates on the state of Arizona. An economic presentation was also given by Joseph Quinlan of U.S. Trust, Bank of America Private Wealth Management.
The quarterly meeting agenda included discussing the performance of the LGIP, endowments, and state cash flow. The treasurer's investment philosophy prioritizes safety, liquidity, then yield. LGIP pools performed well in Q4 2012. The endowment market value was $3.52 billion as of June 2012 with unrealized gains of $911 million. A new distribution formula based on a 5-year average was proposed. State cash flow and balances were up significantly year-over-year. Jim Palmer then presented on current market conditions, Fed policy, strategies around the yield curve and duration, and attractive sectors.
The document summarizes key topics from an LGIP quarterly meeting and conference call, including:
1) LGIP and endowment fund performance updates.
2) Proposed changes to the endowment distribution formula to provide smoother, more consistent distributions.
3) A state budget presentation reviewing Arizona's economic outlook and revenue forecasts.
4) Updates on state cash flow trends and the components driving individual income tax growth.
The Arizona State Treasurer held a quarterly meeting and conference call on November 1, 2012. The agenda included discussing LGIP and endowment performance, proposed changes to the endowment distribution formula, and an update on state cash flow. Guest speaker Dr. Jim Paulsen also presented on the economic outlook. The Treasurer's investment philosophy emphasizes safety, liquidity, and then yield. LGIP and endowment portfolios achieved positive returns in Q1 FY2013. A smoother distribution formula was proposed that takes the 5-year average of the endowment's market value times 2.5% for the annual distribution amount. The state's cash flow was up 70% in the first quarter year-over-year with the
Dr. Julie Schoenman’s presentation for the MILI Actuarial Seminar series, “A Detailed Look at US Health Care Spending,” covers recent trends in public and private spending as well as the implications of rising spending for the federal budget outlook and for consumers.
Dr. Julie Schoenman’s presentation for the MILI Actuarial Seminar series, “A Detailed Look at US Health Care Spending,” covers recent trends in public and private spending as well as the implications of rising spending for the federal budget outlook and for consumers.
The document discusses healthcare in the United States. It covers several topics related to US healthcare, including what makes the US system different compared to other developed countries, what health insurance looks like in the US, costs associated with diabetes, and who pays for healthcare. The US system is unique in that it does not have universal healthcare coverage and relies more heavily on private insurance compared to other countries which have nationalized systems. Healthcare costs, especially for conditions like diabetes, place a large financial burden on individuals and the system.
plains all american pipeline Annual Reports2007 finance13
- Plains All American Pipeline, L.P. (PAA) is a master limited partnership engaged in oil and gas transportation, storage, and marketing.
- In 2007, PAA achieved or exceeded its goals by delivering record financial results, successfully integrating its acquisition of Pacific Energy Partners, completing its largest capital program and acquisitions to date, and increasing distributions paid to unitholders by 14.4%.
- Looking ahead, PAA's goals for 2008 are to deliver strong operating and financial performance, successfully execute its capital program and pursue strategic acquisitions, and increase distributions year-over-year by $0.20 to $0.25 per unit.
- The document is the slide deck for Newmont Mining Corporation's Fourth Quarter and Year End 2006 Earnings Conference Call on February 22, 2007.
- It provides financial and operating results for Q4 2006 and full year 2006 compared to the same periods in 2005, highlighting increases in average realized gold price, equity gold sales, and income from continuing operations.
- Project development updates are given for power plant construction in Nevada, mill construction at Yanacocha in Peru, and Boddington mine development in Australia.
The quarterly meeting agenda included discussing the performance of the LGIP, endowments, and state cash flow. The treasurer's investment philosophy prioritizes safety, liquidity, then yield. LGIP pools performed well in Q4 2012. The endowment market value was $3.52 billion as of June 2012 with unrealized gains of $911 million. A new distribution formula based on a 5-year average was proposed. State cash flow and balances were up significantly year-over-year. Jim Palmer then presented on current market conditions, Fed policy, strategies around the yield curve and duration, and attractive sectors.
The document summarizes key topics from an LGIP quarterly meeting and conference call, including:
1) LGIP and endowment fund performance updates.
2) Proposed changes to the endowment distribution formula to provide smoother, more consistent distributions.
3) A state budget presentation reviewing Arizona's economic outlook and revenue forecasts.
4) Updates on state cash flow trends and the components driving individual income tax growth.
The Arizona State Treasurer held a quarterly meeting and conference call on November 1, 2012. The agenda included discussing LGIP and endowment performance, proposed changes to the endowment distribution formula, and an update on state cash flow. Guest speaker Dr. Jim Paulsen also presented on the economic outlook. The Treasurer's investment philosophy emphasizes safety, liquidity, and then yield. LGIP and endowment portfolios achieved positive returns in Q1 FY2013. A smoother distribution formula was proposed that takes the 5-year average of the endowment's market value times 2.5% for the annual distribution amount. The state's cash flow was up 70% in the first quarter year-over-year with the
Dr. Julie Schoenman’s presentation for the MILI Actuarial Seminar series, “A Detailed Look at US Health Care Spending,” covers recent trends in public and private spending as well as the implications of rising spending for the federal budget outlook and for consumers.
Dr. Julie Schoenman’s presentation for the MILI Actuarial Seminar series, “A Detailed Look at US Health Care Spending,” covers recent trends in public and private spending as well as the implications of rising spending for the federal budget outlook and for consumers.
The document discusses healthcare in the United States. It covers several topics related to US healthcare, including what makes the US system different compared to other developed countries, what health insurance looks like in the US, costs associated with diabetes, and who pays for healthcare. The US system is unique in that it does not have universal healthcare coverage and relies more heavily on private insurance compared to other countries which have nationalized systems. Healthcare costs, especially for conditions like diabetes, place a large financial burden on individuals and the system.
plains all american pipeline Annual Reports2007 finance13
- Plains All American Pipeline, L.P. (PAA) is a master limited partnership engaged in oil and gas transportation, storage, and marketing.
- In 2007, PAA achieved or exceeded its goals by delivering record financial results, successfully integrating its acquisition of Pacific Energy Partners, completing its largest capital program and acquisitions to date, and increasing distributions paid to unitholders by 14.4%.
- Looking ahead, PAA's goals for 2008 are to deliver strong operating and financial performance, successfully execute its capital program and pursue strategic acquisitions, and increase distributions year-over-year by $0.20 to $0.25 per unit.
- The document is the slide deck for Newmont Mining Corporation's Fourth Quarter and Year End 2006 Earnings Conference Call on February 22, 2007.
- It provides financial and operating results for Q4 2006 and full year 2006 compared to the same periods in 2005, highlighting increases in average realized gold price, equity gold sales, and income from continuing operations.
- Project development updates are given for power plant construction in Nevada, mill construction at Yanacocha in Peru, and Boddington mine development in Australia.
- In the third quarter of 2012, the company saw revenues of $1.874 million, up 7% from the third quarter of 2011, though net profits declined to $129,000 from $44,000 in the prior year period.
- Growth products including proprietary table games and enhanced table systems experienced increases in both unit installations and quarterly revenue compared to a year ago.
- Short term growth is anticipated from returning clients and market expansion, while mid and long term growth will depend on expanded product placements, new product releases, and targeted acquisitions.
- Recent litigation has been resolved without significant financial impact to the company.
Atlas Energy Barnett Shale Acquisition PresentationCompany Spotlight
The document discusses Atlas Resource Partners' acquisition of Barnett Shale assets from Carrizo Oil and Gas for $190 million. The acquisition is expected to be 6-12% accretive to distributions in 2012 and 7-15% accretive in 2013. ARP acquired 277 billion cubic feet equivalent of proved reserves located in the core of the Barnett Shale. If ARP makes similar future acquisitions totaling $1 billion, distributions could grow 191% over multiple years. The acquisition strengthens ARP's asset base and is expected to enhance distribution growth going forward.
This document provides an overview of Newmont Mining Corporation and the gold mining industry. It summarizes Newmont's financial and operating performance in 2006, provides production and cost guidance for 2007, and discusses trends of rising costs and declining production industry-wide. It also outlines Newmont's project pipeline and exploration activities.
As the impact of healthcare reform on the U.S. delivery system comes into focus, there is little doubt that it is a “game changer” for clinical engineering and biomedical equipment technology. Carol will describe and discuss the future of the CE and BMET professions under new regulations and a new payment system. She will address why medical devices will cost much more, why equipment must have longer life cycles, why CEs and BMETs will and must have more involvement in IT-related activities, how CEs’ and BMETs’ responsibilities in regulatory compliance will expand and how you can prepare for this new environment.
About Carol Davis-Smith, CCE
Career Summary
Carol Davis-Smith is a Director in Premier’s Consulting Solution Division with responsibility for the development and deployment of capital lifecycle management processes and tools to Premier staff and owners.
Education and Affiliations
Ms. Davis-Smith received a B.S. in bioengineering technology
from the University of Dayton and an M.S. in engineering from the University of Arizona. She is a certified clinical engineer and a member of the Association for the Advancement of Medical Instrumentation (AAMI). Over the past 20 years, she has presented and published papers on a variety of clinical engineering and capital contracting topics. In 2009, Ms. Davis-Smith received the AAMI Clinical Engineering Achievement Award.
This presentation discusses capitalizing on the gold bull market. It provides an overview of Newmont Mining Corporation, including that it is a world leading gold company and the only major US gold company. It also provides financial and operating highlights for 2006, including equity gold sales and costs applicable to sales. Projections and opportunities for 2007 are discussed for various regions and mines, with costs applicable to sales expected to increase approximately 25% compared to 2006 due to rising input costs.
This document contains exercises for identifying Group 1 entities and summarizing serial attributes and relationships. The first exercise asks to identify 10 different publications, reports, or other serial communications as Group 1 entities. The second exercise involves determining if new descriptions or works are represented when serial titles or statements of responsibility are changed. The third exercise tests identifying the creator of various serial publications. The fourth exercise involves analyzing serial attributes and relationships based on descriptions of 5 serial resources.
This document is the 2008 Annual Report of The Clorox Company. It summarizes the company's financial highlights for fiscal year 2008, including net sales of $5.3 billion, net earnings of $899 million, and net cash provided by operations of $730 million. It discusses the company's focus on its Centennial Strategy, aimed at delivering double-digit annual growth in economic profit. Key accomplishments in fiscal 2008 included sales growth of 9%, cost savings of $93 million, and progress on strategic priorities around engagement, innovation, and growth. The report expresses confidence that Clorox is well-positioned in a challenging cost environment through its trusted brands, consumer insights, and operational focus.
This document provides an economic and market update from Wells Fargo Wealth Management. It discusses key business stories from 2011, including MF Global, the Arab Spring, Japan's earthquake and tsunami, the U.S. debt downgrade, and Europe's debt crisis. The agenda covers where the U.S. economy and markets currently stand in their cycles. It analyzes recent U.S. GDP growth, stimulus spending, consumer confidence, retail sales, debt levels, and unemployment to conclude the U.S. economy may see further improvement.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
The document discusses the potential impacts of new mortgage regulations on the housing market. It suggests regulations under Dodd-Frank and Basel III could reduce the number of mortgage loans by up to 20%, leading to 600,000 fewer home sales. Tougher qualified mortgage rules may make it harder for some borrowers to get loans or cause them to pay higher rates. Overall, the regulations aim to strengthen the financial system but could constrain the housing recovery in the short-term.
The document discusses the potential impacts of new mortgage regulations on the housing market. It suggests that regulations from Dodd-Frank and Basel III could reduce the number of mortgage loans by up to 20%, leading to 600,000 fewer home sales. Borrowers who do not meet the criteria for a qualified residential mortgage may have difficulty obtaining loans or pay higher interest rates. Overall, the new rules aim to make the mortgage market safer but may also constrain credit availability and drive up costs for some borrowers.
1. The presenter discussed the state of the US economy and housing market, noting growth is expected to increase to 2.7% in 2013.
2. Consumer confidence and spending are strong, supported by restored wealth and low debt levels. Business profits are high with low borrowing costs and available credit.
3. However, long-term budget problems threaten as the national debt rises unsustainably, projected to reach 186% of GDP by 2030 without reforms to curb deficits. Solutions are needed to shrink the deficit by 4% of GDP.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
Understanding the Federal Budget and Implications for Adult EducationMarcie Foster
This document summarizes the federal budget process and its implications for adult education funding. It explains that Congress has a multi-year budget process involving the President's budget, a budget resolution, and appropriations bills. It notes that sequestration cuts will reduce non-defense discretionary spending, including adult education, by 5% and have ongoing impacts. The document warns that more "deadlines" are approaching, including a continuing resolution for FY2013 that will implement the sequestration cuts, as well as future budget battles.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
Overview of the services offered by Landstar along with information on the Landstar system. Celebrating 25 years of Excellence in transportation and supply chain solutions!
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
Monsanto outlines a two-step, two-horizon strategy to 20210 that focuses on growing its current portfolio and pipeline from 2006-2010, and leading through innovation in an increasingly competitive market. In the near term, Monsanto aims to grow the value of corn and cotton franchises by expanding market share and trait penetration. It also aims to establish stacked traits as the technology of choice for farmers. Longer term, Monsanto's strategy is to lead by commercializing new traits annually and expanding its global genetic footprint.
- In the third quarter of 2012, the company saw revenues of $1.874 million, up 7% from the third quarter of 2011, though net profits declined to $129,000 from $44,000 in the prior year period.
- Growth products including proprietary table games and enhanced table systems experienced increases in both unit installations and quarterly revenue compared to a year ago.
- Short term growth is anticipated from returning clients and market expansion, while mid and long term growth will depend on expanded product placements, new product releases, and targeted acquisitions.
- Recent litigation has been resolved without significant financial impact to the company.
Atlas Energy Barnett Shale Acquisition PresentationCompany Spotlight
The document discusses Atlas Resource Partners' acquisition of Barnett Shale assets from Carrizo Oil and Gas for $190 million. The acquisition is expected to be 6-12% accretive to distributions in 2012 and 7-15% accretive in 2013. ARP acquired 277 billion cubic feet equivalent of proved reserves located in the core of the Barnett Shale. If ARP makes similar future acquisitions totaling $1 billion, distributions could grow 191% over multiple years. The acquisition strengthens ARP's asset base and is expected to enhance distribution growth going forward.
This document provides an overview of Newmont Mining Corporation and the gold mining industry. It summarizes Newmont's financial and operating performance in 2006, provides production and cost guidance for 2007, and discusses trends of rising costs and declining production industry-wide. It also outlines Newmont's project pipeline and exploration activities.
As the impact of healthcare reform on the U.S. delivery system comes into focus, there is little doubt that it is a “game changer” for clinical engineering and biomedical equipment technology. Carol will describe and discuss the future of the CE and BMET professions under new regulations and a new payment system. She will address why medical devices will cost much more, why equipment must have longer life cycles, why CEs and BMETs will and must have more involvement in IT-related activities, how CEs’ and BMETs’ responsibilities in regulatory compliance will expand and how you can prepare for this new environment.
About Carol Davis-Smith, CCE
Career Summary
Carol Davis-Smith is a Director in Premier’s Consulting Solution Division with responsibility for the development and deployment of capital lifecycle management processes and tools to Premier staff and owners.
Education and Affiliations
Ms. Davis-Smith received a B.S. in bioengineering technology
from the University of Dayton and an M.S. in engineering from the University of Arizona. She is a certified clinical engineer and a member of the Association for the Advancement of Medical Instrumentation (AAMI). Over the past 20 years, she has presented and published papers on a variety of clinical engineering and capital contracting topics. In 2009, Ms. Davis-Smith received the AAMI Clinical Engineering Achievement Award.
This presentation discusses capitalizing on the gold bull market. It provides an overview of Newmont Mining Corporation, including that it is a world leading gold company and the only major US gold company. It also provides financial and operating highlights for 2006, including equity gold sales and costs applicable to sales. Projections and opportunities for 2007 are discussed for various regions and mines, with costs applicable to sales expected to increase approximately 25% compared to 2006 due to rising input costs.
This document contains exercises for identifying Group 1 entities and summarizing serial attributes and relationships. The first exercise asks to identify 10 different publications, reports, or other serial communications as Group 1 entities. The second exercise involves determining if new descriptions or works are represented when serial titles or statements of responsibility are changed. The third exercise tests identifying the creator of various serial publications. The fourth exercise involves analyzing serial attributes and relationships based on descriptions of 5 serial resources.
This document is the 2008 Annual Report of The Clorox Company. It summarizes the company's financial highlights for fiscal year 2008, including net sales of $5.3 billion, net earnings of $899 million, and net cash provided by operations of $730 million. It discusses the company's focus on its Centennial Strategy, aimed at delivering double-digit annual growth in economic profit. Key accomplishments in fiscal 2008 included sales growth of 9%, cost savings of $93 million, and progress on strategic priorities around engagement, innovation, and growth. The report expresses confidence that Clorox is well-positioned in a challenging cost environment through its trusted brands, consumer insights, and operational focus.
This document provides an economic and market update from Wells Fargo Wealth Management. It discusses key business stories from 2011, including MF Global, the Arab Spring, Japan's earthquake and tsunami, the U.S. debt downgrade, and Europe's debt crisis. The agenda covers where the U.S. economy and markets currently stand in their cycles. It analyzes recent U.S. GDP growth, stimulus spending, consumer confidence, retail sales, debt levels, and unemployment to conclude the U.S. economy may see further improvement.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
- The document discusses Monsanto's third-quarter 2008 financial results and outlook.
- Monsanto reported strong earnings growth of 41% in the third quarter of 2008 compared to the same period in 2007, with ongoing diluted earnings per share of $1.45.
- For the full year 2008, Monsanto expects ongoing diluted earnings per share to increase approximately 70% over 2007, reaching around $3.40 per share.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
The document discusses the potential impacts of new mortgage regulations on the housing market. It suggests regulations under Dodd-Frank and Basel III could reduce the number of mortgage loans by up to 20%, leading to 600,000 fewer home sales. Tougher qualified mortgage rules may make it harder for some borrowers to get loans or cause them to pay higher rates. Overall, the regulations aim to strengthen the financial system but could constrain the housing recovery in the short-term.
The document discusses the potential impacts of new mortgage regulations on the housing market. It suggests that regulations from Dodd-Frank and Basel III could reduce the number of mortgage loans by up to 20%, leading to 600,000 fewer home sales. Borrowers who do not meet the criteria for a qualified residential mortgage may have difficulty obtaining loans or pay higher interest rates. Overall, the new rules aim to make the mortgage market safer but may also constrain credit availability and drive up costs for some borrowers.
1. The presenter discussed the state of the US economy and housing market, noting growth is expected to increase to 2.7% in 2013.
2. Consumer confidence and spending are strong, supported by restored wealth and low debt levels. Business profits are high with low borrowing costs and available credit.
3. However, long-term budget problems threaten as the national debt rises unsustainably, projected to reach 186% of GDP by 2030 without reforms to curb deficits. Solutions are needed to shrink the deficit by 4% of GDP.
CAR Chief Economist Leslie Appleton Young provides an economic update to the Murrieta Temecula Group and the Southwest Riverside County Association of Realtors
Understanding the Federal Budget and Implications for Adult EducationMarcie Foster
This document summarizes the federal budget process and its implications for adult education funding. It explains that Congress has a multi-year budget process involving the President's budget, a budget resolution, and appropriations bills. It notes that sequestration cuts will reduce non-defense discretionary spending, including adult education, by 5% and have ongoing impacts. The document warns that more "deadlines" are approaching, including a continuing resolution for FY2013 that will implement the sequestration cuts, as well as future budget battles.
This document provides an overview and forecast of the 2012 California housing market from the Chief Economist at Leslie Appleton-Young. It summarizes that the US and California economies faced challenges in 2011 including oil price spikes, sovereign debt crisis, and political changes that contributed to stock market volatility and consumer spending weakness. Unemployment remains high in California and the US. Job growth was flat in August and California job growth is faltering, with the largest job losses in construction and financial activities. The forecast anticipates continued challenges for the 2012 California housing market.
Overview of the services offered by Landstar along with information on the Landstar system. Celebrating 25 years of Excellence in transportation and supply chain solutions!
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
Monsanto outlines a two-step, two-horizon strategy to 20210 that focuses on growing its current portfolio and pipeline from 2006-2010, and leading through innovation in an increasingly competitive market. In the near term, Monsanto aims to grow the value of corn and cotton franchises by expanding market share and trait penetration. It also aims to establish stacked traits as the technology of choice for farmers. Longer term, Monsanto's strategy is to lead by commercializing new traits annually and expanding its global genetic footprint.
The document discusses the state of the U.S. economy and interest rate outlook in August 2011. It notes that greater uncertainty threatens economic expansion due to inflation hurting demand, supply chain issues from Japan, and weak confidence from unemployment and fiscal policy issues. Key risks include financial market volatility and unfavorable fiscal situations in Europe and the Middle East. Continued government support and contained oil prices are key to maintaining the expansion. Housing and employment remain weak areas and the federal budget committee must address deficit issues.
The document analyzes Apple's financial performance in Q3 and Q4 of 2010 and 2011. It compares Apple's total revenue, operating segments by region, and product sales across quarters. Charts show revenue increased in Q4 2011 from Q3 2011 for all regions and products. Revenue also increased in Q4 2011 compared to Q4 2010. Apple saw higher total revenue in 2011 than 2010.
The document provides an economic forecast and real estate outlook by Ted C. Jones, Chief Economist at Stewart Title Guaranty Co. Some of the key points summarized are:
1. The US economy has struggled to recover jobs lost since the recession, and unemployment remains high.
2. The housing market recovery will be important to driving the broader economic recovery, as housing has led previous recession recoveries. However, the housing recovery remains uneven in different local markets.
3. Commercial real estate continues to face difficulties with high vacancy rates and falling prices. Property values have declined significantly from their peaks.
4. Jones forecasts that interest rates will rise in 2011 from current low levels, and outlines some economic concerns
The document summarizes Richard O'Brien's presentation at the 2012 Denver Gold Forum on September 11, 2012. It outlines Newmont Mining Corporation's strategy to achieve profitable growth through 6-7 million ounces of annual gold production by 2017 while maintaining disciplined returns. It also highlights Newmont's exploration potential of 90 million ounces of gold reserves and 9 billion pounds of copper reserves by 2020. Additionally, the summary discusses Newmont's strong balance sheet, investment grade credit ratings, and commitment to returning capital to shareholders through an industry-leading dividend now tied to the trailing average gold price.
The document summarizes Richard O'Brien's presentation at the 2012 Denver Gold Forum on September 11, 2012. It outlines Newmont Mining Corporation's strategy to achieve profitable growth through 6-7 million ounces of annual gold production by 2017 while maintaining disciplined returns. It also highlights Newmont's exploration potential of 90 million ounces of gold reserves and 9 billion pounds of copper reserves by 2020. Additionally, the summary discusses Newmont's strong balance sheet, investment grade credit ratings, and commitment to returning capital to shareholders through an industry-leading dividend now tied to the trailing average gold price.
This presentation provides an overview of the executive aviation market from Embraer's perspective. It discusses forward-looking statements and acknowledges uncertainty in projections. Charts show projections for global GDP growth remaining steady around 3% annually through 2014. U.S. corporate profits are up significantly from 2009 levels though remain below pre-crisis averages. Global stock markets saw over a 10% drop highlighted in late 2008. Business jet traffic in the U.S. and Europe has rebounded in 2011 after declines in 2009. The used aircraft market inventory decreased in 2010 after large increases in prior years.
Executive aviation embraer day 2011 03_25(final) vimpEmbraer RI
This presentation discusses the state of the global and U.S. economy, as well as trends in the business jet industry. It notes that while the global economy is expected to grow around 3% annually through 2014, uncertainty remains. U.S. corporate profits and stock markets rebounded in recent years but volatility persists. Business jet traffic in the U.S. and Europe has increased since 2009 but remains below pre-recession levels. The supply of used business jets for sale has declined since 2008.
This document provides an economic and financial market update for November 2012. It includes numerous charts and graphs analyzing indicators related to the U.S. and global economies, such as GDP, inflation, interest rates, stock and bond markets, housing, jobs, bank lending, exports, and commodity prices. Several charts compare the U.S. to other G10 countries. The document discusses whether the recoveries are sustainable or if new risks may emerge. It also contemplates various economic scenarios and possibilities for 2012-2013.
The document summarizes the performance and allocation of Arizona's endowment fund as of February 2012. It notes that the fund was updated in 2011 from a 50/50 to a 60/40 stock to bond allocation, increasing expected returns from 6% to 6.4% while also increasing risk. As of February 2012, the fund was valued at $3.52 billion and provided a record K-12 distribution of $77.8 million for fiscal year 2012. The document also discusses exploring changing the distribution formula to provide more stable annual distributions.
This document presents proposed asset allocation options for the Arizona Permanent State Land Fund. It reviews restricted and unrestricted policy portfolios, comparing them to the fund's current policy. Alternative policies are expected to produce more efficient risk-return outcomes through increased diversification, including exposure to international markets, fixed income, real assets, and private markets. Peer funds in other states have adopted broader allocation strategies incorporating illiquid asset classes. Risk analyses of the options are provided to help trustees evaluate the tradeoffs.
The document provides an agenda and summaries from an LGIP quarterly meeting and conference call. It discusses LGIP earnings, performance of various pools, a new separately managed account product, endowment performance and market value exceeding $3 billion, K-12 distributions reaching a new record, and state cash flow trends including a 14% increase in the operating account average monthly balance year-over-year. It concludes with a question and answer session.
The document provides an agenda for an LGIP quarterly meeting and conference call. It includes discussions on LGIP and endowment performance, new LGIP products, endowment distribution formulas, state cash flow, and an Arizona economic update. A special presentation will be given by Alex Roever of JP Morgan Securities on the US short-term credit outlook. Time will also be provided for questions.
This document summarizes the quarterly meeting of the LGIP (Local Government Investment Pool). It discusses the earnings, performance, and asset allocation of various investment pools including Pool 5, Pool 7, Pool 500, and Pool 700. It also summarizes the performance of the State Endowment and discusses its asset allocation, unrealized gains, distribution formula, and economic outlook for Arizona.
2. AGENDA
Earnings
LGIP Performance
New LGIP Product
Endowment Performance
Endowment Distribution
State Cash Flow/Arizona Economic Update
Economic Presentation: Joseph P. Quinlan, Managing Director &
Chief Market Strategist, U.S. Trust, Bank of America Private
Wealth Management
Q&A
ARIZONA STATE TREASURER DOUG DUCEY
3. INVESTMENT PHILOSOPHY
SAFETY
before
LIQUIDITY
before
YIELD
ARIZONA STATE TREASURER DOUG DUCEY
4. EARNINGS FOR FY 2012 YTD
$63,384,105
ARIZONA STATE TREASURER DOUG DUCEY
6. POOL 5
$1.54 Billion Assets as of 12/31/2011
Net Asset Value - $ .9999 12/31/2011
Diversified investments weighted to
highly rated Commercial Paper,
Repurchase agreements, and
Agency/Treasuries third
ARIZONA STATE TREASURER DOUG DUCEY
7. POOL 7
$1.6 Billion Assets as of 12/31/2011
Net Asset Value - $ 1.000 12/31/2011
All securities backed by U.S.
Government
ARIZONA STATE TREASURER DOUG DUCEY
8. POOL 500
$219.5 million as of 12/31/2011
Floating Net Asset Value - $1.038 as
of 12/31/2011
Keep maximum exposure to any
credit at 2.5%
ARIZONA STATE TREASURER DOUG DUCEY
9. POOL 700
$145.4million as of 12/31/2011
Floating Net Asset Value - $ 1.014
as of 12/31/2011
All securities backed by U.S.
Government
ARIZONA STATE TREASURER DOUG DUCEY
11. Separately Managed Accounts (SMAs)
Designed for those seeking a customized
investing solution based on your risk
tolerance, liquidity needs and duration target
Monthly Liquidity
Requires $100 million minimum deposit
Pre-Meeting with Portfolio Manager to set up
Account and determine investing needs
Costs: Standard 6 basis points, plus yearly
accounting charges of about $20,000 that will
come out of earnings (equivalent to 2 basis
points)
ARIZONA STATE TREASURER DOUG DUCEY
12. POOL 12
$263.3 million in assets as of
12/31/2011
Net Asset Value - $1.023 12/31/2011
Invests in single A and above
credit. Duration is at 2.26 years vs.
benchmark of 4.92 years
Client requires 20% of assets under
one year maturity
ARIZONA STATE TREASURER DOUG DUCEY
14. ENDOWMENT TRUST LANDS
Bureau of Land
Management (17%)
US Forest Service (15%)
Tribal Reservations (28%)
Privately-owned land (17%)
State trust land (13%)
ARIZONA STATE TREASURER DOUG DUCEY
15. ENDOWMENT ASSET ALLOCATION
$3.23 billion
7.6%
Fixed Income
$1,549.4 million
$542.2 million
14.7% $1,600.04M $502.79M
43.3% S&P 500
34.4% S&P 400
$1,122.1 million
$1,052.42M
S&P 600
(As of 12/31/2011)
ARIZONA STATE TREASURER DOUG DUCEY
16. Billions
$1.50
$0.00
$0.50
$1.00
$2.00
$2.50
$3.00
$3.50
$4.00
December 2006
February 2007
April 2007
June 2007
August 2007
October 2007
December 2007
February 2008
April 2008
ARIZONA STATE TREASURER DOUG DUCEY
June 2008
August 2008
October 2008
December 2008
February 2009
April 2009
June 2009
August 2009
October 2009
Endowment Market Value
December 2009
February 2010
April 2010
June 2010
August 2010
October 2010
ENDOWMENT MARKET VALUE
December 2010
February 2011
$3.23
Billion
April 2011
June 2011
August 2011
October 2011
December 2011
17. Millions
$200.00
$1,000.00
-$200.00
$0.00
$400.00
$600.00
$800.00
December 2006
February 2007
April 2007
June 2007
August 2007
October 2007
December 2007
February 2008
April 2008
ARIZONA STATE TREASURER DOUG DUCEY
June 2008
August 2008
October 2008
December 2008
February 2009
April 2009
June 2009
August 2009
October 2009
December 2009
February 2010
April 2010
Total Endowment Unrealized Gains/Losses
June 2010
August 2010
October 2010
December 2010
February 2011
ENDOWMENT UNREALIZED GAINS
April 2011
June 2011
August 2011
October 2011
$722
million
December 2011
21. STATE CASH FLOW
TOTAL OPERATING ACCOUNT AVERAGE MONTHLY BALANCE
$3,000
Up 33% in First Half YOY
Thousands
Dec'07-June '09
of Dollars
Recession
$2,500 Mar'01-Nov '01
Recession
Jul '90-Mar '91 $979 million
$2,000 Recession
in Dec.
$1,500
$1,000
$500
$0
-$500
-$1,000
ARIZONA STATE TREASURER DOUG DUCEY
22. STATE CASH FLOW
$2,500
State Operating Balance CY
$2,000
2007 - CY 2011:
$1,500
$1,000
$500
$0
-$500
-$1,000
ARIZONA STATE TREASURER DOUG DUCEY
23. STATE CASH FLOW
$1,600,000
FYTD 2012 Cash Flow vs. 2011
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
FY 2011 FY 2012 Actual
$-
1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 1-Jan
ARIZONA STATE TREASURER DOUG DUCEY
29. SPECIAL ECONOMIC
PRESENTATION
JOSEPH P. QUINLAN
MANAGING DIRECTOR & CHIEF MARKET STRATEGIST
U.S. TRUST, BANK OF AMERICA PRIVATE WEALTH MANAGEMENT
OFFICE OF THE ARIZONA STATE TREASURER