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This document provides an analysis of the current financial crisis and its causes. It summarizes that the crisis is largely due to the lagged effects of past monetary tightening by the Federal Reserve. While this is the worst crisis of the generation, the response by the Fed, including 325 basis points of rate cuts, is also the most aggressive seen. This liquidity will eventually fuel the next asset bubble. The analysis concludes that U.S. equities will outperform international markets due to the Fed actions, and early cyclical stocks should benefit first from interest rate cuts.
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Hyre Weekly Commentary
The document summarizes market volatility in 2011 and discusses the Chinese government's crackdown on freedom of speech through restrictions on social media. Specifically:
- The stock market has seen high volatility in 2011, with the VIX hitting a record high and large intraday swings in the Dow Jones Industrial Average.
- Investors have been frustrated by the lack of direction in uncertain markets affected by European debt problems and US budget issues.
- China limits freedom of speech to control social unrest, recently requiring real name registration and verification for users of the popular Weibo social media platform.
- The government fears social media could enable mass organization that leads to instability, as seen in the Arab Spring, given China's
Sei not-so-volatile-us
The market took a sharp down turn on June 11, 2020. He is a brief explanation as to what we are seeing.
Hyre Weekly Commentary
Jamie Dimon, the CEO of JP Morgan who is known as one of the smartest bankers, revealed that the bank recently lost $2 billion on risky derivative bets. This loss shows that even experts can make mistakes, and provides three important lessons: keep strategies simple, closely monitor all investments, and remain humble, as even the smartest people can fail. The large loss damages JP Morgan's reputation of being well-managed during the financial crisis.
Hyre Weekly Commentary
Central banks around the world have created over $2.5 trillion since 2008 through quantitative easing programs. This involves banks creating money to purchase government and mortgage debt, with the goal of increasing money supply and stimulating the economy. However, low interest rates have resulted in a "stealth tax" on savers as interest earned is below inflation. While helping debtors, quantitative easing may be keeping the economy dependent on unsustainable monetary policy.
Session 1 portes 2
1) The document discusses competing theories for long-term low interest rates, including secular stagnation, financial repression, and shortage of safe assets.
2) It argues that financial repression is not a major factor for developed economies and that interest rates are likely low due to weak private sector demand rather than a shortage of safe assets.
3) The key debate is whether low rates reflect lingering effects of the financial crisis or a new normal of secular stagnation, with major implications for the future of monetary policy.
Hyre Weekly Commentary
The document summarizes recent negative news headlines about weak global financial markets and slowing economies. While the headlines seem dire, the advisor argues they are designed primarily to generate readership rather than provide an accurate portrayal of the long-term economic situation. The advisor believes their role is to look beneath headlines and discern the real issues to help clients stay on track with their goals despite short-term market volatility.
Creating Wealth In The Great Recession
The document summarizes Warren Buffett and Charlie Munger's advice on navigating the Great Recession from their annual shareholder meeting in 2009. Some key points they discussed include:
- Only buy when others are panicked during times of crisis, as Berkshire Hathaway is following Andrew Carnegie's playbook of investing to build businesses during downturns.
- Understand the durable competitive advantages of businesses and whether they will withstand downturns.
- Develop emotional stability and independent thinking to be a good long-term investor.
The document also reviews economic conditions and investment opportunities in developing markets like China, India, and South Africa compared to developed countries as they were seen to lead the
Causes of Financial Crises
This is a recording of a revision webinar exploring some of the causes of financial crises in developed and emerging market countries. There are many different types of crises ranging from currency/external debt crises to disturbances in banking systems.
Recommended
Hyre Weekly Commentary
The document summarizes market volatility in 2011 and discusses the Chinese government's crackdown on freedom of speech through restrictions on social media. Specifically:
- The stock market has seen high volatility in 2011, with the VIX hitting a record high and large intraday swings in the Dow Jones Industrial Average.
- Investors have been frustrated by the lack of direction in uncertain markets affected by European debt problems and US budget issues.
- China limits freedom of speech to control social unrest, recently requiring real name registration and verification for users of the popular Weibo social media platform.
- The government fears social media could enable mass organization that leads to instability, as seen in the Arab Spring, given China's
Sei not-so-volatile-us
The market took a sharp down turn on June 11, 2020. He is a brief explanation as to what we are seeing.
Hyre Weekly Commentary
Jamie Dimon, the CEO of JP Morgan who is known as one of the smartest bankers, revealed that the bank recently lost $2 billion on risky derivative bets. This loss shows that even experts can make mistakes, and provides three important lessons: keep strategies simple, closely monitor all investments, and remain humble, as even the smartest people can fail. The large loss damages JP Morgan's reputation of being well-managed during the financial crisis.
Hyre Weekly Commentary
Central banks around the world have created over $2.5 trillion since 2008 through quantitative easing programs. This involves banks creating money to purchase government and mortgage debt, with the goal of increasing money supply and stimulating the economy. However, low interest rates have resulted in a "stealth tax" on savers as interest earned is below inflation. While helping debtors, quantitative easing may be keeping the economy dependent on unsustainable monetary policy.
Session 1 portes 2
1) The document discusses competing theories for long-term low interest rates, including secular stagnation, financial repression, and shortage of safe assets.
2) It argues that financial repression is not a major factor for developed economies and that interest rates are likely low due to weak private sector demand rather than a shortage of safe assets.
3) The key debate is whether low rates reflect lingering effects of the financial crisis or a new normal of secular stagnation, with major implications for the future of monetary policy.
Hyre Weekly Commentary
The document summarizes recent negative news headlines about weak global financial markets and slowing economies. While the headlines seem dire, the advisor argues they are designed primarily to generate readership rather than provide an accurate portrayal of the long-term economic situation. The advisor believes their role is to look beneath headlines and discern the real issues to help clients stay on track with their goals despite short-term market volatility.
Creating Wealth In The Great Recession
The document summarizes Warren Buffett and Charlie Munger's advice on navigating the Great Recession from their annual shareholder meeting in 2009. Some key points they discussed include:
- Only buy when others are panicked during times of crisis, as Berkshire Hathaway is following Andrew Carnegie's playbook of investing to build businesses during downturns.
- Understand the durable competitive advantages of businesses and whether they will withstand downturns.
- Develop emotional stability and independent thinking to be a good long-term investor.
The document also reviews economic conditions and investment opportunities in developing markets like China, India, and South Africa compared to developed countries as they were seen to lead the
Causes of Financial Crises
This is a recording of a revision webinar exploring some of the causes of financial crises in developed and emerging market countries. There are many different types of crises ranging from currency/external debt crises to disturbances in banking systems.
Fasanara Capital | Investment Outlook | January 17th 2017
Fasanara Capital | Investment Outlook
1. The Future Is Wide Open: Avoid The ‘Illusion Of Knowledge’ Trap
The single most dangerous thinking trap / optical illusion for investors today is to look at Trump, Brexit and Italy Referendum as non-events, buried in the past. We believe that 2017 may likely be driven by the same factors that failed to shape 2016. The non-events of 2016 are likely to be the drivers of 2017. Finally, we will get to find out if Brexit means Brexit, if Trump means Trump, if a failed Italian referendum means early elections and a membership of the EMU in jeopardy down the line.
2. Structural Shift: These Are Transformational Times
The macro outlook of the next years will be influenced the most by these structural trends:
› Protectionism, De-Globalization & De-Dollarization. In Pursuit of Inclusive Growth
› End of ‘Pax Americana’. The ascent of China. Geopolitical risks on the rise
› End of ‘Pax QE’. Markets without steroids, but still delusional.
› 4th Industrial Revolution: labor participation rate falling from 63% to 40% in 10 years?
3. Our Baseline Scenario: Bubble Unwind, Equities and Bonds Down
Starting this 2017, our major macro convictions are as follows:
› Global Tapering to progress
› US Dollar to keep grinding higher
› European Political Instability to worsen
› US Equities to weaken
Fasanara Capital | Investment Outlook | May 3rd 2017
Fasanara Capital | Investment Outlook
1. Fake Markets: How Artificial Money Flows Kill Data Dependency, Affect Market Functioning and Change the Structure of the Market
Hard data ceased to be a driver for markets, valuation metrics for bonds and equities which held valid for over a century are now deemed secondary. Narratives and money flows trump hard data, overwhelmingly.
‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows.
- Passive Flows: The Prehistoric Elephant In The Room
- ETFs Are Taking Over Markets
- The Impact of Passive Investors on Active Investors: the Induction Trap
- How Narratives Evolve To Cover For Fake Markets
- Defendit Numerus: There is Safety in Numbers
- What Could We Get Wrong
2. Be Short, Be Patient, Be Ready
Markets driven by Central Banks, passive investment vehicles and retail investors are unfit to price any premium for any risk. If we are right and this is indeed a bubble (both in equity and in bonds), it will eventually bust; it is only a matter of time. The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust.
The risk of a combined bust of equity and bonds is a plausible one. It matters all the more as 90%+ of investors still work under the basic framework of a balanced portfolio, exposed in different proportions to equity and bonds, both long. That includes risk parity funds, a leveraged version of balanced portfolio. That includes alternative risk premia funds, a nice commercial disguise for a mostly long-only beta risk, where premia is extracted from record rich markets that made those premia tautologically minuscule.
Hyre Weekly Commentary
The document discusses stock performance in 2011 and analyzes high-dividend stocks from the past. It finds that in 2011, stocks with the highest dividend yields were the only ones to experience positive returns, with gains of 10.4%, 6.4%, and 8.7% respectively. The document also examines "Nifty Fifty" stocks from the 1970s that were seen as guaranteed growth companies but have had varying performance over 40 years, with some like Eastman Kodak struggling in their transition to digital. Key lessons are that some iconic stocks remain so, promoting "one decision" stocks is not a sound strategy, and all stocks can decline to zero.
Newsletter Sept 2015
The document discusses recent market volatility and provides advice on how to respond. Specifically, it recommends trimming poor performers while paying attention to taxes. It also suggests diversifying into alternatives like bonds, market neutral funds, long-short funds, and bear market funds to reduce reliance solely on US stocks. These options have historically provided returns uncorrelated or negatively correlated to stock markets during periods of decline.
Rumpelstiltskin at the Fed by Harley Bassman, PIMCO, executive vice presiden...
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.
Portfolio perspective volatility_0315
The document discusses the threat of volatility to retirement investments and portfolios. It provides an example where two investments earn the same average return of 7.5% over 30 years but one (Investment A) has higher volatility with returns fluctuating more. Though both average 7.5%, Investment A's portfolio runs out of money in year 19 due to the volatility, while Investment B's portfolio not only lasts 30 years but has money remaining. The key point is that volatility, even with the same average return, can deplete retirement savings through its effects of increased fluctuations and withdrawals compounding during down periods.
Housing rebound webinar 09-01-2015
Housing starts are still well below historical averages despite a recent rebound, and low interest rates and strong demand have supported rising home prices. However, the recovery could be interrupted if the Federal Reserve raises interest rates, slowing growth. A worst case scenario would be a recession in China dragging down the global economy and causing a double-dip housing downturn in the United States, with falling home prices and rising unemployment. Overall the recovery appears to still have momentum but is vulnerable to external shocks or changes in monetary policy.
The global financial crisis 2008
The Global Financial Crisis was caused by expanded lending to subprime borrowers in the US housing market who struggled to repay their loans, spreading losses to financial institutions globally through interconnected credit markets. The crisis impacted developing countries through lower exports due to reduced demand from industrial nations and less foreign investment as risk appetite declined. Central banks addressed the crisis through liquidity injections and government rescue plans, while major banks consolidated to avoid bankruptcy.
Global financial-crisis-1228410534714358-9
This document provides a summary of media coverage of the global financial crisis from mid-2007 to October 2008. It includes a timeline of key events, such as the bursting of the housing bubble in the US in 2007 and the bankruptcies of Lehman Brothers and Bear Stearns in 2008. It also outlines the causes and implications of the crisis, as well as recommendations for the future path forward. Tables of contents and methodology are included to provide structure and transparency around the sources and process used to develop the summary.
2007 01 white presentation at barclays capital in florida 28 30 january 2007 ...
1) The document summarizes a presentation given by William White about globalization and the convergence of inflation rates. It discusses how inflation has fallen globally and become less volatile. It also explores several potential explanations for these trends, including effective central bank policy, globalization of markets, and the "savings glut" hypothesis.
2) The presentation is divided into four parts. The first discusses the facts about declining inflation and volatility worldwide. The second evaluates alternative explanations for these trends. The third considers prospects for the future and potential financial imbalances. The fourth discusses implications for monetary policy.
3) In conclusion, the presentation argues that no single factor can fully explain recent inflation trends. Rather, a combination of forces, including global
''Oh, he saw it coming!'' Main ECONOMIC PREDICTIONS made by Peter Schiff
Peter Schiff correctly predicted the 2008 financial crisis. The document outlines Schiff's predictions for the future of the US economy based on 3 factors: bailouts, debt, and inflation. Schiff argues the US economy is a "Ponzi" scheme dependent on borrowing and money printing. He predicts a multi-year recession with rampant inflation, falling wages, and a weakening dollar. Schiff advises moving money out of dollars and into hard assets like gold to protect from these effects.
Oh, he saw it coming!
Peter Schiff correctly predicted the 2008 financial crisis. The document outlines Schiff's predictions for the future of the US economy based on 3 factors: bailouts, debt, and inflation. Schiff argues the US economy is a "Ponzi" scheme dependent on borrowing and money printing. He predicts a multi-year recession with rampant inflation, falling wages, and a weakening dollar. Schiff advises moving money out of dollars and into hard assets like gold to protect from these effects.
(291) panic selling
The document discusses panic selling that occurred in global stock markets on Monday in reaction to Russia's actions in Ukraine, and the subsequent rebound on Tuesday. It notes that panic selling is an emotional reaction rather than being based on fundamentals, and that past panic selling events have presented good buying opportunities as markets recovered. The document advocates that long-term investors can benefit from such volatility and sees panic selling events as opportunities to invest in equities.
Global financial crisis
This document discusses the causes and impacts of the 2007-2008 global financial crisis. It identifies several factors that contributed to the crisis, including low interest rates, excessive lending, deregulation, and the growth of risky financial instruments. The crisis began with the collapse of the US housing market and spread globally. While India's banking system was not directly impacted, the country still experienced effects such as declines in its stock and currency markets, slower industrial and export growth, job losses, and increased poverty. Agriculture, IT, and other sectors were also negatively impacted.
Global financial crisis
The document discusses the global financial crisis that began in 2007 and its causes and consequences. It notes that the crisis originated from risky subprime mortgages in the US that led to a liquidity crisis when housing prices declined. This caused financial institutions like Lehman Brothers to collapse. The crisis had widespread consequences like stock market declines, rising unemployment, and housing market downturns. Governments implemented stimulus programs to combat the crisis and adopted new financial regulations to prevent future crises.
Investor discipline
This brief slideshow discusses some elements necessary to recognize that our emotions and reactions to investing and markets often hurt results. Discipline and a focus on what you can control are important to success.
There is an investing approach that is based on discipline and evidence from research in both the finance and behavioral finance sciences.
Scheduled to post to Better Financial Education blog 11 Jan 2017 http://wp.me/p2Oizj-vH
Hyre Weekly Commentary Template
Warren Buffett and Bill Gross, two legendary investors, disagree on bonds. Buffett sees bonds as risky in times of inflation while Gross favors bonds in the short term due to low interest rates. Their views may differ based on timeframe, with Buffett looking 7-10 years out and Gross a couple years. Additionally, indexes may not fully reflect market performance due to decisions around their construction.
Orbit barometer report october 2010
The document provides an overview of recent economic developments and investment sentiment from various regions. It notes that while the US and China continue to debate currency policies, a G20 meeting did not provide clarity on the issue. Germany is outperforming other European countries as indicators show growth, while problems are mounting in Ireland. In the US, government programs spent only half their funds and losses are expected to be small, while housing markets are stabilizing. China is investing in Europe and emerging markets are growing quickly, raising interest rates to cool their economies. The author's investment sentiment remains neutral but slightly positive.
Hyre Weekly Commentary
The document discusses the Swiss National Bank's decision to cap the value of the rising Swiss franc against the euro to counter the negative effects of the strong franc on the Swiss economy. This bold action by the Swiss could lead to a "currency war" where countries lower their currency values to protect their economies. It adds uncertainty to the global economic environment.
After the storm 27 aug 2010
After the global financial crisis, the global banking industry will undergo significant changes due to new regulations. Growth and profitability for banks will likely decline as equity ratios increase. Lean years are ahead for US banks as revenue growth may remain low due to reduced lending. Private equity experienced booms and busts with the economic cycle, riding high during expansions but seeing deal volumes drop sharply during recessions. The industry is starting to see signs of recovery in 2010 in both developed and emerging markets like India.
Polymetis White Paper 200901
The document discusses applying concepts of situational awareness (SA) to investing in alternative investments such as hedge funds. SA involves perceiving elements in one's environment, comprehending their meaning, and projecting their future status. The document outlines applying SA's three levels - acquiring data, evaluating the data to create an understanding, and projecting future states - to gain knowledge about macroeconomic conditions, the alternative investment industry, and individual managers. This framework can help differentiate investment choices and ensure accurate mental models are used for decision making.
2018.10 IceCap Global Outlook
South of San Francisco lies a small stretch of the famous California Highway 1 notoriously known by locals as The Devil's Slide.
The stunning view along this road is supported by a weak and steep foundation of loose rock, and porous soil that has been increasingly eroding away over the years sweeping cars, pavement and lives into the sea below.
Naturally, rock slides from the erosion reached a point where the road has been deemed unsafe and closed. In the end, the Devil in the details was a weak foundation supported by illogical engineering.
Today, the Financial Devil has watched patiently, as the world’s central banks and political leaders built a financial debt and interest rate structure on a foundation consisting of theories, acronyms and worst of all – hope.
Since 1982, the financial world has enjoyed a thrilling ride – one zoomed around the world by 36 years of bailouts and declining long-term interest rates.
In this issue of the IceCap Global Outlook we help you see how a pattern of minor financial stresses will culminate into a major financial stress.
And more importantly, how to identify the opportunities that will be created as the majority of the industry continues to ignore the Financial Devil.
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Fasanara Capital | Investment Outlook | January 17th 2017
Fasanara Capital | Investment Outlook
1. The Future Is Wide Open: Avoid The ‘Illusion Of Knowledge’ Trap
The single most dangerous thinking trap / optical illusion for investors today is to look at Trump, Brexit and Italy Referendum as non-events, buried in the past. We believe that 2017 may likely be driven by the same factors that failed to shape 2016. The non-events of 2016 are likely to be the drivers of 2017. Finally, we will get to find out if Brexit means Brexit, if Trump means Trump, if a failed Italian referendum means early elections and a membership of the EMU in jeopardy down the line.
2. Structural Shift: These Are Transformational Times
The macro outlook of the next years will be influenced the most by these structural trends:
› Protectionism, De-Globalization & De-Dollarization. In Pursuit of Inclusive Growth
› End of ‘Pax Americana’. The ascent of China. Geopolitical risks on the rise
› End of ‘Pax QE’. Markets without steroids, but still delusional.
› 4th Industrial Revolution: labor participation rate falling from 63% to 40% in 10 years?
3. Our Baseline Scenario: Bubble Unwind, Equities and Bonds Down
Starting this 2017, our major macro convictions are as follows:
› Global Tapering to progress
› US Dollar to keep grinding higher
› European Political Instability to worsen
› US Equities to weaken
Fasanara Capital | Investment Outlook | May 3rd 2017
Fasanara Capital | Investment Outlook
1. Fake Markets: How Artificial Money Flows Kill Data Dependency, Affect Market Functioning and Change the Structure of the Market
Hard data ceased to be a driver for markets, valuation metrics for bonds and equities which held valid for over a century are now deemed secondary. Narratives and money flows trump hard data, overwhelmingly.
‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows.
- Passive Flows: The Prehistoric Elephant In The Room
- ETFs Are Taking Over Markets
- The Impact of Passive Investors on Active Investors: the Induction Trap
- How Narratives Evolve To Cover For Fake Markets
- Defendit Numerus: There is Safety in Numbers
- What Could We Get Wrong
2. Be Short, Be Patient, Be Ready
Markets driven by Central Banks, passive investment vehicles and retail investors are unfit to price any premium for any risk. If we are right and this is indeed a bubble (both in equity and in bonds), it will eventually bust; it is only a matter of time. The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust.
The risk of a combined bust of equity and bonds is a plausible one. It matters all the more as 90%+ of investors still work under the basic framework of a balanced portfolio, exposed in different proportions to equity and bonds, both long. That includes risk parity funds, a leveraged version of balanced portfolio. That includes alternative risk premia funds, a nice commercial disguise for a mostly long-only beta risk, where premia is extracted from record rich markets that made those premia tautologically minuscule.
Hyre Weekly Commentary
The document discusses stock performance in 2011 and analyzes high-dividend stocks from the past. It finds that in 2011, stocks with the highest dividend yields were the only ones to experience positive returns, with gains of 10.4%, 6.4%, and 8.7% respectively. The document also examines "Nifty Fifty" stocks from the 1970s that were seen as guaranteed growth companies but have had varying performance over 40 years, with some like Eastman Kodak struggling in their transition to digital. Key lessons are that some iconic stocks remain so, promoting "one decision" stocks is not a sound strategy, and all stocks can decline to zero.
Newsletter Sept 2015
The document discusses recent market volatility and provides advice on how to respond. Specifically, it recommends trimming poor performers while paying attention to taxes. It also suggests diversifying into alternatives like bonds, market neutral funds, long-short funds, and bear market funds to reduce reliance solely on US stocks. These options have historically provided returns uncorrelated or negatively correlated to stock markets during periods of decline.
Rumpelstiltskin at the Fed by Harley Bassman, PIMCO, executive vice presiden...
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.
Portfolio perspective volatility_0315
The document discusses the threat of volatility to retirement investments and portfolios. It provides an example where two investments earn the same average return of 7.5% over 30 years but one (Investment A) has higher volatility with returns fluctuating more. Though both average 7.5%, Investment A's portfolio runs out of money in year 19 due to the volatility, while Investment B's portfolio not only lasts 30 years but has money remaining. The key point is that volatility, even with the same average return, can deplete retirement savings through its effects of increased fluctuations and withdrawals compounding during down periods.
Housing rebound webinar 09-01-2015
Housing starts are still well below historical averages despite a recent rebound, and low interest rates and strong demand have supported rising home prices. However, the recovery could be interrupted if the Federal Reserve raises interest rates, slowing growth. A worst case scenario would be a recession in China dragging down the global economy and causing a double-dip housing downturn in the United States, with falling home prices and rising unemployment. Overall the recovery appears to still have momentum but is vulnerable to external shocks or changes in monetary policy.
The global financial crisis 2008
The Global Financial Crisis was caused by expanded lending to subprime borrowers in the US housing market who struggled to repay their loans, spreading losses to financial institutions globally through interconnected credit markets. The crisis impacted developing countries through lower exports due to reduced demand from industrial nations and less foreign investment as risk appetite declined. Central banks addressed the crisis through liquidity injections and government rescue plans, while major banks consolidated to avoid bankruptcy.
Global financial-crisis-1228410534714358-9
This document provides a summary of media coverage of the global financial crisis from mid-2007 to October 2008. It includes a timeline of key events, such as the bursting of the housing bubble in the US in 2007 and the bankruptcies of Lehman Brothers and Bear Stearns in 2008. It also outlines the causes and implications of the crisis, as well as recommendations for the future path forward. Tables of contents and methodology are included to provide structure and transparency around the sources and process used to develop the summary.
2007 01 white presentation at barclays capital in florida 28 30 january 2007 ...
1) The document summarizes a presentation given by William White about globalization and the convergence of inflation rates. It discusses how inflation has fallen globally and become less volatile. It also explores several potential explanations for these trends, including effective central bank policy, globalization of markets, and the "savings glut" hypothesis.
2) The presentation is divided into four parts. The first discusses the facts about declining inflation and volatility worldwide. The second evaluates alternative explanations for these trends. The third considers prospects for the future and potential financial imbalances. The fourth discusses implications for monetary policy.
3) In conclusion, the presentation argues that no single factor can fully explain recent inflation trends. Rather, a combination of forces, including global
''Oh, he saw it coming!'' Main ECONOMIC PREDICTIONS made by Peter Schiff
Peter Schiff correctly predicted the 2008 financial crisis. The document outlines Schiff's predictions for the future of the US economy based on 3 factors: bailouts, debt, and inflation. Schiff argues the US economy is a "Ponzi" scheme dependent on borrowing and money printing. He predicts a multi-year recession with rampant inflation, falling wages, and a weakening dollar. Schiff advises moving money out of dollars and into hard assets like gold to protect from these effects.
Oh, he saw it coming!
Peter Schiff correctly predicted the 2008 financial crisis. The document outlines Schiff's predictions for the future of the US economy based on 3 factors: bailouts, debt, and inflation. Schiff argues the US economy is a "Ponzi" scheme dependent on borrowing and money printing. He predicts a multi-year recession with rampant inflation, falling wages, and a weakening dollar. Schiff advises moving money out of dollars and into hard assets like gold to protect from these effects.
(291) panic selling
The document discusses panic selling that occurred in global stock markets on Monday in reaction to Russia's actions in Ukraine, and the subsequent rebound on Tuesday. It notes that panic selling is an emotional reaction rather than being based on fundamentals, and that past panic selling events have presented good buying opportunities as markets recovered. The document advocates that long-term investors can benefit from such volatility and sees panic selling events as opportunities to invest in equities.
Global financial crisis
This document discusses the causes and impacts of the 2007-2008 global financial crisis. It identifies several factors that contributed to the crisis, including low interest rates, excessive lending, deregulation, and the growth of risky financial instruments. The crisis began with the collapse of the US housing market and spread globally. While India's banking system was not directly impacted, the country still experienced effects such as declines in its stock and currency markets, slower industrial and export growth, job losses, and increased poverty. Agriculture, IT, and other sectors were also negatively impacted.
Global financial crisis
The document discusses the global financial crisis that began in 2007 and its causes and consequences. It notes that the crisis originated from risky subprime mortgages in the US that led to a liquidity crisis when housing prices declined. This caused financial institutions like Lehman Brothers to collapse. The crisis had widespread consequences like stock market declines, rising unemployment, and housing market downturns. Governments implemented stimulus programs to combat the crisis and adopted new financial regulations to prevent future crises.
Investor discipline
This brief slideshow discusses some elements necessary to recognize that our emotions and reactions to investing and markets often hurt results. Discipline and a focus on what you can control are important to success.
There is an investing approach that is based on discipline and evidence from research in both the finance and behavioral finance sciences.
Scheduled to post to Better Financial Education blog 11 Jan 2017 http://wp.me/p2Oizj-vH
Hyre Weekly Commentary Template
Warren Buffett and Bill Gross, two legendary investors, disagree on bonds. Buffett sees bonds as risky in times of inflation while Gross favors bonds in the short term due to low interest rates. Their views may differ based on timeframe, with Buffett looking 7-10 years out and Gross a couple years. Additionally, indexes may not fully reflect market performance due to decisions around their construction.
Orbit barometer report october 2010
The document provides an overview of recent economic developments and investment sentiment from various regions. It notes that while the US and China continue to debate currency policies, a G20 meeting did not provide clarity on the issue. Germany is outperforming other European countries as indicators show growth, while problems are mounting in Ireland. In the US, government programs spent only half their funds and losses are expected to be small, while housing markets are stabilizing. China is investing in Europe and emerging markets are growing quickly, raising interest rates to cool their economies. The author's investment sentiment remains neutral but slightly positive.
Hyre Weekly Commentary
The document discusses the Swiss National Bank's decision to cap the value of the rising Swiss franc against the euro to counter the negative effects of the strong franc on the Swiss economy. This bold action by the Swiss could lead to a "currency war" where countries lower their currency values to protect their economies. It adds uncertainty to the global economic environment.
After the storm 27 aug 2010
After the global financial crisis, the global banking industry will undergo significant changes due to new regulations. Growth and profitability for banks will likely decline as equity ratios increase. Lean years are ahead for US banks as revenue growth may remain low due to reduced lending. Private equity experienced booms and busts with the economic cycle, riding high during expansions but seeing deal volumes drop sharply during recessions. The industry is starting to see signs of recovery in 2010 in both developed and emerging markets like India.
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Polymetis White Paper 200901
The document discusses applying concepts of situational awareness (SA) to investing in alternative investments such as hedge funds. SA involves perceiving elements in one's environment, comprehending their meaning, and projecting their future status. The document outlines applying SA's three levels - acquiring data, evaluating the data to create an understanding, and projecting future states - to gain knowledge about macroeconomic conditions, the alternative investment industry, and individual managers. This framework can help differentiate investment choices and ensure accurate mental models are used for decision making.
2018.10 IceCap Global Outlook
South of San Francisco lies a small stretch of the famous California Highway 1 notoriously known by locals as The Devil's Slide.
The stunning view along this road is supported by a weak and steep foundation of loose rock, and porous soil that has been increasingly eroding away over the years sweeping cars, pavement and lives into the sea below.
Naturally, rock slides from the erosion reached a point where the road has been deemed unsafe and closed. In the end, the Devil in the details was a weak foundation supported by illogical engineering.
Today, the Financial Devil has watched patiently, as the world’s central banks and political leaders built a financial debt and interest rate structure on a foundation consisting of theories, acronyms and worst of all – hope.
Since 1982, the financial world has enjoyed a thrilling ride – one zoomed around the world by 36 years of bailouts and declining long-term interest rates.
In this issue of the IceCap Global Outlook we help you see how a pattern of minor financial stresses will culminate into a major financial stress.
And more importantly, how to identify the opportunities that will be created as the majority of the industry continues to ignore the Financial Devil.
The deleveraging cycle
This document summarizes the key findings from an analysis of past deleveraging cycles in the US economy in the mid-1970s and early 1990s. Some of the main points include:
- Past deleveraging cycles were actually good periods for stock market performance and saw leadership from consumer discretionary and technology stocks.
- Deleveraging is a lagging phenomenon that typically occurs late in an economic slowdown.
- Housing activity, as measured by building permits, tended to bottom out early in past deleveraging cycles and then rise steadily through the cycle.
- Inflation tended to decline during deleveraging periods, suggesting disinflation may lie ahead.
- Mon
Equinaire's TARP Overview
The document discusses the federal government's bailout programs in response to the financial crisis and economic downturn. It provides an overview of the Emergency Economic Stabilization Act of 2008 which authorized $700 billion for the Troubled Asset Relief Program (TARP) to purchase distressed assets from banks. It also describes the creation of the Term Asset-Backed Securities Loan Facility (TALF) to help restart the credit markets.
Eye on the markets
This newsletter introduces a new publication called "EYE ON THE MARKETS" that will analyze macroeconomic trends, investment management, and equity market movements. The author argues that macro events have an overwhelming influence on stock markets, and periods of calm have been interrupted by market sell-offs due to crises in Europe, the US, and Asia. Investors need to carefully manage their portfolios and prepare contingency plans for different scenarios. Some positive factors are signs of recovery in corporate earnings, manufacturing, and technology, though continued global uncertainties remain.
Blackwall partners 2 qtr 2016- transient volatility part iii
This document discusses the state of the US economy under President Obama and the policies of the Obama administration. It argues that the economy has stagnated, with 95 million Americans not working, wages stagnant, and declining upward mobility. It attributes this to failed "socialistic" policies and excessive government intervention. The author argues the economy needs inspiration to return to growth and policies that worked previously to boost jobs, wages, home and family formation.
Bianco News Clips
The document summarizes Ben Bernanke being named TIME's Person of the Year for 2009. It discusses past TIME Person of the Year selections and how they have sometimes served as contrarian indicators, with the stock market or country of the subject often facing difficulties afterwards. It provides several examples from previous years to support this.
Financial Synergies | Q1 2018 Newsletter
The document provides an overview and analysis of key market events and themes in the first quarter of 2018, including tariffs, technology, interest rates, and increased volatility. Tariffs imposed by the US administration aim to protect domestic industries but risk a trade war. Technology stocks declined due to company-specific issues, though the sector remains strong overall. The Federal Reserve raised interest rates in March and expects further hikes in 2018 as the economy remains healthy. Volatility rose in the first quarter as various pressures took hold in the market.
Outlook For Commodities
The document summarizes the outlook and strategy of the Global Commodity Systematic Program (GCS) managed by Global Advisors. GCS uses a rules-based, non-discretionary approach to identify and manage trends across 35 commodity markets. It expects profitable opportunities over the next few years due to factors such as the devaluation of paper currencies, continued demand growth in emerging markets like China, a supply shock from reduced commodity investment, and increasing investment in commodities from stock market investors. Charts are presented supporting these views, and it is argued that if commodity markets exhibit strong trends, the GCS program will be able to generate strong returns managing those trends.
The Day After
The document summarizes the financial crisis of 2008 and its aftermath. It discusses how excess leverage and easy credit led to the crisis. It then describes the massive fiscal and monetary responses by governments to counter the recession. Finally, it outlines a new investment strategy focused on bonds, hedging risks, and adapting to long-term volatility in a more regulated post-crisis economic environment.
Finlight Research - Market perspectives - Feb 2015
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera continument enrichie avec nos indicateurs quantitatifs.
La plupart de nos analyses sont disponibles sur www.finlightresearch.com
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
Michael Durante Western Reserve Blackwall Partners 2011 outlook primer- final
- Blackwall Partners believes the financial crisis has ended and a new "golden age" for financial stocks is beginning, similar to the period following the 1990s savings and loan crisis.
- Excessive capital reserves built up during the crisis due to mark-to-market accounting will be redeployed, leading to aggressive capital management and benefiting investors.
- Financial stocks currently trade at very low valuations and earnings growth is expected to be much higher than other sectors over the next few years, yet they remain underowned.
Quoted_11_February 2015
The document provides a seasonal market outlook and review of global markets in Q4 2014 and for the year as a whole. Key points:
- Global stock markets fell sharply in mid-December due to falling commodity prices but recovered by Christmas. The FTSE 100 ended 2014 down 2.7%.
- Mining stocks and food retailers struggled while utility companies performed well, benefiting from growing demand for income and declining rate expectations.
- Commodity prices are expected to remain weak in 2015 due to slowing demand from Europe and China and increased supply, particularly of oil from US shale production.
Markets coming to terms with Greek deal this week
The weekly outlook document provides commentary on the macroeconomic environment and outlook for currencies, indices, and commodities. It summarizes that markets are relieved the Greek crisis is ending but that it highlighted issues in the Eurozone. US data and Janet Yellen's testimony will be key drivers this week. The report also notes that equity markets will watch US bank earnings reports and that commodities will remain sensitive to the US dollar and Chinese factors.
Collapse of the US Financial System in 2008 v2
The 2008 collapse of the U.S. financial system was precipitated by a housing bubble fueled by easy credit and risky lending practices. As housing prices declined sharply from their 2006 peak, millions of homeowners defaulted on mortgages. This caused the failure of major financial institutions like Lehman Brothers and placed firms like AIG and Fannie Mae in financial peril, ultimately requiring government intervention. Widespread use of complex financial instruments like derivatives and CDOs further amplified systemic risks in the absence of proper oversight. The crisis had devastating economic impacts worldwide and revealed critical shortcomings in regulation of the financial industry.
IceCap Asset Management Limited Global Markets 2013.1
She adores hats. She is always very polite and respectful of others. She waves to everyone, and consistently avoids conflict. She is a lady; she is The Queen.
Without a doubt, Queen Elizabeth lives a life quite unlike everyone else in the World – after all, royalty does have its privileges. Yet, when it comes to investing, the Queen is swimming in the same pool of stock market sharks as us common people.
Like everyone else, she pours through her quarterly statements to see how she’s fared. And like everyone else, she loves to make money and simply deplores negative returns. It was rumored that the 2008 crisis hit her particularly hard – over USD 40 million in stock market losses.
This experience must have jilted something, as when The Queen was visiting the esteemed London School of Economics she asked the professor a rather “un-queen” like question – why did economists fail to predict the biggest global recession since the Great Depression?
DTC truths white paper
The document discusses how many widely held beliefs in economics and finance have been proven wrong over time. It provides examples of interest rates becoming negative, inflation being much lower than expected, and the price of oil fluctuating dramatically instead of steadily increasing. The author argues that one should be humble and flexible in their views instead of rigidly holding positions, as the financial world is always changing in ways that may contradict current assumptions. Staying open-minded and avoiding extreme portfolio positions based on specific worldviews can help investors adapt to changes.
Ppm2
This document provides an overview of Market Maker Capital's private placement memorandum. It discusses trends in the market environment that have created opportunities for alternative investment strategies. Specifically, it notes that traditional securities provide little return in a low interest rate environment while exposing investors to significant risk. The document highlights demographic trends like an aging population that will reduce demand and create a systemic event. It argues the current market is in a credit bubble and overvalued. The fund aims to protect capital during downturns and acquire assets at lower prices.
Ppm2
This document provides an overview of Market Maker Capital's private placement memorandum. It discusses trends in the market environment that have created opportunities for alternative investment strategies. Specifically, it notes that traditional securities provide little return in a low interest rate environment while exposing investors to significant risk. The document highlights demographic trends like an aging population that will reduce demand and create a systemic event. It argues the current market is in a credit bubble and overvalued. The fund aims to protect capital during downturns and acquire assets at lower prices.
2008 Seminar Ppt 2
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
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Brookfield Office Properties reported second quarter 2012 results that exceeded expectations due to non-recurring income and accounting adjustments. While the company achieved strong leasing spreads, overall leasing velocity has moderated from 2011 due to macroeconomic headwinds. There was repeated focus during the earnings call on Brookfield's leverage and liquidity. The company is likely to see flat to declining funds from operations per share into mid-2014 as it carries vacant space previously leased to Bank of America. However, Brookfield remains the "value" name among large-cap office REITs due to its discount to net asset value and earnings momentum concerns over the next few years.
First Capital Realty - FCR
The document summarizes a research report on First Capital Realty Inc. that was issued on May 8, 2012 by RBC Capital Markets. Some key points:
- First Capital Realty reported Q1/12 FFO per share of $0.25, which was in line with expectations and a 3% increase over Q1/11. Occupancy slipped modestly.
- Same-property NOI growth is expected to improve to a range of 1-2% in 2012, up from 0.1% growth in Q1/12. Healthy leasing spreads were achieved on renewals.
- The acquisition pace has slowed, but $150-200 million is planned for redevelopments and
Equity Strategy - TSX
Merrill Lynch seeks to do business with companies it covers in research reports, so investors should be aware of potential conflicts of interest. The report should only be one factor in investment decisions. The report upgrades the Canadian information technology sector to overweight, citing several factors expected to drive continued outperformance, including global growth, business capital spending, earnings growth from a weaker Canadian dollar, and the upcoming release of Microsoft Vista. However, risks remain for the technology sector.
Focus - Economic Research
This weekly financial digest from BMO Nesbitt Burns provides an economic overview and outlook. It discusses recent economic data from Canada, the US, Europe and Asia. It also analyzes the potential economic impacts of the US presidential election and whether the outcome matters for financial markets. Global bond and equity market returns are provided. The document concludes with BMO Nesbitt Burns' economic and market outlook forecasts.
DEA Initiation Report
DEA owns and operates Class A office properties leased to U.S. government agencies like the DEA and FBI. It has a portfolio of 41 properties totaling 2.8 million square feet. The document initiates coverage of DEA with a Buy rating and $21 price target, citing predictable cash flows from long government leases, opportunities for acquisition and development growth, and a strong balance sheet. However, it also notes risks including tenant concentration in the U.S. government and potential difficulties re-leasing specialized properties if tenants vacate.
CXP initiation - Office REIT
Columbia Property Trust is a self-managed office REIT that owns class-A office properties in major coastal markets. It has undergone a strategy of selling suburban assets and acquiring lower cap rate properties in gateway cities. This has been dilutive to earnings but the analyst expects earnings to trough in 2017 as the strategy bears fruit. While the process has hurt returns compared to peers, proven execution on remaining dispositions and strong leasing could close the gap to consensus NAV estimates. However, the analyst initiates at Hold until further proof that earnings will grow as strategic goals are realized.
Canadian Asset Managers - Initiation Report
This document provides an analysis of the Canadian asset management industry. It finds that the industry has matured but remains very profitable, with expected annual growth of around 8% driven by market performance of 6% and net sales of 2%. While industry consolidation has increased competition, the top 10 managers still control around 80% of retail assets under management. Banks have gained the most market share this decade. The document also examines trends like growth in balanced funds and segregated products, reflecting a reduced appetite for risk among retail investors. It provides ratings and price targets for several asset managers.
Agf market outlook
Various leading indicators suggest a constructive backdrop for equities ahead. Improving economic fundamentals and positive leading indicators like the LEI and ISM Services Index signal further equity market gains. The author recommends an overweight position in equities over bonds, with a focus on cyclical sectors that have outperformed recently. On the fixed income side, the author advocates a "bear flattener" strategy of favoring corporate bonds over Treasuries and long-term bonds over short-term bonds.
Equity Strategy - Staying Defensive
Merrill Lynch provides an overview of their Canadian equity strategy and outlook. They maintain a cautious outlook on the overall market and preference for defensive sectors. They expect Canadian GDP growth to slow from 2.9% in 2006 to 2.3% in 2007, weighing on corporate earnings. Their analysis suggests TSX earnings per share growth may contract in 2007 rather than the 13% consensus growth. Foreign and domestic investors may also shift away from Canadian stocks due to weaker resource sectors and the Canadian dollar, putting downward pressure on valuations.
Asset Managers - Recession risks, Trust Banks & Asset Mgrs
- Merrill Lynch may have conflicts of interest due to business relationships with covered companies that could affect research report objectivity. Investors should consider this report as one factor among many.
- Independent, third-party research is available to Merrill Lynch customers in the US at no cost if such research exists for covered companies.
- The document provides analysis on risks to trust banks and asset managers from a potential US recession and equity market correction, but concludes both groups should continue outperforming the S&P 500 and credit-sensitive financials in the near-term. Selectivity is key among asset managers at this point.
Asset Managers - Defensive But Not Immune
Merrill Lynch seeks to do business with companies it covers in research reports, so it may have conflicts of interest that could affect the objectivity of its reports. Investors should consider Merrill Lynch reports as one factor among many in their investment decisions. Customers can receive independent third-party research on covered companies at no cost if available.
U.S. Real Rates
- Real interest rates in the US are currently at their most negative level in almost three decades, which is an important development that should not be ignored by investors.
- Historically, periods of deeply negative real rates have typically been followed by improvements in leading economic indicators and increased spending, consumption, and demand for assets by both consumers and businesses.
- Based on historical relationships, the current negative real rate environment suggests that US economic prospects and equity markets may find increased support and possibly a sustained rally in the coming year.
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Economic Risk Factor Update: June 2024 [SlideShare]
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Wayhome's analysis of the UK market and how pension schemes can help solve the problems it presents younger people
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Using Online job postings and survey data to understand labour market trendsLabour Market Information Council | Conseil de l’information sur le marché du travail
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.Seminar: Gender Board Diversity through Ownership Networks
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
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How will new technology fields affect economic trade?
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How Does CRISIL Evaluate Lenders in India for Credit Ratings
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Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
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Using Online job postings and survey data to understand labour market trends
Seminar: Gender Board Diversity through Ownership Networks
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Market Strategy
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