Most Smart Beta presentations are about: “What and Why?”
This presentation addresses: “Do the rules used to construct a Smart Beta portfolio matter?”
Our approach was to use alternative portfolio construction rules to simulate multiple 25-year return histories for Low Volatility, Fundamental Indexing and Momentum strategies, and then compare their average returns, risks, drawdowns and factor exposures.
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
This presentation will take you through Emperor Asset Management's investment philosophy and track record. It also touches on wealth management with a short explanation of how to calculate your wealth index.
"Portfolio Optimisation When You Don’t Know the Future (or the Past)" by Rob...Quantopian
We generally assume the past is a good guide to the future, but well do we even know the past? What effect does this uncertainty when estimating inputs have on the notoriously unstable algorithms for portfolio optimization?
I explore this issue, look at some commonly used solutions, and also introduce some alternative methods.
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
"Maximize Alpha with Systematic Factor Testing" by Cheng Peng, Software Engin...Quantopian
Factor modeling and style premia are historically well documented and extensively researched in generating abnormal returns. Despite the large amount of research around factors, there is less clarity around effectively capturing and extracting this alpha from a given universe. In this presentation, Cheng will demonstrate different techniques for combining multiple factors, and the rationale behind maximizing alpha while maintaining scalability.
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
This presentation will take you through Emperor Asset Management's investment philosophy and track record. It also touches on wealth management with a short explanation of how to calculate your wealth index.
"Portfolio Optimisation When You Don’t Know the Future (or the Past)" by Rob...Quantopian
We generally assume the past is a good guide to the future, but well do we even know the past? What effect does this uncertainty when estimating inputs have on the notoriously unstable algorithms for portfolio optimization?
I explore this issue, look at some commonly used solutions, and also introduce some alternative methods.
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
"Maximize Alpha with Systematic Factor Testing" by Cheng Peng, Software Engin...Quantopian
Factor modeling and style premia are historically well documented and extensively researched in generating abnormal returns. Despite the large amount of research around factors, there is less clarity around effectively capturing and extracting this alpha from a given universe. In this presentation, Cheng will demonstrate different techniques for combining multiple factors, and the rationale behind maximizing alpha while maintaining scalability.
"Is Momentum Still Relevant for Today’s Markets?" by Anthony Ng, Senior LecturerQuantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Despite being ‘discovered’ over 20 years ago, there is still confusion on what a momentum strategy entails and people ‘invest in momentum’. There are two generally accepted definitions of momentum in academic literature. In the quantitative equity investment sphere, momentum is frequently referred to as across securities or assets (cross-sectional or relative) and typically traded in a long-short or hedged manner. In futures trading, momentum is often referred to the past return of the security (time-series) and normally traded in a directional fashion.
Following from the above, we conducted an analysis on the performance of a momentum strategy of different asset classes: equity, fixed income, futures, and currencies. The study showed that both types of momentum are prevalent and persistent across all asset classes. Furthermore, as the correlations between the two types of momentum strategies and amongst the asset classes are quite low, substantial diversification benefit can be derived by combining them.
"Opportunities and Pitfalls in Momentum Investing" by Gary Antonacci, Author ...Quantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Gary will begin by explaining the origins and history of momentum investing. He will show why momentum is called “the premier anomaly.” He will describe the way momentum is most commonly used and why this may not be the best approach. He will discuss the hidden risks associated with momentum and other factor based investments.
Using easily understood examples and historical research findings, he will show how relative strength momentum can enhance investment returns, while trend-following absolute momentum can dramatically decrease risk exposure.
Gary will show which assets are best to use for momentum investing. Finally, he will describe the behavioral biases you must deal with and the mind set you need to become a successful momentum investor.
In this talk you will learn how to:
a) Spot the best momentum investment opportunities in any market environment.
b) Protect yourself from bear market risk exposure and behavioral biases.
c) Construct your own low-cost, rules-based dual momentum portfolio that is simple to understand and easy to maintain.
"Snake Oil, Swamp Land, and Factor-Based Investing" by Gary Antonacci, author...Quantopian
BlackRock forecasts smart beta investing oriented toward size, value, quality, momentum, and low volatility to reach $1 trillion by 2020 and $2.4 trillion by 2025. Gary’s talk will show that this growth may not be justified due to these factors' lack of robustness, consistency, persistence, intuitiveness, and investability. Gary will also show that the success attributed to these factors would be better directed toward macro momentum and the short interest ratio.
Combining the Best Stock Selection Factors by Patrick O'Shaughnessy at QuantC...Quantopian
Patrick will explore how to combine the value factor with other stock selection factors to build a superior stock selection strategy. He will discuss unique ways of using momentum, share buybacks, and quality factors to improve on a simple value screen. He will discuss portfolio concentration, rebalancing, and risk management. He will also explain why the best versions of these strategies are only possible for smaller firms and investors.
Book presentation: Excess Returns: a comparative study of the methods of the ...Frederik Vanhaverbeke
This is a pdf presentation of the book Excess Returns: a comparative study of the methods of the world's greatest investors. The presentation explains the various topics that are discussed in the book and show plenty of practical examples to understand the main points. It challenges the Efficient Market Hypothesis by showing some extraordinary track records in the investment world. It explains where top investors look for bargains. It shows how they perform a due diligence and how they value stocks. A separate section is devoted to the way top investors buy and sell various types of stocks, and how they buy and sell over stock market cycles. It also explains the various psychological aspects that top investors deem essential to beat the market.
In All About Factors, we cover the basics of what factors are, where we expect them to derive their excess returns from, their advantages and disadvantages and if there is indeed any merit to this approach or if it just another Wall Street marketing gimmick.
After covering the commonly accepted factors basics, we discuss expectations for factor investing, the theory as to why short-term pain must be present for long-term return, and some key considerations in moving from the academic research to creating investible portfolios.
Also explored is the current on-going debate between industry titans Rob Arnott (Research Affiliates) and Cliff Asness (AQR) as to the efficacy of using valuation-based spreads to time factor exposures.
Lastly, we look at some different methods that a retail investor can utilize smart-beta investing, by highlighting some of the current industry techniques for diversifying factor exposures and building a multi-factor portfolio.
Dividend Weekly 45 2012 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommendet Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canda and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Trade Like a Chimp: Unleash Your Inner Primate by Andreas Clenow at QuantCon ...Quantopian
It is a long established fact that a reasonably well behaved chimp throwing darts at a list of stocks can outperform most professional asset managers. It is less known why this is the case. While there would be obvious advantages with hiring chimps over hedge fund traders, such as lower salaries and calmer tempers, there are also a few practical obstacles to such hiring practices. For those asset management firms unable to retain the services of a cooperative primate, a random number generator may serve as a reasonable approximation of their skills.
The fact of the matter is that even a random number generator can, and will, outperform practically all mutual funds. Such random strategies may seem like a joke, and perhaps they are, but if a joke can outperform industry professionals we have to stop and ask some hard questions.
When designing investment strategies, it can be very useful to have an understanding of random strategies, how they work and what kind of results they are likely to yield. Given that random strategies perform quite well over time, they can act as a valid benchmark. After all, if your own investment approach fails to outperform a random strategy, you may as well outsource your quant modeling to the Bronx Zoo.
Here is our topic-specific Investment Management Analysis Powerpoint Presentation Slides for portfolio strategy and implementation. The professionally designed wealth management PowerPoint complete deck has various professional looking PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, issues inefficient markets, technical analysis types, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the wealth management presentation deck to achieve your investment objectives. Charge up your audience with our Investment Management Analysis Powerpoint Presentation Slides. They will get completely energized.
Mansfield Capital Brochure Ppt Mar2009 1110Trader1mm
Mansfield Capital PowerPoint
presentation showing aggregate performance since 2003 with low-volatility program also shown separately. Note: due my institutional client going out of business last year, and for personal reasons, I took a year off off from trading even though I had top rated performance on risk-adjusted basis. Call or write for details. MansfieldCapital@Gmail.com, or 305-915-3307
"Is Momentum Still Relevant for Today’s Markets?" by Anthony Ng, Senior LecturerQuantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Despite being ‘discovered’ over 20 years ago, there is still confusion on what a momentum strategy entails and people ‘invest in momentum’. There are two generally accepted definitions of momentum in academic literature. In the quantitative equity investment sphere, momentum is frequently referred to as across securities or assets (cross-sectional or relative) and typically traded in a long-short or hedged manner. In futures trading, momentum is often referred to the past return of the security (time-series) and normally traded in a directional fashion.
Following from the above, we conducted an analysis on the performance of a momentum strategy of different asset classes: equity, fixed income, futures, and currencies. The study showed that both types of momentum are prevalent and persistent across all asset classes. Furthermore, as the correlations between the two types of momentum strategies and amongst the asset classes are quite low, substantial diversification benefit can be derived by combining them.
"Opportunities and Pitfalls in Momentum Investing" by Gary Antonacci, Author ...Quantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Gary will begin by explaining the origins and history of momentum investing. He will show why momentum is called “the premier anomaly.” He will describe the way momentum is most commonly used and why this may not be the best approach. He will discuss the hidden risks associated with momentum and other factor based investments.
Using easily understood examples and historical research findings, he will show how relative strength momentum can enhance investment returns, while trend-following absolute momentum can dramatically decrease risk exposure.
Gary will show which assets are best to use for momentum investing. Finally, he will describe the behavioral biases you must deal with and the mind set you need to become a successful momentum investor.
In this talk you will learn how to:
a) Spot the best momentum investment opportunities in any market environment.
b) Protect yourself from bear market risk exposure and behavioral biases.
c) Construct your own low-cost, rules-based dual momentum portfolio that is simple to understand and easy to maintain.
"Snake Oil, Swamp Land, and Factor-Based Investing" by Gary Antonacci, author...Quantopian
BlackRock forecasts smart beta investing oriented toward size, value, quality, momentum, and low volatility to reach $1 trillion by 2020 and $2.4 trillion by 2025. Gary’s talk will show that this growth may not be justified due to these factors' lack of robustness, consistency, persistence, intuitiveness, and investability. Gary will also show that the success attributed to these factors would be better directed toward macro momentum and the short interest ratio.
Combining the Best Stock Selection Factors by Patrick O'Shaughnessy at QuantC...Quantopian
Patrick will explore how to combine the value factor with other stock selection factors to build a superior stock selection strategy. He will discuss unique ways of using momentum, share buybacks, and quality factors to improve on a simple value screen. He will discuss portfolio concentration, rebalancing, and risk management. He will also explain why the best versions of these strategies are only possible for smaller firms and investors.
Book presentation: Excess Returns: a comparative study of the methods of the ...Frederik Vanhaverbeke
This is a pdf presentation of the book Excess Returns: a comparative study of the methods of the world's greatest investors. The presentation explains the various topics that are discussed in the book and show plenty of practical examples to understand the main points. It challenges the Efficient Market Hypothesis by showing some extraordinary track records in the investment world. It explains where top investors look for bargains. It shows how they perform a due diligence and how they value stocks. A separate section is devoted to the way top investors buy and sell various types of stocks, and how they buy and sell over stock market cycles. It also explains the various psychological aspects that top investors deem essential to beat the market.
In All About Factors, we cover the basics of what factors are, where we expect them to derive their excess returns from, their advantages and disadvantages and if there is indeed any merit to this approach or if it just another Wall Street marketing gimmick.
After covering the commonly accepted factors basics, we discuss expectations for factor investing, the theory as to why short-term pain must be present for long-term return, and some key considerations in moving from the academic research to creating investible portfolios.
Also explored is the current on-going debate between industry titans Rob Arnott (Research Affiliates) and Cliff Asness (AQR) as to the efficacy of using valuation-based spreads to time factor exposures.
Lastly, we look at some different methods that a retail investor can utilize smart-beta investing, by highlighting some of the current industry techniques for diversifying factor exposures and building a multi-factor portfolio.
Dividend Weekly 45 2012 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommendet Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canda and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Trade Like a Chimp: Unleash Your Inner Primate by Andreas Clenow at QuantCon ...Quantopian
It is a long established fact that a reasonably well behaved chimp throwing darts at a list of stocks can outperform most professional asset managers. It is less known why this is the case. While there would be obvious advantages with hiring chimps over hedge fund traders, such as lower salaries and calmer tempers, there are also a few practical obstacles to such hiring practices. For those asset management firms unable to retain the services of a cooperative primate, a random number generator may serve as a reasonable approximation of their skills.
The fact of the matter is that even a random number generator can, and will, outperform practically all mutual funds. Such random strategies may seem like a joke, and perhaps they are, but if a joke can outperform industry professionals we have to stop and ask some hard questions.
When designing investment strategies, it can be very useful to have an understanding of random strategies, how they work and what kind of results they are likely to yield. Given that random strategies perform quite well over time, they can act as a valid benchmark. After all, if your own investment approach fails to outperform a random strategy, you may as well outsource your quant modeling to the Bronx Zoo.
Here is our topic-specific Investment Management Analysis Powerpoint Presentation Slides for portfolio strategy and implementation. The professionally designed wealth management PowerPoint complete deck has various professional looking PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, issues inefficient markets, technical analysis types, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download the wealth management presentation deck to achieve your investment objectives. Charge up your audience with our Investment Management Analysis Powerpoint Presentation Slides. They will get completely energized.
Mansfield Capital Brochure Ppt Mar2009 1110Trader1mm
Mansfield Capital PowerPoint
presentation showing aggregate performance since 2003 with low-volatility program also shown separately. Note: due my institutional client going out of business last year, and for personal reasons, I took a year off off from trading even though I had top rated performance on risk-adjusted basis. Call or write for details. MansfieldCapital@Gmail.com, or 305-915-3307
There's a reason why 6 out of 10 of the top performing hedge funds are quant firms, and on a typical trading day 90% of trades are made by computers . In the next decade quantitative investing will become THE way to invest. Don't get left behind, learn how to use algorithms to invest.
Empowering Innovation Portfolio Decision-Making through SimulationSopheon
New product development is a complex, high-risk endeavor for any organization. In order to execute a game-changing innovation program, leaders must be willing to engage the unknowns around future markets and the technologies that will serve them.
This webinar discusses how simulation and specialized business processes can provide a risk-free proving ground to challenge and compare innovation strategies, thereby empowering analysts and executives to confidently make difficult investment decisions.
To view this webinar, go to http://budurl.com/zgs5
We bring to you to the topic-specific Asset Allocation Management Powerpoint Presentation Slides with apt research and understanding. The ready to use strategic portfolio management presentation deck includes set of content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards etc. Simply download the portfolio analysis PPT visuals and capture your audience's attention. Highlight the fact that you have the credentials with our Asset Allocation Management PowerPoint Presentation Slides. You will emerge as the favorite candidate.
Examine the components of investment management with our content ready Portfolio Analysis PowerPoint Presentation Slides. The topic-specific investment strategies PowerPoint complete deck has various content ready PPT slides such as introduction to investments, objectives of portfolio management, types of investment, market scenario overview investment instruments, securities portfolio, analysis and valuation of equity securities, industry analysis PESTEL, SWOT analysis, discounted cash flow method, financial statement analysis, company cash flow statement, investment in special situations, fixed income and leveraged securities, bond valuation system, reinvestment risk table, type of convertible securities, options analysis, warrants summarization overview, derivative products, put and call options, stock index futures and options, stock indexes comparison table, broaden the investment perspective, international security market highlights, global market trends, mutual funds investment criteria overview, investment in real estate, diversified real estate classification, KPIs and dashboards, etc. Download this visually appealing easy to use financial management PPT slide to showcase factors of investing. Bedeck your ideas with our Portfolio Analysis PowerPoint Presentation Slides. Your audience will get glued onto them.
With all of the recent media attention surrounding hedge funds, there are bound to be some misconceptions regarding the hedge fund industry. Dick Hooey led a stimulating discussion surrounding the evolution of this esoteric investment vehicle and tried to answer the question “Just what is a Hedge Fund, anyways?”. Dick is a strategic minded finance executive with expertise in valuation and decision support analyses of transactions including acquisitions and new business ventures in consulting and corporate environments. In addition, Dick has 13 years experience managing a market neutral equity portfolio representing capital in excess of $100 million for a leading billion dollar hedge fund.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell pi coins after successfully completing KYC
How important are the rules used to create smart beta portfolios
1. How Important Are The Rules Used To
Create Smart Beta Portfolios?
• How much did portfolio construction rules affect
performance?
• How should investors proceed?
Presented by:
Amitabh Dugar, Ph.D.
Ralph Goldsticker, CFA
2. Introduction
Most Smart Beta presentations are about:
“What and Why?”
Presentation addresses: “Do the rules used to
construct a Smart Beta portfolio matter?”
Approach:
Use alternative portfolio construction rules to
simulate multiple 25-year return histories for
Low Volatility, Fundamental Indexing and
Momentum strategies.
Compare average returns, risks, drawdowns
and factor exposures.
Source: 2
3. Proliferation of Smart Beta offerings
Number of US Large Cap Smart Beta ETFs
Smart Beta # of ETFs
Value 39
Dividends 29
Fundamental 6
Earnings 3
Revenues 1
Low Volatility, Low Risk 12
Equal Weight, Small Cap Tilt 7
Momentum 5
Quality 3
Total 66
Source: Dugar & Goldsticker classifications, ETF.com data, as of 5/1/2015 3
How do you choose?
How much does it matter?
4. Designing a smart beta strategy
Smart beta strategies are intended to provide
additional exposure to attractive characteristics.
But,
• True factors behind smart betas are not
observable.
• Investors also care about other portfolio
characteristics.
Managers design portfolio construction rules to:
• Maximize exposure to target characteristic
• Manage other characteristics and behavior
• Have attractive backtests
4
5. Large number of ways to construct any Smart
Beta strategy
5
Choices include:
• Metric and formula
• Universe: Geography and capitalization range
• Subset: All stocks, top 20%, top 50%, etc.
• Weighting: heuristic, optimized, cap, equal
• Tracking error aware: optimized, sector neutral
• Constraints, concentration, liquidity
• Reconstitution frequency
How do you decide?
How much does it matter?
6. Example: Decisions required to construct a low
volatility portfolio
6
Which measure of volatility?
• Standard deviation of total, excess, or residual returns; beta
• Estimation window: 1 year, 3 years, 5 years
How is the portfolio constructed?
• Heuristic rule-based
• All stocks weighted by inverse volatility
• Reweighted subset
• Which subset? All stocks; top 20%, 50%; sector neutral, …
• Which weights? Inverse vol, equal, cap, …
Optimized: Minimum volatility, equal risk weight, …
• Which covariance matrix?
• Sector neutral?
• Name constraints?
• Tracking error aware?
7. Similar issues with other Smart Betas
Fundamental indexing
• Which measure of value?
• Earnings, revenues, sales, cash flow, composite
• Which time period?
Momentum
• Which return window?
• Exclude most recent period?
• Scale returns by volatility?
• Which volatility?
• Which weighting scheme?
Quality
• Which measure of quality?
• Which weighting scheme
7
8. Evaluating the importance of Smart Beta
strategy design
Simulate multiple versions of: Low Volatility,
Momentum and Fundamental strategies
Evaluate how portfolio construction choices
affected simulated performance
• Returns
− Full period, sub periods
• Risk
− Volatility, beta, tracking error
− Factor exposures
− Drawdowns: absolute, relative
• Sharpe Ratio
8
9. 1. Low Volatility case study
Metrics: standard deviation, residual risk,
beta
• Calculated using 1, 3 & 5 year windows
Universe: 500 largest US stocks
All 500 stocks, 250 lowest risk, 100 lowest risk
With and without sector neutrality constraint
25 years: 1989 – 2013, rebalanced quarterly
9
10. Low vol score depends on: Data window, total
vs residual risk, volatility vs beta
10
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
11. Time window, partitioning and sector neutrality
had little impact on overall low vol performance
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 11
12. Low vol strategies underperformed pre, and
outperfomed post bursting of Tech Bubble
12Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
13. Differences in portfolio characteristics of low vol
strategies were not large
Cap
Weight
Change Window used to Calculate Vol Partition Sector
Netural,
3 Yr Vol1/(1 Yr Vol) 1/(3 Yr Vol) 1/(5 Yr Vol)
250 Stocks
3 Yr Vol
100 Stocks
3 Yr Vol
Annual Return 11.34% 13.09% 12.92% 12.87% 11.97% 11.19% 12.96%
1989 - 1999 21.15% 17.27% 17.00% 16.85% 15.12% 14.18% 18.89%
2000 - 2013 4.73% 9.91% 9.82% 9.84% 9.55% 8.89% 8.51%
Volatility 16.1% 15.2% 15.4% 15.5% 13.3% 12.1% 16.0%
R-Square 94% 94% 94% 86% 76% 98%
Tracking Error 5.07% 5.31% 5.45% 6.84% 7.94% 3.45%
Sharpe Ratio 0.49 0.63 0.61 0.61 0.64 0.64 0.59
Beta 1.00 0.89 0.89 0.90 0.71 0.57 0.97
Up Beta 0.85 0.86 0.86 0.62 0.43 0.96
Down Beta 0.97 0.99 0.98 0.75 0.57 1.03
Max Drawdown -43% -42% -43% -43% -40% -35% -44%
Max Rel DD -38% -40% -41% -52% -56% -30%
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 13
14. Fama-French Factor Exposures
Market
Size
Small - Big
Value
High - Low Momentum
Cap Weighted 0.98 -0.16 0.01 -0.01
1 Year Volatility 0.89 0.00 0.27 -0.03
3 Year Volatility 0.90 -0.01 0.29 -0.05
5 Year Volatility 0.90 -0.01 0.30 -0.06
250 Stocks, 3 Year 0.76 -0.12 0.38 -0.02
100 Stocks, 3 Year 0.65 -0.21 0.37 0.01
Sector Neutral, 3 Yr 0.95 0.00 0.15 -0.02
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 14
15. Principle Component Exposures
PC 1:
Market
PC 2:
Momentum
PC 3:
???
PC 4:
Value
Cap Weighted 0.96 0.19 -0.04 0.09
1 Year Volatility 1.00 -0.03 0.03 0.01
3 Year Volatility 1.00 -0.04 0.03 0.03
5 Year Volatility 0.99 -0.05 0.03 0.04
250 Stocks, 3 Year 0.96 -0.28 0.01 -0.03
100 Stocks, 3 Year 0.87 -0.45 -0.03 -0.13
Sector Neutral, 3 Year 0.99 0.11 0.00 0.04
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 15
16. Low volatility case study findings:
Simulated returns:
All of the low volatility strategies we examined
exhibited similar patterns of returns.
Underperformed through 1999, outperformed since.
Investing in only the least volatile stocks produced less
volatile portfolios.
But, also lower returns, higher tracking error and
larger drawdowns.
Comparison of metrics:
Standard deviation, beta and tracking error produced
similar results.
1, 3 and 5 year statistics produced similar results.
Correlation between 1 and 5 year vol is only .5, but
dispersion is in higher vol stocks (low weights).
16
17. 2. Fundamental Indexing Case Study
Metrics: Earnings, Dividends, Sales, Book Value;
combination of the four
Weighting scheme:
(Stock Fundamental) / (Aggregate Fundamental)
Look back: most recent 4, 8 & 12 quarters
Universe: 500 largest US stocks
25 years: 1989 – 2013, rebalanced quarterly
Note: Partitioning the universe and sector
constraints were not investigated. They are
inconsistent with the philosophy behind
fundamental indexing.
17
18. Fundamental Indexing depends on metric and look-back
But shows less variability than other strategies
18Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
19. Similar performance of fundamental strategies
Book value diverged post Financial Crisis
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 19
20. Fundamental strategies underperformed pre,
and outperfomed post bursting of Tech Bubble
20Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
21. Characteristics of fundamentally weighted
strategies were similar
Cap Wt Book Earnings Revenues Dividends Comb 8Q
Annual Return 11.21% 10.70% 11.54% 11.71% 11.36% 11.44%
1989 - 1999 20.36% 17.77% 17.73% 17.40% 16.21% 17.67%
2000 - 2013 4.25% 5.23% 6.71% 7.26% 7.53% 6.59%
Volatility 16.2% 17.4% 15.5% 16.4% 15.0% 16.0%
R-Square 91% 92% 90% 81% 92%
Tracking Error 5.2% 4.3% 5.3% 6.6% 4.6%
Sharpe Ratio 0.48 0.42 0.52 0.51 0.53 0.50
Beta 1.00 1.02 0.91 0.95 0.83 0.94
Up Beta 1.02 0.92 0.97 0.82 0.95
Down Beta 1.04 0.89 1.01 0.76 0.93
Max Draw Down -44.3% -53.6% -47.9% -49.0% -50.1% -49.9%
Max Rel DD -21.7% -22.0% -24.5% -32.6% -22.4%
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 21
22. Fama-French Factor Exposures
Market
Size
Small - Big
Value
High - Low Momentum
Cap Weighted 0.98 -0.16 0.01 -0.01
Book 1.01 -0.12 0.30 -0.16
Earnings 0.91 -0.18 0.23 -0.12
Revenue 0.94 -0.04 0.30 -0.11
Dividend 0.87 -0.25 0.37 -0.12
Comb 8Q 0.94 -0.15 0.28 -0.13
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 22
23. Principle Component Exposures
PC 1:
Market
PC 2:
Momentum
PC 3:
???
PC 4:
Value
Cap Weighted 0.96 0.19 -0.04 0.09
Book 0.97 0.04 0.02 0.22
Earnings 0.98 -0.03 0.00 0.19
Revenue 0.97 0.01 0.03 0.17
Dividend 0.95 -0.20 -0.01 0.17
Comb 8Q 0.98 -0.02 0.01 0.19
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 23
24. Fundamental Indexing case study findings:
24
Simulated returns:
All simulations exhibited similar return patterns
• Underperformed through 1999
• Sharp recovery
• Generally, performed in line since
Book Value had more severe drawdown in
Financial Crisis, and less recovery since.
Comparison of metrics:
Generally independent of data window.
While there are some differences, all metrics
tend to produce similar stock weights
25. 3. Momentum case study
Metrics: 5 month, 11 month & 23 month returns
• Periods end 1 month before portfolio construction
• Convert raw momentum values to Z-Score
Weighting scheme:
• Z > 0: 1 + Z; Z < 0: 1/(1-Z); Z=0: 1
Universe: 500 largest US stocks
All 500, 250 highest Z-Score, 100 highest Z-Score
With and without sector neutrality constraint
25 years: 1989 – 2013, rebalanced quarterly
25
26. Momentum weights depend on look-back
window and return vs Z-Score
26Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
27. More concentrated portfolios had superior long-
term performance, but also larger drawdowns
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 27
28. Outperformance of momentum primarily came
post bursting of Tech Bubble
28Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013
30. Fama-French Factor Exposures
Market
Size
Small - Big
Value
High - Low Momentum
Cap Weighted 0.98 -0.16 0.01 -0.01
5 Mth Momentum 1.00 0.09 0.21 0.02
11 Mth Momentum 1.04 0.13 0.09 0.13
23 Mth Momentum 1.05 0.06 0.06 0.09
250 Stocks, 11 Mth 1.04 0.18 0.04 0.28
100 Stocks, 11 Mth 1.08 0.30 -0.02 0.43
Sect Neutral, 11 Mth 1.02 0.07 0.06 0.09
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 30
31. Principle Component Exposures
PC 1:
Market
PC 2:
Momentum
PC 3:
???
PC 4:
Value
Cap Weighted 0.96 0.19 -0.04 0.09
5 Mth Momentum 0.98 0.15 0.01 -0.03
11 Mth Momentum 0.96 0.27 -0.02 -0.08
23 Mth Momentum 0.96 0.24 -0.01 -0.05
250 Stocks, 11 Mth 0.91 0.35 -0.07 -0.18
100 Stocks, 11 Mth 0.83 0.45 -0.12 -0.27
Sect Neutral, 11 Mth 0.96 0.26 -0.02 -0.04
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 31
32. Momentum case study findings
32
Simulated returns:
All of the momentum strategies we examined
exhibited similar patterns of returns
• Most of outperformance came post Tech Bubble
• Underperformance during Financial Crisis
• Outperformance since
Comparison of metrics:
Full simulation: 11 month outperformed 5
5 month momentum worst performer before and
during Tech Bubble.
More concentrated portfolios had larger factor
exposures and performance cycles.
34. Fama-French Factor Exposures
Market
Size
Small - Big
Value
High - Low Momentum
Capitalization
Weighted
0.98 -0.16 0.01 -0.01
3 Year Volatility 0.90 -0.01 0.29 -0.05
100 Lowest 3 Year
Volatility
0.65 -0.15 0.37 0.04
Fundamental
Indexing
0.94 -0.15 0.28 -0.13
11 Month
Momentum
1.04 0.13 0.09 0.13
100 Highest 11 Mth
Momentum
1.08 0.30 -0.02 0.43
Source: Dugar & Goldsticker, CRSP, Compustat, Ken French, 500 largest stocks, data ending 12/31/2013 34
35. Principle Components Analysis
PC 1:
Market
PC 2:
Momentum
PC 3:
???
PC 4:
Value
Capitalization
Weighted
0.96 0.19 -0.04 0.09
3 Year Volatility 1.00 -0.04 0.03 0.03
100 Lowest 3 Year
Volatility
0.87 -0.45 -0.03 -0.13
Fundamental
Indexing
0.98 -0.02 0.01 0.19
11 Month
Momentum
0.96 0.27 -0.02 -0.08
100 Highest 11 Mth
Momentum
0.83 0.45 -0.12 -0.27
Source: Dugar & Goldsticker, CRSP, Compustat, 500 largest stocks, data ending 12/31/2013 35
36. Summary of simulated returns
For each Smart Beta, results were largely
insensitive to the portfolio construction rules.
• Average returns
• Drawdowns
• Behavior during Tech Bubble and Financial Crisis
100 and 250 stock portfolios
• Larger drawdowns and cycles of relative
performance
• More extreme factor exposures
Sector neutral portfolios
• Less tracking error
Source: 36
37. Conclusions:
Pick the approach for economic reasons.
Don’t rely on backtests.
Why do you want the exposure?
• What risk or behavior is it intended to capture?
• Pick approach most closely aligned with objective.
Consider exposures to unintended risks.
How does the strategy fit into your aggregate portfolio?
Factor exposures
Is its behavior complimentary?
Pay attention to other portfolio characteristics.
Capacity, liquidity and concentration
Turnover and transactions costs
Management fees
37