The article discusses negative real yields on short-term Treasury securities since October 2010. Real yields are nominal yields adjusted for inflation, and have been negative in most months since 2010 as inflation has exceeded nominal interest rates. Investors have faced losing wealth in real terms by earning almost nothing on cash balances due to the Federal Reserve cutting interest rates to near zero since 2008 to spur economic recovery. Some investors have shifted portfolios to money market funds and cash to avoid stock market volatility, but this risks eroding purchasing power as no one can consistently time markets.
Investing for Physicians | 1st Quarter Market ReviewLFGmarketing
The quarterly market review summarizes global market performance for Q1 2013. US stocks had strong returns of +11.07% while international developed stocks had modest gains of +4.70%. Emerging markets stocks declined -1.62% for the quarter. Key events included the US avoiding the fiscal cliff and the Fed continuing its bond buying program. The Eurozone recession deepened as exports suffered and Q4 GDP fell -0.6%.
The document provides an overview of CMC's business model which focuses on vertical integration, product diversification, and global geographic dispersion. It then discusses CMC's current market conditions and outlook across different geographic regions and product lines, including details on earnings expectations, capital investment projects, and quarterly financial statistics. The document also reviews factors influencing costs and selling prices for CMC's various steel manufacturing operations in North America.
The document provides an overview of CMC's business model, current market conditions, earnings results, and operational metrics for the third quarter of 2008. It discusses CMC's strategy of vertical integration, product diversification, and global geographic dispersion. It also reviews demand trends, input costs, earnings, investments, segment performance, and operational details.
The document provides an overview of Monsanto's third-quarter 2006 financial results and strategic initiatives. Key points include:
- Net sales for Q3 2006 were $2.348 billion, up 15% from Q3 2005, driven by growth in seeds and traits.
- Net income for Q3 2006 was $334 million, up 611% from Q3 2005, due to acquisitions and increased penetration of key traits.
- Monsanto is focusing on growth in traits like Roundup Ready 2 corn and developing product pipelines like drought-tolerant corn and Vistive III soybeans.
- The company aims to expand seeds and traits globally and leverage acquisitions like Seminis to unlock additional value
- YES Bank reported net interest income of INR 3.48 billion for Q4FY11, up 43% year-over-year and 8% quarter-over-quarter, ahead of estimates. Margins remained stable at 2.8% against expectations of a 10 basis point decline.
- Business growth rebounded with deposit growth at 16.4% quarter-over-quarter and loan book growth at 10.4% quarter-over-quarter. Earning assets grew by around 15% quarter-over-quarter.
- Net profit for Q4FY11 came in at INR 2.03 billion, up 45.2% year-over-year and 6.4% quarter-over-quarter,
The document provides a quarterly market insight report for the first quarter of 2011. It discusses the positive performance of both stocks and bonds during the quarter despite facing various geopolitical and economic challenges. Stocks posted their best first quarter gains in nearly 15 years, led by the energy and industrial sectors, while bonds achieved low to mid single-digit returns. Looking ahead, volatility is expected to remain for the rest of the year, providing both opportunities and risks for investors.
- Net sales for Q1 2006 were $1.405 billion, up 31% from $1.072 billion in Q1 2005. Gross profit was $634 million, up 29% from $491 million. Net income was $59 million compared to a net loss of $40 million in Q1 2005.
- Guidance for FY2006 targets earnings per share on an ongoing basis in the range of $2.35-$2.50 toward the upper end. Free cash flow is expected to be $825-$900 million.
- Success with variable-based pricing for Bollgard cotton traits showed increased penetration in marginal to modest infestation zones, driving overall increased value capture per acre over
Monsanto reported strong financial results for the fourth quarter and full fiscal year 2008. Net sales increased 35% in the fourth quarter and 36% for the full fiscal year. Diluted EPS on an ongoing basis improved 83% in the fourth quarter and 84% for the full fiscal year. Seeds and traits segments all saw gross profit increases. Over 70% of $2.8 billion in operating cash was used for acquisitions, technology collaborations, and capital investments to support growth. Monsanto expects another year of double-digit earnings growth in 2009, driven by continued strength in seeds and traits.
Investing for Physicians | 1st Quarter Market ReviewLFGmarketing
The quarterly market review summarizes global market performance for Q1 2013. US stocks had strong returns of +11.07% while international developed stocks had modest gains of +4.70%. Emerging markets stocks declined -1.62% for the quarter. Key events included the US avoiding the fiscal cliff and the Fed continuing its bond buying program. The Eurozone recession deepened as exports suffered and Q4 GDP fell -0.6%.
The document provides an overview of CMC's business model which focuses on vertical integration, product diversification, and global geographic dispersion. It then discusses CMC's current market conditions and outlook across different geographic regions and product lines, including details on earnings expectations, capital investment projects, and quarterly financial statistics. The document also reviews factors influencing costs and selling prices for CMC's various steel manufacturing operations in North America.
The document provides an overview of CMC's business model, current market conditions, earnings results, and operational metrics for the third quarter of 2008. It discusses CMC's strategy of vertical integration, product diversification, and global geographic dispersion. It also reviews demand trends, input costs, earnings, investments, segment performance, and operational details.
The document provides an overview of Monsanto's third-quarter 2006 financial results and strategic initiatives. Key points include:
- Net sales for Q3 2006 were $2.348 billion, up 15% from Q3 2005, driven by growth in seeds and traits.
- Net income for Q3 2006 was $334 million, up 611% from Q3 2005, due to acquisitions and increased penetration of key traits.
- Monsanto is focusing on growth in traits like Roundup Ready 2 corn and developing product pipelines like drought-tolerant corn and Vistive III soybeans.
- The company aims to expand seeds and traits globally and leverage acquisitions like Seminis to unlock additional value
- YES Bank reported net interest income of INR 3.48 billion for Q4FY11, up 43% year-over-year and 8% quarter-over-quarter, ahead of estimates. Margins remained stable at 2.8% against expectations of a 10 basis point decline.
- Business growth rebounded with deposit growth at 16.4% quarter-over-quarter and loan book growth at 10.4% quarter-over-quarter. Earning assets grew by around 15% quarter-over-quarter.
- Net profit for Q4FY11 came in at INR 2.03 billion, up 45.2% year-over-year and 6.4% quarter-over-quarter,
The document provides a quarterly market insight report for the first quarter of 2011. It discusses the positive performance of both stocks and bonds during the quarter despite facing various geopolitical and economic challenges. Stocks posted their best first quarter gains in nearly 15 years, led by the energy and industrial sectors, while bonds achieved low to mid single-digit returns. Looking ahead, volatility is expected to remain for the rest of the year, providing both opportunities and risks for investors.
- Net sales for Q1 2006 were $1.405 billion, up 31% from $1.072 billion in Q1 2005. Gross profit was $634 million, up 29% from $491 million. Net income was $59 million compared to a net loss of $40 million in Q1 2005.
- Guidance for FY2006 targets earnings per share on an ongoing basis in the range of $2.35-$2.50 toward the upper end. Free cash flow is expected to be $825-$900 million.
- Success with variable-based pricing for Bollgard cotton traits showed increased penetration in marginal to modest infestation zones, driving overall increased value capture per acre over
Monsanto reported strong financial results for the fourth quarter and full fiscal year 2008. Net sales increased 35% in the fourth quarter and 36% for the full fiscal year. Diluted EPS on an ongoing basis improved 83% in the fourth quarter and 84% for the full fiscal year. Seeds and traits segments all saw gross profit increases. Over 70% of $2.8 billion in operating cash was used for acquisitions, technology collaborations, and capital investments to support growth. Monsanto expects another year of double-digit earnings growth in 2009, driven by continued strength in seeds and traits.
The document summarizes market performance in August 2010 and KBCAM's outlook. Global equity markets declined in August while European bonds increased. News was mixed with strong corporate earnings but concerns around the US economy. KBCAM maintains the view that the global economy will avoid recession, though volatility is expected in the near term. Future food shortages are highlighted as a major challenge given population growth, increasing demand, and limited agricultural supply. Investment opportunities exist across the food value chain.
1) The document discusses the upcoming US non-farm payrolls report and consensus expectations that hiring will be around 190k, though economists have overestimated 62% of the time since the financial crisis.
2) US 4Q GDP was revised down from 3.2% to 2.8%, bringing attention back to fiscal stresses on US state and federal governments.
3) Rising oil prices challenge Asian policymakers' efforts to keep inflation in check, and the document looks forward to upcoming economic data releases from Thailand and China. Concerns remain over stability in the Middle East, especially in OPEC nations.
Primero reported its first quarter 2011 results, with revenues of $34 million and earnings from operations of $11 million. However, it reported a net loss of $8 million. Operationally, throughput increased to 1,870 tonnes per day and production was 24,100 gold equivalent ounces at a cash cost of $624 per ounce. Primero has $65 million in cash and increasing cash flows that will allow debt repayment of $5 million per year.
The document discusses the BlackRock Global Funds (BGF) - World Mining Fund (WMF). As of May 31, 2011, the fund had assets under management of USD 18.19 billion (Rs. 81,923 crore). In May 2011, commodity markets declined sharply due to concerns around European sovereign debt and weaker US economic data. The fund exited its position in Energy Resources of Australia due to a negative operational update. While markets have been volatile, the fund sees opportunities in copper, iron ore and other commodities given supportive fundamentals and attractive equity valuations. The top 10 holdings of the fund are diversified mining companies such as Rio Tinto, BHP Billiton and Teck Resources.
Cushman & Wakefield - North American Industrial Market Beat - Mid-Year 2012Katie Madanat
1) The document provides an economic overview of North America and discusses uncertainty in the US economy from issues in Europe and China.
2) It notes declines in US manufacturing in June 2012 and orders but that manufacturing activity revived in Canada in the first half of 2012.
3) Demand remains expansionary across most Canadian industrial real estate markets but challenging global conditions are translating to more caution in occupancy decisions, with stronger momentum in western Canadian markets like Alberta.
1) DSPBRWGF predominantly invests in BlackRock Global Funds - World Gold Fund (BGF-WGF), which has over 15 years of performance and $8.3 billion in assets under management.
2) BGF-WGF is managed by BlackRock, one of the largest natural resources investment managers, known for its stock selection skills and AAA credit ratings.
3) As of May 2011, DSPBRWGF's top 10 holdings comprised 57.2% of its assets and included gold miners such as Newcrest Mining and Goldcorp.
Thiet ke Bao cao thuong nien - Vietcapital 2009Viết Nội Dung
The document discusses the Vietnam economy and equity market in 2009, noting that while the economy experienced its lowest growth in years due to the global downturn, timely government stimulus measures helped boost real GDP growth to 5.3% for the year. Aggressive monetary policies in the form of interest rate cuts and credit expansion helped fuel a V-shaped recovery in the stock market. However, unexpected tightening of monetary policy in late 2009 led to liquidity shortages and challenges for businesses in accessing capital at affordable rates.
The document provides John Leslie's market analysis for April 2011. It discusses the positive trends in the US economy and markets, including improvements in employment, manufacturing, and consumer confidence. It also notes lingering issues in housing. The analysis presents both bullish and bearish perspectives on the market outlook. Technical indicators profile sector performance and point to bullish trends in energy, industrials, and materials. Fixed income and commodities relationships are also examined.
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
LPL Financial Research Second Quarter 2012 Market Insightchrisphil
The document provides an overview of market performance in the second quarter of 2012. Some key points:
- Stocks fell from the start of the quarter due to concerns over the European fiscal crisis and slowing global growth. The S&P 500 lost 2.8% for the quarter.
- Bonds fared better than stocks, with the Barclays Aggregate Bond Index returning 2.1% for the quarter. Safe haven buying amid the European crisis and global growth fears pushed yields lower.
- Commodities lost nearly 5% for the quarter on global growth fears and a strong US dollar, wiping out modest first quarter gains. Crude oil dropped nearly 20% for the quarter.
The national office market saw little change in the first quarter of 2010. Availability rates were largely stable, with a slight decline nationally. Asking rental rates continued to decline across most markets by around 2.5% nationally. Leasing activity was subpar and below historical averages, as companies remain cautious. While some economic indicators show improvement, companies are still hesitant to significantly increase hiring or leasing. Most tenants and landlords are focused on short-term extensions and cost reductions to maintain stability during an uncertain time.
This document provides a semi-annual update on the performance of Fairfield Sentry Limited (Sentry), a fund that uses a strategy called a split strike conversion to invest in the S&P 100 index. In the second half of 2007 and January 2008, Sentry delivered returns of 3.21% and 0.63% respectively, outperforming the S&P 100 index despite market turbulence. Sentry's strategy aims to match the return of the index with lower volatility by alternating between exposure to the index through options and holding cash.
Lear Corporation has grown rapidly over the past decade through strategic acquisitions and operational excellence. It is now a global leader in automotive seating and electrical systems. Looking forward, Lear aims to further diversify its business across regions and customers while repositioning its business in North America for improved long-term profitability. Near-term financial results have been negatively impacted by lower vehicle production and rising material costs, but Lear has a strong sales backlog that positions it for continued growth.
The document discusses DeVry's strategic plan to grow its business. It plans to grow vertically by expanding its program offerings in technology, business, healthcare and applied arts. It aims to grow horizontally by offering additional degree levels from associate to doctoral programs. DeVry also plans international and online growth. The goal of the strategic plan is to diversify and expand DeVry's business through increased program, degree level, geographic and delivery method diversification.
PPG Industries reported record first quarter 2008 sales of $3.7 billion, a 40% increase over the previous year. Segment earnings also grew 17% despite economic headwinds. The acquisition of SigmaKalon contributed significantly to sales growth. Organic sales growth was achieved across all segments except Glass. Earnings per share were $0.53 but would have been $1.07 excluding one-time acquisition costs. The company expects further economic slowing in North America but continued growth in emerging markets.
Social media provides opportunities to make money beyond just large companies' advertising. Individuals can attract advertisers and promote businesses by gaining interest on platforms like Facebook, YouTube, and blogs. While very few will become millionaires, many ways exist to earn extra income such as running Facebook pages or YouTube channels with large followings, developing smartphone apps, or maintaining popular blogs. Overall, social media monetization generally provides supplemental income rather than primary salaries.
This document is a curriculum vitae for Josue Josmer Leal Villa, a 26-year-old resident of Puerto Piritu, Anzoategui, Venezuela. It outlines his work experience including positions in instrumentation and maintenance for Wood Group Consorcio from 2014 to present, operations and maintenance for SIMCO Engineering Services from 2013 to 2014, and as a lift operator and cleaner for Medical Center Cabimas & Infrasalud C.A. from 2012. It also lists his education including an instrumentation and process control degree from University Institute of Technology Cabimas from 2008 to 2012.
This document is a curriculum vitae for Josue Josmer Leal Villa, a 26-year-old resident of Puerto Piritu, Anzoategui, Venezuela. It outlines his work experience including positions in instrumentation and maintenance for Wood Group Consorcio from 2014 to present, operations and maintenance for SIMCO Engineering Services from 2013 to 2014, and as a lift operator and cleaner for Medical Center Cabimas & Infrasalud C.A. from 2012. It also lists his education including a university degree in instrumentation and process control from University Institute of Technology Cabimas from 2008 to 2012 and preparatory studies from 2004 to 2008. Finally, it outlines his skills, training, and software proficiency.
The document discusses the evolution of mobile data service architectures from 2G/3G/4G to a next-generation architecture. It proposes a new architecture with a flattened network structure and optimized, integrated system design. The new architecture features an open management interface, separated control and data planes, and extensibility to support future transactions per second needs. It aims to provide a multi-service environment with in-line services, subscriber management, and flexible virtualization capabilities.
Social media provides opportunities to make money beyond just large companies' advertising. Individuals can earn income through various social media platforms like Facebook, YouTube, and apps. While few will become millionaires, many can earn supplemental income by attracting audiences on niche topics, running Facebook pages or YouTube channels, developing smartphone apps, blogging, or using their online influence. Overall, social media monetization means different amounts of "pocket change" or success depending on an individual's efforts and audience-building abilities.
Abhinav Kumar is a software engineer with experience in Progress 4GL, C#, ASP.NET, and SQL Server. He has a B.Tech in IT and certifications in Omega.Net and General Insurance. His resume summarizes two projects for Cognizant Technology Solutions providing support and enhancements for applications used by Prudential Financial.
El documento presenta el currículum vitae de Josué Josmer Leal Villa, un profesional venezolano de 26 años que ha trabajado en cargos relacionados a la instrumentación, el mantenimiento y las operaciones industrial. Posee experiencia en empresas como Wood Group, Simco y centros médicos. Ha tomado varios cursos de instrumentación, seguridad industrial, informática y otros temas.
The document summarizes market performance in August 2010 and KBCAM's outlook. Global equity markets declined in August while European bonds increased. News was mixed with strong corporate earnings but concerns around the US economy. KBCAM maintains the view that the global economy will avoid recession, though volatility is expected in the near term. Future food shortages are highlighted as a major challenge given population growth, increasing demand, and limited agricultural supply. Investment opportunities exist across the food value chain.
1) The document discusses the upcoming US non-farm payrolls report and consensus expectations that hiring will be around 190k, though economists have overestimated 62% of the time since the financial crisis.
2) US 4Q GDP was revised down from 3.2% to 2.8%, bringing attention back to fiscal stresses on US state and federal governments.
3) Rising oil prices challenge Asian policymakers' efforts to keep inflation in check, and the document looks forward to upcoming economic data releases from Thailand and China. Concerns remain over stability in the Middle East, especially in OPEC nations.
Primero reported its first quarter 2011 results, with revenues of $34 million and earnings from operations of $11 million. However, it reported a net loss of $8 million. Operationally, throughput increased to 1,870 tonnes per day and production was 24,100 gold equivalent ounces at a cash cost of $624 per ounce. Primero has $65 million in cash and increasing cash flows that will allow debt repayment of $5 million per year.
The document discusses the BlackRock Global Funds (BGF) - World Mining Fund (WMF). As of May 31, 2011, the fund had assets under management of USD 18.19 billion (Rs. 81,923 crore). In May 2011, commodity markets declined sharply due to concerns around European sovereign debt and weaker US economic data. The fund exited its position in Energy Resources of Australia due to a negative operational update. While markets have been volatile, the fund sees opportunities in copper, iron ore and other commodities given supportive fundamentals and attractive equity valuations. The top 10 holdings of the fund are diversified mining companies such as Rio Tinto, BHP Billiton and Teck Resources.
Cushman & Wakefield - North American Industrial Market Beat - Mid-Year 2012Katie Madanat
1) The document provides an economic overview of North America and discusses uncertainty in the US economy from issues in Europe and China.
2) It notes declines in US manufacturing in June 2012 and orders but that manufacturing activity revived in Canada in the first half of 2012.
3) Demand remains expansionary across most Canadian industrial real estate markets but challenging global conditions are translating to more caution in occupancy decisions, with stronger momentum in western Canadian markets like Alberta.
1) DSPBRWGF predominantly invests in BlackRock Global Funds - World Gold Fund (BGF-WGF), which has over 15 years of performance and $8.3 billion in assets under management.
2) BGF-WGF is managed by BlackRock, one of the largest natural resources investment managers, known for its stock selection skills and AAA credit ratings.
3) As of May 2011, DSPBRWGF's top 10 holdings comprised 57.2% of its assets and included gold miners such as Newcrest Mining and Goldcorp.
Thiet ke Bao cao thuong nien - Vietcapital 2009Viết Nội Dung
The document discusses the Vietnam economy and equity market in 2009, noting that while the economy experienced its lowest growth in years due to the global downturn, timely government stimulus measures helped boost real GDP growth to 5.3% for the year. Aggressive monetary policies in the form of interest rate cuts and credit expansion helped fuel a V-shaped recovery in the stock market. However, unexpected tightening of monetary policy in late 2009 led to liquidity shortages and challenges for businesses in accessing capital at affordable rates.
The document provides John Leslie's market analysis for April 2011. It discusses the positive trends in the US economy and markets, including improvements in employment, manufacturing, and consumer confidence. It also notes lingering issues in housing. The analysis presents both bullish and bearish perspectives on the market outlook. Technical indicators profile sector performance and point to bullish trends in energy, industrials, and materials. Fixed income and commodities relationships are also examined.
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
LPL Financial Research Second Quarter 2012 Market Insightchrisphil
The document provides an overview of market performance in the second quarter of 2012. Some key points:
- Stocks fell from the start of the quarter due to concerns over the European fiscal crisis and slowing global growth. The S&P 500 lost 2.8% for the quarter.
- Bonds fared better than stocks, with the Barclays Aggregate Bond Index returning 2.1% for the quarter. Safe haven buying amid the European crisis and global growth fears pushed yields lower.
- Commodities lost nearly 5% for the quarter on global growth fears and a strong US dollar, wiping out modest first quarter gains. Crude oil dropped nearly 20% for the quarter.
The national office market saw little change in the first quarter of 2010. Availability rates were largely stable, with a slight decline nationally. Asking rental rates continued to decline across most markets by around 2.5% nationally. Leasing activity was subpar and below historical averages, as companies remain cautious. While some economic indicators show improvement, companies are still hesitant to significantly increase hiring or leasing. Most tenants and landlords are focused on short-term extensions and cost reductions to maintain stability during an uncertain time.
This document provides a semi-annual update on the performance of Fairfield Sentry Limited (Sentry), a fund that uses a strategy called a split strike conversion to invest in the S&P 100 index. In the second half of 2007 and January 2008, Sentry delivered returns of 3.21% and 0.63% respectively, outperforming the S&P 100 index despite market turbulence. Sentry's strategy aims to match the return of the index with lower volatility by alternating between exposure to the index through options and holding cash.
Lear Corporation has grown rapidly over the past decade through strategic acquisitions and operational excellence. It is now a global leader in automotive seating and electrical systems. Looking forward, Lear aims to further diversify its business across regions and customers while repositioning its business in North America for improved long-term profitability. Near-term financial results have been negatively impacted by lower vehicle production and rising material costs, but Lear has a strong sales backlog that positions it for continued growth.
The document discusses DeVry's strategic plan to grow its business. It plans to grow vertically by expanding its program offerings in technology, business, healthcare and applied arts. It aims to grow horizontally by offering additional degree levels from associate to doctoral programs. DeVry also plans international and online growth. The goal of the strategic plan is to diversify and expand DeVry's business through increased program, degree level, geographic and delivery method diversification.
PPG Industries reported record first quarter 2008 sales of $3.7 billion, a 40% increase over the previous year. Segment earnings also grew 17% despite economic headwinds. The acquisition of SigmaKalon contributed significantly to sales growth. Organic sales growth was achieved across all segments except Glass. Earnings per share were $0.53 but would have been $1.07 excluding one-time acquisition costs. The company expects further economic slowing in North America but continued growth in emerging markets.
Social media provides opportunities to make money beyond just large companies' advertising. Individuals can attract advertisers and promote businesses by gaining interest on platforms like Facebook, YouTube, and blogs. While very few will become millionaires, many ways exist to earn extra income such as running Facebook pages or YouTube channels with large followings, developing smartphone apps, or maintaining popular blogs. Overall, social media monetization generally provides supplemental income rather than primary salaries.
This document is a curriculum vitae for Josue Josmer Leal Villa, a 26-year-old resident of Puerto Piritu, Anzoategui, Venezuela. It outlines his work experience including positions in instrumentation and maintenance for Wood Group Consorcio from 2014 to present, operations and maintenance for SIMCO Engineering Services from 2013 to 2014, and as a lift operator and cleaner for Medical Center Cabimas & Infrasalud C.A. from 2012. It also lists his education including an instrumentation and process control degree from University Institute of Technology Cabimas from 2008 to 2012.
This document is a curriculum vitae for Josue Josmer Leal Villa, a 26-year-old resident of Puerto Piritu, Anzoategui, Venezuela. It outlines his work experience including positions in instrumentation and maintenance for Wood Group Consorcio from 2014 to present, operations and maintenance for SIMCO Engineering Services from 2013 to 2014, and as a lift operator and cleaner for Medical Center Cabimas & Infrasalud C.A. from 2012. It also lists his education including a university degree in instrumentation and process control from University Institute of Technology Cabimas from 2008 to 2012 and preparatory studies from 2004 to 2008. Finally, it outlines his skills, training, and software proficiency.
The document discusses the evolution of mobile data service architectures from 2G/3G/4G to a next-generation architecture. It proposes a new architecture with a flattened network structure and optimized, integrated system design. The new architecture features an open management interface, separated control and data planes, and extensibility to support future transactions per second needs. It aims to provide a multi-service environment with in-line services, subscriber management, and flexible virtualization capabilities.
Social media provides opportunities to make money beyond just large companies' advertising. Individuals can earn income through various social media platforms like Facebook, YouTube, and apps. While few will become millionaires, many can earn supplemental income by attracting audiences on niche topics, running Facebook pages or YouTube channels, developing smartphone apps, blogging, or using their online influence. Overall, social media monetization means different amounts of "pocket change" or success depending on an individual's efforts and audience-building abilities.
Abhinav Kumar is a software engineer with experience in Progress 4GL, C#, ASP.NET, and SQL Server. He has a B.Tech in IT and certifications in Omega.Net and General Insurance. His resume summarizes two projects for Cognizant Technology Solutions providing support and enhancements for applications used by Prudential Financial.
El documento presenta el currículum vitae de Josué Josmer Leal Villa, un profesional venezolano de 26 años que ha trabajado en cargos relacionados a la instrumentación, el mantenimiento y las operaciones industrial. Posee experiencia en empresas como Wood Group, Simco y centros médicos. Ha tomado varios cursos de instrumentación, seguridad industrial, informática y otros temas.
Este documento enfatiza la importancia de hacer evaluaciones periódicas para entender dónde se está y hacia dónde se quiere ir en la vida. Sugiera tomarse un tiempo para reflexionar sobre los pasos dados, los objetivos personales y cómo construir un futuro alineado con esas metas a través de pequeños escalones. También recomienda mantener una mente abierta, vincularse con otros y enfocarse en el proceso de crecimiento personal más que en el resultado.
This document is a curriculum vitae for Josue Josmer Leal Villa, a 26-year-old resident of Puerto Piritu, Anzoategui, Venezuela. It outlines his work experience including positions in instrumentation and maintenance for Wood Group Consorcio from 2014 to present, operations and maintenance for SIMCO Engineering Services from 2013 to 2014, and as a lift operator and cleaner for Medical Center Cabimas & Infrasalud C.A. from 2012. It also lists his education including an instrumentation and process control degree from University Institute of Technology Cabimas from 2008 to 2012.
Research In Motion's BlackBerry brand is analyzed using the Keller brand equity model. BlackBerry pioneered the smartphone market but is now losing dominance due to competition from Apple and Android devices. The analysis finds that while BlackBerry is still strongly associated with business users, brand loyalty is decreasing among consumers who want devices that better support multimedia and social media. It is recommended that BlackBerry maintain its position with business users while innovating new products, exclusive services, and building its image to appeal to younger consumers and strengthen resonance.
The document provides an overview of the autonomic nervous system and drugs that affect it. It discusses how the autonomic nervous system is responsible for involuntary bodily functions and is divided into the sympathetic and parasympathetic divisions. Drugs that affect the autonomic nervous system work by mimicking or altering the functions of acetylcholine and norepinephrine in the cholinergic and adrenergic neurons of the sympathetic and parasympathetic systems. The document outlines the locations and mechanisms of action of muscarinic, nicotinic, alpha, beta, and dopamine receptors that are targeted by cholinergic and adrenergic drugs.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
This document provides a weekly overview and outlook from Wealth Management Research, including:
- Performance summaries for various asset classes and recommendations on strategy.
- Updates on highlighted investment themes covering topics like dividend stocks, fixed income, and stock lists.
- Forecasts for markets, economies, interest rates, currencies and commodities.
- A note on a recently published US economics report discussing signs of a cyclical recovery.
The document summarizes the Wealth Management Process quarterly newsletter. It discusses estate and legacy planning topics that help clients ease difficult transitions. It also covers succession planning for family businesses and identifying areas where further expertise is needed. The next quarter's topic will be on protection planning.
This document summarizes a presentation given by Paul Cutler, Treasurer of FPL Group, Inc. and Mike O'Sullivan, Senior Vice President of NextEra Energy Resources at the 2009 Credit Suisse Energy Summit on February 3, 2009. The presentation discusses FPL Group's position as a leading U.S. power company with a focus on clean energy. It highlights the company's strong financial position and credit ratings. It also discusses opportunities for growth in the U.S. wind and solar markets and how FPL Group is well positioned to benefit from policy shifts supporting low-carbon energy development.
DuPont reported financial results for the fourth quarter and full year of 2007. Fourth quarter sales increased 11% to $7 billion due to 3% volume growth, 3% higher prices, 4% currency benefit, and 1% from portfolio changes. Sales grew 20% in emerging markets like Brazil, China, and India. Excluding significant items, fourth quarter earnings per share increased 27% and full year earnings per share grew 14%. The agriculture and nutrition segment saw a 23% sales increase and improved seasonal loss compared to prior year. DuPont delivered strong earnings growth for the quarter and year despite weakness in some U.S. markets and higher input costs.
Morgan Stanley Global Industrials CEOs Unplugged Conferencefinance10
George Buckley presented on innovation and growth at 3M. He discussed 3M's strong financial results in the second quarter with sales growth of 8% and EPS growth of 17.1%. Buckley outlined 3M's plan to drive growth through reinvigorating R&D, accelerating international expansion, investing in supply chain capabilities, and acquiring companies to accelerate growth in core businesses. He emphasized 3M's focus on continuing to innovate, serve customers, and improve efficiency through initiatives like Six Sigma and Lean.
The document discusses research on fundamental indexing, which weights companies based on factors like sales, cash flow, book value and dividends rather than market capitalization. It summarizes backtests showing the fundamental index approach outperformed market cap indexes over decades. However, in the recent financial crisis, fundamental indexes performed poorly compared to benchmarks, due to high exposure to financials. This same exposure then led to outperformance during the recovery as financials rebounded strongly. Long-term, fundamental indexing appears to provide similar returns to market cap indexes but with less volatility due to avoiding bubbles in specific sectors.
- The document summarizes major market developments in June 2011, including disappointing US economic data and European sovereign debt issues that dampened investor confidence and sparked an equity market pullback.
- Key factors that contributed to the market downturn included weak economic data from the US and Europe, as well as ongoing concerns about European sovereign debt and the Greek debt crisis.
- The resource-heavy Canadian market, as measured by the S&P/TSX Composite, underperformed other markets in June due to its exposure to declining commodity prices. Energy and materials sectors saw some of the largest declines.
- Major global equity indices gained, led by the US and Japan, while most emerging markets underperformed. Bond yields rose as investors focused on riskier assets.
- In India, equity markets declined as lower-than-expected earnings from Infosys weighed on the tech sector. However, banking, auto and real estate indices rose. Inflation eased slightly in February.
- Treasury bond markets in India gained amid sluggish growth and easing inflation. Yields fell across the yield curve, with sharper drops at the longer end. The rupee strengthened against the dollar.
Masco's 2011 financial performance was disappointing due to a challenging environment including a flat housing market, difficult economic conditions in Europe, and commodity cost pressures. Key metrics such as adjusted EPS, margins, and free cash flow declined compared to 2010. Masco took actions in 2011 to reduce costs and rationalize underperforming businesses in order to better position the company for the current environment and future recovery.
This quarterly newsletter provides an overview of the first quarter of 2011 for markets and asset class performance. While markets experienced volatility due to events in North Africa, the Middle East, and Japan, most asset classes ended the quarter with positive returns. Specifically, US large companies returned 5.92%, US small companies returned 7.94%, international large companies returned 2.67%, international small companies returned 4.34%, real estate returned 7.5%, and commodities returned 4.45%. US bonds returned 0.42% while international bonds returned -0.77%. The recovery from the 2008 financial crisis appears to be continuing despite ongoing challenges in Europe.
The document summarizes Israel's economic highlights for the second quarter of 2011. It provides key economic indicators such as GDP, exports, imports, unemployment rates, inflation rates, and compares Israel's economic growth to other advanced economies. GDP grew by 4.7% in the first quarter of 2011, exports made up 44.6% of GDP, and unemployment was at 6%.
Global equity markets rose in February as investors gained confidence in the U.S. economic recovery and progress was made in resolving Greece's debt crisis. The Canadian market also saw gains, though the materials sector struggled due to rising costs for gold producers. Higher oil prices boosted energy stocks in Canada and posed risks to recovering economies and export competitiveness. Looking ahead, continued issues in Europe and volatility in oil prices may lead to increased short-term market fluctuations.
This document summarizes market performance for the fourth quarter of 2011. US stocks posted strong returns of 12.1% but international developed and emerging markets saw more modest gains. Within fixed income, inflation-protected securities performed best while most other segments produced mixed returns. The Federal Reserve maintained very low interest rates during the quarter.
This document provides a summary of major market developments in May and year-to-date. It discusses macroeconomic concerns that drove declines in global stock markets and commodity prices in May. The S&P 500, MSCI EAFE, emerging markets and Canadian indexes all declined significantly in May. Bond yields fell to very low levels. The document also includes perspectives from GLC portfolio managers who argue that despite short-term volatility, there remains a compelling long-term case for investing in equities at this time.
This document discusses the benefits of global investing and how to invest globally. It outlines that global markets now account for 50% of total stock market capitalization, so ignoring foreign markets means ignoring half of investment opportunities. Investing globally provides exposure to industries and companies outside the US as well as access to the fastest growing economies. While global investing carries special risks like currency fluctuations and political instability, diversifying across world markets has historically improved risk-adjusted returns. The document recommends investing globally through mutual funds for professional management and simplified transactions, and considering both developed and emerging international markets for long-term growth potential.
A Ringside View of the Pharma Industry by Ranjit ShahaniVALUExIndia
http://valuexindia.com - On day 2 of VALUEx India 2011, Ranjit Shahani addressed the group. Ranjit Shahani is Vice Chairman and MD of Novartis India.
He has made significant contributions in consolidating the Company’s pharmaceuticals business during the critical integration phase pre and post formation of Novartis India Limited.
As President of Organisation of Pharmaceutical Producers of India (OPPI), he has been in the forefront in creating awareness of the challenges facing the Pharmaceuticals industry and how patents serve as innovation growth drivers.
During his presentation, Ranjit Shahani shared his thoughts on the pharma opportunity in India. Specifically, he shared his views, based on his unique insight as a leader in the industry, issues such as how pharma companies can drive innovation, leverage the dynamics of emerging markets to becomes leaders in innovation, and provide affordable and profitable health care in low income countries
Investing for Physicians | 4th Quarter Market ReviewLFGmarketing
The document summarizes global market performance for the fourth quarter of 2012. International developed stocks posted strong returns of 5.93%, while emerging markets stocks returned 5.58%. US stocks saw more modest gains of 0.25%. The report provides an overview of asset class performance including international stocks, emerging markets stocks, real estate investment trusts and bonds. It also includes a timeline of major economic and political events that occurred during the quarter.
Investing for Physicians | 4th Quarter Market Review
October Newsletter
1. Volume 5, Number 4
Volume 5, Number 4
Quarterly Newsletter
Quarterly Newsletter October 2011
October 2011
Quarter in review
uarter in eview
By: Jon P. Yankee, MBA, CFP®
By: Jon P. Yankee, MBA, CFP®
It is hard to remember now that in the
It is hard to remember now that in the
first quarter, just a few months ago, the
first quarter, just a few months ago, the
ASSET CLASS PPerformAnCeQ3 2011
A sset ClAss ERFORMANCE: :
ASSET CLASS PERFORMANCE: Q3 2011
markets were flirting with a full recov-
markets were flirting with a full recov-
Gloom, Doom, and the
Gloom, Doom, and the ery from the 2008 debacle, or that
ery from the 2008 debacle, or that
Hidden Rays of Hope.
Hidden Rays of Hope. before this quarter started the markets
before this quarter started the markets U.S. Fixed Income
U.S. Fixed Income 3.82%
3.82%
were in positive territory overall for
were in positive territory overall for (Barclay Capital Aggregate Bond Index)
(Barclay Capital Aggregate Bond Index)
(Barclay Capital Aggregate Bond Index)
By any reasonable measure, the past
By any reasonable measure, the past 2011.
2011. International Fixed Income 2.95%
three months have been among the
three months have been among the International Fixed Income 2.95%
gloomiest fiscal quarters on record (JP Morgan GBI ex-US (Hedged) Index)
(JP Morgan GBI ex-US (Hedged) Index)
(JP Morgan GBI ex-US (Hedged) Index)
gloomiest fiscal quarters on record
for the investment markets. The debt The widely-followed S&P 500 index ,,
The widely-followed S&P 500 index ,
for the investment markets. The debt comprised of the largest compa-
comprised of the largest compa-
U.S. Equities, Large
U.S. Equities, Large -13.87%
-13.87%
ceiling debate, constant dithering
ceiling debate, constant dithering (S&P 500 Index)
in Europe over whether or not Euro- nies domiciled in the U.S.,,was down
nies domiciled in the U.S.,was down
in the U.S. was down (S&P 500 Index)
(S&P 500 Index)
in Europe over whether or not Euro- 13.87% for the quarter, giving it a loss
zone members should be allowed 13.87% for the quarter, giving it a loss U.S. Equities, Small
U.S. Equities, Small -21.87%
-21.87%
zone members should be allowed of 8.68% so far this year. The Russell (Russell 2000 Index)
to default on their sovereign debt, of 8.68% so far this year. The Russell (Russell 2000 Index)
(Russell 2000 Index)
to default on their sovereign debt, 2000 small cap index fell a remarkable
partisan bickering, the downgrade of 2000 small cap index fell a remarkable
index fell a remarkable International Equities, Large -19.60%
partisan bickering, the downgrade of 21.87% in the third quarter, placing it International Equities, Large -19.60%
U.S. government debt, continued un- 21.87% in the third quarter, placing it (MSCI EAFE Index)
U.S. government debt, continued un- down 17.02% for the year. Internation- (MSCI EAFE Index)
(MSCI EAFE Index)
employment, and a general unsettled down 17.02% for the year. Internation-
employment, and a general unsettled ally, the results were much the same. International Equities, Small -19.77%
feeling about the economic recovery
feeling about the economic recovery
ally, the results were much the same. International Equities, Small -19.77%
The EAFE index, which represents
The EAFE index, which represents (S&P/Citigroup EPAC Ext. Mkt. Index)
(S&P/Citigroup EPAC Ext. Mkt. Index)
(S&P/Citigroup EPAC Ext. Mkt. Index)
have all combined to put investors in a
have all combined to put investors in a large cap stocks across the developed
large cap stocks across the developed
pessimistic mood. When people are
pessimistic mood. When people are Real Estate Investment Trusts (REITs) -15.07%
Real Estate Investment Trusts (REITs) -15.07%
world, plunged 19.60% for the quarter,
world, plunged 19.60% for the quarter, (NAREIT Equity Index)
pessimistic about the future, they sell
pessimistic about the future, they sell (NAREIT Equity Index)
(NAREIT Equity Index)
and is down 17.18% for the year.
and is down 17.18% for the year.
-- as they did, steadily and persistently,
-- as they did, steadily and persistently, Commodities/Natural Resources -11.33%
through what will be remembered as Commodities/Natural Resources -11.33%
through what will be remembered as (DJ UBS Commodities Index)
(DJ UBS Commodities Index)
(DJ UBS Commodities Index)
the gloomy summer of 2011.
the gloomy summer of 2011. Continued Pg. 4
Continued Pg. 4
Continued Pg. 4
angela at a glance
ngela at a lance
By: Angela C. Collins
By: Angela C. Collins
II am excited to have the opportunity to be the first Fall Associate at Fox, Joss & Yankee. II was
am excited to have the opportunity to be the first Fall Associate at Fox, Joss & Yankee. was
born and raised in Amarillo, Texas. attended West Texas A & M University where completed my
born and raised in Amarillo, Texas. II attended West Texas A & M University where II completed my
Bachelor of Accounting as well as a Master of Business Administration. II am currently attending Texas
Bachelor of Accounting as well as a Master of Business Administration. am currently attending Texas
Tech University for a Ph.D. of Personal Financial Planning with an emphasis in Marriage and Family
Tech University for a Ph.D. of Personal Financial Planning with an emphasis in Marriage and Family
Therapy/Addiction Studies. My responsibilities also included helping organize Opportunity Days,
Therapy/Addiction Studies. My responsibilities also included helping organize Opportunity Days,
which is the largest financial planning event at Texas Tech, as well as the Professional Experience
which is the largest financial planning event at Texas Tech, as well as the Professional Experience
courses which take students to professional conferences each year.
courses which take students to professional conferences each year.
As a Ph.D. student of Personal Financial Planning at Texas Tech University, II teach the Introduction to
As a Ph.D. student of Personal Financial Planning at Texas Tech University, teach the Introduction to
Financial Planning course for Undergraduates. II realized that II had limited knowledge of how a finan-
Financial Planning course for Undergraduates. realized that had limited knowledge of how a finan-
cial planning practice really operates since II have never been a practitioner. II decided that in order
cial planning practice really operates since I have never been a practitioner. I decided that in order
cial planning practice really operates since have never been a practitioner. decided that in order
for me to better educate my students and eventually run a financial planning program in a university
for me to better educate my students and eventually run a financial planning program in a university
Continued Pg. 4
Continued Pg. 4
Continued Pg. 4
QuiCk PLANNiNg QuESTiON:
QuiCk PLANNiNg QuESTiON:
uiCk LANNiNg uESTiON
HAvE yOu SEEN OuR NEw ANd iMPROvEd wEbSiTE?
HAvE yOu SEEN OuR NEw ANd iMPROvEd wEbSiTE?
AvE yOu SEEN OuR NEw ANd iMPROvEd wEbSiTE
www.FjyFiNANCiAL.COM
www.FjyFiNANCiAL.COM
www FjyFiNANCiAL COM
2. Do Business owners neeD
cyBer liaBility insurance? Why do I need Cyber Liability Insurance? per. An employee was supposed to separate
the forms and send each to its rightful owner.
By: Paul Chadowski
Traditional liability products do not address Instead, one person received both copies.
As a business owner, can you afford to pay Internet exposures. The risks involved in The mistake sent tax forms and social security
thousands of dollars to notify your clients that Internet business have blossomed with the numbers to strangers. Half of the intended
their private information has been breached Internet itself. That’s why you need to protect recipients received their forms-- in addition
by an unknown third party? What about the yourself. The universe of potential plaintiffs to the private information of the others.
costs to restore the faith your customers have is staggering, given the number of people
with you handling their private information and organizations that are currently surfing Malicious Code:
after it was breached? Can you afford the the Internet. A potential legal action from just A juvenile released a computer worm direct-
cost of time and money to investigate where one of them could be costly. The potential ing infected computers to launch a denial
the breach originated from and how to avoid liability associated with website content is of service attack against a regional computer
it in the future? already great, and continues to grow rapidly. consulting and application outsourcing firm.
For a company operating in today’s high The infection caused an 18-hour shutdown
If you are answering NO or are unsure, then tech world, your computer network will of the company’s computer systems. The
you should consider Cyber Liability Insur- more than likely provide internal and external computer consulting and application out-
ance. This addresses the first- and third-party email, and you will probably have your own sourcing firm incurred extensive costs and
risks associated with e-business, the Internet, website providing information about your expenses to repair and restore their system,
networks and informational assets. Cyber company, its products and services with as well as business interruption expenses
Liability Insurance coverage offers cutting- even the possibility of e-commerce. which totaled approximately $875,000.
edge protection for exposures arising out of
Internet communications. The concept of What companies offer Cyber Liability How much do these claims cost?
Cyber Liability takes into account first (you) Insurance?
and third-party (your customer’s) risks. On average, $204 per compromised record.
The risk category includes privacy There are many options available for Cyber For example, if you have 1,000 records, the
issues, infringement of intellectual property, Liability Insurance. Some of the most active total cost would be $204,000.
virus transmission, or any other serious providers include: Ace, Arch, AxisPro, Bea-
trouble that may be passed from first to zley, Chartis, CAN, Chubb, Hartford, Hiscox Some questions asked to get an indica-
third parties via the Internet. (Lloyds), USLI, Philadelphia, Travelers, XL, and tion for a quote are:
Zurich.
Who needs Cyber Liability Insurance? • Do you have a firewall?
Some common claim examples include: • Do you have a virus protection program in
Anyone with a website now has the legal place?
liabilities of a publisher. The Internet - that Theft of Digital Assets: • Do you outsource a critical part of your
technological wonder of worldwide com- A regional retailer contracted with a third- internal network/computer system?
munication - has spun a whole new “web” party service provider. A burglar stole two • Have you ever experienced a privacy
of liability exposures. Creating a website is laptops of the service provider containing breach or security breach?
simple. The liability exposures that come the data of over 800,000 customers of the • What types of personal Identifiable Infor-
with it are not. Privately-owned companies retailer. Under applicable notification laws, mation do you hold: (e.g. Social Security
that venture onto the web face liability ex- the retailer – not the service provider – was numbers, Drivers Licenses, Personal Health
posures that are emerging, evolving, and can required to notify affected individuals. Total information)?
be very complex. Commercial companies expenses incurred for notification and crisis
that disseminate information to the public via management to customers was nearly $5
websites face the same legal exposures as million. For more information, contact Paul Chadowski
publishers, yet most have little or no con- at paul@chadowskiinsurance.com or by
cept of their resulting legal responsibilities. Human Error: calling 7083-385-2066. His website is:
Legislation continues to create potential A nonprofit community action corporation www.chadowskiinsuranceagency.com.
www.chadowskiinsuranceagency.com.
liabilities, in user privacy and domain name printed two 1099 forms on one piece of pa-
infringement.
3. thinking in real terMs Figure 1: One-Month Treasury Bills
Nominal vs. Real Yield
By: Tess Downing, MBA, CFP®
Since the onset of the financial crisis in late
2007, the Federal Reserve has used interest-
rate cuts and other policy tools in an effort
to fuel economic growth. Economists can
debate the effectiveness of these policies,
but everyone can agree that today’s low
interest rates are a two-sided coin.
Consumers, businesses, and government
all benefit from low borrowing costs. But
on the other side, savers and investors earn
almost nothing on their cash balances. This
has been the case in most months since
spur a recovery. At these times investors
2008, when the Fed cut short-term interest
may be tempted to flee the capital markets
rates to near zero. Worse yet, investors are
You may note that some negative real yields
may real yields
actually losing wealth in real terms. The in-
have occurred during recessionary periods,
flation-adjusted yields on short-term Treasury
when the Fed was cutting interest rates to
interest
securities have been negative in most months
for the recovery. Investors may have a host of
spur a perceived safety of cash. Investors
since October 2010. (Nominal yields reflect
FJY Advisors
may have a their flight–– some mightflight—
reasons for host of reasons for their want to
the stated interest rate, while real yields are
some might wantuncertainty or stock market
avoid economic to avoid economic uncer-
adjusted for inflation.)
& stAFF
tainty orwhile others might fear while others
volatity, stock market volatility, that impending
might fear that rates will cause bonds to lose
higher interest impending higher interest
Earning negative real yields on short-term value.
rates will cause bonds to lose value.
fixed income is not unprecedented, as
MARjORiE L. FOx
shown in Figure 1. In fact, inflation has sr. Financial aDvisor
This is the case for many individual investors
exceeded nominal interest rates in several
and professional money managers today.
post-war periods. This graph plots nominal dANiEL d. jOSS
They are reportedly shifting their portfolios to sr. Financial aDvisor
and real yields of one-month Treasury bills,
money market funds and other cash instru-
which are considered the equivalent of cash.
ments with the intent to return to stocks jON P yANkEE
.
The gap between the two lines is the infla- sr. Financial aDvisor
and bonds when the economy shows signs
tion rate.
of improvement.1 The problem with this LAuRiE A. bELEw
strategy is that no one can consistently time Financial aDvisor
The real (inflation-adjusted) yield is com-
markets, and the signs are never clear. So
puted using trailing 12-month changes in
while investors sit in cash, their purchasing TESS L. dOwNiNg
the Consumer Price Index. (Source: Federal
power quietly erodes. associate Financial aDvisor
Reserve Economic Data). Negative real yields
have occurred during periods of high interest
THOMAS N. SAuNdERS, jR.
Investors may have good reasons to hold client relationship associate
rates (early 1980s) and during periods of low
cash. But they should understand that hold-
interest rates (2010–11). Regardless of the
ing cash has a price in real terms. Investors
LiSA j. CRAFFORd
scenario, negative real yields cause investors oFFice Manager
ultimately may lose wealth even as they try
to lose purchasing power. Keep in mind that SALLy M. yANkEE
to protect it.
the graph shows yields only and not total re- aDMinistrative assistant
turn, which also would reflect price changes Endnote:
resulting from interest rate movements. 1. Jonnelle Marte, “The New Cash Hoarders: Smart or Not-So-
Smart?” SmartMoney, June 29, 2011.
Past performance is no guarantee of future results.
4. applications when I return to Texas Tech in economy, or is it just part of the story? We
December. should note that the U.S. GDP actually grew
2.3% for the past three months, a much
I will return to my coursework in January 2012 faster growth rate than the anemic
1925 Isaac Newton Square, E with anticipated graduation in 2013. I am work- first quarter (0.4%) and only slightly-more-
Suite 400 ing on several papers for publications as well promising second quarter (1.3%). Do
Reston, Virginia 20190 as a grant to help design pro bono programs those numbers look like they are moving the
for financial planning programs. My research economy toward a double-dip recession, as
1.703.889.1111 phone
many investors seem to fear?
interests are pro bono work, aging populations
1.866.366.9233 fax
and financial decision making, and compliance
info@fjyfinancial.com email
Another fear is that the Euro zone will col-
related issues in financial planning. I am cur-
rently enrolled online full time at Texas Tech lapse under the weight of Greek debt. But
there is good news on that front as well; the
www.fjyfinancial.com working on a Master in Education Research and
Measurement. After the schoolwork and papers, German parliament voted to support the
I like to spend my free time exploring the metro expansion of the European Financial Stabil-
area and reading any type of fiction. ity Facility, the 10th and most important of
the Euro zone members to ratify the bailout
agreement.
Quarter in review cont Meanwhile, supply shortages of oil have
angela at a glance cont eased from the start of the year, causing
Even the assets that often zig when the stock oil prices to drop. Consumers have paid
market zags were down comparably for the down enormous amounts of debt over the
setting I needed to understand how quarter. The NAREIT index of real estate invest-
practices really operate. I decided that if past three years, bringing them in line with
ment trusts was down 15.07% for the third where the consumer debt burden has been
I tell my students to “walk the walk” that I quarter moving it down 6.05% for the year.
better be able to do it as well. for the past 30 years. Corporate profits and
Commodities told the same story: The Dow cash balances remain at record high levels,
Jones/UBS Commodities index fell 11.33% in and there are signs that the unemployment
The beginning of my real world education the quarter bringing it down 13.62% for the
started in December 2010 when I became problem is starting to ease--although it will
year. be years before we see unemployment fall
the first Scholar in Residence at the Certi-
fied Financial Planning Board of Standards to levels seen in the early part of this century.
Just when you thought that yields on govern-
in Washington, D.C. During my tenure ment bonds couldn’t go any lower, they did:
at the CFP Board, I received numerous Despite what you hear on the cable financial
bonds of up to one year maturity are essentially news channels, nobody really knows how
opportunities to see the importance of paying zero interest, while five-year Treasuries
financial planning as a profession from the long stocks will remain on sale or how long
are paying 1% a year, and 10-year Treasury is- it will take for the global economy to finally
education, research, and practice point sues lock you in at 2.125% a year.
of view. I participated in current initiatives sort itself out. We DO know, from past
such as the Public Awareness campaign, experience, that eventually the economy
It is usually more difficult to read the minds of recovers from even the most severe shocks,
exam research and compliance issues in the investing public than the cable financial
Professional Standards. and (again, eventually) the markets return to
programs and financial press makes it appear; health. History tells us that a recovery is in-
however, this summer there was clarity about evitable, and it seems to be visibly underway
In September, I came to Fox, Joss & Yan- the cause of the malaise – Congress finally
kee to understand the practitioner piece somewhere behind the hubbub of the nega-
agreed to a messy compromise on the debt tive press, partisan bickering, and occasional
of financial planning. Many of my students ceiling. It was evident that many people were
take internships with firms and come back market panics.
questioning whether our lawmakers have a firm
with a greater understanding and breadth grasp of the financial and economic challenges
of knowledge. I am greatly anticipating When investors figure that out, there will be
facing our nation. When investors look over- another bull run and (this we can predict
being able to see how all the pieces will seas, they see that European governments are, if
fit together after being at the University with confidence), people in that happy time
possible, even less functional in their approach will forget all over again that stocks can go
setting (Texas Tech), the standards setting to repairing the global economy.
body (CFP Board) and in practice (FJY). down as well as up. That’s when you’ll hear
This opportunity will give me the ability your advisors at FJY talking about the
Is gloom and doom the real story about the downside risks.
to better educate students in real world
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future
performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter, will be profitable, equal any corresponding indicated
historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions
or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment
advice from Fox, Joss & Yankee, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/
she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current written disclosure statement discussing our advisory services and fees is available for
review upon request.
Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction
and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance
results. It should not be assumed that your account holdings correspond directly to any comparative indices.