The Lone Star State is well known for being large in size, but did you know that they are also a major technology hub? Texas ranks only second to California in the number of technology jobs in America. In this infographic, Experts Exchange highlights the growth of the industry in Texas and takes a look at employment across technology jobs within the state. See how it stacks up next to other states, and explore the showdown between the two growing hubs of Austin and Dallas.
The Lone Star State is well known for being large in size, but did you know that they are also a major technology hub? Texas ranks only second to California in the number of technology jobs in America. In this infographic, Experts Exchange highlights the growth of the industry in Texas and takes a look at employment across technology jobs within the state. See how it stacks up next to other states, and explore the showdown between the two growing hubs of Austin and Dallas.
Pivotal Research Group LLC: Madison and wall 3 30-12Brian Crotty
Madison & Wall
A Recurring Review of Topics Affecting Advertising-Supported Media
March 30, 2012
Welcome to Pivotal Research’s “Madison & Wall”. The title refers to our work which
sits at the intersection between the advertising industry and the financial world. We
hope you’ll find these brief notes useful for their contrast to the hyperbole that
pervades much of the chatter at that location.
Why the next decade will shape the century!adusault
A position paper on the forces converging into the next decade, which will create more volatility. We constantly underestimate changes and resist new conditions.
For all those that missed out last month in Chicago, we’ve crafted a full round up of our 3PL Summit & CSCO Forum. There’s coverage of the major sessions at the event, as well as up-to-date market research on the latest trends set to impact the industry.
Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with almost $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios. Agcapita publishes a monthly agriculture briefing.
Future Today Institute | 2020 Tech Trends ReportAmy Webb
NOTE: This is part 1 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
Future Today Institute | 2020 Tech Trends Report | Section 2 of 2Amy Webb
NOTE: This is part 2 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
CEO Briefing Mexico looks at the direction of the Mexican economy in 2015 and beyond. We examine growth opportunities, technology changes and the business strategies needed to take advantage of them. This research draws on a global survey of C-suite executives, comparing and constrasting the views of Mexico-based executives with their C-suite peers around the world. The financial services and consumer products sectors are the subject of particular emphasis.
his guide provides tips on how to effectively use communications in China to support your business expansion and maximize opportunities in this dynamic business environment.
Produced by Upstream Asia (www.upstreamasia.com)
You can see the online version of this guide at http://2008.upstreamasia.com
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
The Black Swan Event: Funding in the time of Coronavirus with Mark Sustersaastr
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Pivotal Research Group LLC: Madison and wall 3 30-12Brian Crotty
Madison & Wall
A Recurring Review of Topics Affecting Advertising-Supported Media
March 30, 2012
Welcome to Pivotal Research’s “Madison & Wall”. The title refers to our work which
sits at the intersection between the advertising industry and the financial world. We
hope you’ll find these brief notes useful for their contrast to the hyperbole that
pervades much of the chatter at that location.
Why the next decade will shape the century!adusault
A position paper on the forces converging into the next decade, which will create more volatility. We constantly underestimate changes and resist new conditions.
For all those that missed out last month in Chicago, we’ve crafted a full round up of our 3PL Summit & CSCO Forum. There’s coverage of the major sessions at the event, as well as up-to-date market research on the latest trends set to impact the industry.
Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with almost $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios. Agcapita publishes a monthly agriculture briefing.
Future Today Institute | 2020 Tech Trends ReportAmy Webb
NOTE: This is part 1 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
Future Today Institute | 2020 Tech Trends Report | Section 2 of 2Amy Webb
NOTE: This is part 2 of 2 because our report is more than 360 pages. Which technology trends are most likely to impact your business in the coming years? Trends are waypoints to help anticipate future states in a world where uncertainty looms. The Future Today Institute's annual Tech Trends Report asks you to examine your assumptions, cherished beliefs and expectations for the future using a bolder, more holistic perspective. In the 13th edition of our Tech Trends Report, we forecast the key technology trends that will redefine businesses in the coming years. More importantly, we offer strategic analysis and guidance on those trends and further explore them in future scenarios to help you understand their implications on your organization and industry.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
CEO Briefing Mexico looks at the direction of the Mexican economy in 2015 and beyond. We examine growth opportunities, technology changes and the business strategies needed to take advantage of them. This research draws on a global survey of C-suite executives, comparing and constrasting the views of Mexico-based executives with their C-suite peers around the world. The financial services and consumer products sectors are the subject of particular emphasis.
his guide provides tips on how to effectively use communications in China to support your business expansion and maximize opportunities in this dynamic business environment.
Produced by Upstream Asia (www.upstreamasia.com)
You can see the online version of this guide at http://2008.upstreamasia.com
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
The Black Swan Event: Funding in the time of Coronavirus with Mark Sustersaastr
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
DealMarket Digest Issue130 - 28 February 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 130 - February 28th, 2014:
- PE Shuns Pricey Buyouts; Seeks Alternative Strategies
- Southern Europe Back on the PE Radar
- Non-bank Lenders to Boost Buyout M&A Activity
- PE Execs Making Top Dollar on Wall Street
- Global IPOs Float Private Equity’s Boat
- Quote of the Week: IMF Chief Gives Her Savvy View on Tech Impact
Global Cyber Market Overview June 2017Graeme Cross
Highly publicized attacks on blue chip companies, announcements of alliances formed between insurers, reports of partnerships established with cyber security firms and hiring of renowned experts have all contributed to making cyber one of the hottest topics in the insurance industry. However, behind the hype of the media and the marketing battles fought by insurers and brokers to position themselves as leaders in the market, there is the reality of a genuine opportunity. In this paper, we explore how the cyber insurance market has evolved in recent year
Presented by Dr. Robert Dauffenbach for the 2010 Oklahoma Trucking Association's Midwinter Conference
Robert C. Dauffenbach is Associate Dean, Research and Graduate Programs, Professor of Business Administration, and Director, Center for Economic and Management Research, Michael F. Price College of Business, University of Oklahoma.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade 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
2. Table of Contents
Synopsis Of Operation
Introduction 3
Macro Forecast 4-5
Market Focus 6-9
Trends in 2018 10-11
The Opportunity 12
Fund Manager 12
Exhibits
A 10
B 10
C 11
D 11
Investor questionnaire & Subscription Agreement
Investment Management Agreement
Page 2
3. In a overvalued market environment an investor is subject to huge amounts of risk and
very little return. Market Maker | Capital's model is to protect assets and gain substantial
rates of return, then to acquire assets at much lower prices. Because when do you buy
insurance, before the storm or during?
.
Market Maker | Capital's focus is on Alternative
Investment Solutions for clients that range from: individual
investors, family RIA offices, or Institutional Broker Dealers.
Traditional Securities, in a low rate environment, give very
little Rates of Return and leaves the investor with all of the
risk of principle. Alternative Investments, let clients leverage
and protect capital with much higher rates of return and
much less risk.
About Us
Page 3
Introduction
4. Now with peak spending behind the baby boom
generation and downsizing their homes or moving to senior care
living demand has collapsed. This trend started in 2000 when
the markets retreated 85% from their all time highs.
An entire generation is delusional that markets only go up
in value. In the late 1970's the government created a tax
deferred vehicle (401k) to move away from expensive pensions.
As the peak population of boomers entered the work force they
were buying into the market every two weeks as they
contributed to their 401k. This created Demand for stocks and
houses from 1978-2000.
As the first wave of Baby Boomers started withdrawing
their 401(k). If you have an oversupply of stocks in 2000 and
forced selling with no buyers of stocks and mutual funds, the
markets are going to collapse and they did. To steam the
bleeding the federal reserve began an interest rate cutting cycle.
Demand Destruction
.
With capital markets at all time highs and interest rates
near all time lows investors are struggling to capture returns and
taking large amounts of risk to produce small returns. With the
largest generational workforce retiring or retired in the next few
years, it will destroy the demand side economies of sovereign
nations and a systemic event will unravel all markets.
The Generational Spending Wave is the Ultimate Leading
Indicator. Know what a generation’s spending wave will look
like, you simply move the birth index forward by 46 years (after
adjusting for immigration). At 46 years old, most people are
peaking in their spending, having bought the largest house
they’ll own when they were about 41 and helping their kids
through high school, maybe college, and then into the big, wide
world. The demographic climaxes in average peak spending led
to the rising boom from 1983 to 2007, then the slowdown in
2008 that will continue until 2020, when trends flatten and
bottom out into late 2022 before turning up again.
Demographic Trends
Page 4
Macro Forecast
5. In 2000 you had a tech bubble, in 2008 a
housing bubble, and in 2018 an all asset bubble
created by low interest rates, quantitative easing, and
easy money lending standards. The credit bubble is
not just a private sector issue but also for sovereign
governments.
Debt to GDP of the U.S. as of 2015 was
344%. To give perspective, at the market top of the
great depression the debt to GDP was 180%. Once
the market crashed, GDP went down and the debt to
GDP spiked to 300%. Currently we have 3 times the
debt as before the great depression. Once the
current market crashes debt to GDP should spike
close to 500%.
With the federal reserve on an interest
tightening path it will increase the cost of the debt
outstanding to astronomical levels.
At market tops, another leading indicator is
margin debt. Borrowed money from broker/dealers to
buy stocks. In 2000 margin debt was 250% of the
market, 2008 it was 325% of the market, and currently
450% of the market. That's $700 billion of the market
is bought on borrowed money. Federal reserve
raising rates will increase the cost of borrowing and
exhaust any buyers.
.
Credit Bubble
With cheap liquidity and low interest
rate environment it allowed companies to buy
back their own stock, limiting supply and
increasing the value. Those companies with
large amounts of cash on hand have been
buying back their stock hand over fist. The
tech sector.
Cutting of interest rates and opening of
lending standards led to a credit and housing
bubble from 2004-2008. Once that bubble
popped the fed reserve, with rates near zero,
they printed money with quantitative easing
programs.
With a large amount of boomers out of
the work force and the next generation earning
low wages, there was no one left to buy
securities.
Page 5
Macro Forecast
6. Page 6
Lastly US consumers have accumulated an aggregate
$1.04 trillion credit card debt and the private sector is not
refinancing their homes with higher rates so they are
unable to pull cash from their homes.
"The chief economist for Fannie Mae is surprisingly
outspoken about the troublesome outlook for the US
economy. He's worried about the rising cost of debt
service as outstanding credit continues to mount at the
same time interest rates are starting to ratchet higher, too.
He predicts the US will enter recession within a year,
concurrent with a topping out of America's real estate
market. It wouldn't surprise him to see the stock market
falter, too, as central banks around the world begin a
coordinated tightening of monetary policy and -- similar to
the thoughts recently expressed within our podcast with
Axel Merk -- Doug expects Jerome Powell to be much
more reluctant to intervene in attempt to support asset
prices. Having met personally with Powell, Doug thinks
the Fed is now happy to see some of the air come out of
the Everything Bubble (just not too much and not too fast)
-- a market change from past Fed administrations"
Tech Reck Part 2
It looks like Silicon Valley has put a target on its virtual back. We made another tech
bubble on the premise that Americans would write the apps and Asians would make the
hardware, and the miracle of connectivity would bring the world together in Mark
Zuckerberg’s utopian vision. Internet community and Artificial Intelligence were the two
blasts of hot air that inflated the bubble. Social media as a substitute for actual human
interaction and computation as a substitute for human thought were going to waft us into
the future.
The idea that Americans would be the designers and Asians would be the manufacturing
worker-bees had an obvious and fatal flaw. At some point, the advancement of the
technology requires real physical infrastructure, and research and development will come
to grief without a working partnership with the factory floor.
Market Focus
7. . The number of books, articles and non-tech corporates talking about big data, AI and
blockchain is also reflective of this. Even cab-drivers (or should I say Uber drivers) are
talking about some of these trends. A classic sign of the late stages of a boom is when
non-specialists start to become the most vocal advocates for the boom.
Politics is turning against the sector The more fundamental trigger of the bursting of this
“bubble” is the shift in politics on the data/platform industry, especially in the US. President
Obama could be thought of as the “Silicon Valley” President, with his tendency to embrace that
sector and lean on the sector for economic and business strategy. After all, it was President
Obama who was the first one to appoint a Chief Technology Officer.
President Trump by contrast has been more skeptical and instead has focused on the
manufactured sector. It is notable that whenever President Trump talks about the US trade deficit,
he focuses on the goods balance, rather than trade in services or invisibles. Part of the reason for
this is the fruits of the data/platform revolution has not been shared across the economy – if
anything, it has seen income inequality widen as intangible asset-intensive industries tend to
create winner-takes-all-dynamics. The thrust of US policy is therefore moving back towards
tangible asset industries, such as manufacturing, and away from intangible asset industries, like
data/platform companies.
The perception of the accuracy and use of the data are being questioned Part of the explosion
in the use of these platforms was the disruption of the conventional distribution and verification of
information. Before social media, information was distributed and verified by particular institutions
such as press/media companies, universities and government bodies. Social media allowed
distribution to be wrestled away from these institutions thus allowing millions more “publishers”
and importantly the verification was done by crowd sourcing the opinions of other individuals
through user reviews.
Today thanks to the increasing concerns that platforms and data-holders have been “gamed” by
corporations and foreign governments to manipulate consumers and voters, there is a growing
backlash from individuals and governments on how these platforms can operate. For individuals,
this could be resulting in a shift from “crowd-sourced” information to “reputation-based.”
Information and opinion. For governments, this could result in greater regulation on how and
where the data/platform companies can operate.
Page 7
Market Focus
8. A move away from global towards regional standards Finally, there is a move to regionalize
standards on big data/AI/platforms rather than globalize. The big three regions are the US, China
and EU. China has a clear policy of a state-centric data/platform model, where Chinese data have
to be held in China with oversight from the authorities. The EU is increasingly flexing its muscles
on the rights of the consumer in relation to data/platform owners. That leaves the pioneering US
companies with the most to lose as they have to retrench from these markets.
The Tech Tax
Having more than 7 million euros in annual revenues from digital services in a given country;
having more than 100,000 users per year in that country; or having more than 3,000 business
contracts for digital services created in a year in that country. On average, the EU estimates that
tech companies pay around 9.5% in tax on their profit on the continent, compared with 23.2% for
traditional industries, though tech lobbyists dispute that figure. Taxes will apply even if a firm
doesn't have a physical presence in the region where the taxes are being levied - the only thing
that matters is where the "value" from its revenues was created.
Important Facts
1. Excess returns & fancy valuations: US tech is best performing sector in QE era, up annualized
20%; ex tech the S&P500 would be 2000 not 2600 today
2. Bubbly prices: US internet commerce stocks (DJECOM) soared 624% in 7 years at their peak,
3rd largest bubble of past 40 years
3. Fat market caps: US tech market cap ($6.4tn) exceeds that of Eurozone ($5.0tn);
FAANG+BAT market cap of $4.9tn exceeds Emerging Markets ($4.6tn).
4. Earnings hubris: tech & eCom companies currently account for almost 1/4 of US EPS this level
that is rarely exceeded, and often associated with bubble peaks; note there are currently just 5
“sells” out of 250 FAANG recommendations
5. breaches” exposed 179 million records of personal names plus financial or medical data;
pending US & EU regulation threaten 4% of tech revenue.
6. Wage disruption: IMF says 50% of the decline in labor’s share of income is attributable to
technology (25% due to globalization); number of global industrial robots by 2020 will be 3.1
million (was 1 million in 2010)
7. Tech is cash-rich, tax-light: sector has $740bn of cash overseas (larger than all other sectors
put together ($510bn); effective rate of tax on US tech companies is 16.9%, lower than the 19.3%
paid across the S&P500
Page 8
Market Focus
9. 8. Tech most lightly regulated sector: just 27K regulations (Chart 7) for tech; by comparison
manufacturing regulated by 215K rules, financial sector by 128K.
9. Tech & trade: US tech has highest foreign sales exposure (58%) of all US sectors
10. Occupy Silicon Valley: tobacco (1992), financial (2010), biotech (2015) industries illustrate
how waves of regulation can lead to investment underperformance.
Finally, putting it all together, is this chart which suggests that it is only a matter of time before the
government bursts the third biggest bubble ever created by central banks.
Market Focus
Page 9
11. Four Horsemen
During the tech bubble of 2000 there were four companies that led the markets higher and were
also their demise. Based on the highest market cap and percentage of the NASDAQ. Intel,
Microsoft, Cisco, and Dell were labeled as the "Four Horsemen." No chart of Dell because they
did so well they are no longer a public company. (Exhibit C)
Boom Bust Cycle
Current tech companies that give the S&P 500 20% of its value and are the largest risk to the
market are the FAANGs. Facebook, Amazon, Apple, Netflix, Google. Not only do these
companies face fundamental and political head winds but technically they look ripe to burst.
(Exhibit D)
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Trends in 2018
12. Page 12
Market Maker | Capital
With capital markets at all time highs and interest rates near all time lows. Investors are
struggling to captor returns and taking large amounts of risk to produce small returns. With the
largest generational workforce retiring or retired in the next few years, it will destroy the demand
side economies of sovereign nations and a systemic event will unravel all markets.
Opportunity is to capture significantly higher rates of return than traditional investments, using
Alternative Investments. The fund will then acquire assets at much lower price levels and add
them to the portfolio. Then rent out those assets to the market collecting monthly premium.
Currently the fund has a projected YTD return of 180% the current S&P 500 benchmark is at
1.3%. Work with a fund manager with 18 years of trading experience in alternative and traditional
investments.
Fund Manager
Jason Reed executed his first IPO at the age of 22. Starting as a precious metals broker-dealer,
then advancing his career as a National Futures Association Commodity Trade Advisor. Active
trader in Alternative Investment Markets for over 18 years.
Institutionally executed spread trades of the yield curve from Eurodollar to 30 year bond using
leverage derivative futures market. Performed statistical and quantitative analysis of reports
utilizing Excel and SQL to analyze price movement in US and foreign markets. Analyzed and
completed hedging of institutional credit markets based on interest rate fluctuations and volatility.
Transformed clients’ financial results through over 8,000 income and wealth objectives planning
consultations, maximizing client income with derivative vehicles using futures and currency
markets.
Proven success in areas of process improvement, financial management, capital markets,
business development, team building, and revenue creation. Possess strong analytical skills to
monitor trends, generate reports, interpret results, identify areas of improvement, and implement
changes to achieve operational efficiencies
Opportunity
13. Dent, Harry S. jr. Teh Sale of A lifetime: How the Great Bubble Burst of2017-2019 Can Make Y ou Rich.Penguin
Random House, 2016
Durden, Tyler. "Executiveon a Mission:Saving the Planet."ZeroHedge, https://www.zerohedge.com/news/2018-
03-26/bofa-we-are-witnessing-third-biggest-assset-bubble-created-central-bank