This document discusses 10 key principles for a better investment experience. It begins by outlining principles related to understanding markets and knowing yourself as an investor. It emphasizes letting markets work for you through diversification and long-term investing. The document then discusses principles around harnessing the power of markets, such as holding multiple asset classes and keeping costs low. Overall, the principles promote passive, diversified, low-cost investing aligned with one's goals and risk tolerance.
The document discusses several key principles for achieving a better investment experience:
1. Understand that markets reward risk over the long run, and different asset classes like small caps and value stocks have offered higher returns than fixed income.
2. Riskier assets like small caps and value stocks have exhibited higher returns globally, demonstrating that size and price are systematic risk factors rewarded by the market.
3. Most active managers underperform their benchmarks, so investors are better off minimizing costs and capturing risk factors through low-cost, diversified portfolios.
4. Holding multiple asset classes from different markets increases diversification and reduces volatility, as the annual returns of different investments vary considerably year to year.
1) GAS is a leading Brazilian asset management firm with $1B AUM and a 19.2% annualized return over 11 years.
2) They focus on long-term value investing in Brazilian equities using fundamental analysis and meeting with management.
3) Two investment opportunities presented are AGRA, a homebuilder trading at a discount to its net tangible assets, and PDG Realty, a residential developer with a strong track record and competitive advantages.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Why You Should Invest In The Market ShortLisa Brugman
This document provides an overview of investing basics for women, including:
1) It outlines the agenda which includes investment basics like stocks, bonds, mutual funds and annuities as well as why investing in the market is important.
2) It discusses how stocks, bonds, and mutual funds can help women achieve their financial goals like retirement, and how investing early and consistently can make a significant difference over the long run.
3) It emphasizes that maintaining a balanced portfolio with both stocks and bonds tailored to one's goals, timeframe, and risk tolerance is important for successful investing.
The document summarizes Brazil's strong macroeconomic fundamentals and growing banking sector opportunities. Brazil achieved low inflation, declining interest rates, strong GDP growth, and falling unemployment. This stable environment and growing middle class have increased access to banking and credit. While credit penetration remains low, the banking system is well-capitalized and profitable with sound underwriting. The unique Brazilian context presents banks opportunities to profit from continued differential growth, bancarization, and a stable financial system.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
Committed to Shareholder Value Creation - CIBC Whistler Institutional Investo...AuRico Gold
Young-Davidson mine: The document discusses the Young-Davidson mine in Canada, which is projected to produce between 120,000-140,000 ounces of gold in 2013 at cash costs of $575-675 per ounce. Reserves at the mine total 3.8 million ounces.
El Chanate mine: Production at the El Chanate mine in Mexico is estimated at 70,000-80,000 ounces in 2013 at cash costs of $475-525 per ounce. Proven and probable reserves at El Chanate total 1.3 million ounces.
Key highlights: The presentation emphasizes CIBC's high quality, low cost asset base in North America and organic growth profile through projects like Young-David
International Minerals Corporation is a silver and gold mining company focused on projects in Peru and the United States. It has a 40% interest in the producing Pallancata silver mine in Peru and the Inmaculada gold-silver development project in Peru, which is expected to begin production in late 2014. It also owns 100% of the Gemfield gold project in Nevada, which is expected to begin production in mid-2015. The company has a strong balance sheet with $57 million in cash and no debt. It pays dividends to shareholders.
The document discusses several key principles for achieving a better investment experience:
1. Understand that markets reward risk over the long run, and different asset classes like small caps and value stocks have offered higher returns than fixed income.
2. Riskier assets like small caps and value stocks have exhibited higher returns globally, demonstrating that size and price are systematic risk factors rewarded by the market.
3. Most active managers underperform their benchmarks, so investors are better off minimizing costs and capturing risk factors through low-cost, diversified portfolios.
4. Holding multiple asset classes from different markets increases diversification and reduces volatility, as the annual returns of different investments vary considerably year to year.
1) GAS is a leading Brazilian asset management firm with $1B AUM and a 19.2% annualized return over 11 years.
2) They focus on long-term value investing in Brazilian equities using fundamental analysis and meeting with management.
3) Two investment opportunities presented are AGRA, a homebuilder trading at a discount to its net tangible assets, and PDG Realty, a residential developer with a strong track record and competitive advantages.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Why You Should Invest In The Market ShortLisa Brugman
This document provides an overview of investing basics for women, including:
1) It outlines the agenda which includes investment basics like stocks, bonds, mutual funds and annuities as well as why investing in the market is important.
2) It discusses how stocks, bonds, and mutual funds can help women achieve their financial goals like retirement, and how investing early and consistently can make a significant difference over the long run.
3) It emphasizes that maintaining a balanced portfolio with both stocks and bonds tailored to one's goals, timeframe, and risk tolerance is important for successful investing.
The document summarizes Brazil's strong macroeconomic fundamentals and growing banking sector opportunities. Brazil achieved low inflation, declining interest rates, strong GDP growth, and falling unemployment. This stable environment and growing middle class have increased access to banking and credit. While credit penetration remains low, the banking system is well-capitalized and profitable with sound underwriting. The unique Brazilian context presents banks opportunities to profit from continued differential growth, bancarization, and a stable financial system.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
Committed to Shareholder Value Creation - CIBC Whistler Institutional Investo...AuRico Gold
Young-Davidson mine: The document discusses the Young-Davidson mine in Canada, which is projected to produce between 120,000-140,000 ounces of gold in 2013 at cash costs of $575-675 per ounce. Reserves at the mine total 3.8 million ounces.
El Chanate mine: Production at the El Chanate mine in Mexico is estimated at 70,000-80,000 ounces in 2013 at cash costs of $475-525 per ounce. Proven and probable reserves at El Chanate total 1.3 million ounces.
Key highlights: The presentation emphasizes CIBC's high quality, low cost asset base in North America and organic growth profile through projects like Young-David
International Minerals Corporation is a silver and gold mining company focused on projects in Peru and the United States. It has a 40% interest in the producing Pallancata silver mine in Peru and the Inmaculada gold-silver development project in Peru, which is expected to begin production in late 2014. It also owns 100% of the Gemfield gold project in Nevada, which is expected to begin production in mid-2015. The company has a strong balance sheet with $57 million in cash and no debt. It pays dividends to shareholders.
Fortune Minerals Limited is a Canadian mineral development company advancing two late-stage projects: the Arctos Anthracite Project in BC and the NICO gold-cobalt project in the Northwest Territories. The Arctos project is one of the world's premier metallurgical coal development projects, with a positive definitive feasibility study showing robust economics for an initial 3 Mtpa open-pit coal mine and wash plant operation. A 20% joint venture with POSCO, one of the world's largest steel producers, accelerates the project's development towards production to supply growing global steel industry demand.
The NYSE World Leaders Index combines the NYSE U.S. 100 and NYSE International 100 Indexes to form a global index of 200 stocks. It includes 100 of the largest U.S. stocks and 100 of the largest foreign stocks listed on the New York Stock Exchange, representing over $11 trillion in total market capitalization. The index provides geographic and sector diversification through a single investment and benefits from the NYSE's high listing standards and transparent methodology.
Saxo Asset Allocation for February 2011Trading Floor
Our Asset Allocation Model maintains its “Moderately Bullish” stance even though the
Global Business Cycle Momentum Indicator decelerated in January. The model suggests
big positions in equities and bonds
The document summarizes AutoZone's 2008 annual stockholders' meeting. It discusses AutoZone's position as the largest auto parts retailer in the US, with over $6.5 billion in annual sales. It highlights AutoZone's strategic priorities of growing its US retail and commercial segments, expanding in Mexico, and growing its ALLDATA business. The document also reviews AutoZone's strong financial performance in recent years and its focus on continued sales growth, improving customer satisfaction, and managing costs.
Fortune Minerals Limited is a Canadian mineral development company focused on advancing its two late-stage projects: the Arctos Anthracite Project in BC and the NICO gold-cobalt-bismuth-copper project in Northwest Territories and Saskatchewan. The Arctos project is one of the world's premier metallurgical coal development projects with a definitive feasibility study showing robust economics. It involves developing one of the largest deposits of high quality anthracite coal, which is in high demand for steelmaking but faces significant future shortages.
Raytheon Reports 2006 Second Quarter Resultsfinance12
Raytheon Company reported second quarter earnings on July 27, 2006. The company highlighted strong earnings per share of $0.69, up 35% year-over-year. Raytheon also saw strong bookings of $5.5 billion and sales of $5.7 billion, up 6% year-over-year. Additionally, the company is exploring strategic alternatives for its Raytheon Aircraft Company business unit. Raytheon increased its full-year guidance for earnings per share, operating cash flow, and return on invested capital.
This document provides an overview of HSBC for Michael Geoghegan, the Group Chief Executive Officer, at a Merrill Lynch conference in London in October 2006. It discusses HSBC's record of growth, performance highlights from the first half of 2006, the strength and geographic diversity of its operating franchises, its focus on continued growth, and some of the opportunities and challenges it faces. The presentation aims to demonstrate why HSBC is well positioned for sustained growth and why investors should continue investing in HSBC rather than just good regional players.
The document discusses navigating volatile markets through effective asset allocation. It shows that over 90% of portfolio performance is due to asset allocation factors rather than security selection or market timing. It also examines historical data on alternating secular bear and bull markets in the Dow Jones Industrial Average from 1906 to 2009, showing periods of negative and positive returns lasting many years. Within these long-term trends are shorter cyclical bull and bear markets typically lasting 1-3 years. Effective long-term asset allocation is crucial for investment success in changing market conditions.
The document summarizes International Minerals' silver and gold mining operations and development projects. It highlights the Pallancata silver mine in Peru currently in production, the upcoming Inmaculada gold-silver mine in Peru projected to begin production in 2014, and the Goldfield gold mine in Nevada projected for production in 2015. The company has significant silver and gold resources totaling over 9.5 million ounces and is debt free with $73 million in cash.
This document discusses Cougar Global, an investment firm founded in 1993 that utilizes downside risk management. It focuses on generating returns needed to meet client investment goals while avoiding losses. Cougar Global uses a proprietary process called Multiple Economic Scenario analysis to model asset performance under different economic conditions and optimize portfolios for different risk mandates. It provides sample portfolio allocations and performance results for various risk mandates.
Remarks by Robert L. Reynolds, President and Chief Executive Officer, Putnam InvestmentsFinancial Advisor/Private Wealth Innovative Retirement SymposiumOrlando, Florida, March 12, 2013
One reason I was pleased to be invited is that Financial Advisor’s slogan, “Knowledge for the Sophisticated Investor,” echoes the core themes I want to talk with you about today. I believe that there is a crying need — among asset managers, advisors, and investors — for new thinking and new solutions.
Abraham Lincoln’s great adage “As our case is new, so we must think anew and act anew” has never been more relevant. Five years after the worst economic crisis to hit global capitalism in our lifetimes, we are still feeling the aftershocks. We find ourselves moving ever so tentatively into a financial future about which the only thing we seem sure of is that it will likely be very different than the investment world we all grew up with.
Core topics
To me, this suggests that the conventional wisdoms shaped by decades of high-return investing — first in equities from 1982 to 2000, then in fixed-income markets over most of this young century — need to be re-examined, revised, or even scrapped.
And while I certainly don’t claim to have all the answers, I do want to sketch some of the new solution-oriented approaches that Putnam sees emerging, such as innovative investment strategies, changed views on portfolio construction, greater risk-awareness, and advances in practice management, including new technologies to enable advisors to reach and influence clients.
I would also like to suggest three retirement policy innovations that the financial services industry should take the lead on — now.
The document is W.R. Berkley Corporation's 2003 Annual Report. It summarizes the company's strong financial performance in 2003, including record net income of $337 million, return on equity of 25.3%, and growth in net premiums written and cash flow from operations. It highlights the company's decentralized business model, focus on risk-adjusted returns, and people-oriented strategy of developing talent internally. Financial data tables show key metrics from 1999-2003.
The document discusses Barrick Gold's commitment to shareholder value creation. It provides an overview of Barrick's management team and board of directors, capital markets profile, asset base including recent developments and production figures for its Young-Davidson and El Chanate mines. Barrick highlights its compelling value proposition which includes high quality assets, low cost production, organic growth profile, mine longevity, strong balance sheet, growing free cash flow, and leverage to gold prices.
Western Areas Corporate Presentation June 2012, covering Operations, Exploration & Growth, People and the Nickel industry
Australia's Class Leading Nickel Producer
(1) The EquiMax Tool analyzes market conditions to determine when to enter and exit equity markets through mutual funds. (2) It categorizes market conditions into six types based on factors like valuations and earnings growth, with Type 1 being most favorable and Type 6 being least favorable. (3) EquiMax aims to improve returns by investing in Types 1-3 and holding cash in Types 4-6, reviewing allocations periodically.
Would you like to invest in something that can provide positive returns no matter what the stock market or economy is doing?
Something that can be compounded easily?
Something that is liquid?
View this presentation to learn about an exciting way to invest your money in something which generates returns that don't depend on whether the stock market is going up or down, real estate prices are going up or down, interest rates are high or low and all the other economic stuff the media reports about. This investment sure doesn't care what the price of gold is or will be!
What is it? Automated system trading in the stock index futures. That may sound like a mouthful, but it is very simple to invest in – the system developer and broker do all the hard work.
The system developer is Gary Hart of Trendfinder Trading Systems. Trendfinder was created with the goal of providing institutional and retail clients with trading systems that provide consistent outsized returns while keeping losses and drawdowns contained. To achieve this goal we offer very short term trading strategies that put a relatively small amount of capital at risk and are in the market only when perceived opportunity is the greatest.
Review of our Investment Management Philosophy. Discussion around secular bull and bear markets and how to tailor a strategy to reduce volatility. Sailing and Rowing analogy around mulit asset allocation approach.
The document discusses the benefits of investing, including pursuing goals, adding to savings, and taking control. It provides examples showing how $10,000 investments in stocks, bonds, and money markets grew over 20 years, with stocks providing the highest returns despite also carrying higher risk. The document advocates developing a long-term investment plan that balances risk and potential returns through regular investing and diversification.
LUX Design Inc. is a multidisciplinary Interior Design firm located out of Toronto, Canada.
Our projects range from high-end spa's, hotels, condominiums and homes spanning from Canada, US and Europe.
The document discusses wireless distribution of apps to testers. It describes the traditional method of sending the app and provisioning profile to testers as long, boring, and error-prone. The wireless method allows testers to receive a link by email or SMS to install the app. Developers can use tools like iOS Beta Builder or HockeyApp to generate a manifest file and upload the app files to a server, then send testers a link to install the app wirelessly. This wireless approach makes app testing easier for both testers and developers.
El retrato es un género artístico que representa a una persona, grupo o figura. Se utiliza para capturar la esencia y características distintivas de un individuo o tema. El retrato puede ser realista o estilizado, e incluye detalles sobre la apariencia física, expresión, vestimenta y accesorios para comunicar información sobre la persona o figura representada.
Fortune Minerals Limited is a Canadian mineral development company advancing two late-stage projects: the Arctos Anthracite Project in BC and the NICO gold-cobalt project in the Northwest Territories. The Arctos project is one of the world's premier metallurgical coal development projects, with a positive definitive feasibility study showing robust economics for an initial 3 Mtpa open-pit coal mine and wash plant operation. A 20% joint venture with POSCO, one of the world's largest steel producers, accelerates the project's development towards production to supply growing global steel industry demand.
The NYSE World Leaders Index combines the NYSE U.S. 100 and NYSE International 100 Indexes to form a global index of 200 stocks. It includes 100 of the largest U.S. stocks and 100 of the largest foreign stocks listed on the New York Stock Exchange, representing over $11 trillion in total market capitalization. The index provides geographic and sector diversification through a single investment and benefits from the NYSE's high listing standards and transparent methodology.
Saxo Asset Allocation for February 2011Trading Floor
Our Asset Allocation Model maintains its “Moderately Bullish” stance even though the
Global Business Cycle Momentum Indicator decelerated in January. The model suggests
big positions in equities and bonds
The document summarizes AutoZone's 2008 annual stockholders' meeting. It discusses AutoZone's position as the largest auto parts retailer in the US, with over $6.5 billion in annual sales. It highlights AutoZone's strategic priorities of growing its US retail and commercial segments, expanding in Mexico, and growing its ALLDATA business. The document also reviews AutoZone's strong financial performance in recent years and its focus on continued sales growth, improving customer satisfaction, and managing costs.
Fortune Minerals Limited is a Canadian mineral development company focused on advancing its two late-stage projects: the Arctos Anthracite Project in BC and the NICO gold-cobalt-bismuth-copper project in Northwest Territories and Saskatchewan. The Arctos project is one of the world's premier metallurgical coal development projects with a definitive feasibility study showing robust economics. It involves developing one of the largest deposits of high quality anthracite coal, which is in high demand for steelmaking but faces significant future shortages.
Raytheon Reports 2006 Second Quarter Resultsfinance12
Raytheon Company reported second quarter earnings on July 27, 2006. The company highlighted strong earnings per share of $0.69, up 35% year-over-year. Raytheon also saw strong bookings of $5.5 billion and sales of $5.7 billion, up 6% year-over-year. Additionally, the company is exploring strategic alternatives for its Raytheon Aircraft Company business unit. Raytheon increased its full-year guidance for earnings per share, operating cash flow, and return on invested capital.
This document provides an overview of HSBC for Michael Geoghegan, the Group Chief Executive Officer, at a Merrill Lynch conference in London in October 2006. It discusses HSBC's record of growth, performance highlights from the first half of 2006, the strength and geographic diversity of its operating franchises, its focus on continued growth, and some of the opportunities and challenges it faces. The presentation aims to demonstrate why HSBC is well positioned for sustained growth and why investors should continue investing in HSBC rather than just good regional players.
The document discusses navigating volatile markets through effective asset allocation. It shows that over 90% of portfolio performance is due to asset allocation factors rather than security selection or market timing. It also examines historical data on alternating secular bear and bull markets in the Dow Jones Industrial Average from 1906 to 2009, showing periods of negative and positive returns lasting many years. Within these long-term trends are shorter cyclical bull and bear markets typically lasting 1-3 years. Effective long-term asset allocation is crucial for investment success in changing market conditions.
The document summarizes International Minerals' silver and gold mining operations and development projects. It highlights the Pallancata silver mine in Peru currently in production, the upcoming Inmaculada gold-silver mine in Peru projected to begin production in 2014, and the Goldfield gold mine in Nevada projected for production in 2015. The company has significant silver and gold resources totaling over 9.5 million ounces and is debt free with $73 million in cash.
This document discusses Cougar Global, an investment firm founded in 1993 that utilizes downside risk management. It focuses on generating returns needed to meet client investment goals while avoiding losses. Cougar Global uses a proprietary process called Multiple Economic Scenario analysis to model asset performance under different economic conditions and optimize portfolios for different risk mandates. It provides sample portfolio allocations and performance results for various risk mandates.
Remarks by Robert L. Reynolds, President and Chief Executive Officer, Putnam InvestmentsFinancial Advisor/Private Wealth Innovative Retirement SymposiumOrlando, Florida, March 12, 2013
One reason I was pleased to be invited is that Financial Advisor’s slogan, “Knowledge for the Sophisticated Investor,” echoes the core themes I want to talk with you about today. I believe that there is a crying need — among asset managers, advisors, and investors — for new thinking and new solutions.
Abraham Lincoln’s great adage “As our case is new, so we must think anew and act anew” has never been more relevant. Five years after the worst economic crisis to hit global capitalism in our lifetimes, we are still feeling the aftershocks. We find ourselves moving ever so tentatively into a financial future about which the only thing we seem sure of is that it will likely be very different than the investment world we all grew up with.
Core topics
To me, this suggests that the conventional wisdoms shaped by decades of high-return investing — first in equities from 1982 to 2000, then in fixed-income markets over most of this young century — need to be re-examined, revised, or even scrapped.
And while I certainly don’t claim to have all the answers, I do want to sketch some of the new solution-oriented approaches that Putnam sees emerging, such as innovative investment strategies, changed views on portfolio construction, greater risk-awareness, and advances in practice management, including new technologies to enable advisors to reach and influence clients.
I would also like to suggest three retirement policy innovations that the financial services industry should take the lead on — now.
The document is W.R. Berkley Corporation's 2003 Annual Report. It summarizes the company's strong financial performance in 2003, including record net income of $337 million, return on equity of 25.3%, and growth in net premiums written and cash flow from operations. It highlights the company's decentralized business model, focus on risk-adjusted returns, and people-oriented strategy of developing talent internally. Financial data tables show key metrics from 1999-2003.
The document discusses Barrick Gold's commitment to shareholder value creation. It provides an overview of Barrick's management team and board of directors, capital markets profile, asset base including recent developments and production figures for its Young-Davidson and El Chanate mines. Barrick highlights its compelling value proposition which includes high quality assets, low cost production, organic growth profile, mine longevity, strong balance sheet, growing free cash flow, and leverage to gold prices.
Western Areas Corporate Presentation June 2012, covering Operations, Exploration & Growth, People and the Nickel industry
Australia's Class Leading Nickel Producer
(1) The EquiMax Tool analyzes market conditions to determine when to enter and exit equity markets through mutual funds. (2) It categorizes market conditions into six types based on factors like valuations and earnings growth, with Type 1 being most favorable and Type 6 being least favorable. (3) EquiMax aims to improve returns by investing in Types 1-3 and holding cash in Types 4-6, reviewing allocations periodically.
Would you like to invest in something that can provide positive returns no matter what the stock market or economy is doing?
Something that can be compounded easily?
Something that is liquid?
View this presentation to learn about an exciting way to invest your money in something which generates returns that don't depend on whether the stock market is going up or down, real estate prices are going up or down, interest rates are high or low and all the other economic stuff the media reports about. This investment sure doesn't care what the price of gold is or will be!
What is it? Automated system trading in the stock index futures. That may sound like a mouthful, but it is very simple to invest in – the system developer and broker do all the hard work.
The system developer is Gary Hart of Trendfinder Trading Systems. Trendfinder was created with the goal of providing institutional and retail clients with trading systems that provide consistent outsized returns while keeping losses and drawdowns contained. To achieve this goal we offer very short term trading strategies that put a relatively small amount of capital at risk and are in the market only when perceived opportunity is the greatest.
Review of our Investment Management Philosophy. Discussion around secular bull and bear markets and how to tailor a strategy to reduce volatility. Sailing and Rowing analogy around mulit asset allocation approach.
The document discusses the benefits of investing, including pursuing goals, adding to savings, and taking control. It provides examples showing how $10,000 investments in stocks, bonds, and money markets grew over 20 years, with stocks providing the highest returns despite also carrying higher risk. The document advocates developing a long-term investment plan that balances risk and potential returns through regular investing and diversification.
LUX Design Inc. is a multidisciplinary Interior Design firm located out of Toronto, Canada.
Our projects range from high-end spa's, hotels, condominiums and homes spanning from Canada, US and Europe.
The document discusses wireless distribution of apps to testers. It describes the traditional method of sending the app and provisioning profile to testers as long, boring, and error-prone. The wireless method allows testers to receive a link by email or SMS to install the app. Developers can use tools like iOS Beta Builder or HockeyApp to generate a manifest file and upload the app files to a server, then send testers a link to install the app wirelessly. This wireless approach makes app testing easier for both testers and developers.
El retrato es un género artístico que representa a una persona, grupo o figura. Se utiliza para capturar la esencia y características distintivas de un individuo o tema. El retrato puede ser realista o estilizado, e incluye detalles sobre la apariencia física, expresión, vestimenta y accesorios para comunicar información sobre la persona o figura representada.
El documento presenta las tablas de posiciones de 4 grupos de la Champions League después de varias jornadas. El Atlético de Madrid y el Tottenham lideran los grupos 1 y 2, mientras que el Chelsea y el Manchester City encabezan los grupos 3 y 4. También incluye estadísticas de goleadores y tarjetas recibidas por los jugadores.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
Tres árboles en un patio preguntan sus nombres y comparten sus hojas para que alguien pueda identificarlos. El primer árbol pregunta "¿Quién soy?", el segundo no dice nada y el tercero también pregunta "¿Quién soy?".
Este documento describe las cuatro estaciones del año a través de las pinturas de Giuseppe Arcimboldo, que representan cada estación usando objetos vegetales como frutas y verduras en lugar de rostros humanos.
This document provides guidelines for conducting practical exercises for an Advanced Database Management Systems course. It includes 11 exercises covering concepts like SQL statements, functions, normalization, joins, views, and PL/SQL programming. Students are expected to complete the exercises over 12 sessions in 7 days under faculty guidance. Exercises are assessed and students must score a minimum of 40% combined on guided and unguided assessments to pass. The document outlines software and hardware requirements and provides instructions for completing the exercises and documenting the work.
This document analyzes an investment portfolio over 14 weeks from January 30, 2009 to May 1, 2009. The portfolio was managed with the goal of preserving capital given the economic recession. Key points:
- The portfolio was diversified across stocks, mutual funds, bonds, bills and held some cash. Individual securities like GE, McDonald's and Family Dollar were chosen for their lower beta and defensive nature.
- The portfolio beta was approximately 0.3, much lower than the market beta of 1, indicating it would be less volatile.
- The portfolio largely preserved capital, declining only 3.07% while the market rose 7.18%. The low beta strategy helped meet the goal of capital preservation in the volatile
This document provides information about mutual funds, including:
1) Mutual funds pool money from many investors and invest in stocks, bonds, or cash, with varying levels of risk depending on the fund's portfolio. Investors can purchase shares with different pricing arrangements.
2) Mutual funds have fees and expenses that will reduce returns, including management fees, sales charges, and annual expenses. Shares can generally be sold at any time at their current market value. Mutual fund investments outside of retirement plans are subject to tax.
3) The document discusses risks associated with stocks, bonds, foreign and international investments, and provides historical examples of asset class returns and the benefits of diversification.
The document provides information about investing for college savings through a 529 college savings plan. It notes that figures shown are past results and not guarantees of future performance, and that investments are not FDIC-insured and can lose value. It encourages building a college savings plan through a 529 plan like CollegeAmerica for its tax advantages, flexibility, and control over savings.
Webinar-Daily Deals and Mobile-Engagement ExplainedWaterfall Mobile
In this webinar, from the Msgme Industry Insights series, we unpack the daily deals business completely and reveal why ongoing, interactive engagement is the key to success.
The document discusses how relying solely on average returns can be misleading for investors and retirement planning. It notes that actual investment returns vary significantly year-to-year and may be far above or below the long-term average. As a result, retirement plans based only on average returns have a significant chance of failure. The document advocates using tools like Monte Carlo simulations that account for return variability to minimize uncertainty and maximize the chances of achieving retirement goals.
You should carefully consider a fund's objectives, risks, charges and expenses before investing. Contact First Trust Portfolios to obtain a prospectus, which contains this information. The prospectus should be read carefully before investing. First Trust Portfolios offers various investment products including ETFs that use an enhanced indexing approach called AlphaDEX to overweight stocks based on investment potential beyond market capitalization weighting. AlphaDEX evaluates stocks using growth and value factors from the academic literature to seek alpha through a disciplined empirical process.
Re time tested_investment_strategies_for_the_long_termatul baride
This document provides information on long-term investment strategies. It discusses the benefits of staying invested through market ups and downs and avoiding attempts to time the market. While short-term losses are possible, historically the market tends to rebound and reward long-term investors. The document also notes that diversification across asset classes can help reduce risk and volatility.
This document discusses innovations in finance from the 1950s to today. It begins by outlining conventional wisdom from the 1930s that focused on picking individual winners and holding concentrated portfolios. It then summarizes several seminal works and developments that helped shift the field: James Tobin's separation theorem emphasized diversification; William Sharpe developed the single-factor capital asset pricing model relating risk and return; Eugene Fama developed the efficient market hypothesis asserting that markets accurately reflect information. This led to the development of index funds by John Bogle, providing low-cost, passive investment options. Overall, the document outlines major theoretical and practical innovations that professionalized the field of finance and emphasized diversification, risk-adjusted returns, and passive investing.
Northern Trust Corporation's 2006 annual report summarizes the company's financial performance and strategic initiatives. In 2006, Northern Trust achieved record financial results with net income of $665 million, up 14% from 2005. Total revenues increased 14% to $3.06 billion. The company also made progress on key strategic priorities including expanding blended investment solutions, growing adoption of its WealthPassport technology, and completing major acquisitions and migrations of client assets. Northern Trust positioned itself for continued growth by strengthening its presence in high-growth markets like Asia-Pacific and developing new client relationships.
The document appears to be a presentation for investors and lenders given by FedEx Freight. It includes graphs showing increases in revenue and average daily shipments for FedEx Freight from fiscal years 2005 to 2010. It also shows improvements in transit time for lanes since 2003 and compares current transit times to competitors. The presentation discusses expanding FedEx Freight's short-haul and long-haul networks and introducing priority and economy shipping options. It provides examples of shipping routes and transit times for priority vs economy services. Overall, the presentation aims to showcase FedEx Freight's growth and performance to investors and lenders.
Managing Abu Dhabi's $627 Billion Sovereign Wealth Fund (ADIA), Presentation ...Aaron Beydoun
Aaron-Micael Beydoun has estimated the depletion of Abu Dhabi's oil reserves in 93 years in a course on investment management at Harvard University. Managing the USD 620 Billion of the Emirate's sovereign wealth vis-à-vis the Abu Dhabi Investment Authority, ADIA, he has proposed the following: Although an optimization of financial assets has established the portfolio strategic asset allocation, this ignores that underlying commodity asset i.e. oil, that forms the majority of client’s implied existing portfolio. Since the oil that forms the bulk of implied national wealth is highly volatile, then traditional portfolio investment risk management that only includes invested financial assets may not properly account for total wealth risk. Therefore, so as to properly account for national wealth risk, we recommend a strategic asset allocation that broadens the asset base to include the non-monetized commodity asset i.e. oil so as to properly account for national wealth risk.
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Gluskin Sheff & Associates Inc. is a Canadian asset management firm proposing to expand into western Canada. It currently manages $5 billion in assets primarily for high net worth private clients. The proposal discusses Gluskin Sheff's growth opportunities through expanding its hedge fund offerings, potential for increased performance fees, and dividend increases. The firm is well positioned to benefit from secular growth in demand for wealth management and hedge fund products while also having stability in assets under management due to its focus on high net worth clients.
Assistant: Assistant:
Paraplanner Paraplanner Portfolio Manager
Regulation: Regulation: Regulation:
IIROC FP Canada Portfolio Management
Fee: Fee: Fee:
Transaction based Hourly/Fixed/AUM AUM
Focus: Focus: Focus:
Products Planning Advisory
Client: Client: Client:
Mass Affluent Mass Affluent/HNW HNW
Execution Strategies
Lump Sum
- All at once
Dollar Cost Averaging
- Regular intervals over time
Value Averaging
- Buys more shares
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This document discusses common investment challenges such as randomness of returns, picking winning stocks, timing the market, picking active managers, and the costs of indexing. It then outlines an investment approach focused on strategic partnerships with institutional managers, academically sound portfolio construction, keeping costs low, and HonorVise portfolios. Key points include reviewing evidence that stock returns are random, individual stock picking is difficult, market timing rarely works, and costs are lower with index funds. The approach focuses on dimensions of expected returns including size, value, and market factors.
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Similar to Rethink The Way You Invest Wealth Smart Version (20)
1. Richard Vetter, BA, CFP, CLU, ChFC
Certified Financial Planner
Senior Financial Advisor
WealthSmart Financial Group
Manulife Securities Incorporated
3251 Chatham Street, Richmond, BC V7E 6B8
CRITICAL FACTORS IN THE PURSUIT Tel: 604-241-4357
OF A BETTER INVESTMENT EXPERIENCE Email: richard.vetter@manulifesecurities.ca
PREPARED FOR:
DATE:
2. KEY INVESTMENT PRINCIPLES
UNDERSTAND MARKETS KNOW YOURSELF
1. Let markets work for you. 7. Don’t confuse entertainment with advice.
2. Take risks worth taking. 8. Manage your emotions and biases.
3. Invest, don’t speculate.
HARNESS THEIR POWER WORK YOUR PLAN
4. Hold multiple asset classes. 9. Avoid common investment mistakes.
5. Practice smart diversification. 10. Plan for the long term—and stay the course!
6. Keep costs low.
4. 2 TAKE RISKS WORTH TAKING
SIZE AND VALUE EFFECTS AROUND THE WORLD
18.17
15.79 15.72 15.07
13.82 13.68
12.48
11.69 11.38 11.46 11.43
10.45
9.85
8.97 9.03
9.05
8.23
Annualized
Compound Returns (%)
US US US US Emg. Emg. Emg. Emg.
Large S&P Large Small CRSP Small Intl. Intl. MSCI Intl. Canada Canada Canada Markets Markets Markets Markets
Value 500 Growth Value 6-10 Growth Value Small EAFE Growth Value Market Growth Value Small “Market” Growth
US Large US Small Non-US Developed Markets Canadian Emerging
Capitalization Stocks Capitalization Stocks Stocks Market Stocks1 Markets Stocks
1927–2010 1927–2010 1975–2010 1977–2010 1989–2010
14.03 11.88 11.35 19.17 15.98 13.95 18.48 19.17 13.67 11.29 14.53 12.86 10.40 25.01 21.98 19.46 17.05
Average Return (%)
27.01 20.51 21.93 35.13 30.94 34.05 24.56 28.13 22.29 22.21 21.64 17.47 21.79 42.01 40.67 36.40 34.89
Standard Deviation (%)
1. In CAD.
All returns in USD except Canadian Market Stocks. Indices are not available for direct investment. Their performance does not reflect the expenses associated
with the management of an actual portfolio. Past performance is not a guarantee of future results. US value and growth index data (ex utilities) provided by
Fama/French. The S&P data are provided by Standard & Poor’s Index Services Group. CRSP data provided by the Center for Research in Security
Prices, University of Chicago. International Value data provided by Fama/French from Bloomberg and MSCI securities data. International Small data compiled
by Dimensional from Bloomberg, StyleResearch, London Business School, and Nomura Securities data. MSCI EAFE Index is net of foreign withholding taxes
on dividends; copyright MSCI 2011, all rights reserved. Emerging Markets index data simulated by Fama/French from countries in the IFC Investable
Universe; simulations are free-float weighted both within each country and across all countries.
5. No Point to Stock Picking
Investment Managers versus Chimpanzees
6. 3 INVEST, DON’T SPECULATE
PERCENT OF WINNING ACTIVE MANAGERS
July 2005–June 2010
1%
9% 12%
Canadian Equity
US Equity International Equity
Over time, only a very small fraction of money managers outperform the market after
fees, and it is difficult to identify them in advance.
Source: Standard & Poor’s Indices Versus Active (SPIVA) Funds Scorecard Canada, Second Quarter 2010.
9. Composite Asset Allocations
Canadian Pension Plans
1998–2009
Other: 23%
Equities: 44%
Fixed Income: 33%
Hurricane Subprime
Katrina Mortgage Crisis
Asian Flu Y2K Technology SARS Outbreak
Meltdown
Russian Debt Crisis 9/11 Terrorist Attacks US Invades Iraq Southeast Asian
Tsunami
CAD at USD 0.63 CAD at USD 1.10
Source: Pension Investment Association of Canada, ―Composite Asset Mix Reports,‖ in http://www.piacweb.org/publications, accessed March 15, 2011. S1390.3
10. 6 KEEP COSTS LOW
NET GROWTH OF $1 MILLION
Assumes 6.5% Annualized Return over 30 Years
1% Fee
$4,983,951
$5,000,000
Over long time periods, high
costs can drag down wealth
accumulation in a portfolio. $4,000,000
2% Fee
$3,745,318
Costs to consider include:
• Management fees 3% Fee
$3,000,000 $2,806,794
• Fund expenses
• Taxes
$2,000,000
$1,000,000
1 3 5 10 20 30
TIME (years)
In US dollars. For illustrative purposes only.
11. 7 DON’T CONFUSE
ENTERTAINMENT WITH ADVICE
• The television, print,
and online financial
media are in the business
of entertainment.
• The emphasis is often
on short-term, sensational,
and emotionally
charged headlines.
• These messages can
compromise long-term focus
and discipline, and lead to
poor investment decisions.
12. 8 MANAGE YOUR EMOTIONS
COMMON COGNITIVE ERRORS AND BIASES
• OVERCONFIDENCE • FAMILIARITY
• SELF ATTRIBUTION • MENTAL ACCOUNTING
• HINDSIGHT • REGRET AVOIDANCE
• EXTRAPOLATION • CONFIRMATION
13. 9 AVOID INVESTMENT MISTAKES
COMMON INVESTMENT PITFALLS
• NO INVESTMENT PLAN • MARKET TIMING
• LACK OF MANAGER SCRUTINY • WRONG TIME HORIZON
• CHASING PERFORMANCE • FORECASTING
• OVERCONCENTRATION • EXCESSIVE RISK TAKING
14. 10 KEEP A LONG-TERM PERSPECTIVE—
AND STAY THE COURSE!
9.14% 3.83%
S&P 500 ―Average‖ Equity
20-Year Annualized Return Fund Investor
(time weighted) 20-Year Annualized Return
(dollar weighted)
Comparing time-weighted index returns to dollar-weighted fund
returns suggests that the ―average‖ equity fund investor buys high
and sells low while owning a given fund for less than five years.
Source: DALBAR Quantitative Analysis of Investor Behavior (QAIB), 2011.
15. Disclaimers
Manulife Securities and the block design are registered service marks and trade marks of
The Manufacturers Life Insurance Company and are used by it and its affiliates including
Manulife Securities Incorporated. Manulife Securities Incorporated is a Member of the
Canadian Investor Protection Fund
The opinions expressed are those of the author and may not necessarily reflect those of
Manulife Securities Incorporated.
Editor's Notes
Most people never achieve their financial dreams. Why? In many cases, they never understand how long-term wealth is created. They assume that investment success depends on picking a hot stock, finding an all-star investment manager, or avoiding market downturns. In reality, the blueprint for success is simple and straightforward. But you must rethink your notion of investing and take a different approach, which involves understanding markets and harnessing their power, then knowing yourself as an investor, and working your investment plan.Above are ten key investment principles or actions that can help you improve your odds of having a successful investment experience.
Markets throughout the world have a history of rewarding investors for the capital they supply. Their expected returns offer compensation for bearing systematic risk—or risk that cannot be diversified away.An efficient market or equilibrium view assumes that competition in the marketplace quickly drives securities prices to fair value, ensuring that investors can only expect greater average returns by taking greater systematic risk in their portfolios. This graph documents compounded performance of fixed income and equity asset classes from 1926 to 2009, based upon growth of a dollar. It shows that equities have offered higher compounded returns than fixed income investments. Within the equity asset classes, small cap stocks have outperformed large cap stocks, and value stocks have outperformed growth stocks, resulting in higher returns and greater wealth accumulation.Capital markets reward investors based on the risk they assume. Rather than trying to outguess the markets, investors should identify the risks they are willing to take, then position their portfolios to capture these risks through broad diversification.
To pursue higher expected returns, investors must take higher risks. But only certain risks offer an expected reward—and science has helped identify these risks. The two major equity risks are size and price (as measured by book-to-market ratio—or BtM). These appear in the Canadian, US, and international markets—strong evidence that the risk factors are systematic across the globe. This graph demonstrates the higher expected returns offered by small cap stocks and value (high-BtM) stocks in the US, non-US developed, Canadian, and emerging markets. Note that the international, Canadian, and emerging markets data are for shorter time frames. Small cap stocks are considered riskier than large cap stocks, and value stocks are deemed riskier than growth stocks. These higher returns reflect compensation for bearing higher risk. A multifactor approach incorporates both size and value measures—and exposure to markets around the world—in an effort to increase expected returns and reduce portfolio volatility. An effective way to capture these effects is through portfolio structure.
Story of room full of investment managers versus room full of chimpanzees and success in stock picking. Chimpanzees won, because they only work for bananas
In an efficient market, stock prices reflect all publicly available information—and only new information causes prices to change as market participants adjust their views of the future. Since new information is unknowable in advance, most fund managers who try to beat the market through stock selection and market timing fail to deliver long-term value.As shown above, few active fund managers can outperform their respective market indices. For the five-year period through 2009, only 9% of US Equity managers outperformed their respective benchmarks, compared with 10% for International Equity managers and 7% for Canadian Equity managers.Worse yet, many active funds failed to survive the entire five-year period. Active fund survival was only 39% for US Equity, 53% for International Equity, and 47% for Canadian Equity. Non-survivors either ceased doing business or were merged into other funds.
There is little predictability in asset class performance from one year to the next. The above slide features annual performance of major asset classes in the Canadian, US, and international markets between 1994 and 2009. The top chart ranks the annual returns (from highest to lowest) using the colours that correspond to the asset classes. The bottom chart displays annual performance by asset class. The data reveal no obvious pattern in annual returns that can be exploited for excess profits. The charts offer additional evidence of market efficiency and make a strong case for investors to hold multiple asset classes in their portfolios.
Talking Points:Professional investment managers are thought to have an advanced ability to anticipate and interpret financial events—and to use their insight to actively manage portfolios. This slide offers evidence to the contrary. The graph shows how a majority of institutional investors in Canada allocated their portfolios to major asset groups during a ten-year period ending in 2007. The data in this graph represent a composite asset allocation of over 130 Canadian pension plans totaling $890 billion. This amount reflects 81% of Canadian plans with assets greater than $1 billion. A timeline of selected events below the graph offers a contextual history for evaluating their investment decisions. The pension industry’s aggregate asset mix appears relatively stable in light of the stressful financial events occurring during these years. Perhaps more telling is the pension industry’s lack of response to the larger trends. Consider these examples:An evaporating US equity premium. Although average excess returns in US stocks had virtually disappeared, institutional weights in US stocks declined only slightly. Moreover, this decline reflects the lower relative performance of US stocks rather than the pension managers’ tactical move out of this asset class.A Canadian stock market boom. Although a commodity and resource rally was fueling strong returns in Canadian stocks, home market exposure declined among Canadian pension plans as managers developed innovative ways to circumvent the foreign content limitation and acquire more non-Canadian assets.Underperforming foreign equity markets. Despite lower performance in many non-Canadian stock markets, pension managers did not pursue more hedge fund exposure to offset lower returns of a long-only strategy in these foreign assets. Their “alternative investments” were mainly in private equity and real estate, with the recent addition of infrastructure. This time series provides no convincing evidence that professional managers apply special knowledge to outperform the financial markets. In fact, during this volatile ten-year period, many pension plans seem to have avoided market timing, as the group’s equity/fixed income split remained remarkably stable. Investment “experts” charge a fee to supposedly deliver value-added management in all market environments. Yet, recent history suggests that as a group, they employ a strategic asset allocation that is readily available through lower-cost, passively managed strategies.
Building wealth in the capital markets is a long-term endeavor that does not frequently capture media attention. The business and financial media look to more sensational news to attract readers and keep advertisers.The short-term focus is particularly obvious in articles that dispense investment advice and are framed to appeal to human emotion, especially fear and greed. Investors should view these messages as entertainment, not advice, and resist the temptation to act on them.
Behavioral finance examines the influence of social beliefs, psychology, and emotion on economic decision making. Research suggests that humans are not naturally wired for making good investment decisions, due to cognitive errors and behavioral biases. Investors who are aware of this tendency are better positioned to avoid:Overconfidence: People overestimate their ability to anticipate future investment results. Self attribution: Investors may take credit for their successful investment decisions, while blaming bad outcomes on outside influences.Hindsight: When viewing past outcomes, investors may apply selective recall and conclude that future movements were obvious at that time.Extrapolation: Investors may expect recent market results to continue in the future, and may place too much weight on certain factors or recent events.Familiarity: People may limit investing to areas in which they are familiar, resulting in a false sense of control.Mental accounting: People partition their wealth in categories, resulting in inconsistent and fragmented financial decisions.Regret avoidance: Investors who have experienced painful financial events tend to avoid those investments or markets in the future. Confirmation: Investors seek out or interpret information that confirms what they want to believe about an investment, markets, or their own skill.
In today’s sophisticated marketplace, investors have access to information, advice, and tools to help them grow wealth effectively. With these resources at hand, it would seem natural that people could pursue a successful investment experience. But lack of insight, emotions, and the temptation to speculate keep many investors from reaching their financial goals. Without a well-defined investment plan, they may pick money managers for the wrong reasons and make other decisions that increase risk in their portfolios. By understanding markets and the nature of risk, and by learning to manage their emotions, investors may avoid mistakes that can compromise returns.
Each year, Dalbar measures mutual fund investor performance using data from industry cash flows versus market indices. The research shows that the “average” equity fund investor significantly underperforms the market average, as represented by the S&P 500 Index. (In this study, the market average is considered a proxy for a “buy-and-hold” investor.)The main reason for this poor relative performance is lack of investment discipline. The short-term focus of many fund investors compels them to buy high and sell low, and to hold funds for less than five years, on average.So, investment returns depend on investor behavior. Those who invest for the long term and stay the course typically earn higher returns over time than investors who attempt to time market highs and lows.