The document discusses The Capital Group Companies, one of the world's largest asset managers. It summarizes Capital Group's history and track record of strong long-term performance. While it underperformed during the 2008 financial crisis, its long-term performance is still considered stellar. The chairman, Jim Rothenberg, discusses why the company is now more vocal in debates around active vs passive investing. He argues that while active management as a whole may not outperform the market, individual active managers can outperform over time.
The Manual of Ideas interview with James Thompson of Southeastern Asset Manag...valueconferences
- James Thompson, Principal at Southeastern Asset Management, discusses his valuation framework which focuses on price, business, and people.
- He emphasizes discounted cash flow analysis to value businesses, noting its explicit assumptions allow for sensitivity analysis and monitoring progress.
- Key factors in the business that Thompson examines are debt levels, understandability of the business, and the durability and strength of its competitive moat.
- For the people aspect, Thompson looks for management he can trust to allocate capital well and execute their business strategy.
This document provides guidance on how to successfully invest in startups. It recommends having $500,000-$1,000,000 reserved for startup investing over 10 years. Investors should focus on scalable sectors like technology, life sciences, and green tech. To be successful, investors need knowledge of the sector, a strong network, risk tolerance, and patience. The document outlines the five steps of startup investing: sourcing deals, selection, negotiation, providing support, and harvesting returns. While many startups fail, the few that succeed can provide returns far greater than traditional investments.
Workshop 2: Tipping Point Analysis Preview ("From the Fund Management Jungle:...Koon Boon KEE
1) The document discusses the concept of "catalysts" and "tipping points" in investing, and argues that waiting for catalysts can be risky as many purported catalysts are actually false signals created by insiders to manipulate stock prices.
2) It provides examples of how serious institutional investors like Norway's sovereign wealth fund analyze business model dynamics and tipping points, rather than focusing on short-term catalysts.
3) The document uses examples from index inclusions and deletions to illustrate how catalysts may not always reflect underlying business fundamentals and prospects. Understanding intra-industry effects is also important.
Barry Pasikov runs the value-oriented investment firm Hazelton Capital Partners. Hazelton utilizes two investing strategies - the Core Strategy, which creates a concentrated portfolio of 15-20 equities selected based on how cheap they are relative to intrinsic value, and the Overlay Strategy, which provides short-term cash flow and hedges positions. Pasikov founded Hazelton to manage both his own capital and that of other investors using an investing process refined over his career in finance. He assesses management quality by examining incentives and balancing what management says with what they do, preferring managers he can trust like Ursula Burns of Xerox.
This document outlines Paresh Thakker's presentation on value investing. The presentation covers defining value investing, important qualities of a value investor such as long-term thinking, good temperament, and ability to survive long-term. It discusses avoiding negative behaviors like overconfidence, envy, and living above your means. The presentation also covers things value investors should focus on, like simplifying decisions, continuous learning, associating with better people, prioritizing, identifying sustainable competitive advantages, and having guiding principles for stock picking focused on business and people fundamentals.
What are the key reminders for start-ups and entrepreneurs as they begin to scale? Dr. G gathered a list of interesting reminders from fellow angels and venture capitalists. This presentation was aimed for an audience of start-ups.
The Manual of Ideas interview with James Thompson of Southeastern Asset Manag...valueconferences
- James Thompson, Principal at Southeastern Asset Management, discusses his valuation framework which focuses on price, business, and people.
- He emphasizes discounted cash flow analysis to value businesses, noting its explicit assumptions allow for sensitivity analysis and monitoring progress.
- Key factors in the business that Thompson examines are debt levels, understandability of the business, and the durability and strength of its competitive moat.
- For the people aspect, Thompson looks for management he can trust to allocate capital well and execute their business strategy.
This document provides guidance on how to successfully invest in startups. It recommends having $500,000-$1,000,000 reserved for startup investing over 10 years. Investors should focus on scalable sectors like technology, life sciences, and green tech. To be successful, investors need knowledge of the sector, a strong network, risk tolerance, and patience. The document outlines the five steps of startup investing: sourcing deals, selection, negotiation, providing support, and harvesting returns. While many startups fail, the few that succeed can provide returns far greater than traditional investments.
Workshop 2: Tipping Point Analysis Preview ("From the Fund Management Jungle:...Koon Boon KEE
1) The document discusses the concept of "catalysts" and "tipping points" in investing, and argues that waiting for catalysts can be risky as many purported catalysts are actually false signals created by insiders to manipulate stock prices.
2) It provides examples of how serious institutional investors like Norway's sovereign wealth fund analyze business model dynamics and tipping points, rather than focusing on short-term catalysts.
3) The document uses examples from index inclusions and deletions to illustrate how catalysts may not always reflect underlying business fundamentals and prospects. Understanding intra-industry effects is also important.
Barry Pasikov runs the value-oriented investment firm Hazelton Capital Partners. Hazelton utilizes two investing strategies - the Core Strategy, which creates a concentrated portfolio of 15-20 equities selected based on how cheap they are relative to intrinsic value, and the Overlay Strategy, which provides short-term cash flow and hedges positions. Pasikov founded Hazelton to manage both his own capital and that of other investors using an investing process refined over his career in finance. He assesses management quality by examining incentives and balancing what management says with what they do, preferring managers he can trust like Ursula Burns of Xerox.
This document outlines Paresh Thakker's presentation on value investing. The presentation covers defining value investing, important qualities of a value investor such as long-term thinking, good temperament, and ability to survive long-term. It discusses avoiding negative behaviors like overconfidence, envy, and living above your means. The presentation also covers things value investors should focus on, like simplifying decisions, continuous learning, associating with better people, prioritizing, identifying sustainable competitive advantages, and having guiding principles for stock picking focused on business and people fundamentals.
What are the key reminders for start-ups and entrepreneurs as they begin to scale? Dr. G gathered a list of interesting reminders from fellow angels and venture capitalists. This presentation was aimed for an audience of start-ups.
C8I Holdings Limited and its Subsidiaries released its interim financial report for the first half of fiscal year 2016. Some key highlights include:
- Revenue for the period was $22 million with a net profit of $15 million, a significant increase from the previous fiscal year.
- A gain of $9.4 million was realized from the sale of shares in Digimatic Group Ltd.
- A private equity division was formally established to focus on investment deals in private businesses.
- Expansion into China and Malaysia's education markets through new joint ventures and acquisitions.
- Total liquid assets for the company were $44 million as of the reporting period.
The document outlines Danny Moore's 7 core pillars of entrepreneurship: 1) Be brave and take risks, 2) Build a strong team, 3) Ensure there is money to be made, 4) Always be closing deals, 5) Communicate a compelling vision, 6) Understand the power of compound growth, and 7) Achieve consistent, incremental successes. The pillars emphasize the importance of bravery, team-building, profitability, deal-making, vision, long-term growth strategies, and steady execution for entrepreneurial success.
The document discusses investment strategies and thinking processes. It summarizes that good thinking is a lonely process that requires anticipating change correctly. It discusses how linear thinking can cause investors to miss opportunities for change. It provides examples from history where thinking on the margins helped identify opportunities, such as recognizing changes in technology stocks in the 1960s and interest rates in the 1980s. It analyzes current market conditions and predicts the odds of a new secular bull market are now 45-50%, though few investors currently believe this. It concludes that select market correlations broke down last week and economic reports imply tapering may be delayed, supporting stocks in the near-term.
This document describes the winners of MoneySense magazine's inaugural Great TFSA Race contest, which aimed to find Canadian investors who had grown their Tax-Free Savings Account (TFSA) balances the most since 2009. It profiles the top six winners, including a husband and wife team from Kelowna, BC who grew their investments to over $1 million by betting on a single penny stock. It also describes the varied investment strategies and stocks held by other winners, such as speculative bets on unlikely events by a Calgary investor and holdings in nano-cap stocks by a Montreal accountant seeking high returns.
Agglomeration Information Pack_AG finalCallum Laing
- The document discusses problems that small and medium enterprises (SMEs) face, such as lack of scale, succession issues, demographic challenges, illiquidity, and difficulty creating wealth and expanding globally.
- It then describes the "Unity Agglomeration" solution created by Jeremy Harbour, which involves SMEs joining a holding company that provides instant scale through a consolidated financial profile and allows for succession through mergers. This publicly listed group also provides liquidity and motivates cooperation to increase share prices and drive orderly exits.
This document provides an interview with Gary Claar, founder and Managing Member of Claar Advisors LLC, about his career path and experiences with shareholder activism and investing. Some key points:
- Claar started his career as a corporate attorney, which provided valuable legal and problem-solving skills that differentiated him later in business and investing.
- He learned important lessons about value investing and special situations strategies while working at hedge funds in the 1990s, which helped him successfully navigate the dot-com boom and bust.
- In 2001, he co-founded JANA Partners with Barry Rosenstein, recognizing an opportunity in activist investing in small caps. They built a strong firm and reputation over a
Danny Moore is an entrepreneur turned investor who founded Lough Shore Investments after successfully growing and selling his previous company, Wombat. Some key points:
- Wombat grew rapidly under Moore's leadership from $500k in billings to $40m, while remaining consistently profitable. It was acquired by NYSE in 2008.
- Moore emphasizes the importance of consistent, base-hit growth through strong customer focus and retention. Small improvements can lead to large returns over time through compounding.
- Lough Shore aims to partner with high-potential management teams, helping local companies expand internationally and raise capital through exit or IPO.
- Moore advises founders to focus on traction,
Danny Moore is an entrepreneur and investor from Northern Ireland. He founded Lough Shore Investments after successfully growing and selling his previous company, Wombat, which was acquired by NYSE. Lough Shore aims to invest in and partner with high potential management teams to help them build great businesses and exit or IPO within 10 years. Moore discusses his background and experience with Wombat, the Northern Ireland business landscape, and provides advice to founders about fundraising, growth, and patience.
Danny Moore is an entrepreneur and investor who founded Lough Shore Investments after successfully growing and selling his previous company, Wombat. He discusses his background and experience growing Wombat from a small startup into a $40 million business that was acquired by NYSE in 2008. Moore then talks about his goals with Lough Shore Investments, which is to invest in and help grow 10 high potential companies to exits or IPOs by 2025 through a partnership approach focused on management skills, international expansion, and helping companies access funding. He provides advice to founders about having a clear angle, managing growth consistently through small gains, and being transparent with investors.
The document discusses the need for Niinue, a Kenyan marketplace investment platform that uses debt-equity crowdfunding. It notes that young Kenyan entrepreneurs struggle to access capital from banks to fund innovations, while middle-class Kenyans' individual investments often fail. Niinue aims to address this by allowing entrepreneurs to raise capital from many small investors, and investors to pool and spread their risks across multiple businesses. The platform facilitates equity crowdfunding through structured debt investments to comply with Kenyan laws.
White Paper - Ashford Capital - Capturing the Small Cap EffectKristy Nichols
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in "criteria companies". It describes how Ashford focuses on small companies with strong fundamentals like balance sheets, earnings, and business models. One example is given of a biopharmaceutical company Ashford invested in that was later acquired at a significant premium. The summary emphasizes Ashford's research-intensive process of evaluating management teams and identifying small cap growth opportunities before they are discovered by other investors.
White paper ashford capital - capturing the small cap effect (2)Cliff Short III
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in quality "criteria companies". It outlines that small caps have historically outperformed on a risk-adjusted basis. However, stocks must meet criteria like strong balance sheets, earnings, and business models. Ashford focuses on bottom-up research to identify undiscovered companies meeting its criteria that can be held for long periods. This approach has allowed it to successfully capture the small cap premium over its decades of experience.
The document outlines an investment strategy that focuses on identifying "wide-moat compounders" and hidden champions in Asia. It discusses conducting in-depth analysis of companies' business models and corporate culture to protect downside risk while capturing upside potential. The strategy also aims to overcome behavioral biases like the disposition effect by maintaining long-term conviction in high-quality companies even during market volatility.
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
Chapter 1 discusses how the author identified Starbucks as an opportunity following its IPO in 1992 when its market cap was $220 million compared to $23 billion today.
Chapter 2 explains that the author's philosophy is that earnings growth drives stock price over time and that investing in high-growth companies has huge potential rewards due to compound interest.
Chapter 3 notes that if you looked at the leading US industries in 1925, 23 of the top 100 companies were railroads, 10 were automobiles, and 4 were metals/mining, while none were in information technology, healthcare, or financial services.
eToro startup & mgnt 2.0 course - Class 03 value systemsEstrella Demonte
The document discusses various frameworks for determining a company's objective value, including questions about what problems the company solves and what valuable companies have yet to be built. It then examines three criteria for great companies: they must create value, be durable/permanent, and capture some of the value they create. The document also discusses challenges in valuing high-growth tech companies, where most value is realized far in the future, and the importance of considering monopoly versus perfect competition when analyzing a company's ability to capture value.
Victor Tofan's curriculum vitae provides information about his personal details, education history, work experience, skills, and qualities. He has over 40 years of experience in foreign trade and international economic cooperation, having worked for the Romanian Ministry of Foreign Trade, various foreign trade companies, and as an economic secretary and trade counselor for Romanian embassies in Jordan and Guinea. He is currently the administrator of his own import/export company in Bucharest called SANTOTI EXPORT- IMPORT SRL.
This document advertises a forum on international trade disputes taking place on October 20-21, 2015 in Brussels, Belgium. The forum will provide insights on navigating trade defence measures and barriers in Europe. Attendees will learn strategies for overcoming anti-dumping, anti-subsidy, and anti-circumvention proceedings. There will be presentations from industry experts, government officials, trade associations, and the European Commission. The forum includes highly interactive pre-forum working groups on trade defence measures and navigating trade dispute procedures.
C8I Holdings Limited and its Subsidiaries released its interim financial report for the first half of fiscal year 2016. Some key highlights include:
- Revenue for the period was $22 million with a net profit of $15 million, a significant increase from the previous fiscal year.
- A gain of $9.4 million was realized from the sale of shares in Digimatic Group Ltd.
- A private equity division was formally established to focus on investment deals in private businesses.
- Expansion into China and Malaysia's education markets through new joint ventures and acquisitions.
- Total liquid assets for the company were $44 million as of the reporting period.
The document outlines Danny Moore's 7 core pillars of entrepreneurship: 1) Be brave and take risks, 2) Build a strong team, 3) Ensure there is money to be made, 4) Always be closing deals, 5) Communicate a compelling vision, 6) Understand the power of compound growth, and 7) Achieve consistent, incremental successes. The pillars emphasize the importance of bravery, team-building, profitability, deal-making, vision, long-term growth strategies, and steady execution for entrepreneurial success.
The document discusses investment strategies and thinking processes. It summarizes that good thinking is a lonely process that requires anticipating change correctly. It discusses how linear thinking can cause investors to miss opportunities for change. It provides examples from history where thinking on the margins helped identify opportunities, such as recognizing changes in technology stocks in the 1960s and interest rates in the 1980s. It analyzes current market conditions and predicts the odds of a new secular bull market are now 45-50%, though few investors currently believe this. It concludes that select market correlations broke down last week and economic reports imply tapering may be delayed, supporting stocks in the near-term.
This document describes the winners of MoneySense magazine's inaugural Great TFSA Race contest, which aimed to find Canadian investors who had grown their Tax-Free Savings Account (TFSA) balances the most since 2009. It profiles the top six winners, including a husband and wife team from Kelowna, BC who grew their investments to over $1 million by betting on a single penny stock. It also describes the varied investment strategies and stocks held by other winners, such as speculative bets on unlikely events by a Calgary investor and holdings in nano-cap stocks by a Montreal accountant seeking high returns.
Agglomeration Information Pack_AG finalCallum Laing
- The document discusses problems that small and medium enterprises (SMEs) face, such as lack of scale, succession issues, demographic challenges, illiquidity, and difficulty creating wealth and expanding globally.
- It then describes the "Unity Agglomeration" solution created by Jeremy Harbour, which involves SMEs joining a holding company that provides instant scale through a consolidated financial profile and allows for succession through mergers. This publicly listed group also provides liquidity and motivates cooperation to increase share prices and drive orderly exits.
This document provides an interview with Gary Claar, founder and Managing Member of Claar Advisors LLC, about his career path and experiences with shareholder activism and investing. Some key points:
- Claar started his career as a corporate attorney, which provided valuable legal and problem-solving skills that differentiated him later in business and investing.
- He learned important lessons about value investing and special situations strategies while working at hedge funds in the 1990s, which helped him successfully navigate the dot-com boom and bust.
- In 2001, he co-founded JANA Partners with Barry Rosenstein, recognizing an opportunity in activist investing in small caps. They built a strong firm and reputation over a
Danny Moore is an entrepreneur turned investor who founded Lough Shore Investments after successfully growing and selling his previous company, Wombat. Some key points:
- Wombat grew rapidly under Moore's leadership from $500k in billings to $40m, while remaining consistently profitable. It was acquired by NYSE in 2008.
- Moore emphasizes the importance of consistent, base-hit growth through strong customer focus and retention. Small improvements can lead to large returns over time through compounding.
- Lough Shore aims to partner with high-potential management teams, helping local companies expand internationally and raise capital through exit or IPO.
- Moore advises founders to focus on traction,
Danny Moore is an entrepreneur and investor from Northern Ireland. He founded Lough Shore Investments after successfully growing and selling his previous company, Wombat, which was acquired by NYSE. Lough Shore aims to invest in and partner with high potential management teams to help them build great businesses and exit or IPO within 10 years. Moore discusses his background and experience with Wombat, the Northern Ireland business landscape, and provides advice to founders about fundraising, growth, and patience.
Danny Moore is an entrepreneur and investor who founded Lough Shore Investments after successfully growing and selling his previous company, Wombat. He discusses his background and experience growing Wombat from a small startup into a $40 million business that was acquired by NYSE in 2008. Moore then talks about his goals with Lough Shore Investments, which is to invest in and help grow 10 high potential companies to exits or IPOs by 2025 through a partnership approach focused on management skills, international expansion, and helping companies access funding. He provides advice to founders about having a clear angle, managing growth consistently through small gains, and being transparent with investors.
The document discusses the need for Niinue, a Kenyan marketplace investment platform that uses debt-equity crowdfunding. It notes that young Kenyan entrepreneurs struggle to access capital from banks to fund innovations, while middle-class Kenyans' individual investments often fail. Niinue aims to address this by allowing entrepreneurs to raise capital from many small investors, and investors to pool and spread their risks across multiple businesses. The platform facilitates equity crowdfunding through structured debt investments to comply with Kenyan laws.
White Paper - Ashford Capital - Capturing the Small Cap EffectKristy Nichols
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in "criteria companies". It describes how Ashford focuses on small companies with strong fundamentals like balance sheets, earnings, and business models. One example is given of a biopharmaceutical company Ashford invested in that was later acquired at a significant premium. The summary emphasizes Ashford's research-intensive process of evaluating management teams and identifying small cap growth opportunities before they are discovered by other investors.
White paper ashford capital - capturing the small cap effect (2)Cliff Short III
The document discusses small cap outperformance and Ashford Capital Management's approach to capturing the small cap effect through investing in quality "criteria companies". It outlines that small caps have historically outperformed on a risk-adjusted basis. However, stocks must meet criteria like strong balance sheets, earnings, and business models. Ashford focuses on bottom-up research to identify undiscovered companies meeting its criteria that can be held for long periods. This approach has allowed it to successfully capture the small cap premium over its decades of experience.
The document outlines an investment strategy that focuses on identifying "wide-moat compounders" and hidden champions in Asia. It discusses conducting in-depth analysis of companies' business models and corporate culture to protect downside risk while capturing upside potential. The strategy also aims to overcome behavioral biases like the disposition effect by maintaining long-term conviction in high-quality companies even during market volatility.
We answer all your questions regarding small-cap investing in this free downloadable ebook.
- What is small cap investing?
- What are the characteristics of small cap investing?
- How do I choose a small cap manager?
- Why invest in a managed portfolio?
- What does market timing have to do with anything?
- What investment style REALLY works for small caps?
Chapter 1 discusses how the author identified Starbucks as an opportunity following its IPO in 1992 when its market cap was $220 million compared to $23 billion today.
Chapter 2 explains that the author's philosophy is that earnings growth drives stock price over time and that investing in high-growth companies has huge potential rewards due to compound interest.
Chapter 3 notes that if you looked at the leading US industries in 1925, 23 of the top 100 companies were railroads, 10 were automobiles, and 4 were metals/mining, while none were in information technology, healthcare, or financial services.
eToro startup & mgnt 2.0 course - Class 03 value systemsEstrella Demonte
The document discusses various frameworks for determining a company's objective value, including questions about what problems the company solves and what valuable companies have yet to be built. It then examines three criteria for great companies: they must create value, be durable/permanent, and capture some of the value they create. The document also discusses challenges in valuing high-growth tech companies, where most value is realized far in the future, and the importance of considering monopoly versus perfect competition when analyzing a company's ability to capture value.
Victor Tofan's curriculum vitae provides information about his personal details, education history, work experience, skills, and qualities. He has over 40 years of experience in foreign trade and international economic cooperation, having worked for the Romanian Ministry of Foreign Trade, various foreign trade companies, and as an economic secretary and trade counselor for Romanian embassies in Jordan and Guinea. He is currently the administrator of his own import/export company in Bucharest called SANTOTI EXPORT- IMPORT SRL.
This document advertises a forum on international trade disputes taking place on October 20-21, 2015 in Brussels, Belgium. The forum will provide insights on navigating trade defence measures and barriers in Europe. Attendees will learn strategies for overcoming anti-dumping, anti-subsidy, and anti-circumvention proceedings. There will be presentations from industry experts, government officials, trade associations, and the European Commission. The forum includes highly interactive pre-forum working groups on trade defence measures and navigating trade dispute procedures.
L'unione civile, rappresentando sostanzialmente un "matrimonio" tra persone dello stesso sesso, comporta conseguenze ad esso assimilabili. Il Parlamento ha approvato una legge idonea ad estendere alle parti dell'unione civile tutti i diritti e le facoltà che la legislazione sul lavoro, nonché i contratti collettivi e gli accordi sindacali, attribuiscono ai coniugi.
This document provides information about an upcoming international trade compliance conference to be held from April 26-28, 2016 in Chicago, IL. It includes details about pre-conference workshops on April 26th focusing on sanctions compliance and navigating varying trade regulations. The main conference will address topics like the transition to the Automated Commercial Environment program, changes to export controls and customs auditing. Speakers will provide guidance on complying with regulations and maximizing opportunities in the evolving trade landscape.
This document provides information about the 5th Annual Economic Sanctions and Financial Crime Forum taking place on November 15-16, 2016 in London. The forum will bring together over 500 leaders and policymakers from legal, enforcement, and regulatory compliance to discuss challenges and priorities regarding sanctions and financial crime. Speakers will include representatives from HM Treasury, OFAC, and De Nederlandsche Bank. Topics will include the UK's new sanctions enforcement regime in light of Brexit, global enforcement priorities, Iran sanctions relief, and strengthening sanctions compliance programs. Attendees can gain strategic guidance on managing sanctions risks from top industry experts.
GESTÃO DE RISCOS DE DESASTRES DEVIDO A FENÔMENOS GEODINÂMICOS NO ESTADO DE SÃ...Maria José Brollo
BROLLO, M.J. & FERREIRA, C.J. 2016. GESTÃO DE RISCOS DE DESASTRES DEVIDO A FENÔMENOS GEODINÂMICOS NO ESTADO DE SÃO PAULO: CENÁRIO 2000-2015 – Boletim do Instituto Geológico nº 67 – São Paulo : I G / SMA, 2016. 72p ; ISSN 0100-431X. Disponível em: http://igeologico.sp.gov.br/files/2016/10/boletim_IG_vol_67.pdf
Estudos desenvolvidos no Instituto Geológico desde 2009 resultaram em um sistema de indicadores de riscos de desastres do Estado de São Paulo que permitiu o estabelecimento de cenários anuais e de referência para o tema. Constitui, também, a base para um retrato da dimensão dos problemas e suas consequências, o que vem auxiliando a eficaz gestão das situações de risco e desastre no Estado. A presente publicação consolida este histórico, apresentando o cenário 2000-2015 da situação de riscos de desastres devido a fenômenos geodinâmicos no Estado de São Paulo em termos de ocorrência de problemas (acidentes e danos) e de gestão, destacando como os mesmos vem sendo enfrentados pelo Poder Público por meio de instrumentos de gestão de riscos. São expostos conceitos, bases de dados, forma de abordagem do assunto e o Sistema de Indicadores de Riscos de Desastres construído para o Estado de São Paulo, que abarca 5 indicadores (número de acidentes, número de óbitos, número de pessoas afetadas, número de edificações afetadas, número de municípios com instrumentos de gestão de risco), agrupados em 2 grupos-chave (Indicadores de Estado ou Situação, Indicadores de Resposta). Esta abordagem envolve a análise e discussão dos indicadores em um período de 16 anos, e do ano de 2015 em particular, promovendo uma comparação entre os mesmos, a análise de tendências e de criticidade de municípios, assim como a apresentação de perspectivas futuras.
1. Introduccion Al Proceso Constructivo (Blanco Y Negro)Benjamin
Este documento presenta la información sobre un curso de presupuestación de obras que incluye las fechas de inicio y terminación, días de asueto y vacaciones. También incluye la bibliografía recomendada y los temas que se cubrirán como introducción al proceso constructivo, campos de la ingeniería civil, y la relación entre la construcción y otros campos.
Este documento discute como organizar equipes altamente produtivas de três formas: 1) Criando equipes unidas e criativas com diversidade de pessoas e ideias; 2) Formando equipes multidisciplinares com participação de especialistas de diferentes áreas; 3) Reconhecendo que pessoas diferentes produzem resultados mais eficientes quando trabalham juntas.
O documento apresenta o Modelo de Excelência da Gestão (MEG), descrevendo sua estrutura baseada em 13 Fundamentos e 8 Critérios, e explicando sua evolução ao longo do tempo para incorporar conceitos como sustentabilidade. Também destaca os principais benefícios da adoção do MEG, como competitividade, aprendizado organizacional e mensuração de resultados.
El documento proporciona información sobre acero de refuerzo y sus usos. Define acero como una aleación de hierro con carbono y otros elementos. Explica que el acero de refuerzo se usa comúnmente para aumentar la resistencia, ductilidad y capacidad de carga del concreto. También detalla los usos comunes del acero de refuerzo en elementos de concreto presforzado como vigas y losas, así como las dimensiones y especificaciones de las varillas de acero de refuerzo.
dealroom.co presentation with notes at IDCEE 10 Oct 2014 Yoram Wijngaarde
The document discusses the future of fundraising and capital raising. It begins with an overview of traditional relationship-based banking (Finance 1.0). It then describes the rise of large banks and financial innovation (Finance 2.0), noting increased complexity, opacity, and imbalance. The document suggests we are moving toward Finance 3.0, characterized by simplification through technologies, peer-to-peer lending, and the fragmentation of funds. It addresses challenges in seed and growth capital investing and potential solutions like crowdfunding and syndication platforms. Finally, it introduces the company Dealroom as aiming to facilitate investment by curating company information for investors.
Your Retirement April May June 2008 NewsletterMartin Demarest
The document provides an overview of retirement planning topics including saving and investing approaches, mutual fund performance, and active vs. passive investing strategies. It discusses findings that most individual investors and mutual fund managers underperform market indexes, and that index funds have lower fees and expenses while often achieving equal or better returns than actively managed funds. The newsletter aims to give straightforward retirement planning advice and promote upcoming workshops on saving and investing for retirement.
The document discusses factors that top private equity fund managers employ to consistently deliver high returns to investors. It summarizes responses from interviews with several top performers. Some common factors cited include proactively initiating opportunities rather than reacting to deals, having a rigorous process to assess management teams and deals, specializing in specific sectors, getting hands-on involved with portfolio companies, managing capital levels to avoid diminishing returns, carefully selecting sectors and markets, learning from proven solutions elsewhere, mitigating cultural and risk factors when operating internationally, and avoiding deals that exploit workers or harm the environment.
The document summarizes the discussions from an Opalesque Roundtable event in London that addressed various topics related to hedge funds and alternative investments after the Brexit vote.
1) UK equity hedge funds were not well positioned for a Brexit vote and are now reconsidering their positioning given the possibility of a UK recession. Strategies discussed included being short on UK domestic stocks and long on global winners based in the UK.
2) Investors are rethinking their hedge fund allocations in light of market uncertainty and fee levels. While some strategies have performed well recently, others have struggled, leading investors to question their manager selection processes.
3) Liquidity constraints are pushing some managers away from less liquid strategies even if
The document summarizes the discussions from an Opalesque Roundtable event in London that took place in early July 2016. The roundtable included hedge fund professionals from firms like HSBC, Man Group, Schroders, Lutetia Capital, Eurex, and Societe Generale.
Key topics discussed included:
- How UK equity hedge funds were positioned going into the Brexit vote and their strategies in the aftermath.
- Views on the potential long-term risks of Brexit for UK-based hedge funds.
- Challenges of investing in hedge funds via small teams and different fund structures.
- Competition between fundamental equity managers and quant funds.
- Issues around hedge fund fees, capacity
This document is the preface to a book titled "STOCKS to 4E?DAI: Insights on Investor Behaviour" by Parag Parikh. The preface discusses how the book aims to explain investing strategies and the psychology behind investor behavior by drawing on concepts from behavioral finance. It notes that understanding behavioral biases can help readers make better investment decisions. The book also examines different types of investors and participants in stock markets. It aims to help readers understand market bubbles and the tug of war between greed and fear that drives booms and busts. The preface positions 2005 as the start of a major bull market in Indian history and the beginning of an equity investment tidal wave in India.
Seminar 3 finding and researching investment ideaspvalantagul
The document provides guidance on finding and researching investment ideas. It discusses looking for ideas from everyday life, various sectors and industries, as well as large and small companies. It also recommends sources for investment ideas such as blogs, 13-F filings, Value Line, Value Investors Club, and Guru Focus. Further research on any potential investment ideas is strongly encouraged to properly evaluate companies.
1. The passage discusses how the financial services industry has evolved since the 1970s with the proliferation of investment consultants, registered investment advisors (RIAs), and various performance screening tools. However, past performance is still not the primary criteria used to evaluate managers.
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Shareholder activism has significantly increased in recent years. The number of activist campaigns targeting public companies grew from 86 in 2011 to 117 in 2012. Assets under management for activist funds rose to over $65 billion by the end of 2012. Activists are increasingly targeting larger companies, with 35 companies targeted in 2012 having a market capitalization over $1 billion, compared to only 9 such companies in 2009. Activists have also been successful in obtaining board representation, gaining at least one board seat in over 50% of contested situations annually for the past five years.
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1. 8 the raffles conversation THE BUSINESS TIMES WEEKEND SATURDAY/SUNDAY, JULY 11-12, 2015 q THE BUSINESS TIMES WEEKEND SATURDAY/SUNDAY, JULY 11-12, 2015 q the raffles conversation 9
‘N
O investment organisa-
tion in the world has ev-
er done so well for so
long for so many clients
as The Capital Group
Companies,” wrote Charles Ellis, the re-
nowned author and expert on investment
management, in his 2004 biography of the
firm Capital: the story of long term invest-
ment excellence.
Some of the shine embodied in that
statement wore off after the global finan-
cial crisis of 2008. From 2008 to 2010, Capi-
tal funds underperformed. Redemptions
rose, turnover among investors nearly dou-
bled from traditionally around 15 per cent
to 30 per cent, partly because of the grow-
ing popularity of passive index funds and
exchange-traded funds (ETFs), which as
an active manager, Capital did not offer.
But Mr Ellis’ earlier assessment re-
mains broadly valid; Capital’s track record
over the long term is still stellar. More in-
vestment managers still want to work at
the Capital Group than at any other asset
management company. Indeed, the com-
pany was profiled again in Mr Ellis’ 2013
bestseller What it Takes which studied five
of the world’s top professional firms and
what sets them apart from their peers.
Established in 1931 and headquartered
in Los Angeles, privately owned Capital
Group is one of the world’s largest global
asset managers. It has more than US$1.4
trillion in assets under management,
some 50 million accounts, 200,000 distrib-
utors and some 7,300 staff spread across
24 offices around the world, including six
in the Asia-Pacific – in Hong Kong, Singa-
pore, Tokyo, Mumbai, Sydney and Bei-
jing. It is also by far the world’s biggest in-
vestor in emerging markets and even has
the world’s biggest emerging market pri-
vate equity fund.
Breaking silence
Capital Group’s 69-year-old chairman,
Jim Rothenberg, who has served for 45
years in the company, is one of the doyens
of the money management business. He is
breaking from tradition in granting an in-
terview. The group has historically
shunned the media. It does not advertise
and is known to have issued barely half a
dozen press releases in its 84 years of exist-
ence.
“We’ve had a history of trying to keep
out of the spotlight and remain somewhat
quiet,” says Mr Rothenberg, in a confer-
ence room at Capital’s sparsely furnished
offices in One Raffles Quay.
Part of the reason, he explains, is be-
cause people at the firm prefer to keep a
low profile. “There are a lot of names that
you wouldn’t have heard of, but some of
them have investment records which, dur-
ing their time, have been as good as any I
have ever seen. So, it’s been more the style
of the people, which has been adopted by
the firm.”
But then the environment changed.
First, the regulatory environment got
tougher since the global financial crisis.
“We felt compelled to be more vocal
about some of the directions (regulators)
are taking,” says Mr Rothenberg. “Because
for the most part, these are bank regula-
tors trying to apply bank regulatory stand-
ards and beginning to talk about imposing
those standards on us.”
Active vs passive investing
The other big change is what he calls “the
active-passive debate”, that is, the debate
over whether it is better for investors to in-
vest with “active” fund managers such as
Capital, who pick selected stocks, or “pas-
sive” managers such as the Vanguard
Group, who simply invest in index funds
and ETFs.
“Because if we don’t speak, only one
side is talking. Somebody has to take up
the other side,” he points out. “Many of
our brethren competitors in the invest-
ment world haven’t been willing to do
that, so we felt we’d better step up the dis-
cussion and put out the other side of the
story.”
The advocates of passive investing in-
clude heavyweights such as the founder of
the Vanguard Group John Bogle as well as
Nobel laureates William Sharpe and Eu-
gene Fama. Mr Fama was the originator of
the so-called “efficient market hypothe-
sis”, which holds that asset prices incorpo-
rate all available information. He suggest-
ed that since active managers don’t have
better information, they can’t generate
better returns than what an investor can
get by passively investing in index funds
or ETFs. The game of trying to time the
market is unwinnable, according to this
thesis.
As the head of one of the biggest active
managers in the world, what is Mr
Rothenberg’s answer?
“Part of my answer goes back to when I
was in business school during 1968-1970,”
he says. “Some of the people who taught
me at the time were the inventors of some
of these theories about random walks and
the idea that active management couldn’t
outperform, or that information was
broadly known. One of the fascinating
things about people like Bill Sharpe is that
they went into the active investment man-
agement business. In fact, there were a
number of folks who contributed to the
philosophical underpinnings of passive in-
vesting who then all went into active man-
agement. If you invented this theory, why
would you do that? Maybe there’s more
money in active management, I don’t
know why. But it’s interesting.
“The other thing is this: The theory
says, collectively, all active managers in
the mutual fund business can’t outper-
form the market. But since active manag-
ers represent something like 75 per cent of
the market, it’s not a very heroic state-
ment to say that 75 per cent don’t outper-
form the 100. I think you could prove it
mathematically that it would be impossi-
ble for the 75 per cent to outperform the
100 all the time.
“What they cannot say – because it can
be so easily refuted – is that an individual
manager, over reasonable time periods,
can outperform. What they then fall back
on is to say, well, it’s too hard for the aver-
age individual to find that person. And to
that, we say: ‘That’s interesting. We man-
age about US$1.3 trillion of mutual fund
assets in the US, so some people have
been able to find us without too much
trouble’.
“We are not advocating that active
management is better than passive man-
agement. What we are trying to say is that
there is a possibility that active manage-
ment has value. They can’t refute that.”
He also points out that if the passive
theory was right, investment legends such
as Warren Buffet, Peter Lynch and George
Soros could never exist.
“Another thing they say is that it has
gotten harder to outperform. I think that
is true. Information has become much
more democratised by the Internet. So
yes, it’s not easy to outperform. Yet, there
are organisations that have done it, and
done it over long periods of time.
“So we just want to be that other force
out there in the debate, since we have a
good data set behind us. We think there’s
another point to be argued.”
The Capital System
What then, does it take for an investment
manager to outperform over the long
term?
“The first thing when you talk about
the long term is that you must have an or-
ganisation that’s built to last,” says Mr
Rothenberg. “So since the 1950s, we have
used an approach to managing money
which we call the Capital System. It’s real-
ly a system of multiple managers working
in portfolios. So in essence, over time, the
results that we’ve achieved were never
achieved by one person. They were
achieved by a sequence of people.”
Most investment management firms
use one of two approaches to manage
portfolios. One is to use individual manag-
ers, the other is to rely on investment com-
mittees. The idea of having multiple man-
agers running a single portfolio was to get
the best of both worlds: high conviction
ideas get put into practice, and there is di-
versity of ideas as well. Moreover, portfo-
lio managers get satisfaction and are ac-
countable. And with more managers,
funds can be bigger, and fees lower. The
system has generally worked well for the
Capital Group.
But isn’t Capital missing out on “star”
managers – such as the legendary Peter
Lynch of Fidelity or even a Warren Buffet?
“It's not that stars are bad, and we have
had quite a few stars,” says Mr Rothen-
berg. “But they tend to be more volatile.
Stars don’t perform in and out, every year,
with the same efficacy. Clients are interest-
ed in lower volatility than what stars often
produce. So it’s not that we don’t have
stars, we just harness and package them
together. And they don’t all perform each
year the same.”
What Capital Group’s approach comes
down to in the end is talent and how it is
managed. “Of course the other underpin-
ning is that you’ve got to know a lot about
what you’re investing in. If you believe in
passive investing, you know nothing
about what you’re investing in. So we’ve
built over time, a very extensive global re-
search capability, both at macro and mi-
cro levels, with a huge emphasis on indus-
tries and companies.
“Those are the ingredients: talent, how
we put it together, the Capital System and
this belief in extensive research.”
But why then did the Capital Group un-
derperform during 2008-2010 and what
has the organisation learned from that ex-
perience?
“We’ve always been heavily oriented to-
ward growth and income, not just toward
growth,” Mr Rothenberg explains. “In
2008, a lot of high-yielding companies
were in the financial services industry. We
didn’t anticipate the degree to which
there would be trouble in the financial ser-
vices sector. The funny thing was that our
fixed income folks did anticipate this, but
the communication didn’t get across the
divide as well as it should have. That was
our biggest error. I remember there was
this 27-year-old who was doing research
related to fixed income. And this young
guy wrote a piece about a page and a half
long saying, you know, there never can be
a Triple A sub-prime piece of paper. Some-
how that didn’t get across to the equity
guys.
“We’ve spent a lot of time since then
ensuring that our fixed income folks and
our equity folks talk to each other and
even do joint research. Equity analysts
tend to focus on the income statement,
fixed income analysts tend to focus on the
balance sheet. We make sure those two
get put together all the time.”
Emerging trends
Mr Rothenberg spends much of his time
thinking about trends emerging over the
next three to five years and their implica-
tions for investment strategy. One of the
big trends he is focusing on is ageing and
retirement.
“In the US, Japan, Europe and other
countries in Asia, the demographics are
shifting. We’re looking at the needs of retir-
ing or retired investors. We have been do-
ing a lot of work in the US and increasing-
ly outside the US on what kinds of prod-
ucts and services most address the needs
of these people.”
It’s not a straightforward issue, he ex-
plains. “There’s a tendency to think that
there’s this moment when you retire and
your asset mix shifts. The problem with
this view is that if you’re a couple and you
retire at 65, there’s a high probability that
one of you will live till 85 – so that’s a
20-year horizon. That’s beyond what most
people think about from an investment
perspective. But what it should suggest to
you is that you can’t just go from wherever
you were when you retire to fixed income.
Because if you do that, and inflation is at
all like the past, you’re going to have some
problems. We have tried to create prod-
ucts that move along a glide path.
“You don’t go, boom, from equities to
fixed income. You move from where you
were to a more conservative equity piece,
with some fixed income. As time passes,
you shift to equities with some yield.
We’re looking for ways to bring some of
those products to markets outside the US
and find ways, with local partners hopeful-
ly, to distribute these products.”
Another trend Mr Rothenberg sees re-
lates to how investors will look at the glo-
bal investment picture in a world where
more companies operate globally. A lot of
the current geographical distinctions that
investors make – for example, whether
they’re investing in a US company or a Eu-
ropean company or an emerging market
company – are going to go away, he sug-
gests.
“For example, when you buy Nestle,
you’re not really buying a European com-
pany in terms of its business. The ques-
tion is not what is the mix of assets by
domicile but what is the mix of assets by
revenue.” Thus, the Capital Group is try-
ing to figure out how it needs to position
its offerings to investors.
The fact that China is a major force will
also change the way investors look at the
world. “We’re going to be faced with the
idea that China will have the largest or sec-
ond largest market cap in the world. So
how will Morgan Stanley restructure its in-
dices? Does it make sense to think about
US, developed markets, non-US, and
emerging markets, or should it be US, Chi-
na, other emerging markets, Europe and
Japan as a way to think about the world?”
As for his view on China and its pros-
pects, Mr Rothenberg offers a cautious
opinion. “It’s very hard to reconcile the
public data with the probable reality,” he
says. “The published data says the econo-
my grew at 7 per cent, but when you look
at real data, you find that iron ore ship-
ments, coal shipments, electricity produc-
tion – all the real things – are down to a lev-
el more consistent with 3 per cent
growth.”
“They also do have an issue with their
labour force. They can’t reverse their one
child policy very quickly. In truth, by
around 2020, the population dynamics of
the US will be better than the population
dynamics of China – although China still
has a lot of labour that is not in the cities.”
Overall, he concludes: “I wouldn’t rule out
that China will play a very big role in com-
ing years and be a force to reckon with.”
Voracious reader
A thoughtful – you might even say, cere-
bral – personality, Mr Rothenberg is a vora-
cious reader. He once told The Harvard
Gazette (Harvard was his alma mater,
and he majored in English literature be-
fore he went to business school) that the
study of literature is good training for mak-
ing long term decisions based on imper-
fect information. What did he mean?
He explains: “The one thing I’ve ob-
served is that with the study of literature,
you understand the notion that there is no
single answer, no single conclusion that
you can draw when you read a poem or a
novel. You have to build a case, based on
your own perceptions and your own ideas
– and have to justify your case. You have
to also recognise that it’s not the answer,
it’s an answer. I think that whole frame of
mind – recognising that there are lots of
facts, lots of data, conclusions and infer-
ences that can be drawn, but there are of-
ten non-answers – that’s a very useful
mindset for the investment management
business. Because there often aren’t a lot
of answers and we are inherently making
decisions without perfect information.
“The other thing that you begin to real-
ise when you read a lot of literature, is
there is a lot of meaning to behavioural fi-
nance. People and personalities have a
great deal of influence, both at the compa-
ny level and in the marketplace. If you
read literature, you see a lot of that.”
He talks about what he read on the
plane to Singapore.
“I read a book that a friend of mine
gave me called Boys in the Boat. It’s
about the University of Washington boat
crew that rowed in the 1936 Olympics,
and much to the chagrin of Adolf Hitler,
won the gold medal. It’s a fascinating
book to read because it talks about the per-
sonalities of these individuals and the no-
tion that an eight-man crew is not neces-
sarily the strongest eight individual oars-
men. It’s how you put that group together
and how that group has to work as one,
how they have to trust each other. It’s a lot
about collaboration.”
Mr Rothenberg points out the big les-
son in the story of the Olympic champi-
ons of the 1936 US rowing team for his
business – which is probably true for
many others as well.
“Among investment analysts,” he says,
“there’s sometimes a tendency to ask:
‘how do I maximise my own bonus’ as op-
posed to ‘how do I maximise the outcome
for the firm’.”
vikram@sph.com.sg
PHOTO: SHAWN TEO
Doyen of
money managers
Jim Rothenberg, chairman of the Capital Group, talks about his firm’s unique style,
emerging trends in global markets and his love of literature. By Vikram Khanna
‘We are not advocating
that active management
is better than passive
management. What we
are trying to say is that
there is a possibility that
active management has
value.’
JAMES F
ROTHENBERG
Chairman, The Capital Group
Companies, Inc
Born 1946
Education:
1968: AB (English) Harvard College
1970: MBA with distinction, Harvard
Business School
Holds Chartered Financial Analyst
qualification
Professional highlights:
1970: Joined Capital Group; served in
various positions, including as equity
investment analyst and president and
director of Capital Research and
Management Co
Other positions held:
Treasurer, Harvard University
(2004-2014)
Chairman of the Board of Directors,
Harvard Management Company
Director, Huntington Memorial
Hospital, Los Angeles, California
Director, California Insitute of
Technology
Governor, Investment Company
Institute (global association of
regulated funds)