Geopolitical events continued to make headlines this quarter but did little to quell investors’ enthusiasm as markets continued to advance. Russia and the Ukraine managed to agree to a temporary ceasefire just as sectarian violence in Iraq exploded driving oil prices higher. China garnered attention with its hegemonic designs on the South China Sea much to the displeasure of Japan and Vietnam as well as pushing back on any pro-democracy desires in Hong Kong. In addition, Argentina once again threatens to default on its debt after losing a Supreme Court decision to creditors in the US.
It has been seven years since the last financial crisis. In that seven-year period, the total global debt has increased by even more than it did in the seven years previous (2000-2007). From the end of 2007 through to the end of the first half of last year, total global debt increased by 40%, or $US 57 TRILLION! This massive increase in debt has been a consequence of easy money in a low interest rate environment aided and abetted by programs of quantitative easing (the provision of liquidity by central banks) in order to promote economic growth and investment.
The first quarter managed to record some positive results overall, despite severe declines in some sectors.
THIRD QUARTER 2015 RETROSPECTIVE AND PROSPECTIVE We’ve Seen This Movie BeforeRobert Champion
Global markets remained in turmoil as concerns regarding the global economy persisted. While much of the international focus was centred around the slowing economy in China, there were few places that investors could hide as even cash, paying little to negative interest in some parts of the world, was a relative winner in the quarter.
Are the good times here to stay or are we hearing the Sirens’ call? Since 2008, investors have been on an odyssey. Gradually, stock markets have managed to recover from the disastrous carnage precipitated by the financial crisis of 2007 and 2008. It has been an uneven path back to current market levels as there have been many occasions when it appeared that the fragile recovery would be stymied by bickering politicians, slowing emerging economies, deflationary pressures, regulatory zeal, civil unrest in the Middle East, over spent consumers, etc
It didn’t go the way the pundits predicted. As the second quarter came to a close, people in the UK voted to exit (Brexit) the European Union by a narrow margin. Despite the narrow differences in the polls, global markets and the mainstream press indicated that the opposite outcome would prevail in the days leading up to the vote.
Investors hate uncertainty. The immediate reaction to the Brexit vote was severe and negative. However, stocks recovered to a great extent over the following week.
Sprung Investment Management is an independent investment management firm that serves high net worth private clients. It focuses on creating customized portfolios to achieve clients' long-term investment goals through principled analysis and integrity. The firm takes a value-driven approach to selecting undervalued securities with a margin of safety for preserving capital and delivering income and growth. It has a track record of low volatility returns since 2005 and performance numbers are available upon request.
THIRD QUARTER 2016
RETROSPECTIVE AND PROSPECTIVE
And The Band Played On…
“When democratic governments create economic calamity, free markets get the blame.”-Jack Kemp
“Politicians and diapers must be changed often, and for the same reason.”- Mark Twain
Thus far, the calamities predicted by the pundits that would result from the Brexit vote to leave the European Union have not been as severe as anticipated. Perhaps this is due to the building geopolitical and economic stresses that have diverted the focus from Brexit to other issues. Furthermore, the impact of Brexit will likely take some time to discern as the trade, migration, political and other ramifications evolve over the coming months and years. Meanwhile, governments globally continue in their efforts to stimulate economic growth with what appears to be diminishing results.
The euphoria of the past year carried into the first quarter of 2014 only to be rudely interrupted by geopolitical events as Russia took over the Crimea. The hue and outcry was heard around the world and global markets were shaken by this event.
Since the inauguration on January 20, we have all been inundated by media reports on the first one hundred days of the Trump administration. While stock market participants entered the year with apparently high expectations, towards the end of this 90 day quarter there has been wavering of sentiment as the realization that not all of Trump’s campaign promises are likely to be delivered.
It has been seven years since the last financial crisis. In that seven-year period, the total global debt has increased by even more than it did in the seven years previous (2000-2007). From the end of 2007 through to the end of the first half of last year, total global debt increased by 40%, or $US 57 TRILLION! This massive increase in debt has been a consequence of easy money in a low interest rate environment aided and abetted by programs of quantitative easing (the provision of liquidity by central banks) in order to promote economic growth and investment.
The first quarter managed to record some positive results overall, despite severe declines in some sectors.
THIRD QUARTER 2015 RETROSPECTIVE AND PROSPECTIVE We’ve Seen This Movie BeforeRobert Champion
Global markets remained in turmoil as concerns regarding the global economy persisted. While much of the international focus was centred around the slowing economy in China, there were few places that investors could hide as even cash, paying little to negative interest in some parts of the world, was a relative winner in the quarter.
Are the good times here to stay or are we hearing the Sirens’ call? Since 2008, investors have been on an odyssey. Gradually, stock markets have managed to recover from the disastrous carnage precipitated by the financial crisis of 2007 and 2008. It has been an uneven path back to current market levels as there have been many occasions when it appeared that the fragile recovery would be stymied by bickering politicians, slowing emerging economies, deflationary pressures, regulatory zeal, civil unrest in the Middle East, over spent consumers, etc
It didn’t go the way the pundits predicted. As the second quarter came to a close, people in the UK voted to exit (Brexit) the European Union by a narrow margin. Despite the narrow differences in the polls, global markets and the mainstream press indicated that the opposite outcome would prevail in the days leading up to the vote.
Investors hate uncertainty. The immediate reaction to the Brexit vote was severe and negative. However, stocks recovered to a great extent over the following week.
Sprung Investment Management is an independent investment management firm that serves high net worth private clients. It focuses on creating customized portfolios to achieve clients' long-term investment goals through principled analysis and integrity. The firm takes a value-driven approach to selecting undervalued securities with a margin of safety for preserving capital and delivering income and growth. It has a track record of low volatility returns since 2005 and performance numbers are available upon request.
THIRD QUARTER 2016
RETROSPECTIVE AND PROSPECTIVE
And The Band Played On…
“When democratic governments create economic calamity, free markets get the blame.”-Jack Kemp
“Politicians and diapers must be changed often, and for the same reason.”- Mark Twain
Thus far, the calamities predicted by the pundits that would result from the Brexit vote to leave the European Union have not been as severe as anticipated. Perhaps this is due to the building geopolitical and economic stresses that have diverted the focus from Brexit to other issues. Furthermore, the impact of Brexit will likely take some time to discern as the trade, migration, political and other ramifications evolve over the coming months and years. Meanwhile, governments globally continue in their efforts to stimulate economic growth with what appears to be diminishing results.
The euphoria of the past year carried into the first quarter of 2014 only to be rudely interrupted by geopolitical events as Russia took over the Crimea. The hue and outcry was heard around the world and global markets were shaken by this event.
Since the inauguration on January 20, we have all been inundated by media reports on the first one hundred days of the Trump administration. While stock market participants entered the year with apparently high expectations, towards the end of this 90 day quarter there has been wavering of sentiment as the realization that not all of Trump’s campaign promises are likely to be delivered.
It has been ten years since the great financial crisis. In the US, the S&P 500 peaked on October 9, 2007. The Canadian market continued its upward trajectory into the following year peaking in June as energy stocks were buoyed by high oil prices. While the bull market leading up to 2008 had duration of about five years, the current bull market has gone on for ten years without any significant setback.
As the third quarter drew to a close, Canada had yet to come to terms with the US and Mexico on a renewed trade agreement. Investors woke up on Monday, October 1, 2018 to news that a deal had in fact been cobbled together at the last minute and that all was well in the world.
Despite a strong start in January, global stock markets became unnerved in the latter part of the first quarter of 2018. Rising trade tensions contributed to the unease investors exhibited as the US took a stronger stance on bilateral trade negotiations through the enactment of targeted tariffs.
A euphoric start to 2019!
After a dismal end to last year, global stock markets rebounded in the first quarter making up much of the ground lost in the final quarter of 2018. The underpinnings of this sudden reversal in sentiment are less clear. There appears to be a disconnect between the direction of the stock markets and the direction of the global economies. Economists continue to moderate the outlook for future economic growth. The issues that vexed the markets in 2018 remain and in many cases, those issues have deteriorated even further.
The Global Portfolio Strategies Group's economic outlook notes that global equity markets peaked in early April before falling sharply in May, as they had anticipated. While not compelled to reduce equity exposures, they recommend maintaining a neutral stance given ongoing economic and political uncertainties. They continue to favor U.S. equities over international ones, seeing the U.S. economy in better shape despite political uncertainty. Emerging markets have faced challenges from slowing growth and currency declines, but aggressive policy actions and cheaper valuations may provide a boost going forward. Markets are expected to remain volatile in this environment of uncertainties over the European situation, U.S. economy, and upcoming elections.
Economies are the cumulative reflection of the myriad of transactions taking place every day. In order for a transaction to take place, there must be a buyer and a seller. Both parties to the transaction believe that they are receiving adequate compensation, no matter on which side of the trade they reside. In financial markets, buyers and sellers are expressing differing expectations for the object being sold. Markets have continued to rise for a long period of time, indicative of there being more optimism that economic conditions will continue to improve. The question is: Will these expectations continue to be validated or will those positive expectations be overwhelmed by economic and geopolitical factors that have underpinned the rising markets to date? Are we at the dawn of a new era or the dusk of an era that has run its course?
Sprung Investment Management is an independent investment management firm serving high net worth individuals. It has over 120 years of combined investment experience among its principals. In the third quarter of 2013, markets were volatile due to political uncertainty in the US and slowing growth in emerging markets. Sprung believes this environment creates opportunities for value investors.
The document discusses how economic tailwinds that supported markets in 2009 may transition to headwinds in the second half of 2010. It notes that extraordinary global policy efforts that created economic growth tailwinds in 2009 will likely fade or possibly reverse, contributing to a potential economic slowdown and challenging market conditions later in the year. It also provides recommendations for portfolio positioning in light of this expected shift from tailwinds to headwinds.
The document provides an investment weekly market update from Goodbody Wealth Management. It discusses recent bond market volatility and recommends a short-duration bond strategy. It also summarizes the results of the UK election and its positive impact on reducing political uncertainty. Additionally, it comments on recent easing measures by China's central bank and remaining cautious on emerging markets due to China's economic performance.
The document discusses:
1) How the US economy has shown resilience in shrugging off confidence shocks in August and that it was too early to expect a disorderly Chinese economic rebalancing, driving an equity market rally.
2) How expectations for the upcoming European summit are low but the markets may respond positively to announcements that avoid overpromising. Ultimately cracks in any plan are expected later in the year.
3) How early Q3 earnings results have surprised to the upside compared to reduced expectations, suggesting concerns about a global slowdown were excessive, and lowering the probability of a double dip recession implied by market prices in early October.
The quarterly market review summarizes market performance in the first quarter of 2013. Global markets posted modest gains, with U.S. stocks outperforming international markets. The S&P 500 and Dow Jones Industrial Average reached new all-time highs. Ten-year returns remain positive across most asset classes and geographic regions, reinforcing the benefits of diversification and long-term investing.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
During the second quarter of 2016, acquisitive middle-market issuers capitalized on lenders’ increased risk appetite by entering into attractively priced and structured financings. The dramatic rally in Treasury yields (and other safe haven assets) triggered by the “Brexit” referendum at quarter’s end, augurs well for further improvement in domestic credit market conditions.
The document discusses the recent underperformance of gold mining stocks relative to gold prices, as represented by declines in the HUI Index. It analyzes technical indicators that suggest gold stocks may continue to decline in the medium term, potentially retesting support levels from 2015-2016. It also notes threats to continued economic growth like inflation, debt levels, and financial market instability that could support further gains in gold prices.
Standard Chartered provides their outlook for 2017, identifying four key pivots:
1) From Pax Americana to multi-polarity as China's rise challenges U.S. dominance
2) From monetary to fiscal policy as the U.S. boosts fiscal spending to spur growth
3) From deflation to inflation as deflationary fears fade and inflation rises
4) From globalization towards protectionism as populism increases trade barriers
They predict a 'Reflation' scenario is most likely, with moderate growth and rising inflation.
In 2014, there may be more all-time highs seen in the stock market and higher yields in the bond market than
we have seen in years as economic growth accelerates. The primary risk to our outlook is that better growth in
the economy and profits does not develop. That risk is likely to be much more significant than the distractions
posed by Fed tapering and mid-term elections. In our almanac, we forecast a healthy investment environment
in which to cultivate a growing portfolio in 2014.
*** GDP: 3% Growth ***
As economic drags fade and global growth improves, the U.S. economy may accelerate to its fastest pace in nearly a decade.
*** STOCKS: 10-15% Returns ***
This slightly above-average annual return forecast is rooted in our expectations for high single-digit earnings growth and a modest rise in the PE.
*** BONDS: Flat Returns ***
Interest rates will move higher and bond prices lower in response to improving economic growth eroding return from yield.
- The stock market has risen 17% year-to-date but may be overextended in the short-term given lackluster business fundamentals and economic growth.
- After a potential short-term pullback, stocks could see 20-30% upside over the next year, supported by low interest rates and high liquidity.
- However, the author cautions that weak revenue growth, upcoming fiscal tightening, and downward revisions to earnings estimates could trigger a market correction from current levels.
The document discusses the economic outlook for 2010, noting that while markets are expected to perform well initially due to policy "tailwinds", challenges are anticipated in the second half of the year as these tailwinds fade or become headwinds. It recommends overweighting stocks, cyclical sectors, and emerging markets initially, but becoming more defensive later in 2010.
Critical Analysis on Export of Services By Category (Pakistan)Qasim Raza
This document analyzes Pakistan's exports of services by category from 2007-2008 to 2011-2012. It presents data on transportation, travel, communication, financial, government, computer/information, and insurance services in tables and pie charts. Transportation services exports peaked at $1,648 million in 2010-2011 while government services exports were highest at $2,535 million in 2009-2010. Line charts show trends over time for each category. The analysis finds that government services declined likely due to WTO restrictions while transportation grew. Overall, exports were positively impacted by transportation and travel but faced challenges from political instability, currency issues, and brain drain.
It has been ten years since the great financial crisis. In the US, the S&P 500 peaked on October 9, 2007. The Canadian market continued its upward trajectory into the following year peaking in June as energy stocks were buoyed by high oil prices. While the bull market leading up to 2008 had duration of about five years, the current bull market has gone on for ten years without any significant setback.
As the third quarter drew to a close, Canada had yet to come to terms with the US and Mexico on a renewed trade agreement. Investors woke up on Monday, October 1, 2018 to news that a deal had in fact been cobbled together at the last minute and that all was well in the world.
Despite a strong start in January, global stock markets became unnerved in the latter part of the first quarter of 2018. Rising trade tensions contributed to the unease investors exhibited as the US took a stronger stance on bilateral trade negotiations through the enactment of targeted tariffs.
A euphoric start to 2019!
After a dismal end to last year, global stock markets rebounded in the first quarter making up much of the ground lost in the final quarter of 2018. The underpinnings of this sudden reversal in sentiment are less clear. There appears to be a disconnect between the direction of the stock markets and the direction of the global economies. Economists continue to moderate the outlook for future economic growth. The issues that vexed the markets in 2018 remain and in many cases, those issues have deteriorated even further.
The Global Portfolio Strategies Group's economic outlook notes that global equity markets peaked in early April before falling sharply in May, as they had anticipated. While not compelled to reduce equity exposures, they recommend maintaining a neutral stance given ongoing economic and political uncertainties. They continue to favor U.S. equities over international ones, seeing the U.S. economy in better shape despite political uncertainty. Emerging markets have faced challenges from slowing growth and currency declines, but aggressive policy actions and cheaper valuations may provide a boost going forward. Markets are expected to remain volatile in this environment of uncertainties over the European situation, U.S. economy, and upcoming elections.
Economies are the cumulative reflection of the myriad of transactions taking place every day. In order for a transaction to take place, there must be a buyer and a seller. Both parties to the transaction believe that they are receiving adequate compensation, no matter on which side of the trade they reside. In financial markets, buyers and sellers are expressing differing expectations for the object being sold. Markets have continued to rise for a long period of time, indicative of there being more optimism that economic conditions will continue to improve. The question is: Will these expectations continue to be validated or will those positive expectations be overwhelmed by economic and geopolitical factors that have underpinned the rising markets to date? Are we at the dawn of a new era or the dusk of an era that has run its course?
Sprung Investment Management is an independent investment management firm serving high net worth individuals. It has over 120 years of combined investment experience among its principals. In the third quarter of 2013, markets were volatile due to political uncertainty in the US and slowing growth in emerging markets. Sprung believes this environment creates opportunities for value investors.
The document discusses how economic tailwinds that supported markets in 2009 may transition to headwinds in the second half of 2010. It notes that extraordinary global policy efforts that created economic growth tailwinds in 2009 will likely fade or possibly reverse, contributing to a potential economic slowdown and challenging market conditions later in the year. It also provides recommendations for portfolio positioning in light of this expected shift from tailwinds to headwinds.
The document provides an investment weekly market update from Goodbody Wealth Management. It discusses recent bond market volatility and recommends a short-duration bond strategy. It also summarizes the results of the UK election and its positive impact on reducing political uncertainty. Additionally, it comments on recent easing measures by China's central bank and remaining cautious on emerging markets due to China's economic performance.
The document discusses:
1) How the US economy has shown resilience in shrugging off confidence shocks in August and that it was too early to expect a disorderly Chinese economic rebalancing, driving an equity market rally.
2) How expectations for the upcoming European summit are low but the markets may respond positively to announcements that avoid overpromising. Ultimately cracks in any plan are expected later in the year.
3) How early Q3 earnings results have surprised to the upside compared to reduced expectations, suggesting concerns about a global slowdown were excessive, and lowering the probability of a double dip recession implied by market prices in early October.
The quarterly market review summarizes market performance in the first quarter of 2013. Global markets posted modest gains, with U.S. stocks outperforming international markets. The S&P 500 and Dow Jones Industrial Average reached new all-time highs. Ten-year returns remain positive across most asset classes and geographic regions, reinforcing the benefits of diversification and long-term investing.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
During the second quarter of 2016, acquisitive middle-market issuers capitalized on lenders’ increased risk appetite by entering into attractively priced and structured financings. The dramatic rally in Treasury yields (and other safe haven assets) triggered by the “Brexit” referendum at quarter’s end, augurs well for further improvement in domestic credit market conditions.
The document discusses the recent underperformance of gold mining stocks relative to gold prices, as represented by declines in the HUI Index. It analyzes technical indicators that suggest gold stocks may continue to decline in the medium term, potentially retesting support levels from 2015-2016. It also notes threats to continued economic growth like inflation, debt levels, and financial market instability that could support further gains in gold prices.
Standard Chartered provides their outlook for 2017, identifying four key pivots:
1) From Pax Americana to multi-polarity as China's rise challenges U.S. dominance
2) From monetary to fiscal policy as the U.S. boosts fiscal spending to spur growth
3) From deflation to inflation as deflationary fears fade and inflation rises
4) From globalization towards protectionism as populism increases trade barriers
They predict a 'Reflation' scenario is most likely, with moderate growth and rising inflation.
In 2014, there may be more all-time highs seen in the stock market and higher yields in the bond market than
we have seen in years as economic growth accelerates. The primary risk to our outlook is that better growth in
the economy and profits does not develop. That risk is likely to be much more significant than the distractions
posed by Fed tapering and mid-term elections. In our almanac, we forecast a healthy investment environment
in which to cultivate a growing portfolio in 2014.
*** GDP: 3% Growth ***
As economic drags fade and global growth improves, the U.S. economy may accelerate to its fastest pace in nearly a decade.
*** STOCKS: 10-15% Returns ***
This slightly above-average annual return forecast is rooted in our expectations for high single-digit earnings growth and a modest rise in the PE.
*** BONDS: Flat Returns ***
Interest rates will move higher and bond prices lower in response to improving economic growth eroding return from yield.
- The stock market has risen 17% year-to-date but may be overextended in the short-term given lackluster business fundamentals and economic growth.
- After a potential short-term pullback, stocks could see 20-30% upside over the next year, supported by low interest rates and high liquidity.
- However, the author cautions that weak revenue growth, upcoming fiscal tightening, and downward revisions to earnings estimates could trigger a market correction from current levels.
The document discusses the economic outlook for 2010, noting that while markets are expected to perform well initially due to policy "tailwinds", challenges are anticipated in the second half of the year as these tailwinds fade or become headwinds. It recommends overweighting stocks, cyclical sectors, and emerging markets initially, but becoming more defensive later in 2010.
Critical Analysis on Export of Services By Category (Pakistan)Qasim Raza
This document analyzes Pakistan's exports of services by category from 2007-2008 to 2011-2012. It presents data on transportation, travel, communication, financial, government, computer/information, and insurance services in tables and pie charts. Transportation services exports peaked at $1,648 million in 2010-2011 while government services exports were highest at $2,535 million in 2009-2010. Line charts show trends over time for each category. The analysis finds that government services declined likely due to WTO restrictions while transportation grew. Overall, exports were positively impacted by transportation and travel but faced challenges from political instability, currency issues, and brain drain.
This document discusses the future of 5G communications technology, predicting that by 2020 there will be 50 billion connected devices, 5G networks will be able to handle traffic speeds 1000 times faster than 4G, and 5G will provide latency of less than 1 millisecond and enable applications like ultra-HD streaming, 3D, and holograms through technologies like massive MIMO, mmWave, and network virtualization.
Special report conventional investment wisdom that can hurt youRobert Champion
In the Pirates of the Caribbean, the young Miss. Elizabeth Swann demands that Captain Barbossa follow the “Pirate Code.” Barbossa rejects her demand, explaining that, “the code is more of what you would call guidelines than actual rules.” Investors would do well to interpret much conventional investment wisdom with the same flexibility. Instead many follow these so called ‘rules’ without questioning whether or not they are valid and whether they apply to their situation.
Blind obedience to these rules can potentially increase risk and volatility in your portfolio. In this report we explain why you should dig a little deeper before making an investment decision based on conventional investment wisdom.
- See more at: http://www.sprunginvestment.com/downloads/#sthash.IuPVKQra.dpuf
Social Media _______Corporate Information Strategy and ManagementQasim Raza
This presentation discusses various types of social media including social networks, microblogging, multimedia sharing, and voice over internet protocol (VOIP). It provides examples of prominent social media platforms for each type, such as Facebook for social networks, Twitter for microblogging, YouTube for multimedia sharing, and Skype for VOIP. The document also outlines some of the key features and usage statistics for these popular social media sites.
This document provides a quarterly report from Sprung Investment Management. It summarizes the firm's investment approach, performance in the fourth quarter of 2014, and outlook. Specifically:
- The firm focuses on high net worth private clients and has over 120 years of combined investment experience among its team.
- Markets were volatile in Q4 2014 due to geopolitical events and slowing global growth. The US stood out as an economic refuge.
- Looking ahead, low oil prices may impact markets further while international trade negotiations could boost growth. Geopolitical risks remain high.
- Sprung takes a value-driven, long-term approach to investing and strives for downside protection and low volatility
Este documento resume un libro que describe 10 nuevas competencias para profesores. Estas competencias incluyen organizar situaciones de aprendizaje, gestionar la progresión de aprendizaje, implementar enseñanza diferenciada, motivar a estudiantes, trabajar en equipo, participar en la administración de la escuela, involucrar a los padres, usar nuevas tecnologías, abordar dilemas éticos, y organizar formación continua. El documento analiza cada competencia y describe competencias específicas relacionadas.
The document analyzes the percentage spread on foreign currency exchange rates for various countries and regions. It provides data on the ask (selling) and bid (buying) prices and spread for 24 currencies. The spread, which represents the difference between the ask and bid prices, is classified as less, medium, high or stable based on a set of five factors affecting currency competition and trading. Currencies with high competition and trading volumes like the USD and GBP generally have lower spreads, while those from countries with less competition and trading like India and Thailand tend to have higher spreads.
It's work, not war: How to prevent deadly harm in constructionSkanska USA
With 775 fatalities and 90,000 injuries on construction jobsites across the country every year, the industry has a way to go until we achieve Zero Accidents.
GIS has improved infrastructure planning by allowing storage and analysis of important information about infrastructure systems, including age, condition, and capacity. This integrated data supports planning decisions and documentation of progress. Potholes and structurally deficient bridges negatively impact the economic scheme by reducing productivity and restricting economic growth through lost business. Wastewater infrastructure, though seldom seen, operates continually and must be effective, efficient, economical and reliable to maintain community health and attract residents and businesses. FTCH helps cities improve wastewater infrastructure to better utilize resources and reinvest savings in upgrades. FTCH promotes innovative stormwater solutions that serve multiple purposes and strengthen communities through improved public health, safety and welfare. Good infrastructure like roads and bridges is important to sustain
Este documento describe las comunidades de aprendizaje, las cuales brindan espacios flexibles para cubrir los objetivos del currículo a través de la colaboración entre pares. Una comunidad de aprendizaje es una comunidad organizada que construye su propio proyecto educativo de manera cooperativa y solidaria para educar a sus miembros. Colaborar en una comunidad de aprendizaje mediante el uso de Internet permite interactuar con otros para alcanzar metas comunes y aprender unos de otros.
El documento presenta información sobre un proyecto pedagógico realizado en un centro educativo de Manta, Ecuador. El centro cuenta con 518 estudiantes, incluyendo 7 con discapacidad. El proyecto utilizó las TICs para apoyar el aprendizaje en estudios sociales, enfocándose en temas como el Sistema Solar, la Tierra, y los derechos de los niños. El objetivo fue ayudar a los estudiantes a comprender el mundo en que viven y fortalecer su identidad ecuatoriana.
Este documento presenta el guion de una sesión de tutoría sobre Otzi, el Hombre de Hielo. El guion incluye 13 actividades como observar imágenes, subrayar palabras claves, buscar definiciones en el diccionario, responder preguntas, elaborar una línea de tiempo y un mapa, y más, con el fin de que los estudiantes aprendan sobre el descubrimiento y análisis de Otzi.
El documento analiza la ineficiencia del transporte privado en términos de movilidad en Barranquilla. Se estima que ingresarán 9,800 vehículos privados nuevos en 2014, los cuales ocuparían 44 km lineales de espacio, mientras que 65 buses podrían transportar la misma cantidad de pasajeros en solo 0,58 km lineales. Además, ampliar la capacidad vial no es sostenible ya que solo genera más demanda de tráfico. En su lugar, se recomienda fomentar el uso del transporte público y desestimular
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
Este documento presenta una introducción al marketing en buscadores, dividiéndolo en SEO (optimización de motores de búsqueda) y SEM (marketing de motores de búsqueda). Explica que el SEO mejora la posición orgánica mediante la optimización del sitio web, mientras que el SEM usa anuncios patrocinados pagos por clic. Además, proporciona datos sobre el crecimiento del comercio electrónico en España y la inversión en publicidad interactiva.
The document provides an overview of markets and investment outlook from various managers in the last quarter. Key points include:
- Markets performed well despite initial Brexit reaction, with UK and international equities rising. Bonds and commodities also rose.
- Managers are assessing economic outlooks, seeing potential for US growth but concerns in Europe. Some see opportunities from coordinated fiscal plans.
- Managers have mixed views on regions like Japan, Europe, and property exposure. Bonds are largely held for safety over yield.
- The outlook discusses navigating uncertainty after Brexit through diversification. Unemployment rates suggest the UK economy remains stronger than Eurozone economies.
The document provides an overview of markets and investment outlook from various managers in the last quarter. Key points include:
- Markets performed well despite initial Brexit reaction, with UK and international equities rising. Bonds and commodities also rose.
- Managers are assessing economic outlooks, seeing potential for US growth but concerns in Europe. Some see opportunities from coordinated fiscal plans.
- Managers have mixed views on regions like Japan, Europe, and property exposure. Bonds are largely held for safety over yield.
- The outlook discusses navigating uncertainty after Brexit through diversification. Unemployment rates suggest the UK economy remains stronger than Eurozone economies.
No bubble trouble; stocks are still reasonably priced. This credit cycle has unique characteristics that continue to make high-yield bonds attractive. Interest-rate volatility poses greater risk than higher rates themselves.
The document provides an investment weekly report from Goodbody Wealth Management. It discusses trends in the US and Irish housing markets that could boost economic growth. It also analyzes investment opportunities in technology stocks and Vodafone, noting their improving growth outlooks. The report recommends exposure to Irish assets and investing in technology sectors through exchange-traded funds to gain diversified exposure.
CBRE 31-12-12, global vision about property markets. A little late to share it, but an interesting document to keep up-to-date with the real estate investment world.
The document provides an overview of recent economic developments and investment sentiment from various regions. It notes that while the US and China continue to debate currency policies, a G20 meeting did not provide clarity on the issue. Germany is outperforming other European countries as indicators show growth, while problems are mounting in Ireland. In the US, government programs spent only half their funds and losses are expected to be small, while housing markets are stabilizing. China is investing in Europe and emerging markets are growing quickly, raising interest rates to cool their economies. The author's investment sentiment remains neutral but slightly positive.
The document is a market outlook article from the Cardinal Quarterly publication in October 2012. It discusses the state of global stock markets and economies. While negative sentiment exists, stock markets have risen throughout the year with only one correction. Most of Europe is in recession due to austerity measures, while the US and Canadian economies are recovering. The housing and auto sectors in North America are improving, contributing to job growth. The article expresses an optimistic view that another recession is unlikely in the near future for North America and that stocks remain a better investment than bonds. It predicts the stock market will end the year on a positive note once US election uncertainty is past.
Thiet ke Bao cao thuong nien - Vietcapital 2008Viết Nội Dung
The annual report summarizes Viet Capital Fund's performance in 2008, a difficult year for the fund and markets. The fund lost 57% in value compared to a 66% loss for the market index. While the fund outperformed the market, its net asset value fell to VND 418 billion by year-end. The fund increased its cash position from 22% to 44% over the year as it focused on capital preservation during the market turmoil. Top holdings were reduced in industries like real estate that were hit hard by the economic downturn. Going forward, the fund will emphasize quality companies and maintain a risk-aware strategy while seeking recovery opportunities.
The document discusses investment outlooks for 2016. Key points include:
- Continued low global growth is expected, along with subdued inflation and accommodative monetary policy.
- Risks remain skewed downward, and markets could become volatile on negative news.
- In equities, favor areas with economic tailwinds like the Eurozone, Japan, and US financial and consumer sectors.
- In fixed income, favor a balanced approach including credit sensitive sectors like high yield bonds and senior loans.
The document summarizes the key findings of Colliers International's 2014 Global Investor Sentiment survey regarding real estate investment in Asia:
1) Most Asian investors believe Asia's property markets will improve over the next year and investment volumes will increase modestly.
2) Asian investors primarily source capital from within Asia and focus their investments on the region, especially China and Singapore. The top cities for investment are Singapore, Mumbai, Shanghai, Tokyo, and Hong Kong.
3) Office developments in central business districts remain the most popular property sector among Asian investors. Economic cooling measures in some Asian markets are not expected to significantly deter investors.
SJP Special Investment Bulletin Feb 2016Tyler Stuart
The document discusses recent declines in global stock markets and concerns about the health of the global economy. It makes three key points:
1) While global economic growth is slowing, experts do not believe a global recession is imminent or that the current situation resembles 2008.
2) Well-diversified investment portfolios can help reduce risk and allow investors to achieve long-term goals, even with market volatility.
3) Periods of market decline have historically been followed by strong five-year returns for patient investors, suggesting current downturns may present opportunities.
The Model Wealth Program by Cornerstone Wealth Management focuses on principal-based investing rather than market predictions. It aims to identify experienced managers who can outperform peers over the long run through quantitative and qualitative due diligence. The program uses sophisticated strategies to manage risk and help investors achieve their goals.
WHV Investment Management changed its name in 2012 to better describe the firm's activities in fixed income and equity asset classes. In 2011, the firm saw an increase in key financial metrics like EBITDA and net income despite a decline in assets under management due to market declines. Some accomplishments included establishing management by objectives between the board and top management and implementing several recommendations from a consulting firm. The outlook discusses economic growth trends and expectations for 2012.
Avison commercial office leasing market report toronto 2014Chris Fyvie
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This document provides BlackRock's outlook for 2015 global markets and economies. It identifies divergence as a key theme, with the US and UK tightening monetary policy while other regions maintain stimulus. Volatility is expected to increase from low levels as valuations are high and investor confidence in monetary policy is stretched. Geopolitical risks also remain. The outlook calls for active risk management and hedging given low potential returns and the diminished ability of bonds to offset equity declines.
- The document discusses several topics related to investments and the London property market from the Summer 2016 issue of a magazine called Avantis Wealth.
- The first article analyzes whether the London property market is set to crash, noting that prices in London have skyrocketed since 2008 while remaining below peak levels in other parts of the UK. It argues oversupply of high-end properties in London combined with policies discouraging foreign buyers means a correction may be coming.
- The second piece discusses investment opportunities that are not correlated to the London property market, such as investments in care homes, German residential developments, and international resort properties, that typically offer fixed annual returns between 6-12%.
- The third section
11 eaton vance volatility - the black widow returns123jumpad
Richard Bernstein warns that investors are again ignoring the risks of income investing strategies during a period of global credit deflation. He notes that high-yielding assets like MLPs, REITs, and emerging market debt have historically underperformed and faced higher risks during credit downturns. However, many investors continue to view them as "safe" or "opportunistic" despite abnormally high yields often indicating hidden risks. Bernstein argues sustainability of dividends and cash flows is more important than yield alone during the ongoing deflation of the global credit bubble. His portfolios focus on fundamentals suggesting continued dividend payments rather than stretching for income.
Dealing With Divergences - Blackrock 2015 OutlookJoão Pinto
2015 Investment Outlook
Economic growth and monetary policies are diverging across the world. Get ready for volatility spikes in 2015—and new opportunities.
We debated this at our 2015 Outlook Forum in mid-November in London. The semi-annual event, the seventh of its kind, was marked by intense investment debates in small and large groups.
The 20-page piece includes: our 2015 base case (see chart below); top investment ideas; in-depth sections on valuations, volatility and currencies; five interactive graphics; and spotlights on key regional investment trends.
Economic Prospects Challenges And Opportunities Lloyds Tsb Trevor WilliamsRoberto Grossi
The document summarizes the key economic challenges and opportunities facing the global economy in 2008. It identifies the credit crisis and rising inflation as the two main themes. The credit crisis stems from the bursting of the asset price bubble in the early 2000s, while rising inflation is due to strong global growth pushing up commodity demand. The implications are likely slower growth in developed economies, rising corporate insolvencies, and tighter monetary policy. Emerging markets will continue outperforming but face risks from high inflation.
The document provides a quarterly investment outlook and discusses recent volatility in financial markets. It notes that sentiment has been swinging between irrational optimism and excessive pessimism. While most equity markets have rebounded in recent months, bond prices have also risen due to deflation fears. The document discusses the debate around whether the threats are inflation or deflation and argues that subdued growth does not necessarily mean deflation will take hold. It outlines some areas where investment opportunities still exist, such as global equity income funds and Japanese equities, and concludes by emphasizing the need for diversification given the current environment of low predictability.
Similar to Sprung investment management commentary 2nd quarter, 2014 (20)
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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2. 25 Adelaide St. E., Suite 1914, Toronto, ON M5C 3A1 | Phone: 416.607.6642 | www. SprungInvestment. com | P a g e | 2
Sprung Investment Management our focus is to create investment portfolios for our clients that
enable them to achieve their unique, long-term investment goals. In this endeavour, we strive to act
with the utmost integrity, utilising all of our analytical skills, knowledge and intuitions.
PRIVATE CLIENT FOCUS
Sprung Investment Management is an independent discretionary investment management firm that
serves the investment needs of high net worth private clients including business owners and
entrepreneurs, professionals, family trusts, estates, and private charitable foundations.
OUR PEOPLE
At Sprung Investment Management, the investment team collectively has over 120 years of diversified
investment experience. All of our principals hold the Chartered Financial Analyst designation and as
such adhere to the CFA Institute Code of Ethics. Each has made a commitment to continuing education.
RISK PERSPECTIVE
We understand that our clients have worked hard to get where they are and we appreciate that they don’t
want to lose it. As the chosen stewards of their investment assets, our risk management approach is to
preserve their capital by purchasing under-valued securities, with a margin of safety that we expect will
deliver income and capital appreciation over the long term.
PERFORMANCE
Sprung Investment Management has a track record of low volatility of returns since company inception
in June 2005. This has served our clients well over this relatively difficult investment period that
includes the bear market of 2007- 2008. Our performance numbers are available by request.
CLIENT SERVICE
At Sprung Investment Management, satisfying our client’s financial needs is our top priority. Each and
every client is special and receives individual attention and customized investment advice based on
his/her specific objectives and risk tolerance. Our principals are always available to speak directly to
clients.
INVESTMENT STYLE
In building equity portfolios, individual security selection is based on “bottom up” research that is value-
driven and often contrarian to current popular thinking. We assess quality and continuity of return on
equity, current price relative to intrinsic value, economic value added and quality of management.
Although our typical investment horizon is two to five years, we constantly evaluate our current
holdings against new opportunities that may offer better value. Our view is that a strong sell discipline is
a critical component to long-term investment success.
Our investment approach on the fixed income side is to conduct rigorous credit analysis in the context of
future economic and interest rate expectations.
3. 25 Adelaide St. E., Suite 1914, Toronto, ON M5C 3A1 | Phone: 416.607.6642 | www. SprungInvestment. com | P a g e | 3
SECOND QUARTER 2014
RETROSPECTIVE AND PROSPECTIVE
Cyclical Behaviour
“What is right is not always popular and what is popular is not always right.”- Albert Einstein
“It is impossible to produce a superior performance unless you do something different from the
majority.”- Sir John Templeton
Geopolitical events continued to make headlines this quarter but did little to quell investors’ enthusiasm
as markets continued to advance. Russia and the Ukraine managed to agree to a temporary ceasefire just
as sectarian violence in Iraq exploded driving oil prices higher. China garnered attention with its
hegemonic designs on the South China Sea much to the displeasure of Japan and Vietnam as well as
pushing back on any pro-democracy desires in Hong Kong. In addition, Argentina once again threatens
to default on its debt after losing a Supreme Court decision to creditors in the US.
The impact of the events in Iraq and the Ukraine spiked investor enthusiasm for energy stocks in Canada
and the US. The industrial sector in Canada was also strong as the railroad stocks continued their ascent
as economic conditions improved. Materials also posted strong gains as mining stocks in both precious
and base metals performed well. Globally, investors’ confidence generally gained momentum with the
exception of Europe where fears of economic stagnation grew. It was a surprise when the first quarter
GDP estimate in the US was revised down to a dismal -2.8% following an initial estimate of -1.0% as a
result of severe weather and curtailed spending.
Canadian Dollar US Dollar
Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD
Toronto Stock
Exchange 6.1% 6.4% 12.9%
S&P 500 5.9% -1.4% 3.7% 1.8% 5.2% 7.1%
MSCI EAFE* 4.0% -0.6% 3.4% 0.0% 2.9% 3.0%
91 Day T-Bill 0.2% 0.2% 0.4%
DEX** 2.8% 2.0% 4.8%
CDN/US dollar -3.9% 3.5% -0.4%
* Europe, Asia and Far East Index
** Canadian Bond Universe Index
4. 25 Adelaide St. E., Suite 1914, Toronto, ON M5C 3A1 | Phone: 416.607.6642 | www. SprungInvestment. com | P a g e | 4
As North American markets achieve new highs, we note that it has been a nice ride for equity investors
since the depths of the market decline in 2008. In this context, it is prudent to exercise some degree of
caution in this environment, as markets tend not to continuously climb, as economies do not
continuously grow. We do not pretend to know when, or if, there is going to be a correction in the near
term. However, we see some signs that could potentially lead to a pullback.
Retail participation in the stock market has been accelerating over the past year. Overall, equities are
now overweight in investors’ portfolios particularly in Europe where fixed income offers little return.
There has been a noticeable recovery in the number of Initial Public Offerings (IPO’s) and merger
activity at the corporate level has also increased. The number of investors utilizing margin (debt) to
increase their equity exposure has also risen.
Propelled by the low interest rate environment, debt levels continue to soar in both the public and private
markets. Concerns about consumer debt levels in Canada and the UK have been met with ineffective
jawboning from the Canadian government and some restrictions on high ratio mortgages in the UK. In
Europe, deflationary fears have caused the central bank to move to negative rates in the hope of
maintaining positive growth in the economy through investment and spending. European authorities
fear of slipping into a prolonged deflationary period like that of Japan following such massive credit
expansion must be influencing their decisions. David Stockman, a former Director of the Office of
Management and Budget in the US, remarked: “How could any adult believe that a benchmark rate cut
of 10 basis points from an already microscopic level of 25 basis points, move the needle in an economy
with $60 trillion of public and private credit debt?”
This appetite for equities is occurring in a slow growth, low interest rate environment. In the US, GDP
forecasts for the year have been sharply curtailed following the drastic revision to the first quarter
estimate. Canada’s growth will be directly affected by the lower US growth. Low interest rates have
pushed investors towards higher risk equities particularly in the last year where smaller capitalized
securities have dramatically outperformed their larger brethren. Official inflation appears to be at low
levels to anyone who has lived through the last few decades, but the trend suggests some acceleration in
the last few quarters. From a valuation perspective, multiples are on the high side, although not
dramatically so as the profitability of companies has gone up. Despite the slow growth in sales during
this recovery, profits have improved largely as a result of tight cost control, share buybacks and more
limited capital expenditures.
So what should investors do in this environment?
Our view is that it would be prudent to take some profits in securities that have substantial capital gains.
When markets are going up it takes discipline to increase cash positions. Cash can provide a good
option to purchase good investments on any market setback. Despite attempts by governments to
eliminate the cyclicality in economic growth, it will persist. Do not lose sight of your longer term
investment objectives.
5. 25 Adelaide St. E., Suite 1914, Toronto, ON M5C 3A1 | Phone: 416.607.6642 | www. SprungInvestment. com | P a g e | 5
SECOND QUARTER 2014 FIXED INCOME COMMENTARY
“An economist’s guess is liable to be as good as anybody else’s.” ~ Will Rogers
The Canadian fixed income market continued to build on the performance of the previous quarter
despite the turbulent crosscurrents both in the geopolitical arena and global fixed income markets.
Globally, fixed income markets were being affected by contradictory policy initiatives in differing
jurisdictions. The European Central Bank (ECB) has been expressing concerns regarding the potential
for a deflationary cycle taking hold with glimmers similar to the Japanese experience that resulted in an
extended period of economic stagnation. They reacted by imposing a negative interest rate on banks
depositing funds with the ECB, thereby attempting to stimulate commercial bank lending as this would
be more attractive than paying to have money on deposit.
On the other hand, in the UK, Governor Carney warned that contrary to the European concerns of
deflation, perhaps inflationary pressures are starting to manifest themselves, which would imply the
necessity of an increase in rates sooner than expected. Of course, in the best tradition of central bankers,
he hedged his bets by noting that this would be “data dependent”.
In the US, musings by the Federal Reserve implied that while rates can be expected to stay low in the
near term, the reduction in their bond-buying program would be finished by year-end, after which
interest rate increases might occur within six months.
While these divergent concerns of interest rate direction were being discussed, the geopolitical climate
continued to deteriorate. Despite a ceasefire in the Ukraine, tensions continued to promote the regional
polarization of armed pro-Ukrainian and pro-Russian factions. This situation is perhaps further from a
permanent, peaceful solution than ever.
During the quarter, Iraq followed Syria’s lead into a sectarian vortex of instability. These conditions
prompted the US and Iran to put aside their decades old differences and hold talks in an attempt to
stabilize this situation. Unfortunately, it may be too late and expectations are that continued chaos will
reign. The fallout will continue to affect international oil and financial markets.
The current low interest rate environment had resulted in yield hungry investors chasing ever more risky
securities, which by virtue of the increased demand are yielding ever-lower returns. Clearly investors are
becoming more risk tolerant, or perhaps are able to delude themselves that “this time it is different”,
which generally is a recipe for unpleasant outcomes.
The total return performance of the bond market as measured by the DEX Universe Index for the second
quarter was an increase of 2.0%. The benchmark ten-year Government of Canada bond yield decreased
by 0.3%, to 2.2%.
6. 25 Adelaide St. E., Suite 1914, Toronto, ON M5C 3A1 | Phone: 416.607.6642 | www. SprungInvestment. com | P a g e | 6
Our Team
Michael Sprung, CFA: Chief Investment Officer
msprung@sprunginvestment.com
• Chief Investment Officer
• More than 30 years experience in Canadian Investment industry, overseeing portfolios up to $2.5B
• Senior level positions with YMG Capital Management, Goodman & Company, Ontario Teachers’ Pension Fund,
Ontario Hydro and Cassels Blaikie & Co.
• Frequent contributor to BNN-TV, Globe & Mail, National Post and Money Sense
Fred Palik, CFA: Vice President, Fixed Income
fpalik@sprunginvestment.com
• Extensive experience in fixed income management in a variety of senior positions, primarily in the insurance
and hospital sectors.
• Member of the Toronto CFA Society and the CFA Institute.
Lois O’Sullivan, CFA: Vice President
loiso@sprunginvestment.com
More that 25 years experience in investment management.
• Co-founder of Sprucegrove Investment Management, specializing in international markets.
• Senior level roles at Confed Investment Counselling and Confederation Life Insurance Company.
• Fellow of the Life Office Management Institute (FLMI), the Toronto CFA Society and the CFA Institute.
Joie P. Watts, CFA, FSCI: Vice President & Portfolio Manager
jpwatts@sprunginvestment.com
• Over 30 years of progressive experience in the securities and investment industry.
• Senior level roles at Burns Fry Limited, Merrill Lynch Canada and Nesbitt Thomson.
• Managing Director of Instinet Canada Limited for over 10 years
• CEO of Shorcan ATS Limited, a specialized marketplace for equity dealers trading as principal.
Robert D. Champion, MSEd: Vice President, Client Services
rchampion@sprunginvestment.com
• Joined Sprung Investments Management in 2012 after several years with Successful Investor Wealth
Management.
• Prior to that, he had a fifteen-year career in OEM industrial sales.
• Manager with investment-publishing division of MPL Communications in the 1980s and early 1990s. MPL
publish Investor’s Digest and Investment Reporter.
• Robert is a Chartered Investment Manager (CIM) candidate.
Stay connected with Sprung Investment Management:
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