Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
A Fund Manager's View of Precious Metals
20 May 2010
by Ned Naylor-Leyland - Cheviot Asset Management
The financial crisis originated in the US sub-prime mortgage market due to risky lending practices and policies of government-sponsored enterprises like Fannie Mae and Freddie Mac. It spread globally through events like the Lehman Brothers bankruptcy and AIG bailout, causing stock market declines around the world between August and October 2008. In India, the crisis led to a credit crunch, lower exports, decreased production, less investment, falling sales, and a declining rupee. The Indian government took actions to provide liquidity, attract investors, control inflation and interest rates, and prevent further rupee depreciation.
The document appears to be a table showing the daily prices of various commodities - gold, silver, crude oil, and copper - from May 1, 2001 through May 31, 2001. However, most of the cells are empty, with no price data provided. The commodities are listed along the top row but no corresponding prices are shown in the body of the table for the dates listed.
LDI nine years on - Roll Down & Carry ExerciseRedington
This document contains charts showing Japanese government bond (JGB) yields from 2002 to present. It analyzes the total return, rolldown, and carry of holding 10-year JGBs over different multi-year periods during this time frame. Key results include a total return of 19.97% from 2005 to 2012, with an average excess return over LIBOR of 190 basis points annually. Rolldown contributed 6.21% over this period while carry added 3.91% to the total return.
This document discusses the evolution of credit guarantee programs in Korea. It provides background on the financial environment for small and medium enterprises (SMEs) in Korea and the role that credit guarantee programs have played. It then discusses a new path for credit guarantee programs, focusing on supporting SMEs through different growth stages from pre-startup to expansion, including export support and assisting firms with initial public offerings. The goal is to help promising SMEs grow into medium and large enterprises and boost their global competitiveness.
This document discusses various financial topics including bond yields, the 2008 financial crisis, investment returns, and protecting investment portfolios. It provides examples of investment returns over time at different interest rates and discusses how large losses can take significant gains to recover from. It also compares cash flows from mutual funds and self-funded pensions.
Natural gas futures were higher in U.S. trade on Wednesday.
On the New York Mercantile Exchange, Natural gas futures for July delivery traded at USD2.897 per million British thermal units at time of writing up 1.77%.
Earlier, it traded at a session high USD2.920 per million British thermal units. Natural gaswas likely to find support at USD2.581 and resistance at USD2.920.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.55% to trade at USD94.64.
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
A Fund Manager's View of Precious Metals
20 May 2010
by Ned Naylor-Leyland - Cheviot Asset Management
The financial crisis originated in the US sub-prime mortgage market due to risky lending practices and policies of government-sponsored enterprises like Fannie Mae and Freddie Mac. It spread globally through events like the Lehman Brothers bankruptcy and AIG bailout, causing stock market declines around the world between August and October 2008. In India, the crisis led to a credit crunch, lower exports, decreased production, less investment, falling sales, and a declining rupee. The Indian government took actions to provide liquidity, attract investors, control inflation and interest rates, and prevent further rupee depreciation.
The document appears to be a table showing the daily prices of various commodities - gold, silver, crude oil, and copper - from May 1, 2001 through May 31, 2001. However, most of the cells are empty, with no price data provided. The commodities are listed along the top row but no corresponding prices are shown in the body of the table for the dates listed.
LDI nine years on - Roll Down & Carry ExerciseRedington
This document contains charts showing Japanese government bond (JGB) yields from 2002 to present. It analyzes the total return, rolldown, and carry of holding 10-year JGBs over different multi-year periods during this time frame. Key results include a total return of 19.97% from 2005 to 2012, with an average excess return over LIBOR of 190 basis points annually. Rolldown contributed 6.21% over this period while carry added 3.91% to the total return.
This document discusses the evolution of credit guarantee programs in Korea. It provides background on the financial environment for small and medium enterprises (SMEs) in Korea and the role that credit guarantee programs have played. It then discusses a new path for credit guarantee programs, focusing on supporting SMEs through different growth stages from pre-startup to expansion, including export support and assisting firms with initial public offerings. The goal is to help promising SMEs grow into medium and large enterprises and boost their global competitiveness.
This document discusses various financial topics including bond yields, the 2008 financial crisis, investment returns, and protecting investment portfolios. It provides examples of investment returns over time at different interest rates and discusses how large losses can take significant gains to recover from. It also compares cash flows from mutual funds and self-funded pensions.
Natural gas futures were higher in U.S. trade on Wednesday.
On the New York Mercantile Exchange, Natural gas futures for July delivery traded at USD2.897 per million British thermal units at time of writing up 1.77%.
Earlier, it traded at a session high USD2.920 per million British thermal units. Natural gaswas likely to find support at USD2.581 and resistance at USD2.920.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.55% to trade at USD94.64.
Bilateral trade between the UK and Israel has increased substantially between 2003-2012, with overall trade growing 118% and Israeli exports to the UK rising 202%. The UK is now Israel's second largest export market after the US. Meanwhile, UK exports to Israel have increased by a more modest 28% in this period. The two countries have sought to strengthen economic ties as part of the UK's strategy to promote growth through international trade relationships.
1. STMicroelectronics is a semiconductor manufacturer headquartered in Europe that was negatively impacted by the rising euro and falling dollar from 2002-2006. As the euro strengthened against the dollar, STMicro's sales were compressed while costs remained high, hurting profits.
2. To address the currency issues, STMicro shut down some high-cost European operations, cut 3000 jobs, and moved production to Asia in a "real hedging" strategy. The company also adopted strategies to better deal with potential future exchange rate fluctuations.
The document summarizes the luxury housing market in February 2013. It finds that delinquency rates are down significantly from their peak but still above normal levels. Inventory of bank-owned homes is declining slowly with many properties still not actively listed. Both sales and prices are rising gradually month-over-month while the 30-day outlook is positive, expecting a continued market recovery as credit improves and foreclosures decline.
RE/MAX is the largest real estate franchise network in the United States, with 751,088 total transaction sides in 2011. The data compares RE/MAX to other national real estate franchises based on total transaction sides, total website visits, percentage of national advertising spending, number of offices worldwide, and number of agents worldwide in 2011, with RE/MAX leading in total transaction sides and number of agents worldwide.
BITCOIN MINING COMPANY ADMITS HALVING WILL AFFECT MINERS PAYOUT FROM MONDAYSteven Rhyner
A day to {block|obstruct} {reward|benefit|incentive} halving, Hashflare {has|has actually} {become one|turned into one} of the {first|very first|initial} Bitcoin mining {companies|business|firms} to {inform|notify|educate} their miners that the {proposed|suggested} {reduction|decrease} in the mining {reward|benefit|incentive} {will|will certainly} {affect|impact|influence} their {payout|payment}, though it didn%u2019t {say|state|claim} by {how much|just how much}.
The document discusses a new video streaming service called SHODAN.TV that allows users to watch movies on their iPhone or through a web browser. It promotes several movies available on the service, provides a link to sign up for the service's beta through a web form, and shares the service's website and social media contact information.
The document is a research report from Wells Fargo Securities analyzing the midstream energy sector. It notes that US midstream stocks are up year-to-date while Canadian midstream is down, and discusses investors' interest in capturing commodity upside through midstream. However, it finds that due to fee-based contracts, there are few ways to gain meaningful direct commodity exposure through US midstream anymore. It identifies several midstream companies with over 5% commodity-driven cash flow and models the potential earnings impact of current commodity prices being sustained.
This document provides an economic highlights presentation for the 2nd quarter of 2013 from the Ministry of Finance of Israel. It includes indicators such as GDP growth, exports, unemployment, fiscal stance, and more. Key points are that Israel's GDP growth has exceeded average growth of advanced economies since 2004. Exports have remained around 30-35% of GDP. Unemployment has been decreasing since mid-2009 while labor participation has increased.
- In Q2 2013, sales were largely unchanged from Q2 2012 but organic growth was 5.9%. EBIT declined slightly due to negative currency impacts.
- Major Appliances Europe saw weak markets and declining volumes, resulting in breakeven EBIT. North America saw improved price/mix and increased market share.
- Latin America and Asia/Pacific saw continued growth, while Small Appliances and Professional Products saw higher volumes but lower margins.
- For full-year 2013, the company expects slightly positive market volumes and price/mix, along with higher costs for materials, R&D, and logistics.
Lincoln Crowne & Company Engineering & Mining Services Research Report for Week Ended 23 August 2013. Reporting Season is well underway with both positive and negative results being delivered. More reporting due to happen this week. The Australian Dollar has also clawed its way back above 90 cents at this stage.
US brewed beer exports have consistently grown for years now. Cross Border Consultants LLC, a trading and distribution company, takes a look at recent trends and which countries are the most promising for US brewers looking to sell their beers abroad.
Electrolux Interim Report Q1 2013 - PresentationElectrolux Group
Highlights of the first quarter of 2013. Net sales amounted to SEK 25,328m (25,875) and reported income for the period was SEK 361m (499), or SEK 1.26 (1.76) per share. Organic growth was 3.8%, while currencies had a negative impact of –5.9%. Continued strong sales growth in North America, Asia/Pacific and Latin America. Market conditions in Europe weakened and sales for Major Appliances, Small Appliances and Professional Products were negatively impacted. North America more than tripled its earnings year-over-year as a result of strong volume growth and improvements in price and mix. Lower volumes and a weak price/mix trend in Europe negatively impacted results. Negative impact from currencies by SEK –318m impacted earnings for Latin America, Europe and Small Appliances. Seasonal build-up of inventories and working capital needs driven by strong growth impacted cash-flow in the quarter.
Rentabilidade acumulada fundos imobiliários setembro 2013claudiusinhos
The document is a report listing the accumulated returns of various funds over the last 12 months. It shows the names of over 50 funds and their respective returns ranging from 1.89% to 38.77%. The funds cover a wide range of real estate asset classes including office, retail, logistics, residential and healthcare.
Banca IFIS, 9 months of improving results. Thanks to the trust of retail costumers, SMEs and families. The C.E.O. Bossi: "Outstanding performance achieved by assuming risks responsibly: Banking business is possible".
In this analysis we look at institutional exposure to Continental European issuers and analyse trends based on style attributes, geographic exposure as well as identify top investment houses.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
- Mechel reported financial results for 1Q2013, with consolidated revenue flat at $2.5 billion compared to 4Q2012.
- The mining segment saw a 14% quarter-over-quarter revenue increase to $769 million and a 4x EBITDA improvement, driven by improved coal and iron ore prices and sales.
- Steel segment revenue declined 8% due to seasonal factors, though EBITDA was maintained at $57 million through cost controls.
- Ferroalloys segment trimmed chrome production and idled nickel production, improving its EBITDA margin to 5% compared to -37% in 4Q2012.
Analysis insight about a Flyball dog competition team's performanceroli9797
Insight of my analysis about a Flyball dog competition team's last year performance. Find more: https://github.com/rolandnagy-ds/flyball_race_analysis/tree/main
Bilateral trade between the UK and Israel has increased substantially between 2003-2012, with overall trade growing 118% and Israeli exports to the UK rising 202%. The UK is now Israel's second largest export market after the US. Meanwhile, UK exports to Israel have increased by a more modest 28% in this period. The two countries have sought to strengthen economic ties as part of the UK's strategy to promote growth through international trade relationships.
1. STMicroelectronics is a semiconductor manufacturer headquartered in Europe that was negatively impacted by the rising euro and falling dollar from 2002-2006. As the euro strengthened against the dollar, STMicro's sales were compressed while costs remained high, hurting profits.
2. To address the currency issues, STMicro shut down some high-cost European operations, cut 3000 jobs, and moved production to Asia in a "real hedging" strategy. The company also adopted strategies to better deal with potential future exchange rate fluctuations.
The document summarizes the luxury housing market in February 2013. It finds that delinquency rates are down significantly from their peak but still above normal levels. Inventory of bank-owned homes is declining slowly with many properties still not actively listed. Both sales and prices are rising gradually month-over-month while the 30-day outlook is positive, expecting a continued market recovery as credit improves and foreclosures decline.
RE/MAX is the largest real estate franchise network in the United States, with 751,088 total transaction sides in 2011. The data compares RE/MAX to other national real estate franchises based on total transaction sides, total website visits, percentage of national advertising spending, number of offices worldwide, and number of agents worldwide in 2011, with RE/MAX leading in total transaction sides and number of agents worldwide.
BITCOIN MINING COMPANY ADMITS HALVING WILL AFFECT MINERS PAYOUT FROM MONDAYSteven Rhyner
A day to {block|obstruct} {reward|benefit|incentive} halving, Hashflare {has|has actually} {become one|turned into one} of the {first|very first|initial} Bitcoin mining {companies|business|firms} to {inform|notify|educate} their miners that the {proposed|suggested} {reduction|decrease} in the mining {reward|benefit|incentive} {will|will certainly} {affect|impact|influence} their {payout|payment}, though it didn%u2019t {say|state|claim} by {how much|just how much}.
The document discusses a new video streaming service called SHODAN.TV that allows users to watch movies on their iPhone or through a web browser. It promotes several movies available on the service, provides a link to sign up for the service's beta through a web form, and shares the service's website and social media contact information.
The document is a research report from Wells Fargo Securities analyzing the midstream energy sector. It notes that US midstream stocks are up year-to-date while Canadian midstream is down, and discusses investors' interest in capturing commodity upside through midstream. However, it finds that due to fee-based contracts, there are few ways to gain meaningful direct commodity exposure through US midstream anymore. It identifies several midstream companies with over 5% commodity-driven cash flow and models the potential earnings impact of current commodity prices being sustained.
This document provides an economic highlights presentation for the 2nd quarter of 2013 from the Ministry of Finance of Israel. It includes indicators such as GDP growth, exports, unemployment, fiscal stance, and more. Key points are that Israel's GDP growth has exceeded average growth of advanced economies since 2004. Exports have remained around 30-35% of GDP. Unemployment has been decreasing since mid-2009 while labor participation has increased.
- In Q2 2013, sales were largely unchanged from Q2 2012 but organic growth was 5.9%. EBIT declined slightly due to negative currency impacts.
- Major Appliances Europe saw weak markets and declining volumes, resulting in breakeven EBIT. North America saw improved price/mix and increased market share.
- Latin America and Asia/Pacific saw continued growth, while Small Appliances and Professional Products saw higher volumes but lower margins.
- For full-year 2013, the company expects slightly positive market volumes and price/mix, along with higher costs for materials, R&D, and logistics.
Lincoln Crowne & Company Engineering & Mining Services Research Report for Week Ended 23 August 2013. Reporting Season is well underway with both positive and negative results being delivered. More reporting due to happen this week. The Australian Dollar has also clawed its way back above 90 cents at this stage.
US brewed beer exports have consistently grown for years now. Cross Border Consultants LLC, a trading and distribution company, takes a look at recent trends and which countries are the most promising for US brewers looking to sell their beers abroad.
Electrolux Interim Report Q1 2013 - PresentationElectrolux Group
Highlights of the first quarter of 2013. Net sales amounted to SEK 25,328m (25,875) and reported income for the period was SEK 361m (499), or SEK 1.26 (1.76) per share. Organic growth was 3.8%, while currencies had a negative impact of –5.9%. Continued strong sales growth in North America, Asia/Pacific and Latin America. Market conditions in Europe weakened and sales for Major Appliances, Small Appliances and Professional Products were negatively impacted. North America more than tripled its earnings year-over-year as a result of strong volume growth and improvements in price and mix. Lower volumes and a weak price/mix trend in Europe negatively impacted results. Negative impact from currencies by SEK –318m impacted earnings for Latin America, Europe and Small Appliances. Seasonal build-up of inventories and working capital needs driven by strong growth impacted cash-flow in the quarter.
Rentabilidade acumulada fundos imobiliários setembro 2013claudiusinhos
The document is a report listing the accumulated returns of various funds over the last 12 months. It shows the names of over 50 funds and their respective returns ranging from 1.89% to 38.77%. The funds cover a wide range of real estate asset classes including office, retail, logistics, residential and healthcare.
Banca IFIS, 9 months of improving results. Thanks to the trust of retail costumers, SMEs and families. The C.E.O. Bossi: "Outstanding performance achieved by assuming risks responsibly: Banking business is possible".
In this analysis we look at institutional exposure to Continental European issuers and analyse trends based on style attributes, geographic exposure as well as identify top investment houses.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
- Mechel reported financial results for 1Q2013, with consolidated revenue flat at $2.5 billion compared to 4Q2012.
- The mining segment saw a 14% quarter-over-quarter revenue increase to $769 million and a 4x EBITDA improvement, driven by improved coal and iron ore prices and sales.
- Steel segment revenue declined 8% due to seasonal factors, though EBITDA was maintained at $57 million through cost controls.
- Ferroalloys segment trimmed chrome production and idled nickel production, improving its EBITDA margin to 5% compared to -37% in 4Q2012.
Analysis insight about a Flyball dog competition team's performanceroli9797
Insight of my analysis about a Flyball dog competition team's last year performance. Find more: https://github.com/rolandnagy-ds/flyball_race_analysis/tree/main
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Discussion on Vector Databases, Unstructured Data and AI
https://www.meetup.com/unstructured-data-meetup-new-york/
This meetup is for people working in unstructured data. Speakers will come present about related topics such as vector databases, LLMs, and managing data at scale. The intended audience of this group includes roles like machine learning engineers, data scientists, data engineers, software engineers, and PMs.This meetup was formerly Milvus Meetup, and is sponsored by Zilliz maintainers of Milvus.
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...sameer shah
"Join us for STATATHON, a dynamic 2-day event dedicated to exploring statistical knowledge and its real-world applications. From theory to practice, participants engage in intensive learning sessions, workshops, and challenges, fostering a deeper understanding of statistical methodologies and their significance in various fields."
The Ipsos - AI - Monitor 2024 Report.pdfSocial Samosa
According to Ipsos AI Monitor's 2024 report, 65% Indians said that products and services using AI have profoundly changed their daily life in the past 3-5 years.
Global Situational Awareness of A.I. and where its headedvikram sood
You can see the future first in San Francisco.
Over the past year, the talk of the town has shifted from $10 billion compute clusters to $100 billion clusters to trillion-dollar clusters. Every six months another zero is added to the boardroom plans. Behind the scenes, there’s a fierce scramble to secure every power contract still available for the rest of the decade, every voltage transformer that can possibly be procured. American big business is gearing up to pour trillions of dollars into a long-unseen mobilization of American industrial might. By the end of the decade, American electricity production will have grown tens of percent; from the shale fields of Pennsylvania to the solar farms of Nevada, hundreds of millions of GPUs will hum.
The AGI race has begun. We are building machines that can think and reason. By 2025/26, these machines will outpace college graduates. By the end of the decade, they will be smarter than you or I; we will have superintelligence, in the true sense of the word. Along the way, national security forces not seen in half a century will be un-leashed, and before long, The Project will be on. If we’re lucky, we’ll be in an all-out race with the CCP; if we’re unlucky, an all-out war.
Everyone is now talking about AI, but few have the faintest glimmer of what is about to hit them. Nvidia analysts still think 2024 might be close to the peak. Mainstream pundits are stuck on the wilful blindness of “it’s just predicting the next word”. They see only hype and business-as-usual; at most they entertain another internet-scale technological change.
Before long, the world will wake up. But right now, there are perhaps a few hundred people, most of them in San Francisco and the AI labs, that have situational awareness. Through whatever peculiar forces of fate, I have found myself amongst them. A few years ago, these people were derided as crazy—but they trusted the trendlines, which allowed them to correctly predict the AI advances of the past few years. Whether these people are also right about the next few years remains to be seen. But these are very smart people—the smartest people I have ever met—and they are the ones building this technology. Perhaps they will be an odd footnote in history, or perhaps they will go down in history like Szilard and Oppenheimer and Teller. If they are seeing the future even close to correctly, we are in for a wild ride.
Let me tell you what we see.
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...Social Samosa
The Modern Marketing Reckoner (MMR) is a comprehensive resource packed with POVs from 60+ industry leaders on how AI is transforming the 4 key pillars of marketing – product, place, price and promotions.
The Building Blocks of QuestDB, a Time Series Databasejavier ramirez
Talk Delivered at Valencia Codes Meetup 2024-06.
Traditionally, databases have treated timestamps just as another data type. However, when performing real-time analytics, timestamps should be first class citizens and we need rich time semantics to get the most out of our data. We also need to deal with ever growing datasets while keeping performant, which is as fun as it sounds.
It is no wonder time-series databases are now more popular than ever before. Join me in this session to learn about the internal architecture and building blocks of QuestDB, an open source time-series database designed for speed. We will also review a history of some of the changes we have gone over the past two years to deal with late and unordered data, non-blocking writes, read-replicas, or faster batch ingestion.
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdfGetInData
Recently we have observed the rise of open-source Large Language Models (LLMs) that are community-driven or developed by the AI market leaders, such as Meta (Llama3), Databricks (DBRX) and Snowflake (Arctic). On the other hand, there is a growth in interest in specialized, carefully fine-tuned yet relatively small models that can efficiently assist programmers in day-to-day tasks. Finally, Retrieval-Augmented Generation (RAG) architectures have gained a lot of traction as the preferred approach for LLMs context and prompt augmentation for building conversational SQL data copilots, code copilots and chatbots.
In this presentation, we will show how we built upon these three concepts a robust Data Copilot that can help to democratize access to company data assets and boost performance of everyone working with data platforms.
Why do we need yet another (open-source ) Copilot?
How can we build one?
Architecture and evaluation