Part of Netwealth's portfolio construction webinar series - Chris Inifer from Allan Gray presented to an audience on 12th July 2016 on how a contrarian investment approach may help protect against poor human decision making that are often driven by emotion and biases.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
Netwealth portfolio construction series - Why are ETFs gaining in popularity ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Vinnie Wadhera from BetaShares presented to an audience on 14th September 2016 about Exchange Traded Funds (ETFs) and strategies on how ETFs can be used in a portfolio.
Netwealth portfolio construction series: Economic Update with Roger MontgomerynetwealthInvest
Part of Netwealth's portfolio construction webinar series - Roger Montgomery, founder and Chief Investment Officer at Montgomery Investment Management presented to an audience on 22nd February 2017 and shared his views on major economic trends currently affecting local and global markets, stocks and sectors best placed for growth and what investors should look for in 2017.
Netwealth portfolio construction series - Successful value investing in small...netwealthInvest
During our March webinar Steve Johnson, Chief Investment Officer at Forager Funds Management, shares his views on how to successfully invest in small and medium sized companies, including developing a winning investors mindset.
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
netwealth educational webinar - Better client outcomes and conversations thro...netwealthInvest
During a netwealth educational webinar on August 11 2016, Rainmaker Group's Director of Research and Compliance, Alex Dunnin shared key findings from their latest research on managed accounts and what it means for financial advisers.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
Netwealth portfolio construction series - Why are ETFs gaining in popularity ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Vinnie Wadhera from BetaShares presented to an audience on 14th September 2016 about Exchange Traded Funds (ETFs) and strategies on how ETFs can be used in a portfolio.
Netwealth portfolio construction series: Economic Update with Roger MontgomerynetwealthInvest
Part of Netwealth's portfolio construction webinar series - Roger Montgomery, founder and Chief Investment Officer at Montgomery Investment Management presented to an audience on 22nd February 2017 and shared his views on major economic trends currently affecting local and global markets, stocks and sectors best placed for growth and what investors should look for in 2017.
Netwealth portfolio construction series - Successful value investing in small...netwealthInvest
During our March webinar Steve Johnson, Chief Investment Officer at Forager Funds Management, shares his views on how to successfully invest in small and medium sized companies, including developing a winning investors mindset.
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
netwealth educational webinar - Better client outcomes and conversations thro...netwealthInvest
During a netwealth educational webinar on August 11 2016, Rainmaker Group's Director of Research and Compliance, Alex Dunnin shared key findings from their latest research on managed accounts and what it means for financial advisers.
netwealth educational webinar - An innovative way to advise 30-somethingsnetwealthInvest
Steve Crawford from Experience Wealth and Your Spending Coach presented at netwealth's educational webinar on February 11, 2016. The topic was around how to provide financial advice solutions for Gen X & Y.
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
How do investors achieve financial freedom? How do you establish your financial goals? Understand the benefits of diversification and following an asset allocation strategy.
www.Quantumamc.com
Strategies for positive returns in volatile marketsnetwealthInvest
Part of Netwealth's portfolio construction webinar series - ST Wong from Prime Value presented to an audience on 14th June 2016 on the topic of absolute investing.
Wealthsimple is for people who dream of a smart and simple way to invest their savings. We use technology to make investing smarter, easier, and more transparent. Here are our 5 rules of smart investing. For more information and tips on how to be smart about your savings, visit https://www.wealthsimple.com
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
The following information is for TRAINING purposes ONLY.
The following information DOES NOT
Illustrate the actual performance that may be experienced by an individual investor.
The actual investment performance of any individual investment account
will be higher or lower than this illustration.
Your personal investment risk tolerance and all aspects of any investment, to include fees, should be carefully considered before making any actual investment.
The past performance of any investment is NO guarantee of future performance.
The Following Presentation is for training purposes ONLY and is not to be used with the General Public.
Use ONLY Client APPROVES Presentations With the General Public
Week One material for Wealth Management course.
The information contained in this presentation is for illustrative and informational purposes only and should not be considered investment advice.
Japan- world’s 3rd largest economy
The US Economy is going through many similar events
The Nikkei 225 Index Japan’s Stock Market
is Still down 72%... 20 years later
What Happens in a 20 year “BEAR” market?
Imagine if you still had every penny of gains you’d received on your investments!
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
Insight Summit 2017: Intelligent Risk Taking
Portfolio construction today - Cliff Asness, Managing & Founding Principal, AQR Capital Management
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Our Story: Wealthsimple presented by Jason Goldlist at FinTechTOWealthsimple
Jason Goldlist, Chief Marketing Office at Wealthsimple, presents the 5 Simple Rules for Smart Investing at "Our Story: Wealthsimple", a FinTech Toronto event, on July 15th, 2015.
You can visit Wealthsimple here:
https://www.wealthsimple.com/
Illustration by Behavior Gap
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
netwealth educational webinar - An innovative way to advise 30-somethingsnetwealthInvest
Steve Crawford from Experience Wealth and Your Spending Coach presented at netwealth's educational webinar on February 11, 2016. The topic was around how to provide financial advice solutions for Gen X & Y.
Netwealth portfolio construction series - Why you should consider investing o...netwealthInvest
Julian Beaumont from Bennelong Australian Equity Partners presented a webinar session on how to invest outside of the top 20 ASX stocks, for Netwealth on May 26, 2016.
How do investors achieve financial freedom? How do you establish your financial goals? Understand the benefits of diversification and following an asset allocation strategy.
www.Quantumamc.com
Strategies for positive returns in volatile marketsnetwealthInvest
Part of Netwealth's portfolio construction webinar series - ST Wong from Prime Value presented to an audience on 14th June 2016 on the topic of absolute investing.
Wealthsimple is for people who dream of a smart and simple way to invest their savings. We use technology to make investing smarter, easier, and more transparent. Here are our 5 rules of smart investing. For more information and tips on how to be smart about your savings, visit https://www.wealthsimple.com
How clients are reacting to uncertainty and how best to deal with itnetwealthInvest
Drawing on CoreData's just completed research Andrew Inwood shares insights into how Australian investors are reacting to the coronavirus uncertainty and how advisers can best support clients in this environment.
The following information is for TRAINING purposes ONLY.
The following information DOES NOT
Illustrate the actual performance that may be experienced by an individual investor.
The actual investment performance of any individual investment account
will be higher or lower than this illustration.
Your personal investment risk tolerance and all aspects of any investment, to include fees, should be carefully considered before making any actual investment.
The past performance of any investment is NO guarantee of future performance.
The Following Presentation is for training purposes ONLY and is not to be used with the General Public.
Use ONLY Client APPROVES Presentations With the General Public
Week One material for Wealth Management course.
The information contained in this presentation is for illustrative and informational purposes only and should not be considered investment advice.
Japan- world’s 3rd largest economy
The US Economy is going through many similar events
The Nikkei 225 Index Japan’s Stock Market
is Still down 72%... 20 years later
What Happens in a 20 year “BEAR” market?
Imagine if you still had every penny of gains you’d received on your investments!
Smart Beta Investing - Trends and OpportunitiesAmit Sinha
Additional content available at www.focus262.com/blog
Presentation by Amit Sinha at the Copal Amba Breakfast Series that walks through the what, why and where of Smart Beta investing.
Beginning with what is smart beta, then moving to why investors can benefit from smart beta and concluding with where the industry is headed - highlighting the potential market opportunity, challenges, and business models followed by asset managers such as Dimensional, AQR, GSAM, etc.
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
Insight Summit 2017: Intelligent Risk Taking
Portfolio construction today - Cliff Asness, Managing & Founding Principal, AQR Capital Management
Presented at the third annual Insight Summit conference held on 7 November 2017 by London Business School’s AQR Asset Management Institute.
Our Story: Wealthsimple presented by Jason Goldlist at FinTechTOWealthsimple
Jason Goldlist, Chief Marketing Office at Wealthsimple, presents the 5 Simple Rules for Smart Investing at "Our Story: Wealthsimple", a FinTech Toronto event, on July 15th, 2015.
You can visit Wealthsimple here:
https://www.wealthsimple.com/
Illustration by Behavior Gap
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Netwealth educational webinar - The 5 deadly sins of SMSFsnetwealthInvest
During a netwealth educational webinar on Oct 25 2016, Netwealth's Head of Technical Services, Keat Chew shares his thoughts on the 5 deadly sins of SMSFs and how they can be avoided.
Highlights - Ireland U20 v England U20 - Europe - Six Nations U-20 2015 - rug...jayepanthen
http://rugbytv.msnfoxsports.org/?from-feb-23rd-rugby-live-link-230231 Highlights - Ireland U20 v England U20 - Europe - Six Nations U-20 2015 - rugby union games 2015 - rugby union 2015
Highlights, Ireland U20 v England U20, Europe, Six Nations U-20 2015, rugby union games 2015, rugby union 2015
Watch - Scotland U20 vs Italy U20 - Europe - Six Nations U-20 2015 - rugby un...jayepanthen
http://rugbytv.msnfoxsports.org/?from-feb-23rd-rugby-live-link-230234 Watch - Scotland U20 vs Italy U20 - Europe - Six Nations U-20 2015 - rugby union live scores 2015 - rugby union games 2015
Watch, Scotland U20 vs Italy U20, Europe, Six Nations U-20 2015, rugby union live scores 2015, rugby union games 2015
http://v8tv.msnfoxsports.org/?23-feb-onwards-v8-supercars-live-here-2096 SPEED Energy Formula Off-Road (Recurring Competition) Robby Gordon (Organization Founder) Adelaide (City/Town/Village) Adelaide 500 (Location) 500 Auto Racing (Sport) Australia (Country) stadiumsupertrucks adelaide stadium traxxas Race trucks super robby sst clipsal
SPEED Energy Formula Off-Road (Recurring Competition), Robby Gordon (Organization Founder), Adelaide (City/Town/Village), Adelaide 500 (Location), Auto Racing (Sport), Australia (Country), stadiumsupertrucks, adelaide, stadium, traxxas, Race, trucks, super, robby, clipsal
http://v8tv.msnfoxsports.org/?23-feb-onwards-v8-supercars-live-here-2090 SPEED Energy Formula Off-Road (Recurring Competition) Robby Gordon (Organization Founder) Adelaide (City/Town/Village) Adelaide 500 (Location) 500 Auto Racing (Sport) Australia (Country) stadiumsupertrucks adelaide stadium traxxas Race trucks super robby sst clipsal
SPEED Energy Formula Off-Road (Recurring Competition), Robby Gordon (Organization Founder), Adelaide (City/Town/Village), Adelaide 500 (Location), Auto Racing (Sport), Australia (Country), stadiumsupertrucks, adelaide, stadium, traxxas, Race, trucks, super, robby, clipsal
"Opportunities and Pitfalls in Momentum Investing" by Gary Antonacci, Author ...Quantopian
Presented at QuantCon Singapore 2016, Quantopian's quantitative finance and algorithmic trading conference, November 11th.
Gary will begin by explaining the origins and history of momentum investing. He will show why momentum is called “the premier anomaly.” He will describe the way momentum is most commonly used and why this may not be the best approach. He will discuss the hidden risks associated with momentum and other factor based investments.
Using easily understood examples and historical research findings, he will show how relative strength momentum can enhance investment returns, while trend-following absolute momentum can dramatically decrease risk exposure.
Gary will show which assets are best to use for momentum investing. Finally, he will describe the behavioral biases you must deal with and the mind set you need to become a successful momentum investor.
In this talk you will learn how to:
a) Spot the best momentum investment opportunities in any market environment.
b) Protect yourself from bear market risk exposure and behavioral biases.
c) Construct your own low-cost, rules-based dual momentum portfolio that is simple to understand and easy to maintain.
This presentation is to communicate ideas and information that will help you build financial security. We define financial security as a feeling of confidence that you will achieve your financial goals through the actions you are taking today.
In All About Factors, we cover the basics of what factors are, where we expect them to derive their excess returns from, their advantages and disadvantages and if there is indeed any merit to this approach or if it just another Wall Street marketing gimmick.
After covering the commonly accepted factors basics, we discuss expectations for factor investing, the theory as to why short-term pain must be present for long-term return, and some key considerations in moving from the academic research to creating investible portfolios.
Also explored is the current on-going debate between industry titans Rob Arnott (Research Affiliates) and Cliff Asness (AQR) as to the efficacy of using valuation-based spreads to time factor exposures.
Lastly, we look at some different methods that a retail investor can utilize smart-beta investing, by highlighting some of the current industry techniques for diversifying factor exposures and building a multi-factor portfolio.
Appreciating Uncertainty: Elections, Investing and Setting Expectations for t...Ian A. Post, CFA, CFP®
The results of the presidential election made some people happy and some sad but most everyone was surprised. I personally was obsessed over the last few months with election polls, models and predictions. So, what can we learn from pre-election polls that seemed to assure a Clinton victory that can help us manage our investments?
Dcc speaker powerpoint presentation 2015 updatedCarl Wilson
Presentation from the 2015 Dorset Charities Conference. Event was hosted by Ward Goodman Chartered Accountants and Financial Advisers. Presentation includes the speakers slides.
Property market and stock market cycles over the last 30 years, repetitive patterns -- How to see what will happen next, How to profit safely in any market
Retirement income strategies during volatile and uncertain marketsnetwealthInvest
Michael Elsworth, Executive Director at Lonsec, joins us to discuss retirement income strategies during volatile markets, including his investment philosophy, the benefits and risks of different retiree income strategies and the advantages of combining income streams during times of uncertainty.
What does the coronavirus stimulus package mean for you and your clientsnetwealthInvest
Keat Chew, Netwealth Head of Technical Services, examines the Federal Government's stimulus package to simplify what matters most for you and your clients.
2020, the latest developments in Environment, Social and Governance investingnetwealthInvest
In this presentation, we discuss current ESG themes, including regulatory changes and key environmental, social and governance factors that investors need to understand in 2020.
2020 Netwealth Roadshow - Next super steps with Keat Chew, Netwealth Head of ...netwealthInvest
With more than three decades of super asset growth behind us, Netwealth's Head of Technical Services, Keat Chew, presented four strategies that can be used to elevate superannuation advice in 2020 and beyond.
2020 Netwealth Roadshow - Evolving your service offering for high net worth c...netwealthInvest
At the 2020 Netwealth roadshow, we also presented our newest research paper: How to attract and retain high net worth clients.
With Australia now boasting around 266,000 high net worth individuals with highly complex financial profiles and a combined $2 trillion in investable assets (1) and only 39% having receive financial advice (2), there is considerable opportunity for you to serve this segment.
(1/2) Capgemini, World Wealth Report 2019. https://www.capgemini.com/news/world-wealth-report-2019/
Adapting to change: How to future-ready your practicenetwealthInvest
To help you adapt and benefit from future trends, Jason Andriessen, managing director of Coredata, explores what you should be doing to position your business for growth and success.
Roger Montgomery, founder and chief investment officer at Montgomery Investment Management shares his key market insights and opportunities for equity investors in 2020.
1. Has the Australian equity market already been priced in a lower for longer environment
2. What are the risks for equity investors in 2020?
3. The advantages of a flexible investment strategy across sector, size and equity/cash
Practical steps to building an estate planning offeringnetwealthInvest
If you're looking to grow your business and strengthen client relationships then you may wish to consider the role estate planning has on your value proposition.
In this presentation Brandon Thompson, CEO of Yodal, will demonstrate the practical benefits of an estate planning offering and outline why advisers are well placed to capitalise on this commercial opportunity.
Learn from David Smorgon OAM, CEO of Pointmade, as he guides you through the process of transitioning a family-owned business, sharing his experiences from Smorgon Consolidated Industries, one of Australia’s largest family businesses.
The rise of Global Listed Infrastructure and why now?netwealthInvest
Globally, billions of people rely on infrastructure to live their lives, from the toll roads they drive on, the electricity that powers their homes and the water they drink.
Global investment in infrastructure is increasing, with $70 trillion expected to be invested by 2035, making this an asset class too large to ignore.
In this webinar, Gavin Peacock, Senior Research Analyst at CBRE Clarion Securities, will share his insights on global infrastructure as an asset class within portfolios, and its unique features.
Create a strategic roadmap for 2020 and beyondnetwealthInvest
Learn from Brad Fox, Managing Director at SmartBrave Consulting, as he guides you through the process of creating an effective strategic roadmap to not just future-proof your business, but a strategy to thrive in 2020 and beyond.
Why emerging markets are too important to ignorenetwealthInvest
Learn how the emerging middle class may impact infrastructure for decades to come and what investment opportunities this may result in from Sarah Shaw, Global Portfolio Manager and CIO at 4D Infrastructure
Discover how to unlock the most powerful tool in your saleskit - "stories" with Eleece Quilliam, National Manager of Invesco Consulting Australia.
Learn from Eleece how highly-effective advisers use 'StorySelling' to help them establish stronger personal connections and convert more prospects.
Build a resilient portfolio for all stages of the economic cyclenetwealthInvest
Learn strategies in building your portfolio for any economic condition from John Owen, Portfolio Specialist at MLC Investment Management, as he reviews current market and economic circumstances and provides investment portfolio solutions that are appropriate for a world that will continue to evolve in unpredictable ways.
The likely impacts of AI on your business and financial advicenetwealthInvest
With so much industry speculation, it can be difficult to determine if Artificial Intelligence (AI) will result in the end of financial advice as we know it or unlock a new universe of possibilities for advisers.
In this webinar Joel Robbie, co-founder and CEO of Nod, will help you understand the true and likely impact of this technology on your business and provide you with practical tips to navigate and capitalise on any change.
Marketing strategies to communicate your value effectivelynetwealthInvest
Learn marketing strategies to help you communicate and demonstrate your value effectively so clients understand why they shouldn't live with out you, with Kim Payne - founder of 9rok Consulting.
Explore what changes your business may need to make to better attract, retain and advise the Gen X&Y market with Steve Crawford, CEO of Experience Wealth – a business that deals exclusively with Gen X&Y clients.
Identify small cap stocks that will last the distancenetwealthInvest
Australian small cap stocks can be a popular investment due to their higher growth potential over large cap stocks. If you’d like to gain exposure to small cap stocks, this webinar by Aberdeen can teach you how to identify high-quality businesses that can last the distance.
Australian investor trends every financial adviser should knownetwealthInvest
Discover how 1,000 Australian investors are managing their portfolios and their views on investment advice, emerging investment themes such as ESG, and the effect of technology on investing, from Andy Sowerby, Managing Director of Legg Mason Australia and New Zealand.
Investing in today's low interest rate climatenetwealthInvest
In today's low interest rate and elevated global-debt environment, it can be difficult to know where to invest. Discover Perpetual's methodology on how to identify high-quality businesses with consistent cash flow and earnings growth.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
Why do people make irrational investment decisions? How to make sure you don't.
1. Why do people make irrational
investment decisions?
How to make sure you don't.
Netwealth portfolio construction webinar series
July 12, 2016
2. Disclaimer
This Technical Review has been prepared and issued by netwealth Investments Limited (netwealth),
ABN 85 090 569 109, AFSL 230975, ARSN 604 930 252. It contains factual information and may also
contain general advice, which does not take into account your individual objectives, financial situation
or needs. The information provided is not intended to be a substitute for professional financial or
taxation advice and you should determine its appropriateness having regard to your particular
circumstances. While all care has been taken in the preparation of this document (using sources
believed to be reliable and accurate), no person, including netwealth, or any other member of the
netwealth group of companies, accepts responsibility for any loss suffered by any person arising from
reliance on this information.
For further information or enquiries please email contact@netwealth.com.au or Freecall 1800 888 223.
We respect your right to privacy; please visit our website to read our Privacy Policy.
3. Housekeeping
• This webinar is being recorded. Slides will be sent to
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• Enter your questions in the chat. We will get to them at
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6. 6
• Who is Allan Gray
• The human – one smart primate
• The investor’s chief problem
• How this behaviour appears in financial markets
• A practical solution
• Current market thoughts – where to invest?
AGENDA
7. 7
10 years of
investing in
Australia
Established in
South Africa in
1973
Allan Gray
Australia began
operating in
Sydney and
applied for a AFSL
Allan Gray Australia
received their licence
and launched the
Allan Gray Australia
Equity Fund
Allan Gray
Australia launched
the Allan Gray
Australia
Opportunity Fund
The Orbis Group is
formed in Bermuda
1973 1989 2005 20112006 2016
8. 8
THE HUMAN BEING – ONE SMART PRIMATE
Source: Wikipedia and The Age, August 2010
10. 10
THE INVESTOR’S CHIEF PROBLEM
Source: Dalbar study 1990 to 2010, Behavior Gap Carl Richards
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
S&P 500 Average equity investor
20 year annualised returns
13. 13
ARE YOU MCCOY OR SPOCK?
X System (McCoy)
• Similarity
• Familiarity
• Proximity
Source: The X and C Systems, Matthew Lieberman, 2007
C System (Spock)
• More logical
• One step at a time
14. 14
COGNITIVE REFLECTION TEST
1. A bat and a ball cost $1.10 in total. The bat cost $1 more than the ball. How much
does the ball cost?
2. If it takes five minutes for five machines to make five widgets, how long would it take
100 machines to make 100 widgets?
3. In a lake there is a patch of lily pads. Every day the patch doubles in size. If it takes
48 days for the patch to cover the entire lake, how long will it take to cover half the
lake?
Source: S.Frederick, ‘Cognitive Reflection and Decision Making’, Journal of Economic Perspectives 19 (2005): 24-42
McCoy Spock
1. 10 Cents 5 cents
2. 100 Minutes 5 Minutes
3. 24 Days 47 Days
16. 16
• When the problem is ill structured or complicated
• When information is incomplete, ambiguous and changing
• When goals are not defined or change or compete with each other
• When stress is high because of time or other pressures
• When decisions rely on interactions with others
WHEN ARE WE MOST LIKELY TO USE X SYSTEM?
These typically apply to investment decisions…
Source: See Gary Klein: Sources of Power: How People Makes Decisions (Cambridge, MA: MIT Press, 1999)
19. 19
• Illusion of control
• Consider too small a range of outcomes
• We recognise mistakes in others more readily than in
ourselves
• The ‘experts’ are often more overconfident
OVERCONFIDENCE
20. 20
MACRO FORECASTS AND OVERCONFIDENCE
“Stock prices have
reached what looks like a
permanently high
plateau”
“Dow 36,000”
“Dow 40,000”
“Dow 100,000”
Dow Jones Industrial Index 1929 – 1955 Dow Jones Industrial Index 1996 – 2012
Source: Bloomberg, Professor Irving Fisher, Economist, October 1929. Quotes, J.Glassman, K.Hassett and C.Kadlec
21. 21
WHERE WOULD YOU INVEST?
Country Real GDP per capita growth
A 3.8
B 2.6
C 2.6
D 2.5
E 2.4
F 2.2
G 2.2
H 2.2
I 2.1
J 2.1
K 2.0
L 1.9
M 1.8
N 1.6
O 1.5
P 1.2
22. 22
IS GDP GROWTH GOOD FOR SHAREMARKETS?
0
1
2
3
4
5
6
7
8
Ita Bel Ger Fra Spa Ire Jap Nor Swi Den Net Fin UK Can NZ US Swe Saf Aus
Real equity return Real GDP per capita growth
Source: Dimons, Marsh & Staunton, ‘Triumph of the Optimists’, Princetown University Press, 2002
Real Equity Returns 1900 – 2000
23. 23
LOSS AVERSION
• We feel pain of loss greater than pleasure of win
• Leads to temporary paralysis and irrational behaviour
A real life study
• You are given $20 to play a game with 20 rounds
• At the start of each round choose whether to invest
• Each round a fair coin is flipped
• If heads you win $2.50. If tails you lose your $1.
‘Normal’ group ‘Fearless’ group
Overall participation: 58% 85%
After losing rounds: 40% 85%
Source:B. Shiv, G. Loewenstein, A. Bechara, H. Damasio, and A. Damasio, ‘Investment Behavior and the Negative Side of Emotion’, Psychological Science 16 (2005)
The result may surprise you…
24. 24
RECENCY BIAS
70
80
90
100
110
120
130
140
150
160
170
180
190
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
InvestmentGrowth
S&P/ASX 300 TR S&P/ASX Australian Fixed Interest TR AUD
• We tend to overweight the
recent past in expectations of
the future
• This leads us to buy and sell at
the wrong time
• There are 11 ASX listed fixed
income ETFs. All launched in
2012
Source: Morningstar
25. 25
RECENCY BIAS
+7.6% p.a.
-3.7% p.a.
+5.8% p.a.
Returns on Australian Bonds and Cash, 1900 – 2000, after inflation
Leads to buying
and selling at the
wrong time
Source: Dimons, Marsh & Staunton, ‘Triumph of the Optimists’, Princetown University Press, 2002
26. 26
CONFIRMATION BIAS
• We are more receptive to information that confirms our existing beliefs
• Less receptive to information that contradicts our existing beliefs
• We don’t like to change our minds
• It’s easier that way
• It allows us not to think
27. 27
CONFIRMATION BIAS
Time
Intrinsic Value
Share Price
Value
Company A
• In a booming industry
• ‘BUY’ recommendations from
many stock brokers
• Positive media coverage
• Friends have made profit and
are buying more
Company B
• Industry facing cyclical downturn
• ‘SELL’ recommendations from many stock
brokers
• Negative media coverage
• Friends lament losses and are selling out
28. 28
SELF INTEREST (CAREER RISK)
If you were a fund manager, would you prefer….
a. 80% chance of double bonus and 20% chance of getting fired
b. Guaranteed average bonus
Leads fundamental managers to make non-fundamental decisions (e.g. ‘this
company is 10% of index – having zero exposure is too risky’)
29. 29
LEADS FUNDAMENTAL MANAGERS TO MAKE NON-FUNDAMENTAL
DECISIONS
Source: Morningstar as at April 2016
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
CBA WBC NAB ANZ TLS BHP WOW WES CSL SUN
Weight(%)
Weight of share in SPDR S&P/ASX 200 Fund
Average weight of share - 5 largest active managers (Morningstar 'Australian Equity Blend' category)
Weight of share in Allan Gray Australia Equity Fund
31. 31
Shut out noise
• Our McCoy System loves a good
story – don’t feed it!
• The media is paid to fill pages and is
best ignored
• ‘Leading experts & economists’ are
also paid to supply a good story
• Don’t believe them!
• Use your C System and independent
thinking instead
32. 32
BE CONTRARIAN
‘Broker slashes its BHP
profit forecast 12pc’
Sydney Morning Herald
April 4, 1998
‘Fairfax shares fall as
losses hit $2.7b’
The Age
August 23, 2012
Reasons to
sell?
‘BHP makes $58m
profit per day’
Sydney Morning
Herald
February 16, 2011
‘Earnings at record
level’
Fairfax Media Annual
Report, 2000
Reasons to
buy?
33. 33
BE CONTRARIAN
‘Broker slashes its BHP profit
forecast 12pc’
Sydney Morning Herald
April 4, 1998
‘BHP makes record profit’
Sydney Morning Herald
February 16, 2011
‘Earnings at record level’
Fairfax Media Annual Report, 2000
‘Fairfax shares fall as losses
hit $2.7b’
The Age August 23, 2012
Source: Allan Gray data base to 2013
34. 34
DISTINGUISH VALUE FROM PRICE
Value
• What you get
• Stable
• Driven by
fundamentals
Price
• What you pay
• Volatile
• Driven (in short
term) by ‘animal
spirits’
Value – Price = Excess Return
35. 35
SEEK ALIGNMENT OF INTEREST
Strategy 1 Strategy 2 Strategy 3
Division A Fund Mgt Division
Fund Manager
(Individual)
Financial Services Firm
Fund Manager
(Individual)
Alignment stronger
Alignment weaker
38. 38
ASX 300 INDEX FUNDAMENTALS
Source: Allan Gray Data base as at June 2016
500
1000
1500
2000
3000
5000
10000
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
ASX 300 Index
10 x Earnings
10 x Dividend
Book Value
39. 39
A DIFFICULT TIME FOR VALUE INVESTORS
-10%
-5%
0%
5%
10%
15%
20%
25%
1995 2000 2005 2010 2015
Rankcorrelationofstocks
Source: MSCI data, Deutsche Bank, Allan Gray analysis as at January 2016
40. 40
Newcrest Mining 11.1%
Woodside Petroleum 8.6%
Origin Energy 7.9%
Alumina 7.8%
Metcash 5.7%
3.8%
3.2%
APN News & Media
3.3%
National Australia bank
2.7%
Southern Cross Media Group
2.4%
TOP 10 HOLDINGS AS AT 30 JUNE 2016
Company % of Allan Gray Australia Equity Fund
AusNet Services
Worley Parsons
41. 41
• Don’t listen to ‘the experts’
• Recognise biases and be contrarian
• Distinguish between Price and Value
• Demand alignment of interest
• Evaluate your own decision making honestly
• Value is available
……Just because it’s popular doesn’t mean it will make money!
SUMMARY
42. 42
About this presentation and the Allan Gray Australia Equity Fund and/or
Allan Gray Australia Opportunity Fund (together Funds)
Objective of presentation To provide you with some key high level information about our investment philosophy and the Funds.
Please don’t take this presentation as an offer to sell or a recommendation that you should invest in the Fund. Please read the
Fund’s most recent Product Disclosure Statement and Information Booklet (together PDS) before deciding to invest in the Fund. A
free copy is available from www.allangray.com.au/documents/ProductDisclosureStatementAGEF.pdf
www.allangray.com.au/documents/ProductDisclosureStatementAGOF.pdf
Issuer of units in the Funds Equity Trustees Limited, AFSL No. 240975
Investment Manager Allan Gray Australia Pty Ltd, AFSL No. 298487
Fund registration The Funds are managed investment schemes registered with the Australian Securities and Investments Commission. The Funds
are also registered for promotion in South Africa and New Zealand.
Who can invest? The Funds are aimed at investors in Australia. The Funds do not accept US persons and are not marketed in the European
Economic Area (EEA). Investors resident in the EEA can only invest in the Funds under certain circumstances and determined by,
and in compliance with, applicable law.
No personal advice This presentation has been prepared for financial advisers and only provides general information. All information provided does not
take into account any investors personal financial circumstances, objectives or needs. You should read Allan Gray Australia’s
Financial Services Guide, which sets out the benefits we or our related entities are entitled to receive (such as fees payable to us
as investment manager). The FSG is available on our website.
Investments can go up and down There are risks with any investment, including one in the Funds. Please read the risk section of the PDS for more details. Past
performance is not a reliable indicator of future performance and the value of any investment in the Funds is not guaranteed.
Economic, market or stock commentary Such information is provided to indicate reasons for our investment decisions or represents our views on certain matters. It is not
intended to be personal financial advice. Such commentary is not a recommendation to deal in any security or instrument.
Other Finally, please seek professional advice, if necessary. We have tried to ensure the information in this presentation is accurate in all
material respects but cannot provide any guarantee that it is.
41 Years of investment management
1973 Allan Gray founded in Cape town south Africa and currently managed AUD 45 billion
Orbis Group founded in 1989 and now manages AUD 38.6 billion of that AUD 7.5 billion are Australian sourced assets this is As at 31 May 2016 10 years in Australia managing AUD 4.2 billion including Segregated mandates, trust and Allan Gray Australia Opportunity Fund