Trusted Insighthttp://thetrustedinsight.com/2019-05-15T17:01:04.952432-04:00Trusted Insight, the world's largest platform for institutional investors with 40,000 LP investor professionals in 98 countries and territories around the globe. 30,000 institutional investors engage with Trusted Insight each week. They are actively investing in alternative assets, primarily private equity, hedge funds, real estate and private companies. Our users consist of pension funds, endowments, foundations, sovereign wealth funds, family offices, banks and insurance companies. 83% of Trusted Insight users continue to use the platform 6 months after initially signing up. Investors on the platform, on average manage in excess of $5 billion. We are a platform for qualified purchasers, not high net worth investors.
Quants Think Like Amateurs In World’s Wildest Stock Market
2019-05-15T17:01:04.952432-04:00https://www.thetrustedinsight.com/investment-news/quants-think-like-amateurs-in-the-worlds-wildest-stock-market-20190515744/
As quants adapt their models to a Chinese market where mom-and-pop investors drive more than 80% of trades, they’re coming up with clever ways to predict where the nation’s so-called dumb money is headed.
Happy 150th Birthday Canada
2017-07-01T13:19:29.769381-04:00https://www.thetrustedinsight.com/investment-news/happy-150th-birthday-canada-20170701777/
Cheers from the Team at Black Swan Dexteritas, Tech Hedge Fund. Enjoy and stay safe !!!<br />
<br />
<a href="http://www.blackswandexteritas.com"><span style="color: rgb(51, 51, 51); font-family: sans-serif, Arial, Verdana, 'Trebuchet MS'; font-size: 13px; background-color: rgb(255, 255, 255);">www.blackswandexteritas.com</span></a>
Q&A: Ken Miranda Pursues Growth For Cornell's Endowment
2017-01-12T10:47:22.097804-05:00https://www.thetrustedinsight.com/investment-news/qa-ken-miranda-pursues-growth-for-cornells-endowment-20170112338/
This past July, Kenneth Miranda became Cornell’s chief investment officer. He oversees the university’s $6 billion portfolio, following 16 years as director of the International Monetary Fund’s (IMF)...
Capital Fund Management Names Ex-Altemis CEO Schupp As North American Chief
2016-12-19T15:26:32.347357-05:00https://www.thetrustedinsight.com/investment-news/capital-fund-management-names-ex-altemis-ceo-schupp-as-north-american-chief-20161219672/
Schupp will be responsible for client coverage and business development activities, according to a statement. He will be based in New York and report to Philippe Jordan, Capital Fund Management’s president. Pensions & Investments first reported the hire.
Have Endowments Adopted The Yale Model?
2016-11-03T11:38:30.410898-04:00https://www.thetrustedinsight.com/investment-news/have-endowments-adopted-the-yale-model-20161103735/
With limited data and only general information about their actual allocations, it can be difficult to identify the causes of the wide dispersion in the returns of endowments in 2016. Note the large s...
Piotr Kawala best young analyst by Parkiet and ZMiD
2016-10-27T06:42:09.693378-04:00https://www.thetrustedinsight.com/investment-news/piotr-kawala-best-young-analyst-by-parkiet-and-zmid-20161027326/
Piotr Kawala, Macromoney macroeconomic analyst, was awarded as Young Star of the Polish financial market in the category best analyst by Parkiet, the most popular Polish financial newspaper, and ZMiD, the Polish association of brokers and investment advisors.
Endowment Sees First Negative Return In Seven Years
2016-10-20T12:04:39.602578-04:00https://www.thetrustedinsight.com/investment-news/endowment-sees-first-negative-return-in-seven-years-20161020933/
Bowdoin’s endowment generated an investment return of -1.4 percent in fiscal year (FY) 2016, a marked drop from last year’s 14.4 percent increase. According to Cambridge Associates, a firm that track...
MPI Cautions Institutional Investors Over Rush To Exit Hedge Fund Investments
2016-06-20T13:15:26.549111-04:00https://www.thetrustedinsight.com/investment-news/mpi-cautions-institutional-investors-over-rush-to-exit-hedge-fund-investments-20160620788/
Institutional investors should undertake a quantitative analysis of their hedge fund investments’ long-term contribution to overall portfolio efficiency, rather than basing their asset allocation strategies on a short-term comparison with equity benchmarks. read more
Machines Beat Humans in Hedge Fund Quest to Time Market Bottom
2016-06-15T11:53:46.504285-04:00https://www.thetrustedinsight.com/investment-news/machines-beat-humans-in-hedge-fund-quest-to-time-market-bottom-20160615546/
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world....
Activists May Be Less Myopic Than Their Reputation Suggests
2015-11-05T15:52:28.073310-05:00https://www.thetrustedinsight.com/investment-news/activists-may-be-less-myopic-than-their-reputation-suggests-20151105885/
Are activist investors short-term traders or in it for the long term? It is the question of the moment as nearly $200 billion has poured into the coffers of activists with names like Icahn, Ackman and Peltz, among others. Last year, as a group they put some 200 companies in their cross hairs and replaced 19 chief executives, according to the law firm Sidley Austin, putting pressure on virtually every board in the country to pay attention to this vocal class of shareholders. If you listen to C.E.O.s and politicians on the stump these days, you would get the sense...
Steinbrugge Looks To Re-insurance Hedge Funds
2015-09-23T15:13:32.797037-04:00https://www.thetrustedinsight.com/investment-news/steinbrugge-looks-to-re-insurance-hedge-funds-20150923399/
Most re-insurance hedge funds (along with many of the investments) use quantitative analysis to determine event probability and price their insurance premiums above the probability level. In an era where investors have been reaching for yield, competition has reduced return to a degree, but investment managers have the ability to forecast, with a reasonable degree of accuracy, future revenue and payout projections, which comforts investors. There are issues to consider when investing in a re-insurance hedge fund, which he outlines in the white paper, but one must consider that in general the investments often feature limited liquidity and lock-up periods....
Two Factors Conspiring to Push Markets Higher
2015-06-17T11:59:27.972613-04:00https://www.thetrustedinsight.com/investment-news/two-factors-conspiring-to-push-markets-higher-20150617566/
<span id="docs-internal-guid-ca16ef52-023a-4c96-74b1-a0a329b82438"><h1 dir="ltr" style="line-height:1.38;margin-top:24pt;margin-bottom:6pt;"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 14.6666666666667px; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent; font-weight: normal;">by Greg Silberman</span></h1><h1 dir="ltr" style="line-height:1.38;margin-top:24pt;margin-bottom:6pt;"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 14.6666666666667px; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent; font-weight: normal;">I recently returned from Charleston, SC a most charming of Southern cities if ever there was one.</span><br></h1><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">I attended a two day manager due diligence seminar at the famous Belmont Charleston Place.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">It was the first time I had undertaken a speed dating approach to interviewing managers.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">It was a highly effective use of my time and I managed to take 21 meetings in 2 ½ days.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">In many instances I was reconnecting with firms I had done business with in bygone years.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">One such case was my sit down with value Manager</span><a href="http://www.schafer-cullen.com/"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">Schafer Cullen</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">I was impressed with their macro analysis – not least of which because it echoed my own – Confirmation Bias right!</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The Two data points I thought of interest were:</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">1.</span><span style="font-size: 9.33333333333333px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The effects of Quantitative Easing on the local market one year and two years from inception;</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">2.</span><span style="font-size: 9.33333333333333px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The effect on equity markets six months following the first interest rate hike.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Taken together I think you will see an interesting timeline appearing … but I’m getting ahead of myself.</span></p><h2 dir="ltr" style="line-height:1.38;margin-top:18pt;margin-bottom:4pt;"><span style="font-size: 22.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Effects of Quantitative Easing</span></h2><br><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">To say quantitative easing or ‘QE’ doesn’t work is perhaps an oversimplification of a complicated topic.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">QE has worked very well when it comes to raising local market equity prices – its ability to create self-sustaining economic momentum is less convincing. Here’s the record so far:</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><div dir="ltr" style="margin-left:0pt;"><table style="border-style: none; border-width: initial;"><colgroup><col width="135"><col width="119"><col width="119"><col width="109"><col width="110"></colgroup><tbody><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#4f81bd;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(255, 255, 255); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap;">Country/Region</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#4f81bd;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(255, 255, 255); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap;">Monetary Action</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#4f81bd;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(255, 255, 255); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap;">Start Date</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#4f81bd;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(255, 255, 255); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap;">1 Year USD Total Return</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#4f81bd;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(255, 255, 255); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap;">2 Year USD Total Return</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">U.S.</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">QE1</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">11/25/2008</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">32.9%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">46.2%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">U.S.</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">QE2</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">11/03/2010</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">7.4%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">23.1%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Japan</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Abenomics</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">12/16/2012</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">28.3%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">26.6%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Denmark</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Negative Rates</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">7/05/2012</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">21.4%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">86.1%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Eurozone</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Draghi-1</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">7/26/2012</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">29.6%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">54.6%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Average</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Misc.</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Misc.</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">29.6%</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">54.6%</span></p></td></tr><tr style="height:0px"><td style="border-left:solid #7ba0cd 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Eurozone</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">Draghi-2</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">6/5/2014*</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #000000 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">??</span></p></td><td style="border-left:solid #000000 1px;border-right:solid #7ba0cd 1px;border-bottom:solid #7ba0cd 1px;border-top:solid #7ba0cd 1px;vertical-align:top;background-color:#d3dfee;padding:7px 7px 7px 7px"><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap;">??</span></p></td></tr></tbody></table></div><p dir="ltr" style="line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 10.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Source: Schafer Cullen Capital Management (SCCM); Bloomberg</span></p><p dir="ltr" style="line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 10.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">* Draghi issues his Bazooka comment implying they will do “whatever it takes” to ensure economic growth through monetary accommodation</span></p><br><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">It can be argued effectively that both Japan and China are currently engaged in their own quantitative easing. AND no mention is made of the upcoming Treasury maturities on the Fed balance sheet and concomitant reinvestment which could be simulative?</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Let’s keep it simple and say the only effective QE in town today is by the European Central Bank – and that has at LEAST one more year to run.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">If the above record is any indication, European equity markets have another 9 – 12 months of upward biases ahead of them.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">[Seen as though the correlation between equity markets is generally positive we will assume it unlikely the US markets would fall lower under this backdrop].</span></p><h2 dir="ltr" style="line-height:1.38;margin-top:18pt;margin-bottom:4pt;"><span style="font-size: 22.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Effects of Interest Rate Hikes</span></h2><br><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The second Gorilla in the room.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">SCCM’s Research has shown that the average U.S. equity market correction 6 months following the first rate hike is -9.3%</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">That takes into account rate hiking cycles beginning 1977, 1986, 1994 and 2004.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">It would be remiss not to state the full intention of their study was to prove empirically that International Markets (Europe in particular) tend to outperform the US during these periods – interesting but a fact we are not concerned with for the specific purposes of this note.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">It behooves us then to listen to rate hiking rhetoric coming out of the Fed – something admittedly we don’t find much value in doing.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">In essence, and here I am borrowing judiciously from the recent</span><a href="http://money.cnn.com/2015/06/04/news/economy/imf-federal-reserve-rate-hike-2016/"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">IMF statements</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> that the Fed shouldn’t raise rates until 2016.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The reasons provided are:</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;margin-left: 39pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">·</span><span style="font-size: 9.33333333333333px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">anemic inflation (and deflation abroad) – Aprils CPI month on month numbers was a low +0.1%</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;margin-left: 39pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">·</span><span style="font-size: 9.33333333333333px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">GDP growth contracted in the first quarter (and subsequently revised to an equally anemic 0.2% quarter on quarter annualized growth)</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;margin-left: 39pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">·</span><span style="font-size: 9.33333333333333px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Wage growth of 2.2% per year which is below the Fed’s stated goal of 3.5%</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;margin-left: 39pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Regardless, there seems to be sufficient debate to postpone any rate hikes to at least October and likely into early 2016</span><a href="http://www.cnbc.com/id/102623840"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">per CNBC</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> – and we are not even talking about the pithy amount of said rate hikes.</span></p><h2 dir="ltr" style="line-height:1.38;margin-top:18pt;margin-bottom:4pt;"><span style="font-size: 22.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-weight: bold; font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">The Bigger Picture</span></h2><br><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Taken together – and we freely admit to data mining at its worse – there is an argument for more of the same (range bound equities) or even a break higher for equities over the next year before any rate hikes begin to take their toll.</span></p><br><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">In which case we gasp at the effect that would have on the already BOILING hot space of venture capital valuations! More on that in a future piece….</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Regards</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Greg</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">---</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Thank you for reading my post. I regularly write about private market opportunities and trends. If you would like to read my regular posts feel free to also connect on</span><a href="http://linkd.in/1BVVvwj"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">Linkedin</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">,</span><a href="http://bit.ly/1O2fbla"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">Twitter</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> or via</span><a href="http://eepurl.com/bfZ0j5"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">Atlanta Capital Group</span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Greg Silberman is the Chief Investment Officer of Atlanta Capital Group. Atlanta Capital Group specializes in creating custom private market solutions for RIA/Family Office clients and is an active acquirer of independent wealth management practices.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: italic; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(31, 73, 125); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Advisory Services offered through Atlanta Capital Group.</span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(31, 73, 125); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><br></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(31, 73, 125); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Nothing in this article should be interpreted as a recommendation to buy any security. Please conduct your own due diligence.</span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"><span class="Apple-tab-span" style="white-space:pre;"> </span></span></p><p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;">Main picture source:</span><a href="https://unsplash.com/iswanto"><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;">Iswanto Arif </span><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(17, 85, 204); font-style: normal; font-variant: normal; text-decoration: underline; white-space: pre-wrap; background-color: transparent;"><span class="Apple-tab-span" style="white-space:pre;"> </span></span></a><span style="font-size: 14.6666666666667px; font-family: Arial; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; white-space: pre-wrap; background-color: transparent;"> </span></p><br></span>
AlternativeSoft - Software For Manager Selection And Portfolio Construction
2015-06-04T12:54:55.302909-04:00https://www.thetrustedinsight.com/investment-news/alternativesoft-ag-20150604321/
AlternativeSoft is an award winning leading provider in Asset Selection, Portfolio Construction and Fund Reporting software, based in the UK and Switzerland. Our robust and proven software has enable...
Retail Investment Market Update from RC Analytics
2015-06-02T04:55:00.816078-04:00https://www.thetrustedinsight.com/investment-news/retail-investment-market-update-from-rc-analytics-20150602806/
Kevin Imboden, Director of Research at Real Capital Analytics, shares an update on the performance of the retail investment market in the U.S.
The Only Way to Win the Hedge Fund Game is by Being a 'Pig'
2015-04-19T22:42:19.141552-04:00https://www.thetrustedinsight.com/investment-news/the-only-way-to-win-the-hedge-fund-game-is-by-being-a-pig-20150419814/
Legendary hedge fund manager Stanley Druckenmiller said when you see something in the market that really, really excites you, “bet the ranch on it.”...
InnVest REIT Shares Cross 7% Yield Mark
2014-09-15T16:08:13.848107-04:00https://www.thetrustedinsight.com/investment-news/innvest-reit-shares-cross-7-yield-mark-20140915072/
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of InnVest Real Estate Investment Trust , looking at the hi...
Battered Morgan Stanley Breakaway Advisor Fights Back
2014-08-06T15:16:29.437380-04:00https://www.thetrustedinsight.com/investment-news/8572-battered-morgan-stanley-breakaway-advisor-fights-back-20140806572/
His name became mud with Morgan Stanley Smith Barney when the firm discovered that James C. Eastman, an esteemed, top advisor to ultra-high net worth clients, was planning to leave. After eight years...
How Important Are Hedge Funds in a Crisis?
2014-04-15T15:50:23.109694-04:00https://www.thetrustedinsight.com/investment-news/6790-how-important-are-hedge-funds-in-a-crisis-20140415790/
Before the 2007-09 crisis, standard risk measurement methods substantially underestimated the threat to the financial system. One reason was that these methods didn't account for how closely commerci...
AMP Limited : New AMP Capital leadership team
2013-12-23T12:50:28.018073-05:00https://www.thetrustedinsight.com/investment-news/4104-amp-limited-new-amp-capital-leadership-team-20131223104/
Sean Henaghan and Mark Beardow will be appointed to the AMP Capital leadership team from 1 January 2014, reporting to AMP Capital CEO Stephen Dunne.
Sean Henaghan will... | December 18...
Self Confirming Long Run Biases
2013-10-29T12:30:54.469754-04:00https://www.thetrustedinsight.com/investment-news/self-confirming-long-run-biases-20131029390/
Bocconi University Assistant Professor Simone Cerreia Vioglio, Assistant Professor of Economics at Bocconi University, presents preliminary research on self-confirming long run biases. He and his collaborators consider a myopic decision maker facing a recurrent decision problem. They show that a long run bias emerges that favors tested actions, that is, actions on which information has been collected over time. In so doing they provide, inter alia, a learning foundation for the self-confirming equilibrium with model uncertainty of Battigalli et al. (2011). This lecture is a part of the Workshop on Ambiguity and Robustness in Macroeconomics and Finance.