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Billionaires profit during jobless recovery
The stock market is enjoying record highs, and the mainstream media is touting a recovery in the nation’s housing sector. There are more billionaires than ever around the world, but this economic boon is not being felt in all parts of the U.S. economy. While the wealthiest have seen their paychecks soar, the pain on Main Street continues as Americans struggle to find work and keep their homes.
Where are all the Billionaires? Why should We Care?: Victor Haghani
Victor Haghani uses the puzzle of the missing billionaires to help us explore how and why most investors fail to capture the returns offered by the market. He puts forward a simple but powerful solution for those who aren’t satisfied with the status quo: it’s called “Active Index Investing.” This approach combines the best features of low-cost index funds with the appealing and successful aspects of active management, all for 1/10th the price that many investors currently pay. (filmed at TEDx St Paul’s School for Boys, London)
Victor Haghani has spent nearly 30 years actively involved in markets and financial innovation. He started his career in 1984 in bond portfolio analysis research at Salomon Brothers, and later became a managing director in the bond arbitrage group run by John Meriwether. In 1993 Victor became a founding partner of Long-Term Capital Management. His participation in the failure of LTCM was a life-changing experience that led him to question and revise much of the way he thought about the economy, markets and investing. Since that time he has been involved in a variety of activities, including research and lecturing at the London School of Economics (his alma mater), where he is a senior research associate in the Financial Markets Group. Through a careful study of the academic literature on investing and many thought-provoking discussions with friends, colleagues, and investors of all backgrounds, Victor concluded that savers can and should do much better. He founded Elm Partners in 2011 to help investors manage their savings in an efficient and disciplined manner, and to capture the long term returns they ought to earn.
Emerging Market Insights – Jorge Mariscal – UBS Wealth Management
Jorge Mariscal, UBS’ Wealth Management’s Regional Chief Investment Officer for Emerging Markets, explains the reasons why it is interesting to invest in these markets now, than it used to be. The main reason for this is that historically emerging markets may have been associated with instability and lack of certainty regarding development. However today many emerging economies are actually less volatile than developed ones, enjoying lower levels of debt, moderate inflation and better fiscal accounts.
Investors based in developed economies tend to underweight emerging markets is because of a more general human tendency to invest in what is familiar. This instinct, however, to favour the familiar over the unknown can lead investors to miss out on growth opportunities elsewhere, and to overvalue domestic assets over international ones.
What is Enough? By Vanguard Founder John Bogle
Vanguard Founder John Bogle explains what is enough in his book Enough:
“Not knowing what enough is subverts our professional values. It makes salespersons of those who should be fiduciaries of the investment entrusted to them. It turns a system that should be built on trust into one with counting as its foundation. Worse, this confusion about enough leads us astray in our larger lives. We chase the false rabbits of success; we too often bow down at the altar of the transitory and finally meaningless and fail to cherish what is beyond calculation, indeed eternal.”
John Bogle puts our obsession with financial success in perspective
Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he’s seen how destructive an obsession with financial success can be. Now, with Enough, he puts this dilemma in perspective.
Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough seeks, paraphrasing Kurt Vonnegut, “to poison our minds with a little humanity.” Page by page, Bogle thoughtfully considers what “enough” actually means as it relates to money, business, and life.
- Reveals Bogle’s unparalleled insights on money and what we should consider as the true treasures in our lives
- Details the values we should emulate in our business and professional callings
- Contains thought-provoking life lessons regarding our individual roles in society
Written in a straightforward and accessible style, this unique book examines what it truly means to have “enough” in world increasingly focused on status and score-keeping.
Chinese billionaire sees opportunity in South Africa’s mining industry
A Chinese investor is hoping to profit from turmoil in South Africa’s mining industry, Nkepile Mabuse reports.
The Family Business FORUM – Larry Klar
Transferring Your Business: Exploring Some Tax Issues in Succession Planning
Larry Klar — Argosy Partners Ltd. Succession Fund
Equity to Help Your Family Succeed in Business Succession
Succession planning should be a deliberate process and not a one-time event. Business owners should realize that the best time to plan is when you can afford the time to properly evaluate alternatives and seek input from professional advisors. You ideally never want to be forced to accelerate your family business succession because of illness, divorce or death, so be prudent and plan ahead with care and candor.
The Succession Fund of Toronto buys shares from selling shareholders in owner-operated businesses, and helps resolve family business ownership transition issues. The Succession Fund adds value by improving the depth of management teams, and providing financial and strategic input to support corporate growth plans. The Succession Fund helps family business owners/founders achieve a partial liquidity solution by taking “Chips off the Table”™.
Larry is the Managing Partner of The Succession Fund, and a Partner with the merchant banking firm Argosy Partners. He is an accomplished professional in the mid-market private equity business. Larry is on the Board of the Family Firm Institute’s Ontario Chapter.
Private Equity Revealed – How to sell a business?
Miriam Varadi, author of the book Merchants of Enterprise, with her guest Larry Klar, Partner at The Succession Fund, discuss the steps a business owner should take when trying to sell their business including the process, timing, an independent business valuation and a SWOT analysis.
Inside A Billionaire’s Portfolio
For Ron Baron of Baron Capital Management, stocks are providing the greatest rate of return. Baron details some of his firm’s holdings in an interview with Steve Forbes.