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Verdad Curriculum

Verdad Curriculum

🕔08:31, 14.Sep 2021

Foreword We have been running our internship program since 2014, hosting over 50 college students and MBAs for paid internships at our firm. The centerpiece of our internship is a daily seminar-style class taught by the partners at the firm.

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Visie op asset allocatie

Visie op asset allocatie

🕔13:39, 9.Sep 2021

Fed bereidt de markten voor op afbouw opkoopprogramma ‒ Chinese groeivertraging en corona treffen opkomende economieën ‒ Sterke winstgroei steunt aandelenrally ‒ Winst nemen op vastgoed, obligaties opkomende markten naar neutraal 

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Japan’s Digital Transformation

Japan’s Digital Transformation

🕔11:02, 2.Sep 2021

Unique and surprising, the ‘DX’ or digital transformation of the world’ s third largest economy offers exciting openings for investors. Donald Farquharson, head of Baillie Gifford’ s Japanese equities team and Thomas Patchett, Japanese Equity Specialist explain why. 

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The intelligence that guides our investment decisions

The intelligence that guides our investment decisions

🕔16:03, 3.Aug 2021

House View Q3 2021: The global economy remains on track for a rapid and broad-based economic recovery from the Covid pandemic. Notwithstanding concerns around new variants of the virus, restrictions are generally being eased, as the vaccine roll-out progresses well,

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EBA report

EBA report

🕔16:33, 15.Jul 2021

The EBA has received several mandates to assess how to include Environmental, Social and Governance (ESG) risks into the three pillars of the banking prudential framework. This report assesses their potential inclusion in Pillar 2 by providing common definitions of

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Listed companies have less than six years to align with 1.5C warming target, inaugural MSCI Net-Zero Tracker reveals

Listed companies have less than six years to align with 1.5C warming target, inaugural MSCI Net-Zero Tracker reveals

🕔11:59, 14.Jul 2021

Launch of quarterly MSCI Net-Zero Tracker will show progress of listed companies towards the goals of the Paris Agreement and highlight climate leaders and laggards. NEW YORK – July 12, 2021 – The world’s publicly listed companies must dramatically accelerate

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AFM – Sectorbeeld Pensioenen – 2021

AFM – Sectorbeeld Pensioenen – 2021

🕔08:49, 14.Jul 2021

De stand van zaken van de pensioensector: deelnemers maken weinig gebruik van keuzemogelijkheden

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The SFDR’s Articles 8 and 9: The Funds Behind the Labels

The SFDR’s Articles 8 and 9: The Funds Behind the Labels

🕔12:54, 12.Jul 2021

Financial market participants (FMPs) in the European Union (EU) are already addressing aspects of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 , which aims to enhance transparency on how sustainability risks are integrated or how adverse sustainability impacts are considered

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Pre-Issuance Impact Report on the UK Government Green Financing Programme

Pre-Issuance Impact Report on the UK Government Green Financing Programme

🕔09:10, 8.Jul 2021

The UK government green financing programme ('the programme') is a green gilt (bond) issuance programme, alongside a world-first green retail savings bond via NS&I – the UK government’s retail savings arm. In addition to the core purpose of financing sustainable

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Four major trends in China to keep an eye on in the future

Four major trends in China to keep an eye on in the future

🕔10:15, 30.Jun 2021

Why invest in Chinese equities, especially those of China’s ‘new economy’? Haiyan Li-Labbé: Firstly, China is the second largest financial market in the world, and Chinese stocks are attractively priced. Now valued at over $14 trillion, Chinese equities should continue

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Asset allocation: Private markets in global multi-asset portfolios

Asset allocation: Private markets in global multi-asset portfolios

🕔08:34, 23.Jun 2021

The private markets (PMs) landscape has matured considerably in recent years alongside an increase in investor appetite. The accompanying flow of capital has helped to carve out and develop the distinct PM asset classes we are familiar with today. In

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Reassessing Risk Management with Corporate Event Data

Reassessing Risk Management with Corporate Event Data

🕔08:53, 18.Jun 2021

This white paper explores how corporate event data can be used to manage risk and aid compliance efforts.1 We will give an overview of the risk management process, detail how corporate events can be used in a risk framework, and

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Unwrapping the European ETF Industry: 2020

Unwrapping the European ETF Industry: 2020

🕔11:05, 14.Jun 2021

When exchange-traded funds (ETFs) were introduced in Europe in the year 2000 it was hard to predict that these products would write an unbroken success story for more than 20 years. This becomes especially true when one is taking into

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Who has the most robust carbon target – ExxonMobil or Chevron?

Who has the most robust carbon target – ExxonMobil or Chevron?

🕔12:09, 11.Jun 2021

Who has the most robust carbon target – ExxonMobil or Chevron? MSCI develops first of its kind framework to assess companies’ decarbonization and net-zero climate targets. NEW YORK – June 2, 2021 – MSCI, a leading provider of critical decision support

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Improved First Quarter Index Results

Improved First Quarter Index Results

🕔09:59, 7.Jun 2021

Global Pension Finance Watch – First Quarter 2021: Rising global discount rates during Q1 2021 drove positive first quarter pension index results for all regions. Asset returns were mixed with Brazil, Canada, and the U.K. negative for the quarter which

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“ROOM TO RUN” WITH US SMALL-CAP VALUE STOCKS?

“ROOM TO RUN” WITH US SMALL-CAP VALUE STOCKS?

🕔14:43, 3.Jun 2021

We believe small-value stocks have an appropriate role in portfolios with a longterm investment horizon and that many investors may be underexposed to smallvalue stocks today. 

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Emerging Markets: Shaping the world of tomorrow

Emerging Markets: Shaping the world of tomorrow

🕔08:35, 17.May 2021

There is one main reason why you, as an investor, should consider Emerging Markets: Growth. People can be hesitant to invest in the region because of political, economic or social issues, but when approached in the right manner, with risk

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Investing with company insight

Investing with company insight

🕔09:32, 11.May 2021

In the years that followed, the team became larger and more global with portfolio managers in New York in 2006, Shanghai in 2007 and finally Singapore in 2010. The investment mandates were global, and we wanted to create an international

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Beyond CPI: Gold as a strategic inflation hedge

Beyond CPI: Gold as a strategic inflation hedge

🕔08:05, 10.May 2021

Inflation has emerged as a primary concern for investors.1 On balance, arguments for ‘uncomfortably high’ US inflation seem to outnumber those against, at least in the near term.2 A natural consequence of such a risk is for investors to seek

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Traditional markets vs. Crypto markets out with the old, in with the new

Traditional markets vs. Crypto markets out with the old, in with the new

🕔08:59, 3.May 2021

Since the Dutch East India Co.’s public share offering in 1602, public markets have allowed for people of all walks of life to help cultivate, contribute, and profit from a capitalistic system that has pulled many out of poverty. Over

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The rise of Central Bank Digital Currencies

The rise of Central Bank Digital Currencies

🕔17:09, 30.Apr 2021

What are Central Bank Digital Currencies (CBDCs)? What is the impetus behind CBDCs when the ethos of crypto goes against the very role of central banks? How will CBDCs affect the widespread use of cryptocurrencies or the need for crypto

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Bitcoin is Key to an Abundant, Clean Energy Future

Bitcoin is Key to an Abundant, Clean Energy Future

🕔16:49, 23.Apr 2021

In this memo, we aim to explain how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity. This deployment, along with energy storage, aims to facilitate the

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House View 2020 Outlook

House View 2020 Outlook

🕔10:15, 22.Apr 2021

This time really is different. Every recession is subtly different from the last. However, the events that led to the great recession of 2020 were unique, at least in modern times. A sudden stop in economic activity, imposed by governments

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Foundations of a cycle-driven approach to asset allocation

Foundations of a cycle-driven approach to asset allocation

🕔13:55, 12.Apr 2021

Foundations of a cycle-driven approach to asset allocation Countercyclical Investing

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The Role of Cryptocurrencies in Investor Portfolios

The Role of Cryptocurrencies in Investor Portfolios

🕔14:37, 8.Apr 2021

The role of cryptocurrencies as a vehicle for speculation has been well established. However, it is less clear if cryptocurrencies can also serve to manage risk. The authors seek to determine the diversification potential of cryptocurrencies both for short and

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The Long Run Is Lying to You

The Long Run Is Lying to You

🕔10:17, 30.Mar 2021

Everyone knows the value strategy has been a grave disappointment out-of-sample since, say, 1990 (thirty years!). Even Fama and French know it. 2 And everyone knows the value strategy has been quite bad for the last 10+ years with the 2018–2020 period essentially a crash. Well, that’s all kind of true. But, as odd as this might sound, the realized …

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How To Think About The Issue Of Rising Interest Rates For Investors

How To Think About The Issue Of Rising Interest Rates For Investors

🕔09:02, 12.Mar 2021

Didier Saint-Georges, a Carmignac Strategic Investment Committee member, offers here his latest insights into financial markets, where a fair amount of turmoil is observable just when a new market environment could well be changing longer-term investor behaviour. 

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Historic Turbulence Ahead

Historic Turbulence Ahead

🕔10:35, 11.Mar 2021

In ten days, history will be made. As the anniversary of last March’s volatility draws near, this appears to be a mathematical certainty with practical implications. Let us explain. The scars of 2020 are multi-dimensional. Of course, society bears the

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Bitcoin Discussion Paper

Bitcoin Discussion Paper

🕔14:50, 8.Mar 2021

As Bitcoin hits new highs, we find that more reasons are being propagated as to why this cryptocurrency is the future of the monetary system. Many of these views and assertions seem vague and overly simplistic and hence we struggle to follow the logic of the analysis provided. On the other hand, we have studied the monetary system, which is also not simple because of the complex subject matter.

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Bridgewater: Our 2021 Global Outlook

Bridgewater: Our 2021 Global Outlook

🕔10:32, 24.Feb 2021

In the markets, the biggest opportunities and the biggest risks arise when you have a confluence of unsustainable flows of money and credit forming prices that discount unlikely future economic scenarios. Today, we see a number of such …

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Out With The Old, In With The New

Out With The Old, In With The New

🕔16:42, 23.Feb 2021

Since the Dutch East India C.’s public share offering in 1602, public markets have allowed for people of all walks of life to help cultivate, contribute, and profit from a capitalistic system that has pulled many out of poverty. Over time, technological innovations have made markets more advanced and the barriers to …

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Verdad: Emerging Markets Crisis Investing

Verdad: Emerging Markets Crisis Investing

🕔11:37, 23.Feb 2021

We studied every EM crisis since 1987 and found that it can be possible to reap excess returns by only investing in the two years immediatly after a crisis, an approach we call “crisis investing”. We define EM crisis as periods when major EM stock markets drew down al least 50%.

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Drivers of the Shanghai-London gold price discount and outlook for 2021

Drivers of the Shanghai-London gold price discount and outlook for 2021

🕔09:17, 23.Feb 2021

The COVID-19 pandemic has had a significant impact on China’s gold market, leading to a 27% y-o-y drop in the nation’s gold demand in 2020. 1 One consequence of such weakness was the widest …

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MiFID II research unbundling: assessing the impact on SMEs

MiFID II research unbundling: assessing the impact on SMEs

🕔14:18, 22.Feb 2021

This article analyses the impact of the MiFID II research unbundling provisions on EU sell-side research, following their application on 3 January 2018. The MiFID II provisions require portfolio managers to pay for the research that they obtain, either by paying themselves or by passing on that charge to their clients. Concerns have been raised …

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Corporates investing in crypto

Corporates investing in crypto

🕔08:09, 12.Feb 2021

In 2020, more operating companies began allocating cash to digital assets and cryptocurrencies. This is a new dynamic and a departure from more conventional investing by funds and others in this space. One telling example is MicroStrategy Inc., which announced, last December, that it …

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Crypto Yields – Deep Dive on DeFi

Crypto Yields – Deep Dive on DeFi

🕔13:31, 4.Feb 2021

The Decentralized Finance (DeFi) space has been all the craze this year, with an estimated value of over $11B locked in the DeFi lending market alone.1 It’s likely that you’ve seen new DeFi platforms with impressive annual percentage yields (APY) advertised for different cryptocurrencies …

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Gold Outlook 2021: Economic recovery and low interest rates set the tone

Gold Outlook 2021: Economic recovery and low interest rates set the tone

🕔08:45, 4.Feb 2021

The COVID-19 pandemic raised uncertainty by compounding existing risks and creating new ones. But by the end of last year, investors were optimistic that the worst was over. Looking ahead, we believe that investors will likely see the low interest rate environment as an opportunity to …

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Silver Outlook To Q4 2021: A Year For The Hybrid Metal

Silver Outlook To Q4 2021: A Year For The Hybrid Metal

🕔13:42, 3.Feb 2021

Silver Outlook To Q4 2021: A Year For The Hybrid Metal After a slow start, silver outpaced gold and most industrial metals in 2020. Initially riding gold’s defensive coattails and then getting a tailwind from its industrial traits, silver was

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Asset allocation and risk modeling of bitcoin in an institutional portfolio

Asset allocation and risk modeling of bitcoin in an institutional portfolio

🕔13:48, 2.Feb 2021

Asset allocation and risk modeling of bitcoin in an institutional portfolio Bitcoin recently celebrated its twelfth birthday, but in historical terms it is still very much in its infancy as compared to other major asset classes. In this paper we

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Managed Futures 2020 Strategy Review

Managed Futures 2020 Strategy Review

🕔14:40, 1.Feb 2021

What a year 2020 was in markets. From the Corona Crash in March to VIX highs in the 80s, to tech stocks doubling and tripling from those lows. From retail traders driving the market, to stimulus checks holding the market

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Crypto in Review 2020: The Year of the Bull

Crypto in Review 2020: The Year of the Bull

🕔10:41, 25.Jan 2021

Crypto in Review 2020 The Year of the Bull 2020 will be remembered as a catastrophic year for the world’s economy as the COVID-19 pandemic ravaged global markets. In light of this tragedy, crypto’s epic COVID-19-induced crash and bounce to

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Mutual Funds available to the Dutch retail market

Mutual Funds available to the Dutch retail market

🕔12:15, 21.Jan 2021

Mutual Funds available to the Dutch retail market Top 10 Rankings Screening – The screening starts by selecting the range of funds that are open-end and registered for sale in The Netherlands for the specific asset class – In order

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Communicating uncertainties in official statistics — A review of communication methods

Communicating uncertainties in official statistics — A review of communication methods

🕔08:07, 21.Jan 2021

This report examines the state-of-the-art for verbal, numerical and visual methods that are available to communicate uncertainties in official statistics reports. It provides insights into the uncertainty of statistical estimates through a review of existing work on the communication of

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Factset Earnings Insight

Factset Earnings Insight

🕔14:28, 15.Jan 2021

The estimated (year-over-year) earnings growth rate for the S&P 500 for CY 2021 is 22.1%, which is above the 10- year average (annual) earnings growth rate of 10.0%. If 22.1% is the actual growth rate for the year, it will

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ESG Investing in 2021

ESG Investing in 2021

🕔10:45, 15.Jan 2021

In a year dominated by the COVID-19 pandemic, there has been a renewed focus from governments and companies on the need to address climate change and other sustainability challenges. For their part, many investors are integrating ESG and climate considerations

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The Virus And The Rubicon

The Virus And The Rubicon

🕔12:02, 14.Jan 2021

Most investors have grasped that the extraordinarily loose monetary policies pursued by the leading central banks in 2020 have provided greater support than ever for financial asset prices. So now that the worldwide Covid vaccination campaign has stirred hopes of

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Born to Run

Born to Run

🕔09:35, 13.Jan 2021

Born to Run December 2020 Market Recap & Outlook Takeaways BTC’s +47% return in Dec. marked its best monthly performance since May 2019 and an annual return in excess of +300%, BTC’s 4th best annual performance since 2011. ETH’s +20%

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The Hazards of Asset Allocation in a Late-stage Major Bubble

The Hazards of Asset Allocation in a Late-stage Major Bubble

🕔12:23, 8.Jan 2021

The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior, I believe this event will be recorded as one of the great

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The Wisdom of Buying Absurdly Expensive Stocks

The Wisdom of Buying Absurdly Expensive Stocks

🕔15:38, 5.Jan 2021

December 2020  2020 has been a story of the big getting bigger, with valuations for the largest companies in the S&P 500 Index, particularly the FAANGM tech behemoths, reaching near-record levels. In this article, we ask whether such valuations can

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Expert Investor Participant Report January 2021

Expert Investor Participant Report January 2021

🕔07:54, 30.Dec 2020

This report shows the forward-looking investment intentions of fund selectors, asset allocators and portfolio constructors in Switzerland. In all graphs below, the y-axes (typically marked ‘net buyers’) shows the % of respondents who are looking to buy more of the

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