Steve Curley, CFA, CFP®’s Post

A Framework To Navigate The Great Reset #investing #business #money #wealth #bitcoin https://lnkd.in/eE3BydTp

Why should you consider investing in gold ETFs? In this #StateoftheEconomy podcast, Chirag Mehta, CIO, Quantum Mutual Fund, talks to Aarati Krishnan about the outlook for bullion and the investment options in #gold. #PersonalFinance https://trib.al/vh1aGTD

The latest #ExchangeInvest Weekly #Podcast Episode - #215 is now #online! Listen to Patrick Young exchange pithy perspectives on the bourse #business over your morning cup of coffee, while on the road...or wherever you are in the world today! https://lnkd.in/di2rZ8XH #markets #finance #trading #fintech

“If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck” Arbitrage mutual funds are taxed as equity while they actually behave as debt funds. This arbitrage of arbitrage funds may go away soon. Deepak Shenoy discusses in Episode 65 of Capitalmind Podcast🎙️ Listen: https://lnkd.in/gx2zQAA7 #mutualfunds #investing #podcast #capitalmind

I enjoy Jonathan Davis's regular Money Makers podcast and this weekend was essential listening for anyone involved in the sector, but particularly for directors and managers. When the great Peter Spiller from Capital Gearing Trust speaks, one does well to pay attention. Among the key points he makes is that trusts need to build trust. And that means being as quick to buyback shares when they are at a discount as they are to issue them when the trust is at a premium. There is nothing worse than small, reluctant buybacks: he mentions Smithson and BH Macro as trusts that are simply not doing enough in this regard. He also makes the point that trusts need to merge. There are far too many and for myriad reasons, many are sub scale. Unless a trust has a market cap of over £500/600m it has no future. Mergers and wind downs need to happen, as wealth managers won't touch anything with a market cap below that. And I would add that managers and boards need to be much more cost aware. Investment banks are massively and systematically overcharging when advising trusts: Peter Spiller describes them as "the cartel". Digital9 announced on Friday that they had sold one of their assets, and that the costs of the sale was £17m. The sector has no future if the investment banks, advisors, managers and boards treat investors in this way. It is difficult to argue for active management and alternative assets when liquidity, spreads and running costs are appalling and getting worse. https://lnkd.in/e8WCpeut

A Framework To Navigate The Great Reset #investing #business #money #wealth #bitcoin https://lnkd.in/ejy8aNY2

Managing your investments wisely is essential in today’s dynamic financial landscape. In this episode of IBKR Podcasts, Nasdaq's Kevin Davitt and #IBKR’s Cassidy Clement explore the intricate art of #hedging. Listen now at https://lnkd.in/e7QEGTx9 and gain a comprehensive understanding of what hedging entails, how it can protect your assets, and why it’s a crucial tool for any investor. *Options involve risk, visit the link to read the ODD.

When it comes to saving for the future, the younger you start, the better able you are to reap the benefits. We are joined by René Grobler, Head of Cash Investments at Investec, in a podcast discussion on key principles that help kids develop healthy money habits at all ages. We encourage you to listen as a family, or you can use the points to guide your own conversations with your loved ones. Listen now

Dive into the world of quantitative trading with Joris Bastien on our latest podcast episode. https://lnkd.in/giCsYPqn From a mathematician to a maestro in finance, Joris generously shares his journey with Simon M. and I & the innovative strategies behind his trading system designs. Don't miss his forward-looking insights on cryptocurrencies & the future of trading. A must-listen for anyone intrigued by the fusion of math and market dynamics! #Quantaraxia #TradingInsights"

Arguably the most contentious topic in secondaries is pricing. Sellers don’t want to take large haircuts when they divest their assets, while buyers want a big enough discount on NAV margin in order to achieve their targeted returns. In a recent conversation on the Fund Shack podcast, Elm Capital Associates Ltd CEO and managing partner Etienne Deshormes shared some insights on this tricky dichotomy. Deshormes draws parallels between the post-global financial crisis period and today’s market. Back then, facing a dearth of liquidity, LPs were willing to abandon their positions just to avoid further capital calls, in many cases at steep discounts. This experience taught people the importance of secondaries for attaining liquidity. As of now, pricing has been compressing compared to 2022 and 2023 on the back of public markets sending higher and private asset portfolios avoiding deep writedowns. In essence, market participants have more confidence in GPs’ NAV estimates today than they did 12 months ago. “What we have seen since the beginning of [2024] is increased deal flow across all sorts of LPs, all sorts of fund quality. And that’s because prices have gone up,” he shares. By the last count, average pricing in 2023 for all private equity reached a 15.7% discount to NAV with many of the best buyout funds trading well within the 10% discount range, according to Campbell Lutyens. While pricing has moved in favor of sellers, buyers can still find attractive opportunities, particularly when it comes to acquiring aging assets from funds of funds, which have their own investors’ liquidity demands to consider. “There's a big market for these so-called tail end portfolios, which are sold mostly by fund of funds, who, when they have reached the year 12, 13, 15 of their fund of funds, they still have a tail of funds that each fund has got maybe one company, two companies left,” says Deshormes. “And at some point, they want to liquidate those fund of funds and give the money back to their LPs.” He says that since most of the value of the fund of funds has already been distributed, accepting a discount on its remaining assets doesn't really move the needle of its multiple or total IRR. “On a one billion portfolio, you're selling the tail, it might be 80 million or 100 million,” he adds. What’s changed between now and the post-credit crunch period, a decade ago, is the growing efficiency of the secondary market. Challenges around legal issues and valuations persist, but Deshormes says it is now easier to transact compared to the past, driven not only by increased participation from sophisticated institutional investors but also the introduction of technology and digital platforms that streamline what were once taboo, manually intermediated transactions. Listen to the full episode for more or subscribe to Fund Shack to hear more private equity-related content: https://lnkd.in/esPVrNe4 #PE #privateequity #secondaries