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The goal of every dividend investor is to generate a sufficient stream of passive dividend income, that would adequately cover their expenses. In order to achieve this goal however, investors need to select a strategy and fine-tune it over time to reflect current market conditions. In most of my articles I tend to focus on investing that would generate dividends for several decades to come. But...

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‘I don’t know that we’re out of the woods yet,’ says Tastytrade’s Victor Jones from CNBC. ...

The post Clips From Today’s Closing Bell appeared first on The Reformed Broker.

There are so many factors that can hold a person back in this life.

Many are circumstantial – a lack of connections, money, education, a stable home environment. These conditions are outside of our control, especially when we’re growing up.

But one of the biggest setbacks a person can face is one that can be practiced: your own perception of what you’re capable of.

In my years of experience, I’ve found that the defining characteristic that sets the massively successful apart is simply the belief that they are capable of achieving what they want.

That’s it.

If I could give a piece of advice to anyone starting out, in any field really, it would be to allow your imagination to expand to the belief that you are capable of achieving great things. And beyond capability, that you’re worthy.

It’s a hard line to toe, because there’s nothing more unattractive than overconfidence, especially when it’s unearned. But that’s not what I’m talking about here.

It’s not hubris – it’s chutzpah.

It’s that scrappy mentality. That way of thinking that says, “well, if someone’s gonna do it, why shouldn’t it be me?”

It’s that sense of purpose, of knowing that you can do more than what you’re already doing.

When I was getting started I used to scale back before I’d even begun. I’d make a plan, then look it over, afraid that I’d overdone it.

Now, I challenge myself to do the opposite. I make a plan and then I ask myself:

“Are you thinking big enough?”

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La empresa de software para automatizar documentación legal cierra una ronda de financiación para duplicar plantilla y crecer en el exterior Leer

Estas condiciones de idoneidad no son claras ni se desarrollan ni mencionan en ningún momento, sin saber qué criterios o que requisitos se van a exigir al inversor a la hora de realizar dicha operación. El letrado Juan Ignacio Navas considera que habría que establecer unos criterios tasados que limiten el acceso a estas operaciones de capital riesgo, ya que con la reducción a 10.000 euros podrán invertir más sujetos.

Por lo que en el anteproyecto se hace referencia únicamente a esas condiciones de idoneidad, las cuales se obvian y que seguramente se valoren de manera subjetiva al no disponer de unos requisitos tasados.

La normativa europea contempla la cantidad mínima de inversión en la cantidad de 100.000 euros, tal y como se establece en su Reglamento UE nº 346/2013 de 17 de abril sobre fondos de emprendimiento, el cual es el precedente de la Ley española y tal y como se preveía hasta hace poco en la misma.

Para el bufete Navas & Cusí, el deseo del Gobierno no es tan fácil de lograr, ya que las condiciones de inversión en capital riesgo están reguladas en el citado Reglamento Europeo. Lo que se pide por parte de los expertos es establecer unos criterios y requisitos muy claros , tal como reclama el despacho Navas & Cusí, que limiten el acceso a dichos capital riesgo a un número limitado de inversores.

Las intenciones del Gobierno parecen querer aprovechar la situación de despegue que en los últimos meses está teniendo esta opción de inversión, que se ha recuperado y disparado con más de 2.000 millones.

Estas condiciones serían que aquellos que quieran invertir en capital riesgo tendrían que someterse a un test de idoneidad y sus inversiones en este tipo de activos debería ser "limitadas en el conjunto de la cartera". Es decir, que el capital riesgo sea solo una parte de los productos en los que inviertan sus ahorros, aunque según el diario económico en el anteproyecto no se detalla cuánto.

De esta manera, los inversores particulares interesados en el capital riesgo podrían invertir parte de sus ahorros en él, una opción que hasta el momento solo era posible a través de un fondo de inversión que dedicara parte de su cartera a este tipo de activos.

Según esta información, los clientes que quieran invertir parte de sus ahorros en capital riesgo deberían recibir en primer lugar un folleto informativo, algo que para el despacho Navas & Cusí ya se ha demostrado un requisito de escasa utilidad en situaciones de contrataciones financieras o bancarias que, tras haber sido denunciadas ante los Tribunales, han terminado dando la razón a los usuarios, ante la falta de información precisa de los folletos.

La gestora no tendría obligación de ofrecer liquidez a los inversores, a diferencia de los fondos de inversión. No obstante, estos sí podrían transferir sus acciones, aunque haría falta mecanismos para hacerlo con agilidad.

El capital riesgo viene de un año de parón, pero ha ido encadenando un récord tras otro. La inversión en private equity se ha incrementado durante el primer semestre de este año 2021 un 27% frente al mismo periodo del año anterior, hasta superar los 2.000 millones, repartidos en 394 millones, de acuerdo con los datos de la patronal del sector.

Según el letrado Juan Ignacio Navas, socio director del bufete Navas & Cusí, pese a lo aparentemente abultado de la cifra, hay que considerar el récord en el venture capital, con 731 millones en 301 operaciones, así como la buena marcha de las operaciones de middle-market que son de entre 10 y 100 millones de euros de valor y que han crecido un 16%. Hasta ahora, las grandes operaciones, de más de 100 millones de euros, se han incrementado en una, hasta cuatro, con respecto al año anterior.

Para Navas, es muy importante hoy el papel protagonista de los fondos internacionales que, con una ampliación en la pinza de inversores, podría desfigurarse por la falta de control. A día de hoy, y próximos ya al cierre del año en este último trimestre de 2021, se han realizado casi 100 operaciones, invirtiendo 1.600 millones, siendo el máximo peso de los vehículos foráneos sobre el total. Juan Ignacio Navas también destaca la pujanza del sector tecnológico, que ha protagonizado el 50% de la inversión.

Pero un aspecto que el Gobierno tiene que tener en cuenta, según Navas, es el del ritmo de la captación de fondos, que está padeciendo una severa ralentización respecto a las tendencias anteriores. Es probable, para Navas, que la intención del Gobierno sea buena y que intente activar la captación de fondos, ya que lo cierto es que la cifra ha caído un 34% hasta los 693 millones. El sector lo ha venido explicando, según Navas, por las caídas en el pasado ejercicio de la economía caída y el retraso en la vuelta de los fondos de fondos y aseguradoras españolas. El capital disponible para invertir, dry-powder en la jerga, alcanza los 4.400 millones, mientras que las desinversiones, en cambio, se han más que triplicado hasta superar los 1.000 millones. El número de quiebras, además, es mínimo, de apenas 40 millones, resalta Navas.

El capital riesgo duplicó sus inversiones en compañías españolas durante el primer semestre de 2021, una cuarta parte de esa inversión por parte de gestoras españolas.

Las gestoras de capital riesgo invirtieron 2.056 millones de euros en compañías españolas durante la primera mitad del año 2021, en casi 400 inversiones, prácticamente el doble que el mismo periodo del año anterior según datos de la patronal del sector, Ascri. De esta cantidad, un 25% correspondió a operaciones de gestoras españolas, unos 482 millones de euros.

Además de un primer semestre caracterizado por las grandes inversiones recabadas por startups españolas, como Glovo, Jobandtalent, Wallapop o Factorial.

Actualmente, invertir en capital riesgo es una actividad reservada a grandes patrimonios que pueden apostar cantidades a partir de 100.000 euros en fondos que asumen grandes riesgos pero que también pueden aportar una gran rentabilidad a plazo largo en la compraventa de compañías o con startups.

The China Lehman event came and went but this society was too stoned on monetary heroin to notice. History will say that as the world fell apart, this generation did nothing to stop it. Convinced it was just disintegration as usual...







The universal ideology is denial. It's the one thing both political parties have in common - central to their party platform. Both sides are now playing the victim card. One side blames the past for the problems of today, the other side blames the problems of today for erasing the past. Neither side has a path to the future beyond pointing fingers and accepting zero responsibility. 
Denial of course extends beyond politics. It affects the environment, the economy, mental health, physical health, mass shootings, and of course Ponzi markets. Denialists inform us that the problems of today are no different than the problems of the past. Which is true. The only difference is that now these problems can no longer be ignored. They are all backing up like a sewer at the same time. But these hoarders revel in squalor so they don't really notice.
Taking the easy way out is now the universal way of life. 
Case in point, there has never been so many shit jobs in U.S. history. The number of shitty jobs now outnumbers the people who want a shitty job by 10:1. Yet no pundit can figure out why so there are so few takers. The Bureau of Labor Statistics (BLS) doesn't include gig jobs in their payroll tally, and yet roughly 60 million Americans now have gig jobs. Which means they are contractors and hence not picked up in BLS surveys. In addition, the younger generation aka. "Generation Gamble" has figured out that it's more lucrative to gamble in Bitcoins and Reddit pump and dump schemes than to work a dead end job on a fast food assembly line. Add in the millions of women who left the workforce during the pandemic, and the millions more older men who took early retirement, and how about all those job stealing Mexicans who headed home during the lockdown. I bet those GOP governors wouldn't mind getting a few of those people back now. There's your "labor shortage".
Zerohedge posited that the labor shortage was all due to pandemic unemployment benefits, but that turned out to be just another massive lie. In my next life I am going to monetize useful idiots and then I will never have to be right in markets ever again. Which gets me to the point of this post, denial is an extremely lucrative business. There is no demand for truth and reality. Which is why we are now surrounded by industry sociopaths inventing whatever delusional theory will make them the largest profit.
As it was in 2008, these sociopaths have successfully convinced the masses that we are in a highly inflationary environment. Which per Econ 101 SHOULD be a warning that it's the end of the cycle. Commodities are leading which is another end of cycle indicator. Oil peaked in September 2008 right as the wheels came off the Lehman bus. This highly successful disinformation campaign and its attendant misallocation of capital, will ensure that the impending dislocation is far worse than it otherwise would have been. These people have created buying panics in everything from Bitcoins, to McMansions, cars, commodities, and of course stonks.
Unfortunately, with capacity utilization at an all time low and monetary policy solely welfare for the rich, it's impossible to create sustained inflation in this economy. The speed limit for the economy has been falling for decades and now the bond market controls monetary policy not the economy. The downside of this multi-decade supply side economic catastrophe is that we now have a lost generation attempting to gamble their way to prosperity. 







Given this society's addiction to denial, it can come as no surprise that this meltdown in progress will come as a complete surprise.
There have been three China-led global implosions over the past six years - one every three years. And each time, U.S. gamblers have increased their allocation to risk:
The IMX index indicates how a large sample of Ameritrade investors are actually positioned in risk assets. We see in the lower pane that while there is a general understanding that risk has increased over time, it's currently deemed to be low. 






This chart shows via real copper prices that reflation peaked in 2011. Wave 'a' was the 2018 tax cut, and wave 'c' is now. China led the world out of depression in 2008 and now they are leading the world back into depression by taking a laissez-faire attitude towards the Evergrande collapse.
China is now more capitalist than the U.S. where continuous monetary bailouts for the ultra-wealthy are expected. Now Chinese authorities chide the U.S. and Europe on creating extreme moral hazard. 
As we see above, it's way too late. 






As far as Tech stocks go, Cramer is exhorting his followers to BTFD. He says the market is finding a bottom right now.
Here we see deja vu of 2018 that Nasdaq new highs peaked this past February, and October was not a good time to buy Tech. Or anything else for that matter.







In summary, ALL of the risks from the past decade are now concentrated in this month. Add in a super Tech bubble and a super housing bubble, and there has never been as much denial as we are seeing right now. Nothing even comes close.
What once was deemed an asset - ignoring risk - will soon turn into a life long liability.  



 

One hundred dollars invested in Berkshire Hathaway in 1965 would have grown to more than $2.8 million by the end of 2020. Warren Buffett’s holding company is the most impressive long-term compounding machine in history, increasing in market value at 20% per year for nearly 6 decades. Compounding is a wonderful thing but it can also become an unhealthy obsession if you view every financial decision through that lens....

Episode #357: Marko Papic, Clocktower Group, “If You Don’t Make Calls, Why Are You In This Industry?”           Guest: Marko Papic is a Partner and Chief Strategist at Clocktower Group, an alternative investment asset management firm based in Santa Monica, California. He leads the firm’s Strategy Team, providing bespoke research to […]

The post Episode #357: Marko Papic, Clocktower Group, “If You Don’t Make Calls, Why Are You In This Industry?” appeared first on Meb Faber Research - Stock Market and Investing Blog.

All the historic Post Processors have been deleted, I have a lead on a Lathe license for V25 but without a starting point for the Siemens Lathe Post Processor I'm not sure I have the enthusiasm to see it through! :D

Hemos tenido el placer de contar en Inversión con nombre propio con la participación de Ricardo de los Ríos Romero, Director de Ventas de BNP Paribas Asset Management. Analizamos las perspectivas y oportunidades de inversión que ofrecen las tres grandes regiones económicas, así como la visión acerca de la inflación y el comportamiento del mercado ante la retirada de estímulos.

Trade has been about growth and efficiency. Now other goals are competing for attention, says Soumaya Keynes

In global trade, power increasingly trumps rules

The quest for resilience involves reaching for facts, friends and fortification

How trade restrictions are being used as a tool to protect human rights

When environmental protection turns into trade protection

International commerce needs firmer underpinnings