Journal to portfolio afterlife

[black-opal]

Secondo Lyn Alden l'inflazione vista negli Usa è più simile a quella degli anni '40 che a quella degli anni '70 in quanto l'eccesso di moneta non è stato creato coi prestiti bancari ma bensì dal deficit federale. Un video interessante.

 

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In pochi vogliono finanziare il settore delle energie fossili, nonostante l'invito del governo inglese. Mi chiedo il perchè

The UK’s oil and gas sector faces the growing prospect of a cash crunch, with the Treasury’s latest attempts to lure lenders back to the North Sea this week likely to fall on deaf ears, City A.M. understands.
The Treasury has invited some of the world’s major banks to a meeting this Friday including multiple lenders, including British lenders such as Barclays, Nat West and Lloyds, alongside European banks such as BNP Paribas, Deutsche Bank, DNB, ING and Societe Generale and US financial institution Wells Fargo.
However, only a handful are expected to attend the meeting, with dozens of banks already pulling out of investing in domestic fossil fuels due to concerns over the UK’s poor investment climate and growing pressure to fulfil ESG obligations.

North Sea Oil And Gas In Jeopardy As Financing Falters | OilPrice.com

Major banks are likely to decline the UK Treasury's invitation to finance the oil and gas sector, amidst concerns about the country's investment environment and ESG pressures.

oilprice.com

 

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Pian piano la de-dollarizzazione avanza, c'è un trend che si sta vedendo, ma da qui a detronizzare il dollaro come valuta principe (per gli scambi internazionali e come valuta di riserva mondiale) c'è un abisso.

https://twitter.com/x/status/1693857247862849735

 

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Giornata di recupero, ora il portafoglio segna +0,74%.

 

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Viene giustamente data enfasi al potenziale allargamento dei BRICS, tale da fare concorrenza al G7. Vedremo la velocità con la quale avanzerà. Una manifestazione di interesse da parte di un paese non si tramuta necessariamente in adesione.

At present, international media is largely discussing the perceived ‘de-dollarization’ efforts put in place by China, Russia and even some non-BRICS countries. The latter media attention is clear, as the position of the US dollar as the main currency of global trade could be under pressure. Still, the latter is largely fictious, as global trade is still over 90% done in US dollars, while Russia’s Rubles or China’s renminbi is not making a real dent overall yet.

The current bloc holds 41% of the world’s population, 29% of global land area, and its members are all in the G20. The expansion of the bloc will not only increase the latter, but also will put in place major geographic and supply chain advantages, bringing a real global network in place of assets, ports and land mass.

BRICS expansion puts commodity markets under pressure? - Hilltower Resource Advisors

BRICS expansion puts pressure on commodities markets. Geopolitics and maritime access will be key.

hilltowerresourceadvisors.com

 

[black-opal]

The United States will remain the dominant player in the global LNG market in terms of capacity additions over the next four years, accounting for the bulk of 60% of new capacity additions for North America as a whole.

Europe remains one of the big drivers for new U.S. capacity additions in the LNG area. The continent has become perhaps the biggest client of U.S. LNG traders over the past 18 months and is virtually certain to remain in this position because Russian pipeline gas supply is quite unlikely to return anytime soon if at all.

U.S. To Remain Dominant In Global LNG Markets | OilPrice.com

The United States will remain the dominant player on the global LNG market in terms of capacity additions over the next four years, accounting for the bulk of a 60% of new capacity additions for North America as a whole

oilprice.com

 

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Vertigo: Market Succumbs to Myriad Pressures

With the path of least resistance for stocks seemingly lower for now, key to watch will be a stabilization in interest rate volatility and clarity on the path of monetary policy.

www.schwab.com

 

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Certo che passare in poco più di 20 anni da una delle nazioni meno indebitate ad una di quelle più indebitate, non è una cosa comune.

https://twitter.com/x/status/1693971753138049488

 

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For more than three generations, savvy investors have employed diversification, the only “free lunch” in finance, to generate optimal risk-adjusted returns when investing in stocks, bonds, and commodities. Markowitz’s groundbreaking principles earned him the title the “father of modern portfolio theory.”

Markowitz understood that investing is inherently uncertain. Despite his reliance on financial models, he was mindful of their limited predictive power.

The rise of computing power in the 1960s and into the 2000s saw financial engineers increasingly utilize historical data in an attempt to predict correlation within MPT and other financial risk models. Markowitz was clear-eyed on this topic and in one of our collaborative papers highlighted that historical correlation actually did not relate to future performance.

The Father of MPT Always Understood the Limits of Models

“You might even say Harry Markowitz harbored skepticism toward historical correlation’s predictive power,” writes Sander Gerber.

www.institutionalinvestor.com

 

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Il tempo è una risorsa scarsa anche perchè non sappiamo esattamente quanto ce ne rimane a disposizione. Questa è una riflessione "liberatoria" perchè ci consente di focalizzarci su ciò che è veramente importante per noi stessi.

While most people measure wealth in terms of money, true wealth is ultimately about controlling one’s time. Time, after all, is the scarcest of resources.

Questo dovrebbe essere uno dei vantaggi del piccolo investitore rispetto ai fondi di investimento, ma non rispetto ai fondi sovrani.

We believe the way we can provide a better future for ourselves and our kids (and benefit society) is through the efficient allocation and patient compounding of capital over a multi-generational timeframe. That last part is key. The “finance industry” does its clients a disservice by focusing on the short term. High-turnover portfolios do a wonderful job of generating management and brokerage fees but they’re lousy at capturing long-term outperformance for investors.

L'unica pecca del ragionamento è che la maggiore garanzia la si ottiene non scegliendo una azione ma investendo in un indice azionario molto diversificato.

Before buying a stock we believe is a long-term compounder, we literally ask ourselves, “Will our grandkids think we were smart or dumb for buying this?” Our goal is that our kids and their kids will have greater opportunities to spend time on nobler tasks than the accumulation of money—we want them to be truly wealthy. The best time to start investing in that future is today.

Wealth is the Control of Time

The case for multi-generational investing

www.investmenttalk.co