Financial Advisers Quotes

What is patriotism? Let us begin with what patriotism is not. It is not patriotic to dodge the draft and to mock war heroes and their families. It is not patriotic to discriminate against active-duty members of the armed forces in one’s companies, or to campaign to keep disabled veterans away from one’s property. It is not patriotic to compare one’s search for sexual partners in New York with the military service in Vietnam that one has dodged. It is not patriotic to avoid paying taxes, especially when American working families do pay. It is not patriotic to ask those working, taxpaying American families to finance one’s own presidential campaign, and then to spend their contributions in one’s own companies. It is not patriotic to admire foreign dictators. It is not patriotic to cultivate a relationship with Muammar Gaddafi; or to say that Bashar al-Assad and Vladimir Putin are superior leaders. It is not patriotic to call upon Russia to intervene in an American presidential election. It is not patriotic to cite Russian propaganda at rallies. It is not patriotic to share an adviser with Russian oligarchs. It is not patriotic to solicit foreign policy advice from someone who owns shares in a Russian energy company. It is not patriotic to read a foreign policy speech written by someone on the payroll of a Russian energy company. It is not patriotic to appoint a national security adviser who has taken money from a Russian propaganda organ. It is not patriotic to appoint as secretary of state an oilman with Russian financial interests who is the director of a Russian-American energy company and has received the “Order of Friendship” from Putin. The point is not that Russia and America must be enemies. The point is that patriotism involves serving your own country. The

What would it mean in practice to eliminate all the 'negative people' from one's life? It might be a good move to separate from a chronically carping spouse, but it is not so easy to abandon the whiny toddler, the colicky infant, or the sullen teenager. And at the workplace, while it's probably advisable to detect and terminate those who show signs of becoming mass killers, there are other annoying people who might actually have something useful to say: the financial officer who keeps worrying about the bank's subprime mortgage exposure or the auto executive who questions the company's overinvestment in SUVs and trucks. Purge everyone who 'brings you down,' and you risk being very lonely, or, what is worse, cut off from reality.

Don’t always believe the advice of financial adviser / intermediary consultant because they might have misguided you to sale their product. You chose your product according to your needs.

Vivian’s first impression of Solidago was that she had travelled back in time, but not to a time where architecture had been invented. All houses were twisted out of shape, to say the least. Windows either too large to open or too small to make a difference peppered the city in places one would never dream of having one. The walls were mostly cast in brickwork by the kind of stonemason whose day job was financial advising. Skewed walls with more bricks than mortar, knotted chimneys keeping the smoke inside and cupping rooftops whose main purpose was to gather rainwater – Solidago had it all and more. As the oldest civilization of the cosmos, Alarians might have been excellent at healing, philosophizing and weaving into the fabric of reality, but they were very poor city builders.

Peter Lynch doesn’t advise you to buy stock in your favorite store just because you like shopping in the store, nor should you buy stock in a manufacturer because it makes your favorite product or a restaurant because you like the food. Liking a store, a product, or a restaurant is a good reason to get interested in a company and put it on your research list, but it’s not enough of a reason to own the stock! Never invest in any company before you’ve done the homework on the company’s earnings prospects, financial condition, competitive position, plans for expansion, and so forth.

Another common mistake that tilts the odds against many unsuspecting investors is to pay lavish fees to mediocre fund managers, stockbrokers, and financial advisers whose performance doesn’t justify the expense.

The fact is, nobody has the faintest idea of what is going to happen next year, next week, or even tomorrow. If you hope to get anywhere as a speculator, you must get out of the habit of listening to forecasts. It is of the utmost importance that you never take economists, market advisers, or other financial oracles seriously.

Those who advise you against taking risks are limiting your pathways to opportunity and wealth.

Hindsight is especially unkind to decision makers who act as agents for others—physicians, financial advisers, third-base coaches, CEOs, social workers, diplomats, politicians. We are prone to blame decision makers for good decisions that worked out badly and to give them too little credit for successful moves that appear obvious only after the fact. There is a clear outcome bias. When

Economists who simply advised leaving the economy alone, governments whose first instincts, apart from protecting the gold standard by deflationary policies, was to stick to financial orthodoxy, balance budgets and cut costs, were visibly not making the situation better. Indeed, as the depression continued, it was argued with considerable force not least by J.M. Keynes who consequently became the most influential economist of the next forty years - that they were making the depression worse. Those of us who lived through the years of the Great Slump still find it almost impossible to understand how the orthodoxies of the pure free market, then so obviously discredited, once again came to preside over a global period of depression in the late 1980s and 1990s, which, once again, they were equally unable to understand or to deal with. Still, this strange phenomenon should remind us of the major characteristic of history which it exemplifies: the incredible shortness of memory of both the theorists and practitioners of economics. It also provides a vivid illustration of society's need for historians, who are the professional remembrancers of what their fellow-citizens wish to forget.

It’s important to me. When people already struggle with making good financial decisions, I don’t want to be the one to push them over the edge. I want to be the one advising them on how to make it better.

Getting out of a marriage is rough, though, and not just for the legal / financial complications or the massive lifestyle upheaval. (As my friend Deborah once advised me wisely: "Nobody ever died from splitting up furniture.") It's the emotional recoil that kills you, the shock of stepping off the track of a conventional lifestyle and losing all the embracing comforts that keep so many people on that track forever.

For instance, people trust more confident financial advisers over those who are less confident even when their track records are identical. And people equate confidence and competence, which makes the forecaster who says something has a middling probability of happening less worthy of respect. As one study noted, people “took such judgments as indications the forecasters were either generally incompetent, ignorant of the facts in a given case, or lazy, unwilling to expend the effort required to gather information that would justify greater confidence.

It all must have cost a fortune, guessed Lucy, who had lost track of the actual total sometime around December 18. Oh, sure, it had been great fun for the hour or two it took to open all the presents, but those credit card balances would linger for months. And what was she going to do about the letter? It was from the financial aid office at Chamberlain College advising her that they had reviewed the family’s finances and had cut Elizabeth’s aid package by ten thousand dollars. That meant they had to come up with the money or Elizabeth would have to leave school. She guiltily fingered the diamond studs Bill had surprised her with, saying they were a reward for all the Christmases he was only able to give her a handmade coupon book of promises after they finished buying presents for the kids. It was a lovely gesture, but she knew they couldn’t really afford it. She wasn’t even sure he had work lined up for the winter.

Look at a person's friends, and you can tell a lot about how secure a person is. Insecure people only get close to people to whom they feel superior in terms of looks, age, education, position, or financial status. Insecure people feel that they must have some kind of edge on others so that others will look up to them as a superior rather than looking at them as an equal eyeball to eyeball. Some people will not get close to you unless they can advise you, boss you, or run your business. Some people will dislike you and will feel threatened by you if in their shallow opinion you look as good as they do, know as much as they do, or speak, sing, cook, or dress as well as they can.

That’s why one of my strongest ideas is to look at the tax code in both its complexity and its obvious bias toward the rich. Hedge fund and money managers are important for our pension funds and the 401(k) plans that help millions of Americans—but far less important than they think. But financial advisers should pay taxes at the highest levels when they’re earning money at those levels. Often, these financial engineers are “flipping” companies, laying people off, and making billions—yes, billions—of dollars by “downsizing” and destroying people’s lives and sometimes entire companies. Believe me, I know the value of a billion dollars—but I also know the importance of a single dollar.

I would say that if you’re going to slander a lady’s reputation,” Simon said in a dangerously pleasant tone, “you had better have some hard proof of what you’re saying.” “Egads, gossip doesn’t require proof,” the young man replied with a wink. “And time will soon reveal the lady’s true character. Hodgeham doesn’t have the means to keep a prime beauty like that—before long she’ll want more than he can deliver. I predict that at the season’s end, she’ll sail off to the fellow with the deepest pockets.” “Which would be mine,” Simon said softly. Burdick blinked in surprise, his smile fading as he wondered if he had heard correctly. “Wha—” “I’ve watched as you and the pack of idiots you run with have sniffed at her heels for two years,” Simon said, his eyes narrowing. “Now you’ve lost your chance at her.” “Lost my… what do you mean by that?” Burdick asked indignantly. “I mean that I will afflict the most acute kind of pain, mental, physical, and financial, on the first man who dares to trespass on my territory. And the next person who repeats any unsubstantiated rumors about Miss Peyton in my hearing will find it shoved right back in his throat—along with my fist.” Simon’s smile contained a tigerish menace as he beheld Burdick’s stunned face. “Tell that to anyone who may find it of interest,” he advised, and strode away from the pompous, gape-jawed little runt.

THE BUTCHER AND THE DIETITIAN A good friend of mine recently forwarded me a YouTube video entitled The Butcher vs. the Dietitian, a two-minute cartoon that effectively and succinctly highlighted the major difference between a broker and a legal fiduciary. The video made the glaringly obvious point that when you walk into a butcher shop, you are always encouraged to buy meat. Ask a butcher what’s for dinner, and the answer is always “Meat!” But a dietitian, on the other hand, will advise you to eat what’s best for your health. She has no interest in selling you meat if fish is better for you. Brokers are butchers, while fiduciaries are dietitians. They have no “dog in the race” to sell you a specific product or fund. This simple distinction gives you a position of power! Insiders know the difference.

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

Fifteen years ago, a business manager from the United States came to Plum Village to visit me. His conscience was troubled because he was the head of a firm that designed atomic bombs. I listened as he expressed his concerns. I knew if I advised him to quit his job, another person would only replace him. If he were to quit, he might help himself, but he would not help his company, society, or country. I urged him to remain the director of his firm, to bring mindfulness into his daily work, and to use his position to communicate his concerns and doubts about the production of atomic bombs. In the Sutra on Happiness, the Buddha says it is great fortune to have an occupation that allows us to be happy, to help others, and to generate compassion and understanding in this world. Those in the helping professions have occupations that give them this wonderful opportunity. Yet many social workers, physicians, and therapists work in a way that does not cultivate their compassion, instead doing their job only to earn money. If the bomb designer practises and does his work with mindfulness, his job can still nourish his compassion and in some way allow him to help others. He can still influence his government and fellow citizens by bringing greater awareness to the situation. He can give the whole nation an opportunity to question the necessity of bomb production. Many people who are wealthy, powerful, and important in business, politics, and entertainment are not happy. They are seeking empty things - wealth, fame, power, sex - and in the process they are destroying themselves and those around them. In Plum Village, we have organised retreats for businesspeople. We see that they have many problems and suffer just as others do, sometimes even more. We see that their wealth allows them to live in comfortable conditions, yet they still suffer a great deal. Some businesspeople, even those who have persuaded themselves that their work is very important, feel empty in their occupation. They provide employment to many people in their factories, newspapers, insurance firms, and supermarket chains, yet their financial success is an empty happiness because it is not motivated by understanding or compassion. Caught up in their small world of profit and loss, they are unaware of the suffering and poverty in the world. When we are not int ouch with this larger reality, we will lack the compassion we need to nourish and guide us to happiness. Once you begin to realise your interconnectedness with others, your interbeing, you begin to see how your actions affect you and all other life. You begin to question your way of living, to look with new eyes at the quality of your relationships and the way you work. You begin to see, 'I have to earn a living, yes, but I want to earn a living mindfully. I want to try to select a vocation not harmful to others and to the natural world, one that does not misuse resources.' Entire companies can also adopt this way of thinking. Companies have the right to pursue economic growth, but not at the expense of other life. They should respect the life and integrity of people, animals, plants and minerals. Do not invest your time or money in companies that deprive others of their lives, that operate in a way that exploits people or animals, and destroys nature. Businesspeople who visit Plum Village often find that getting in touch with the suffering of others and cultivating understanding brings them happiness. They practise like Anathapindika, a successful businessman who lived at the time of the Buddha, who with the practise of mindfulness throughout his life did everything he could to help the poor and sick people in his homeland.

Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans’ generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes.

Keynes asked me what I was advising my clients. “To insulate themselves as much as possible from the coming crisis and to avoid the markets,” I replied. Keynes took the opposite view. “We will not have any more crashes in our time,” he insisted. . . . “And where is the crash coming from in any case?” “The crash will come from the gap between appearances and reality. I have never seen such stormy weather gathering,” I said. 1927 conversation with Keynes recounted by Felix Somary in The Raven of Zurich (1986)

While women suffer from our relative lack of power in the world and often resent it, certain dimensions of this powerlessness may seem abstract and remote. We know, for example, that we rarely get to make the laws or direct the major financial institutions. But Wall Street and the U.S. Congress seem very far away. The power a woman feels in herself to heal and sustain, on the other hand--"the power of love"--is, once again, concrete and very near: It is like a field of force emanating from within herself, a great river flowing outward from her very person. Thus, a complex and contradictory female subjectivity is constructed within the relations of caregiving. Here, as elsewhere, women are affirmed in some way and diminished in others, this within the unity of a single act. The woman who provides a man with largely unreciprocated emotional sustenance accords him status and pays him homage; she agrees to the unspoken proposition that his doings are important enough to deserve substantially more attention than her own. But even as the man's supremacy in the relationship is tacitly assumed by both parties to the transaction, the man reveals himself to his caregiver as vulnerable and insecure. And while she may well be ethically and epistemically disempowered by the care she gives, this caregiving affords her a feeling that a mighty power resides within her being. The situation of those men in the hierarchy of gender who avail themselves of female tenderness is not thereby altered: Their superordinate position is neither abandoned, nor their male privilege relinquished. The vulnerability these men exhibit is not a prelude in any way to their loss of male privilege or to an elevation in the status of women. Similarly, the feeling that one's love is a mighty force for the good in the life of the beloved doesn't make it so, as Milena Jesenka found, to her sorrow. The feeling of out-flowing personal power so characteristic of the caregiving woman is quite different from the having of any actual power in the world. There is no doubt that this sense of personal efficacy provides some compensation for the extra-domestic power women are typically denied: If one cannot be a king oneself, being a confidante of kings may be the next best thing. But just as we make a bad bargain in accepting an occasional Valentine in lieu of the sustained attention we deserve, we are ill advised to settle for a mere feeling of power, however heady and intoxicating it may be, in place of the effective power we have every right to exercise in the world.

Instead of using their vastly increased material and technical resources to build a wonder-city, they built slums; and they thought it right and advisable to build slums because slums, on the test of private enterprise, "paid", whereas the wonder-city would, they thought, have been an act of foolish extravagance, which would, in the imbecile idiom of the financial fashion, have "mortgaged the future"; though how the construction to-day of great and glorious works can impoverish the future, no man can see until his mind is beset by false analogies from an irrelevant accountancy.

We’re too focused on the short-term. Experts keep advising us to save and invest, so we can retire in 20 or 30 years. And yet we remain almost exclusively focused on the here and now. Is there a new toy we’re hankering to buy? To persuade us to postpone the purchase for a mere 12 months, somebody would likely have to offer us a huge financial incentive. We are also overly influenced by recent events, including the latest political news, the current crop of economic data, and whether the financial markets have lately been rising or falling. We ascribe great importance to the days and weeks ahead, and not nearly enough to next year, let alone the next 10 years.

For years, the suspicion that Mr. Putin has a secret fortune has intrigued scholars, industry analysts, opposition figures, journalists and intelligence agencies but defied their efforts to uncover it. Numbers are thrown around suggesting that Mr. Putin may control $40 billion or even $70 billion, in theory making him the richest head of state in world history. For all the rumors and speculation, though, there has been little if any hard evidence, and Gunvor has adamantly denied any financial ties to Mr. Putin and repeated that denial on Friday. But Mr. Obama’s response to the Ukraine crisis, while derided by critics as slow and weak, has reinvigorated a 15-year global hunt for Mr. Putin’s hidden wealth. Now, as the Obama administration prepares to announce another round of sanctions as early as Monday targeting Russians it considers part of Mr. Putin’s financial circle, it is sending a not-very-subtle message that it thinks it knows where the Russian leader has his money, and that he could ultimately be targeted directly or indirectly. “It’s something that could be done that would send a very clear signal of taking the gloves off and not just dance around it,” said Juan C. Zarate, a White House counterterrorism adviser to President George W. Bush who helped pioneer the government’s modern financial campaign techniques to choke off terrorist money.

But whereas previous U.S. administrations at least pretended to possess some degree of neutrality, Trump burst onto the scene fully embracing Israel’s right-wing policies and appointing Zionists to key positions. He tapped his bankruptcy lawyer, David Friedman, as his ambassador to Israel. Friedman threatened the International Criminal Court over a war crimes investigation into Israel and declared that the illegal settlements did not violate international law. Trump’s own son-in-law and senior adviser, Jared Kushner, was a personal friend of then–Prime Minister Benjamin Netanyahu and even had financial ties to the illegal settlements. And this was the man Trump had tasked with leading the “peace process.

Ted’s a Bushman with deep ties to the political and financial establishment. Ted and Heidi brag about being the first “Bush marriage”—they met as Bush staffers and that meeting ultimately led to matrimony. Ted was an adviser on legal affairs while Heidi was an adviser on economic policy and eventually director for the Western Hemisphere on the National Security Council under Condoleezza Rice. Condi helped give us the phony war in Iraq. And Chad Sweet, Ted Cruz’s campaign chairman, is a former CIA officer. Michael Chertoff, George W. Bush’s former Secretary of Homeland Security, hired Sweet from Goldman Sachs to restructure and optimize the flow of information between the CIA, FBI and other members of the national security community and DHS.

When Roosevelt was elected, rumors spread that Coughlin was in line for a high administrative post and would quit the church to enter government service. But this failed to materialize, and Coughlin became disenchanted with Roosevelt as well. His first public break with Roosevelt came in 1934, when he urged payment of a soldiers’ bonus and the president publicly threatened to veto it. By 1935 Coughlin’s break with Roosevelt was complete; by 1937 his attacks on the president had become so violent that they led, ultimately, to a rebuke from the pope. Roosevelt, whose own radio persona was highly developed, found Coughlin a formidable adversary. The priest had a staff of confidential investigators in Washington, headed by a former Hearst journalist, and his advisers in financial matters consisted of bankers and brokers in New York.

It is not patriotic to admire foreign dictators. It is not patriotic to cultivate a relationship with Muammar Gaddafi; or to say that Bashar al-Assad and Vladimir Putin are superior leaders. It is not patriotic to call upon foreign leaders to intervene in American presidential elections. It is not patriotic to cite Russian propaganda at rallies. It is not patriotic to share an adviser with Russian oligarchs. It is not patriotic to appoint advisers with financial interests in Russian companies. It is not patriotic to appoint a National Security Advisor who likes to be called “General Misha,” nor to pardon him for his crimes. It is not patriotic when that pardoned official calls for martial law. It is not patriotic to refer to American soldiers as “losers” and “suckers.” It is not patriotic to take health care from families, nor to golf your way through a national epidemic in which half a million Americans die. It is not patriotic to try to sabotage an American election, nor to claim victory after defeat. It is not patriotic to try to end democracy.

MASSOUD DISPATCHED his foreign policy adviser, Abdullah, to Washington in August. Their Northern Alliance lobbyist, Otilie English, scratched together a few appointments on Capitol Hill. It was difficult to get anyone’s attention. They had to compete with Pakistan’s well-heeled, high-paid professional lobbyists and advocates, such as the former congressman Charlie Wilson, who had raised so much money for Pakistan’s government in Congress during the anti-Soviet jihad. Abdullah and English tried to link their lobbying effort with Hamid Karzai and his brother, Qayum, to show that Massoud was fighting the Taliban with multiethnic allies. But the members they met with could barely manage politeness. Guns or financial aid were out of the question. Some barely knew who Osama bin Laden was. With the Democrats they tried to press the issue of women’s rights in Afghanistan, but even that seemed to be a dying cause now that the Clintons were gone. Both Massoud’s group and the Karzais were “so disappointed, so demoralized” after a week of meetings on the Hill and at the State Department, Karzai’s lobbyist recalled.37

Triggers include: Abortion (backstory) Anal sex Autassassinophilia Attempted sexual assault Bullying Cannabis growing (and dealing) Car accident Castration Child assassins (backstory) Child porn (secondary character backstory) Child sexual abuse (backstory) Choking Collaring Coprophilia (brief mention) Cults Date rape drugs (by minor antagonist) Desecration of a corpse Desecration of a grave Dismemberment Doxxing Erotophonophilia Execution Fear play Financial abuse (by minor antagonist) Forced abortion (backstory) Gang rape (to side character) Gaslighting Grooming (backstory) Hallucinations Human centipede (on minor villains) Humiliation Imprisonment Improper use of a thigh bone Improper use of extension cables Improper use of holy water Knife play Mask play Medical misconduct Medication tampering Memory loss Mental illness Miscarriage (backstory) Murder Online harassment Osteophilia Phrogging Pornography Primal kink Rape (of rapists) Sadism Sexual harassment Snuff movies Somnophilia Spanking Stalking Suicide Suspension bondage Teacher-student relationship (backstory) Torture Trauma Victim blaming (by minor antagonist) Vigilante justice Reader discretion is advised. If you find any of these topics distressing, please choose a different book. Your mental health matters.

But guess what happened. Once salaries became public information, the media regularly ran special stories ranking CEOs by pay. Rather than suppressing the executive perks, the publicity had CEOs in America comparing their pay with that of everyone else. In response, executives’ salaries skyrocketed. The trend was further “helped” by compensation consulting firms (scathingly dubbed “Ratchet, Ratchet, and Bingo” by the investor Warren Buffett) that advised their CEO clients to demand outrageous raises. The result? Now the average CEO makes about 369 times as much as the average worker—about three times the salary before executive compensation went public. Keeping that in mind, I had a few questions for the executive I met with. “What would happen,” I ventured, “if the information in your salary database became known throughout the company?” The executive looked at me with alarm. “We could get over a lot of things here—insider trading, financial scandals, and the like—but if everyone knew everyone else’s salary, it would be a true catastrophe. All but the highest-paid individual would feel underpaid—and I wouldn’t be surprised if they went out and looked for another job.” Isn’t this odd? It has been shown repeatedly that the link between amount of salary and happiness is not as strong as one would expect it to be

But there was a lacuna in Nehru’s concept of science: he saw it exclusively in terms of laboratory science, not field science; physics and molecular biology, not ecology, botany, or agronomy. He understood that India’s farmers were poor in part because they were unproductive—they harvested much less grain per acre than farmers elsewhere in the world. But unlike Borlaug, Nehru and his ministers believed that the poor harvests were due not to lack of technology—artificial fertilizer, irrigated water, and high-yield seeds—but to social factors like inefficient management, misallocation of land, lack of education, rigid application of the caste system, and financial speculation (large property owners were supposedly hoarding their wheat and rice until they could get better prices). This was not crazy: more than one out of five families in rural India owned no land at all, and about two out of five owned less than 2.5 acres, not enough land to feed themselves. Meanwhile, a tiny proportion of absentee landowners controlled huge swathes of terrain. The solution to rural poverty, Nehru therefore believed, was less new technology than new policies: give land from big landowners to ordinary farmers, free the latter from the burdens of caste, and then gather the liberated smallholders into more-efficient, technician-advised cooperatives. This set of ideas had the side benefit of fitting nicely into Nehru’s industrial policy: enacting them would cost next to nothing, reserving more money for building factories.

extent, Polly Lear took Fanny Washington’s place: she was a pretty, sociable young woman who became Martha’s closest female companion during the first term, at home or out and about, helping plan her official functions. The Washingtons were delighted with the arrival of Thomas Jefferson, a southern planter of similar background to themselves, albeit a decade younger; if not a close friend, he was someone George had felt an affinity for during the years since the Revolution, writing to him frequently for advice. The tall, lanky redhead rented lodgings on Maiden Lane, close to the other members of the government, and called on the president on Sunday afternoon, March 21. One of Jefferson’s like-minded friends in New York was the Virginian James Madison, so wizened that he looked elderly at forty. Madison was a brilliant parliamentary and political strategist who had been Washington’s closest adviser and confidant in the early days of the presidency, helping design the machinery of government and guiding measures through the House, where he served as a representative. Another of Madison’s friends had been Alexander Hamilton, with whom he had worked so valiantly on The Federalist Papers. But the two had become estranged over the question of the national debt. As secretary of the Treasury, Hamilton was charged with devising a plan to place the nation’s credit on a solid basis at home and abroad. When Hamilton presented his Report on the Public Credit to Congress in January, there was an instant split, roughly geographic, north vs. south. His report called for the assumption of state debts by the nation, the sale of government securities to fund this debt, and the creation of a national bank. Washington had become convinced that Hamilton’s plan would provide a strong economic foundation for the nation, particularly when he thought of the weak, impoverished Congress during the war, many times unable to pay or supply its troops. Madison led the opposition, incensed because he believed that dishonest financiers and city slickers would be the only ones to benefit from the proposal, while poor veterans and farmers would lose out. Throughout the spring, the debate continued. Virtually no other government business got done as Hamilton and his supporters lobbied fiercely for the plan’s passage and Madison and his followers outfoxed them time and again in Congress. Although pretending to be neutral, Jefferson was philosophically and personally in sympathy with Madison. By April, Hamilton’s plan was voted down and seemed to be dead, just as a new debate broke out over the placement of the national capital. Power, prestige, and a huge economic boost would come to the city named as capital. Hamilton and the bulk of New Yorkers and New Englanders

The most popular intermediate-term bond fund, among those advisers monitored by the Hulbert Financial Digest who have beaten the S&P 500 over the past 15 years, is the Vanguard Intermediate-Term Investment-Grade Fund, which charges annual fees of 0.20%, or $20 per $10,000 invested.

The code of the National Association of Broadcasters enunciates as a cardinal principle in American radio the provision of time by stations, without charge, for the presentation of public questions of a controversial nature. At the same time, it advises against the sale of time for the presentation of controversial issues except in the case of political broadcasts during political campaigns. The basic foundation for the prohibition against the sale of time for the presentation of controversial issues is the public duty of broadcasters to present such issues, regardless of the willingness of others to pay for their presentation. If time were sold for that purpose, it would have to be sold to all with the ability to pay, and as a result the advantage in any discussion would rest largely with those having the greater financial means to buy broadcasting time.

Diversification is a way to protect financial consultants and stock brokers from ever looking really bad, but it also stops them from looking really good as well. What happens with broad diversification—holding a portfolio of, say, fifty or more different stocks—is that the winners will be canceled out by the losers, just as the losers will be canceled out by the winners. Diversification creates a situation that basically mimics the market or an index fund. An adviser who counsels diversification never looks very good or very bad, just average.

The Bradford Exchange—a knockoff of [Joseph] Segel’s [Franklin Mint] business—created a murky secondary market for its collector plates, complete with advertisements featuring its “brokers” hovering over computers, tracking plate prices. To underscore the idea of these mass-produced tchotchkes as upmarket, sophisticated investments, the company deployed some of its most aggressive ads (which later led to lawsuits) in magazines like Kiplinger’s Personal Finance and Architectural Digest. A 1986 sales pitch offered “The Sound of Music,” the first plate in a new series from the Edwin M. Knowles China Company, at a price of $19.50. Yet the ad copy didn’t emphasize the plate itself. Rather, bold type introduced two so-called facts: “Fact: ‘Scarlett,’ the 1976 first issue in Edwin M. Knowles’ landmark series of collector’s plates inspired by the classic film Gone With the Wind, cost $21.60 when it was issued. It recently traded at $245.00—an increase of 1,040% in just seven years.” And “Fact: ‘The Sound of Music,’ the first issue in Knowles’ The Sound of Music series, inspired by the classic film of the same name, is now available for $19.50.” Later the ad advised that “it’s likely to increase in value.” Currently, those plates can be had on eBay for less than $5 each. In 1993 U.S. direct mail sales of collectibles totaled $1.7 billion

He’s my financial adviser in real life,” Nora said. “He’s here with his wife, Sheila, but you’ll meet her later.

Geithner went to the well-connected investment bank Warburg Pincus. Bernanke advises the Citadel hedge fund and chaired an advisory board for the giant PIMCO bond fund, owned by Allianz of Germany, which also included as its members Jean-Claude Trichet and Gordon Brown as well as Anne-Marie Slaughter of the Obama foreign policy team.34 It was like a mini reunion of 2008 crisis fighters.

You have a good mind, a beautiful physique and a possible successful future outlook—but that now is up to you [he wrote when she turned eighteen]. You are the mistress of your future. All your mother and dad can do is to look on, advise when asked and hope and wish you a happy one. There’ll be troubles and sorrow a plenty but there’ll also be happy days and hard work. From a financial standpoint your father has not been a shining success but he has tried to leave you something that (as Mr. Shakespeare says) cannot be stolen—an honorable reputation and a good name. You must continue that heritage and see that it is not spoiled. You’re all we have and we both count on you.

It is way less foolish to throw your money away than it is to use it to buy and then consume things such as cigarettes.

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the ones who get up every day and diligently go to work and pay taxes. If they only understood the way the rich play the game, they could play it too. Then they would be on their way to their own financial independence. This is why I cringe every time I hear a parent advise their children to go to school so they can find a safe, secure job. An employee with a safe, secure job, without financial aptitude, has no escape.

Human relationships with key people in the company cannot be delegated. Financial decisions are yours, as well as any decisions to take on key human resources. In the legal area you are the one who must decide strategy, after listening to the advice of others, and then you must rely on good advisers or consultants to carry it out. "Delegate everything except command" as an entrepreneur friend of mine once said. You should always know how much your company is earning, where it’s working at a loss, and why.

Farah collins is a Financial business adviser who provides information and advice to companies about doing business. she runs a comprehensive planning practice that delivers custom-tailored strategies to other business owners, investors, aspiring entrepreneurs, and the many other professionals and families that make it all possible. She works with the executive and management teams to help them identify new markets and old ones that might be tapped for future business and then facilitate a strategy plan with these teams to guide them in how to go forward.

Dr. Mayo echoed precisely that point, saying: “It means delegating, entrusting, giving up a degree of ownership and control—it’s tough to do, you have to work on your own ego—it’s not ‘my event’ anymore.” Her mentors advised the flattening of the organization and sharing of responsibilities, she recalls, “so as to improve teamwork and motivation.” She noted that “There are now five people ready to take my position—there are shared decisions and attention. That is because we let others feel they could make a decision.” This is good because Dr. Mayo said she is in “a process of detachment” and now is “looking for ways to make it [CASP] truly self-sustainable financially.

The founder of eHarmony, Neil Clark Warren, wants to get into matching people with the perfect job or the perfect financial adviser or even the perfect friend. That may be good business, but you have to wonder whether this effort will work any better for recruiters and job seekers than it does for singles.

Not only did I have to prepare my own speech, but I’d also been advising President Bush on an upcoming address of his own.

Never in the history of the community college has such a goal had so much financial support from philanthropic organizations; the Bill and Melinda Gates Foundation alone has allocated $500 million to this effort.

After two and half decades of covering the crimes of our oligarchic elites, I go through periods when the impunity of it all gets the better of me. The sweatshops and oil spills. The Iraq invasion. The 2008 financial crisis. The coups that threw a generation of idealists out of helicopters in Latin America. Washington’s coordinated attack on Russia’s nascent post-Soviet democracy that created the oligarchs and paved the way for Vladimir Putin. I simply cannot bear what these people have been able to get away with. No one paid. Everyone gets a reputational rebrand. Henry Kissinger keeps advising presidents. Dick Cheney is hailed as a reasonable Republican. Robert Rubin, one of the men who personally helped inflate the derivatives bubble that melted down the global economy in 2008, now gives advice about how we can’t move too fast to prevent catastrophic climate change. My throat constricts. My breath becomes shallow. On bad days, I feel like I might explode. Impunity can drive a person mad.

There are plenty of qualified advisers, so don’t deviate from these requirements. Don’t hire someone to guide you on the path to economic security because they were in your sorority pledge class or they get great sports tickets. It will be the most expensive Knicks game you’ve ever been to. Here’s the critical thing about advisers. You aren’t paying them for investment returns. Over the long term, nobody beats the market. And if someone does have the secret to above-market returns, they aren’t going to be sharing it with you for a fixed percentage. You’re paying an adviser for planning, accountability, and confidence. The more wealth you accumulate and the more complex your life gets, the more valuable these services become.

Historically, many investment groups have in practice outsourced much of the hard but dull, unglamorous work around corporate governance to a small club of consultancies known as “proxy advisors.” The biggest by far are Glass Lewis and Institutional Shareholder Services. Between them, they utterly dominate this niche industry, and are a quietly influential duo at the heart of the crossroads between the corporate and financial worlds. Glass Lewis attends more than 25,000 annual meetings across over 100 markets around the world every year. ISS brags that it covers about 44,000 meetings in 115 countries. Together, they advise thousands of investment groups with cumulatively tens of trillions of dollars’ worth of assets, and make millions of votes every year on their behalf. Many corporate executives resent the often formulaic approach of the proxy advisors, and see relying on them as an abdication of an investor’s responsibility. This is partly self-serving, as they dislike the proxy advisors’ views on compensation, for example. Yet there is an element of truth to it. Most investment groups don’t want the hassle of having to deal with many mundane issues across hundreds or even thousands of companies they own shares in. ISS’s and Glass Lewis’s raison d’être is to relieve them of this headache.

Ross’s “arbitrage pricing theory” and Rosenberg’s “bionic betas” posited that the returns of any financial security are the result of several systematic factors. Although seemingly stating the obvious, this was a seminal moment in the move toward a more vibrant understanding of markets. The eclectic Rosenberg was even put on the cover of Institutional Investor in May 1978, the bald, mustachioed man depicted as a giant meditating guru with flowers in his hair, worshipped by a gathering of besuited portfolio managers. The headline was “Who Is Barr Rosenberg? And What the Hell Is He Talking About?”8 What he was talking about was how academics were beginning to classify stocks according to not just their industry or their geography, but their financial characteristics. And some of these characteristics might actually prove to deliver better long-term returns than the broader stock market. In 1973, Sanjoy Basu, a finance professor at McMaster University in Ontario, published a paper that indicated that companies with low stock prices relative to their earnings did better than the efficient-markets hypothesis would suggest. Essentially, he showed that the value investing principles espoused by Benjamin Graham in the 1930s—which revolved around buying cheap, out-of-favor stocks trading below their intrinsic worth—was a durable investment factor. By systematically buying all cheap stocks, investors could in theory beat the broader market over time. Then Banz showed the same for small caps, another big moment in the evolution of factor investing. Follow-up studies on smaller stocks in Japan and the UK showed similar results, so in 1986 DFA launched dedicated small-cap funds for those two markets as well. In the early 1990s, finance professors Narasimhan Jegadeesh and Sheridan Titman published a paper indicating that simply surfing market momentum—in practice buying stocks that were already bouncing and selling those that were sliding—could also produce market-beating returns.9 The reasons for these apparent anomalies divide academics. Efficient-markets disciples stipulate that they are the compensation investors receive for taking extra risks. Value stocks, for example, are often found in beaten-up, unpopular, and shunned companies, such as boring industrial conglomerates in the middle of the dotcom bubble. While they can underperform for long stretches, eventually their underlying worth shines through and rewards investors who kept the faith. Small stocks do well largely because small companies are more likely to fail than bigger ones. Behavioral economists, on the other hand, argue that factors tend to be the product of our irrational human biases. For example, just like how we buy pricey lottery tickets for the infinitesimal chance of big wins, investors tend to overpay for fast-growing, glamorous stocks, and unfairly shun duller, steadier ones. Smaller stocks do well because we are illogically drawn to names we know well. The momentum factor, on the other hand, works because investors initially underreact to news but overreact in the long run, or often sell winners too quickly and hang on to bad bets for far longer than is advisable.

Cedar Capital Group Tokyo: Owning vs Renting Heavy Equipment You have some projects underway. It is either you gear up and buy your own equipment, extend your company’s capabilities and add them these equipment to your business’ asset or you just need to rent a unit and cut the cost. How do you decide when to buy and rent the equipment anyway? We have learned a lot of pros and cons of renting and buying. It is important to evaluate your company’s current situation and capabilities including your financial plans to carefully consider which method you will use in acquiring the equipment. Here is a review of the things which you should bear in mind before deciding when to buy and when to rent equipment: 1. Budget The budget is one of the most important factors in any start of the business. Do you have enough capital to buy a new equipment? If so, will it be practical to use that money to buy or is it more rational to rent and save the cost? You should not look only on the first few months of operation but foresee the future need of the equipment to be used. Although buying may be a larger one-time financial outlay, the cost of renting can add up quickly, and over a long period of time can end up costing you more – especially if the equipment isn’t being used for the entire rental period. And don’t forget: when you own, you can see a return on your investment when you sell. 2. Duration of Project Time frame is important to know how long you will need the equipment. It is more practical to rent the machine if you are only using it for a short period of time. Renting also makes more sense if you are using the equipment for only a specific task. The risk, of course, is the increasing cost of rental when the equipment is not used the entire time. Fortunately, many rental companies in Singapore, Tokyo, Japan and Seoul South Korea only require payment for the actual time the machine is being used. On the other hand, if you are working on a long project and would be using the machine frequently, it is more advisable to buy your own equipment. The complaints on damage on the parts of the equipment can still be charged on you if you are renting it. It becomes worse if you wear the machine out so it would be better if you purchase your own.

Wilson had a compelling reason for having recommended Herlihy: He had been involved in some of the biggest takeover battles in corporate America. Earlier in the year he had helped advise JP Morgan Chase in its acquisition of Bear Stearns. His firm—Wachtell, Lipton, Rosen & Katz—was synonymous with corporate warfare. One of its founding partners, Martin Lipton, had devised among the most famous of antitakeover defenses, the “poison pill.” If Treasury was planning a government-led hostile takeover—the first in history—then Herlihy was certainly the lawyer they wanted.

Whether they win or lose their fight with the Euro institutions, Syriza have demonstrated the power of theory. Varoufakis predicted the catastrophic end of the Greek bonanza, the unsustainability of leveraged finance and the fragmentation of the eurozone – even while the theories acceptable to the Wall Street Journal and Financial Times said the opposite. He also told his advisers, from the very beginning, that they could expect a deal with Europe only at ‘one minute past midnight’. That is, he theorized the potential accidental outcomes of the crisis too. That’s what gives this book both its power and its poignancy. We don’t know how the fight between Syriza and the eurozone will end – but we can be certain it will involve compromise. Politicians live in the world of compromise; theorists do not. But by the end of it, the radical left will know what it means to fight for a new, fairer kind of capitalism, in the teeth of resistance from the old kind. Paul Mason, 28 March 2015

The attempt to manage conflicts through regulation has failed because it has spawned complex rules without achieving its underlying objective. Those who handle other people’s money, or advise on the management of other people’s money, are agents of those whose money it is. Financial intermediaries can act as custodians of other people’s money, or they can trade with their own money, but they must not do both at the same time. The effective application of principles of loyalty and prudence towards clients, and insistence that conflicts of interest be avoided, puts an end to the current business model of the investment bank, which relies on its multiplicity of activities to provide ‘the Edge’.

1. The conglomerate movement, “with all its fancy rhetoric about synergism and leverage.” 2. Accountants who played footsie with stock-promoting managements by certifying earnings that weren’t earnings at all. 3. “Modern” corporate treasurers who looked upon their company pension funds as new-found profit centers and pressured their investment advisers into speculating with them. 4. Investment advisers who massacred clients’ portfolios because they were trying to make good on the over-promises that they had made to attract the business. 5. The new breed of investment managers who bought and churned the worst collection of new issues and other junk in history, and the underwriters who made fortunes bringing them out. 6. Elements of the financial press which promoted into new investment geniuses a group of neophytes who didn’t even have the first requisite for managing other people’s money—namely, a sense of responsibility. 7. The securities salesmen who peddle the items with the best stories—or the biggest markups—even though such issues were totally unsuited to the customers’ needs. 8. The sanctimonious partners of major investment houses who wrung their hands over all these shameless happenings while they deployed an army of untrained salesmen to forage among even less trained investors. 9. Mutual fund managers who tried to become millionaires overnight by using every gimmick imaginable to manufacture their own paper performance. 10. Portfolio managers who collected bonanza incentives of the “heads I win, tails you lose” kind, which made them fortunes in the bull market but turned the portfolios they managed into disasters in the bear market. 11. Security analysts who forgot about their professional ethics to become storytellers and let their institutions be taken in by a whole parade of confidence men. This was the “list of horrors that people in our field did to set the stage for the greatest blood bath in forty years,

One friend who had left Treasury for an investment bank advised me that if I wanted a finance job, I should decide where to go solely according to which firm would pay me the most, because that would be the best measure of how much they valued me. It sounded like a bizarre way to think about work. I never considered trying to get rich, and it never really occurred to me to choose a job based on what I would make rather than what I would do.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

The rise of the Rockefeller family was made possible from two angles by the Rothschilds. One was by the large subsidies placed on transports of Rockefeller oil. The documents of the American trade register prove that the Rothschilds, since 1896, have owned ninety-six percent of the American railways. This made it possible to transport oil on rail. When John D. Rockefeller wanted to expand, he received the financial support he needed to do so from the Rothschilds through their National City Bank of Cleveland. In exchange, the Rockefellers had to transport their oil via the Rothschilds railways. An illegal agreement saw to it that the Rockefellers received a bonus for the amount of oil they transported by train. Because of this agreement nobody could compete with the Rothschilds in transporting Rockefeller oil. This was all arranged by Jacob Schiff, of the company Kuhn & Loeb, the brain behind the foundation of the Rockefeller imperium. Under the authority of the Rothchilds, Kuhn, Loeb & Co. continue to manage the Rockefeller capital, which is valued at over 400 billion dollars. In 1950 the New York Times reported L.L. Strauss, a partner with Kuhn, Loeb & Co., as the financial adviser to the Rockefeller estate. Because of this, every investment had to be approved and signed by a partner of Kuhn, Loeb & Co. According to the periodical Fortune in 1985, the wealth of the Rockefellers was spread amongst more than 200 companies. These companies include six of the largest industrial companies in America, six of the largest banks, five of the largest insurance companies and three of the largest companies from different branches (electricity, water, infrastructure, fruits, oil, gold, and others). Not including the remaining 180 other companies, the total assets of these twenty giants amount to 460 billion dollars.

The Warburg family is the most important ally of the Rothschilds, and the history of this family is at least equally interesting. The book The Warburgs shows that the bloodline of this family dates back to the year 1001.[28] Whilst fleeing from the Muslims, they established themselves in Spain. There they were pursued by Fernando of Aragon and Isabella of Castile and moved to Lombardy. According to the annals of the city of Warburg, in 1559, Simon von Cassel was entitled to establish himself in this city in Westphalia, and he changed his surname to Warburg. The city register proves that he was a banker and a trader. The real banking tradition was beginning to take shape when three generations later Jacob Samuel Warburg immigrated to Altona in 1668. His grandson Markus Gumprich Warburg moved to Hamburg in 1774, where his two sons founded the well-known bank Warburg & Co. in 1798. With the passage of time, this bank did business throughout the entire world. By 1814, Warburg & Co had business relations with the Rothschilds in London. According to Joseph Wechsberg in his book The Merchant Bankers, the Warburgs regarded themselves equal to the Rothschild, Oppenheimer and Mendelsohn families.[29] These families regularly met in Paris, London and Berlin. It was an unwritten rule that these families let their descendants marry amongst themselves. The Warburgs married, just like the Rothschilds, within houses (bloodlines). That’s how this family got themselves involved with the prosperous banking family Gunzberg from St. Petersburg, with the Rosenbergs from Kiev, with the Oppenheims and Goldschmidts from Germany, with the Oppenheimers from South Africa and with the Schiffs from the United States.[30] The best-known Warburgs were Max Warburg (1867-1946), Paul Warburg (1868-1932) and Felix Warburg (1871-1937). Max Warburg served his apprenticeship with the Rothschilds in London, where he asserted himself as an expert in the field of international finances. Furthermore, he occupied himself intensively with politics and, since 1903, regularly met with the German minister of finance. Max Warburg advised, at the request of monarch Bernhard von Bülow, the German emperor on financial affairs. Additionally, he was head of the secret service. Five days after the armistice of November 11, 1918 he was delegated by the German government as a peace negotiator at a peace committee in Versailles. Max Warburg was also one of the directors of the Deutsche Reichsbank and had financial importances in the war between Japan and Russia and in the Moroccan crisis of 1911. Felix Warburg was familiarized with the diamond trade by his uncle, the well-known banker Oppenheim. He married Frieda Schiff and settled in New York. By marrying Schiff’s daughter he became partner at Kuhn, Loeb & Co. Paul Warburg became acquainted with the youngest daughter of banker Salomon Loeb, Nina. It didn’t take long before they married. Paul Warburg left Germany and also became a partner with Kuhn, Loeb & Co. in New York. During the First World War he was a member of the Federal Reserve Board, and in that position he had a controlling influence on the development of American financial policies. As a financial expert, he was often consulted by the government. The Warburgs invested millions of dollars in various projects which all served one purpose: one absolute world government. That’s how the war of Japan against Russia (1904-1905) was financed by the Warburgs bank Kuhn, Loeb & Co.[31] The purpose of this war was destroying the csardom. As said before, in testimony before the Senate Foreign Relations Committee, James P. Warburg said: “We shall have a world government, whether or not we like it. The question is only whether world government

Once we understand Hillary as single-mindedly pursuing her own interest and financial gain, we can for the first time make sense of recent Clinton scandals. Consider the email scandal. What we know is that Hillary created and maintained an entirely private email server, insulated from her State Department requirements. This took great effort and required the collaboration of a whole team of aides as well as State Department bureaucrats. Why did Hillary do this? Her official explanation is convenience. Hillary simply wanted to get things done, and she was a little careless about how she went about doing them. She claims she got into all this trouble because she didn’t want to have to carry two phones.1 But setting up a parallel email system is actually very inconvenient. Far from being careless, Hillary was careful to do it in a manner that would allow her to carry on private communications that would not show up on an official network, rendering the Freedom of Information Act useless. By doing this, in essence she stole the people’s property. Sending classified and secret information through a private network is not merely harmful to the national security; it is also illegal. Former CIA director John Deutch, former National Security Adviser Sandy Berger, and General David Petraeus were all punished for doing it. Their offenses pale before Hillary’s. Moreover, Hillary, in the middle of a government investigation, went through her private emails, deleting thousands of them that she didn’t want the government or the public to see. Normal people who do such things end up in prison. Hillary, clearly, sees herself as politically protected by the Obama gang. She acts like she’s above the law, and so far she has been proven correct.

Getting out of a marriage is rough, though, and not just for the legal/ financial complications or the massive lifestyle upheaval. (As my friend Deborah once advised me wisely: “Nobody ever died from splitting up furniture.”) It’s the emotional recoil that kills you, the shock of stepping off the track of a conventional lifestyle and losing all the embracing comforts that keep so many people on that track forever.

and Estate Management. We believe all of

By now, you should have enough material to design, develop, or just renew your own core values, mission, and vision statements. Start with your one thing and work from there. A good building is never built until the architect blends the dream with the details.

Most importantly, to successfully develop a serious business, you need a process, a practice, by which to obtain that information and, once obtained, a method with which to put that information to use in your business productively. —Michael Gerber, author of The E-Myth

Senator Warren questions SEC chair on broker reforms 525 words By Sarah N. Lynch WASHINGTON (Reuters) - Senator Elizabeth Warren said Friday that the Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission's plans to adopt its own separate rules.    President Barack Obama, with frequent Wall Street critic Warren at his side, last month called on the Labor Department to quickly move forward to tighten brokerage standards on retirement advice, lending new momentum to a long-running effort to implement reforms aimed at reducing conflicts of interest and "hidden fees." But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday said she supported moving ahead with a similar effort to hold retail brokers to a higher "fiduciary" standard. "I want to see the Department of Labor go forward now," Warren told Reuters in an interview Friday. "There is no reason to wait for the SEC. There is no question that the Department of Labor has the authority to act to ensure that retirement advisers are serving the best interest of their clients." Warren said that while she has no concerns with the SEC moving forward to write its own rules, she fears its involvement may give Wall Street a hook to try to delay or water down a separate ongoing Labor Department effort to craft tough new rules governing how brokers dole out retirement advice. She also raised questions about White's decision to unveil her position at a conference hosted by the Securities Industry and Financial Markets Association (SIFMA), a trade group representing the interests of securities brokerage firms. Not only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers' commission-based compensation in any new fiduciary rule.     "I was surprised that (Chair) White announced the rule at a conference hosted by an industry trade group that spent several years and millions of dollars lobbying members of Congress to block real action to fix the problem," Warren said. Warren, a Massachusetts Democrat who frequently challenges market regulators as too cozy with industry, stopped short of directly criticizing White. The SEC and SIFMA both declined to comment on Warren's comments. SIFMA has strongly opposed the Labor Department's efforts, fearing its rule will contain draconian measures that would cut broker profits, and in turn, force brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers. The SEC has said it has been coordinating with the Labor Department on the rule-writing effort, but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws. The industry and reform advocates have been waiting now for years to see whether the SEC would move to tighten standards.     Warren expressed some skepticism on Friday about whether the SEC will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered. (Reporting by Sarah N. Lynch; Editing by Christian Plumb)

now,” Ali said. “I won’t be able to talk to her about any of this until after school is over for the day.” “Don’t,” Stu advised. “Let me get a little better handle on what’s going on before you discuss it with her. In fact, don’t discuss it with her at all. Once we have her thumbprint she’ll have access to all her grandmother’s financial dealings and so will we without anyone crossing over into forbidden territory.” Hacking into unauthorized servers was something Stu Ramey did very well, but there were always risks involved, and hacking into financial accounts when it wasn’t necessary was stupid.

Mind the App: Just days after the original Android Marketplace app store launched, thousands of people happily downloaded their bank's new Android apps. After entering their account numbers and passwords, the apps failed to work as promised leading angry customers to call their banks. When they reached customer service, the banks advised "we don’t have an Android app." Whoops! In turned out, criminals had created and uploaded fake banking apps—designed with the bank’s own logos in order to to extract sensitive financial information. Many apps stores, particularly third-party sites, are essentially the Wild West. In fact, by 2013, more than 42,000 apps—many of them targeted at children who think they’re simply downloading a free game—in Google's Play store had been found to contain spyware and information-stealing Trojan programs. Pay close attention to the apps you and your family download, particularly their permission settings. They are generally "free" for a reason and you're paying with your privacy—or worse. If a flashlight app tells you it needs access to your location and contacts, run the other way!

a Scottish proverb advises, “Be happy while you are alive because you are a long time dead.

The truth is that the vast majority of young people don’t need a financial adviser to help them get rich. We need to set up accounts at a reliable no-fee bank and then automate savings and bill payment.

My mother’s father—my grandfather—was the ninth of eleven children.

Thirteen years ago, I found myself professionally in the same “dark wood” described by Dante in the introduction to The Inferno. For the

regiments. My great-grandfather did this because each bounty soldier received a substantial sum from another Northern boy who didn’t want to take the risk of losing his life in the war. My great-grandfather elected to risk his life in order to have, if he survived, the necessary funds to start a business. Happily he

Today, planning has become collaborative and interactive, using software and tools that will allow clients to “play” with different scenarios, becoming invested in the results. Our delivery is online, and the focus is on the process of planning, not the product (the plan). We engage as many other professionals as we need to (accountants, attorneys, and insurance agents) to complete the implementation.

am saying that an adviser must be able to synthesize complex and sophisticated concepts and communicate them effectively to clients, while maintaining an environment of caring and trust.

AlphaPoint Completes Blockchain Trial Together with Scotiabank AlphaPoint, a fintech company, devoted to blockchain technological innovation, has accomplished a successful proof technology together with Scotiabank, a major international bank based in Barcelone, Canada. From the trial, Scotiabank sought to learn and examine how the AlphaPoint Distributed Journal Platform could be leveraged inside across a selection of use situations. When questioned if AlphaPoint and Scotiabank intended to further build this job, Igor Telyatnikov, president and also COO regarding AlphaPoint, advised Bitcoin Journal that he was not able to comment especially on the subsequent steps in the particular Scotiabank-AlphaPoint effort. He performed, however, suggest that AlphaPoint is about to reveal several additional media shortly. “We have a couple of other significant announcements that is to be announced inside the coming calendar month, including a generation launch using a systemically crucial financial institution, ” said Telyatnikov. “2017 will be shaping around be an unbelievable year for that distributed journal technology market as a whole and then for AlphaPoint also. ” Within the multi-month venture, trade studies were published upon deployment of the AlphaPoint Distributed Journal Platform, which usually ran concurrently on Microsoft’s Azure impair and AlphaPoint hardware. Inside real-time, typically the blockchain community converted FIXML messages to be able to smart deals and produced an immutable “single truth” across the complete network. The particular Financial Details eXchange (FIX) is a sector protocol used for communicating stock options information inside specific digital messages. Including information about getting rates, market info and buy and sell orders. Using trillions involving dollars bought and sold annually around the Nasdaq only, financial providers entities are usually investing seriously in maximizing electronic buying and selling to increase their particular speed monetary markets and decrease costs. Blockchain technology may help them help save $8-12 million per annum, which includes savings up to 70 percent throughout reporting, 50 % in post-trade and 50 % in consent, according to a report by Accenture and McLagan.

So, while it’s clearly in the interests of your pension provider and financial adviser to get hold of your money as soon as they can, it’s probably in your interest to buy your annuity as late as possible or

Steve Jones, the award-winning former CEO of one of the largest banks in Australia, wanted to know what made financial advisers successful. His team studied key factors such as financial expertise and effort. But “the single most influential factor,” Jones told me, “was whether a financial adviser had the client’s best interests at heart, above the company’s and even his own.

She said that too.” His voice was low key and modest. The accent, which was not very pronounced, had the gentle burr of the Scottish professional classes. This was an accent that would score highly in those tests of reliability that newspapers liked to carry out—those surveys that tended to reveal that a mild Scottish accent in a bank manager or financial adviser inspired more public trust than any other voice. By the same token, although the surveys were never so tactless as to point it out, people were reluctant to take investment recommendations from a person with a very strong Irish accent. There was no objective reason for this, of course, even if Ireland had created a property bubble of gargantuan proportions in the days of easily borrowed money. These views were tied in with old perceptions, and were slow to change, even in the face of hard evidence.

It is not usually the conscious malfeasance of your narrow professional adviser that does you in. Instead, your troubles come from his subconscious bias. His cognition will often be impaired, for your purposes, by financial incentives different from yours. And he will also suffer from the psychological defect caught by the proverb “To a man with a hammer, every problem looks like a nail.

By the early 1990s it had some $9 billion.26 And so, under the watch of chief financial officer Henri B. Meier, Roche set about putting its cash pile in an array of investments that had nothing to do with pharmaceuticals. That was how, in 1994, thanks to an introduction by Marc Rich’s financial adviser Heinz Pauli, the pharmaceutical company came to Strothotte’s rescue. Unlike Ebner, Roche had no interest in how the company was run – it just wanted to make money. Strothotte agreed to sell 15% of the company’s shares for about $150 million, with a promise to buy them back at a later date and a guarantee that Roche would receive a certain return on its investment.

He was my ticket into the Alabama gold mine, reeking with corruption but also overflowing with riches. It was yet another of the worst-kept secrets of college football, how massive the corruption was in Alabama. Not only were players taking money from boosters and financial advisers and agents, but they were doing so in many instances with the blessing of the university and the football program.

When to use it: Focus charisma is appropriate for almost all business situations. It’s particularly useful when you need people to open up and share information. In fact, this is a great charisma style for management consultants or those in other professional services, such as lawyers, accountants, and financial advisers. Focus charisma can also be very helpful in difficult situations, such as negotiations or to defuse hostile conversations. On the other hand, avoid focus charisma when you need to appear authoritative or during emergencies when you need immediate compliance.

If your postdoctoral adviser suggests that you work on a major, long-term project, you should at the very least ask for an estimate of what you will have to show for your efforts by the time your job hunt is to begin. You might also ask whether you will continue to receive financial support if your results are still several months off when your postdoctoral term is due to end.

The service of financial planning is not one-size-fits-all, says David Snavely. A customer may lose money using a style or method that works for one. For each customer, a financial advisor must create a unique plan. If your adviser lacks these qualities, it might be time to move on. These qualities can be very beneficial to you.

Ontario Increases Minimum Wage: Is It Enough to Live On as a Newcomer? At Esse India, we understand the challenges newcomers face when settling in Canada. As of October 1, 2024, several Canadian provinces, including Ontario, Prince Edward Island, Manitoba, and Saskatchewan, have raised their minimum wage. In Ontario, the wage has increased from $16.55 to $17.20 per hour. For immigrants pursuing Canadian permanent residency (PR) or leveraging opportunities like the Global Talent Stream, these wage changes play a significant role in financial planning during the immigration process. A full-time worker in Ontario, clocking an average of 39.3 hours per week, can now expect to earn approximately $675.96 weekly or $35,149.92 annually before taxes. However, after accounting for deductions, the net annual income is $29,026, according to Wealthsimple’s tax calculator. With Toronto being a primary destination for newcomers, the cost of living poses a serious challenge. For those navigating the Canada PR process or consulting with Canada immigration consultants, managing living expenses becomes critical. Rent for a one-bedroom apartment in Toronto averages $2,452 per month, and groceries for one person are estimated at $526.50 monthly. Essentials like utilities, internet, and phone services bring the total to approximately $3,407.84 each month, or $40,894.08 annually—well beyond the net income of a minimum-wage worker. Many immigrants face this reality as they wait for their foreign credentials to be recognized in Canada. While pursuing recognition, they may be forced to accept minimum-wage positions. With 20% of all occupations in Canada being regulated and requiring licenses, the wait for recognition can stretch beyond initial expectations. This highlights the importance of choosing the right Canada PR consultancy or Canadian immigration consultants who can provide proper guidance throughout the process. Newcomers often find themselves in lower-paying roles or entering programs like the Provincial Nominee Program (PNP), which offer alternative routes to permanent residency. For those working with Canada immigration consultants in India, weighing the costs of living against potential income is crucial. The same holds true for immigrants interested in Australia PR or Germany PR through Australia immigration consultants or Germany immigration consultants. The Financial Reality for Newcomers in Canada While many immigrants aim for higher-paying jobs once their credentials are recognized, the journey can be arduous. Programs such as the Global Talent Stream Canada or BC PNP provide skilled workers a pathway to Canada, but maintaining financial stability during this period is essential. Those applying for visas through Canada spouse visa consultants or seeking Canada tourist visa ETA must also prepare for similar financial pressures. Despite these hurdles, Canada continues to attract immigrants due to its robust support systems and opportunities for growth. However, at Esse India, we advise prospective immigrants to approach the Canada PR procedure or Canada PR consultancy with realistic expectations, especially those transitioning from regions where the cost of living may differ significantly. Exploring options like Work and Study in Canada for free, or even considering PR pathways in Australia and Germany, could offer a broader range of opportunities for balancing income with living costs. Whether it’s Canada, Australia, or Germany, it’s important to assess the financial implications thoroughly before making a move. This content, crafted by Esse India, emphasizes the importance of planning and financial awareness for newcomers pursuing permanent residency in Canada, while also touching on immigration alternatives in Australia and Germany.

it appears the company has a strong competitive position with a favorable long-term outlook, you would next run several dividend discount models that include different growth rates of the company’s owner earnings over different time periods to get a sense of approximate valuation. Then you would study and understand management’s long-term capital allocation strategy. Last, you might call a few friends, colleagues, or financial advisers to see if they have an opinion about your company or, better yet, your company’s competitors. Take note: None of this requires a high IQ, but it is more laborious and requires more mental effort and concentration than simply figuring out the company’s current price-to-earnings ratio.

Look for stable Board - infrequent directorate changes. Similarly with professional advisers.

I'd also advise that there is no need to invest all your equity allocation in one splurge. Take time over it, build up the portfolio at a pace that you feel happy with as and when you go 'nap' on (select) a particular share.

If you have profitable holdings, my general approach is to let profits run. Don't sell if you are invested in a company delivering profits and dividend growth year on year. Most of my mistakes have been in selling too soon, although uncomfortably there have been bad selections as well. In the investing world there is wildly different advice: some advisers say sell half a successful holding so the balance stands you in nil cost. Then there is an old Rothschild saying: 'I made my money by selling too soon', i.e. not being too greedy. But generally I would let profits run.

First, reframe the purpose of taxes to help build social consensus for the kind of higher-tax, higher-returns public sector that has been a proven success in many Scandinavian countries. And remember, the verbal framing expert George Lakoff advises to choose your words wisely: don’t oppose tax relief—talk about tax justice. Likewise, the notion of public spending is often used by those who oppose it to evoke a never-ending outlay. Public investment, on the other hand, focuses on the public goods—such as high-quality schools and effective public transport—that underpin collective well-being.57 Second, end the extraordinary injustice of tax loopholes, offshore havens, profit shifting and special exemptions that allow many of the world’s richest people and largest corporations—from Amazon to Zara—to pay negligible tax in the countries in which they live and do business. At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing an annual loss of more than $156 billion in tax revenue, a sum that could end extreme income poverty twice over.58 At the same time, transnational corporations shift around $660 billion of their profits each year to near-zero tax jurisdictions such as the Netherlands, Ireland, Bermuda and Luxembourg.59 The Global Alliance for Tax Justice is among those focused on tackling this, campaigning worldwide for greater corporate transparency and accountability, fair international tax rules, and progressive national tax systems.60 Third, shifting both personal and corporate taxation away from taxing income streams and towards taxing accumulated wealth—such as real estate and financial assets—will diminish the role played by a growing GDP in ensuring sufficient tax revenue. Of course progressive tax reforms such as these can quickly encounter pushback from the corporate lobby, along with claims of state incompetence and corruption. This only reinforces the importance of strong civic engagement in promoting and defending political democracies that can hold the state to account.

SJD Financial Services are financial advisers, specialising in helping all kinds of buyers in the UK. We are able to obtain mortgages through nearly every lender in the UK, finding the best mortgage for each individual from over 3000 products that are updated daily.

Friends are not impositions. They are gifts. And when a friend is struggling and you are given the opportunity to lend a hand—whether that be by listening, advising, or offering financial help, that gift blossoms into something richer.

For young people, it is never too early to plan for a good retirement. A lot of people don’t spend enough time to plan their life. To retire comfortably, you need financial independence, as you don’t want to compromise your lifestyle too much after you retire. You also need to establish a new social circle before your retirement, to keep yourself active and current. People who know you through work may not fit into your new lifestyle. You also need to cultivate a sustainable hobby to provide a sense of purpose. It is not advisable to nurture it after retirement, as it might not be what you are truly passionate about. Cultivate your garden early in life, fertilise it often and enjoy the fruits during retirement.

Clayt Daley, chief financial officer, and Gil Cloyd, chief technology officer, were my primary inside strategic partners. Clayt, Gil, and I spent much more time together than I did with any outside adviser. And every strategic decision or strategic action took their advice and counsel into serious consideration.

Professional investment advisers are best at providing other valuable services, including asset allocation guidance, information on tax considerations, and advice on how much to save while you work and how much to spend when you retire. Further, most advisers are always there to consult with you about the financial markets.