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When I talk with new clients about their hopes for their retirement, many say "I just want to retire happy." But when we explore what that means and what it will take to retire happy, it becomes clear that it's quite different for everyone. For some, it seems that escaping from full-time work will do the trick. But for many people, it's not that simple. Guests on my retirement podcast have offered useful insights on how you can indeed retire happy. And the answers may not be what you're expecting. Listen to the full conversations by clicking the links below: Ready to ROAR? - Michael Clinton Retire Happy – Dr. Catherine Sanderson The Power of Fun – Catherine Price The Keys to a Happy Retirement – Carol Colburn Learning is a Lifetime Sport – Tom Vanderbilt Happier Hour – Cassie Holmes, PhD Why Settle for Happiness in Your Retirement? – Emily Esfahani Smith _______________________ About Retirement Wisdom Living well is the best revenge. Design a Retirement Your Boss Will Envy. Take charge of your future. Schedule a call to find how how the Designing Your Life process (created by Bill Burnett & Dave Evans at Stanford) can help you unlock a new direction – on your own terms. ___________________________ About Your Podcast Host Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.
The earnings season is heating up, but volatility may yet find another trigger amid a raft of key economic news. Global PMI surveys, US growth and inflation data, and policy call from the Bank of Canada are on the menu.
The earnings season is heating up, but volatility may yet find another trigger amid a raft of key economic news. Global PMI surveys, US growth and inflation data, and policy call from the Bank of Canada are on the menu.
As ESG's scope and penetration increased in 2022, so too did the decibels of debate. Surging inflation, the reverberations of the war in Ukraine, the energy crunch and global recessionary angst have called into question the value of ESG considerations, forcing policymakers to reconsider the rank of importance in the energy trilemma pillars – affordability, security and sustainability. Yet, we view louder deliberations and pockets of pushback as indicative of ESG's burgeoning relevance and a natural and necessary step in its maturation. Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), discusses MUFG's ESG 2023 outlook that was published earlier this week (see here for the full report). Disclaimer: www.mufgresearch.com (PDF)
Lee Hardman, Senior Currency Analyst, and Reza Nasehi, Vice President of the Japanese Client Sales Group for EMEA in London, discuss the fallout from this week's BoJ policy update for the JPY and wider financial markets. Does the BoJ's update alter MUFG'S bullish outlook for the JPY? Disclaimer: www.mufgresearch.com (PDF)
JGBs rallied, Yen basis widened, and the Yen weakened in the aftermath of the Bank of Japan's January Monetary Policy Board meeting. The surprise decision at the December BoJ meeting stoked speculation in the market about further changes this week. Ultimately, the BoJ stood pat but announced some enhanced lending capabilities that could prove significant. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido reviews the January BoJ policy meeting, shares his outlook for monetary policy going forward, and discusses cross-border securities investing flows during December. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis.
Welcome to 2023, dear Kopi Time followers! We kick off the new year with a chat on markets with seasoned trader and strategist, Archana Parekh, head of Asia Equities, ex-Japan, Balyasny Asset Management. We begin the discussion on the inevitability of market selloff in 2022, dragged by rates increases and lofty valuations. Archana does not think the highly correlated selloff across asset classes reflected much more than the fact that during the run-up in recent years, all asset classes had rallied with high correlation as well. We then talk about her broadly constructive outlook for equities in 2023, around Fed policy pause, China re-opening, and a fairly stable energy market. Yet, Archana does not see a major bull market ahead, given the numerous macro, geopolitical, and regulatory uncertainties in place. We then drill down to US tech, China tech, and Japan tech, each with their potential upside and idiosyncratic risks. We touch on frontier technologies and innovations, going over opportunities around them. Archana then weighs in on the age-old question of active versus passive investing, pointing out that one approach does not fill all investors. We conclude by talking about women in finance, something she supports passionately. Her inclination to look at opportunities calmly and constructively, even as big picture challenges mount, is heartening.See omnystudio.com/listener for privacy information.
Amid unprecedented market volatility, Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), discusses MUFG's 2023 outlooks for commodities and energy markets that were published this week (see here and here). Ehsan believes that the supply constrained commodities supercycle is still in its early stages, whilst a tolerable 2022 will give way to a much more uncertain 2023 for the global energy complex. Disclaimer: www.mufgresearch.com (PDF)
In today's episode, MUFG Head of Prepayment Modeling and Strategy, Glenn Schultz reviews December's remittance data and addresses the question: are we in the winter of prepayment or are the slow speeds just turnover? He also discusses relative value across the specified pool and derivative markets. Disclaimer: www.mufgresearch.com (PDF)
Lee Hardman, Senior Currency Analyst, and Matthieu Gloux, Head of Global Client Sales in EMEA, discuss why fundamental drivers are creating a more compelling case for a weaker USD at the start of the new calendar year. Will USD weakness be reinforced by next week's BoJ policy update? Disclaimer: www.mufgresearch.com (PDF)
Get Opto's best content every day, by subscribing to our FREE Newsletter: www.cmcmarkets.com/en/opto/newsletterToday I have the pleasure of interviewing Alfonso Peccatiello, founder & CEO of The Macro Compass, a disruptive investment strategy firm whose mission is to democratize professional macro analysis, tools, and portfolio strategy.The Macro Compass leverages Alf's experience running large pools of institutional money and offers financial education, unique macroeconomic insights, and actionable investment strategy. Before launching The Macro Compass, Alfonso was the Head of Investments for a $20 billion portfolio for ING Germany.In this interview we review Alf's global market outlook for 2023 touching on why the labor market holds the key and what asset classes and instruments could perform well and not so well in this environment. Enjoythemacrocompass.com@MacroAlfThanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results.CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
George Goncalves, MUFG Head of U.S. Macro Strategy still thinks it's a macro-driven year ahead. The economic backdrop continues to worsen in the first half, and it's possible that the recession hits sooner. The good news – U.S. inflation should continue to decline. By mid-year, the shift from inflation to growth concerns should result in a short-lived Federal Reserve (Fed) pause, and then easing by year-end. However, markets are already pricing to such an outcome on day one! The risk is that instead we get one last major sell-off at the start of 2023 as global rates rise (driven by other central banks – notably the BoJ and ECB along with supply concession). And we also think that risk markets (i.e. stocks) have yet to make their final low, too. While we wait to get clarity on the outlook for the economy, earnings, and risk assets, we make the case to dollar-cost average into bonds. We like L/T USTs/MBS on dips more so than credit, for now. For further information please also see the executive summary of our 2023 Macro2Markets Outlook titled Passing the Baton: A shift from inflation to growth concerns. Disclaimer: www.mufgresearch.com (PDF)
The Bank of Japan's surprise monetary policy decision in December hastened a sell-off in the JGB market, a drop in Dollar/Yen, and a tightening of Yen cross-currency basis. The government's FY23 budget has grown to JPY114 trillion causing upward pressure on JPY rates to likely persist. We suggest investors watch not only BoJ JGB purchases but also BoJ lending and pooled collateral operations. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido dissects the December BoJ meeting, the monetary operations that followed, and what he expects going forward. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)
Data from the US at the end of the first week of 2023 has raised fears of recession in the US. Derek Halpenny, Head of Research Global Markets EMEA and International Securities talks to Michael Owen, Head of Global Client Desk EMEA, about the implications for the US dollar and Fed policy following the jobs and ISM data. Derek also highlights some of the key takeaways from the Annual Foreign Exchange Outlook publication, released today, in relation to FX forecasts for the year ahead and what will be some of the key drivers for FX in 2023. Disclaimer: www.mufgresearch.com (PDF)
Link to slide deck: https://bit.ly/3X82XzD - Today, we note that today's inter-market picture makes far more sense than what we saw yesterday as some low inflation data in Europe is helping to drive global bond yields lower, lifting risk sentiment and seeing a weaker US dollar. This came after a volatile and confusing day yesterday. The biggest winner of the first couple of days this year has been gold, which has soared above major resistance. We also look at the latest Tesla plunge and some of the network effects that may be aggravating its decline, discuss the reversal in crude oil prices and new lows in natural gas prices and how markets may continue to flourish on signs of a weakening economy. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Click here to open an account with Saxo - Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here. Intro and outro music by AShamaluevMusic
Lee Hardman, Senior Currency Analyst, discusses the main drivers of the FX market in 2022 and looks ahead to next year. Will the USD be able to hold on to this year's gains? Disclaimer: www.mufgresearch.com (PDF)
Fabio Parasecoli is Professor of Food Studies in the Nutrition and Food Studies Department at New York University, researching the cultural politics of food in the fields of intangible heritage, media, and design. His recent books include: Knowing Where It Comes From: Labeling Traditional Foods to Compete in a Global Market (2017); Food (2019); Global Brooklyn: Designing Food Experiences in World Cities (2021, co-edited with Mateusz Halawa); and Gastronativism: Food, Identity, Politics (2022). On this episode, Fabio joins host Mitchell Davis and discusses the ideological use of food as a political tool, unpacking the meaning of “Food Design”, and teaching students to think differently versus teaching them to do different things. Follow Fabio on Facebook and LinkedIn under Fabio Parasecoli, and on Instagram and Twitter @fparasecoli. For more on Fabio, visit: https://fabioparasecoli.com/
Outside the U.S. there are opportunities for investors in the new year. (0:21) Bill Mann discusses: - Countries producing raw materials (and video games) - What needs to change in China to get him more interested in companies like Alibaba and JD.com - Why investors should be watching Canada and Norway Stocks mentioned: JD, BABA, TCEHY Go to www.fool.com/report to get your free copy of our "5 Stocks Under $49" report. Host: Chris Hill Guests: Bill Mann Engineer: Tim Sparks
Wishing everyone Happy Holidays and a happy and healthy New Year. _________________________ Retire like your neighbor? Not for you. Why not Design Your Retirement? Group programs start January 20th | Early Bird Pricing ends December 31 | Learn more here ________________________ Freedom is a wonderful thing. It gives you the space to do more, explore more and be yourself more. We were blessed with many great guests who shared their insights with us on my retirement podcast this year. Here are some highlights from the very best podcast conversations of the year. Click on the links below to listen to the full conversations: Becca Levy - Breaking the Age Code Richard Eisenberg - The Unretirement Life Sylvia Ascarelli - Where to Retire Matt Paxton - Keep the Memories, Lose the Stuff Kate Schroeder - The Emotional Side of Retiring John P. Weiss - An Artful Life Marjorie Fox - Lifestyle and Financial Decisions As We Age Arthur C. Brooks - The Second Curve of LifeFrancine Toder - The Vintage Years Francine Toder - The Vintage Years Steve Lopez - Independence Day Interested in more? Browse all conversations across five seasons here. It's a free retirement school. _________________________ About Retirement Wisdom This retirement podcast is about the non-financial side of preparing for retirement - and living life on your own terms. Planning for retirement goes well beyond your 401k or IRA. How will you invest your time after your full-time working years? You'll need another portfolio. I help people create an active multipurpose retirement, with the right mix of interests, activities and pursuits to invest your time wisely. And for many, like me, it includes a new version of work – redefined on your own terms. Schedule a call to see if a 1-on-1 program or a small group Designing Your New Life program can give you an edge in your next chapter. Visit retirementwisdom.com for tools and resources to help you retire smarter. __________________________ About Your Podcast Host Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. __________________________ Intro and Outro voiceovers by Ross Huguet.
In the final full week of trading of the year, the BoJ surprised the market with a change in policy. Derek Halpenny, Head of Research, Global Markets EMEA and International Securities, discusses with Simon Mayes, Director of MUFG's Global Customer Marketing Group for EMEA in London, the implications of the BoJ's announcement for monetary policy and the yen in 2023. Derek also looks ahead to Q1 and what might be in store for the US dollar. At the end of the year, Derek also looks back at the trade recommendations over the year. Disclaimer: www.mufgresearch.com (PDF)
Wishing everyone Happy Holidays and a healthy New Year. _________________________ You could wing it... but why not Design Your Retirement Early Bird Pricing ends December 31. | Learn more here __________________________ I'm grateful for the guests who joined us on my retirement podcast to share their wisdom in the fourth quarter of 2022. If you missed any episodes, don't miss these conversations. The links to the full podcast conversations are below: Independence Day - Steve Lopez Taking Stock – Dr. Jordan Grumet The Vintage Years – Dr. Francine Toder Thinking Better to Live Better – Dr. Woo-kyoung Ahn Happier Hour – Cassie Holmes, PhD How to Make New Friends in Retirement – Dr. Marisa G. Franco ____________________________ About Your Podcast Host Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. __________________________ Intro and Outro voiceovers by Ross Huguet.
A busy week of central bank policy meetings before the end of the year saw the ECB steal the Federal Reserve's thunder by providing a far more hawkish communication than expected. Derek Halpenny, Head of Research Global Markets EMEA and International Securities, discusses with Michael Owen, Head of Global Client Desk EMEA, what the rates and FX implications will be following the FOMC and ECB meetings. Derek also looks ahead to the BoJ policy meeting next week and assesses the prospect of a change in the Yield Curve Control policy and implications for the yen. Disclaimer: www.mufgresearch.com (PDF)
In today's episode, MUFG Head of Prepayment Modeling and Strategy Glenn Schultz wraps up 2022 prepayment and reviews our major themes for the year and how they played out versus our expectations. Looking forward into 2023, Glenn discusses the outlook for prepayment, along with the PO value of the discount agency MBS sector and its place in investor portfolios. Disclaimer: www.mufgresearch.com (PDF)
Karen DeYoung, Steve Erlanger, and Gideon Rachman join Ivo Daalder to discuss 2022's biggest stories in their eyes. From the Ukraine-Russia war and its impact on global markets to the faltering of authoritarian rule and the unexpected revival of the West, they reflect on a tumultuous year and what 2023 might hold.
When I was living in Denmark and working at Experian, my boss's boss was a rockstar, you would never hear Burak Kilicoglu 's name mentioned without an associated compliment. And I wasn't the only one to notice, so he was soon snapped up by Creditinfo to be their Director of Global Markets - a perfect-sounding guest for this show, right? Unfortunately, though I tried, I never managed to get Burak on…That's how I introduced my episode with Paul Randall, CEO of Creditinfo but I'm pleased to say, it is no longer true. Because in this episode of HTLMTS, I'm sitting down with Burak himself to chat about data as a route to improved access to credit in emerging markets, about lending to SMEs, and about what it means to react quickly in volatile markets. Creditinfo can be found at https://creditinfo.com/ or, as Burak mentioned, if you want to start a conversation with one of the team, their contact info is here https://creditinfo.com/about-us/our-group-management/ They are also on LinkedIn https://www.linkedin.com/company/creditinfo-group/ (from which you'll find links to the individual country pages)The ESG data project he mentioned is explained in more detail here: https://chronicle.creditinfo.com/2022/10/24/creditinfo-launches-esg-data-platform/ You can learn more about myself, Brendan le Grange, on my LinkedIn page (feel free to connect). The show has its own page there, too, and is also present, but less active, on Instagram and Twitter using the @HTLMTS handle. My action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24If you have any feedback, questions, or if you would like to participate in the show, please feel free to reach out to me via https://www.howtolendmoneytostrangers.show/contact-usOh, and if you're in need of more banking podcasts, you can find related content at https://blog.feedspot.com/banking_podcasts/Regards,Brendan Hosted on Acast. See acast.com/privacy for more information.
In this episode, MUFG Head of U.S. Macro Strategy George Goncalves walks us through what we collectively observed from the second weak inflation print in a row, and what to expect ahead on that front. George views the markets have this tendency to pull forward returns, and the latest price action is emblematic of such performance. Finally, George gives his base case on what to look for at the upcoming FOMC meeting. Bottom line, although with each subsequent FOMC meeting we are getting closer to the end of the hiking cycle, we do not expect chair Powell to signal as such. Disclaimer: www.mufgresearch.com (PDF)
In this episode, we learn how Julian used his teamwork skills to lead Sompo International's Global Markets business. He also believes the industry could do a better job at being customer focused. Support the show
Dollar/Yen has rebounded from the lows while super long term JGBs have been volatile. The front end of the USDJPY basis curve continues to tighten while the long end has widened. The Kishida Administration has announced tax hikes and a bigger defense budget, which could increase volatility in the JGB market. Japanese investors also face challenges with managing their JGB and USDJPY positions ahead of year-end. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido reviews Japanese lifers first half fiscal year 2022 earnings and connects them to October securities flow data. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)
Webinar Replay – Audio from an earlier webinar with experts from Chargebacks911 and FiveBy Retail fraud and chargebacks have always been a threat, but the rise of eCommerce has compounded that danger on a global scale. Events from around the world can cause ripple effects that impact merchants on a local level. The war in the Ukraine, for example, has forced fraudsters in Russia and Ukraine to change their payout methods and go to greater lengths to disguise their geolocation. That increases the risk of fraud for merchants everywhere. In this webinar, we talk about: The latest trends and patterns in global fraud How innovative cybercriminals are changing the face of fraud The impact of global events on the fraud landscape Steps merchants can take to prevent becoming victims Webinar presentations by Jarrod Wright and John Solheim
Global oil markets are standing on the brink of a profound restructuring. After months of deliberations, Europe's boycott of all Russian seaborne crude oil began on 5 December, accompanied by the G7's price cap of USD60 per barrel on Russian oil. With Russian oil accounting for 10% of Europe's total imports – to the tune of some 1.2 million barrels per day – the boycott is unprecedented in scale and scope. Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), contextualises what the recent sanctions on Russian crude oil signal for global energy markets and what we have learned nearly one week on into its implementation. Disclaimer: www.mufgresearch.com (PDF)
Lee Hardman, Senior Currency Analyst, and Shan Husain, Vice President, FI FX Sales, discuss how the busy economic calendar in the week ahead could prove pivotal for FX market performance through the rest of this year. Will the latest US CPI report and FOMC meetings shake up financial markets? Disclaimer: www.mufgresearch.com (PDF)
JGB yields have been little changed as of late, while in contrast, spot Dollar/Yen has fallen sharply, and Yen cross-currency basis has tightened off the wides. Japanese investors have been unloading their foreign bond holdings, while demand for JPY bond asset swaps has been strong among foreigners, which has caused price action into the end of the year to be a little unusual. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido reviews 2022 and gives his outlook for 2023, including changes in JGB issuance. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)
As energy industry growth shifts to the clean sector, oil and gas industry workers seek their paths forward. --- The past three years have been a particularly volatile period for the oil and gas industry. The sector has been impacted by the Covid pandemic, during which energy demand crashed and the price of oil contracts briefly went negative. More recently, oil and gas prices reached peaks in response to the war in Ukraine and the tightening of energy supply. In addition to this volatility, growing pressure to reduce dependence on fossil fuels raises the prospect that the industry will face not only customary market uncertainty going forward, but also eventual structural decline for its fossil-based products. Katie Mehnert, an ambassador with the U.S. Department of Energy's Equity in Energy Initiative, takes a look at the challenges that an evolving energy market landscape and anxiety over the future role of the oil and gas industry bring to the industry's workers and their communities. Mehnert, who is CEO of Ally Energy, a Houston company that seeks to increase equality in the energy industry, also discusses efforts to promote diversity through the energy transition. Katie Mehnert is CEO of Ally Energy, an ambassador with the Department of Energy's Equity in Energy Initiative, and a member of the National Petroleum Council. She formerly held senior management positions with BP and Shell in Houston, Texas. Related Content Wholesale Electricity Justice https://kleinmanenergy.upenn.edu/research/publications/wholesale-electricity-justice/ Scaling Green Hydrogen for a Global Market https://kleinmanenergy.upenn.edu/podcast/scaling-green-hydrogen-for-a-global-market/ How Coal Maintains Its Political Hold on West Virginia https://kleinmanenergy.upenn.edu/podcast/how-coal-maintains-its-political-hold-on-west-virginia/ Energy Policy Now is produced by The Kleinman Center for Energy Policy at the University of Pennsylvania. For all things energy policy, visit kleinmanenergy.upenn.eduSee omnystudio.com/listener for privacy information.
Design Your Retirement - Take charge of your next phase with my small group coaching program. Two new groups are starting in January 2023 – Limited to 10 participants. - Early Bird Pricing ends in December. More info and registration here _________________________ Have your retirement plans changed? Well, a lot has changed about retirement over the past few years. A survey of 2002 people in the US by Human Interest, a provider of retirement plans for small and medium-sized businesses, highlighted how the pandemic has altered how we view the world of work and retirement. Eric Phillips of Human Interest joins us from the San Francisco Bay Area to discuss the key findings. __________________________ Bio Eric Phillips, CFA, is Senior Director, Partnerships and Strategic Insights at Human Interest. _________________________ For More on Human Interest Website COVID-19 gave people a ‘revelation' about retirement __________________________ Podcast Episodes You May Like How Seniors Are Saving the World With Activism – Thelma Reese Independence Day – Steve Lopez Think Big – Dr. Grace Lordan A Tapas Life – Andy Robin __________________________ Wise Quotes On How the Pandemic Changed Retirement "People are viewing work in retirement differently than they were before the pandemic. I think the pandemic changed a lot about people's lives very quickly. It changed what work looked like for people. Layoffs were common. People were working from home, including myself. People had more time to reflect on what they wanted in their future. I think it allowed, and in certain situations, it forced, people to evaluate what their retirement might look like, what they want out of it, and when they're going to do it." On Why Work is Becoming a Part of Retirement "The biggest change that we've seen from the results is that retirement is no longer the absence of work. I think the average person believes that you can work up to 11 hours a week and still be considered retired. About nine out of 10 workers are open to switching fields or jobs during that pretirement phase. And so it's interesting to see that workers have a really diverse set of reasons for transitioning into a new job or industry before retirement, and not necessarily for the reasons that you might think of as well. Some of it is that they might want to do something impactful for their communities...But I think that the biggest takeaway is that most people don't expect to have a full stop retirement anymore." On Retirement Activism "A quarter of the people said that they would actually want to run for some sort of political office. This number was weighted quite a bit heavier for those who had a very difficult pandemic experience with about 34% saying that they would want to run. So what that tells me is I think that some of the activism that we've had, some of the time that we might have had on our hands to think about how we could have done things differently over the past few years, [led to realizing] how we could have done things to help our communities out a little bit more. And I take that as a positive note as we've had a lot of tough times in the past few years. I think that's something positive coming from it." _________________________ About Your Podcast Host Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference.
The 2022 FIFA World Cup that commenced on 20 November is expected to attract billions of viewers worldwide and will bring an additional 1.5m visitors into the hosts Qatar through more than 500 shuttle flights a day. It will have wide-reaching implications for the Middle East both during the tournament as well as for its legacy once it is concluded on 18 December. Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), discusses what the FIFA World Cup means for the region and explores the potential implications across 10 key sectors. Disclaimer: www.mufgresearch.com (PDF)
The week is closing out with some modest US dollar strength after further selling this week fuelled by Fed Chair Powell's speech on Wednesday. Derek Halpenny, Head of Research for Global Markets EMEA and International Securities, discusses with Chris de Sibert, Head of Institutional Investors FX Sales for EMEA, the implications of Powell's speech for the dollar going forward. Derek also discusses the seasonal bias for EUR/USD in December and looks ahead to next week when the Reserve Bank of Australia and the Bank of Canada will kick-start a busy month of central bank policy meetings. Disclaimer: www.mufgresearch.com (PDF)
In today's episode, MUFG Head of U.S. Macro Strategy George Goncalves reviews the recent price action as November comes to a close. Markets have been relatively tame in the last few weeks versus what has been characterized as a volatile environment for the majority of 2022. George thinks that the tranquility in markets won't last much longer, at least for the first half of December. George discusses the key events that lie ahead as we look to wrap up this tough year for markets. The risk for illiquidity are high as investors potentially fine tune portfolios and asset allocations. Disclaimer: www.mufgresearch.com (PDF)
Dollar/Yen has started to trend downward, trading on either side of the 140-mark. JGB yields have been stable thanks to the Bank of Japan's yield control operations, while cross-currency basis has tightened amidst foreigners' asset swap buying and Japanese investors' foreign bond selling. It is unusual for Dollar/Yen basis to tighten significantly ahead of year end, but 2022 has been an unusual year in many respects and basis is no exception. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido discusses the September USTIC and October JSDA, along with MoF investing flows data. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)
The number of new coronavirus infections keep making records in China, as protesters take to the streets of major cities to call for the ease of Covid restrictions. We hear about the impact demonstrations are having on businesses and international markets. We also explore what the future holds for Disney after its returning CEO, Bob Iger, outlines his vision for a company that's struggling to make streaming a profitable business. Also in the programme, we take a look at the reasons that took crypto lender BlockFi to file for bankruptcy shortly after FTX's collapse. Devina Gupta discusses these and more business news with Peter Morici, an economist at the University of Maryland, and Alaezi Akpuru, the owner and creative director of Nigerian contemporary womenswear brand Virgioli Fashion. (Picture: A mourner holds flowers during a vigil for the victims of China's Covid Zero policy and the victims of the Urumqi fire in Hong Kong. Picture credit: Reuters)
Chuck Zodda and Mike Armstrong react to the ongoing protests in China and why the protests are disrupting global markets to this level.Consumers spent more money on Black Friday than ever before. Have they heard that a recession is coming?Jay Powell will give a speech this Wednesday, could we get a glimpse into what he will do come December 15th?
0:00 -- Intro.2:21 -- Start of interview.3:14 -- Bill's "origin story". 6:57 -- On why he joined Vanguard in 1986, and what makes the company so special. "Intellectual rigor of Wall Street with mid-western values."10:30 -- On Bill's board career. He first joined the Philadelphia Zoo (he stepped down this summer after 16 years) and currently serves on the boards of UnitedHealthcare Group and IBM, plus other PE and VC-backed companies and non-profit boards. The connection between public and private boards.13:03 -- On his book Talent, Strategy, Risk: How Investors and Boards Are Redefining TSR and what made him write it. The early governance stewardship by Vanguard (Jack Brennan's letter to 450 CEOs in 2002 laying out Vanguard's governance expectations on governance matters). The Common Sense Governance Principles (2016). His work with the Raj & Kamla Gupta Governance Institute at Drexel University, where he met his co-authors Ram Charan and Dennis Carey.17:13 -- On shareholder engagement and why directors should understand their investor base. Traditionally, the only times there would be shareholder engagement was when an activist would get involved (and how their role has evolved), and with say-on-pay. The role of permanent capital (index funds).21:21 -- Why some of the best-run public companies operate with a private company mindset. Some advantages of private equity boards.26:51 -- His take on dual-class stock structures. The good and the bad. "But making them permanent is a mistake."29:30 -- The focus on Talent, Strategy and Risk (TSR) in his book:(30:06) How to think about Talent.(31:58) How to think about Strategy. "Being agile around strategy is really important"(35:20) How to think about Risk. Example of cybersecurity.38:46 -- On creating a capable board: board composition and expertise. "Having a couple of former CEOs serve on a board is very valuable.""You've got to push back on the over reliance of expertise, for an example, if you have a cyber expert who only knows about cyber, they will not add much more value to the board.""Having some domain expertise in the particular business area of the company is very important."45:59 -- On the work and focus of board committees: "Talent, Comp and Execution Committee" & "Strategy and Risk Committee."48:43 -- On the rise of Chief Human Resources Officers (CHROs). Talent and culture is critical. It has become a strategic function more than just an administrative function.52:14 -- On how to reduce the information asymmetry between management and the board. The Netflix case study by Larcker & Tayan (2018). "This is where having a couple of domain experts on your board is important because they can at least open some doors and give ideas to pursue." You need to be creative and bring in experts to present to the board (example: cybersecurity, geopolitics, activists, buy-side analysts, venture-capitalists, etc).56:52 -- On the new trend of large institutional investors delegating voting power to beneficial owners. "If you delegate to sovereign wealth funds or large pension funds who have staffs that can vote in a thoughtful way I see no problem with that. But the problem is delegating to individual investors (99.9% will not vote and the proxy advisors will determine how this is all done [and I don't think they do a great job.]" "I'm glad that Vanguard does the voting with its long-term value creation approach."01:01:28 -- His take on ESG, and the distinction between shareholder and stakeholder value. The pushback from governments failing on some large macro issues, asset managers seeking new fees, and its politization. "ESG is just a subset of the shareholder and stakeholder debate." The 'E' in ESG is the most complicated because it is so tied to these very specific climate goals. I think that this is a reaction to the fact that governments have not been able to come to any agreement on some of these issues, and I'm skeptical that companies can achieve some of these goals. It's going to be very difficult for companies to manage their businesses accordingly."01:07:16 - What are the 1-3 books that have greatly influenced your life: The Leaves of Grass, by Walt Whitman (1855)The Odyssey, by Homer (8th century BCE)Mindset, by Carol Dweck (2007)01:10:22 - Who were your mentors, and what did you learn from them?His rowing coach after College. ("always demanding excellence")Jim Gately (formerly with Vanguard)Jack Brennan (ex CEO Vanguard)01:13:23 - Are there any quotes you think of often or live your life by? Two last lines of Invictus poem: "I am the master of my fate, I am the captain of my soul."01:14:02 - An unusual habit or an absurd thing that he loves: Analog and Asimov's Science Fiction magazines.01:14:39 - The living person he most admires:Warren Buffett, on the business side.Tony Blair.Condoleeza Rice (maybe his favorite interview ever)Bill McNabb served as chairman of Vanguard from 2008 until his retirement in 2018 and served as CEO from 2008 to 2017. He is a corporate director of UnitedHealth Group and IBM. Bill also serves on the Wharton Leadership Advisory Board, the Dartmouth Athletic Advisory Board, the Advisory Board of the Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia University and is also a board member of CECP: The CEO Force for Good.__ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
Design Your Retirement Don't be a drifter. Be intentional about your next phase. Invest in your future with my small group coaching program. Two new groups starting in January 2023 - Limited to 10 participants More info and registration here Questions? Leave a voice message here _________________________ Retiring from full-time work? Congratulations. But don't retire from learning. There's so much to learn - and now you'll have the time. Listen in to our best conversations on lifelong learning and jump into something new in the new year ahead! ___________________________ Listen to the Full Podcast Conversations Learning is a Lifetime Sport – Tom Vanderbilt Lifelong Learning – Michelle Weise Old in Art School – Dr. Nell Painter Breaking the Age Code – Dr. Becca Levy Thinking Better to Live Better – Dr. Woo-kyoung Ahn How to Make New Friends in Retirement – Dr. Marisa G. Franco Cooking Up a Storm in Retirement – Chef Dennis Littley Tiny Habits Can Lead to Big Changes – BJ Fogg ___________________________ About Your Host Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. If you're thinking about retirement, you'll also need to be planning for longevity. That's why Joe returned to school, earning a Masters in Gerontology from the University of Southern California. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. Joe is the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy launching on August 9th. ________________________ Intro and Outro voiceovers by Ross Huguet.
Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), discusses MUFG's latest ESG publication, titled, “COP27 outcomes – Principles, policies, politics” (read it here). The report aims to offer corporates and investors a comprehensive breakdown of COP27 deliberations that concluded on 20th November, and what the next steps look like. Ehsan believes that COP27 did little to accelerate the speed of transition at a global political level, leaving ambition and action to take place at COP28 in the UAE in November 2023. After drawing to a close 39 hours late (the second-longest COP in history), many contentious matters, notably around language limiting fossil fuels, were left for future climate talks. Succinctly, faint contours of progress – not balanced – were achieved. Disclaimer: www.mufgresearch.com (PDF)
Lee Hardman, Senior Currency Analyst, and Matthieu Gloux, Head of MUFG's Global Client Sales for EMEA, discuss the USD's latest sell-off ahead of a keynote speech from Fed Chair Powell in the week ahead. Will the return of COVID risks in China provide much needed support for the USD? Disclaimer: www.mufgresearch.com (PDF)
This week the spotlight shines on Michelle Hougland of Paladin Global Market! To Connect with Michelle and get a copy of her new book: Online Consignment The Easy Way book: https://amzn.to/3VwruO7 YouTube channel: https://www.youtube.com/PaladinGlobalMarket Website: https://www.paladinglobalmarket.com/ For links to Patreon and all our favorite items (including that Rollo Thermal Printer), check out http://www.ConsignmentChats.com Check out ConsignCloud and get 10% off your first three months with code "CHATS": https://app.consigncloud.com/signup?coupon=CCHATS 30% Off ListPerfectly Crosslisting Software Use Code "CHATS" Join us! Free, Private Facebook Community: https://www.facebook.com/groups/1898912696914493 Get additional community and support through Patreon: https://www.patreon.com/consignmentchats Round Table about Growing Customers and Sales: https://youtu.be/SX1b6LSvSo0 Find all of our favorite things at http://www.consignmentchats.com YouTube Channel: https://www.youtube.com/channel/UCKj8Gc3BMRrY01oMcB3-e-g Facebook Page: https://www.facebook.com/Consignmentchats Facebook Community: https://www.facebook.com/groups/1898912696914493 Instagram: https://www.instagram.com/consignmentchats
I've been dying to get Jan on the podcast, and he's finally here. After my brief podcast break, I've decided to have a lot of my friends on – people I like talking to about markets. Jan is one of those people. He's super smart and well educated. I'm in the lucky position where I don't have to be in the market, but because I'm fascinated by markets, started Stocktwits, love talking about them, and want to continue banging out some alpha, I invited Jan on the podcast. We have a great discussion about debt. We talk about money flows, and while Jan wasn't the earliest, but early enough with directionally putting his firm on a path towards crypto, he has a lot of insights there as well. People need to be thinking about the market in just a little different way than what worked in the past. You'll learn a lot from our conversation. I know I did. Guest - Jan van Eck, CEO at VanEck Securities Corporation howardlindzon.com, VanEck.com Twitter: @howardlindzon, @PanicwFriends, @JanvanEck3, @VanEck_US, @knutjensen linkedin.com/in/janfvaneck #fintech #invest #investment #venturecapital #stockmarket #finance Show Notes: Introduction (00:39) Welcome Jan (04:02) Growing a mature business (04:52) History is a teacher (07:73) Becoming a ‘Macro Structuralist' (12:58) Lessons from the 1970s (14:49) The right way to view inflation (15:17) Bonds outperform stocks (16:54) Will the Fed pivot? (19:12) The ETF business (24:49) Crypto-related ETNs (27:21) China growth & demographics (28:40) Getting smarter on Brazil (29:04) Web3 (30:18) Thoughts on Wealthtech (34:08) What if 60/40 is wrong? (35:10) Jan argues Howard's book (39:23) People care about performance (39:42) Why Jan invested with Howard (40:46) Diseconomies of scale (41:45) The future of ETFs (43:33) Cherry-picking in public markets (46:11) Jan's favorite podcasts (47:44) Wrapping up (50:16) Closing thoughts (51:37)
Any one of the problems we face—energy prices, housing, inflation—by itself wouldn't break our back, says John Mauldin, co-founder of Mauldin Economics and one of the most brilliant minds in macroeconomics. But all of them coming together could create a serious crisis. Show host Ed D'Agostino and John discuss what the looming global debt crisis could mean for your portfolio... the disconnect between energy policies and energy needs... and why the Fed needs to “drive a stake through the heart of inflation.” For more of John Mauldin's macroeconomic insights, click here to subscribe to his free weekly e-letter, Thoughts from the Frontline. Don't miss this week's episode of Global Macro Update—listen now!