Equity markets have rallied over the past month, sentiment has swung once again towards a more optimistic view of the prospects for the global economy, and concerns about sovereign debt defaults in Europe have eased.
Wall Street has recovered from the sharp sell-off in late-June, helped by some encouraging second quarter earnings reports; and markets in Europe have responded, with the UK market providing the best performance over the month. The worst performance amongst the major markets has occurred in the Japanese market because of disappointing economic news and increased political uncertainty after the setback for the government in the recent election.
The general improvement in the markets over the month is a welcome development. The gloom in April and May about economic prospects was clearly overdone. The US economy is performing as expected, and the Chinese authorities are clearly intent on preventing their economy from overheating.
The global economic recovery will therefore proceed at a slow pace. The sovereign debt crisis in Europe remains unresolved and defaults remain a real possibility. The risks have therefore increased in the bond markets, and this has provided support for the equity markets. So long as monetary policy remains supportive, the global recovery should eventually produce a sustainable improvement in bond prices; but some of the current uncertainties in the bond markets must be resolved before this can occur. The performance of the US economy remains the key factor is assessing the prospects for the equity markets. There has already been a request to Congress for additional spending programmes “to keep the economic recovery on track”, and although there has been no response so far, some action may become necessary. The excess gloom has disappeared, fears about sovereign debt defaults in Europe have eased, and there have been encouraging corporate results from a number of major companies, including Microsoft, Caterpillar, UPS, and Intel. Problems still remain in the banking sector, and have been reflected in the fall in earnings from investment banking at Goldman Sachs, Citigroup, Bank of America, and JPMorgan; but overall investors have been reassured that corporations are coping fairly well with the present situation. Mainland European markets have also recovered from the sharp falls. There has been encouraging news about the economic background in the euro-zone; fears about sovereign debt defaults have eased; and the latest “stress tests” have only revealed weaknesses in seven of the ninety-one banks that were included in the survey.
Euro Markets have therefore been able to follow the upward trend on Wall Street, and regain recent losses, despite the uncertainties that have still to be resolved.
Conditions are clearly continuing to improve in many areas of the euro-zone economy, and especially in
Germany, helped by the big fall in the value of the euro in the first half of the year, and the strong growth in many of the export markets in the developing world. German companies have taken full advantage of the competitive currency and the available export opportunities, and so, even though domestic demand has remained relatively weak, the German economy is now expected to grow by around 2% this year.
The situation is very different in Greece, Spain, Portugal, Ireland, and even in Italy, and these weaker economies are obviously acting as a drag on the overall performance of the area. The latest purchasing managers indices for both the manufacturing and services sectors of the area are higher, and argue against a pessimistic view of growth prospects; but for the moment we have left unchanged our modest forecasts of overall growth around 1.5% this year. The European Central Bank is clearly more optimistic about prospects. So far it has not raised its growth forecasts; but based presumably on the assumption that the recovery from recession is soundly based and self-sustaining, its reaction to the present situation contrasts sharply with the cautious view of the Fed. The president, Jean Claude Trichet, is arguing that further public spending cuts and tax increases should be introduced immediately, especially in Europe, but also elsewhere in the industrialised world. “Without the swift and appropriate action of central banks” he recently argued, “and a very significant contribution from fiscal policies, we would have experienced a major recession. But now is the time to restore fiscal sustainability”. It is not clear what the consequences of this view might be; but the central bank might even be encouraged to tighten monetary policy as the present programme of fiscal retrenchment develops.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
Sunday, May 29, 2011
Shaw Capital Management Investment Portfolio Performance 2010
We have made no changes in our portfolios this month. The swing in sentiment towards a more favourable view of prospects for the global economy is encouraging, and has been reflected in the recovery in equity prices. We have therefore decided to maintain our holdings in Euro & US equities. We continue to retain our 10% holding in cash deposits as a contingency measure. The sovereign debt crisis remains a very serious threat, thus we have zero exposure to bonds.
World Growth
There has been much talk in recent weeks of a ‘double- dip’ recession, as some weak figures have come out. However wobbles of this type are fairly typical in a recovery from a severe recession. In our view the recovery remains in line with the path we have laid out before. This was for a world recovery that would be restrained by raw material shortages, which would put constant upward pressure on their prices. So we see world growth this year at around the 4.5% rate, well below the 5.5% figure being registered at the height of the boom; notice that the world is not ‘catching up’ the lost output of 2009, rather it is reverting to a slower growth path from the lower output base. Even with this pattern raw material prices have been very strong, with oil for example near the $80 a barrel mark. The rises in these prices forced China and India to tighten policy and restrain their fast recoveries to prevent inflation. Even now in India inflation is not yet under control, having reached 13.9% in May, and policy will need to tighten further. On a lesser scale inflation has become threatening in a number of emerging market countries. So what we are seeing is that the fast-recovering countries mainly in East Asia are having to restrain their growth. Meanwhile in the OECD countries where inflation remains muted … or in the case of Japan deflation remains entrenched; growth is much weaker than in East Asia. The reason for the disparity of growth lies in the disparity of productivity growth.
In East Asia the movement of people out of low- productivity agriculture into high-productivity manufacturing using the technology imported from advanced countries implies huge productivity growth. In advanced OECD countries productivity growth is dependent on innovation, a much slower process. So we observe a world in which productivity and so GDP growth is restrained generally by tight raw material supplies and in which the OECD countries growth relatively more slowly also. This adds up to a weak recovery in OECD countries, which is what we observe. The picture is not likely to change. It will take time for new technologies and discoveries to shift the shortage of raw materials; there are parallels here with the 1970s and 1980s when it took until the end of the 1980s to ease the acute shortages built up in the earlier decades. By 1990 for example oil per unit of real world GDP had roughly halved from the mid-1970s and oil prices fell to low levels. Nevertheless this does not mean that employment growth need be weak or unemployment remains high.
Labour market flexibility … i.e. real wages falling relative to general productivity and willingness to adopt new practices … can encourage substitution of more labour for capital and raw materials. This is most obvious in service industries where there is plenty of scope for higher labour-intensiveness. Furthermore, service industries themselves can grow faster when labour is more flexible.
So could this weakness turn into a double-dip recession in the OECD? It might seem so if growth there is restrained by tight raw materials and if also governments are pursuing fiscal tightening; the only way might seem to be downward pressure on growth. But this is to leave out the role of monetary policy. In the OECD inflation targeting has been the unsung hero of macro policy; inflation has stayed down in the recovery and deflation kept at bay during the 2009 recession.
The reason lies in the effectiveness of inflation targeting in anchoring expectations. Surprisingly also, many inflation expectations mirrored in wage settlements and bond yields have remained around the 2% mark, reflecting the inflation targets set by most OECD central banks or governments. But it should not be a surprise; the targets have reflected a popular change in overall policy, towards outlawing high and variable inflation. We had it, people did not like it, and policy changed to stop it during the 1980s or at latest by the early 1990s. In the debate over recession and public debt the idea that inflation should be used to tackle either problem has barely been discussed, let alone advocated in any serious way.
What this has meant is that monetary policy has been quite unhampered by the fear of inflation in its aim to keep recovery on track. With OECD banking systems mostly in difficulties credit growth has been held down — in most countries it is hardly positive. So monetary policy has had to use unconventional means to encourage investment and consumption. Interest rates on official lending have been kept close to zero and central banks have aggressively bought financial assets from the public, with the effect that the yields on these assets have been reduced.
These purchase programmes have now been stopped. But if recovery looks threatened they can be restarted and will again have a powerful effect through these asset markets.
Two decades ago such programmes would have raised inflation expectations. Today they are given the benefit of the doubt. Some people argue that they are quite safe because bank credit and broad money therefore are hardly growing; however, one cannot be sure that other financial channels are not replacing banks while they are so weak.
The truth seems to be that firms and people who need finance are mostly able to obtain it on quite cheap terms, so banks are being bypassed to a substantial degree. But inflation is not expected to result because it is widely (and correctly) believed that if inflation were to start rising monetary policy would be tightened. This belief does free central banks to take aggressive action to prop up the economy if it falters. In short we think that the recovery will continue much along the current lines because from above it is held down by raw material shortages while from below it is held up by potentially aggressive monetary policy, with the power to more than offset the dampening from fiscal retrenchment.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
World Growth
There has been much talk in recent weeks of a ‘double- dip’ recession, as some weak figures have come out. However wobbles of this type are fairly typical in a recovery from a severe recession. In our view the recovery remains in line with the path we have laid out before. This was for a world recovery that would be restrained by raw material shortages, which would put constant upward pressure on their prices. So we see world growth this year at around the 4.5% rate, well below the 5.5% figure being registered at the height of the boom; notice that the world is not ‘catching up’ the lost output of 2009, rather it is reverting to a slower growth path from the lower output base. Even with this pattern raw material prices have been very strong, with oil for example near the $80 a barrel mark. The rises in these prices forced China and India to tighten policy and restrain their fast recoveries to prevent inflation. Even now in India inflation is not yet under control, having reached 13.9% in May, and policy will need to tighten further. On a lesser scale inflation has become threatening in a number of emerging market countries. So what we are seeing is that the fast-recovering countries mainly in East Asia are having to restrain their growth. Meanwhile in the OECD countries where inflation remains muted … or in the case of Japan deflation remains entrenched; growth is much weaker than in East Asia. The reason for the disparity of growth lies in the disparity of productivity growth.
In East Asia the movement of people out of low- productivity agriculture into high-productivity manufacturing using the technology imported from advanced countries implies huge productivity growth. In advanced OECD countries productivity growth is dependent on innovation, a much slower process. So we observe a world in which productivity and so GDP growth is restrained generally by tight raw material supplies and in which the OECD countries growth relatively more slowly also. This adds up to a weak recovery in OECD countries, which is what we observe. The picture is not likely to change. It will take time for new technologies and discoveries to shift the shortage of raw materials; there are parallels here with the 1970s and 1980s when it took until the end of the 1980s to ease the acute shortages built up in the earlier decades. By 1990 for example oil per unit of real world GDP had roughly halved from the mid-1970s and oil prices fell to low levels. Nevertheless this does not mean that employment growth need be weak or unemployment remains high.
Labour market flexibility … i.e. real wages falling relative to general productivity and willingness to adopt new practices … can encourage substitution of more labour for capital and raw materials. This is most obvious in service industries where there is plenty of scope for higher labour-intensiveness. Furthermore, service industries themselves can grow faster when labour is more flexible.
So could this weakness turn into a double-dip recession in the OECD? It might seem so if growth there is restrained by tight raw materials and if also governments are pursuing fiscal tightening; the only way might seem to be downward pressure on growth. But this is to leave out the role of monetary policy. In the OECD inflation targeting has been the unsung hero of macro policy; inflation has stayed down in the recovery and deflation kept at bay during the 2009 recession.
The reason lies in the effectiveness of inflation targeting in anchoring expectations. Surprisingly also, many inflation expectations mirrored in wage settlements and bond yields have remained around the 2% mark, reflecting the inflation targets set by most OECD central banks or governments. But it should not be a surprise; the targets have reflected a popular change in overall policy, towards outlawing high and variable inflation. We had it, people did not like it, and policy changed to stop it during the 1980s or at latest by the early 1990s. In the debate over recession and public debt the idea that inflation should be used to tackle either problem has barely been discussed, let alone advocated in any serious way.
What this has meant is that monetary policy has been quite unhampered by the fear of inflation in its aim to keep recovery on track. With OECD banking systems mostly in difficulties credit growth has been held down — in most countries it is hardly positive. So monetary policy has had to use unconventional means to encourage investment and consumption. Interest rates on official lending have been kept close to zero and central banks have aggressively bought financial assets from the public, with the effect that the yields on these assets have been reduced.
These purchase programmes have now been stopped. But if recovery looks threatened they can be restarted and will again have a powerful effect through these asset markets.
Two decades ago such programmes would have raised inflation expectations. Today they are given the benefit of the doubt. Some people argue that they are quite safe because bank credit and broad money therefore are hardly growing; however, one cannot be sure that other financial channels are not replacing banks while they are so weak.
The truth seems to be that firms and people who need finance are mostly able to obtain it on quite cheap terms, so banks are being bypassed to a substantial degree. But inflation is not expected to result because it is widely (and correctly) believed that if inflation were to start rising monetary policy would be tightened. This belief does free central banks to take aggressive action to prop up the economy if it falters. In short we think that the recovery will continue much along the current lines because from above it is held down by raw material shortages while from below it is held up by potentially aggressive monetary policy, with the power to more than offset the dampening from fiscal retrenchment.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
Shaw Capital Management Investment Financial Market Summary 2010
Financial Markets: Sentiment in the financial markets improved considerably over the past month. There was less concern about the possibility of a move into a “double-dip” recession; and fears about sovereign debt defaults also eased.
The improvement in conditions intensified the debate about the relative merits of austerity measures and further stimulus in the current situation, and revealed a significant difference in the approach of the Fed and the European Central Bank.
Equity Markets: Most of the equity markets recovered strongly from the falls that had occurred at the end of June, helped by some encouraging corporate results in the US, and the relaxation of tension about debt defaults in Europe.
Wall Street led the rally, and markets in Europe were able to follow the upward trend, with the strength of the German economy providing significant support. The best performance amongst the major markets occurred in the UK, as investors continued to react favourably to the proposed measures announced by the new UK government to reduce the huge fiscal deficit. The worst performance amongst the majors occurred in the Japanese market as economic and financial conditions in Japan continued to deteriorate. Government bond markets received some support during the past month from the easing of tensions in the sovereign debt markets in Europe. The recent “shock and awe” support operation agreed by member of the euro-zone, and the decision by the European Central Bank to buy the bonds of some of the weaker countries, has provided some reassurance for investors; but considerable uncertainties remain about prospects for the bond market.
The Fed is suggesting that further stimulatory measures might be necessary, whilst at the same time the ECB is warning that reductions in spending programmes and increases in taxes were now necessary, in Europe, but also elsewhere in the industrialised world. Movements in bond markets have therefore been fairly limited over the month.
Currency Markets: The feature of the currency markets has been the swing in sentiment. This has allowed the euro to rally strongly, helped also by the improving sentiment about sovereign debt defaults; and sterling has also moved higher after the announcement of measures to reduce the fiscal deficit in the UK and the more favourable economic news on the UK economy. The best performance; has been achieved by the yen, as its “safe haven” status has been further enhanced by the more serious problems elsewhere in the currency markets.
Short-Term Interest Rates: There have been no changes in short-term interest rates in the major financial markets over the past month.
Commodity markets have benefited from the general improvement in financial markets over the past month. Significant gains have occurred in base metal prices, and in the prices of wheat and coffee amongst the soft commodities.
Precious metal prices have fallen back, and oil prices are basically unchanged over the month after rallying strongly from recent lows.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
The improvement in conditions intensified the debate about the relative merits of austerity measures and further stimulus in the current situation, and revealed a significant difference in the approach of the Fed and the European Central Bank.
Equity Markets: Most of the equity markets recovered strongly from the falls that had occurred at the end of June, helped by some encouraging corporate results in the US, and the relaxation of tension about debt defaults in Europe.
Wall Street led the rally, and markets in Europe were able to follow the upward trend, with the strength of the German economy providing significant support. The best performance amongst the major markets occurred in the UK, as investors continued to react favourably to the proposed measures announced by the new UK government to reduce the huge fiscal deficit. The worst performance amongst the majors occurred in the Japanese market as economic and financial conditions in Japan continued to deteriorate. Government bond markets received some support during the past month from the easing of tensions in the sovereign debt markets in Europe. The recent “shock and awe” support operation agreed by member of the euro-zone, and the decision by the European Central Bank to buy the bonds of some of the weaker countries, has provided some reassurance for investors; but considerable uncertainties remain about prospects for the bond market.
The Fed is suggesting that further stimulatory measures might be necessary, whilst at the same time the ECB is warning that reductions in spending programmes and increases in taxes were now necessary, in Europe, but also elsewhere in the industrialised world. Movements in bond markets have therefore been fairly limited over the month.
Currency Markets: The feature of the currency markets has been the swing in sentiment. This has allowed the euro to rally strongly, helped also by the improving sentiment about sovereign debt defaults; and sterling has also moved higher after the announcement of measures to reduce the fiscal deficit in the UK and the more favourable economic news on the UK economy. The best performance; has been achieved by the yen, as its “safe haven” status has been further enhanced by the more serious problems elsewhere in the currency markets.
Short-Term Interest Rates: There have been no changes in short-term interest rates in the major financial markets over the past month.
Commodity markets have benefited from the general improvement in financial markets over the past month. Significant gains have occurred in base metal prices, and in the prices of wheat and coffee amongst the soft commodities.
Precious metal prices have fallen back, and oil prices are basically unchanged over the month after rallying strongly from recent lows.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
Friday, May 27, 2011
BOILER ROOM #55 STANDARD PLACE TAKEOVER/ JOKER FT NOMAD & JESSIE WARE, FRENCH FRIES, ONEMAN, JON RUST & REECHA – HOSTED BY ASBO
#55 STANDARD PLACE TAKEOVER/ JOKER FT NOMAD & JESSIE WARE, FRENCH FRIES, ONEMAN, JON RUST & REECHA – HOSTED BY ASBO
THE BOILER ROOM
boilerroom.tv
cydneychadwick @PeterShepherd @boilerroomtv My house mate said it was good :) I keep meaning to go more but the school night thing holds me back. #Loser
worldglides pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
jonrust RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
beatmonkey RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
standardplace RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
Join the conversation
THE BOILER ROOM
boilerroom.tv
cydneychadwick @PeterShepherd @boilerroomtv My house mate said it was good :) I keep meaning to go more but the school night thing holds me back. #Loser
worldglides pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
jonrust RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
beatmonkey RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
standardplace RT @worldglides: pics from @jonrust + Reecha's set last night for @boilerroomtv http://bit.ly/lthowd
Join the conversation
Family Fun
Give your family a break from video games and TV screens! Our indoor wall climbing facility provides you and your family with a healthy option for positive and active recreation. Whether you're looking for a birthday party, a fun activity for a family outing, or regular family fitness, The Boiler Room is the place to be.
First time climbers over the age of 14 always start with a short lesson to ensure a complete understanding of the rope and harness system as well as basic knowledge about climbing. Children under 14 can boulder in and around our cave while the older folks are "learning the ropes". The entire lesson takes about 30-45 minutes but climbers are usually on the wall within 15-20 minutes.
**PARENTS PLEASE NOTE: The safety lesson requires your undivided attention! Due to demands on staff time, we cannot provide child sitting services while you are in your lesson (it usually takes 15-20 minutes before the climbers get on the wall). If you are coming with young children (under the age of 7), please bring an extra person to supervise them while you concentrate on learning our safety procedures. Ideally, there should be one adult belayer and one adult supervisor for every 4 children age 7 or younger. There is no extra admission fee for those who are not climbing. The gym is not an appropriate place for infants or toddlers.
Booking your Birthday Party...
Climbing parties are most appropriate for ages 6 and older!
We do a lot of birthday parties! A birthday party lasts a maximum of 3.0 hours. If you have 6 or more climbers in your party we can offer you a group rate of $12.50 per child under the age of 14. Those 14 or older are $15 each. These prices include harness rentals and HST. If the children want to rent our climbing shoes it's an extra $2.50 for those under 14 or $5.00 for those under 14 or older. Most youngsters are fine to climb in their running shoes.
We ask that you bring one adult (or person over 14 years) for every 4 children in your party. If you are coming with young children (age 7 or younger), please bring an extra person to supervise them while you concentrate on learning our safety procedures. Ideally, there should be one adult belayer and one adult supervisor for every 4 children age 7 or younger. There is no extra admission fee for those who are not climbing.
The adults will be taught to manage the safety ropes in a lesson that takes about 30-45 minutes (don't worry, the children will be climbing about 15-20 minutes into the lesson). If the adults are not climbing they do not need to pay an admission fee. If you'd like to hire our staff to belay (manage the ropes) for your children instead, the cost is an additional $45 for 3 hours (maximum of 4 children per staff belayer).
Just a reminder that, if the children have not been to our gym before, their parents need to sign our Consent Form. You can download it directly, along with a letter to parents, by clicking HERE. It's a good idea to include the letter and Consent Form with the birthday party invitation.
We sell pop and chocolate bars at the gym but you're also welcome to bring a cooler with your own drinks and snacks. We have an observation deck with a table, chairs and benches if you'd like to bring in or order in food. It's a little rustic but parents manage things like pizza and birthday cake there all the time. Bring your own plates and napkins.
To book your birthday party, give us a call at least 72 hours in advance at 549-0520 or submit your request by email to info@boilerroom.ca (be sure to include your phone number!).
Kid-sitting...(ages 7-13)
Children under the age of 14 must be accompanied by someone older while at our gym. We can provide you with a staff sitter to look after, and manage the safety ropes for, your children at an additional cost of $45 for 3 hours (a maximum of 4 children per staff sitter). Or you can send your own babysitter to us for a training session!
Don't have time for a weekly family outing but the kids still want to climb? Check out our Kids Only Climbing Program and our Rock Solid Youth Program!
First time climbers over the age of 14 always start with a short lesson to ensure a complete understanding of the rope and harness system as well as basic knowledge about climbing. Children under 14 can boulder in and around our cave while the older folks are "learning the ropes". The entire lesson takes about 30-45 minutes but climbers are usually on the wall within 15-20 minutes.
**PARENTS PLEASE NOTE: The safety lesson requires your undivided attention! Due to demands on staff time, we cannot provide child sitting services while you are in your lesson (it usually takes 15-20 minutes before the climbers get on the wall). If you are coming with young children (under the age of 7), please bring an extra person to supervise them while you concentrate on learning our safety procedures. Ideally, there should be one adult belayer and one adult supervisor for every 4 children age 7 or younger. There is no extra admission fee for those who are not climbing. The gym is not an appropriate place for infants or toddlers.
Booking your Birthday Party...
Climbing parties are most appropriate for ages 6 and older!
We do a lot of birthday parties! A birthday party lasts a maximum of 3.0 hours. If you have 6 or more climbers in your party we can offer you a group rate of $12.50 per child under the age of 14. Those 14 or older are $15 each. These prices include harness rentals and HST. If the children want to rent our climbing shoes it's an extra $2.50 for those under 14 or $5.00 for those under 14 or older. Most youngsters are fine to climb in their running shoes.
We ask that you bring one adult (or person over 14 years) for every 4 children in your party. If you are coming with young children (age 7 or younger), please bring an extra person to supervise them while you concentrate on learning our safety procedures. Ideally, there should be one adult belayer and one adult supervisor for every 4 children age 7 or younger. There is no extra admission fee for those who are not climbing.
The adults will be taught to manage the safety ropes in a lesson that takes about 30-45 minutes (don't worry, the children will be climbing about 15-20 minutes into the lesson). If the adults are not climbing they do not need to pay an admission fee. If you'd like to hire our staff to belay (manage the ropes) for your children instead, the cost is an additional $45 for 3 hours (maximum of 4 children per staff belayer).
Just a reminder that, if the children have not been to our gym before, their parents need to sign our Consent Form. You can download it directly, along with a letter to parents, by clicking HERE. It's a good idea to include the letter and Consent Form with the birthday party invitation.
We sell pop and chocolate bars at the gym but you're also welcome to bring a cooler with your own drinks and snacks. We have an observation deck with a table, chairs and benches if you'd like to bring in or order in food. It's a little rustic but parents manage things like pizza and birthday cake there all the time. Bring your own plates and napkins.
To book your birthday party, give us a call at least 72 hours in advance at 549-0520 or submit your request by email to info@boilerroom.ca (be sure to include your phone number!).
Kid-sitting...(ages 7-13)
Children under the age of 14 must be accompanied by someone older while at our gym. We can provide you with a staff sitter to look after, and manage the safety ropes for, your children at an additional cost of $45 for 3 hours (a maximum of 4 children per staff sitter). Or you can send your own babysitter to us for a training session!
Don't have time for a weekly family outing but the kids still want to climb? Check out our Kids Only Climbing Program and our Rock Solid Youth Program!
BOILER ROOM NEWS
NEWS
THE WEEKND – ROLLING STONE
Hype surrounding the mysterious The Weeknd is massive, it’s not on the same level as Odd Future hype just yet but give it a few months and I’m sure the Village Underground (Shoreditch) mural space will be adorned with Weeknd related scribbles. This new track should keep your apatite moist since that incredible mixtape.
LAPALUX X KELLY BROOK X VINCENT GALLO
Lapalux is trying to weird you out, and he’s succeeding. As new footage emerges to promote the visions in his dreams.
VEZELAY – SEDATIVE (PLANET MU)
Oh my, oh my it’s some brand new Planet Mu business. Straight out of what sounds like a bedroom filled with teen angst, and plenty really cool bits of hardware, this Vezelay guy makes that ambient styled pop music you’ll really dig.
OSSIE – SET THE TONE
After that ‘Tarantula’ track got put out on Lightworks, we’ve been eagerly anticipating some freshness from him. Well – here it is.. via Hyperdub.
NOTHING NEW #003/ TRI-ANGLE RECORDS – OBSESSIONS (CIRCA 2001 – 2002)
For the third in our Nothing new series we hand over to the best three-sided shape in the music industry.. no? Ahhhh, come on!
#55 STANDARD PLACE TAKEOVER/ JOKER FT NOMAD & JESSIE WARE, FRENCH FRIES, ONEMAN, JON RUST & REECHA – HOSTED BY ASBO
Hey everyone, it’s time for another Standard Place at Boiler Room. You know what that means.. it means wall-to-wall party vibes and a line-up that would make a special forces task force cry with joy.
SBTRKT FT. DRAKE AND YUKIMI – WILDFIRE (REMIX)
Nothing but pure fire remix goodness from the SBTRKT camp.
THE CHAIN – LOSTWITHIEL
R&S just announced the release of some new isht from The Chain, and y’all can stream it inside.
TAWIAH – SWEET FOR ME (JET LETTS REMIX)
After Tawiah made that little surprise appearance at Boiler Room, we’ve keeping a close eye on what she’s up to. She’s got a forthcoming album that w can imagine will be pretty amazing – but in the meantime here’s a remix of her track ‘Sweet For Me’ by Jet Letts. It’s real cool..
CULTS – MAKE TIME
Last year boy and girl duo Cults, released sparkly, dreamy jam Go Outside to worldwide blog acclaim. Hype has escalated ever since and on June 7th they are dropping new single Make Time. The same lo-fi, summer vibes found on the last release but with added joy. Lovely. Cults – Make Time by Webzine Obstacle
DRUMS TALKING
One-Handed Music have once again excelled themselves with this Mo Kolours release. A track called Drum Talking, that if you’re in the right frame of mind, does sound a lot like drum talking.
LIVE FROM: TIGER BEER X DEADLY RHYTHM VS DIRTY CANVAS
You know if Deadly Rhythm and Dirty Canvas are lining up a party, you’re in for something pretty special. Both promoters have been responsible for those night where you lose half your belongings and still have the dopest time.
NOTHING NEW #002/ DJ RAGS
For the second installment in our Nothing New series, we hand over to Livin’ Proof affiliated DJ Rags to take us all the way back to a point that earned him a Curtis Mayfield record, some pretty pissed of neighbours and a tattoo.
#54 HOYA:HOYA TAKEOVER/ ILLUM SPHERE, LONE, KRYSTAL KLEAR, JONNY DUB & JON K – HOSTED BY CHUNKY
After we visited Hoya:Hoya’s party for part of our ‘Live From’ series, we just had to invite them down to play Boiler Room for real. They know how to party and we love the music they play. So we’ve got the whole gang down to jam with us.
GIVE HIM THE ROD ALREADY
In case you didn’t know already, Hessle Audio are dropping a compilation of the hottest stuff around real soon – backed with some of the most certified classics in recent years (because they put them out, and it’s time you heard them all over again). You can stream James Blake’s contribution inside.
AFRICA GOES HITECH
If you haven’t bought the Africa Hitech album yet, maybe you should take a long look at your life. What’s that? Oh, you had to buy lunch. That’s not an excuse. I mean listen to it.
NOTHING NEW #001/ BEN UFO – ‘NEVER WENT TO BLUE NOTE’
NOTHING NEW is a new mixtape series we’re starting, and to showcase what it’s all about, we hand over to Mr. Ben UFO.
YOU ALREADY KNOW WHO JON CONVEX IS!
Instra:mental have been on some whole new level so far this year. There albumwas astonishing, Al Bleek’s Boddika alias has been tearing clubs apart – and now the time has come for John Convex to show you why he’s jam hot as well.
STUBBORN HEARTS – NEED SOMEONE
Everyone loves limited run white labels from people you’ve never heard of before, with little to no information about who it’s by or where it’s from. Literally all we know is it’s by someone called Stubborn Hearts, and they’re from South London.
JACKMASTER OFFERS YOU MIXES GALORE
Jackmaster just dropped this mix on us, to warm you all up for his forthcoming Fabric Live CD. The Fabric CD itself is one of the best examples of rapid selection mixing we’ve ever heard – and this is nothing different.
#53 COOLY G’S BIRTHDAY SPECIAL/ KARIZMA, MELO-D, DURRTY GOODZ, ROYCE ROLLS, SKITZ & DEZY DA BONGO MAN
Cooly G wanted to celebrate her birthday up in the Boiler Room, and wouldn’t we just be the biggest of dicks if went and denied her a birthday wish. Expect Frankie & Benny’s vibes.
PICTURES MUSIC FOUND SOMETHING NEW. AGAIN!
Release, after release, after release of stuff that you just have to hear. We look forward to hearing some more from the Dauwd guy.
#52 HYPERDUB TAKEOVER/ FUNKYSTEPZ, LILY MCKENZIE, MIGHTY MOE, SCRUFIZZER, RAMZEE, KODE 9 + SPACEAPE & MORGAN ZARATE
For the longest, longest time, Hyperdub have been doing their thing and people have been loving them for it. This week, they’re finally up in the Boiler Room.
MOUNT KIMBIE HAVE GONE MAD
Mount Kimbie are releasing ‘Carbonated’ back with a sack of goodies, most excitably in the form of unreleased classic ‘Baves Chords’ – which they’re giving away for free. They must be mad!
THE WEEKND – ROLLING STONE
Hype surrounding the mysterious The Weeknd is massive, it’s not on the same level as Odd Future hype just yet but give it a few months and I’m sure the Village Underground (Shoreditch) mural space will be adorned with Weeknd related scribbles. This new track should keep your apatite moist since that incredible mixtape.
LAPALUX X KELLY BROOK X VINCENT GALLO
Lapalux is trying to weird you out, and he’s succeeding. As new footage emerges to promote the visions in his dreams.
VEZELAY – SEDATIVE (PLANET MU)
Oh my, oh my it’s some brand new Planet Mu business. Straight out of what sounds like a bedroom filled with teen angst, and plenty really cool bits of hardware, this Vezelay guy makes that ambient styled pop music you’ll really dig.
OSSIE – SET THE TONE
After that ‘Tarantula’ track got put out on Lightworks, we’ve been eagerly anticipating some freshness from him. Well – here it is.. via Hyperdub.
NOTHING NEW #003/ TRI-ANGLE RECORDS – OBSESSIONS (CIRCA 2001 – 2002)
For the third in our Nothing new series we hand over to the best three-sided shape in the music industry.. no? Ahhhh, come on!
#55 STANDARD PLACE TAKEOVER/ JOKER FT NOMAD & JESSIE WARE, FRENCH FRIES, ONEMAN, JON RUST & REECHA – HOSTED BY ASBO
Hey everyone, it’s time for another Standard Place at Boiler Room. You know what that means.. it means wall-to-wall party vibes and a line-up that would make a special forces task force cry with joy.
SBTRKT FT. DRAKE AND YUKIMI – WILDFIRE (REMIX)
Nothing but pure fire remix goodness from the SBTRKT camp.
THE CHAIN – LOSTWITHIEL
R&S just announced the release of some new isht from The Chain, and y’all can stream it inside.
TAWIAH – SWEET FOR ME (JET LETTS REMIX)
After Tawiah made that little surprise appearance at Boiler Room, we’ve keeping a close eye on what she’s up to. She’s got a forthcoming album that w can imagine will be pretty amazing – but in the meantime here’s a remix of her track ‘Sweet For Me’ by Jet Letts. It’s real cool..
CULTS – MAKE TIME
Last year boy and girl duo Cults, released sparkly, dreamy jam Go Outside to worldwide blog acclaim. Hype has escalated ever since and on June 7th they are dropping new single Make Time. The same lo-fi, summer vibes found on the last release but with added joy. Lovely. Cults – Make Time by Webzine Obstacle
DRUMS TALKING
One-Handed Music have once again excelled themselves with this Mo Kolours release. A track called Drum Talking, that if you’re in the right frame of mind, does sound a lot like drum talking.
LIVE FROM: TIGER BEER X DEADLY RHYTHM VS DIRTY CANVAS
You know if Deadly Rhythm and Dirty Canvas are lining up a party, you’re in for something pretty special. Both promoters have been responsible for those night where you lose half your belongings and still have the dopest time.
NOTHING NEW #002/ DJ RAGS
For the second installment in our Nothing New series, we hand over to Livin’ Proof affiliated DJ Rags to take us all the way back to a point that earned him a Curtis Mayfield record, some pretty pissed of neighbours and a tattoo.
#54 HOYA:HOYA TAKEOVER/ ILLUM SPHERE, LONE, KRYSTAL KLEAR, JONNY DUB & JON K – HOSTED BY CHUNKY
After we visited Hoya:Hoya’s party for part of our ‘Live From’ series, we just had to invite them down to play Boiler Room for real. They know how to party and we love the music they play. So we’ve got the whole gang down to jam with us.
GIVE HIM THE ROD ALREADY
In case you didn’t know already, Hessle Audio are dropping a compilation of the hottest stuff around real soon – backed with some of the most certified classics in recent years (because they put them out, and it’s time you heard them all over again). You can stream James Blake’s contribution inside.
AFRICA GOES HITECH
If you haven’t bought the Africa Hitech album yet, maybe you should take a long look at your life. What’s that? Oh, you had to buy lunch. That’s not an excuse. I mean listen to it.
NOTHING NEW #001/ BEN UFO – ‘NEVER WENT TO BLUE NOTE’
NOTHING NEW is a new mixtape series we’re starting, and to showcase what it’s all about, we hand over to Mr. Ben UFO.
YOU ALREADY KNOW WHO JON CONVEX IS!
Instra:mental have been on some whole new level so far this year. There albumwas astonishing, Al Bleek’s Boddika alias has been tearing clubs apart – and now the time has come for John Convex to show you why he’s jam hot as well.
STUBBORN HEARTS – NEED SOMEONE
Everyone loves limited run white labels from people you’ve never heard of before, with little to no information about who it’s by or where it’s from. Literally all we know is it’s by someone called Stubborn Hearts, and they’re from South London.
JACKMASTER OFFERS YOU MIXES GALORE
Jackmaster just dropped this mix on us, to warm you all up for his forthcoming Fabric Live CD. The Fabric CD itself is one of the best examples of rapid selection mixing we’ve ever heard – and this is nothing different.
#53 COOLY G’S BIRTHDAY SPECIAL/ KARIZMA, MELO-D, DURRTY GOODZ, ROYCE ROLLS, SKITZ & DEZY DA BONGO MAN
Cooly G wanted to celebrate her birthday up in the Boiler Room, and wouldn’t we just be the biggest of dicks if went and denied her a birthday wish. Expect Frankie & Benny’s vibes.
PICTURES MUSIC FOUND SOMETHING NEW. AGAIN!
Release, after release, after release of stuff that you just have to hear. We look forward to hearing some more from the Dauwd guy.
#52 HYPERDUB TAKEOVER/ FUNKYSTEPZ, LILY MCKENZIE, MIGHTY MOE, SCRUFIZZER, RAMZEE, KODE 9 + SPACEAPE & MORGAN ZARATE
For the longest, longest time, Hyperdub have been doing their thing and people have been loving them for it. This week, they’re finally up in the Boiler Room.
MOUNT KIMBIE HAVE GONE MAD
Mount Kimbie are releasing ‘Carbonated’ back with a sack of goodies, most excitably in the form of unreleased classic ‘Baves Chords’ – which they’re giving away for free. They must be mad!
Getting Started
If you're looking for a great way to workout, some social recreation time, or a place to prepare yourself for outdoor rock climbing, The Boiler Room has a lot to offer…
Indoor wall climbing is a highly social recreational and fitness activity that gives you a chance to challenge yourself in many different ways. Physical strength plays a part -- but climbing also improves your flexibility and helps you hone your strategy and problem solving skills. Beginners are always welcome and basic instruction is included free of charge. We also provide in-depth introductory and technique lessons, as well as occasional climbing courses. Hang out with us and become part of a vibrant climbing community!
Indoor wall climbing is a highly social recreational and fitness activity that gives you a chance to challenge yourself in many different ways. Physical strength plays a part -- but climbing also improves your flexibility and helps you hone your strategy and problem solving skills. Beginners are always welcome and basic instruction is included free of charge. We also provide in-depth introductory and technique lessons, as well as occasional climbing courses. Hang out with us and become part of a vibrant climbing community!
Live From – Jamie Woon Album Launch - BOILER ROOM
LIVE FROM – JAMIE WOON ALBUM LAUNCH
What are you doing on Tuesday? Whatever it is, cancel those plans right now – you’re staying in. It’s the Jamie Woon album launch, and we’re going to be broadcasting it directly to you at home.
If you caught him playing our session last time, you know what’s up.. it really was quite the spectacle. Well now his album is finally here, and we’s going to be launching it straight up NASA style.
The former RBMA participant (way back when in 2008) will be joined by various support acts and DJ’s – who we can’t reveal just yet – but you know it’s going to be all good. I mean, there aren’t many acts who would turn down a gig like that.
If you haven’t bought the album yet, DO IT! You can pick it up HERE and HERE. Doors open at 7.30pm and Jamie will be playing at 9.30pm.
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prsly via twitter
Live From – Jamie Woon Album Launch - BOILER ROOM http://t.co/4ToUglh 21:30GMT via @boilerroomtv
1 month ago
230publicity via twitter
Jamie Woon's debut "Mirrorwriting" comes out TODAY in the UK (US TBD!). Watch his album release party here: http://t.co/I7JIBm2
1 month ago
ToastPress via twitter
A reminder that you can stream @jamiewoon's album launch tonight over at @boilerroomtv here - http://t.co/VYFY3Dj
1 month ago
umusicpt via twitter
Avisamos: o concerto de Jamie Woon esta noite, em Londres, vai ser transmitido na Internet: http://bit.ly/gRolC6
1 month ago
janaerts via twitter
Jamie Woon Album Launch Live http://bit.ly/i96hJo (via @boilerroomtv )
1 month ago
Trackback URL
MELO-D FEAT. DEZY DA BONGO MAN 40 MIN MIX
In case this set wasn’t hype enough, there’s a dude providing live percussion along to it. The longer you’re into music, the more you realise how fun live drums are. Man a say carnival!
COOLY G’S 60 MIN MIX
The best things in music often arise when a label or an artist really hits their own sound, and they keep pushing it and pushing it. That’s what Cooly G’s Dub Organizer label is doing – and that’s why they’re so good.
DJ ROYCE ROLLS’ 30 MIN MIX
Royce Rolls is quickly making a name for himself, and soon the immediate mind leap to Roy’s Rolls (the name of the café from Coronation Street, owned by Roy – the super creepy one who married a guy) will end.
KARIZMA’S 60 MIN MIX
Holy crap Karizma absolutely destroyed us with this set. What with all the live looping and editing stuff, it’s fair to say nobody uses a pair of CDJs quite like him.
PEARSON SOUND 45 MIN MIX
It nearly killed us, holding back on this Pearson Sound mix. Most of this stuff still isn’t even out though, so it sounds as fresh as ever. Especially that Objeckt track that has the chest-wrenching feel of Untold’s ‘Stop What You’re Doing’ stuff, back when you first heard it.
What are you doing on Tuesday? Whatever it is, cancel those plans right now – you’re staying in. It’s the Jamie Woon album launch, and we’re going to be broadcasting it directly to you at home.
If you caught him playing our session last time, you know what’s up.. it really was quite the spectacle. Well now his album is finally here, and we’s going to be launching it straight up NASA style.
The former RBMA participant (way back when in 2008) will be joined by various support acts and DJ’s – who we can’t reveal just yet – but you know it’s going to be all good. I mean, there aren’t many acts who would turn down a gig like that.
If you haven’t bought the album yet, DO IT! You can pick it up HERE and HERE. Doors open at 7.30pm and Jamie will be playing at 9.30pm.
Share
425
Community
Disqus
Login
Add New Comment
Post as …
Image
Real-time updating is enabled. (Pause)
Showing 0 comments
M Subscribe by email S RSS
Reactions
prsly via twitter
Live From – Jamie Woon Album Launch - BOILER ROOM http://t.co/4ToUglh 21:30GMT via @boilerroomtv
1 month ago
230publicity via twitter
Jamie Woon's debut "Mirrorwriting" comes out TODAY in the UK (US TBD!). Watch his album release party here: http://t.co/I7JIBm2
1 month ago
ToastPress via twitter
A reminder that you can stream @jamiewoon's album launch tonight over at @boilerroomtv here - http://t.co/VYFY3Dj
1 month ago
umusicpt via twitter
Avisamos: o concerto de Jamie Woon esta noite, em Londres, vai ser transmitido na Internet: http://bit.ly/gRolC6
1 month ago
janaerts via twitter
Jamie Woon Album Launch Live http://bit.ly/i96hJo (via @boilerroomtv )
1 month ago
Trackback URL
MELO-D FEAT. DEZY DA BONGO MAN 40 MIN MIX
In case this set wasn’t hype enough, there’s a dude providing live percussion along to it. The longer you’re into music, the more you realise how fun live drums are. Man a say carnival!
COOLY G’S 60 MIN MIX
The best things in music often arise when a label or an artist really hits their own sound, and they keep pushing it and pushing it. That’s what Cooly G’s Dub Organizer label is doing – and that’s why they’re so good.
DJ ROYCE ROLLS’ 30 MIN MIX
Royce Rolls is quickly making a name for himself, and soon the immediate mind leap to Roy’s Rolls (the name of the café from Coronation Street, owned by Roy – the super creepy one who married a guy) will end.
KARIZMA’S 60 MIN MIX
Holy crap Karizma absolutely destroyed us with this set. What with all the live looping and editing stuff, it’s fair to say nobody uses a pair of CDJs quite like him.
PEARSON SOUND 45 MIN MIX
It nearly killed us, holding back on this Pearson Sound mix. Most of this stuff still isn’t even out though, so it sounds as fresh as ever. Especially that Objeckt track that has the chest-wrenching feel of Untold’s ‘Stop What You’re Doing’ stuff, back when you first heard it.
Boiler Room Climbing Gym rock wall in Kingston Ontario
Indoor climbing builds flexibility, strength & balance!
40 belay stations and over 80 climbs
30 foot vertical
100 foot chimney...Canada's highest indoor climb!
Large bouldering cave
Beginners, groups and families welcome
Camps & climbing courses for kids and adults
Get your gear here!
Awesome & well trained staff!
:: web development by 14theories.com ::
Lessons & Courses, Membership
Options & Prices
Family Discounts, Birthday Parties, Kidsitting
Youth, Social, and School Groups, Sports Teams, Group Discounts, Booking Your Group
About Breakthrough Associates, Organizational Learning & Development, Benefits of Experiential Learning, Just for Fun, Group Discounts, Program Costs, Booking Procedures
Camps for Kids, Kids Only Climbing Program, Rock Solid Youth Program, Parents Need to Know.
Pictures, Links, Notice Board
40 belay stations and over 80 climbs
30 foot vertical
100 foot chimney...Canada's highest indoor climb!
Large bouldering cave
Beginners, groups and families welcome
Camps & climbing courses for kids and adults
Get your gear here!
Awesome & well trained staff!
:: web development by 14theories.com ::
Lessons & Courses, Membership
Options & Prices
Family Discounts, Birthday Parties, Kidsitting
Youth, Social, and School Groups, Sports Teams, Group Discounts, Booking Your Group
About Breakthrough Associates, Organizational Learning & Development, Benefits of Experiential Learning, Just for Fun, Group Discounts, Program Costs, Booking Procedures
Camps for Kids, Kids Only Climbing Program, Rock Solid Youth Program, Parents Need to Know.
Pictures, Links, Notice Board
Shaw Capital Management: Bin Laden Related Malware Prompts FBI Warning
http://www.infosecurity-us.com/view/17720/bin-laden-related-malware-prompts-fbi-warning-/
03 May 2011
Black hat search engine optimization (SEO) attacks are nothing new, but the surge in internet use since the announced death of the terrorist leader has led the FBI to issue a quick warning about malware-laden search results on the internet.
With big news comes big ruse, so the FBI was wasted little time in issuing apress release warning about poisoned internet search results and email attachments. Less than 48 hours after the occupier of the number one spot on its most wanted list was killed by a US military operation, the FBI is asking the general public to proceed with caution when reviewing Osama Bin Laden related emails, search results, attachments, and media files.
The warning reads: “The FBI today warns computer users to exercise caution when they receive e-mails that purport to show photos or videos of Usama bin Laden’s recent death. This content could be a virus that could damage your computer. This malicious software, or ‘malware’, can embed itself in computers and spread to users’ contact lists, thereby infecting the systems of associates, friends, and family members. These viruses are often programmed to steal your personally identifiable information.”
The FBI urged the public to report any suspicious material to the Internet Crime Complaint Center (IC3), while also asking for increased skepticism of items received from trusted sources.
As Infosecurity reported earlier today, numerous IT security vendors have identified malicious domains linked to malware when reviewing Bin Laden related search results.
03 May 2011
Black hat search engine optimization (SEO) attacks are nothing new, but the surge in internet use since the announced death of the terrorist leader has led the FBI to issue a quick warning about malware-laden search results on the internet.
With big news comes big ruse, so the FBI was wasted little time in issuing apress release warning about poisoned internet search results and email attachments. Less than 48 hours after the occupier of the number one spot on its most wanted list was killed by a US military operation, the FBI is asking the general public to proceed with caution when reviewing Osama Bin Laden related emails, search results, attachments, and media files.
The warning reads: “The FBI today warns computer users to exercise caution when they receive e-mails that purport to show photos or videos of Usama bin Laden’s recent death. This content could be a virus that could damage your computer. This malicious software, or ‘malware’, can embed itself in computers and spread to users’ contact lists, thereby infecting the systems of associates, friends, and family members. These viruses are often programmed to steal your personally identifiable information.”
The FBI urged the public to report any suspicious material to the Internet Crime Complaint Center (IC3), while also asking for increased skepticism of items received from trusted sources.
As Infosecurity reported earlier today, numerous IT security vendors have identified malicious domains linked to malware when reviewing Bin Laden related search results.
Sunday, May 22, 2011
Shaw Capital Management Newsletter: Summary
Equity Markets. All the major equity markets, and most of the emerging markets,
have moved higher over the month.
Wall Street has provided most of the momentum, encouraged by
optimistic comments from the Fed and by the flow of favourable
corporate results.
Markets in mainland Europe have responded, despite the
uncertainties about debt defaults; the UK market had coped well
with a disappointing Budget statement that has left all the difficult
decisions until after the forthcoming general election; and the best
performance amongst the major markets has occurred in the
Japanese market as it has recovered from earlier weakness.
Shaw Capital Management Newsletter: Summary. Financial Markets. The mood in the financial markets has become more optimistic
again over the past month.
There are still concerns about the prospects for the some economies;
and the latest agreement amongst the member countries of the
euro-zone to offer help to Greece “if this becomes necessary” has
been received with considerable scepticism in the markets.
This has not really eased the fears about the possibility of sovereign
debt defaults. But there have still been no significant moves towards
“exit strategies” by central banks and governments, and so monetary
and fiscal policies remain stimulatory, and this has helped to
reassure investors that the global economic recovery will continue,
even if the pace in the Euro zone is disappointing.
Government bond markets have had another difficult month. The
latest agreement amongst the member countries of the euro-zone
to offer help to Greece has not been well received, Greek bonds
have continued to weaken, and this has provided further momentum
to the switching operations out of the bonds of weaker countries.
For most of the past month these switching operations benefited
the major bond markets; but towards month-end a series of
disappointing auctions led to a sharp fall in the world bond market
and increased the overall mood of uncertainty.
The massive funding requirements resulting from the measures to
counter the recession are clearly putting great strain on all the
bond markets.
Movements amongst the major currencies have been fairly limited
over the past month, but the markets remain very uncertain. The
dollar has retained its “safe haven” status, despite the sudden
weakness in the world bond market.
Investors and traders have awaited further evidence about debt
problems in Europe that might affect the euro, and about the policy
decisions in the UK after the general election that might affect
sterling; but the view in the markets seems to be that both currencies
will fall further against the US dollar.
The yen has also weakened over the month, with the move
attributed to the resumption of “carry-trade” operations financed
by cheap yen borrowings.
Short-Term Interest Rates. There have been no changes in short-term interest rates in the
major markets over the month.
Shaw Capital Management Newsletter: Summary. Commodity markets have been encouraged by the general
improvement in sentiment, but have produced a mixed
performance.
Base metal prices are sharply higher, but soft commodity prices
are mixed, with the further big fall in sugar prices as the main
feature.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
We look forward to working with you and being the open architects of your financial well being.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients' wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.
have moved higher over the month.
Wall Street has provided most of the momentum, encouraged by
optimistic comments from the Fed and by the flow of favourable
corporate results.
Markets in mainland Europe have responded, despite the
uncertainties about debt defaults; the UK market had coped well
with a disappointing Budget statement that has left all the difficult
decisions until after the forthcoming general election; and the best
performance amongst the major markets has occurred in the
Japanese market as it has recovered from earlier weakness.
Shaw Capital Management Newsletter: Summary. Financial Markets. The mood in the financial markets has become more optimistic
again over the past month.
There are still concerns about the prospects for the some economies;
and the latest agreement amongst the member countries of the
euro-zone to offer help to Greece “if this becomes necessary” has
been received with considerable scepticism in the markets.
This has not really eased the fears about the possibility of sovereign
debt defaults. But there have still been no significant moves towards
“exit strategies” by central banks and governments, and so monetary
and fiscal policies remain stimulatory, and this has helped to
reassure investors that the global economic recovery will continue,
even if the pace in the Euro zone is disappointing.
Government bond markets have had another difficult month. The
latest agreement amongst the member countries of the euro-zone
to offer help to Greece has not been well received, Greek bonds
have continued to weaken, and this has provided further momentum
to the switching operations out of the bonds of weaker countries.
For most of the past month these switching operations benefited
the major bond markets; but towards month-end a series of
disappointing auctions led to a sharp fall in the world bond market
and increased the overall mood of uncertainty.
The massive funding requirements resulting from the measures to
counter the recession are clearly putting great strain on all the
bond markets.
Movements amongst the major currencies have been fairly limited
over the past month, but the markets remain very uncertain. The
dollar has retained its “safe haven” status, despite the sudden
weakness in the world bond market.
Investors and traders have awaited further evidence about debt
problems in Europe that might affect the euro, and about the policy
decisions in the UK after the general election that might affect
sterling; but the view in the markets seems to be that both currencies
will fall further against the US dollar.
The yen has also weakened over the month, with the move
attributed to the resumption of “carry-trade” operations financed
by cheap yen borrowings.
Short-Term Interest Rates. There have been no changes in short-term interest rates in the
major markets over the month.
Shaw Capital Management Newsletter: Summary. Commodity markets have been encouraged by the general
improvement in sentiment, but have produced a mixed
performance.
Base metal prices are sharply higher, but soft commodity prices
are mixed, with the further big fall in sugar prices as the main
feature.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
We look forward to working with you and being the open architects of your financial well being.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients' wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.
Shaw Capital Management: South Korea’s Economy
South Korea’s output is continuing to accelerate, and the government needs
to exit from its accommodative economic policies earlier than anticipated.
The HSBC Korea’s purchasing managers’ index (PMI) rose from 55.6 in
January to 58.2 in February — the highest since December 2007. New orders
are coming in, and there are rising backlogs of unfulfilled orders.
Shaw Capital Management: South Korea’s Economy - Employment too is rising suggesting that the current pace of growth will
be sustained for the next several months. Inflation paced a little with
consumer prices up 3.1% in January from a year earlier. But inflation in
Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to
raise interest rates from the current record low of 2% in the later part of
the second quarter as the government retains its focus on job creation and
growth.
Shaw Capital Management: South Korea’s Economy - Exports expanded 31% year on year, better than Reuters’ forecast of 22.7%.
South Korea posted a much larger-than-expected trade surplus of $2.33
billion in February as ship deliveries boosted exports, while imports fell as
holidays reduced crude oil and natural gas demand.
The government expects a monthly trade surplus of more than $1 billion
from March as demand improves. The current-account surplus is most
likely to dwindle to around $17 billion this year from $42.7 billion in 2009
as imports rise. A new Bank of Korea governor, widely expected to be a
more pro-government figure, will not rush to raise rates after taking office
in April.
Exports grew 31% from a year earlier to $33.27 billion, faster than the
expected rise of 21%, while imports climbed 36.9% to $30.94 billion, exceeding
a forecast of an expansion of 34.0%.
South Korea, which is heading the G20 group of leading economies wants
to leave an imprint of its presidency.
Shaw Capital Management: South Korea’s Economy - It is trying to introduce a system of international currency swaps which it
hopes will reduce global imbalances by lessening the need for countries to
accumulate reserves, seen as one of the causes of last year’s financial and
economic crisis.
Shaw Capital Management - Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients' wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.
to exit from its accommodative economic policies earlier than anticipated.
The HSBC Korea’s purchasing managers’ index (PMI) rose from 55.6 in
January to 58.2 in February — the highest since December 2007. New orders
are coming in, and there are rising backlogs of unfulfilled orders.
Shaw Capital Management: South Korea’s Economy - Employment too is rising suggesting that the current pace of growth will
be sustained for the next several months. Inflation paced a little with
consumer prices up 3.1% in January from a year earlier. But inflation in
Korea is likely to remain stable for some months.
The central bank is expected to tighten its monetary policy by starting to
raise interest rates from the current record low of 2% in the later part of
the second quarter as the government retains its focus on job creation and
growth.
Shaw Capital Management: South Korea’s Economy - Exports expanded 31% year on year, better than Reuters’ forecast of 22.7%.
South Korea posted a much larger-than-expected trade surplus of $2.33
billion in February as ship deliveries boosted exports, while imports fell as
holidays reduced crude oil and natural gas demand.
The government expects a monthly trade surplus of more than $1 billion
from March as demand improves. The current-account surplus is most
likely to dwindle to around $17 billion this year from $42.7 billion in 2009
as imports rise. A new Bank of Korea governor, widely expected to be a
more pro-government figure, will not rush to raise rates after taking office
in April.
Exports grew 31% from a year earlier to $33.27 billion, faster than the
expected rise of 21%, while imports climbed 36.9% to $30.94 billion, exceeding
a forecast of an expansion of 34.0%.
South Korea, which is heading the G20 group of leading economies wants
to leave an imprint of its presidency.
Shaw Capital Management: South Korea’s Economy - It is trying to introduce a system of international currency swaps which it
hopes will reduce global imbalances by lessening the need for countries to
accumulate reserves, seen as one of the causes of last year’s financial and
economic crisis.
Shaw Capital Management - Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
A true open architecture firm is completely independent of the rest of the financial services industry and accepts compensation only from its clients.
In addition, open architecture firms must make the financial commitment to hire only the most experienced advisors, and those advisors must apply their experience to the issues that will most affect their clients' wealth.
Matters like asset allocation and manager search are simply too important to be left in the hands of young analysts.
We are proud of our role in leading the open architecture revolution, and look forward to introducing you to its benefits.
Shaw Capital Management: Debit Policy is Working Well in UK & US Part 2 of 2
Shaw Capital Management Korea: World wide recovery appears to have firmed up. In the UK the statistics have lagged behind the anecdotal signs of the same thing. No one still believes the ONS’s peculiar decision to call a revised GDP drop of 0.2% in the third quarter (now revised down from an initial estimate of 0.4%). The UK now have not merely surveys of purchasing managers but also
employment, production and retail sales figures, all of which suggest that the economy levelled off in the third quarter and could have possibly also started expanding then, and was definitely expanding in the fourth.
Shaw Capital Management: Debit Policy is Working Well in UK & US Part 2 of 2 The reason seems to be that the operation of the ‘inflation tax’ is arbitrary and therefore seen as unfair—those who pay it are often the most vulnerable—e.g. with pensions invested in government bonds—while those with wealth and good advisors can usually avoid it. Ordinary taxation, however unpopular it may be, can be spread across the populace in a fair way, and so can normal ‘Treasury cuts’, which command wide respect as the only way of checking inevitable bureaucratic waste.
Since debt has been issued over a long period on the assumption of such a target, the gain to the Treasury from a burst of inflation would be large; it would act like a windfall tax on bond investors.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US Part 2 of 2 - So what each of these governments needs to do is put in place a mechanism for the medium term that first brings down the deficit and then ensures that the debt/GDP ratio falls slowly with growth. Meanwhile for some time to come there will be a need for monetary ease as the financial system is nursed back to health; this will keep the financing costs down.
The growth rate of credit to the non-bank private sector remains exceedingly low; while other sources of liquidity have increased as noted earlier, it is still clear that liquidity is not generally available on competitive terms to many small firms and ordinary households.
What has happened so far is that larger firms and wealthier households have benefited from low rates of interest while small firms and poorer households have found it difficult to gain access to finance at all. This is no basis for a modern economy to function well and recover confidently. Yet it is clear that restoring competitive finance when banks have been so damaged will take some time; there is no definite date when one can yet predict it will occur, what with the new capital required, the new procedures to be implemented, the paying-off of government to be done and so forth.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US Part 2 of 2 - So what each of Our conclusion is that quantitative easing has worked to partially offset the credit crunch and will continue to be needed as the banking system is rebuilt. Furthermore fiscal policy too will need to be supportive throughout the coming fiscal year, 2010/11—even though a process must be set in place to reduce the public deficit over the following 5 10 years. The threat posed by the banking crisis was massive and has not gone away; and while it is premature to celebrate, the policy response has so far been effective. It needs to be continued.
employment, production and retail sales figures, all of which suggest that the economy levelled off in the third quarter and could have possibly also started expanding then, and was definitely expanding in the fourth.
Shaw Capital Management: Debit Policy is Working Well in UK & US Part 2 of 2 The reason seems to be that the operation of the ‘inflation tax’ is arbitrary and therefore seen as unfair—those who pay it are often the most vulnerable—e.g. with pensions invested in government bonds—while those with wealth and good advisors can usually avoid it. Ordinary taxation, however unpopular it may be, can be spread across the populace in a fair way, and so can normal ‘Treasury cuts’, which command wide respect as the only way of checking inevitable bureaucratic waste.
Since debt has been issued over a long period on the assumption of such a target, the gain to the Treasury from a burst of inflation would be large; it would act like a windfall tax on bond investors.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US Part 2 of 2 - So what each of these governments needs to do is put in place a mechanism for the medium term that first brings down the deficit and then ensures that the debt/GDP ratio falls slowly with growth. Meanwhile for some time to come there will be a need for monetary ease as the financial system is nursed back to health; this will keep the financing costs down.
The growth rate of credit to the non-bank private sector remains exceedingly low; while other sources of liquidity have increased as noted earlier, it is still clear that liquidity is not generally available on competitive terms to many small firms and ordinary households.
What has happened so far is that larger firms and wealthier households have benefited from low rates of interest while small firms and poorer households have found it difficult to gain access to finance at all. This is no basis for a modern economy to function well and recover confidently. Yet it is clear that restoring competitive finance when banks have been so damaged will take some time; there is no definite date when one can yet predict it will occur, what with the new capital required, the new procedures to be implemented, the paying-off of government to be done and so forth.
Shaw Capital Management Korea: Debit Policy is Working Well in UK & US Part 2 of 2 - So what each of Our conclusion is that quantitative easing has worked to partially offset the credit crunch and will continue to be needed as the banking system is rebuilt. Furthermore fiscal policy too will need to be supportive throughout the coming fiscal year, 2010/11—even though a process must be set in place to reduce the public deficit over the following 5 10 years. The threat posed by the banking crisis was massive and has not gone away; and while it is premature to celebrate, the policy response has so far been effective. It needs to be continued.
Sunday, May 15, 2011
Shaw Capital Management Factoring Thor Disappoints But Still Tops The Summer Box Office
I don’t know about you but when I came to learn about Roman, Greek and Norse mythology in high school, I was not all that impressed. And now that another one has come to grace the movie screens, the impression just got worse.
So a little known comic book character, the god of thunder, Thor, wielding a divine hammer got his own movie. Only that it’s a very lame attempt at depicting a Norse mythology story for the moviegoers’ eyes. I was never really a fan of the comic and won't be a new one anytime soon (or ever).
For one, I've totally got tired of 'banished hero learns his lesson and kicked some ass' formula most blockbuster movies have these days. The actors' attempt at archaic language failed miserably and the only redeeming factors, it seems, are the quality of visual effects and the notable performance of Tom Hiddleston as the villain brother, Loki.
Don't mind the colossal earnings and excitable people lining the theaters who will emerge as Thor converts afterwards. Not because everyone flocked the cinemas and thinks it's ‘the bomb’ does not mean it's worth your time. Or have you forgotten Iron Man franchise already?
I am thoroughly disappointed that the movie industry seems to be running out of decent ideas to put into screens that they have turned to comic books and novels for adaptations (that came out really bad, by the way).
You know, I'm not usually a critic who cares for acting and stuff but it was so bland I just have to mention it. I cannot possibly enjoy a movie when I'm constantly reminded of how trashy are the actors' performances.
Perhaps the only major selling points of this completely boring movie is the attractive lead character or maybe it's the 'huge' fanbase of the Marvel story that watched it at least twice -- in 3D. At least when you know your plot's quite thin, put in some wit to make it entertaining for the rest of us, please.
And I keep hearing of this 'glorious sense of humor' the film has. Where was it exactly? Are you kidding me? The whole story is practically dragging, man.
Kid's movie all the way.
Shaw Capital Management Factoring: Thor disappoints but still tops the summer box-office
I don’t know about you but when I came to learn about Roman, Greek and Norse mythology in high school, I was not all that impressed. And now that another one has come to grace the movie screens, the impression just got worse. So a little known comic book character, the god of thunder, Thor, wielding a divine hammer got his own movie. Only that it’s a very lame attempt at depicting a Norse mythology story for the moviegoers’ eyes. I was never really a fan of the comic and won't be a new one anytime soon (or ever).
For one, I've totally got tired of 'banished hero learns his lesson and kicked some ass' formula most blockbuster movies have these days. The actors' attempt at archaic language failed miserably and the only redeeming factors, it seems, are the quality of visual effects and the notable performance of Tom Hiddleston as the villain brother, Loki. Don't mind the colossal earnings and excitable people lining the theaters who will emerge as Thor converts afterwards. Not because everyone flocked the cinemas and thinks it's ‘the bomb’ does not mean it's worth your time. Or have you forgotten Iron Man franchise already? I am thoroughly disappointed that the movie industry seems to be running out of decent ideas to put into screens that they have turned to comic books and novels for adaptations (that came out really bad, by the way).
You know, I'm not usually a critic who cares for acting and stuff but it was so bland I just have to mention it. I cannot possibly enjoy a movie when I'm constantly reminded of how trashy are the actors' performances. Perhaps the only major selling points of this completely boring movie is the attractive lead character or maybe it's the 'huge' fanbase of the Marvel story that watched it at least twice -- in 3D. At least when you know your plot's quite thin, put in some wit to make it entertaining for the rest of us, please. And I keep hearing of this 'glorious sense of humor' the film has. Where was it exactly? Are you kidding me? The whole story is practically dragging, man. Kid's movie all the way.
Shaw Capital Working Management: Rebecca Black is the next big thing!
And I don’t mean that in any sarcastic way. The kid’s talented people, give her a break!
Now I'm a frequent visitor/user in the Twitter world so I am pretty much up to date with trending topics on Twitter. I've seen all sorts of weird ones like Doraemon and #trespalabrasquetejoden (don't ask me) so I wasn't all that surprised when I saw Rebecca Black on the TT list one day. I honestly thought it's another one of those name distortions (you know, Jonas Sisters) that tweeple like to popularize, or maybe she's some kind of a relative to Sirius Black (Harry Potter series) that I didn't know about. At any rate, I won't discover the whole story until weeks after.
I know, you probably have heard of her already (maybe issued a raging comment or two against her singing and/or absurd song) but for those who have been out of the loop these past few weeks, here's the deal: Rebecca Black is a thirteen-year old singer who racked millions of views on her YouTube music video (as well as mentions from every social network there is) for a painfully bad performance and equally disastrous song lyrics of her debut song entitled 'Friday'. I mean, come on, we all *know* that Saturday comes after Friday and all.
But despite of the death threats addressed to her every so often, Black is not going to give up on her 'career' anytime soon. She actually signed up for a recording company, so I've heard. If you think the worst is over, you're wrong, 'cause the worst one is yet to come ... Justin Bieber is going to team up with her for a duet. Good heavens. I could only wonder what kind of song would that be. Perhaps a mash-up of ‘Friday’ and ‘Baby’? If they're counting on the severity of the single to garner huge attention and uproar that it will increase earnings like her infamous song did, they could just be right.
So, is the crappy the new cool?
Try listening to the song (or dare watch the music video) and you'll see what I mean. It was epic fail in every aspect, I tell you. Everyone was practically dumbstruck, at a loss for words when asked to describe what they heard (or saw)...
That is just total and utter crap. Period. The writer does not even know what he/she is saying. Maybe it’s someone who has no sense, at all. You know, a singer who has gathered *huge* attention (135 million views in YouTube alone) like that in a short span of time is undoubtedly someone special. A certified record breaker like her deserves some slack from envious critics. Need more evidence? Then I suggest you go ahead and hit up Google. Just type the letter “r” and please check out what’s the first auto-complete suggestion in line.
She’s even better than nonsense pop superstars millions are worshipping today (i.e. Lady Gaga, Ke$ha, etc)! Where’s your musical sense people?!
I’ll be watching out for her big break as a signed artist as well as her duet with Bieber. Somebody give her an album already!
I could already see her on the level of Celine Dion or Whitney Houston in the years to come. I bet you do, too.
And I don’t mean that in any sarcastic way. The kid’s talented people, give her a break! Now I'm a frequent visitor/user in the Twitter world so I am pretty much up to date with trending topics on Twitter. I've seen all sorts of weird ones like Doraemon and #trespalabrasquetejoden (don't ask me) so I wasn't all that surprised when I saw Rebecca Black on the TT list one day. I honestly thought it's another one of those name distortions (you know, Jonas Sisters) that tweeple like to popularize, or maybe she's some kind of a relative to Sirius Black (Harry Potter series) that I didn't know about. At any rate, I won't discover the whole story until weeks after. I know, you probably have heard of her already (maybe issued a raging comment or two against her singing and/or absurd song) but for those who have been out of the loop these past few weeks, here's the deal: Rebecca Black is a thirteen-year old singer who racked millions of views on her YouTube music video (as well as mentions from every social network there is) for a painfully bad performance and equally disastrous song lyrics of her debut song entitled 'Friday'. I mean, come on, we all *know* that Saturday comes after Friday and all. But despite of the death threats addressed to her every so often, Black is not going to give up on her 'career' anytime soon. She actually signed up for a recording company, so I've heard. If you think the worst is over, you're wrong, 'cause the worst one is yet to come ... Justin Bieber is going to team up with her for a duet. Good heavens. I could only wonder what kind of song would that be. Perhaps a mash-up of ‘Friday’ and ‘Baby’? If they're counting on the severity of the single to garner huge attention and uproar that it will increase earnings like her infamous song did, they could just be right. So, is the crappy the new cool? Try listening to the song (or dare watch the music video) and you'll see what I mean. It was epic fail in every aspect, I tell you. Everyone was practically dumbstruck, at a loss for words when asked to describe what they heard (or saw)... That is just total and utter crap. Period. The writer does not even know what he/she is saying. Maybe it’s someone who has no sense, at all. You know, a singer who has gathered *huge* attention (135 million views in YouTube alone) like that in a short span of time is undoubtedly someone special. A certified record breaker like her deserves some slack from envious critics. Need more evidence? Then I suggest you go ahead and hit up Google. Just type the letter “r” and please check out what’s the first auto-complete suggestion in line. She’s even better than nonsense pop superstars millions are worshipping today (i.e. Lady Gaga, Ke$ha, etc)! Where’s your musical sense people?! I’ll be watching out for her big break as a signed artist as well as her duet with Bieber. Somebody give her an album already! I could already see her on the level of Celine Dion or Whitney Houston in the years to come. I bet you do, too.
And I don’t mean that in any sarcastic way. The kid’s talented people, give her a break!
Now I'm a frequent visitor/user in the Twitter world so I am pretty much up to date with trending topics on Twitter. I've seen all sorts of weird ones like Doraemon and #trespalabrasquetejoden (don't ask me) so I wasn't all that surprised when I saw Rebecca Black on the TT list one day. I honestly thought it's another one of those name distortions (you know, Jonas Sisters) that tweeple like to popularize, or maybe she's some kind of a relative to Sirius Black (Harry Potter series) that I didn't know about. At any rate, I won't discover the whole story until weeks after.
I know, you probably have heard of her already (maybe issued a raging comment or two against her singing and/or absurd song) but for those who have been out of the loop these past few weeks, here's the deal: Rebecca Black is a thirteen-year old singer who racked millions of views on her YouTube music video (as well as mentions from every social network there is) for a painfully bad performance and equally disastrous song lyrics of her debut song entitled 'Friday'. I mean, come on, we all *know* that Saturday comes after Friday and all.
But despite of the death threats addressed to her every so often, Black is not going to give up on her 'career' anytime soon. She actually signed up for a recording company, so I've heard. If you think the worst is over, you're wrong, 'cause the worst one is yet to come ... Justin Bieber is going to team up with her for a duet. Good heavens. I could only wonder what kind of song would that be. Perhaps a mash-up of ‘Friday’ and ‘Baby’? If they're counting on the severity of the single to garner huge attention and uproar that it will increase earnings like her infamous song did, they could just be right.
So, is the crappy the new cool?
Try listening to the song (or dare watch the music video) and you'll see what I mean. It was epic fail in every aspect, I tell you. Everyone was practically dumbstruck, at a loss for words when asked to describe what they heard (or saw)...
That is just total and utter crap. Period. The writer does not even know what he/she is saying. Maybe it’s someone who has no sense, at all. You know, a singer who has gathered *huge* attention (135 million views in YouTube alone) like that in a short span of time is undoubtedly someone special. A certified record breaker like her deserves some slack from envious critics. Need more evidence? Then I suggest you go ahead and hit up Google. Just type the letter “r” and please check out what’s the first auto-complete suggestion in line.
She’s even better than nonsense pop superstars millions are worshipping today (i.e. Lady Gaga, Ke$ha, etc)! Where’s your musical sense people?!
I’ll be watching out for her big break as a signed artist as well as her duet with Bieber. Somebody give her an album already!
I could already see her on the level of Celine Dion or Whitney Houston in the years to come. I bet you do, too.
The UK and the Budget: Shaw Capital Management Korea
In the UK it is obvious that there is no possibility of continuing
with budget deficits of some 13% of GDP, the present prospect if
no action is taken.
Unfortunately however the recent UK Budget produced no credible
plan for dealing with this problem. It swept it into the lap of the
new government after the May election, whatever that government
is.
The UK and the Budget: Shaw Capital Management Korea. The UK cannot delude themselves that rapid resumed growth will
lead to a rapid return of the previous revenue streams. UK growth
in most forecasts, ours included, is projected as slow.
In our view there is a good reason: the continuing shortage of oil
and raw materials worldwide prevents rapid growth for the world
as a whole and since emerging market economies are continuing
to grow rapidly that restricts the growth possibilities in countries
like the UK and other developed countries.
We are already seeing inflation spread into China and other
emerging countries, forcing a tightening of policy.
It seems likely that this tightening will be enough to restrain world
growth to rates that will not push commodity prices much higher.
So even the fast-growing world economies are being forced to limit
their growth ambitions; as for the UK they are achieving ‘recovery’,
but hardly enthusiastic growth.
All this will only change when innovation in raw material use has
freed up net world supplies.
Fortunately the flexibility of the UK labour market has restricted
the jobs fallout. Unemployment has peaked below 8% (just over 5%
on the benefit-claimant measure) as people have opted for wage
freezes or cuts and shorter hours … so there is underemployment
but not the disaster of double-digit unemployment rates.
But this environment is one in which tax revenues will not recover
much and in which the demands for public spending will continue.
Time will tell how big the ‘structural deficit’ … that will emerge
once the recovery is complete … may be.
But policy decisions cannot wait until this is better known. So in
this Budget the need was to produce a five-year public sector
adjustment plan.
Two things should guide this plan: keeping the taxes down and
competitive, so that growth and innovation resume, and restoring
efficiency in public spending.
The UK and the Budget: Shaw Capital Management Korea. Spending cuts
To begin with the last, the current government unleashed a massive
surge in public spending from 2000, raising it by 8% of GDP before
the crisis raised it by more again.
Everyone knew that without reform and gradual increases, such
money would be wasted; there is no practical way to spend such
vast sums without raising wages and wasting money on speculative
projects.
Productivity in the public sector duly slumped and public sector
remuneration including pensions has surged past the private sector
where market forces suggest pay should be higher to reflect greater
insecurity.
The UK and the Budget: Shaw Capital Management Korea. To reduce public spending back to where it started in 2000 as a
share of GDP (at around 36%) would require it to grow in real terms
by about 16% less than real GDP over the next five years.
Since total GDP growth over that period is likely to be about 10%,
that means that spending must be cut by about 1% a year in real
terms.
This is a feasible target. The UK Treasury under Gordon Brown
became a brute instrument of spending increase, oddly somewhat
against the protests of some departments worrying about wasteful
effects. The UK Treasury was never traditionally like this … very
much the opposite, a place from which wringing money was like
getting blood from stones.
It should be returned to its traditional function of restraint; Treasury
control, old-style, is the best instrument for forcing departments
to find the economies they privately know they can make.
Lack of Raw Material and the World Economy: Shaw Capital Management Article
Shaw Capital Management Korea News Release - We have seen major developing economies like China and India apply the brakes earlier this year, as inflation grew on the back of commodity shortages. World growth was running at 4.5%, only 1% or so below the record growth rates of the mid-2000s. This was too fast for raw material supplies to accommodate with current technology.
Lack of Raw Material and the World Economy: Shaw Capital Management Article - World productivity growth has been slowed down by this raw material shortage … this in our view was the cause of the sharp slowdown in 2006 which in its turn caused the collapse of demand for houses in the US and so the sub-prime crisis.
It will take a decade for new technology and possibly new supplies to allow renewed productivity growth; with plentiful supplies of raw materials this was the era of computer-led growth in productivity.
As growth has been slowed worldwide, so already slow growth in developed countries has slowed even further. This is inevitable.
Lack of Raw Material and the World Economy: Shaw Capital Management Article - If these countries were to speed up, demand for commodities would rise faster, spurring sharp price rises, which in turn would force them to slow back down.
It is convenient to focus on shortage of credit and excess debt post-banking crisis. But the fundamentals would not permit much growth even if there were plenty of credit and no debt; if the latter situation were the case, then monetary policy would need to tighten. As it is monetary policy can remain easy with the banks in endless disarray.
Seen against this background, the slowdown is natural and should not surprise us. Equally natural is that equity markets are settling, while bond yields fall, with inflation being held down and return on capital depressed by slow productivity growth.
Shaw Capital Management Korea: However, none of this implies a return to recession in OECD countries. This would be prevented by a return to quantitative easing and even a deferral of fiscal tightening. Governments and central banks in the OECD are under no pressure from inflation to force down activity. Debt/GDP ratios are rising and this is forcing fiscal tightening. But the pace of this is a matter of choice.
Shaw Capital Management Korea: “As far as monetary policy is concerned, the need remains to stimulate recovery of the banks since they remain the primary channel of intermediation”
Furthermore there are investment opportunities in the present environment: high returns to technological advance in commodity use, for example, and to exploration for new sources of supply.
Exports are growing well, as capital goods flow to the fast-growing developing world. Consumption is no longer depressed but rather beginning to grow.
As far as monetary policy is concerned, the need remains to stimulate recovery of the banks since they remain the primary channel of intermediation, despite all the ways in which firms and individuals have managed to find alternative finance sources since the banking crisis.
This points to further quantitative easing. Interest rate policy has become irrelevant; the rates at which private loans are being made bears little relation any more to the rates of interest on government short-term loans.
Lack of Raw Material and the World Economy: Shaw Capital Management Newsletter - The very low rates central banks are charging banks for loans are merely a subsidy to banks; better instead to release banks from the neurotic demands currently being made by regulators for much more capital, for greater caution in loan-making and so on.
Meanwhile it is time to restore official interest rates to their proper function as regulators of the private rate of interest; they should now be raised towards more normal rates.
Portfolio Recommendations: Shaw Capital Management Korea
We have made no changes in the balance of our portfolios this
month. The strength of the equity markets is encouraging, and we
expect that the global economy will continue to recover, and push
the markets even higher by year-end.
Portfolio Recommendations: Shaw Capital Management Korea. Market Developments. Economies virtually everywhere have been recovering for some months, the question is what to do post-crisis. For some, like Ireland, Iceland
and Latvia, there is little option but severe and immediate public sector retrenchment. For most however there is a choice: on the fiscal side
cuts (or tax rises) now, or later spread over a long period. On the monetary side, continued printing of money or cessation and even reversal.
In fact this is one of those periods when the ‘independence’ of central banks, that is their independent authority to set interest rates and
the extent of money printing, is a disadvantage for the economy, all of which need at present careful coordination of monetary and fiscal
policy.
Portfolio Recommendations: Shaw Capital Management Korea. There has been an increase in the risks in the bond market; the
current situation, with the latest attempts to resolve the Greek
debt crisis achieving only limited success, and a sudden weakening
in the world bond market emphasising the funding problems that
are affecting the entire bond market.
Portfolio Recommendations: Shaw Capital Management Korea. Independence of Central Banks. Economies virtually everywhere have been recovering for some
months, the question is what to do post-crisis. For some, like Ireland,
Iceland and Latvia, there is little option but severe and immediate
public sector retrenchment.
For most however there is a choice: on the fiscal side cuts (or tax
rises) now, or later spread over a long period. On the monetary
side, continued printing of money or cessation and even reversal.
In fact this is one of those periods when the ‘independence’ of
central banks, that is their independent authority to set interest
rates and the extent of money printing, is a disadvantage for the
economy, all of which need at present careful coordination of
monetary and fiscal policy.
At Shaw Capital Management we give you the information and insight you need to make the right investment choices.
We look forward to working with you and being the open architects of your financial well being.
Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Our philosophy is simple: almost every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.
Before Shaw Capital Management South Korea launched the open architecture revolution, investors had to make the unhappy choice between selecting an advisor who was independent, but unsophisticated (the traditional pension and endowment consulting firms), or selecting an advisor who was sophisticated but had conflicting interests (global banks, trust companies, money management firms).
Today, virtually all investors faced with the challenge of managing a significant pool of capital can access open architecture advice.
Tuesday, May 10, 2011
Fisher Capital Management News: Equity Markets
Equity Markets: All the major equity markets, and most of the emerging markets, Are stable over the past month. There had been expectations that the Fed might introduce further quantitative easing measures at its recent OMC meeting, and this provided some support for the markets in the early part of the month; but it made only very modest.
Government Bond Markets: The major government bond markets have made further significant gains over the past month, despite the funding pressures resulting form huge fiscal deficits, and the renewed concerns about debt defaults.
Short-term interest rates have remained low, and monetary policy has been supportive; but it has been the enhanced “safe haven” status of these markets that has provided most of the momentum, as investors have sought “shelter from the current storm”. However the moves have surprised most commentators, and this has led to warnings about “bond bubbles” that will not be sustained.
Financial Markets: Sentiment in the financial markets has deteriorated. Signs of slowdown in the Chinese economy, have produced a much more cautious view of prospects for the rest of this year and in 2011; and there have been renewed fears about banking problems in Europe, and the likelihood of sovereign debt defaults. There have also been further indications of the conflicting views of central banks about the most appropriate response to the current problems.
Currency Markets: Uncertainty has been the main feature of the currency markets over the past month. The dollar has recovered from earlier weakness after the Fed made only very modest changes in its monetary policy at the latest OMC meeting, and is ending the period basically unchanged; sterling has weakened slightly against the dollar but is higher against the euro; and the euro has also fallen back against most other currencies as the fears about sovereign debt defaults in Europe have increased.
But the feature of the currency markets over the month has been the sharp appreciation of the yen because of its enhanced “safe haven” status. The move is obviously an unwelcome development for the Japanese authorities, and there has been considerable speculation about intervention by the Bank of Japan to reverse it; but there has been no action so far.
Short-Term Rates: There have been no changes in short-term rates in the major financial centres this month. Commodity markets have followed the trend in the other markets, improving in the early part of the period, but falling back towards month-end. The main features have been the continued strength of wheat prices after the Russian decision to suspend wheat and grain exports, and the sharp fall in oil prices.
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