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The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy
by Craig Rowland J. M. LawsonAn up close look at an investment strategy that can handle today's uncertain financial environment Market uncertainty cannot be eliminated. So rather than attempt to do away with it, why not embrace it? That is what this book is designed to do. The Permanent Portfolio takes you through Harry Browne's Permanent Portfolio approach--which can weather a wide range of economic conditions from inflation and deflation to recession--and reveals how it can help investors protect and grow their money. Written by Craig Rowland and Mike Lawson, this reliable resource demonstrates everything from a straightforward four-asset Exchange Traded Fund (ETF) version of the strategy all the way up to a sophisticated approach using Swiss bank storage of selected assets for geographic and political diversification. In all cases, the authors provide step-by-step guidance based upon personal experience. This timeless strategy is supported by more than three decades of empirical evidence The authors skillfully explain how to incorporate the ideas of the Permanent Portfolio into your financial endeavors in order to maintain, protect, and grow your money Includes select updates of Harry Browne's Permanent Portfolio approach, which reflect our changing times The Permanent Portfolio is an essential guide for investors who are serious about building a better portfolio.
Permanent Revolution: Reflections on Capitalism
by Wyatt WellsPermanent Revolution concisely describes the development and workings of capitalism and its influence on the broader society. In the developed world—Europe, North America, and parts of East Asia—capitalism is ubiquitous, and as such, often taken for granted. Discussion usually focuses on specific aspects of the system that individuals appreciate or dislike, ignoring the larger picture. The notion of millennials denouncing capitalism on Facebook and Twitter—products of capitalist development—is a caricature that is eerily close to reality. In this book, Wyatt Wells examines the development of economic innovation, the role of financial markets, the business cycle, the ways markets operate, and the position of labor in capitalist economies, as well as the effects of capitalism on law, politics, religion, and even the arts. This discussion is grounded in history, though it does make use of economic theory. As a result, the book sometimes approaches topics from an unconventional direction. For instance, it notes that financial markets not only pool and allocate the resources of savers—the role ascribed to them in conventional economics textbooks—but they also discipline enterprises, punishing those unable to meet prescribed financial standards. Permanent Revolution ranges broadly, delving into how capitalism reshapes the broader society. The system creates wealth in new and, often, unexpected places, and it constantly moves people physically and socially. The result revolutionizes society. Traditional structures based on deference and long experience gradually collapse because they no longer correspond to social reality. Capitalist societies must devise ways to accommodate perpetual change in politics, religion, and society. Much of the diversity, liberty, and flexibility we associate with modern society are the product of capitalist development.
Permission Granted: Changing the Paradigm for Women in Leadership
by Marcia A. ConéA clear, accessible approach to aligning your thoughts, perceptions, and behaviors with what you truly want so you can live the best life you deserve. Do you feel like you&’re waiting for something to happen? Waiting and hoping that someone or something will transform your current situation? Many successful leaders find themselves frustrated and stuck. You work hard, do the right thing, play by the rules, and still feel like you don&’t know how to shift gears to achieve what you really want. Writing with warmth and insight, Marcia Coné shares an inspiring and supportive approach for managing your professional growth. Building on her insight and experience in leadership, Marcia offers opportunities for discovering and understanding your current situation from a different, more aligned perspective. When you tap into your ability to change your circumstances, you can much more easily achieve what you most want. Permission Granted is profoundly actionable. It is imbued with a positive outlook about change—why it can be difficult, how to engage on a personal level, and how to reframe your success. Experience the magic that happens when you align your thoughts, perceptions, and behaviors with what you truly want.
Permission Granted: Kick-Ass Strategies to Bootstrap Your Way to Unconditional Self-Love
by Regina LouiseLive unapologetically, fearlessly, and fabulously! Get ready to discover and implement practical, fierce, and fun ways to manifest your desires in every personal and professional sphere. With verve and heart, Permission Granted illustrates proven paths from &“you couldn&’t possibly&” to &“just watch me!&” You&’ll begin to deeply understand who you are and what you have been through, moving toward self-compassion and learning to give yourself the care and support you may have lacked. Author Regina Louise took herself from a childhood in solitary confinement in a residential treatment center to college and the creation of several successful businesses. She now works to show others how to dream and do no matter what. Her book is undeniably inspirational for anyone striving to get out from under limiting beliefs — their own as well as others&’.
Permission Marketing: Turning Strangers Into Friends And Friends Into Customers
by Seth GodinWhether it is the TV commercial that breaks into our favourite programme or the telemarketing phone call that disrupts a family meal, traditional advertising is based on the hope of snaring our attention away from whatever we are doing. Seth Godin calls this Interruption Marketing, and, as companies are discovering, it no longer works. Instead of annoying potential customers by interrupting their most coveted commodity, time, Permission Marketing offers consumers incentives to voluntarily accept advertising. Now the Internet pioneer who has dramatically improved marketing effectiveness in media introduces a fundamentally different way of thinking about advertising products and services. By reaching out to only those individuals who have expressed an interest in learning more about a product, Permission Marketing enables companies to develop long-term relationships with customers, create trust, build brand awareness, and greatly improve the chances of making a sale.
Permission Marketing: Turning Strangers into Friends and Friends into Customers
by Seth GodinPermission Marketing enables companies to develop long-term relationships with customers, create trust, build brand awareness -- and greatly improve the chances of making a sale.
Permission Marketing: Turning Strangers Into Friends And Friends Into Customers
by Seth GodinThe man Business Week calls "the ultimate entrepreneur for the Information Age" explains "Permission Marketing" -- the groundbreaking concept that enables marketers to shape their message so that consumers will willingly accept it. Whether it is the TV commercial that breaks into our favorite program, or the telemarketing phone call that disrupts a family dinner, traditional advertising is based on the hope of snatching our attention away from whatever we are doing. Seth Godin calls this Interruption Marketing, and, as companies are discovering, it no longer works. Instead of annoying potential customers by interrupting their most coveted commodity -- time -- Permission Marketing offers consumers incentives to accept advertising voluntarily. Now this Internet pioneer introduces a fundamentally different way of thinking about advertising products and services. By reaching out only to those individuals who have signaled an interest in learning more about a product, Permission Marketing enables companies to develop long-term relationships with customers, create trust, build brand awareness -- and greatly improve the chances of making a sale. In his groundbreaking book, Godin describes the four tests of Permission Marketing: 1. Does every single marketing effort you create encourage a learning relationship with your customers? Does it invite customers to "raise their hands" and start communicating? 2. Do you have a permission database? Do you track the number of people who have given you permission to communicate with them? 3. If consumers gave you permission to talk to them, would you have anything to say? Have you developed a marketing curriculum to teach people about your products? 4. Once people become customers, do you work to deepen your permission to communicate with those people? And in numerous informative case studies, including American Airlines' frequent-flier program, Amazon.com, and Yahoo!, Godin demonstrates how marketers are already profiting from this key new approach in all forms of media.
The Permission Society: How the Ruling Class Turns Our Freedoms into Privileges and What We Can Do About It
by Timothy SandefurThroughout history, kings and emperors have promised "freedoms" to their people. Yet these freedoms were really only permissions handed down from on high. The American Revolution inaugurated a new vision: people have basic rights to life, liberty, and the pursuit of happiness, and government must ask permission from them. Sadly, today's increasingly bureaucratic society is beginning to turn back the clock and to transform America into a nation where our freedoms-the right to speak freely, to earn a living, to own a gun, to use private property, even the right to take medicine to save one's own life-are again treated as privileges the government may grant or withhold at will. Timothy Sandefur examines the history of the distinction between rights and privileges that played such an important role in the American experiment, and how we can fight to retain our freedoms against the growing power of government. Illustrated with dozens of real-life examples-including many cases he litigated himself-Sandefur shows how treating freedoms as government-created privileges undermines our Constitution and betrays the basic principles of human dignity.
Permission to Offend: The Compassionate Guide for Living Unfiltered and Unafraid
by Rachel LunaWhen you choose to become unfiltered and unafraid, YOUR LIFE WILL CHANGE.Looking at Rachel Luna today, you would never guess what she has been through. Both her parents died from AIDS, she survived a cancer diagnosis that upended her life, and she served for a decade in the United States Marine Corps. However, with every challenging experience, Rachel noticed herself becoming a more watered down version of her true self, questioning her every thought, decision, and action, and filtering each through the expectations of other people. She finally had a revelation: her life would stay the same until she became radically honest with herself and others.In Permission to Offend, certified master coach Rachel Luna reveals her “Permission Slips” for living in truth, faith, freedom, and abundance. She delivers actionable steps for ending validation addiction, recognizing your values and anchoring your life in them, defining your beliefs, accepting rejection, and activating your truth. Rachel introduces her Offender Identity Framework so you can get more of what you want without losing what matters most.If you have ever wondered what it would feel like to live completely unfettered by the opinions and judgments of others, Permission to Offend is for you. It’s time for you to step out of the corner and into the light.This book will show you how.
Permission to Offend \ Permiso para ofender (Spanish edition): La guía compasiva para vivir sin filtros y sin miedo
by Rachel LunaDe la renombrada coach de vida Rache Luna, Permiso para ofender es una guía de empoderamiento que enseña a los lectores a establecer límites sin arrepentirse y a dejar de intentar complacer a otros. ¿Qué haces cuando la vida parece estar contra ti? Rachel Luna se ha hecho esta pregunta desde que era joven: perdió a sus padres a causa del sida, pasó una década intensa en el Cuerpo de Marines de los Estados Unidos, luchó contra un cáncer de mama triple negativo y ha tenido que enfrentar el racismo y la misoginia toda su vida. ¿Cuál fue su respuesta? Descubrir técnicas para permanecer resiliente y permitir a su yo brillar.Ahora, como coach de vida reconocida mundialmente, Luna creó un programa que cambió su vida y que ha llamado “Permiso para equivocarse”, cuyo objetivo es ayudarnos a desprendernos del miedo a ser juzgados, así como a tener conversaciones más productivas y expresar nuestras verdades. Después de años de éxito, Luna está lista para compartir su programa con el mundo. Fresco, honesto y entretenido, Permiso para ofender proporciona herramientas prácticas y accesibles que nos enseñan a establecer límites, dejar de querer complacer a los demás y perseguir lo que queremos. Con un esquema de siete pasos y la accesible y empática habilidad narrativa de Luna, Permiso para ofender es una guía imprescindible para entrar en tu propio poder. From renowned life coach Rachel Luna, Permission to Offend is an empowering guide to teach readers how to unapologetically set their own boundaries and stop trying to live up to others.What do you do when life seems to be completely against you? Rachel Luna has been asking herself this question ever since she was young: she lost both parents to AIDS, served an intense decade in the Marine Corps, fought Triple Negative Breast Cancer, and faced racism and misogyny throughout her life. Her response? Discovering techniques to remain resilient and allow her best self to shine.Now a world-renowned life coach, Luna created a life-changing program called “Permission Slips” to help us release our fear of judgment, have more meaningful conversations, and speak our truths. Following years of success, Luna is now ready to share her program with the world. Refreshing, honest, and entertaining, Permission to Offend offers practical and manageable tools, showing us how to set boundaries, stop caring about pleasing others, and go after what we want. With a seven-step framework, and Luna’s approachable, empathetic storytelling, Permission to Offend is a must-have guide for stepping into your power.~~~
Permission to Screw Up: How I Learned to Lead by Doing (Almost) Everything Wrong
by Kristen Hadeed Simon SinekThe inspiring, unlikely, laugh-out-loud story of how one woman learned to lead–and how she ultimately succeeded, not despite her many mistakes, but because of them. This is the story of how Kristen Hadeed built Student Maid, a cleaning company where people are happy, loyal, productive, and empowered, even while they’re mopping floors and scrubbing toilets. It’s the story of how she went from being an almost comically inept leader to a sought-after CEO who teaches others how to lead. Hadeed unintentionally launched Student Maid while attending college ten years ago. Since then, Student Maid has employed hundreds of students and is widely recognized for its industry-leading retention rate and its culture of trust and accountability. But Kristen and her company were no overnight sensation. In fact, they were almost nothing at all. Along the way, Kristen got it wrong almost as often as she got it right. Giving out hugs instead of feedback, fixing errors instead of enforcing accountability, and hosting parties instead of cultivating meaningful relationships were just a few of her many mistakes. But Kristen’s willingness to admit and learn from those mistakes helped her give her people the chance to learn from their own screwups too. Permission to Screw Up dismisses the idea that leaders and organizations should try to be perfect. It encourages people of all ages to go for it and learn to lead by acting, rather than waiting or thinking. Through a brutally honest and often hilarious account of her own struggles, Kristen encourages us to embrace our failures and proves that we’ll be better leaders when we do.
Permission to Speak: How to Change What Power Sounds Like, Starting with You
by Samara BayUse your voice to lead us to a better future with this game-changing guide to redefining what power and authority sound like—from a speech expert who&’s worked with Hollywood&’s biggest stars, political powerhouses, and businesspeople shaking up the status quo.&“I love this book—funny, surprising, stirring, and so important! What a beautiful accomplishment and gift to put into the world.&”—Rachel McAdamsGetting heard is a tricky business: It&’s what you say and how you show up, filtered through your audience&’s assumptions and biases—and maybe even your own. For women, people of color, immigrants, and queer folks, there&’s often a dissonance between how you speak and how we collectively think powerful people should speak: like the wealthy white men who&’ve historically been in charge. But, fortunately, the sound of power is changing.Permission to Speak is your tool kit for making that change. In this revolutionary take on how to use your voice to get what you want, sought-after speech coach Samara Bay offers a fresh perspective on public speaking and a new definition of what power sounds like: namely, you. Blending anecdotes with eye-opening research in leadership, linguistics, and social science, Permission to Speak shows you how to strike the right balance of strength and warmth to land your message; exactly what to do before a high-stakes scenario so that your voice, your mind, and your spirit are ready; and how to turn habits like vocal fry and upspeak into tools. Most important, you&’ll discover your voice story: why you talk the way you do, what&’s wonderful about it, and what you&’ve outgrown.Fiery, fun, and truly profound, Permission to Speak is a personal and cultural reckoning with what speaking in public is and what it can be. This book meets the moment and offers this provocation: When we change what power sounds like, we change who has it.
Permission to Speak Freely: How the Best Leaders Cultivate a Culture of Candor
by Doug Crandall Matt KincaidLead So Your People Speak FreelyCandid communication enhances innovation, ownership, engagement, and performance. The benefits of hearing questions and uncertainties, good and bad ideas, and honest feedback are game-changing. Yet research shows that most of the time, people never share their true thoughts with each other—and especially not with their leaders. But what if they did? What if everyone could confidently communicate without fearing a negative response? In Permission to Speak Freely, highly acclaimed leader developers Doug Crandall and Matt Kincaid illustrate the benefits of candor, explain the inhibitors that cause it to feel unsafe, and provide tools for leaders to encourage their people and embed trust and openness into the foundation of their organizational culture.
Permit Trading in Different Applications (Routledge Explorations In Environmental Economics #33)
by Bernd Hansjürgens Ralf Antes Marianne StrunzPermit trading is an environmental policy instrument that has received increasing levels of attention over recent years. Coming from the field of air quality management, with the European CO2 emissions trading system being the most prominent example, it enters new fields of application, such as land use policy and biodiversity protection, water quality and water quantity trading. This book gives an overview of these recent developments and discusses the possibilities and limits of permit trading in environmental policies. The advantages of permit trading are not only seen with respect to economic efficiency, which leads to achieving the environmental target at minimum cost, but also with respect to the instrument’s environmental effectiveness. By setting a cap for the overall emissions, a given environmental target can be met. This makes permit trading an interesting case for many environmental fields where safeguarding the environmental target plays a dominant role. Against this background, permit trading is discussed in environmental policy fields, where it has not been considered before, for example, land use management, biodiversity protection and water trading. Permit Trading in Different Applications analyses the properties of permit trading: its possibilities and limitations, its design options and its restrictions on a more general level. It demonstrates how lessons learnt in established policy fields like air quality management can be transferred to new and emerging fields of application. This collection will provide students and practitioners in environmental sciences and policy with valuable research into instrument choice and design with respect to permit trading.
Permutation Design: Buildings, Texts, and Contexts
by Kostas TerzidisIn design, the problems that designers are called upon to solve can be regarded as a problem of permutations. A permutation is an ordered arrangement of elements in a set. In our case, the set is design and the elements are design components, such as lines, shapes, forms, or spaces. Traditionally, such arrangements are done by human designers who base their decision-making process either on intuition or on random sampling until a valid solution is found. However, in both cases the solution found may be an acceptable one but cannot be labeled as "the best possible solution" due to the subjective or arbitrary nature of the selection process. In contrast, by harnessing the potential of computational design, these elements can be arranged in all possible ways and then the best ones are chosen based on specific criteria. By presenting a complete list of permutation-based arrangements the "best solution" will eventually reveal itself by excluding all other possible solutions. This book comprehensively addresses theories, techniques, and examples of permutation design in order to fully demonstrate to the reader the full range of possibilities this method represents. The significance of such an approach to design is enormous, paradigmatic, and far-reaching. It provides an alternative method for design analysis, synthesis, and evaluation that is based on computational force rather than pure human intelligence alone. In contrast to human-based random sampling or intuition, permutation-based design offers the assurance of an optimum design since any possible alternative design can be eliminated. From a practical point of view, this methodology offers a paradigmatic shift away from the current state of design practice where arbitrariness, repetition, and redundancy often exist. From a theoretical viewpoint, this new paradigm will offer alternative insights into the value of human creativity, intuition, and intelligence.
The Perpetual Wealth System: Your Path to Systematic and Guaranteed Riches
by John JamiesonAre You Sick and Tired of Losing Money Every Time the Stock Market Drops? The personal finance model we all have been taught of putting money into 401k plans and borrowing from banks is officially broke. Today 95 percent of Americans die without any real wealth because along the way banks, Wall Street, Uncle Sam, and asset depreciation take almost all of our money. The Perpetual Wealth System will show you how to reverse all of those and create guaranteed, systematic, tax-free, and generational wealth. Discover how to never lose a dime of your money in the stock market again, stop turning your money over to Uncle Sam’s control with your 401k and other qualified plans, make sure your money grows every year guaranteed, use “reverse money flow” to retire years earlier with a pile of tax-free cash, create a passive cash flow machine by leveraging the current real estate downturn, start your own family and small business financing company and never need a bank again, and recapture lost depreciation on cars, boats, motorcycles, and other items to create wealth. It’s time for you to take control of your own money and learn the long-hidden secrets of banks, major corporations, and wealthy family dynasties. Find out how to make long-term wealth your future reality!
Perry-Mansfield Performing Arts School & Camp: A History of Art in Nature (Landmarks)
by Dagny McKinleyIn 1914, Charlotte Perry and Portia Mansfield envisioned a secluded institution nestled in the mountains, where art and nature could intersect. By the 1920s, their remote Perry-Mansfield Performing Arts School & Camp in Steamboat Springs was serving as a hub for top dancers such as José Limon and Harriette Ann Gray to hone their craft. In addition to training thousands of pointed toes and arched feet, the school showcased equestrian jumping and performed plays by masters, including Shakespeare, García Lorca and Tennessee Williams. The theater program eventually attracted budding actors like Julie Harris, Dustin Hoffman and Jessica Biel. Author Dagny McKinley presents the story of America's longest continuously running performing arts camp.
Persecution, International Refugee Law and Refugees: A Feminist Approach (Law and Migration)
by Mathilde CrépinThis book explores the ambit of the notion of persecution in international law and its relevance in the current geopolitical context, more specifically for refugee women. The work analyses different models for interpreting the notion of persecution in international refugee law through a comparative lens. In particular, a feminist approach to refugee law is adopted to determine to what extent the notion of persecution can apply to gender related forms of violence and what are the challenges in doing so. It proposes an interpretive model that would encourage decision makers to interpret the notion of persecution in a manner that is sufficiently protective and relevant to the profiles of refugees in the 21st century, most particularly to refugee women. The book will be of interest to academics and students in the field of public international law, international human rights law, international humanitarian law, immigration law, European law, and refugee law as well as those working in the areas of international relations.
Perseverance > Endurance: Lead with Resilience. Grow Through Adversity. Win Together.
by Blayne Smith Brandon YoungFrom the battlefields of Afghanistan and Iraq to the boardrooms of Nike, Walmart, and Microsoft, Blayne Smith and Brandon Young have consistently built tightly-knit, high-performing teams that persevere and win. Join the Army Rangers on the peaks of the Hindu Kush Mountains in Afghanistan and the Green Berets at Firebase Anaconda to gain key insights for leading teams through uncertainty and the understanding that perseverance is what&’s most required for today&’s complex world. Doubt crushes leaders daily—from GMs of Fortune 500 companies to small business owners across America, leaders nearly unanimously express doubt and fear in the face of adversity. This makes sense because adversity pushes us beyond our training and our comfort zones. We cannot simply put our heads down and endure. Instead, learn that adversity is an opportunity for transformation. When faced with circumstances beyond our capabilities, we must grow to meet those challenges by persevering and becoming the person the situation requires. Perseverance > Endurance empowers leaders to gain clarity of their challenges, apply sound leadership principles, and lead their teams to victory by embracing the five factors of perseverance: Change: Factors outside of our control change fast and often. Uncertainty: We are confronted with situations beyond our training or capabilities, creating a sense of fear. Acceptance: Accept the consequences, embrace the reality of the situation, and surrender what we cannot control. Choice: Choose to become our creeds, values, and ethos and become the person your team and the situation call for. Growth: We will be changed on the other side, becoming better, wiser, and more confident leaders ready for the next big challenge. Discover a framework that has helped real organizations, including ThermoFisher Scientific, Siemens, GEICO, Ziggi's Coffee, SDA Colorado, Frontline Construction, Public Trust Advisors, and many more, learn to lead through adversity and win. From two US Army Special Operators turned business professionals who have built successful businesses and led teams to persevere and achieve no-fail missions in war, business, and life, this book will become a staple for leaders worldwide.
Pershing Square 2.0
by Robin Greenwood Samuel G. Hanson David BieryIn June 2015 William A. Ackman, the CEO and Founder of New York Hedge Fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500 million to well over $18 billion. Ackman is now considering a sizable new portfolio position and must decide how he should raise capital to undertake this new investment. This choice is affected by the recent launch of his new, $6 billion closed-end vehicle, Pershing Square Holdings, as well as the firm's lengthening investment horizon. Although always activist in nature, Ackman and his fund had in recent years become substantively involved in the management of portfolio companies, often working to drive shareholder value by improving operating performance.
Pershing Square's Pandemic Trade (A)
by Dean Xu Emil Nuwan Siriwardane Lucas Baker Luis M. ViceiraThis case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund's portfolio from the potential financial fallout ensuing from an extreme event like a global pandemic. Bill Ackman had become increasingly concerned about the hedge fund's exposure to a novel, highly infections, and lethal coronavirus that was spreading across the globe. Ackman and his team needed to decide whether this was a risk worth hedging, and if so, which hedging instruments would best balance risk mitigation, explicit costs (fees and premia), opportunity costs, and the long-run objectives of the fund. Ackman and his team considered fully liquidating their portfolio, as well as hedging it with futures, options, and credit default swaps. For each alternative, they also needed to determine the optimal size and maturity of the hedging position, after accounting for uncertainty over the trajectory of the virus. This case provides students with ample opportunities to analyze and understand tail risk and how to manage it in practice, including explicit calculations of position sizing, costs, risks, and benefits of hedging alternatives.
Pershing Square's Pandemic Trade (B)
by Dean Xu Emil Nuwan Siriwardane Luis M. ViceiraThis case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund's portfolio from the potential financial fallout ensuing from an extreme event like a global pandemic. Bill Ackman had become increasingly concerned about the hedge fund's exposure to a novel, highly infections, and lethal coronavirus that was spreading across the globe. Ackman and his team needed to decide whether this was a risk worth hedging, and if so, which hedging instruments would best balance risk mitigation, explicit costs (fees and premia), opportunity costs, and the long-run objectives of the fund. Ackman and his team considered fully liquidating their portfolio, as well as hedging it with futures, options, and credit default swaps. For each alternative, they also needed to determine the optimal size and maturity of the hedging position, after accounting for uncertainty over the trajectory of the virus. This case provides students with ample opportunities to analyze and understand tail risk and how to manage it in practice, including explicit calculations of position sizing, costs, risks, and benefits of hedging alternatives.
Pershing Square's Pandemic Trade (C)
by Dean Xu Emil Nuwan Siriwardane Luis M. ViceiraThis case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund's portfolio from the potential financial fallout ensuing from an extreme event like a global pandemic. Bill Ackman had become increasingly concerned about the hedge fund's exposure to a novel, highly infections, and lethal coronavirus that was spreading across the globe. Ackman and his team needed to decide whether this was a risk worth hedging, and if so, which hedging instruments would best balance risk mitigation, explicit costs (fees and premia), opportunity costs, and the long-run objectives of the fund. Ackman and his team considered fully liquidating their portfolio, as well as hedging it with futures, options, and credit default swaps. For each alternative, they also needed to determine the optimal size and maturity of the hedging position, after accounting for uncertainty over the trajectory of the virus. This case provides students with ample opportunities to analyze and understand tail risk and how to manage it in practice, including explicit calculations of position sizing, costs, risks, and benefits of hedging alternatives.
Pershing Square's Pandemic Trade (D)
by Dean Xu Emil Nuwan Siriwardane Luis M. ViceiraThis case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund's portfolio from the potential financial fallout ensuing from an extreme event like a global pandemic. Bill Ackman had become increasingly concerned about the hedge fund's exposure to a novel, highly infections, and lethal coronavirus that was spreading across the globe. Ackman and his team needed to decide whether this was a risk worth hedging, and if so, which hedging instruments would best balance risk mitigation, explicit costs (fees and premia), opportunity costs, and the long-run objectives of the fund. Ackman and his team considered fully liquidating their portfolio, as well as hedging it with futures, options, and credit default swaps. For each alternative, they also needed to determine the optimal size and maturity of the hedging position, after accounting for uncertainty over the trajectory of the virus. This case provides students with ample opportunities to analyze and understand tail risk and how to manage it in practice, including explicit calculations of position sizing, costs, risks, and benefits of hedging alternatives.
The Persian Gulf: Historical Perspectives, Maritime Silk Road, and Hydropolitics (Perspectives on Development in the Middle East and North Africa (MENA) Region)
by Nezameddin Faghih S. Abolghasem Foroozani S. Sara ForoozaniThis edited volume provides a comprehensive exploration of the Persian Gulf, covering historical naming and trade relationships, political and military strategies, and the impact of tribal systems on regional security. It spans from the Sassanid period to modern times, examining the role of the Maritime Silk Road and the strategic importance of water resources. Through contributions from various experts, the book offers a multi-dimensional view of the Persian Gulf, making it an essential resource for scholars and students interested in the region's complex dynamics.