Life Settlements help Family Offices meet their socially responsible investment goals. Family Offices who haven’t considered them as such should adjust their thinking about this uncorrelated asset class. I am in Life Settlements space since 2012. There were no a single year for dissapointment so far neither it is expected to come. Pls find below and article by our US partner how and why Life Settlements and Socially Responsible Investing go hand-to-hand.

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Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur2 days ago
Gold bull and bear markets. If this is any guidance, the gold bugs will have a big party. Source: Mark Valek Incrementum AG
Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur5 days ago
Hard to add anything more insightful here.

Marius ČiuželisInvestor / Advisor / Social Entrepreneur
...and it might be extremelly cold
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Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur6 days ago
The super-rich will dedicate some $50 trillion to sustainable investments in coming years and blue chip Wall Street firms like Goldman Sachs and Carlyle Group are lining up to meet the demand. Corporations worldwide are cutting their carbon footprints and in the background bold-faced investors such as Norway’s $1 trillion pension fund and $7 trillion in assets BlackRock are putting the screws on carbon-emitters. These are exciting times for the green movement. Boston-based hedge fund manager James Jampel, of $460 million in assets HITE Hedge Asset Management, has a simple way to play the green arms race. He’s betting against the entire carbon industry, which he believes is in chronic decline much like whip-and-buggy-makers at the dawn of the auto age, or Sears amid the rise of Amazon and Eastman Kodak when the electronic camera went mainstream. Basically, the writing’s on the wall for oilmen.
A Different Kind Of Green Investing: Meet The Carbon Skeptic Hedge Fund That’s Up 32% In 2020

Fatima KhechaiMindset coach & Branding consultant
And I man ready for it!
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Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur21 days ago
Is the term 'private banking' a thing of the past? The blurring of the lines and business models between the different types of wealth management firms raises important questions over whether 'private banking' is still relevant. Should we stop using it altogether? What does a 50-year old Swiss client adviser from UBS Wealth Management have in common with a 25-year old relationship manager from the VIP offering of a Lithuanian retail bank? In theory, very little. Yet in the way their respective institutions market each of them, and in the eyes of many newly-wealthy individuals, they are both ‘private bankers’. Although a slightly extreme example, this highlights a pressing question which shouldn’t be ignored any longer – what does ‘private banking’ actually mean? Surely there needs to be a clearer and more accurate definition of private banking in today’s environment? And how this differs from ‘wealth management’. After all, many HNW individuals still don’t know what a private bank should really stand for. Various types of organisations – not just private banks – are trying to service HNW customers. These include insurance companies, IFAs, multi-family offices, independent (or external) asset managers, just to name a few. And the existence of multiple providers is a good thing in terms of broader customer choice. The flipside is that it leads to greater confusion in the mind of a customer about who offers what, why and how. Some organisations have been called private banks for over 100 years, throughout which they have served wealthy family’s interests in Europe, the US and Asia. They use well-trained, experienced RMs to tailor centralised investment themes and other solutions to individual client preferences. At the other extreme, some local retail banks have set up ‘private banking’ divisions that are staffed by young, inexperienced salespeople, employed to sell a handful of high-margin funds. Both types of institution can call what they do private banking, employing RMs as client managers. Yet their approaches, and the resulting client experience, are poles apart. In the meantime, the current uncertainty leads to an understanding of what a private bank is and what it is supposed to do. Most organisations are then tarred with the same brush by the clients they serve and are trying to attract. Arguably, the concept even becomes irrelevant. The challenge has also come from those local retail banks carving out an offering targeting HNW clients exclusively. They tend to describe what they do as ‘private banking’ because they think the term possesses cachet. Yet while some clients value quality brands, they are not short-sighted or easily fooled. If self-described private banks don’t offer the substance of quality advice and service they claim in their marketing brochures, they are unlikely to retain much client business. Private banking is certainly less ‘private’ these days than it ever used to be. The compliance spotlight that has started to shine ever-brighter in the wake of the 2008 financial crisis and the race among governments to re-fill their coffers is only likely to further sharpen. The allure of ‘secrecy’ which once surrounded private banking is gone, with the most credible institutions going to great lengths to ensure client assets and any new accounts are from legitimate sources and have valid objectives for needing a private bank. At the same time, the drive towards greater fee transparency and the elimination of retrocessions over time should encourage true private banks to reinforce the value of their discretionary offering. The purpose of private banking should be simple: to offer relationship-based advice and tailored financial solutions to meet specific client needs. With HNW clients becoming increasingly global, this advice needs to be offered on an increasingly international basis, and increasingly through digital means. Banks that employ professionals who are dedicated to getting to know their clients, and then meeting their financial needs in a product-agnostic, transparent manner can rightfully point to their credentials as a private bank. And they can demonstrate the differences they offer. Either way, client education has to play a key role. People who think a private banker just processes transaction orders have the wrong understanding. But if they understand what they can and cannot get from their private bank, everyone will benefit.
The recent spike in Tesla share price clearly broke investors into two different camps. The ones believe Tesla’s valuation is based on technology, “new normal” mindset, while the others notice only “mania” behaviour and for them stock price crash is just inevitable. Disregarding which camp you support more below you will find some ideas for rational investor in irrational markets. “The market can stay irrational longer than you can stay solvent." ~ John Maynard Keynes When the investor herd is irrational, where does that leave the rational investor? Perhaps broke. But there is hope for rationality! The good news is that, in capital markets and in life, irrationality tends to be a short-term phenomenon, while rationality ultimately defines (and eventually wins in) the long term. For a rational investor to survive and thrive in an irrational market, there are a few universal truths to remember and practice. Here's what to keep in mind:
Rational Investing in an Irrational Market
The WHO declared the COVID-19 pandemic on March 11th 2020. In that first quarter of 2020, the S&P 500 was down 36% over just five weeks. Looking back, there are of course many differences to the other two big financial crises of the past 20 years, but one of the most striking is the increase in velocity. The dotcom crash unfolded in March 2000 and lasted for 929 days with equities losing 48.6% in aggregate. This corresponds to a 1.6% average loss per month. The Financial Crisis of 2007–2008 went on for 517 days at a 55.2% loss. The average losses per month were 3.2%, so twice as fast as the previous one. This time around with the coronavirus led meltdown, the losses happened in roughy just one month, which is 20 times faster than the dotcom crash and 10 times faster than the financial crisis of 2008. And, also during the second quarter of 2020 we saw some interesting volatility events which affected investors’ portfolios globally. As in the previous market disruptions, most mainstream media tend to focus on the very large and well known alternative investment firms. However, there are many smaller and not so well known names that may deserve a look regarding their capabilities to diversify and outperform in times of distress. The outperformance might be as high as 40-50%+ in just few months. Thus, it’s always worth to dig deeper to find a real gem.
Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur28 days ago
Some quotes first: 1. Activist investor Jeff Ubben has left ValueAct Capital, the $16bn hedge fund he founded, to launch a new environmental and social impact investment company. 2. „Companies, as governed today, with investors asking for more current returns and more buybacks and so forth, aren’t working for society or nature,“ he said. „But I have to prove that there’s a return [in long-term impact], because otherwise . . . you’re not really changing anything.“ <..> „Finance is, like, done. Everybody’s bought everybody else with low-cost debt. Everybody’s maximised their margin. They’ve bought all their shares back . . . There’s nothing there. Every industry has about three players.“ 3. Having an impact fund and a traditional fund under the same roof at ValueAct was „confusing“ for investors, Mr Ubben said. Those who opted for the impact vehicle worried they were leaving returns on the table, and those who opted for the flagship fund worried that about being portrayed as environmentally or socially „unconscious“. „I don’t think these two strategies peacefully coexist,“ said Mr Ubben. Second, that was the essence. If RE investments are driven by "location", "location", "location" mantra, then in "ordinary" investing it is not only "return", "return", “return" anymore. I have been following for the last few years already an emerging and quite fast growing trend in hedge funds space to invest if not "for" then at last "with" social and/or environmental impact in mind. And that will benefit all of us. Even those who are far away from investing.
Activist Investor Jeff Ubben Departs ValueAct to Focus on ESG

Marius ČiuželisInvestor / Advisor / Social Entrepreneur
Gabija, ačiū! 👏
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Marius Čiuželis on Traditional & Alternative investmentsInvestor / Advisor / Social Entrepreneur29 days ago
During my professional career as a wealth manager I had a privilege to work with the first and second generation of wealth creators. We discussed quite many angles of their wealth starting from the sources of accumulation to expected or targeted investment performance, however, one theme was extremely rare. It is succession planning. Succession planning is a process. It's not like flipping on a light switch, or even changing a light bulb one time and then ignoring it. Succession planning is, you might say, a full contact sport, because it requires the current leadership of an enterprise to really roll up their sleeves and dig into the details of the business. The purpose of the effort is to thoughtfully identify and develop a comprehensive strategy for the transition of management, ownership, and control of a family enterprise, but unfortunately many families don't focus on succession planning proactively. They treat it reactively once a triggering event has already occurred, such as the death of the family patriarch or the retirement of a family business CEO. It's worth for families to think of succession planning as beginning much, much further out than that triggering event, because the trigger isn't when you plan, it's when the plan you have gets implemented, and its effectiveness is tested. The plan is what you develop before during calmer times. For business owners that haven't yet started succession planning, what is the first question they need to consider when thinking about eventual succession? The first question is always the same, and that is, what is your goal for undertaking the succession planning in the first place? In other words, what direction are you headed in? Fundamentally, family owned businesses can be transitioned in really only a handful of ways. First, you can pass on a business to the younger generations in the family, thereby creating or continuing a multigeneration family business. Second, you can sell the business either through a private sale or listing it on a public exchange, so basically realizing liquidity while transferring ownership and control outside the family. Finally, there are some hybrid options, which sometimes might include something like transferring ownership to key employees or the like, but basically, those are most fundamentally the end results here. So, next, though, it's important to assemble a team because succession planning is multidisciplinary, and you're going to need multidisciplinary expertise, and then thinking about your team, you might draw upon key employees or existing family or business advisors, members of the family or external advisors who specially work with families on transition and governance, but consider though that eventually you'll need your plan to include a variety of important elements including business, estate planning and wealth or liquidity management issues. So, entering these questions alone and what direction you're heading in, and who do you want to serve on your team can often take quite a bit of time, and families need to think about their goals and flesh these questions out more fully long before they knock into their attorney's office to draft a new operating agreement or trust structure. Those goals are the driver or the foundation of everything else, and it's worth taking time to get that part right. From what size on and type of business is it worth it or needed to do a succession plan? If the goal of succession planning is to ensure a smooth transition from one generation to the next, then any business, regardless of the size of the type that has that goal in mind, should engage in succession planning. Really, the size of the business, the value of the business, and even the industry that the business operates in is largely irrelevant for this purpose. It has everything to do with the family. How transparency and communication comes into the process? Is everyone involved? Communication is absolutely fundamental to this process. In study after study, the key characteristics of families who have successfully maintained family wealth for three generations or more, it boils down to three things, and those are communication, organization, and a shared set of beliefs or values, and interestingly, demonstrating those three traits is even more predictive for maintaining family wealth successfully than it is employing strategies for tax minimization or maximizing investment returns. This is not to say that you must be fully transparent about your questions or concerns for future succession from day one - pitting children against one another is not an effective plan for identifying a CEO. Instead, by failing to communicate with interested parties, or choosing perhaps to involve only those who are employed by the family business in family meetings, is a recipe for discontentment and discord among those who are excluded, and eventually, that dynamic paves the way for potential litigation among family members in the future. What about family philanthropy? How does it play a role in the succession planning process? Family philanthropy is one of the best ways to engage younger generations. Those who work in philanthropy like to say that philanthropy are your values and actions. So, what better way to teach your children or grandchildren what you believe in than by actually acting on those values together through shared philanthropy? Even if they're too young to hold a decision-making power, why not allow them to listen into the meetings where grant-making decisions are made. As an example, a family may allow the youngest generation to actually recommend nominal sized grants at one of their meetings. Family may challenge the children, as young as 10 years old, to come up with a cause that each of them cared about. The ideas might go to wanting them to give to their local school, supporting animals, which is of course very popular among young kids, and actually then helping to improve a local park. The kids then gain a deep sense of satisfaction from this process and feel more closely connected to the family’s philanthropy, and the parents end up learning something about their children and about how they perceive the world, so it’s truly a win-win.
7 investment lessons from Mom. Part 2. 4) If Everyone Jumped Off The Cliff – Would You Do It Too? At one point or another, we have all tried with our Mom’s what every other kid has tried to since the beginning of time – the use of “peer pressure.” I figured if she wouldn’t let me do what I wanted, then surely she would bend to the will of the imaginary masses. She never did. “Peer pressure” is one of the biggest mistakes investors repeatedly make when investing. Chasing the latest “hot stocks” or “investment fads” that are already overvalued and are running up on speculative fervor almost always end in disappointment. In the financial markets, investors get sucked into buying stocks that have already moved significantly off their lows because they are afraid of “missing out.” This is speculating, gambling, guessing, hoping, praying – anything but investing. Generally, by the time the media begins featuring a particular investment, individuals have already missed the major part of the move. By that point, the probabilities of a decline began to outweigh the possibility of further rewards. It is a well-known fact that the market works in what is called a “herd mentality.” Historically, investors all tend to run in one direction at one time until that direction falters, the “herd” then turns and runs in the opposite direction. This continues to the detriment of investor’s returns over long periods and this is also generally why investors wind up buying high and selling low. In order to be a long-term successful investor, you have to understand the “herd mentality” and use it to your benefit – which means getting out from in front of the herd before you are trampled. So, before you chase a stock that has already moved 100% or more – try and figure out where the herd may move to next and “place your bets there.” This takes discipline, patience and a lot of homework – but you will be well rewarded for you efforts in the end. 5) Don’t Talk To Strangers This is just good solid advice all the way around. Turn on the television, anytime of the day or night, and it is the“Stranger’s Parade of Malicious Intent”. I don’t know if it is just me, or the fact the media only broadcast news that reveals the very depths of human sickness and depravity, but sometimes I have to wonder if we are not due for a planetary cleansing through divine intervention. Back to investing – getting your stock tips from strangers is a sure way to lose money in the stock market. Your investing homework should NOT consist of a daily regimen of financial media, followed by a dose of taxi driver tips, capped off with a financial advisor’s sales pitch. In order to be successful in the long-run, you must understand the principals of investing and the catalysts which will make that investment profitable in the future. Remember, when you invest into a company you are buying a piece of that company and its business plan. You are placing your hard earned dollars into the belief the individuals managing the company have your best interests at heart. The hope is they will operate in such a manner as to make your investment more valuable so that it may be sold to someone else for a profit. This is also the very embodiment of the “Greater Fool Theory,” which states that there will always be someone willing to buy an investment at an ever higher price. However, in the end, there is always someone left “holding the bag”, the trick is making sure that it isn’t you. Also, you need to be aware that when getting advice from the investment bank experts who tell you about a company that you should buy – they already own it – and most likely they will be the ones selling their shares to you. 6) You Either Need To “Do It” (polite version) Or Get Off The Pot! When I was growing up I hated to do my homework, which is ironic, since I now do more homework now than I ever dreamed of in my younger days. Since I did not like doing homework – school projects were almost never started until the night before they were due. I was the king of procrastination. My Mom was always there to help, giving me a hand and an ear full of motherly advice, usually consisting of a lot of“because I told you so…” I find it interesting that many investors tend to watch stocks for a very long period of time, never acting on their analysis, buy rather idly watching as their instinct proves correct and the stock rises in price. The investor then feels that he missed his entry point and decides to wait, hoping the stock will go back down one more time so that he can get in. The stock continues to rise, the investor continues to watch becoming more and more frustrated until he finally capitulates on his emotion and buys the investment near the top. Procrastination, on the way up and on the way down, are harbingers of emotional duress derived from the loss of opportunity or the destruction of capital. However, if you do your homework and can build a case for the purchase, don’t procrastinate. If you miss your opportunity for the right entry into the position – don’t chase it. Leave it alone and come back another day when the Price Is Right. 7) Don’t Play With It – You’ll Go Blind Well…do I really need to go into this one? All I know for sure is that I am not blind today. What I will never know for sure is whether she believed it; or if was just meant to scare the hell out of me. When you invest into the financial markets it is very easy to lose sight of what your intentions were in the first place. Getting caught up in the hype, getting sucked in by the emotions of fear and greed, and generally being confused by the multitude of options available, causes you to lose your focus on the very basic principle that you started with – growing your small pile of money into a much larger one. Conclusion: There is obviously a lot more to managing your own portfolio than just the principles that we learned from our Mothers. However, this is a start in the right direction, and if you don’t believe me – just ask your Mother.

Marija MireckaitėPhotographer. Curious person.
I don't know anything about investing, but you truly have a gift of presenting a complicated topic in such an understandable manner. Keep up the amazing insights!
7 investment lessons from Mom. Part 1. When economies and financial markets clearly go separate ways with economies all over the world searching for a bottom while financial markets flirting at their all time highs it's worth to refresh some basic rules how to safeguard your investment portfolio. And who is the best adviser if not... your Mom? I am sure your Mother has a saying, or an answer, for just about everything… as do most mothers. Every answer to the question “Why?” is immediately met with the most intellectual of answers “…because I said so”. Seriously, Mother is a resource of knowledge that serves us well over the years. They may teach us the basic principles to staying safe in the world of financial investments too. Below you will find some basic rules every Mother teaches hers kids: read and re-read them. Then read again. I am sure they will help you to become a better investor. NB The wisdom I'm sharing with you I found and kept for the future needs few years ago while browsing the internet. It was originally written by Lance Roberts, Chief Editor of the “Real Investment Advice” website, however, the link is not working anymore so enjoy it here. It’s a long read but worth your time. 1) Don’t Run With Sharp Objects! It wasn’t hard to understand why she didn’t want me to run with scissors through the house – I just think I did it early on just to watch her panic. However, later in life when I got my first apartment I ran through the entire place with a pair of scissors, left the front door open with the air conditioning on, and turned every light on in the house. That rebellion immediately stopped when I received my first electric bill. Sometime in the early 90’s, the financial markets became a casino as the internet age ignited a whole generation of stock market gamblers who thought they were investors. There is a huge difference between investing and speculating, and knowing the difference is critical to overall success. Investing is backed by a solid investment strategy with defined goals, an accumulation schedule, allocation analysis and, most importantly, a defined sell strategy and risk management plan. Speculation is nothing more than gambling. If you are buying the latest hot stock, chasing stocks that have already moved 100% or more, or just putting money in the market because you think that you “have to”, you are gambling. The most important thing to understand about gambling is success is a function of the probabilities and possibilities of winning or losing on each bet made. In the stock market, investors continue to play the possibilities instead of the probabilities. The trap comes with early success in speculative trading. Success breeds confidence, and confidence breeds ignorance. Most speculative traders tend to “blow themselves up” because of early success in their speculative investing habits. The speculative trader generally fails to hedge against the random events that occur in the financial markets. This is turn results in the trader losing more money than they ever imagined possible. When investing, remember that the odds of making a losing trade increase with the frequency of transactions being made. Just as running with a pair of scissors; do it often enough and eventually you could end up really hurting yourself. What separates a winning investor from a speculative gambler is the ability to admit and correct mistakes when they occur. 2) Look Both Ways Before You Cross The Street. I grew up in a small town so crossing the street wasn’t as dangerous as it is in the city. Nonetheless, I was yanked by the collar more than once as I started to bolt across the street seemingly as anxious to get to the other side as the chicken that we have all heard so much about. It is important to understand that traffic does flow in two directions and if you only look in one direction – sooner or later you are going to get hit. A lot of people want to classify themselves as a “Bull” or a “Bear”. The smart investor doesn’t pick a side; he analyzes both sides to determine what the best course of action in the current market environment is most likely to be. The problem with the proclamation of being a “bull” or a “bear” means that you are not analyzing the other side of the argument and that you become so confident in your position that you tend to forget that “the light at the end of the tunnel…just might be an oncoming train.” It is an important part of your analysis, before you invest in the financial markets, to determine not only “where” but also “when” to invest your assets. 3) Always Wear Clean Underwear In Case You’re In An Accident This was one of my favorite sayings from my mother because I always wondered about the rationality of it. I always figured that even if you were wearing clean underwear prior to an accident; you’re still likely left without clean underwear following it. The first rule of investing is: “You are only wrong – if you stay wrong”. However, being a smart investor means always being prepared in case of an accident. That means quite simply have a mechanism in place to protect you when you are wrong with an investment decision. First of all, you will notice that I said “when you are wrong” in the previous paragraph. You will make wrong decisions, in fact, the majority of the decisions you will make in investing will most likely turn out wrong. However, it is cutting those wrong decisions short, and letting your right decisions continue to work, that will make you profitable over time. Any person that tells you about all the winning trades he has made in the market – is either lying or he hasn’t blown up yet. One of the two will be true – 100% of the time. Understanding the “risk versus reward” trade off of any investment is the beginning step to risk management in your portfolio. Knowing how to mitigate the risk of loss in your holdings is crucial to your long-term survivability in the financial markets.

Justas JanauskasCEO @ Qoorio
Love it!
In every crisis always there are more than one opportunity. Opportunity to test new ideas, to start something new, to profit from market madness. Take gasoline as an example. Gasoline production premia over oil, also known as Argus ebob crack, went negative with covid-19 pandemic spreading all over the world, quarantine regimes, and masive panic. Oil refineries were forces to limit or stop their production, to start unplanned repair works just to limit every day growing losses. May such situation last forever? You know the answer. And it is best illiustrated in the pic below.

Marius ČiuželisInvestor / Advisor / Social Entrepreneur
The main Saudi’s customer is China. And that will prevail. Oil is too big business to drop it overnight. Like Mark Twen once said: the rumors of my death is greatly exaggerated. Same goes w oil.
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