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This VC Is Sure Venture Capital Is About To Be Disrupted  

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Blockchain Capital's recent BCAP token offering is a harbinger of things to come in venture capital and private equity, says the firm's managing director Brock Pierce. And Stan Misohnik, the CEO and cofounder of a new investment bank focused on cryptocurrency called The Argon Group, seconds that. Pierce talks about how his career in cryptocurrency started with video games, how Blockchain Capital's three funds have evolved over time, why he is taking the step to disrupt himself, and why his phone number is being handled by the office of T-Mobile's president. And Miroshnik explains how his background in capital markets helped him see the business opportunity and why the BCAP token issuer was based in Singapore.

Show notes: http://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/

Blockchain Capital: http://blockchain.capital/

The Argon Group: https://argongroup.com/

Blockchain Capital III Digital Liquid Venture Fund: https://blockchaincapital.tokenhub.com/

The phone hijacking article Brock and I reference: http://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/

The episode with Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/

 

Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]  

I am drawn to a group of investors that I call practitioner philosophers. These are people who have gotten their hands dirty in their respective fields, but despite being doers, they still often sit back and ponder the big questions in business and life.

My guest this week is one such practitioner philosopher, NYC based venture capitalist Jerry Neumann. I came across Jerry's essays a year ago, and he is on a very short list of writers whose work I read without fail and almost always more than once.

You can think about this conversation on business, investing, and venture capital as a big funnel. We start very broad, discussing where we may be in a large 70-year economic cycle. We then break down the so-called power law which seems to govern venture capital returns and business outcomes. Then we get even more specific, discussing Jerry's process for evaluating early stage companies, and the particulars of what might make a good venture capitalist. I say "might" because as Jerry explains often, nothing is certain, and luck may always play a huge role.

I just loved this conversation. It is the type that without the podcast as an excuse would be a very odd and intense one if I were just meeting someone for the first time. You'll find no small talk or even medium talk here. This is a meaty discussion with one of the smartest and most straightforward people I've come across.

 

Books Referenced

Carlotta’s Perez - Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

Thomas Hughes – Networks of Power: Electrification in the Western Society, 1880 – 1930

Frank Knight – Risk, Uncertainty, and Profit

Jeffrey West - Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies

 

Links Referenced

Deployment Age

Oswald Spangler

About Men; Corporate Man

Howard Mark’s 2x2 matrix of superior investment results

Michael E. Porter - How Competitive Forces Shape Strategy

DJ Teece: Profiting from Technological Innovation

Porter’s Five Forces

 

Show Notes

3:27 – (First question) – Start with Jerry’s essay the Deployment Age and a look at what it means for where we sit today (looking forward as investors)?

            3:40 - Deployment Age

            4:26 - Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

9:28 – What time in history can you compare our current deployment age to and what does that say about the next 10, 20, and 30 years?

            9:40 – Oswald Spangler

            11:09 – About Men; Corporate Man

15:36 - How have your views evolved over time and how do you square the 1950s-time period for venture capitalists?

            18:06 - Networks of Power: Electrification in the Western Society, 1880 – 1930

20:40 -  What lessons should venture capitalists make from these deployment age cycles

            25:27 - Risk, Uncertainty, and Profit

24:10 – Exploring how powerlaws govern returns for venture capital

            26:50 – Howard Mark’s 2x2 matrix of superior investment results

32:19 – Providing context and understanding to Alpha within Powerlaws.

32:56 – Nassim Taleb: Powerlaw

39:18 - Portfolio concentration and scaling

            42:31 – Venture Follow-on and the Kelly Criterion (Jerry's Blog)

44:34 - How have you have actually done this, Jerry? What is your process like and your focuses?

54:00 – Are there any circumstances where it is wise for friends and family to make venture investments?

59:20 - What is this idea of who profits from innovations?

            56:12 - DJ Teece: Profiting from Technological Innovation

1:02:57 – Understanding complimentary assets

            1:05:06 - Porter’s Five Forces

1:09:24  - Are Augmented and Virtual Reality interesting areas for venture capital and why?

1:15:28– What makes a successful venture capitalist? What makes you special?

1:23:43 – What is the most memorable day in your career in venture?

1:26:03 – Kindest thing anyone has ever done for Jerry

 

Learn More

For comprehensive show notes on this episode go to http://investorfieldguide.com/jerry

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Ep215 – Cookies, Funny Money & What if Amazon Buys Capital One?  
In this episode

Amazon is looking to buy Capital One, or so goes the rumour. It’s been predicted for a long time that Google, Apple, Facebook, and Amazon would get into financial services, but Amazon is the only one of those companies that specifically needs a payments facility in their core business. James Arscott, CCO of invstr, joins us to discuss this and other headlines, including bitcoin going from funny money to something legit in Japan.

We also talk to TrueLayer CEO Francesco Simoneschi on banks becoming software companies; to BBVA Open Innovation Manager Marisol Menendez about BBVA’s competition to find a new model for low interest rate banking; and BodeTree CEO Chris Myers about the three steps FinTechs need to take to survive.

News this week Business Insider – Innovative app-only banks are doing something old fashioned — lending money – Link The Telegraph – Co-op Bank puts itself up for sale as it braces for another ‘significant’ loss – Link Level39 – L39 API member TrueLayer comes out of stealth; secures $1.3m funding – Nikkei Asian Review – Japanese megabanks raise bets on fintech – Link Finextra – BBVA seeks new model for low interest rate banking – Link Telegraph – Pay as you speak: Santander revamps voice banking app – Link Banking Technology – Amazon looking to buy Capital One? – Link Finextra – Australian banks fight back over Apple Pay ‘fantasy’ claims – Link International Business Times – Apple, Facebook and Amazon primed for PSD2 demolition of the card networks – Link Forbes – 3 Steps Fintech Companies Need To Take In Order To Survive – Link Medium – Get paid to read email from outside your network with a 21 profile – Link

Are you listening to this podcast while on a nice little jog? If so, woo-hoo! We hope we motivated you. Could we ask a favour in return? Please take a sec to review us on iTunes so more people can discover us. Thanks in advance! Love, FinTech Insider.

The post Ep215 – Cookies, Funny Money & What if Amazon Buys Capital One? appeared first on 11FS.

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CHP-178-William Mesny Part 2  

In part two of this series examining the forgotten life of William Mesny, we hear the second half of his story in China. We're mostly using author David Leffman's 2016 book "The Mercenary Mandarin"

 

TERMS FROM THIS EPISODE

Chéngdū   成都 Capital city of Sichuan

Khampa   康巴 Area in eastern Tibet bordering Sichuan

Yúnnán   云南 Southwestern province of China

Huí   回族 Musilm ethnic minority

Guìlín   桂林 Beautiful city in Guangxi

Lí River  漓江   River running through Guilin

Liǔzhōu   柳州 City in Guangxi

Róngshûi   融水 City near Liuzhou

Róng’ān   融安   City near Liuzhou

Dānzhōu   丹州   City near Liuzhou

Miao   苗族 Known as the Hmong in the US, one of China's ethnic minorities

Yáo   瑶族 one of China's ethnic minorities

Dòng   侗族 one of China's ethnic minorities

Zuǒ Zōngtáng   左宗棠 Successful Qing era general

Guìyáng   贵阳 Capital of Guizhou

Chóngqìng   重庆 Formerly part of Sichuan, now a Municipality

Lánzhōu   兰州   Capital of Gansu

Zhìlǐ   治理 Old province of China that no longer exists

Qīnghǎi   青海 Province in West China

Gānsù   甘肃   Province in West China

Níngxià   宁夏 Province in West-Central China

Shǎolín Temple   少林寺   Famous temple in China

Tàiyuán   太原   Capital of Shanxi

Shānxī   山西 Province in China

Bǎodìng   保定   City in Hebei

Lǐ Hóngzhāng   李鸿章 Chinese military leader and diplomat and signer of more than a couple unequal treaties.

Zhuōzhōu   涿州   City south of Beijing in Hebei

Zhāng Zhīdòng    张之洞 Reforming governor of Shanxi

Xīān   西安   Capital of Shaanxi

Qínlǐng Mountains   秦岭山   Mountain chain in southern Shaanxi

Kūnmíng   昆明   Capital of Yunnan

Dōngjīng   东京   Eastern Capital. Can mean Tokyo or Tungking (N. Vietnam)

Anhui   安徽 Province in Eastern China

Hefei   合肥   Capital of Anhui

Guǎngxī   广西   Province in southern China

Xinjiang   新疆  Province in northwest China

Shaanxi   陕西   Province in north-central China

Huangxing Road   黄兴路 Road in Hankou

 

 

The Mercenary Mandarin - amazon link to the book

Link to Blacksmith Books

Link to one of Mesny's Chinese Miscellany (Vol IV)

Link to John Pomfrets book "The Beautiful Country and the Middle Kingdom"

 

 

 

CHP-175-Su Dongpo  

In this 175th episode Laszlo gives the great Northern Song jack-of-all-literary-trades Su Dongpo the once over. This isn't meant to be a deep dive into the reasons for all his renown in literature, calligraphy and painting. Instead, this is just a "popular Chinese historical" overview of who he was and the times he lived in.  And for those who never heard of him, this is a good intro. In America we have Washington Irving, Mark Twain, Hemingway and so on. In China....Su Shi would be mentioned when rattling off their best of the best. He was definitely a major guy not only in the Song, but in the overall world of Chinese culture as well.  The list of terms from this episode is particularly long this time.  You can see them below in the approximate order of their mention.  If you're interested to check out some of his poetry, here's an amazon link to a book of his poems translated by Burton Watson: Selected Poems of Su T'ung-P'o

 

TERMS FROM THIS EPISODE

 Ouyang Xiu 欧阳修 1007-1072 Northern Song statesman, historian, calligrapher, literatus extraordinaire

Wang Xizhi   王羲之 Called arguably the greatest Chinese calligrapher

Zhou   周 1046 BCE - 256 BCE Ancient dynasty of China

Han   汉   206 BCE - 220 CE Ancient dynasty of China

Jin   晋 265-420 Ancient dynasty of China

Sui   隋 581-618 Ancient dynasty of China

Tang 唐 618-907 Ancient dynasty of China

Song   宋 960-1279 Ancient dynasty of China

Kaifeng   开封 Capital of the Northern Song dynasty 960-1127

Northern Song 北宋 960-1127

Huizong   徽宗 The Northern Song emperor who "lost China" to the Jürchens

Su Dongpo   苏东坡 1037 - 1101 Our subject in this episode

Su Shi   苏轼 Su Dongpo's birth name

Tang Song Ba Da Jia   唐宋八大家 "Eight Great Men of Letters of the Tang and Song Dynasty

Han Yu   韩愈 768-824 - Tang essayist and poet. Major influence in development of Chinese literature

Liu Zongyuan 柳宗元 773-819 Tang waster of prose and poetry

Su Xun 苏洵 1009-1066 - Great man of letters and Father of Su Shi and Su Zhe

Su Zhe 苏辙   1039-1112 - Brother of Su Shi, also a great man of letters

Wang Anshi   王安石 1021-1086 - Song statesman and father of far reaching reforms. Also a great literary figure in his day.

Zeng Gong   曾鞏 1019-1083 - Great prose master of the Song

Hangzhou   杭州 Capital of Zhejiang and of dynasties past. Su Dongpo served there twice

Zhejiang   浙江 Province in east China

Meishan   眉山 City south of Chengdu, birthplace of the Three Su's, Su Xun, Su Dongpo and Su Zhe.

Min River 岷江 Yangzi tributary river in Sichuan, famous for the Duijangyan irrigation system

Leshan 乐山 City in Sichuan

Ya'an   雅安 Great tea city near Chengdu in Sichuan

Chengdu   成都 Ancient capital of Shu Kingdom, now capital of Sichuan

jinshi   进士   The highest degree that allowed you to fill the top positions in government

Wang Fu 王弗 1039-1065 - First wife of Su Dongpo

Henan  河南 Province in north China where it all began

doucha   斗茶 "Tea Battles" that were popular during the Song

Wang Runzhi   王闰之 1048-1093 2nd wife of Su Dongpo

Su Di   苏堤 the Su Causeway across West Lake in Hangzhou

Xin Fa   新法 The New Policies championed by the Shenzong Emperor and Wang Anshi

Shenzong    神宗 1048-1085 - Northern Song Emperor and Wang Anshi supporter

Sima Guang   司马光 1019-1086 Conservative Song scholar and official, writer of the Zizhi Tongijan

Luoyang   洛阳 City in Henan and former ancient capital of past dynasties.

Cheng Yi 程颐  One of the pride of Luoyang, Chinese philosopher

Zizhi Tongjian, the "Comprehensive Mirror in Aid of Governance" A monumental historical work covering Chinese history from 403 BCE to 959 CE

Wutai Poem Incident 乌台诗案 In 1079, a poem by Su Shi got him in trouble and exiled fron the capital.

Huangzhou 黄州 Former name of Huanggang, now a district of that city

Hubei   湖北 Central province in China, capital is at Wuhan

Huanggang   黄冈 City just east of Wuhan in Hubei Province

Dongpo 东坡 Eastern slope

Dongpo Jushi 东坡居士 Dongpo, the retired scholar or Buddhist.

Chibi Fu   赤壁赋 Ode to Red Cliffs, famous poem by Su Shi

Hou Chibi Fu   后赤壁赋   The Later Ode to Red Cliffs, famous poem by Su Shi

Nian Nujiao Chibi Huaigu 念奴娇赤壁怀古 Remembering Chibi, Su Shi's third poem in this series about Red Cliffs

Zhuge Liang   诸葛亮 Great Shu-Han strategist during Three Kingdoms Period

Lu Su 鲁肃 Politician and general who worked for Sun Quan

Zhou Yu 周瑜 One of Sun Quan's main generals

Cheng Pu 程普 Another of Sun Quan's main generals

Sun Quan 孙权 Emperor of Eastern Wu, one of the Three Kingdoms

Liu Bei   刘备 Emperor of Shu Han, one of the Three Kingdoms

Cao Cao   曹操 King of Wei, one of the Three Kingdoms

Fu 赋 One of the three main types of Chinese Poetry, like rhymed prose

Ci 词 One of the three main types of Chinese Poetry, like lyric poetry

Han Shi Tie 寒食帖 Su Shi's most famous calligraphic work, now hanging in the National Palace Museum in Taipei

Huang Tingjian   黄庭坚 1045-1105 artist, scholar, official, a great Northern Song Master

Mi Fu 米芾 1051-1107 Great Song painter and calligrapher

Cai Xiang   蔡襄 1012-1067 One of the great calligraphers of the Northern Song

Song Si Jia 宋四家 the Four Great Calligraphers of the Song

Han Shi 寒食 is the holiday that occurs right before Qingming in April

Yan Zhenqing 颜真卿 708-785 Great calligrapher of the Tang and one of the greatest of all time

Zhezong 哲宗 Northern Song emperor, Reigned 1085-1100

Empress Dowager Gao 高太皇后 1032-1093 Empress of Northern Song emperor Yingzong, regent for Zhezong during his minority.

Dongpo Rou 东坡肉 Dongpo Pork

Zuo Zongtang 左宗棠   Hunan-born general from the Qing, the man who brought us General Tso's Chicken

Lou Wai Lou 楼外楼 Not the best restaurant in Hangzhou but one of the most famous. Been around over one hundred fifty years

Ni Zan, the late Yuan-early Ming painter.

Xu Wei, the Ming painter

Yuan Mei, the Qing dynasty scholar and artist.

Yuanyou era 元祐 Conservative era in Emperor Zhezong's reign that lasted 1086 to 1093

Huizhou 惠州 City in Guangdong where Su Dongpo served a stint

Hainan   海南 Island province off the coast of Guangdong

Danzhou   儋州 Coastal city in Hainan just west of Haikou

Haikou   海口 Capital city of Hainan

Dongpo Shuyuan   东坡书院

Wang Zhaoyun   王朝云 1062-1095 - 3rd wife of Su Dongpo

Changzhou   常州 City in Jiangsu

Jiangsu   江苏 Coastal province just north of Zhejiang

Cai Jing   蔡京 Long serving chancellor to Emperor Huizong

Cai Tao 蔡绦 Son of Cai Jing who had the audacity to say something nice about Su Dongpo

Shi 诗 The word meaning all Chinese poetry but also a specific kind as well.

Su Men Si Xueshi 苏门四学士 The Four Scholars at Su Shi's Gate

Zhang Lei   张耒 1054-1114 One of the four scholars famous for being part of Su Shi's gang

Chao Buzhi 晁补之 One of the four scholars famous for being part of Su Shi's gang

Qin Guan   秦观 1049-1100 - Northern Song writer and poet. Also one of the four scholars famous for being part of Su Shi's gang

Jin 金朝 The Jin Dynasty of the Jürchens 1115-1234

 

20 VC 068: Why Now Is The Best Time To Be An Entrepreneur with Sean Seton-Rogers @ PROfounders Capital  

Sean Seton-Rogers is a founding Partner at PROfounders Capital, a venture capital fund for entrepreneurs powered by entrepreneurs. Their investors and principals number some of the best-known players within the digital media space -- people who have built some of Europe's most successful companies. Prior to PROfounders, Sean has been investing in technology companies across both the US and Europe, when he was at both Balderton Capital and Commonwealth Capital Ventures in Boston. In addition to the PROfounders portfolio companies, he has in the past worked closely with others such as BeboWonga.com, and ConstantContact.

In Today's Episode You Will Learn:

1.) How did Sean make his entry into the VC world at the peak of the first tech bubble?

2.) What was the biggest lesson Sean learnt from experiencing the bubble imploding?

3.) Why are we seeing this trend of US VC funds investing in Europe?

4.) What are the key drivers to the growth of the European tech ecosystem?

5.) Why is there a serious decline in the amount of Series C rounds, only 7 in Q2 2015?

6.) Is Sean concerned by the rise of Crowdfunding? Does Sean see it as a competing finance model to VC?

7.) Do investors on Crowdfunding platforms experience the same deal terms as VCs?

 

Items Mentioned In Today's Episode:

Sean's Fave Book: Robert Cialdini: Influence, The Psychology of PersuasionNeal Stevenson: Cryptonomicon

Sean's Fave Blog or Newsletter: Benedict Evans Newsletter

Sean's Must Have Productivity Tools: EvernoteGoogle Apps

Sean's Most Recent Investment: Made.com

 

As always you can follow HarryThe Twenty Minute VCSean and PROfounders on Twitter right here!

For a more colourful view of Harry and maybe a few mojito sessions follow Harry on Instagram here! 

Which is the better investment for me? Property Vs. Shares it's the Showdown of the Century, Find out Which Performs better and Which Makes More Money?  

In this week's episode of the Rentvesting Podcast, we're going to talk about the battle of growth. There was an article in the AFR about the growing number of Millenials investing in the stock market. So we're looking at the pros and cons of property verse shares and which one is better, in both situations.

Louis is going to be fighting for shares and Jayden will fight for property, and we're going to battle it out.

 

Round 1: Pros - Property, leveraged.

Being able to leverage property is a clear advantage for property. If you invest $100k in shares verse property, the return of property will be a lot higher. So the big pro with property is that it's leveraged because if you get 10% return on property you'll make more than 10% return on shares.

According to residential property returns, they sit at 9.9% compared to Australian shares at 8.7% - gross return.

 

Pros - Shares, higher yield, no outgoings.

With shares, you'll get higher income per yield, so after costs and outgoings, that $100k can still earn similar income to property overall.

With property, it depends on where you are buying your property, obviously, the higher the yield will affect it.

As with shares, it's the same. You can buy some mining stock that won't ever pay a dividend because they don't really have earnings but generally, there are mid-capped to large capped shares that pay fully franked dividends. Telstra at the moment is paying a yield of 7.5 excluding franking credits. That's from an income point of view, fairly sexy.

Shares have franking credits, this is where the company has paid tax and out of the profit they pay you a dividend when you receive that income you pay your marginal tax rate but you'll get some franking credits back and it works out as a tax effective income.

This is exclusive to Australian shares, on American and European you don't get franking credits. But you can invest in Malta.

So obviously pros and cons to both.

 

Pro - Property, no capital gains when living in it.

Another property pro is that if you're living in it, it's hugely lucrative tax-wise as there's no capital gains tax when you sell it.

 

Con - Shares, capital gains tax.

Whereas shares you the get the capital gains tax when you sell. You will be assessed as earning half of it, so if you're on the highest marginal tax rate you'll lose a big chunk of it to tax.

So if you make $100k off shares, you'll be assessed as earning $50k and so you'll pay about $25k, a big chunk.

While property, it's hugely beneficial to renovate and flip it, as long as it's your principal place of residence and it's not your primary income source, there's no capital gains tax which is a great instrument when selling your home.

 

Pro - Shares, diversification.

It's cost effective to get a lot of shares at a low price. You can buy 300 shares for $20 through an ETF. However also beware that shares can be expensive if you're buying small parcels due to paying brokerage.

But equally, property can be expensive to get into with stamp duty, conveyancing, real estate costs, maintenance etc. The rule of thumb on an investment property (it's not the same interstate) but generally I use 5% as entry cost for a property.

But then if you look at the long-term returns, property wins.

However, if you go 30 years, shares win hands down, while 10 - 20 years though property is better.

 

Pro - Property, historically good long-term returns.

The other pro is that people in Australia like having a physical asset, it's easier to understand and look at a property, as you can touch and feel it. Whereas shares you have to pull apart financial statements and look at their three-way reporting, which is more difficult.

 

Pro - Shares, there's no fuss involved.

They're set and forget and you have no tenants calling you trying to get things fixed.

 

What is market cap?

Market cap is the number of shares X shares price.

It's not a true idea of how big or successful a company is but it's how big overall it's market capitalisation is. In general, anything that has stable cash flow and is large with a stable business model doesn't go out of business.

Con - shares, it always feels like there are some people with an inside understanding and it can be a bit opaque you don't know what's going on all the time.

 

Pro and con - Shares, volatility.

Shares can be volatile, however being volatile as heck is your friend. When a property goes down in value, how will you take advantage of that? Instead, with shares, you can put money into the share market as this will compound your returns massively. While being volatile, that's the best thing about them.

 

Are there are more risks in shares compared to property?

No, there are just more perceived risks.

As some people might have invested in shares in 2007 or 2008 and now it's sitting at 38% less. It comes down to your individual behaviours. If you're watching the market every day, it can go up and down a lot and emotionally affects you.

But you can do a speculative approach with property too. If you wanted to buy a development in the middle of nowhere, and you're going in for a speculative commercial thing you can lose a tonne of money off development because there's leverage in development, so you could lose it.

Developments need a 20 - 30% return to factor in that and you can get pre-leases and pre-sales to assist that.

 

Pro - Shares, franking credits.

If you're in a tax-free environment, eventually you will be in an allocated pension, you get 100% of franking credits. Right now Telstra is paying a 10% income when you include franking credits.

 

 

Round 2: Risks with shares?

This is part of the problem though. Shares are quick and easy you can take that franking credit and buy something. The risk with shares is the temptation is there because they're so liquid.

Pro - Shares, liquidity.

Property is a good measure of savings because you don't take the money out.

Con - Property, forced repayments.

You're forced to pay money each week.

Con - Shares, unforeseen drop.

Shares can go to zero quickly - my Anglo-American shares went from 11c to half on one cent.

You can't take anecdotal evidence though (Louis).

 

  Final argument

Over a 20-year period, Australian residential property performed even better, posting an average annual return of 10.5 percent compared to the 8.7 percent gain in domestic shares.

Australian shares have had a really bad 10-year run because you look at 10 years ago was 2007, but if you look at 9 years ago, shares have returned close to around 16% per annum. One year's difference is a massive overall difference.

 

Pros in summary:

Property:

No capital gains tax. Enforced savings to help you pay your mortgage. Good long term returns. Owning a physical asset is great. The leverage and tax deductions can help.

 

Shares:

Great diversification at a low price. The low price is a pro alone. Volatility can be your friend. There is no fuss involved, you can buy some blue chips and even the index and get those returns. Franking credits, potentially higher incomes, historically returns might be similar but with property you can leverage it. Shares you're just investing on your cash. If you look at the return on capital it's different. Positive yields.

 

Cons in summary:

Property:

Is a lot of fuss to deal with. High costs, transactions, lots of outgoings. Initially expensive to get into but not necessarily ongoing. The vacancy is difficult too.

 

Shares

Can be costly to get into if you're not buying big parcels. Volatile. Risky.

 

Shares and property can co-exist but obviously, they each have different reasons to invest in them.

Podcast 259 – Teoria Representacional do Capital (Leonidas Zelmanovitz)  

Autor do livro "The Ontology and Function of Money: The Philosophical Fundamentals of Monetary Institutions", o brasileiro Leonidas Zelmanovitz conversou com o Podcast do Instituto Mises Brasil para uma conversa sobre teoria do capital. Mais especificamente, sobre a teoria representacional do capital, que Leonidas está estudando neste momento e pretende submeter à discussão em eventos acadêmicos. Nesta conversa, Leonidas, que é doutor em Economia Austríaca e senior fellow do Liberty Fund, explica como a compreensão adequada da teoria do capital ajuda uma sociedade a ser mais aberta e mais livre, qual a relação existente entre teoria do capital e eficiência econômica, se há dimensão moral na teoria do capital. Também conversamos sobre as limitações epistemológicas existentes hoje nas teorias do capital e de que maneira as moedas eletrônicas são desafiam um desafio teórico. *** A música da vinheta de abertura é a “Abertura Solene 1812”, do compositor russo Piotr Ilitch Tchaikovsky, executada pelo guitarrista Eric Calderone. *** Todos os Podcasts podem ser baixados e ouvidos pelo site, pela iTunes Store e pelo YouTube. E se você gostou deste e/ou dos podcasts anteriores, visite o nosso espaço na iTunes Store, faça a avaliação e deixe um comentário.

HR Happy Hour 277 - The 2017 Deloitte Global Human Capital Trends Report  

HR Happy Hour 277 - The 2017 Deloitte Global Human Capital Trends Report Host: Steve Boese Guest: Josh Bersin, Bersin by Deloitte This week on the HR Happy Hour Show, we are joined by Josh Bersin, of Bersin by Deloitte, a leading consulting, research and advisory company to talk about some of the key findings and insights from the Deloitte 2017 Human Capital Trends Report. This annual report, now in its fifth year, looks at the key challenges, trends, and opportunities for HR and business leaders and serves as an educational resource and guide for HR leaders to help them think about their human capital challenges and how they might respond to these challenges. This year's report shared 10 Key Human Capital Trends and on the show, Josh talked about three of them in more detail - The Organization of the Future, The Employee Experience, and Diversity and Inclusion - all major themes of the report and ones that many organizations are tackling in 2017. Josh shared some insights from the research, (over 10,000 respondents), as well as from case studies, inteviews and additional research in these areas. Finally, Josh shared his recommendations for HR leaders on how to best utilize the information in the Global Human Capital Trends Report and how it can help guide conversations, prioritization, and HR strategy. This was a fun and interesting show, thanks to Josh for taking the time to join us. Get the Deloitte 2017 Global Human Capital Trends Report here. Remember to subscribe to the HR Happy Hour Show on iTunes, Stitcher Radio and all the podcast apps - just search for 'HR Happy Hour' to subscribe and never miss a show.

20 VC 062: Shaking Up London's VC Scene with Fede Pirzio-Biroli, Founder @ Playfair Capital  

Fede Pirzio-Biroli is Founder @ Playfair Capital, a leading investor in seed level, technology based startups. Fede founded Playfair Capital from his first investment in December of 2010 and the portfolio quickly grew to 20 investments by the end of 2012, including the likes of DuedilAppearHere and On Device Research. During this period, Fede was an angel in residence at White Bear Yard. After working closely with Passion Capital, he built the Playfair Capital team and moved into Warner Yard, Playfair's current home. Prior to Playfair, he spent several years in Africa working for the UN, Oxfam and PharmaSecure, after which he lobbied government and large aid organisations to increase the transparency of aid flows.

 

In Today's Episode You Will Learn:

1.) How Fede made his move into angel investing and then transitioned to form his own fund?

2.) What is the mission at Playfair? What is the average ticket size? Does Playfair have any preferred sectors?

3.) What do startups need to have to get the Playfair stamp of approval? What are Playfair looking for?

4.) How has Fede seen the seed funding environment change in London?

5.) How does Fede and Playfair stave off competition for the 'hot' startups looking to raise VC money?

6.) What benefits do founders get for working in a co-working space? How important is it for VCs to offer this service?

7.) How does Fede create a united company culture in a co-working space with so many different companies?

 

Items Mentioned In Today's Episode:

Fede's Fave Book: The Circle by David Eggers

Fede Fave Newsletter or Blog: DojoAngelList

Fede's Most Recent Investment: Knytton (Techstars London W14)

As always you can follow HarryThe Twenty Minute VC and Fede on Twitter right here!

65 - Stephen Miller on Financial Crises, Capital Requirements, and the US Banking System  

Stephen Matteo Miller is a Senior Research Fellow at the Mercatus Center at George Mason University. He joins the show to discuss his work on the history of financial crises as well as the evolution of the U.S. banking system since the late 1800s. Steph stresses the importance of capital requirements (how much capital or equity a bank holds relative to its liabilities) in combating financial crises. Furthermore, he argues that higher and simpler capital requirements, rather than more regulation, are the keys to a more market-disciplined banking system. David’s blog: http://macromarketmusings.blogspot.com/ Stephen Miller’s Mercatus profile: https://www.mercatus.org/stephen-matteo-miller David’s Twitter: @DavidBeckworth Stephen Miller’s Twitter: @SMatteoMiller Related links: “Ending Too-Big-to-Fail May Require More Than the Minneapolis Fed Too-Big-to-Fail Plan” by Stephen Miller https://www.mercatus.org/publications/too-big-to-fail-minneapolis-fed “A Primer on the Evolution and Complexity of Bank Regulatory Capital Standards” by Stephen Miller and James Barth https://www.mercatus.org/publications/primer-bank-regulatory-capital-standards *“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision* by Eugene White http://www.nber.org/papers/w16825.pdf

JF897: GOLD NUGGET Private Lenders from Title Company Referrals and How to Leverage Other's Capital  

Private capital is everywhere, but extremely hidden. There's a reason why as well, not everybody can utilize capital in a way that will profit everyone. Our guest certainly can! He shares how REIA groups and title companies have referred him capital partners. He shares about his mobile home parks he owns and the over 1 million vested capital he has locked into his real estate. Best Ever Tweet: Ask who is doing the big deals and get close to them. Michael Hicks Real Estate Background: - Owner M-TAC Properties; a company that purchases and rehabs residential, multi-family, commercial properties - Purchased his first property at the age of 19 - In last 15 years he bought, built, or rehabbed over 75 units with over half of those occurring in the last year - Most deals have been obtained using seller financing and non-traditional loans - Based in Rossville, Georgia - Say hi to him at http://www.bigmikebuyshousescash.com/ - Best Ever Book: RIchest Man in Babylon Made Possible Because of Our Best Ever Sponsors: You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors. We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Download your free copy at http://www.fundthatflip.com/bestever Subscribe in iTunes and Stitcher so you don’t miss an episode! https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg 

Episode 055 — AWS and Venture Capital  

Ben and James discuss how cloud services have set the stage for fundamental changes in venture capital, just as they have in the enterprise. This episode is sponsored by Wealthfront. See recommended portfolios and get up to $15,000 managed for free by visiting Wealthfront.com/Exponent. Links Ben Thompson: Venture Capital and the Internet’s Impact — Stratechery Ben Thompson: Unicorns — Stratechery In Aggregate — Exponent Episode 049 Chris Dixon: The Babe Ruth Effect in Venture Capital — CDixon Blog Ben Thompson: Dell to Buy EMC, Enterprise Disruption, Dell’s Logic — Stratechery Daily Update Hosts Ben Thompson, @benthompson, Stratechery James Allworth, @jamesallworth, … Continue reading Episode 055 — AWS and Venture Capital

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Britain's Green Capital 2015  

In 2015 Bristol will be European Green Capital. We discover exactly what the title means to the city and what makes Bristol so environmentally friendly. The 'Green Capital' award is new. It's been going for the last five years and next year Bristol will become the sixth. Miranda Krestovnikoff discovers why Bristol was successful in it's bid and what makes the city stand out from the rest of the country for it's environmental credentials. Miranda visits last year's winning city, Nantes to find out what makes a city European Green capital and what the legacy is for future generations living in Nantes. She discovers how the Green Capital award is spreading the environmental message across Europe and what Bristol can learn from previous winners. In this week's Costing The Earth Miranda Krestovnikoff talks to the team behind the bid to find out what big plans they have in store for Bristol as they prepare to become European Green Capital for 2015 and meets Bristol's flamboyant and eco-thinking mayor, George Ferguson, as he sets out the green agenda for the years to come. Presenter: Miranda Krestovnikoff Producer: Martin Poyntz-Roberts.

Why Bond Funds Should Behave Like Bond Funds  

You wouldn’t want your dog behaving like a cat, so why invest in a bond fund that behaves like a stock fund? In this podcast, Mike Gitlin — Capital Group’s head of fixed income — explains why this concept is so important for investors seeking a well diversified portfolio.

Listen and learn:

Why bond investors may want to avoid excessive credit risk How “bond math” can protect you from rising interest rates Why the outlook for the U.S. economy matters to bond investors And what exactly is the “Post-Post Crisis Period?”

Your host, Matt Miller, is the policy and communications advisor for Capital Group. An author and former Washington Post columnist, Matt was previously co-host of the public radio program Left, Right & Center.

Do you have any topics for Capital Ideas? Please contact our editorial team at CapitalIdeas@capgroup.com.

Related: Three Principles of Fixed Income Investing in the Post-Post-Crisis Environment

The Capital Ideas website is not intended for use outside the U.S. In Canada, please visit thecapitalgroup.com/ca for Capital Group insights.

 

Sexual harassment takes down Binary Capital and Blue Apron's lackluster IPO  

Hello and welcome back to Equity, TechCrunch’s recurring venture capital-focused podcast that, against odds laid by its arcane subject matter, is still on the air. This week was a corker. To help out our regular contingent Matthew Lynley, Katie Roof and myself -- Alex Wilhelm -- Charles Moldow, a general partner at Foundation Capital swung by the studio. And help out he did as we took on topics technical, serious and whimsical. We also dove into the Binary Capital mess. After six women (three by name) came forward alleging serial sexual harassment by a partner at Binary Capital, the accused has all but quit, a new partner has left the firm, and from today's vantage point it looks like the firm's new fund is kaput, and likely that the firm itself is effectively over.

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TPP223: What is happening to the London property market  

This week we're focussing on a topic discussed regularly - what's happening to the London property market?

So, what's happened over the last 8 years?

London prices have grown 80% over 8 years (since 2009) Every price band has increased by roughly the same percentage...BUT timing differs Top 30% recovered from 2009-2012. Driven by overseas buyers and domestic residents who didn’t need mortgages or could get them more easily Lower sectors only grew strongly from 2013 onwards. Driven by ripple effect, confidence, access to finance (This is why it’s best to own prime assets. They grow first and further - because growth is a % of a larger number)

 

What’s happening now?

On average, 5% annual growth makes it one of the 5 slowest growing cities in the UK Many of those who are selling are moving out of the capital. “Almost half the agents in London surveyed by LonRes say that 10 per cent or more of their vendor clients intend to quit the capital once they sell their property” Rents are falling. “New tenants in the capital typically paying almost £100 a month less than their counterparts a year ago, according to Your Move”. Transactions are very low, and at an all-time low in 3 boroughs.

 

What have we learned from the London property market?

Just because an area has performed best doesn’t mean it will continue to! This is why we’ve said to avoid London for the last few years - poor yields AND low growth Prime assets are more volatile - both grow and fall first and fastest. You can either use this to your advantage or stay out of the way! When you tax something you get less of it. SDLT has had a major effect on London transactions Property isn’t immune to market forces. Rents and prices can’t grow ahead of incomes forever. Affordability in London is ridiculously stretched, so if it stagnates (real terms fall) and we see wage growth, affordability can come under control without a major correction

Want to take a further look at all the data? We got a lot of our information from the following links:

This Hometrack study  that splits London property into deciles by price  This report  on how London vendors are leaving the Capital. This article in The Guardian that talks about rents falling in London.  This article which discusses transaction volumes in London.

 

News story of the week: New BTL mortgage options for ex-pats.

We've heard quite a bit about Vida in the past few weeks, and their proposition seems to be pretty good. If you're an ex-pat investor, you may want to check them out. Read more here.

Resource of the week

Make your clipboard work harder! This keeps your clipboard history which is a huge time saver. Check out Jumpcut for Mac, Clipboard History 2 for Chrome, or this option for Windows. 

If you enjoyed The Property Podcast, please leave a review on iTunes

Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air.

If you’d like to hear your name on the show, leave us a review on iTunes here.

Not sure how to leave a review? This video shows you how to review and subscribe on iTunes.

ICOs: Why People Are Investing In This $380 Million Phenomenon  

Don't forget to take the Unchained podcast survey: https://www.surveymonkey.com/r/unchained

Developers of new cryptocurrencies are raising gobs of money with little more than a white paper. Though real advances are likely to emerge from the trend, the bubble could get worse before it gets better. William Mougayar, organizer of the upcoming Token Summit, and Nick Tomaino, cohost, discuss where ICOs are going wrong now, what best practices would help the space mature, and how to separate ICO wheat and chaff.

 

Show notes: https://www.forbes.com/sites/laurashin/2017/05/16/icos-why-people-are-investing-in-this-380-million-phenomenon/

 

Links:
Token Summit: http://tokensummit.com/
The Business Blockchain: http://thebusinessblockchain.com/
Startup Mangement: http://startupmanagement.org/
The Control: https://thecontrol.co/
Runa Capital: http://www.runacap.com/

Episodes referenced:
Brock Pierce of Blockchain Capital and Stan Miroshnik of The Argon Group: https://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/
Olaf Carlson-Wee of Polychain Capital: https://www.forbes.com/sites/laurashin/2017/03/07/why-this-hedge-fund-ceo-once-put-most-of-my-meager-life-savings-into-bitcoin/#6c20ccd14e15
Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/#11112aa960e6

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides  

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides

This is a special episode to premiere a new podcast from my friend, Ted Seides. In this show, Capital Allocators, Ted will feature a broad range of people that control the flow of money through the capital markets.  Ted is in a unique position to this; he knows this world as well as anyone having spent with both allocators and the money managers who invest on their behalf.  Below is the information about this first episode including a link to the homepage of this show, where you can subscribe.  

Enjoy the first full episode of Capital Allocators.

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Steven Galbraith is best known as the former Chief Investment Strategist at Morgan Stanley. He also sat in every seat in the asset management industry – credit and equity analyst, portfolio manager, business executive, entrepreneur, and Board member at an endowment and a large family office. We discuss Steve's journey, incorporating his deep insights in the investing world alongside colorful anecdotes of market inefficiencies in European football, college sports gambling, local breweries, and Charter Schools.

For more episodes, go to capitalallocatorspodcast.com/podcast

Follow Ted on Twitter at @tseides

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