Audit in tubular bells essay

Our freedoms and security, fought and died for by Canadians and their allies, are under attack. The biggest threats to our freedom are too much government, the eco-lobby, and censors posing as human rights commissions.

Audit in tubular bells essay

About Healing the Breach: The assertion that money management is more about marketing then risk management is a bit disconcerting. We live in the era of radical capitalism. It is characterized by fierce political pronouncements of the sanctity of laissez-faire principles and the ultra aggressive pursuit of free markets, resulting in the increased rationalization of the market mechanism into our culture and daily lives.

For many readers this statement is not surprising or profound.

Audit in tubular bells essay

Marketing is king, and if you have any doubts about it, try locating a music station in New York City that is not wed to a Top 40 play list or Talk Radio format.

However, as this Milton Friedman vision of utopia continues its inexorable march of rationalization, a strange alchemy is taking place. The ironic twist to all this is that these aggressive business practices defended on the grounds that they enhance shareholders value are actually seriously eroding the values of brands, profit margins and market capitalizations.

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But there is something deeper going on here. When investors entrust their money to an investment manager, they may be attracted to the sizzle remember past performance is not indicative of anything but what they want is still the steak.

Investors want an investment manager that can understand their investment goals and risk tolerance and provide them with an investment vehicle that can balance that risk tolerance with the capability of realizing an expected return.

The financial services industry is unique in the sense that it is the loam of all capitalist constructs. Yet as a business, financial services companies are no different from any other economic enterprise.

All companies create products and differentiate themselves through the value proposition incorporated into their product. Intrinsic to the product creation process is a determination of the type of materials that will form its composition. A conscious decision is made as to how the product will be positioned and marketed, its performance metrics determined, customer service resources required to support the product as consumers use it and how it will be distributed.

Once those variables have been determined, a profit margin is added and a value proposition to potential customers is conveyed. The value proposition that is communicated to consumers comes to be known and identified as the product brand. An investment product is designed to essentially address current and future financing requirements and the risk profile of the consumer are central to the design and purpose of the product.

That is why this bifurcation is so dangerous. It undermines the inherent purpose of the investment product and should more truthfully be marketed as a product that enriches the commission merchant that may over a specified period of time garner a return for the investor.

Audit in tubular bells essay

This is probably the most significant point and primal differentiator of companies that manufacture financial products with that of companies that manufacture consumer durables. Financial products facilitate the flow of capital through the markets.

It feeds the invisible hand that guides and directs all economic activity. If the flow of financial products is impeded, or abates due to consumers lack of confidence, a consumer driven economy like that of the United States will suffer greatly.

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However if that confidence goes away, Uncle Sam will have to curtail its deficit spending, raise taxes on its people and enter into other messy measures to remain economically viable. Confidence is a lovely thing both for nations and companies and once that confidence is lost it is a difficult, if not an impossible thing to regain.

Confidence is the basis of risk management. Credit risk and rates of return, the key variables of risk management, all start with the certainty of confidence. Yes, from an investment performance point of view was a terrific year. All major equity indices were up. Greenspan to proclaim with a certain degree of confidence that the recession had ended.

Yet from corporate governance, business confidence point of view, business news makes the turn of the century robber barons look like acolytes of Mother Teresa. To restore confidence investment managers need to develop a Sound Practice program that will repair the breech and bridge the bifurcation of marketing and risk management within the investment management enterprise.

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Lets turn our focus on how and why this bifurcation must be bridged. Sound Practices Builds Confidence The explosive growth of the global hedge fund industry and the important role it plays in providing market liquidity and as an alternative asset class for high net worth investors and institutions is increasingly placing the industry in the global spotlight and many regulators, interest groups and institutional consumers are demanding greater transparency and advocating increased oversight and government regulation.Our freedoms and security, fought and died for by Canadians and their allies, are under attack.

The biggest threats to our freedom are too much government, the eco-lobby, and censors posing as human rights commissions. Easy DIY Chimes Design and Build Tubular Bells from Tubes, Pipes or Rods The Power Industry is the backbone of the industrial world, supplying essential energy to .

Jun 07,  · Healing the Breach: An Essay on Sound Practices for Fund Managers “the “money-management business” (with its plethora of mutual funds, investment counseling firms, and hedge funds) has so many practitioners who’ve grown up in an era where it’s all been about marketing and not risk management, ” “If goes bad, it will go really bad “ Bill Fleckenstein Contrarian Chronicle.

23 hours ago · I just read an excellent new essay called The Case Against Free in which the author suggests that the "free economy" is drying up the economic resources needed to make quality creative works. The article focuses on recordings.

Easy DIY Chimes Design and Build Tubular Bells from Tubes, Pipes or Rods The Power Industry is the backbone of the industrial world, supplying essential energy to in Tfk Wind Turbine Solutions: Open Day at Nick Helme’s farm in England.

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