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Lessons From The Intelligent Investor

Lessons From The Intelligent Investor

If you're like a lot of people watching the recession unfold, you have likely started to look at your finances under a microscope. Perhaps you have started saving the annual savings rate by people has started to recover a bit.

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The Mutual Fund Millionaire

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Green Exchange Traded Funds

In the mutual fund world, a debate has been raging for years over whether actively managing money is even necessary. Critics of traditional mutual funds point out that in a typical year, 80 percent of actively managed funds underperform their target indexes after expenses. Far better, say the critics, to simply buy a bunch of stocks that represent a given index or sector and leave them alone. Such a portfolio will do as well as the index, and because it will cost next to nothing to run, after expenses it will beat most actively managed funds. Early on, the vehicle of choice for this kind of passive investing was the index fund, a concept that made Vanguard one of the leading mutual fund managers. Then came the exchange-traded fund (ETF), which combines the index fund concept with the trading characteristics of a stock. Whereas a mutual fund is priced at the end of the trading day when its component securities are totaled up and can only be traded at the end-of-day price, an ETF...

Hedge Funds Superfunds and Private Equity

Hedge funds are investment firms that try to profit by making bets on commodity and exchange futures. This is how they work They buy financial instruments, or contracts, today and then sell them later at higher prices and pocket the difference. They generally trade on arbitrage, or the price difference of contracts. Hedge funds are a growing industry right now, with about 1 trillion invested in the oil market in the past two years. Most hedge funds are large private capital placements, but some are small, particularly when they are structured as a superfund, which is technically not a hedge fund but a managed futures fund. Superfunds are great for the little investor because the managers charge you less, typically 8.75 percent, in brokerage and management fees. Super-wealthy investors have private equity funds that invest large sums of money in all manner of sectors and are the hottest investment tools currently in the energy markets. Blackstone, Battery Ventures, and General Atlantic...

Box Carbon Audit Of Hendersons Global Care Income Fund

Researchers at Trucost found that the investments in Global Care Income Fund displayed 32 percent less carbon intensity than its FTSE benchmark. The largest positive impact on the fund's carbon intensity was attributed to its underweighting position in mining and oil and gas sectors, while an overweighting in utilities contributed to the biggest negative impact. Income Fund

Exchange Traded Funds

These are low-cost funds that have suddenly become popular with investors, although they are less well understood. Like traditional funds, exchange-traded funds (ETF) hold baskets of securities and other investments, but rather than get priced once a day, like traditional funds, they trade throughout the day like the stock market or futures market for commodities. They get priced like stocks. You can also invest in exchange-traded funds for as low as 8, by using part of your mutual fund invest ments. Exchange-traded fund assets have more than doubled over the past two years to 251.5 billion. But they remain small compared with traditional funds, which have 8 trillion in assets. Many banks and brokerage firms have added ETFs to their investment portfolios, including Morgan Stanley, UBS, Smith Barney, Raymond James, and the Vanguard Group. Because ETFs trade like stocks, investors pay a brokerage commission each time they buy or sell part of their equity, which makes this type of...

Mutual Funds

Yes, there are mutual funds that invest in energy, and you should seek them out. But before you start to invest in them, try to find out what kind Those who quit energy around 2003 because they thought the market would hit reverse are having second thoughts. A typical example is Vanguard Energy, which after liquidating its energy portfolio in 2004 came back in 2005. Meanwhile, several mutual funds invest in commodities indexes that offer diversified investments and far more protection against risk of loss than we realize. For a long time, people didn't know how good commodity investments were relative to stocks. But a recent study by Gary B. Gordon, a professor at the Wharton School of Business, University of Pennsylvania, and Geert Ruwenhorst, a professor at Yale University, suggests that when stocks and bonds slump, commodities, like energy, do not.19 Commodities Index and the Dow Jones AIG Commodities Index, are both heavily weighted toward energy, 30 percent to 40 percent. One of...

Oil Prices Will Stay High And May Even Rise To A Barrel

The world is experiencing its first demand crisis in more than two decades. We can blame China, OPEC, Iraq, and the oil peak for that, but we must also admit that the industry has gone through some structural changes that have had enormous influences on energy prices. Certainly, a case can be made that oil and gas have become asset commodities that are attracting more investors at a time when equity returns aren't great. In fact, that's why the American Stock Exchange introduced the first exchange-traded fund (ETF) tracking crude prices in April 2006. Exchange-traded funds have become hot on Wall Street because they give individual, average investors the opportunity to have control over their investments, by taking positions in crude oil rather than investing in shares of energy companies or mutual funds. In a kind of cyclical effect, these new investors have added, and will continue to add, market liquidity, causing oil prices to continue soaring, and energy companies also to make...

Investing in Windy Conditions

The second obstacle for U.S. investors is that many of the bigger companies in the wind industry are based either in Europe or India. These companies do not trade on U.S. stock exchanges. Yes, you can get exposure to these sectors using exchange-traded funds but as far as pure play options in the United States the pickings are somewhat slim in number. Nevertheless, this doesn't mean that they are slim in opportunity.

Institutional Investors Size And Global Reach

By virtue of the size and global reach of their investment portfolios, managers of institutional portfolios, which as a group include insurance companies, pension funds, mutual funds, brokers, endowments, and foundations, have the power to move carbon governance and improved carbon strategies into the mainstream of investment decision making. Within the Organisation for Economic Co-operation and Development (OECD) countries, the size of pension fund investments is second only to those of insurance companies (OECD 1999). Among institutionally managed portfolios in the United States and United Kingdom, pension funds alone account for over one-third of corporate equity. In the United States, mutual funds control over one-quarter of publicly traded equities, and as such are also well positioned to examine corporate risks of climate change. In the final months of 2005, Canadian trusteed pension funds held assets approaching 800 billion (Statistics Canada 2006), while the Canadian mutual...

Which Strategy Is Right for

Economy, but for each investor, there are approaches that fit both temperament and resources. So as you go through the next few chapters, read them not in terms of right and wrong but of comfort and discomfort. What feels best, given your level of financial expertise, tolerance for risk, and available capital And as always with specific companies or mutual funds, note that the lists in this section are examples that illustrate a thought process, not specific recommendations. Much will have changed in the months (or years) between this writing and your reading, so you'll want to use the resources listed in Chapter 24 to find the stocks that best fit your chosen strategy.

Institutional Investors

To further the transparency of institutional investors' proxy voting on corporate resolutions, new U.S. SEC rules went into effect in 2004, requiring all investment management companies, including mutual funds, to disclose their voting policies and proxy votes (Brennan and Johnson 2004). Examples of social and environmental disclosure can be seen in the U.S. state of Connecticut's proxy voting policies (www.state.ct.us.ott) as well as in two of Canada'a largest public pension plans, the Canadian Pension Plan (www.cpp-rpc.ca) and Ontario Municipal Employee Retirement System (OMERS) (www.omers.com).

Desalination and Water Managements Growth Prospects

That will conserve and stretch existing water supplies. So every category of water management, from utility-scale services and waste treatment plants to advanced pipe materials, pollution detection products, and water management algorithms, will see rising demand for at least the rest of this decade. As Table 13.2 illustrates, water, like solar, offers investors a wide range of possibilities but requires time and effort to make sense of the jumble of technologies, business models, and market niches. As you'll see in Chapter 19, there are entire mutual funds devoted to just this industry.

Table Green European Utilities

Where is clean tech in this cycle That depends on what has happened between this writing and your reading. But let' s assume that it's late 2008 or early 2009 and the U.S. economy is closing the book on a year most investors would rather forget, with lower stock prices, anemic corporate earnings, and some big, scary crises of the Bear Stearns variety. Solar and wind stocks have been caught in the general downdraft, and most other clean technologies have yet to peak investors' interest. If that' s your world, then clean tech is beginning stage one, with most people either unfamiliar with the growth prospects of these companies or too wounded by what's happened to their mutual funds to contemplate betting on something new. So the leaders are nice and cheap, and the most logical way to approach this sector is to build a portfolio of the biggest, highest-profile clean-tech companies in the expectation that they'll be noticed first when investors' animal spirits start to revive. These are...

Speculative Investors

The emergence of any new market attracts risk capital and early speculative investors and the carbon market is no exception. A number of hedge funds and private investment funds from Europe and the United States have begun to deploy capital either in the form of equity stakes in carbon companies or as purchasers and or traders of carbon credits. These include RNK Capital, a New York-based emissions-focused hedge fund. Tudor Investment Capital, part of the leading U.S. hedge fund company, which has taken an equity stake in CDM project developer Camco International. Stark Investment Management, a Wisconsin-based hedge fund, which has expanded its environmental markets capability through strategic hires. Dexion Capital, a hedge fund group, which has launched a new fund of hedge funds Dexion Alpha Strategies advised by RMF Investment Management, part of the world's largest listed hedge fund firm Man Group and is expecting the listing to raise between 60 million and 85 million. In addition...

Intermediaries Speculators and Professional Services

Of publicly listed companies has required mainstream financial analysts and bond rating agencies to devote research resources to understanding the implications of carbon finance more thoroughly. The link between emissions prices and energy commodity prices has resulted in commodity trading desks setting up carbon contract trading capabilities as a natural extension of their energy and power trading operations. To the extent that carbon finance issues are also affecting power generation economics, corporate operating and finance departments are now incorporating carbon finance into strategic decision making. Many companies need advice on this from investment banks, who understand the implications of carbon finance within the corporate finance complex. Insurers are taking steps to develop credit delivery guarantees and other structured insurance products so that counterparties to a transaction can transfer the risk of nondelivery or project failure more effectively. Banks are being...

Chinas Need for Energy Resources

Continuing very high demand from China and India, Asia's new powerhouse economies, has strained oil supply and pushed up prices to record levels, with analysts at Goldman Sachs, the New York-based investment bank, forecasting a price super-spike to slightly more than 100 per barrel. Given that bullish broad view, hedge funds and other speculators have become more active investors in the energy markets. All of that adds another premium to the price because of the huge pile of cash coming into the sector.

Investment Decision Making

Historically, pension fund reform, diminishing returns, and a fear of not being able to meet their future liabilities have fueled the debate among pension fund mangers as to the right balance between equities and bonds in asset allocation (Economist 2003). More recently, efforts to improve pension fund yields have led to the substitution of alternative asset classes, including real estate, climate-themed private equity, venture capital and hedge funds, and new markets such as emissions trading, in place of traditional equities and bond investments. The growing segment of venture capital and private equity funds that invest in alternative energy forms and energy efficiency have become increasingly important in their potential to help to meet growing commitments to the reduction of greenhouse gas emissions (see Tharp p. 115). Firms in this field raise capital from institutional inventors such as pension funds, insurance companies, and banks. The life cycle of these funds is typically up...

Measuring Our Predicament

Oil geologist Colin Campbell's classic work, The Assessment and Importance of Oil Depletion, describes how oil and human society go back together in time, but how that connection, recently stronger than ever before, is coming to an end. He at once evokes the primordial power of oil and the pitiful economic religion of growth with its dogma of supply and demand. His background in earth sciences and years of experience in international oil exploration put human demands and expectations into perspective against geological time. This is the voice of experience at the drill-end of real wealth as opposed to hedge funds built on hype.

An Oil Crisis Creates Debate That May Determine Who Is The Top

The oil stock gains have been seen all around the world, not just in the United States alone. Last year, one hedge fund manager who has benefited from higher oil prices by purchasing oil stocks was among those touting investments in refiners as well as Canadian oil royalty trusts. Everyone, from professional economists on Wall Street to ordinary consumers, has been wondering why oil prices are so high and continue to

Global Trading Platform

Most people need help with foreign stocks. For those who don ' t, Interactive Brokers (IB, 877-442-2757, www.interactivebrokers .com) offers a very slick universal account (minimum balance 10,000) from which clients can trade foreign and domestic equities, options, commodities, foreign exchange, futures, and bonds. IB isn' t well known among individual investors because it caters to hedge fund managers and other professionals. But it's been around for 31 years and is very big, handling 700,000 trades per day and 14 percent of the world 's equity options volume. With foreign stocks, You're directly connected to more than 70 electronic exchanges around the globe, says IB spokesman Andrew Wilkinson. On the IB workstation, a customer can look up a stock's ticker on its home exchange, convert dollars to the requisite amount of foreign currency (on favorable terms, according to Wilkinson), and enter the trade directly. Or the customer can make the trade and let IB handle the currency...

Other Protections Against Business Risk

The Federal Reserve has other ways of shielding speculators against risk. Long-Term Credit Management was a speculative hedge fund. By using layers of credit, the fund was able to leverage a relatively small investment into an enormous gamble. At its peak, the owners had accumulated investments and profits of 7 billion, while its investments in derivatives reached a staggering 1.3 trillion (Blustein 2001 307 and 315 and Lowenstein 2000 192-200). Long-Term Credit Management made a series of disastrous investments, driving it into bankruptcy. Long-Term's inability to repay its enormous debts threatened to set off a panic that could possibly unravel the entire world financial system. Peter K. Fisher, an executive with the New York branch of the Federal Reserve led an effort to corral major Wall Street firms into bailing out the hedge fund. Although these firms lost money in the bailout, their losses would have been far greater if a panic had broken out (Lowenstein 2000 194-5).

Private Investment and Technology Transfer

Most financial and product flows from industrial to developing countries come from private investment, not governments. Business concerns about investment risk in developing countries are real but can be mitigated. One potential medium would be a public-private investment fund established by the Overseas Private Investment Corporation, targeted specifically to transportation needs in developing countries. A transitory fund that uses government funding to leverage private capital could mitigate financing risk and serve as a bridge to longer term financing through private or multilateral lenders.

An investors perspective on the voluntary carbon markets From marginal to mainstream

While the overall carbon market shuddered for two or three years after the withdrawal of the US from the Kyoto Protocol, the retail and voluntary markets continued to diversify. The CCX was established in 2003 as the first voluntary carbon credit market. Retail carbon companies proliferated, and there are now more than 90 worldwide. On the demand side, the concept of businesses offsetting some or all of their emissions has become widely adopted, and carbon investment funds are allocating larger portions of their portfolios to voluntary offsets. Investment spending and buyer confidence is growing, in part because of access to more robust market analysis and information.

Barriers To The Financial Consideration Of Climate Change

Potential investors in sectors such as renewable energy. Additional difficulties are seen at the analytical level, where low awareness of climate change among key finance and insurance advisors result in poor data availability and insufficient analysis. In addition, understanding of financial benefits of climate-friendly projects is low within the sector. And finally, at the market level, complexities within emissions trading markets have, to date, deterred financial institutions from getting more involved, while potential investors in clean technology seek specific policies, such as tax incentives or renewable energy trading schemes, to give their investments some clear market advantage. Further to these issues, some investments, such as those in renewable energy, are small in comparison to the scale that investment funds required, and therefore appear to have, relatively high overhead and transaction costs (UNEPFI 2002).

Managing revenues from oil and gas

Several hydrocarbon-rich countries across the world have created sovereign wealth funds (SWFs) - state-owned investment funds composed of financial assets such as stocks, bonds, property or other financial instruments - as a means of improving the standard of living of every household in the longer term. The funding often comes from revenue generated from the export of natural resources. SWFs, however, may not be the right solution for low-income countries, especially those with rigidities in labour and capital markets. In countries without strong institutions, they may present undesirable opportunities for corruption and mismanagement. Given the scale of the challenge of poverty and development, countries could be better off investing their oil wealth in infrastructure, education and health. After initial mistakes in revenue management following the discovery of natural gas in the Netherlands (termed the Dutch Disease), the government there spent gas revenues on physical...

International Progress to Date

The World Bank is one proponent intent on playing its part in global efforts to finance adaptation. The World Bank's Climate Investment Funds, approved by the Bank in July 2008, are expected to be worth between US 7-12 billion, of which the Strategic Climate Fund, aimed at financing adaptation projects in 5-10 developing countries, is expected to raise over US 1 billion.25 The World Bank states that in putting forward these funds that it 'recognises that climate change is central to the sustainable development and poverty reduction agenda', and that in light of this it wishes to establish funds to 'scale-up financing available for policy reforms and investments that achieve sustainable development goals'.26 The funds are based on a number of guiding principles. These include growth and poverty reduction, ensuring access to adequate financial resources for developing countries, finances that are country-driven and designed to support sustainable development, and that the UN is the...

Conclusions Of Model Review

One possible way to integrate the macro and bottom-up approaches in a macroeconometric model is through the cost curves generated from engineering models. These can be transformed into a simple functional form, and incorporated in the macro structure to account for technological options and potential this approach is especially relevant in developing countries where the economic structure is changing too rapidly for structural econometric estimates to be useful. Chapter 6 details the construction of a combined macro micro model for India, where cost curves are constructed from engineering data in order to calculate the demand for investment funds needed to save carbon dioxide. This investment CO2 abatement relationship is then embedded in a macroeconometric model in order to estimate the effect of investment diversion and price changes on the wider economy.

Benefits of transparency initiatives

Transparency improves a country's credibility among foreign investors and the international banking community. There is evidence that high-transparency countries enjoy lower costs of borrowing in sovereign debt markets, and investment funds make larger investments in high-transparency countries (Gelos and Wei 2005 Glennerster and Shin 2003). Adoption of transparency initiatives can therefore contribute to an improved investment climate by providing a clear signal to investors and the international financial institutions that the government is committed to improved accountability and good governance.

The Greening of Job Sectors

Many banks are integrating environmental priorities into their internal operations, investment criteria, and financial services. Many are structuring corporate environmental policies to promote internal energy efficiency and reduce waste. They are factoring environmental assessments into loan and investment criteria. Banks are also performing debt-for-nature swaps with countries containing threatened land areas (such as rain forests) and offering investment funds and portfolios screened for environmental performance.

Are speculators to blame for soaring oil prices

As is often the case when the price of any commodity jumps, the finger of blame for the recent surge in oil prices has been pointed squarely at speculators. The amount of money invested in commodity funds has certainly risen strongly in recent years -20-fold since 2003 to more than 250 billion on some estimates. A growing number of analysts believe that this represents a speculative bubble rather than the outcome of market fundamentals. Several governments, including that of India, have called for restrictions on speculation to be imposed. But it is far from certain that the flow of money into oil trading has, in itself, driven up prices. Speculators, or financial investors, play both sides of the market, and what they buy, they eventually must sell (unless they take delivery and store physical oil, which is rare) and vice versa. Each barrel of oil that is bought for future delivery on the futures market must be sold on before the contract expires. Whatever the volume of futures...

Energy Cities Evolution and Innovation

Positive signals arise from the current global energy conundrum, common to cities in more and less wealthy regions of the world. The present energy transition triggers a technological and logistical innovation wave, affecting areas as disparate as personal and public transport systems efficiency in computing, industrial processes and building design innovations in facility construction and use fiscal, funding and investment models and in renewable energy generation, storage and management itself. This wave has reinforced many governments in their nascent forms of action, and mobilized business leaders in venture capital finance, equity funds and infrastructure investment across Europe, India, China or the United States - yielding many new companies and a net growth in jobs and flow-on in economic benefits. Yet despite numerous and clear signals of progress and advance into new and sustainable directions of development, the folklore of traditional international energy policy has it...

Box Swiss Re Provides Insurance For

In mid-2006, European International Insurance, a subsidiary of the global reinsurer Swiss Re, developed an insurance product designed to assist RNK Capital, a U.S.-based private equity fund manager, to handle its Kyoto-related risk as it invests in CDM projects. The insurance policy covers some risks associated with the purchase of carbon credits. These include the failure of, or the delay in, project registration or certification issuance of CERs related to the CDM process. The policy does not, however, cover political or country risk, nor is it triggered by any error in the Designated Operational Entity or delivery risk related to problems with the International Transaction Log.

Utility and Electricity Regulation

A monopoly is described as a market failure. It occurs when there is only one or a few providers of a good or service that consumers can choose from. In society, natural monopolies exist because large amounts of capital funds are required in order to provide certain goods and services. For example, natural gas pipelines and electricity distribution systems cost a lot of money to construct and maintain. Additionally, they are most efficient when designed to service large numbers of people. Because of Electricity regulation in the twentieth century experienced a similar trend of increasing federal involvement. In the 1920s, utility holding companies dominated the electricity market. These companies did not actually produce or distribute electricity rather they consolidated and acquired control over smaller electricity providers. The smaller providers gained the capital funds required for electricity distribution, and the utility holding companies made a share of their profits....

Switch from Trucks and Airplane to Trains and Ships

This type of transportation, when in place, would dramatically reduce the energy need for long-distance transportation compared to airplanes and existing train connections. It would make long-distance transportation possible, even in a future with access to much less energy than we have at present. The estimated cost of building this network is some 400 billion dollars, which is a huge sum of money, but still much less than the estimated cost of the Iraq war.9 The researchers John B. Kidd and Marielle Stumm mention a number of different sources of financing that would be possible for this type of project. Among them is financing from nations with large amounts of foreign reserves, such as China, and from Sovereign Wealth Funds.

Commercialisation privatisation and globalisation

Following the collapse of the easy credit market in the summer of 2007, a major new source of globalisation came forward with a switch to sovereign wealth funds (SWFs) to finance company takeovers. SWFs are state-owned investment companies, which have the power and stability of state finances behind them enabling them to outbid most competition. It is estimated that the global value of SWFs currently stands at 2,500 billion and could rise to 12,000 billion by 2016. Many SWFs are run by oil-producing countries, but the China Investment Corporation (CIC) is also a major player. SWFs have been criticised for lack of transparency in their operations. Serious concerns have been expressed over the potential for hidden political agendas. Political commentators have linked China's reluctance to support UN criticism of the Sudanese government's role in the Darfur crisis to the level of Chinese investment in Sudan, particularly in the oil industry. Takeovers by SWFs and state-controlled...

The political and economic context The economic struggle of the s

In 1994, the decline in GNP levelled out, and government figures showed a 7.8 per cent increase in 1996. By 1999 the positive trend was continuing, with a growth rate of 4.2 per cent, and the Cuban peso, which had been operating at a dollar rate of 150 1 in 1994, was revalued at 20 1 in 1999. The budget deficit had reduced from 38.28 million in 1995 to 13.4 million in 1998 (Nieto and Delgado, 2002). Nevertheless, the Economist Intelligence Unit estimated hard currency external debt to have continually risen over this period (EIU, 1997), including outstanding arrears with the International Fund for Agricultural Development (IFAD) which stood at 14.21 million in 2000 (IFAD, 2000).

An interesting footnote

As international fund was by then available, some of the forum's writers managed to travel to other south Asian countries to attend conferences. Their presence was thus known internationally and regionally. However, within the Maldives, except for the government agencies concerned and the forum members, no one knew about their activities or even of their very existence.

The Unccd Process in its First Decade

Thus far, the implementation of the UNCCD has been predominated by its formal institutionalization at the international level and within the geographical regions specified in the respective annexes to the convention 12 . Formally, this process began with the first Conference of Parties (COP), which convened in Rome in the fall of 1997, although some institutional provisions had already been taken in the interim period following the adoption of the convention and during which the negotiations committee continued to meet. Constituted by all signatories of the convention, the COP is the political core around which the UNCCD regime is built. It convenes every two years and acts as the principal governing body of the convention. In this function, the parties are seconded by a Committee on Science and Technology (CST) and, since 2002, a Committee for the Review of the Implementation of the Convention (CRIC).* The former is designed to promote the coordination of scientific research on...

More Bang For Your Carbon Buck

Although the generation and trading of carbon credits and the mitigation of carbon-associated risk is primarily dominated by large institutional firms, the profit potential for individual investors is still enormous. This is because the large funds that have been set up to finance emissions reduction projects are continually looking for new projects in which to invest now more than ever. It's possible to invest directly in the companies that are pursuing and profiting from those projects. Indeed, the future of the carbon market looks strong and profitable, so long as it's played the right way. Profits from this sector will continue to flourish despite the opposition. Kinks will be worked out and loopholes closed, and soon the carbon market will be wholly adopted by financial communities and laypeople alike. We expect to see parts of the carbon market intrude into everyday life as retirement plans, hedge funds, and exchange- traded funds all begin to adopt some form of carbon practice....

Modelling monsoons and ENSO

One of the key issues for the future is the likely behaviour of the monsoon systems that are responsible for delivering water to a large proportion of the human population. Walliser et al. (2003) present the results of a monsoon global climate model (GCM) intercomparison project involving ten groups, each of which carried out a set of ten ensemble simulations for the two-year period from 1 September 1996, using identical prescribed sea-surface temperatures (SSTs) but different initial conditions. The study focuses on within-season rainfall variability and the skill with which the models are able to simulate spatial and temporal changes during a monsoon season. A major goal of the study was to assess the degree to which the spatial propagation of the monsoon system through the season, and associated precipitation patterns, may be predictable using state of the art models. The authors conclude that 'of the ten models, only a few exhibit a somewhat realistic northeastward propagating...

Preface and Acknowledgements

Nonetheless, i ask that we see this book, as all propositions should be seen, as a conversation. All of the requirements i state for public discourse, i gladly accept for my own work. Let us start this conversation now with the virtues of fidelity to representation and humility in order to begin creating a more peaceful, sustainable, life together.

Varieties of Carbon Management

Analysis has shown that it is possible to dramatically reduce the required mass and thus the cost of both scattering systems.4 It had long been suggested that changes to the solar constant would compensate only poorly for the climatic effects of increased CO2, even if mean surface temperature were accurately controlled. But a recent climate model experiment indicates that reduction of solar input can compensate for increased CO2 with remarkable fidelity.5

Importance of government regulation

In other words, voluntary initiatives such as TOVALOP and OPOL (see above) were designed to stave off national regulation. In the process of negotiations with the oil and shipping sectors, a series of specific oil-related international treaties was established that complemented the voluntary oil and gas industry initiatives, including the 1969 International Convention on Civil Liability for Oil Pollution Damage and the 1971 International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, which provided for the liability of an owner of a ship for oil pollution and established a compensation system, and general treaties with application to the oil and gas industry such as the 1973 International Convention on Marine Pollution, which covered oil pollution at sea.

Encouraging Ecocycle Balancing The Role of Green Taxes

Ilar benefits are restricted for auto usage. Employers are also permitted to give each employee one 1,500 guilder bicycle (about US 750) every three years, while the employee is taxed for only 150 guilders (about 75). Employer payments for rain gear and bicycle insurance are also tax free. The Netherlands has also adopted a program of accelerated depreciation for investment in sustainable technologies and has declared that money placed in green investment funds are also tax free. These taxation policies and priorities have done much to encourage a wide range of ecological projects and investments and certainly help move the country in the direction of becoming a closed-loop society.

Alternatives to the discrepancy model

Further, this variance cannot be accounted for by merely increasing treatment fidelity. Procedures that control for treatment fidelity in applying evidence-based treatments account for a very small amount of variance in student outcomes. Although the role of teacher effects can be controlled to some degree, there is no expert teaching model that has been operationalized and implemented for instructional delivery in evidence-based practices.

Sijm J.p.m. S.j.a. Bakker Y. Chen H.w. Harmsen And W. Liese 2005 Co2 Price Dynamics The Implications Of Eu Emission

Here come the hedge funds. Environmental Finance 5(8) 16-17. Cogan, D. 2004. Unexamined Risk How Mutual Funds Vote on Global Warming Shareholder Resolutions. December. Boston CERES Washington, DC IRRC. Cogan, D. 2006. Unexamined Risk How Mutual Funds Vote on Global Warming Shareholder Resolutions. January. Boston CERES Washington, DC IRRC. IFIC. 2006. The Investment Fund Institute of Canada, ific.ca eng home index.asp. Nicholls, M. 2005b. Guaranteed weather marketing novel investment fund. Environmental Finance 7(2) 5.

Private Sector Players

A whole range of private-sector companies now see emissions credits as a growth market. For investment banks, the attraction of another big trading opportunity is obvious. But many of them are going further, actually initiating, financing, and managing projects to retrofit Indian factories, clean up Russian pipelines, and plant trees in Indonesia. This kind of merchant banking generates a river of fees that culminate (it is hoped) in trading profits and capital gains when the projects come to fruition and are sold. Each player is approaching the market in its own way In 2007, Morgan Stanley bought 38 percent of MGM International, a Florida-based company that invests in emissions reduction projects. Credit Suisse bought 10 percent of Ireland-based EcoSecurities Group and said it may lend that company a billion euros for pollution investments. London-based hedge fund Man Group raised 382 million for a fund specializing in greenhouse gases at Chinese coal plants. Utah-based Blue Source...

Debates within social movement theory

British Petroleum and Fidelity investments were targeted by activists because of their involvement in oil exploration that threatened the tribal homeland of the Uw'a people in Colombia and bio-tech companies such as Monsanto saw their share values drop sharply as protests against genetically modified food mounted in Europe. These kinds of action focus on the vulnerability of transnational companies to rapid share decline through loss of brand loyalty.

Game Theory Shows You Have To Be Optimistic

Staying ahead of those changes is the best way to play the market. If you choose a stock fund, you might want to leave the job of picking it in the hands of someone else, the manager of that fund, a smart professional smart, because there are stupid money managers, too who tracks the record of the best and the worst performing companies for you to see each day or each week or two. You also have to find out which stock sectors will stay strong and which ones will ease, or are already showing signs of cooling off. If you diversify, some of your funds will be better than others, but you probably won't be losing a whole lot, because you'll be cushioned from a hard landing.

The suppression of scientific controversy

The promulgation of this material in the popular media by the agents of influence referred to above, be these the IPCC spokesmen addressing policymakers or industry, the environmental lobby, green investment funds or politicians. It needs to be stressed that environmental policy-makers (national and intergovernmental administrations and their expert advisers) now have become the major force driving the Kyoto process forward regardless of science or economic implications.

Gaps from Tectonic Movement

Seemingly, investors were getting on board with the vision. I remember private equity and energy tech venture capital investment funds being launched specifically focused on this sector. Lenders had devised special programs to make it efficient to lend money to many aggregated, small, distributed power projects, instead of arranging large chunks of debt for fewer larger projects. FERC was smoothing the way, too, with a big initiative called Standard Interconnection, which would have made it much easier for DP systems to link up with the utility system, and prevent more traditional utilities from torpedoing projects.

The Failure Of The Kyoto Process

However, by lowering the demand for carbon credits, reduce the likely inflow of investment funds to industrializing countries, as a result of the constraints of binding targets and the relative cheapness of emission reduction in some countries, and reduce the expectations of carbon traders and carbon consultants. Clearly, the only nations remotely likely to meet the target without trading were those, such as the UK, Germany, Russia, Ukraine and other economies in transition (EITs), where economic collapse or energy restructuring for thoroughly economic reasons had produced substantial windfall reductions in CO2 emissions. Any other outcome in future would have required politically impossible interventions in national economies, with political consequences that could not be foretold. In the end, too many hoped to benefit either from global warming itself, and hence had little incentive to act at great cost to themselves, or from current investments in advocated solutions.

Investing in Green Buildings

We have yet to see the first real estate investment fund squarely committed to green real estate. But until such funds are created, there are some other options worth considering. One is to acquire shares in companies that commonly own Energy Starlabeled buildings or have been recognized by Energy Star for their conservation efforts. Examples include Arden Realty, Equity Office Properties, Hines, Brandywine Realty, Carr America, Glen-borough Realty, Parkway Properties, Prentiss Properties and USAA Realty.85

The Recent Emergence of Responsible Savings and Changes that are Tending to Follow the Anglo American Model

Socially responsible investment (SRI) has developed in France rather later than in Anglo-American countries. The first mutual fund, Faim et Developpement (Hunger and Development) dates back to the beginning of the 1980s and was on the initiative of the Comite Catholique contre la Faim (CCFD Catholic Committee against Hunger) together with a banking sector cooperative in the shape of the Credit Cooperatif. At the same time, the first common ethical investment fund was born, initiated by a religious order that had the idea of offering investors and individuals alike a means of investing on the stock market in funds that respected man's place in the economy. The 1990s were to be significant for the development of more and more initiatives which followed the example of the ethical solidarity investment fund called Insertion Emploi (Insertion Employment), launched in 1994 on the initiative of the Caisse des Depots et Consignations (CDC), the Caisses d'Epargne, and a trade Union - the CFDT....

CSR and External Outreach

Financial Analysts and Institutional Investors. Over the last decade, socially responsible investing has grown exponentially in the US (Social Investment Forum, 2006). According to the Social Investment Forum, as of 2005 almost 1 in every 10 dollars under professional management was involved in socially responsible investing. Calvert is one of the nation's largest socially responsible mutual fund firms with approximately 14 billion in assets under management. Companies participate in CSR to gain access to investors of socially responsible investment (SRI) funds and to qualify for credit lines from banks requiring social investment data. 1. Social Screening includes mutual funds and separate accounts. Since 2003, SRI mutual fund assets have increased (see Section II) while separate account assets have declined (see Section III) as single issue screening has waned and shareholder advocacy increased on the part of institutional investors. 1. Social Screening includes mutual funds and...

Implications for Ecological Interpretations

The derivation of most of the fossil bones from raptor pellets and mammalian carnivore scats means that the sample represents primarily what the predators hunted. Typically the diets of predators such as coyotes, hawks, and owls reflect those small mammals and birds that are abundant on the landscape that is, they eat what is out there, rather than selectively looking for a certain species. This situation results in a correlation between rank order abundance of small mammal species identified in the pellets and scats and rank order abundance of species in the living community, especially if the predators included a range of both diurnal and nocturnal hunters (Hadly, 1999). The range of mammalian predators that ultimately collected most of the Porcupine Cave specimens potentially included fishers, weasels, ermines, black-footed ferrets, minks, wolverines, badgers, skunks, coyotes, wolves, foxes, bears, bobcats, and cheetahs. Raptors and other avian predators or scavengers potentially...

Many Shades of Green

But which money manager This, at least, is a relatively straightforward question, since in early 2008 there were just a handful of options. Table 19.1 lists the available actively managed green mutual funds. The subsequent tables present snapshots of each fund, including its 10 largest investments as of the end of 2007. (See Tables 19.2 to 19.7.) Let ' s begin by noting that both socially responsible (SRI) and clean-tech funds are frequently lumped under the green heading, but as you can see by comparing the portfolios of, say, the Guinness Atkinson Alternative Energy (Table 19.2) and Sierra Club (Table 19.4) funds, they operate with very different philosophies. Table 19.1 Green Mutual Funds Sierra Club Stock Fund Table 19.7 Green Exchange-Traded Funds Global Diversification. With most sectors, it 's possible for U.S. investors to build a completely acceptable portfolio of domestic companies. Not so with clean tech. Many of the leaders in solar, wind, and several other niches are...

Investment

Investment banks and major institutional investors, such as pension funds and mutual funds, were equally slow to awaken to a risk that had been publicly identified since the 1970s and 1980s. (See Chapter 5 for a further assessment of the role of institutional investors.) They generally saw climate change as very uncertain and very marginal to their traditional criteria for screens for investment. This attitude is still prevalent in some quarters of the financial services sector today. However, as scientific opinion on the reality of climate change has become almost unanimous, major investors have had to reconsider their position. In addition, institutional investors have been pushed by legislative changes, such as the Pension Disclosure Regulation (2000) in the United Kingdom, and the U.S. proxy voting rules in 2004, which help redefine environmental issues, including climate change, in terms of fiduciary responsibility.

Emissions Trading

Emissions and sell its now superfluous credits (which are based on the plant's prior-year emissions) to offset the cost of the upgrade. The net result is a decrease in atmospheric CO2 at minimal cost to companies, their employees, and their shareholders. A cap-and-trade world will, say its proponents, spawn a whole new, radically positive ecosystem Entrepreneurs will scour the world for easy ways to reduce greenhouse gases and make a profit by trading or investing in the resulting credits. Investment banks and venture capitalists will fund projects based on expected returns. And mutual funds and hedge funds will build portfolios of such projects and the credits they generate. As you'll see shortly, even at this early stage of the emissions trading game, all of these things are happening.

Green Utilities

All else being equal, electric utilities that generate more power from renewable sources should be safer and more profitable than their fossil fuel-dependent competitors. And their shares should have more upside potential, both because renewable energy will command a stability premium and because a growing number of green mutual funds will prefer such stocks. A portfolio of green utilities would be, in short, a conservative, relatively high-yielding way to play the shift to renewable energy.

Bear Market of

As this is written in early 2008, the U.S. housing market is imploding and the dollar is falling versus gold, oil, and most foreign currencies. The budgets of the U.S. federal government and most states are deeply in deficit, with spending cuts and or tax increases inevitable. And Wall Street is in chaos. Venerable investment bank Bear Stearns has collapsed, and hedge funds, mortgage lenders, and homebuilders are closing their doors on a daily basis. But this turmoil is just the surface manifestation of a more serious illness that might unsettle the financial markets and make optimistic investment themes like clean tech a hard sell for several years. To put it bluntly, we've made a mess of the global financial system, and it's crucial for would-be clean-tech investors to understand how we got here and how big the coming dislocations might be. So let 's take a brief detour into the world of finance for a look at why the United States and possibly the global economy are in such...

The Long View

For investors, China offers long-term promise, but the next five years are key. China is getting a great deal of attention from U.S. investors despite the fact that its equity market is less than 1 percent of the world total. Most money managers, including those who own oil stocks, are betting the fast growth rate will pay off because of an explosion of demand. Hedge funds like those of Franklin-Templeton have heavily invested in China's electric power stocks, while John Hancock holds a Chinese oil portfolio, including stock in oil and gas producer PetroChina, in which Warren Buffett owns a 1.3 percent stake.

Financial

The financial dimension is a difficult one to manage currently. About 40 percent of generation assets are now owned by private entities. Private investment is taking more direct control of electricity assets through less regulated means such as hedge funds and private equity investment pools. No longer is financial control conducted through investing in the public equities or debt instruments of the companies, which are regulated through the SEC. I hope that I'm wrong, but I can almost see over the horizon the same train wreck that occurred with the merchant gas-fired business in 2002 (widely regarded as Enronitis) slamming the wind energy business Generous government subsidies, financial engineering greasing up the performance and revenue projections, limited players, supportive public and regulatory framework seeking all things renewable, and new wind turbine technologies being introduced too quickly to serve a potentially overheating market.

Black Swans

Another example is that of Long-Term Capital Management, a hedge fund whose founders included two winners of the Nobel Prize in Economics. During the Asian currency crisis and Russian bond default of 1998, the markets behaved in a literally unprecedented fashion, assigned a negligible probability by LTCM's historical model. As a result, LTCM began to lose 100 million per day, day after day. On a single day in 1998, LTCM lost more than 500 million. (Taleb 2005.)

Social

Be debating whether the lengthening supply lines that I keep referring to are a good thing or a bad thing, whether we can sustain reasonable electricity prices with little control over the global supply chain, whether our electricity infrastructure should be controlled by investment funds that are not overseen by the government, and what types of new power stations we should be building.

More than Just Money

This chapter begins by demonstrating how poor, developing communities are suffering the physical effects of climate change first and worst. It then sets out principles for adaptation policy that are sustainable and equitable for the world's poor before examining international climate change adaptation policy. With particular reference to the World Bank's Climate Investment Funds, this chapter demonstrates how this type of funding is unable to protect those who are set to suffer the most the world's poor. Finally, this chapter offers possible solutions and ways forward for international climate adaptation policy that are sustainable, equitable, and reach those that need it most.

Policy Implications

Charlotte Sterrett's chapter provides a development perspective on climate justice. She argues that, in many instances, climate change policy does not properly identify who should pay for climate change and where and how those funds should be spent. In particular, she argues that the World Bank's Climate Investment Funds and their strategy for implementation have serious flaws. For instance, she finds that little has been done to develop participation by less

Commercial Banks

A good example of this is provided by the Bank of Ireland, which struck an arrangement with Irish power plant Edenderry in which the bank agreed to deliver to Edenderry emission allowances equivalent to their shortfall at a price indexed to the EUA prices quoted on the ECX (Point Carbon 2005). This agreement provides much more price certainty for Edenderry, which will help them budget for emissions compliance more efficiently. Dutch bank ABN Amro has targeted the carbon market as an area of strategic interest, launching a number of sustainable private equity funds worldwide, and becoming involved in carbon trading, clearing of exchange-based carbon trades, and the financing of prepaid carbon credits by European corporate buyers (ABN Amro 2005). Belgian bank

Andrew McKillop

Today, funds controlled by cash-rich China and India, Russia, Kazakhstan, the UAE, Saudi Arabia, Singapore, and other sovereign national wealth funds are crowding into the African debt buyout arena - with oil as the key attraction, followed closely by metals and minerals resources.

What Must We Do

Oxfam suggests that historical liability for warming since then becomes a factor in how much carbon debt a nation has built up. It matches this debt with the wealth of each country to create an Adaptation Financing Index that incorporates both responsibility and ability to pay. Not surprisingly, the US, the European Union, Japan, Canada, and Australia are at the top of this list. Oxfam estimates that adaptation will cost at least US 50 billion each year, and far more if global emissions are not cut rapidly. This cost is then allocated according to a countries ranking on the index, with the expectation that liable nations should start providing more finance to developing countries immediately. This finance must not be counted towards meeting the UN-agreed target of 0.7 per cent of gross domestic product for aid, as it should be seen as a form of compensatory payment for damages. Oxfam notes that while wealthy countries are planning multi-billion dollar...

Other issues

Insurers will also be touched by climate change through government mitigation policies. Policy changes will alter the economics of energy consumption, and these effects will have subsequent impacts on energy technologies and investment returns in a wide range of industries (beside being underwriters, insurers are also major investors Dlugolecki et al., 1995 CII, 2001 Vellinga and Mills, 2001 United Nations Environment Programme Finance Initiative UNEPFI , 2002 Dlugolecki and Loster, 2003 Dlugolecki and Lafeld, 2005 Mills et al., 2005). Insurers' willingness to support the development of new energy technologies can be crucial. Without insurance, project developers and manufacturers cannot raise capital on standard terms. For their part, insurers find that the risks of untried technologies can be very difficult to assess, with a consequent increase in uncertainty (and cost) for underwriters and claims adjusters also (Dahlstrom et al., 2003). These factors are exacerbated in a rapidly...

Abstract

One of the principal tools in analyzing climate change control policies is integrated assessment modeling. While indispensable for asking logical what if questions, such as the cost-effectiveness of alternative policies or the economic efficiency of carbon taxes versus R& D subsidies, integrated assessment models (IAMs) can only produce answers that are as good as their underlying assumptions and structural fidelity to a very complex multi-component system. However, due to the complexity of the models, the assumptions underlying the models are often obscured. It is especially important to identify how IAMs treat uncertainty and the value-laden assumptions underlying the analysis.

Michel De Montaigne

Montaigne's most sustained discussion of man's general relationship with other inhabitants of his environment is to be found in the very long Apology for or, Defence of Raymond Sebond (Book II, no. 12). It serves as an introduction to a translation Montaigne had been asked to make of Sebond's Natural Theology, written in the early fifteenth century. Sebond had argued that truth can be read in the Book of Nature, but only if those who observe nature and interpret it do so in the light of Christian revelation. His subject matter here forces Montaigne to investigate traditional theological attitudes to the natural world and to explore the cosmological, psychological and biological science of his day. The strategy of his essay requires him to be sceptical, for he has chosen to undermine those who object that Sebond's arguments are weak by demonstrating how fallible all human reasoning is. Montaigne accumulates evidence on two counts first, to show that opinions held about the workings of...

A mysterious cyclist

Social Groups Artefact

Innovations like the digital cassette or the laser disc in hi-fi technology had indubitable advantages in terms of sound quality. But they encountered consumers who had absolutely no intention of making yet further investments in terms of both money and 'learning by using', when they had only just spent considerable sums on buying compact disc players. Conversely, a low-fidelity music player like MP3 - a compression format which shrinks audio files by eliminating sounds irrelevant to the human ear - acts on a crucial element of the technological system by significantly reducing on-line download times and therefore telephone bills.

Monitoring by ENGOs

The monitoring activities of ENGOs in economically developed nations are well-known. Within the last two decades, they have made appearances in many LDCs. ENGOs are relatively new agents in Chinese society, and because China remains an authoritarian state system, the role of NGOs is weak. Particularly after the student demonstrations at Tiananmen in 1989 and the Falun Gong protests, the regime has scrutinized NGOs carefully. It permits only those promoting state objectives, and to the present has favored ENGOs with foreign connections, as a conduit to international funding. Nevertheless, the rise of environmentalism in China has received important state support. For example, in April 2004 Premier Wen Jiabao suspended plans for a massive dam system on the Nu river in western China that scientists warned would ruin one of the country's last unspoiled places. In a written instruction, Wen ordered officials to conduct a major review of the hydropower project, saying W e should carefully...

Investor Awareness

A significant component of the business strategy for any publicly traded multinational corporation is not only the ability to sell their product, but also the ability to sell their stock. Green or socially responsible investing (SRI) focuses on portfolios consisting only of companies which have been evaluated as having sustainable practices. SRI has yet to gain enough momentum in the investment market to force an overhaul in corporate behavior by itself, making up less than 10 of mutual funds (Logan, 1998). However, a new industry has grown in response to rising investor demand for corporate accountability and interest in sustainable investing. Leading Wall Street brokerage firms such as Goldman Sachs, Deutsche Bank Securities, UBS, Citigroup, Morgan Stanley, and others now have entire divisions dedicated solely to the evaluation of company performance in areas such as climate change, social contribution, reporting transparency, and corporate governance (Engardio, 2007). In addition...

Why Not Use a Bucket

Rather than trying to pick the best water stocks, one way to approach an investment in the water industry is to use a bucket. The bucket in this case is an exchange-traded fund (ETF) that contains many of the best water companies operating today. The bucket of water stocks I like is the PowerShares Water Resources (AMEX PHO). This exchange-traded fund resembles a mutual fund in the sense you are getting exposure to many companies in one industry. But, unlike mutual funds, ETFs are traded on an exchange and bought and sold just like regular common stocks. The growth of ETFs over the past several years has been one of Wall Street's biggest stories. And while I am not the biggest fan of ETFs out there, I do think that there are times when investors can use them effectively.

Institutional Change

After receiving minimal funding for approximately three years through the Director's Venture Capital Fund, SI became a formal Program within the Survey's Geography Discipline in September of 2004, as part of a major reorganization of the USGS by outgoing Director Charles Groat. Acknowledging a lack of needed expertise in some areas, SI has established external partnerships with five academic institutions. Most relevant to this paper is the partnership with Massachusetts Institute of Technology (MIT). The MIT-USGS Science Impact Collaborative (MUSIC) is based in the Department of Urban Studies and Planning at the MIT. MIT-USGS Science Impact Collaborative is testing ways in which joint fact finding (JFF) can be used to promote collaborative planning in science-intensive policy disputes.

Study Industry Trend

Insider information is illegal, and I have to advise you against it, but getting to know that particular information when it breaks as a news item on radio, television, newspapers, or the Internet is perfectly legal. So keep up with news. In other words, do your homework the Internet, especially search engines like Google and Yahoo, will be your biggest asset. Get some basic understanding of securities law, especially Regulation FD. That rule, available to the public for free by simply going to the U.S. Securities and Exchange Commission (SEC) web site, deals with everything that can be known about a company without being an insider.5 In the energy sector, perhaps the best time to invest is now. You can invest as an individual, by yourself, or you can use a money manager it doesn't matter because you still have to keep track of your investments. The next question is whether to invest in a small company or a big one, and whether to invest in a high or low stock price. I would say,...