PBA 

  
Private Banking Advisory



 "There are so many professionals telling the security buyer what to do, that his self-preservation at times depends perhaps more on knowing what not to do - and when."
(Sydney B. Lurie)

The experienced Partner for the Investor with a substantial Portfolio

 

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"The purpose of money is not to have to worry about it"
 




 

 


 


 

Investment Fads


"When is looks to be too good to be true there is probably something wrong with it"

We never claimed to be the smartest investor on the block but we always kept a healthy portion of scepticism about any new investment fad that became fashionable in the past few decades. Sometimes experience helps - for who among today's market participants (not to mention regulators) still remembers Bernie Cornfeld's IOS and the infamous Fund of Funds that he peddled in the early 70s?

So we always felt like a helpless country cousin when reading about the untold riches that could be made by so-called Structured Investment Vehicles (SIV's) that invested in credit paper and financed the stakes by issuing short-term debt in the money market. The idea was that this would offer a positive spread (not only due to a generally positive-sloping yield curve but also thanks to 'intelligent' hedging of all associated risks.)

Basically it appeared to be nothing more than blatant market speculation (with leverage added to spice up returns). We were left scratching our heads about how this could work as we knew how volatile markets could be over different cycles. But the scheme worked for a while - thanks to a gradual decline in credit spreads and availability of cheap short-term finance. The staff at these funds reaped huge salaries and bonuses and were quickly set up for life.

But the old saying - 'Genius is being long in a Bull Market' - is still valid. And the bull market in Credit Bonds ended in the Summer of 2007. Since then one of these vehicles after another has hit the rocks. The latest to make (negative) headlines was Sigma Finance where most creditors are facing complete losses when the assets of the SIV are sold next week.

 


 

 

PBA will help you with the following:|

 

Is your Adviser executing Foreign Exchange transactions at correct prices?

Should you accept 'Financial Products' at part of your Portfolio?

Are you aware of the hidden costs of Structured Products?


How secure is your wealth in a safe deposit box?


Binary Options
- you may better visit a Casino


Risk Premia Strategies -
old wine in new bottles

Stock Picking
- can you beat the Market this way?

Do Women make better fund managers?

Are Index Funds the best choice under any market scenario?

What should I do when my Financial Adviser (Private Bank, Investment Fund) merges?

Should I pay a management fee if my Financial Adviser uses funds that already charge me a fee?


Does my Financial Adviser really select the best possible investment funds for me or is he obliged to select from a pre-determined or proprietary list set by his firm?


Are you at risk from a blow-up in the CDS market?

Should you have to understand what the 'Barrier Hit Probability' is?

Do you know what risks are hidden in your UCITS Fund?

Not all performance fee structures align interests effectively

Does my Financial Adviser provide me with account statements that disclose all fees?

Can you rely on performance projections?

What is private in Private Equity Funds?

Should you participate in Euro experiment?

What can rebalancing your portfolio achieve?

How can you protect yourself against states going bankrupt?

Should you trust your financial advisor?

Are all Index Funds created equal?

Are you in- or outside your hedge fund's sidepocket?

Implementing an appropriate asset allocation

Can financial advisors really be 'independent'?

MIFID
- a flop for the private investor

Are your management and performance fees calculated correctly?

Can you trust relatives when investing?

Pitfalls of investing in ETF's, ETN's, ETC's and ETT's

What is a step-down express
certificate?

Are Hedge Fund Billionaires good for your financial health?

Should you consider 'Newcits', and what are they?

Understand why some ETF's may not perform as you expect

How to survive the global war between savers and speculators

Is your financial adviser a professional or a business man/woman?

Why traditional diversification is no longer sufficient

How to protect yourself against currency 'reform'?

Risk aspects of property and money market funds

Is my money used to pay for banker's bonuses?

What is the best way to invest in Gold?

How should you Financial Adviser be compensated and what role does the remuneration structure of his employer have?

Does it matter where my investment manager is located?

Who is ultimately responsible for the regulation of my investment fund?

Are investments in the USA sensible given proposed changes in the tax law?

Where are my confidential financial affairs still treated with respect?

How to protect yourself from toxic financial instruments

Does past performance help in picking investment managers or funds?


Should you stay away from firms that use Celebrity endorsements?


How to understand what performance statistics hide

Do you need a financial advisor that walks your dog?

Not all regulators are created equal. Which ones should you trust - and what does it mean when an advisor is regulated?


What type of Institution will suit your needs better? Large or Small Banks, Private Banks, Independent Asset Managers or Boutique Managers?

What are the implications if Hedge Funds hold massive cash reserves?

How meaningful is the fact that a Hedge Fund has had only 15 losing months during the past 15 years?

Are larger Hedge Funds or Fund of Funds necessarily better for you?


What is the correct way to set targets for performance fees on Hedge Funds?

Is a 'High-Water-Mark' sufficient to protect the interests of Investors in Hedge Funds?

Are Hedge Funds really a new Asset Class?

There are so many different Indices of Hedge Fund Performance - which one shall I pay attention to?

 


 




 

   
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