FINSUM

FINSUM

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Large ski resorts offer a unique thrill, providing ample terrain for exploration that can keep even the most avid skier busy for days. 

  1. Powder Mountain in Utah tops the list of North America's largest ski resorts, with over 8,000 skiable acres, though part of it is accessed by snow cats rather than chairlifts. 
  2. Whistler Blackcomb in British Columbia follows closely with over 8,100 acres spread across two mountains, connected by the record-breaking Peak 2 Peak gondola. 
  3. Park City Mountain Resort, Utah, offers the most lift-served terrain in the U.S., featuring 7,300 acres of slopes, and is easily accessible from Salt Lake City. 

 

These vast resorts provide a mix of terrain and amenities, catering to both casual visitors and serious skiers alike. Whether for the sheer size or the diverse experiences, these resorts deliver unforgettable winter adventures.


Finsum: In the last few years we have seen the season start late but continue deep into the year, this could be a new trend in mountain sports!

Tuesday, 08 October 2024 04:16

JPMorgan Bolsters ESG Support

A JPMorgan executive has downplayed the influence of the political pushback against environmental, social, and governance (ESG) issues in the U.S., stating that it has minimal impact on the country's green economy. 

 

Chuka Umunna, JPMorgan’s head of sustainable solutions, explained that although discussions around sustainability have quieted, U.S. investors are still allocating capital in ways similar to their European counterparts. He stressed that despite the politicization of ESG, the underlying investment behavior remains largely the same, though the terminology may differ. 

 

Umunna pointed out that while there has been an increase in anti-ESG resolutions, the vast majority failed to pass, with less than 2% succeeding. He added that the primary obstacles for U.S. businesses are more related to inflation, supply chain disruptions, and high interest rates than ESG challenges.


Finsum: While there is little doubt that ESG has slowed down, the long-term viability of these strategies is very clear

Tuesday, 08 October 2024 03:44

Illiquid Alts on Already Matching 2023

While nontraded real estate investment trusts (REITs) have faced another challenging year, financial advisors are seeing a rise in sales of alternative investments overall. By August, financial advisors sold $76.6 billion of illiquid alternatives, including nontraded REITs, business development companies (BDCs), interval funds, and private placements. 

 

This amount matches 2023's total, with projections indicating the industry will surpass $115 billion by the end of 2024. Sales of nontraded REITs have notably decreased to $4.2 billion in the first eight months, compared to their peak of over $33 billion in 2022. 

 

However, BDCs have overtaken REITs as the most popular alternative investment sold, with $23.7 billion in sales through August. Blackstone Inc. leads in nontraded REIT and BDC sales this year.


Finsum: There is still an elevated risk premium built into most non-treasury rates right currently but REITs could see a bounce back with that falling soon. 

Blackstone Inc. predicts the private credit market could expand to $30 trillion, driven by infrastructure financing and pensions. Currently, private debt stands at $1.7 trillion, primarily funding private equity, but Rob Horn, global head of infrastructure and asset-based credit at Blackstone, views this as just a fraction of the opportunity. 

 

Private lenders are expected to take market share from banks, which now dominate the asset-based credit sector, with Blackstone focusing on areas like energy transition, digital infrastructure, and real estate. 

 

Pension and sovereign wealth funds are also taking notice, potentially increasing their private debt allocations. Blackstone expects significant future growth in sectors like data centers, where investments could top $1 trillion over five years. 


Finsum: While private equity has struggled to secure its footing in the same way private debt has, this expansion looks very stable. 

 

Tuesday, 08 October 2024 03:42

Bond Strategies for Global Rate Cuts

On September 18, the Federal Reserve kicked off a new easing cycle by cutting interest rates by 50 basis points, its largest reduction in 16 years. However, instead of a smooth decline in bond yields, the 10-year Treasury yield actually rose afterward, highlighting the unpredictability of markets. 

 

The Fed has made it clear that its strategy will be a gradual one, adjusting based on economic data, with a neutral policy stance likely to be reached by 2026. Other major central banks, such as the ECB and BOE, are also approaching rate cuts cautiously to curb inflationary pressures.

 

 China, facing economic slowdowns, has continued cutting rates to spur growth in other sectors, despite ongoing issues in the property market.



Finsum:  As global central banks navigate rate cuts, market volatility is expected, especially with geopolitical risks and upcoming elections contributing to uncertainty.

 

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