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Dominic Volek, Henley & Partners
Residence and Citizenship Options Now a Necessity );}
By Dominic Volek, Group Head of Private Clients at Henley & Partners
Relentless pandemic-fueled uncertainty has led to a spike in international investors and entrepreneurs building diversified domicile portfolios through residence- and citizenship-by-investment programs to overcome the limitations of being restricted to one jurisdiction.
Henley & Partners has seen a 51 percent increase in average daily inquiries in 2021 compared to 2020, with eye-opening shifts in the predominant nationalities of investors the most profound being a 207 percent leap in inquiries by U.S. citizens. Other notable increases in inquiries by Canadians, Australians, and U.K. nationals occurred, of 47 percent, 41 percent, and 33 percent, respectively all indications that wealthy investors are actively seeking access to alternative options should the need arise.
Some well-known money managers reduced or outright eliminated holdings in Caesars Entertainment (NASDAQ:CZR) in the final three months of 2020.
Daniel Loeb, founder and CEO of hedge fund Third Point seen here in 2017. His firm dumped Caesars stock in the fourth quarter. (Image: David Paul Morris/
Bloomberg)
Dan Loeb’s Third Point hedge fund departed the gaming giant’s shares in the fourth quarter, marking the end of a brief flirtation with the Harrah’s operator. The firm bought one million Caesars shares during the third quarter in a position then valued at $56.06 million.
The hedge fund noted liquidation of its Caesars stock stake in a 13F filing with the Securities and Exchange Commission (SEC) released today after the close of US markets. Caesars was one of three positions Third Point ditched in the December quarter. The other two are not gaming equities.
Global Equity Head at Jefferies Says the Investment Bank Will Buy Bitcoin and Reduce Exposure to Gold
Christopher Wood, the global head of equity at Jefferies, a global financial services company, says the firm will reduce exposure to gold in favor of bitcoin. He adds that there are plans to increase the crypto component of Jefferies’ long-only global portfolio for U.S. dollar-denominated pension fund if and when the bitcoin price drops from current levels. As a result of this decision, 5% of the fund will now consist of bitcoin.
The Case for Bitcoin
Before making the decision, Jefferies allocated funds as follows: 50% towards (now 45%) physical gold bullion, 30% to Asia ex-Japan equities, and 20% to unhedged gold mining stocks. Writing in his weekly “Greed and Fear” note to investors, the global head of equity explains the multinational investment bank’s rationale for choosing bitcoin over gold at this stage. Wood says:
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