Tag Archives: Business

One of the most anticipated hedge fund launches of 2017 keeps raising money

One of the most anticipated hedge fund launches of the year continues to rake in fresh money, despite a rough start in terms of performance. 

Ben Melkman’s Light Sky Macro dropped about 3.5% from March through the end of April, according to an investor document reviewed by Business Insider. May performance numbers weren’t immediately clear. 

The fund is continuing to raise assets, however, and is set to manage $1.5 billion on June 1, according to a person familiar with the matter. That makes Light Sky one of the biggest launches of the year, and marks a quick step up in raising fresh money; the fund managed around $880 million at the end of April, according to the investor document.

The fund is also soft-closing, which means that it will not accept money from new investors but may arrange for existing investors to add capital, the person said.

The fund is down at a time when other macro funds are struggling. Brevan Howard’s master fund is down 3.1% this year through the end of April, according to an investor document reviewed by Business Insider. Caxton Global dropped 6.6% through April 4, according to performance reported by HSBC. Discovery Capital Management was down about 12% through the first three weeks of May, and Rokos Capital dropped 4.7% in the first quarter, Bloomberg reported.

 

New York-based Light Sky Macro is led by Melkman, a former partner at Europe-based Brevan Howard Asset Management. 

Melkman was the lead manager on Brevan Howard’s $500 million Argentina fund, which returned money to investors after delivering an 18% return since its inception.

His fund has been expanding, with high profile hires such as 15-year Deutsche Bank vet, Jérôme Saragoussi, as director of trading strategy. The fund recently added Deutsche Bank’s Luigi Gentile as a senior foreign exchange volatility trader and has 24 people on staff, the person familiar with the firm said.

The new fund’s investor list includes several big-name hedge funders, including Steve Cohen, Third Point’s Dan Loeb, Moore Capital’s Louis Bacon, Coatue’s Philippe Laffont, and Stone Milliner’s Jens-Peter Stein, Business Insider previously reported.

Source:

http://www.businessinsider.com/ben-melkman-light-sky-macro-hedge-fund-performance-2017-5

Advertisements

What is a credit report?

A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.

Most people have more than one credit report. Credit reporting companies, also known as credit bureaus or consumer reporting agencies, collect and store financial data about you that is submitted to them by creditors, such as lenders, credit card companies, and other financial companies. Creditors are not required to report to every credit reporting company.

Lenders use these reports to help them decide if they will loan you money, what interest rates they will offer you. Lenders also use your credit report to determine whether you continue to meet the terms of an existing credit account. Other businesses might use your credit reports to determine whether to offer you insurance; rent a house or apartment to you; provide you with cable TV, internet, utility, or cell phone service. If you agree to let an employer look at your credit report, it may also be used to make employment decisions about you.

Credit reports often contain the following information:

Personal information

  • Your name and any name you may have used in the past in connection with a credit account, including nicknames
  • Current and former addresses
  • Birth date
  • Social Security number
  • Phone numbers

Credit accounts

  • Current and historical credit accounts, including the type of account (mortgage, installment, revolving, etc.)
  • The credit limit or amount
  • Account balance
  • Account payment history
  • The date the account was opened and closed
  • The name of the creditor

Collection items

Public records

  • Liens
  • Foreclosures
  • Bankruptcies
  • Civil suits and judgments

A credit report may include information on overdue child support provided by a state or local child support agency or verified by any local, state, or federal government agency.

Source:

https://www.consumerfinance.gov/askcfpb/309/what-is-a-credit-report.html

 

7 Ways to Get Recruiters to Notice You on LinkedIn

LinkedIn now has over 450 million members with just over 100 million of unique monthly viewers. Used by 98% of recruiters, there is no denying the importance of having a presence on this platform. Not too long ago, I spent some time counseling young professionals on their online presence through the Step Up organization. We discussed the difference between professional and personal networking and how to maintain a clean and compelling profile.

1.Your Photo

First of all, you should have one. LinkedIn career expert, Nicole Williams says, “You’re seven times more likely to have your profile viewed if you have one.” Make sure your picture is clear, simple and it looks like you are wearing clothes. This is not the place for wedding photos, baby photos or pictures of you in a Santa costume. You should be the only one in your picture and it should be recent. Using a picture from 30 years ago to appear younger might make you seem deceptive if you meet someone in person. Having an accurate picture also serves to help people find you on LinkedIn after meeting you once at a networking event.

 

2. Your Summary

The summary is your only opportunity on your profile to show a bit of your personality and voice. It should be written in the first person and give a brief snapshot of who you are and what your experience is. If you work experience appears rather disparate, this is a great place to bring it all together and tell us what you do now and what you want to do next.

3. Your Contact Info

Be sure your contact info and the links you include there are up to date. Too often we follow the link to a website that no longer exits or an email that bounces back, or even a blog that hasn’t been updated in over a year. Stay on top of those platforms you want to represent you.

4. Your Experience

While it’s good to stuff your summary with keywords (i.e. crisis communications, content strategist, financial services public relations), be sure to include them in your previous work experience as well. Recruiters and others who are looking for people with certain types of experiences will often do a keyword search but that only searches the work experience part of your profile, not your summary. For this reason and to clarify your function in past roles, write brief descriptions of the positions you’ve held. Being a Vice President at Morgan Stanley doesn’t give us enough information. Be sure the content of your LI profile matches up with your resume. Discrepancies in dates and brief stints at jobs listed on one and not the other are immediate red flags.

5. Your Connections

Be intentional about gathering new connections. Personalize your outreach whenever possible to remind someone how you met or who you have in common. Potential employers will be impressed if you have a broad network in your industry. While it is good to have a diverse span of influence and you shouldn’t be afraid to link with other professionals, I would be cautious of someone who has no information in their profile, for example. Your connections should appear relevant.

6. Your Endorsements

Given that anyone can endorse anyone else, the legitimacy of this section can be debated. However, the more endorsements you have for a certain skill, the higher you will rank in search results for that term. Giving intentional endorsements every once in a while is also an easy way to stay in touch with your contacts.

7. Your Spelling and Grammar

Jenn Saldarelli, a recruiter here at Chaloner, reminds to check for spelling and grammar mistakes. “This is a huge red flag and I’ll often immediately pass over anyone with these types of errors in their profile,” she says. “You would be surprised at how often I come across people who have misspelled their name or employer!”

In general, be an active participant on LinkedIn—join groups, keep up on new functions, keep an eye on who’s coming and going and participate in the conversation. As with anything, the more effort you put into using this platform strategically, the more you will gain from it.

Source:

http://fortune.com/2017/05/06/linkedin-profile-recruiters/

5 Steps to Finding Your Millionaire Mentor

One of the ways to jump start your success is to be very mindful of the company that you allow to influence your thoughts. And for the most of us, our thoughts have been conditioned to behave and act in certain patterns since birth.

So, if you naturally think for the worst, fear the worst and hang around with negative people, then you have a mountain to climb, but the good news is it is all changeable.

Our brains are only designed to know a certain amount of people. This means we are influenced by those closest around us, and as a result it is important to be intentional about who we surround ourselves with because we subconsciously think and behave like the 5 closest people that are around us on a daily basis.

It is very vital that everybody positions themselves for success by finding a mentor that has been there and done that in the industry that they are in. Most people don’t have a mentor because they either don’t know who to find as their mentor or they don’t know how to approach one.

Step 1: Realize who the mentor is

A mentor is a person who is at least 10 years ahead of where you are and represents where you want to be in your wildest dreams. Somebody you admire, respect and trust but also would get along with.

A mentor is somebody who has gone down the road that you want to go down and can look back and advise you on avoiding certain pitfalls. Mentorship relationships are things that takes time to develop, and because of this it should stay in place for many years.

“A mentor is someone who sees more talent and ability within you, then you see in yourself, and helps bring it out of you.” – Bob Proctor

Step 2: Understand why you need a mentor

Here is a list of reasons why you need a mentor:

  • Guidance and direction
  • To take you to the next level
  • To help realize your goals and dreams
  • Knowledge and expertise
  • Experience and advice
  • Support and network
  • Prevent you from years of failure
  • Keep you on the right track
  • To hold you accountable

Knowing why you need a mentor in the first place is a very important step to understand.

 

Step 3: Know the places you should go to find a mentor

Here are a few places where you can find your mentor:

  • Website/Online/Internet (google their name)
  • Industry events like seminars, talks and conferences
  • Chamber of commerce
  • Social media sites (facebook, twitter, linkedIn)
  • Local Business Seminars

Mentors can be found everywhere. Knowing the kind of mentor you need will help you track down where to find them.

 

Step 4: Follow this criteria when looking for a mentor

Not just anyone can be your mentor. You really have to see if both of you have the synergy as a mentor and a mentee. You guys won’t be talking about business 24/7, so you guys should have things in common that both of you like. For example: both of you like to play basketball or soccer and that is another way you guys can connect.

Both should have a vast range of knowledge in the business you are in. Plus the position they are in, is the one you dream to be in on a daily basis. Most highly successful people value their time the most, so what they do is they have filters that filter out the people who aren’t really serious about doing what is necessary to achieve the success they desire. You have to show them that you really want it and you are willing to hustle for it.

Before approaching your mentor to ask him/her to be your mentor, you will need to consume all of their existing material (YouTube Videos, Blog Posts, Seminar Events, Books etc.) because if you haven’t even gone through their material, they know you aren’t willing to do what it takes.

Not only that, you should message them and update them on your progress in the online business and whatever you are working on to show them you are consistent and not just looking for a quick buck.

“You don’t ask a guy to be your boyfriend on the first date – the same goes for asking someone to be your mentor.” – Angie Chang

Step 5: Ask them to be your mentor

After you have consumed weeks of their videos, courses, blog posts, attended seminars etc. Then you could write to them. You do this through Facebook, Twitter, Website, wherever you can find a way.

Here’s a script you could use to ask an authority figure to be your mentor. In our case we will use our millionaire mentor Dan “The Man” Lok as an example. Only use this script after you have established a relationship with your mentor and you have done all the steps above.

Hello Dan, My name is (fill in the blank). I admire what you do as an internet marketer and what you have achieved already in your life. I have followed your work for months and I’ve finally plucked up the courage to write this email. I am a struggling entrepreneur and I feel I could do with your help as my mentor. I am willing to do what it takes to succeed and I just need a break. Please permit me to invite you for lunch. I know you value your time. I would appreciate if I could get 30mins with you to see if we make a connection and you take me on as your mentee. My Skype ID is: (fill in the blank). My Cell is: (fill in the blank). Thank you very much for taking the time to read my email. I look forward to hearing from you. Sincerely…

Tip: After he/she agrees to meet you for lunch, you get the bill! Remember, that lunch was probably life changing and worth thousands to you!

Source:

https://addicted2success.com/success-advice/5-steps-to-finding-your-millionaire-mentor/

7 Reasons You Need a Mentor for Entrepreneurial Success

Mentors. They’ve been there, done that and have seen it all. Yet, a woeful number of entrepreneurs start their careers without one. In an age where instant gratification is glorified, it’s unsurprising that many entrepreneurs and young founders do not seek out a mentor as hard as they try to find a co-founder.

While arguments abound on why entrepreneurs do not need mentors but should only follow their own instincts and gut feelings, most successful tech titans have founders who had mentors. Facebook’s Mark Zuckerberg was mentored by Steve Jobs. Jobs was mentored by Mike Markkula — an early investor and executive at Apple. And Eric Schmidt mentored Larry Page and Sergey Brin of Google.

Like most startup founders, I didn’t start with a mentor. I got into the industry and had to look up to someone who is well known in the field. This is not as effective as working hard to get a mentor to guide you while you run your business — but it’s better than nothing. Having been in business for more than seven years, I’ve realized the importance of having a business mentor.

Here are seven reasons having a mentor is important.

1. Gain experience not shared in books.

Experience is a very expensive asset — yet it’s crucial to business success. There’s only so much about a person’s experience you can gain from books. It’s an unstated truth that most authors do not feel comfortable revealing everything about themselves in books. Some personal experiences may be too intimate to be shared, yet how they dealt with it can help an inexperienced entrepreneur’s career.

Mentorship is one guaranteed way to gain experience from others.

2. You’re more likely to succeed with a mentor.

Research and surveys prove that having a mentor is important to success. In a 2013 executive coaching survey, 80 percent of CEOs said they received some form of mentorship. In another research by Sage, 93 percent of startups admit that mentorship is instrumental to success.

Your chances of success in life and in business can be amplified by having the right mentor. The valuable connections, timely advice, occasional checks — together with the spiritual and moral guidance you will gain from having a mentor — will literarily leapfrog you to success.

3. Network opportunities.

Aside the fact that investors trust startups who are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. Since they are already invested in your success, it only makes sense for them to let you tap into their network of people when the need arises.

This is an opportunity you cannot tap into if you do not have a mentor.

4. A mentor gives you reassurance.

It has been proven by research that a quality mentorship has a powerful positive effect on young entrepreneurs. Having someone who practically guides you and shares your worries with you — often placating your fears with their years of experience — keeps you reassured that you’ll be successful.

Self-confidence is very important to success as entrepreneurs. A 2014 Telegraph report revealed that having a high self-confidence contributes significantly to career success — more so than talent and competence. Mentors have the capacity to help young founders tap into their self-confidence and see every challenge as an opportunity.

5. A mentor will help you stay in business longer.

When you imagine the number of businesses that fail, you’d wish a lot of business owners had mentors. According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.

6. A mentor will help you develop stronger EQ.

Does maturity bring about a higher EQ in entrepreneurs? Emotional intelligence is crucial to entrepreneurial success. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.

We all know that a quick way to make a business fail is to mix it with emotions or make crucial decisions based on emotional feelings. Situations like this can be curbed as mentors will help show you how to react in given instances.

A story on Business Insider reveals how Schmidt worked with then inexperienced Page to manage the affairs of running a fledgling startup. An inexperienced CEO often makes decisions based on emotions, but one with a mentor like Schmidt is able to overcome critical hurdles by making smart decisive judgments.

7. Encouragement.

Enduring the consequences of failure on your own can set you back and impact your productivity. In hard times, having a mentor will help you keep your head high. Young entrepreneurs often deal with depression when they are unable to meet their goals and expectations. The impact of depression on entrepreneurs is often underreported. But entrepreneurs without mentors bear the brunt the most.

A mentor who has experienced the highs and lows of running a business is in the perfect position to give positive and soothing words of advice to you when things refuse to go your way. And not only do they have the right words to share, they would also have ideas to help you navigate your way to success.

Source:

https://www.entrepreneur.com/article/280134

Alibaba launches program to help 1 million U.S. businesses sell to China

SAN FRANCISCO  — When Jack Ma, executive chairman of Chinese mega-company Alibaba, met with President Trump in January, he made a promise – the online sales platform would give 1 million U.S. small businesses entrée to the Chinese market.

On Tuesday, Ma will announce he’s launching a program to make good on that promise. Alibaba plans a conference in Detroit on June 20 and 21 to teach U.S. businesses how to sell to the company’s 443 million customers in China.

The two largest small business markets in the world are the United States and China, and “connecting them seems like a good idea – good for the United States and good for China,”  Alibaba President Michael Evans told USA TODAY.

While Americans are familiar with the idea that most of their consumer goods come from China, China does import some consumer goods from the United States. Alibaba sees an opportunity to greatly increase those.

Currently, the site has 7,000 U.S. businesses, mostly large companies and big-name brands. Over the next five years, Alibaba hopes to increase that to more than 1 million, with the vast majority made up of small businesses. When Ma met with then president-elect Trump, he said the plan would create 1 million U.S. jobs.

 

As a first step towards that, the company  hopes to invite as many as 2,000 U.S. small business owners, entrepreneurs, and farmers to Detroit, focusing on products it believes Chinese consumers want.

The aim is three-fold. First, Alibaba needs to educate attendees about the business opportunity that China represents.

Next it plans to tell them how the nuts and bolts work of selling to China is done, everything from finding a partner company in China to the logistics of shipping, to dealing with foreign exchange.

Finally it will play matchmaker, introducing Americans to small Chinese businesses that maintain digital storefronts on Alibaba’s Tmall site.

“We’re going to be very involved in the end-to-end process, establishing the connection and the facilitating it,” said Evans.

Source:

https://www.usatoday.com/story/tech/news/2017/04/25/alibaba-launches-program-help-1-million-us-businesses-sell-china/100827290/

Canada is launching an experiment that will give 4,000 people free money until 2020

Finland, the Netherlands, and San Francisco, California, have already shown interest in giving people a regular monthly allowance — a system known as basic income.

Now Ontario, Canada, is planning a basic-income trial as well.

On Monday, Premier Kathleen Wynne outlined new details of the Ontario Basic Income Pilot, which is expected to begin later this spring and last for three years.

A total of 4,000 people in three regions in the province will begin receiving additional income based on their current salary.

A person in the trial can receive up to $16,989 a year, though the equivalent of 50% of any additional earned income will be subtracted from that figure. So a person who makes $10,000 a year at their job, for example, would receive $11,989 in basic income, for a total income of $21,989.

 

Eligible recipients, who must be between 18 and 64 and considered low-income, will be chosen through a randomized selection process.

Wynne says one goal of the pilot is to reassure people that their government supports them.

“It says to them government is with you,” she said. “Ontario is with you.”

The premise of basic income is straightforward: People get monthly checks to cover living expenses such as food, transportation, clothing, and utilities — no questions asked.

Along with Canada, several countries are conducting basic-income trials.

Finland’s government launched its pilot on January 1 and is giving 2,000 unemployed Finns $590 a month. In various cities throughout the Netherlands, 250 people will soon receive an extra $1,100 a month for two years. And in Kenya, the charity GiveDirectly has launched a trial version of a 12-year study that seeks to gather the first longitudinal data on basic income.

The concept of basic income has been around since the 1960s. Since then, various researchers and government officials have given basic-income experiments a try, with mixed results.

In general, however, the data seems to tilt in basic income’s favor.

A study published in late 2016 found that people who received unconditional cash transfers used drugs and alcohol less frequently than people who didn’t receive the money. And though it’s easy to assume free money would make people lazy, research suggests the opposite is true. People in one 2013 study worked on average 17% longer and received 38% higher earnings when they got a basic income.

Skeptics, meanwhile, say that because many basic-income trials have been conducted in small villages in the developing world, the findings won’t necessarily translate to developed countries.

Ontario’s trial will begin in the regions of Hamilton, including Brantford and the County of Brant, and in Thunder Bay and the surrounding area. The third pilot will launch in Lindsay in the fall.

“Everyone should benefit from Ontario’s economic growth,” Wynne said in a statement. “A basic income will support people in our province who are reaching for a better life.”

Via Business Insider

This Entrepreneur Skipped College and Made $1,037,100 In Five Months

Alex Tew didn’t give a damn about paying his “dues.”

At 21, he was about to start a three-year business management course at the University of Nottingham . . . but there was one significant problem: money. He didn’t want to be saddled with ridiculous student loan debt he would work years to pay off. Most students his age just shrug and accept that society “requires” them to play by the rules. Tew’s mind was in a completely different place.

After brainstorming ideas to make some extra income to pay off the loans quickly he decided to launch a basic website that would sell one million pixels on the homepage to advertisers for $1 each. A truly strange idea in 2005 that has since been copied ad nauseam.

 

Though Tew is from England, he thought “million dollar” was more attractive than “million pound” from a marketing perspective. There are more Americans online as well, so he decided to go with US currency. For the record, I think he was right!

The pixels are too small to see individually, so they were to be be sold in blocks of 10×10 for a minimum purchase of $100. Each advertiser could choose what pictures they wanted to display in their allotted space and to where they wanted the pixels to link. The plan was ingeniously simple . . . but Alex had no idea if it would actually work.

“From the outset I knew the idea had potential, but it was one of those things that could have gone either way,” he remarked on FT.com. “My thinking was I had nothing to lose (apart from the 50 Euros or so it cost to register the domain and setup the hosting). I knew that the idea was quirky enough to create interest . . . . The internet is a very powerful medium.”

The first few sales rolled in slowly — mostly to family and friends — propelled entirely by word of mouth. Word spread more quickly as people heard about the site. The BBC picked up the story and it blew up. Visitors poured in. Advertisers lined up. After only one month, the site had made more than $250,000. After two months, it topped $500,000.

Demand spiked around New Year’s 2006 when only 1,000 pixels were left. In the interest of fairness, Tew auctioned the remaining slots off on Ebay to the tune of $38,100. He’d just made $1,037,100 in five months. Media attention was largely praiseworthy, calling the idea a brilliant example of novel, innovative advertising and entrepreneurship in the internet age.

Cs5MVYDWgAYJGjD-1024x538

Naturally, others were less enthused. Don Oldenburg of the Washington Post called the site “a cheap, mind-bogglingly lucrative marketing monstrosity, an advertising badlands of spam, banner ads and pop-ups.” He went on to write “it looks like a bulletin board on designer steroids, an advertising train wreck you can’t not look at. It’s like getting every pop-up ad you ever got in your life, at once. It’s the Internet equivalent of suddenly feeling like you want to take a shower.”

Commentary like this always makes me laugh because it’s a prime example of how deeply ingrained the “pay your dues” mentality runs in many of us.

Oldenburg (perhaps appropriately named?) seems to imply that perhaps Tew doesn’t “deserve” such praise or reward because The Million Dollar Homepage doesn’t follow procedure. It’s way outside the box. It’s ugly.

At the very root of his complaint, he probably feels like Tew’s success wasn’t earned. I get it where he’s coming from. To witness a stupid, simple website like this make more in five months than most traditional employees make in an entire career might be infuriating and mind-boggling to some.

It triggers the same type of rage you feel when you see an invention on late night TV and think to yourself, “I could have thought of that!” I’ve been there. The urge to give in to jealousy and envy is strong. But, to the hackers, misfits and rebels of our generation, these types of massive wins by the underdogs of society are simply validation that we’re on the right path. Their success means that we can do the same.You are part of this new world and the opportunity to make such massive strides is yours as well as Alex’s.

Am I telling you to go out and build another Million Dollar Homepage? Of course not. It probably wouldn’t work. The allure was in the novelty. What you should be paying attention to is Tew’s trajectory and overall approach to creating his life. His willingness to take risks. His rejection of the “time spent” model and his playful approach to ethically skipping steps and getting ahead. This is how you need to start thinking.

Jace Hall told me years ago, you don’t need to pass through “B” to move from “A” to “C.” With creativity and hustle, you can live the life of your dreams now. Not in 30 years.

Oh, by the way: After the success of The Million Dollar Homepage, Tew dropped out of the business degree he was fundraising for in the first place. And not a single due was paid. Take that, establishment.

And lots of parents and grandparents won’t like this new truth. Even some of your friends won’t like it, because if you don’t have to pay your dues, that means you can be successful NOW. And that’s scary to a lot of people.

It’s pointless to think this isn’t true. Alex Tew and people like him prove it every single day. He built a simple website, advertised it and he made over $1 million in five months. No dues paid whatsoever. If anybody’s convinces you to let go of this antiquated mindset, let it be Alex.

Pixel-London-Marketing-AH

Source:

https://www.entrepreneur.com/article/292422