Some influential investors have made clear demands to the world’s largest private equity firms if they want to raise money for their next fund. Sovereign wealth funds and state pension providers are among the investors telling money managers that they will only commit to their upcoming fund raises if their capital tied up in old funds is released. Additional requests from investors include fee discounts, more co-investment opportunities, greater information rights and representation on committees, and some are even asking for a cut of the fund’s management fee or an opportunity to buy a stake in the fund manager. This cultural change in the relationship between private equity firms and their investors is empowering the investors to dictate the terms of engagement in the $8 trillion private equity industry. As the heft of some funds has become more persuasive, large limited partners, such as sovereign wealth funds from the UAE, Saudi Arabia, and Qatar, are instigating more influential requests, including requests for more disclosures about the underlying assets in portfolios. LPs are using the leverage they have, particularly the largest investors of private credit, such as the sovereign wealth funds, and state pension plan funds, to dictate the terms on which they will commit to new fund raises. There is growing scrutiny and demands by these investors over private market firms, including those in the $1.6 trillion private credit market. Consequently, some funds are increasingly lending directly to borrowers and cutting out direct lending giants altogether. Furthermore, private equity’s increased use of leverage can sometimes come at a cost for other LPs in the fund who haven’t opted for the fund to add leverage. As a result, the balance of power is shifting, granting LPs the ability to demand more control over the terms on which they will commit to new fund raises.
Maximizing Governance Efficiency with Aragon OSx Plugin Integration
Introducing Optimistic Dual Governance, an efficient governance design using plugins on Aragon OSx. This governance design enables DAOs to create two different stakeholder groups with different governance permissions, and then execute proposals optimistically.
The plugins will undergo audits, but you can check out the progress of the first implementation here.
In a nutshell, Optimistic Dual Governance enables teams to work efficiently while allowing key stakeholders to veto proposals.
While any type of stakeholder group can be defined to meet your organization’s needs, this dual governance design was created for protocol DAOs with these two groups in mind:
- Teams that are actively building a protocol or doing operational work: such as a core team, guilds, developers, and any other active participants that are making updates, parameter changes, and upgrades to the protocol itself.
- Members of a Main DAO: any arbitrarily defined stakeholder group, which can be users, liquidity providers, stakers, investors, governance token holders, or another group that has an interest in protecting the protocol, but isn’t proactively involved in operations, development, or parameter changes.
Once you’ve defined your stakeholder groups, the next component of this design to understand is Optimistic Governance.
Optimistic Governance is when proposals pass as long as they’re not vetoed. Rather than standard token-based governance where proposals need to be voted on to pass, proposals in an optimistic governance structure pass automatically after a timelock period.
This means teams can move faster and don’t have to put proposals through a traditional governance process, however, this creates an attack surface if proposal creation is open to any wallet. For example, if the main DAO lets a proposal pass that misuses treasury funds, there’s no way to reverse the execution. So, it’s more secure for the DAO to have a defined group—in this case, an allowlist of addresses—that can be held accountable to proposals.
The design was largely inspired by teams that have been exploring Optimistic Dual Governance for their own DAOs, including Lido and StakedFLIP. The design by Jacob from Zora was also a significant inspiration.
Here’s how Optimistic Dual Governance on Aragon OSx works from proposal to execution:
- Proposal creation: Multisigs or subDAOs on the proposal allowlist can create proposals to the main DAO.
- Timelock period: During the timelock, the main DAO’s members can veto the proposal.
- Execution: If the main DAO doesn’t veto the proposal during the timelock, the proposal automatically executes.
Check out the architecture in the diagram below:
The permission management system at the heart of Aragon OSx enables a lean and efficient Optimistic Dual Governance design. It enables a main DAO to have separate permissions from those of the subDAOs, but all DAOs are able to operate within the same governance system.
This is the first iteration of this plugin. There are thousands of versions that could be created to suit the needs of your organization.
For example, in a future version of this plugin, different types of proposals can have longer or shorter timelocks. Minor updates could have a shorter timelock so it’s easier for teams to push small updates quickly, and significant updates could have a longer timelock, giving the main DAO members enough time to review them.
We can work with your team to build the iteration of this governance design that best suits your protocol. If you’re interested in using Optimistic Dual Governance, inquire here.
“OSx is the Unix of Ethereum—a future-proof DAO framework to build the DAOs that we can’t even imagine today. Dual governance will play a key role in communities that need to iterate fast while keeping valuable assets and rights in the hands of the token holders.”
— Jordi, Core OSx Developer
Separate stakeholder groups into active and passive roles
Simple token-based governance puts all stakeholders into a single, homogeneous group with the same permissions. But in reality, stakeholders range from active and high context participants building the protocol to users and infrastructure providers who want protection, but aren’t actively involved.
This governance design allows you to separate stakeholder groups based on the role they need to take in governing the protocol. You can think of this as an active group of proposers and a passive group of vetoers.
Many key stakeholders might not want to actively create proposals, especially those containing technical upgrades. However, they do want to make sure that the proposals that are passed are safe and are not misusing funds, introducing vulnerabilities, or compromising the future of the protocol. Splitting stakeholder groups and giving them different permissions with Optimistic Dual Governance is a solution for this.
Efficient governance enables teams to ship faster
Optimistic execution of proposals means that teams’ proposals are executed as long as they’re not vetoed. This design enables teams to iterate quickly, benefiting the health of the protocol as a whole.
And, if voter apathy is a problem in the organization, the teams aren’t held back. They don’t have to wait for proposals to get the votes required to pass—they’re passed automatically after the timelock period. Teams also don’t need to take time out of their work to move proposals through multiple stages of voting or approvals. The main DAO stakeholders still have final approval over proposals, but the politics and process is significantly reduced.
Stakeholders in the main DAO keep control with the timelock and veto option
Stakeholders in the passive role — users, investors, liquidity providers, or others — don’t need to actively vote to make sure the protocol or product is being maintained. However, they are still in control, because they can veto proposals that aren’t aligned with the DAO.
This design gives token holders final control over what happens to the protocol without having to actively participate in creating proposals. They can review proposals if they choose to, but don’t need to exercise their voting rights unless something needs to be vetoed.
Option to have entirely tokenless governance
One of the possibilities of this design is that both the teams and the main DAO could be entirely tokenless. For the main DAO, you simply need an allowlist of addresses that have permission to cast a veto vote. On the team side, you need an allowlist of addresses that have permission to create proposals.
Whether you’re pre-token or are not launching one at all, you can use this governance design. There’s no component of the design that requires you to mint a token.
Furthermore, these permissions and their implementation can be customized in multiple ways, such as assigning voting power or adjusting time locks.
You can find the first iteration for the Optimistic Dual Governance plugin here, which will be undergoing audits.
For more complex organizations, a variation of this design could be a better fit, because it includes autonomy for subDAOs. Here’s what it could look like: the multisigs would be autonomous subDAOs, which could manage certain permissions by themselves, such as the ability to add and remove new internal members. They could also have their own governance process, such as token voting.
Governance minimization is a key goal of this governance design, and the future iterations will lean into this concept even more. By making the governance process lean and secure, both stakeholders and team members don’t need to spend so much time involved in governance.
We’re seeking partners to explore the boundaries of this model and feedback from more industry players. Inquire about using this governance design in your own DAO or protocol by filling out the form above to let us know what you need!
We can’t wait to learn about what you’re building.
Abundance: Embrace it as a Lifestyle.
Defined as a plentiful and having ample quantities of resources, abundance is a mindset that can affect how you respond to adversity. Focusing abundance means you are engaged in activities that raise wealth for everyone you encounter. In business, abundance can be a creed to lift the lives of your employees, vendors, suppliers, and customers with every interaction.
Establishing an abundant mindset can start early. “Stanford psychologist Carol Dweck examined mindsets among young students. She found that children who have a growth mindset that intelligence can be developed are better able to overcome academic challenges than those who have a fixed mindset that intelligence is predetermined” (Forbes.com, 2020). The opposite of abundance, scarcity can be just as pervasive. “Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else” (Forbes.com, 2020).
Link to article: 5 Ways To Go From A Scarcity To Abundance Mindset
“A scarcity mentality is what keeps many of us from achieving our goals. An abundance mindset refers to the paradigm that there is plenty out there for everybody” (Forbes.com, 2020). Supported by Stephen Covey in his best-selling book The 7 Habits of Highly Effective people, abundance must be practiced for it to become a solid foundation. There are five ways to establish an abundance mindset that can affect your entire life.
- Be mindful of what you have instead of focusing on what you don’t have.
- Make sure your circle of influence is filled with others that have an abundance mindset.
- Focus on creating mutually beneficial interactions
- Be grateful
- Train yourself to see opportunities instead of obstacles
When you are mindful of what you have and stop focusing on what you don’t have you are more likely to learn and be open to new possibilities. While not every situation may be filled with potential there is something positive you can take from every interaction.
The people you interact with most are going to influence you greatly. If you include positive and abundant-minded people in your daily lives you can further improve your mindset. When your peers, mentors and advisors are focused on abundance you are more likely to adopt the right habits.
Create engagements that results in win-win outcomes. With a scarcity mindset often someone in the interactions loses or fails to get their desired results. When you focus on creating mutually beneficial relationships and interactions both parties walk away with more than they started with.
If you are grateful, you engage in gratitude you are focused on the positive. “practicing gratitude is one of the most widely recognized methods for improving one’s overall well-being” (Forbes.com, 2020). Writing down what you are grateful everyday keeps, even the smallest things, keeps you focused on what is possible.
Finally, creating these rituals will help you identify opportunities instead of only finding obstacles. Looking for what is possible means you are open to learn and can add skills like critical thinking that will make you more effective in work and your personal life.
Ultimately it is your choice to focus on abundance instead of scarcity. As a leader, manager, and colleague you can serve your business with the best of you. Being mindful of abundance means you are looking for ways to add to others lives in positive ways. Create habits to help you see the abundance available to you in every situation you face.
Working with a business coach can help you establish patterns and habits to grow your business abundance. Choose a business coach with proven systems and processes that can teach you how to develop a positive mindset. ActionCOACH is the world’s largest and most successful business coaching organization in the world. With more than 1100 coaches in more than 80 countries, join a group coaching membership program to begin your abundance journey.
Paul Shockley Joins ALLCHOICE as Newest Member
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Paul Shockley Joins ALLCHOICE Insurance
[Greensboro, NC] – ALLCHOICE Insurance, a leading independent insurance agency operating across North Carolina, proudly announces the appointment of Paul Shockley as the Director of the Life Insurance and Medicare Division.
About Paul Shockley
With over a decade of experience as a licensed insurance agent, Paul Shockley brings a wealth of knowledge and a commitment to client-centric values to his new role. His journey in the insurance industry began in 2010, driven by a personal mission to help clients find the best solutions for their needs. Paul’s dedication was sparked by a family member’s experience, where a lack of understanding from their agent led to significant financial loss due to medical bills.
Having passed the Series 7 and Series 66 exams in 2018, Paul expanded his role to become a Financial Advisor, aiming to provide comprehensive financial guidance to his clients. His professional journey has always been guided by the core values of integrity, transparency, and prioritizing clients’ needs.
In his own words, Paul states, “From the beginning, I have committed to always considering my clients’ needs above everything else, and strive to make sure the individuals I sit down with fully understand what their options are and why I am making the recommendation I am.”
Paul Shockley’s career path led him to become the Director of the Life Insurance and Medicare Division at ALLCHOICE Insurance. With a vision to build a division dedicated to putting clients first in every interaction, Paul is excited about the opportunity to shape the future of the division.
Jack Wingate, Founder and CEO at ALLCHOICE Insurance, expressed his enthusiasm for Paul’s appointment, stating, “Paul’s commitment to a client-first approach aligns seamlessly with ALLCHOICE’s values. We are confident that under his leadership, the Life Insurance and Medicare Division will thrive and continue to provide exceptional service to our clients.”
About ALLCHOICE, Inc.
ALLCHOICE Insurance is a multi-line independent insurance agency, founded in August of 2004, operating in North Carolina. Committed to providing personalized insurance solutions, ALLCHOICE offers a range of services, including life insurance, Medicare coverage, and more.
- Contact Information:
- Jared Bellmund
- Director of Marketing
- ALLCHOICE Insurance
- jared.bellmund@allchoiceinsurance.com
- 828.373.1157
The Financial Freedom Journey of Cauliflower and Melon
Cauliflower and Melon is a Financial Freedom story by Doug Weller. It tells the story about the dangers of trying to keep up with your neighbours through borrowing more than you can afford
Stories can be powerful for illustrating the lessons of financial freedom. In this series, in each financial freedom story, you will meet explore a familiar fairy tale world with remarkable characters and magic. There’s action, and drama, and love, and sometimes a happy ending. Enjoy each financial freedom story.
You can find another Financial Freedom Story here.
Now, are you sitting comfortably? In that case, let’s begin…
Cauliflower and Melon – a Financial Freedom story – by Doug Weller
There once lived two rabbits who lived in a meadow, and their names were Melon and Cauliflower.
Both Melon and Cauliflower were both partial to carrots, so they often met in the fields of the nearby carrot farm.
Related
2022 Recap – The Most Challenging Year Yet, with -10% / -34% Returns – Deep Value Investments Blog
So time for my usual review of the year. As ever, I’m not writing this exactly at the end of the year so figures may be a bit fuzzy, in general they are pretty accurate.
As expected, it hasn’t been a good one. If you assume all my MOEX stocks are worth 0 I am down 34%, if you take the MOEX stocks at their current value I am down c10%. This is very rough, I also have various GDR’s and a reasonable weight in JEMA – formerly JP Morgan Russian. So if all Russian stocks are a 0 you can probably knock another 3-5% off.
My traditional charts / table are below – including figures *roughly* assuming Russian holdings are worth 0. It’s a little more complex than this as there are pretty substantial dividends in a blocked account in Russia and quite a few GDR’s valued at nominal values, I could easily be up 10-20% if you assume the world goes back to ‘normal’ and my assets are not seized, although at present this seems a distant prospect.
We will see what happens with the Russian holdings but I am not optimistic. If the Ukraine war continues along its current path Russia will lose to superior Western technology / Russian depleting their stocks. The Russian view seems to be to have a long drawn out war – winning by attrition / weight of numbers / economics. The EU is still burning stored Russian gas, with limited capacity for resupply over the next two years, 2023/2024 may be very difficult. I don’t think this will change the EU’s position but it might. Another likely way this ends is nuclear / chemical weapons as it’s the only way Russia can neutralise the Ukrainian / Western technological advantage. A coup / Putin being removed is another possibility, as is Chinese resupply /upgrade of Russian technology (though far, far less likely). I think the longer this continues the more likely Russian reserves are seized to pay for reconstruction and western holdings are seized in retaliation. I still hold JEMA (JPMorgan Emerging Europe, Middle East & Africa Securities) (formerly known as JP Morgan Russian) as I get a 5x return if we go back to ‘normal’, 50% loss if assets are seized. If you are in the US and can’t buy JEMA a similar, (but much, much worse) alternative is CEE (Central Europe and Russia Fund). I might write about it if JP Morgan do something dodgy and force me to switch. There is some news suggesting 50% haircut – actually a c2.5x return would be a decent win.
All the above of course doesn’t imply I support the war in any way. I always say this but buying second hand Russian stocks does nothing to support Putin / the war. Nothing I do changes anything in the real world. For what it’s worth, my preferred option would be to stop the war, provide accurate information on what has gone on to all ‘Ukranians’, let refugees back, put in international monitors / observers to ensure a fair vote then have a verifiably free election asking them what country they want to be part of, in the various areas then respect the result. I’m aware they had an independence referendum in 1991 – but they also voted to remain in the USSR in 1991 too….
H2 has, if anything been worse than H1. My coal stocks have done well but I can’t see them going much higher with coal being 5-10x more than the historic trend. I have sold down and am now running the profit. I have struggled with volatility and sold down some things which in retrospect I regret – notably SILJ (Junior Silver Miners) and COPX (Copper Miners). It is partly as I think we could be due a major recession and much silver / copper demand is industrial. Still think that these metals will do well as production is very contstrained but I am better off avoiding equity ETFs in future. I am better off in my usual area of dirt cheap equities – that I can have faith in and hold. Issue is I find it very, very difficult to find resource stocks that I actually want to invest in.
I’m still at my limit in terms of natural resource stocks, maybe the switch from more discretionary / industrial copper / silver to non-discretionary energy will help.
Energy has done quite poorly, despite very low valuations. For example Serica (SQZ) I am c20% down on despite it having over half the market cap in cash and forecast PE under 2/3. Its currently investigating a merger / takeover. I dislike the deal on a first glance but havent yet fully run the numbers and don’t have complete information.
PetroTal – again done poorly, down about 20% due to issues in Peru, forecast PE under 2, c1/3rd of the market cap in cash.
GKP with a c40% yield, PE under 2 and minimal extraction cost – albeit with a severe expropriation risk (in my view) – that I have managed to hedge.
My other oil and gas companies are in a similar vein. I am not sure if it’s woke investors still not investing, or if they are pricing in a severe drop in oil prices. Most of these Co’s are very profitable at $70/oil and profitable down to $50. With China re-opening and Biden refilling the strategic Petroleum reserve at $70 I can’t understand why they are trading where they are. Others I hold such as 883.hk, HBR, KIST, Romgaz are not as cheap but I need to diversify as these smaller oilers have a tendency to suffer from mishaps, rusting tanks, production problems, rapacious governments and there aren’t enough of them around to let them make up the bulk of the portfolio. Currently I am at 35% so a big weight and which broadly hasn’t worked this year over the time period I have owned them. I won’t buy more and plan to limit my size to c5% per company.
We will see if these rerate in 2022. There is a lot to dislike about them. Firstly, that they continue to invest despite being so lowly rated. Why invest growth capex if you are valued at a PE of 2/3 and a substantial proportion of your market cap is cash? Far better to just distribute / maintain production in my view. I find it interesting that Warren Buffett insists on maintaining control of his companies surplus cash flow and exerts tight control on their investment decisions whilst far too many value investors are prepared to give management far too much credit and control.
The downside to these companies investing to grow is they are *generally* rolling the dice with exploration and its an unwise game to play, as there is lots of scope for them to not find oil/gas. Even if they acquire there are plenty of bad deals out there and scope for corruption at worst, or very bad decision making at best. I dont trust or rate any of the managements but the stocks are so cheap I will tolerate them for now / until I find better alternatives. I also believe corruption may be why so many of these type of stocks are keen on capex projects – as it’s easier to steal from a big project than ongoing ops. I have no proof/indication of any specifics for any specific company and its very much supposition on my part…
It’s a little frustrating, when I look back to my start 2022 portfolio I had plenty of oil and gas – though far too much was in IOG which I had a lucky escape from. I looked for more in early 2022 but was looking for the best quality oil and gas cos, which on the metrics I look at all happened to be in Russia. Frustrating to get the sector right but not consider that all my oil and gas exposure was in Russia so, ultimately didn’t work out.
I am not sure how much of this lowly valuation is down to ESG / environmental concerns. I suspect this affects it greatly. On the rare occasions I meet people new to investing, ESG is the first thing they ask about and it is really important to many corporates – as it’s the favour du jour. I believe it to be entirely delusional – the entire system is broken and irredeemably corrupt and I’m prepared to embrace this fact, rather than deny it. We will see if this works over the next few years, I suspect hard times will cure people of the ESG delusion but we shall see… The counter argument is that non-ESG companies can’t raise capital so are not as cheap as they appear. I do not believe this is the case in the longer term – the cynical will once again inherit the earth.
I have tended to get into the habit of buying these stocks on good news, expecting this to trigger rerating, then selling on bad news, which comes along with surprising regularity. Goal for 2023 is to buy as cheap as possible then just hold. Selling the tops looks appealing but once it becomes clear that oil is not going to $50 / ESG doesn’t matter then the rerating could be formidable, even a 5x cash adjusted PE will give JSE / PTAL 100%+ in terms of share price.
In terms of my other resource co’s Tharissa is still very cheap. I have traded a little in and out with a minimal level of success, though like the oil companies they are a stock trading sub-NAV on a tiny multiple and, of course, the conclusion they come to is it’s time to invest in Zimbabwe, rather than a buy back or return cash via dividends. Brilliant guys, brilliant…
Kenmare is also cheap on a forward PE of under 3, one of the world’s largest producers, at the lowest cost and a 10% yield. The issue is that if we are heading to a major recession this may hit demand and pricing. Nevertheless it can easily be argued that this is in the price.
Uranium is still a reasonable weight but its very much a slow burner for me – I am sure it will be vital for generation in the future but when the price will move to incentivise new production remains unknown. I still think KAP is undervalued, though it hasn’t done well over the last year. In breach of my no sector ETFS rule I still own URNM, very volatile but I have cut the weight down to a level I can tolerate. The real money in uranium will be likely made in the technology / building the plants but nothing out there I can buy – Rolls Royce just looks too expensive and there is too much of a history of massive losses occurring during the development of new nuclear technology.
One of my better performers over the year has been DNA2. This consists of Airbus A380s which were trading at a significant discount to NAV, when I bought they were trading at a discount to expected dividend payments. In a similar vein I have bought some AA4 (Amedeo AirFour Plus). If dividends are paid as expected I hope to get about 20-30p a share over the next 5 years, then the question is what are / will the assets be worth? Emirates are refurbishing some of the A380s so I think there is a decent prospect they will be bought / re-leased at the end of their contract or at least have some value. We are in a rising interest rate environment now and the cost of airframes is a major part of an airline’s cost. If they buy new at a c0-x% financing rate then, perhaps fuel / efficiency savings make new planes worthwhile. This calculation changes if they are having to buy new, with a higher capital value at a higher interest rate – making the used aircraft relatively more attractive and economical. There are also delivery issues across Boeing and Airbus, again helping the used market. Offsetting this, air travel is not yet back to 2019 levels and a severe recession / high fuel prices may kill demand further. Still my bet is on the A380s being worth something and the A350s also having a bit of value, with a c16% yield if they hit their target, I get paid to wait, though some of this is capital being returned, though its hard to say how much as we don’t really know how much the assets are worth.
Begbies Traynor is another big weight but has not done much, given it’s now increased weight with the potentially permanent demise of my Russian holdings. I think it’s a useful hedge to the rest of the portfolio. It’s one I need to cut on account of excessive weight.
I’m broadly amazed how strong everything is. UK energy bills have risen to a typical c£4279 in January 2023. UK GDP per capita is roughly c£32’000 -post tax this is 25k so energy is now 17% of net pay. This is a big rise from c £1100 or 4% pre-war. The average person/ household doesn’t pay this directly – as its capped by the government at c£2500, this is, of course, not entirely accurate – the subsidy will be paid by taxpayers eventually. I’m aware I am mixing household and individual figures – but the principle applies lots of money is effectively gone. Various windfall taxes can shift burden around a bit. Don’t forget the median person earns under £32k – due to skew from high earners. If you couple this with rising food prices / mortgage rates and no certainty on how long this will last and I am amazed shares are as resilient as they have been. I suspect this is driven by the hope that this is temporary. I have my doubts as to this.
I have tried a few shorts as hedges – broadly they haven’t worked. My main bet has been to assume the consumer – squeezed by insanely high house prices / rents and mortgage rates, high energy costs and rising tax would cut back. I have shorted SMWH (WH Smiths) and CPG (Compass Group). Unfortunately we are still seeing recovery from COVID in year on year comparisons and there appears to be little fall off in consumer demand. It could be I am in the wrong sectors. SMWH do *mostly* convenience retail at travel locations, CPG outsourced food services. I thought these would be very easy for people to cut back on. For example, bringing a chocolate bar bought at a supermarket for 25-35p rather then buying one at SMWH for £1. This hasnt worked as yet. Its possible people are cutting back on things like clothes rather than convenience items / lunch at the office etc. This actually makes a
Survey Reveals Growing CEO Concern for Firms as AI and Climate Risks Increase Ahead of Davos
Global executives are increasingly worried about the long term viability of their businesses, a PricewaterhouseCoopers pre-Davos survey showed, with pressures mounting from generative artificial intelligence (AI) and climate disruption.
Some 45% of more than 4,700 global CEOs surveyed do not believe their businesses will survive, barring significant changes, in the next ten years, the “Big Four” auditor said.
“There’s the 55% who think they don’t have to change radically, and I would argue that’s a little naive because the world is changing so fast around them,” PwC Global Chairman Bob Moritz told the Reuters Global Markets Forum (GMF) ahead of the World Economic Forum’s annual meeting in Davos.
Advancements in generative AI were top of the concerns for most survey respondents, with almost 75% predicting it would significantly change their business in the next three years.
The majority expect AI to require training in new skills for employees, while many expressed concerns about cybersecurity risks, misinformation, and bias towards specific groups of customers or employees.
“If you just look at the same skills, I think yes, there will be impact,” said Juergen Mueller, SAP’s chief technology officer, referring to job losses and hiring freezes on junior positions in the tech sector.
“Therefore, what you do need is even better skilled people,” Mueller told GMF at Davos.
The PwC survey also showed a stronger focus on environmental concerns pressuring margins, with four in ten executives saying they accepted lower returns for climate-friendly investments.
Less than 50% reported progress, including on climate risks in financial planning, with 31% saying they had no plans to do so.
Overall, companies were more confident in the global growth picture, with 38% optimistic on growth, which was more than double those surveyed in 2023.
However, they were also less optimistic on revenue growth over the next year, with 37% confident of their ability to increase revenue, versus 42% in 2023.
“The ability to raise rates and raise prices is not as easy as ever before … that’s going to be a trend that we’re likely to see over the next two to three years,” Moritz said.
Britain calling
PwC’s survey found that Britain was the top country to invest in, with nearly a third of U.S. CEOs selecting the traditionally popular country as their top target.
Britain’s standing among China’s CEOs rose dramatically, to joint sixth, up from sixteenth last year.
However, the former European Union member has become slightly less strategically important for global CEOs, falling one place to fourth behind Germany, with the U.S. and China keeping their first and second places respectively.
First Published: Jan 16 2024 | 12:11 AM IST
Choosing Between CEXs and DEXs: Which is Right for You?
Do you want to know whether to use CEX or DEX? Well, you’re at the right spot. As the title of the post suggests (CEX Vs DEX), this post will cover all the differences between these two types of exchanges, so you can decide which is better for you.
We’ll also recommend the best CEXs and best DEXs later, but first, let’s talk about CEXs Vs DEXs.
CEXs Vs DEXs
CEXs and DEXs have plenty of differences. By reading this section about CEXs Vs DEXs, you’ll become familiar with all of them.
Anonymity
The biggest difference you’ll find in this CEXs Vs DEXs comparison is anonymity. DEXs offer far greater anonymity than CEXs. This is because, unlike CEXs, they don’t make their users complete KYC and AML procedures.
Completing these procedures eliminates anonymity because the user has to give all sorts of personal information to the authorities. The users will have to provide at least some of the following information:
- Name
- Phone Number
- Official ID
- Permanent/Temporary Address
However, not following these procedures can be considered a double-edged sword. KYC and AML help prevent hackers and scammers from joining the exchange, and they make it easier to identify them after they have committed the fraud.
Nonetheless, the absence of KYC and AML shouldn’t be considered a downside for DEXs, because these exchanges are already quite secure, so they don’t need KYC and AML.
Wallets
When it comes to wallets, DEXs are doing far better than CEXs. All the DEXs offer non-custodial wallets, whereas, the majority of the CEXs don’t.
In case you’re not familiar with the non-custodial wallets, these are the wallets that provide keys to the owners. As for custodial wallets, the exchange gets custody of the private keys.
Since most CEXs offer custodial wallets, they own the private keys of the assets. The problem here is that in case the exchange gets hacked, the hacker can steal the users’ assets. This isn’t an issue for DEXs’ users because they own the private keys of their wallets.
Achieving Realistic Goals: A Step-by-Step Guide
You want to overcome fear of failure when starting your business? The first step is to set realistic goals. But how do you know if the goals you set are realistic? Keep reading to learn more.
Definition of Realistic Goals
Realistic goals are those that strike a harmonious balance between ambition and attainability. They are objectives that align with your abilities, resources, and the current circumstances of your life, ensuring they are both challenging and feasible.
Importance of Setting Realistic Goals
Setting realistic goals is pivotal for personal growth and overall productivity. By establishing achievable objectives, individuals can experience heightened motivation, increased focus, and a greater sense of accomplishment, leading to sustained success.
The Psychology of Goal Setting
To begin, we look at the psychology behind goal setting — and why it works!
Understanding the Motivation Behind Goal Setting
Goal setting is intrinsically tied to motivation—a force that propels individuals toward meaningful achievements. Intrinsic motivators, such as personal satisfaction, passion, and a sense of purpose, play a vital role. Meanwhile, extrinsic motivators, like recognition and rewards, offer external validation. Recognizing these psychological drivers is essential for sustaining long-term commitment to goals, as it enables individuals to tap into their deep-seated desires and aspirations.
The Role of SMART Criteria
The SMART criteria—Specific, Measurable, Achievable, Relevant, and Time-Bound—provide a roadmap for effective goal formulation. Ensuring goals are Specific narrows focus, Measurable criteria facilitate progress tracking, Achievability maintains a realistic approach, Relevance aligns goals with broader objectives, and Time-Bound instills a sense of urgency. This strategic framework enhances goal clarity and feasibility, guiding individuals in crafting objectives that are both challenging and attainable.
Intrinsic vs. Extrinsic Motivation
Distinguishing between intrinsic and extrinsic motivation is crucial for understanding what truly drives goal-oriented behavior. Intrinsic motivation stems from internal factors, driven by personal satisfaction and a genuine passion for the task at hand. On the other hand, extrinsic motivation relies on external factors such as rewards or recognition. Balancing both types ensures a comprehensive approach to goal setting, tapping into the inherent joy of the process while leveraging external rewards as additional sources of encouragement.
Overcoming Common Motivational Challenges
While motivation fuels goal pursuit, challenges often arise. Procrastination, self-doubt, and external pressures can impede progress. Acknowledging these challenges and developing strategies to overcome them is crucial. Breaking down larger goals into smaller, more manageable tasks can combat procrastination. Building self-confidence through positive affirmations addresses self-doubt, and setting boundaries helps manage external pressures. By navigating these common challenges, individuals can sustain motivation throughout their goal-setting journey.
The Impact of Goal Visualization
Visualization is a powerful tool in the psychology of goal setting. Creating vivid mental images of successfully achieving a goal enhances motivation and fosters a positive mindset. Visualization allows individuals to experience the emotions associated with success, reinforcing their commitment. Integrating this practice into daily routines can significantly impact goal attainment. By envisioning the journey and the ultimate achievement, individuals create a mental roadmap that guides their actions, propelling them toward success with unwavering determination.
Assessing Your Current Situation
So look at where you are and where you want to be.
Self-Reflection
Self-reflection is a pivotal step in effective goal setting. It involves introspection to identify personal strengths and weaknesses. Through this process, individuals gain profound insights into their capabilities, paving the way for setting goals aligned with their unique attributes. It’s a nuanced examination that goes beyond mere acknowledgment, encouraging a deeper understanding of one’s motivations, values, and aspirations. Self-reflection serves as the foundation upon which well-defined and personally meaningful goals can be established.
SWOT Analysis
Conducting a SWOT analysis—evaluating Strengths, Weaknesses, Opportunities, and Threats—provides a strategic perspective on one’s current situation. Strengths and weaknesses delve into internal factors, outlining what an individual excels at and areas needing improvement. Opportunities and threats encompass external dynamics, presenting avenues for growth and potential challenges. This comprehensive analysis equips individuals with a holistic view of their circumstances, enabling informed decision-making in goal setting. It serves as a proactive tool, aligning aspirations with the evolving landscape of opportunities and potential obstacles.
Identifying Personal Values
Aligning goals with personal values is paramount for sustained motivation and fulfillment. This involves a deliberate exploration of one’s core beliefs, priorities, and ethical principles. By identifying and integrating these values into goal setting, individuals ensure that their pursuits are meaningful and resonate with their intrinsic desires. Goals that align with personal values are more likely to be pursued with passion and commitment, creating a sense of purpose and coherence in the overarching life journey.
Setting Milestones for Progress Tracking
Setting milestones is instrumental in breaking down overarching goals into manageable, measurable components. These intermediate markers not only provide a roadmap for progress but also serve as motivational checkpoints. Achieving milestones reinforces a sense of accomplishment, fueling motivation for the next phase. It allows individuals to track their journey incrementally, providing clarity on the effectiveness of their strategies and highlighting areas that may require adjustment. Milestone-setting transforms goals from abstract aspirations into tangible, achievable targets, enhancing the likelihood of successful goal attainment.
Defining Your Objectives
To set your goals, first identify your objectives. Take these steps to help you.
Distinguishing Between Short-Term and Long-Term Goals
Distinguishing between short-term and long-term goals is a foundational aspect of effective goal setting. Short-term goals provide immediate direction and focus, often contributing to the attainment of broader, long-term objectives. Long-term goals, on the other hand, encapsulate more extensive aspirations, requiring sustained effort and strategic planning. Recognizing the distinct characteristics of each type allows individuals to strike a harmonious balance, ensuring that short-term accomplishments contribute meaningfully to overarching, enduring success.
Prioritizing Goals
Effectively prioritizing goals is a skill that optimizes resource allocation and time management. Prioritization involves assessing the urgency and importance of each goal, allowing individuals to focus on tasks that align with their broader objectives. This deliberate approach ensures that limited resources are channeled towards high-impact activities, fostering efficiency and progress. Prioritizing goals minimizes distractions, enabling individuals to navigate complexities with clarity. It empowers them to stay on course, maintaining a trajectory toward success amidst competing demands.
Aligning Goals with Personal Values
Aligning goals with personal values is a strategic approach that ensures meaningful pursuits. This involves a deliberate exploration of one’s core beliefs, priorities, and ethical principles. By intertwining goals with these fundamental values, individuals infuse their aspirations with personal significance and intrinsic motivation. This alignment creates a sense of purpose, propelling individuals to pursue goals with unwavering commitment. It also enhances the overall coherence of one’s life journey, fostering a holistic approach that integrates personal values seamlessly into the fabric of goal-setting endeavors. This intentional alignment adds depth and authenticity to the pursuit of objectives, enhancing the likelihood of sustained motivation and fulfillment.
Breaking Down Goals into Actionable Steps
You may have heard the expression that the best way to eat an elephant is a bite at a time. It’s the same with achieving your goals.
Developing a Detailed Action Plan
Creating a step-by-step action plan is the linchpin of goal execution. This involves breaking down overarching goals into granular tasks, establishing a roadmap for implementation. A detailed action plan provides clarity, defining the specific actions required for goal attainment. It serves as a tangible guide, streamlining the path toward success. By deconstructing larger objectives into manageable steps, individuals enhance their ability to track progress and maintain focus on incremental achievements.
Utilizing the Eisenhower Matrix
The Eisenhower Matrix is a powerful tool for goal prioritization. By categorizing tasks based on urgency and importance, individuals can make informed decisions on where to allocate their time and energy. This strategic approach enhances efficiency, ensuring that time is dedicated to activities that align with overarching objectives. The matrix acts as a filter, allowing individuals to discern between tasks that require immediate attention and those that contribute to long-term success. Embracing the Eisenhower Matrix fosters a proactive mindset, optimizing productivity and driving progress.
Setting Milestones for Progress Tracking
Incorporating milestones into the action plan is pivotal for progress tracking. These intermediate markers serve as checkpoints, allowing individuals to assess achievements and refine strategies. Milestones not only provide a sense of accomplishment but also act as motivators for the next phase. Integrating these measurable points into the plan transforms the goal-setting process into a dynamic and adaptive journey. Tracking progress through milestones offers valuable insights, facilitating adjustments when necessary and ensuring that individuals remain on course toward the realization of their objectives.
Overcoming Obstacles and Challenges
You may have also heard what happens to the best laid plans. Obstacles will certainly block your path to success. Here’s how to surmount them.
Recognizing Potential Challenges
Identifying potential obstacles is a proactive strategy in the goal-setting journey. It involves anticipating and acknowledging challenges that may impede progress. This foresight enables individuals to prepare contingency plans, minimizing the impact of obstacles on their path to success. Recognizing potential challenges fosters resilience, cultivating a mindset that views setbacks as navigable roadblocks rather than insurmountable barriers. By being attuned to the foreseeable hurdles, individuals are better equipped to face adversity with strategic approaches, turning challenges into opportunities for growth.
Developing Strategies for Overcoming Challenges
Developing strategies for overcoming challenges is a critical aspect of goal resilience. This proactive approach involves crafting plans to navigate anticipated obstacles. Strategies may include building additional skills, seeking mentorship, or establishing support systems. By addressing potential challenges preemptively, individuals enhance their adaptability and problem-solving capabilities. These strategies serve as tools in the toolkit, empowering individuals to overcome hurdles with confidence and determination. Developing a robust set of strategies not only ensures a more resilient response to challenges but also fortifies the individual’s commitment to their goals.
Building Resilience in the Face of Setbacks
Building resilience is a dynamic process that goes beyond addressing individual challenges. It involves cultivating a mindset that views setbacks as integral parts of the journey. Resilience is the capacity to bounce back from adversity, learning and growing through setbacks. By embracing a resilient mindset, individuals develop the tenacity to persevere in the face of challenges, using each setback as an opportunity for introspection and improvement. Building resilience is a transformative aspect of goal setting, ensuring that individuals not only navigate obstacles effectively but also emerge stronger and more resilient on their path to success.
Adjusting Goals as Needed
Yes, you need to overcome obstacles to your goals. However, you also need to be flexible.
Embracing Goal Flexibility
The importance of flexibility in goal setting cannot be overstated. Embracing flexibility involves acknowledging that circumstances evolve, requiring adjustments to goals. This adaptive mindset allows individuals to respond to changing environments, ensuring that their objectives remain relevant and achievable. Flexibility is not a compromise but a strategic approach that accommodates unforeseen challenges and opportunities. By embracing this mindset, individuals foster a resilient and responsive attitude toward goal pursuit, maintaining the agility needed to navigate the dynamic landscape of personal and professional life successfully.
Recognizing When to Modify Goals
Recognizing when to modify goals is a skill that enhances goal-setting effectiveness. This involves staying attuned to shifts in personal priorities, external influences, and changing circumstances. When goals no longer align with the evolving context, individuals must be willing to reassess and modify them accordingly. This proactive approach ensures that goals remain meaningful and feasible. Recognizing the right time for modification requires a blend of self-awareness and adaptability, empowering individuals to make informed decisions that align with their current aspirations and the realities of their ever-changing environment.
Maintaining Your Home Furnace in Alberta: Essential Tips for Winter Readiness
Did you know that broken furnaces contribute to many property insurance claims each year? If your furnace dies or isn’t properly operating in cold weather, your home’s temperature can drop and cause frozen or burst pipes, resulting in damage. Keeping your furnace in good repair can save you money over the long term and protect your home.
Types of Furnaces in Alberta’s Homes
Most Albertans have forced-air central furnaces heating their homes. These work by heating air and blowing it through ducts throughout the home. Different fuels heat the air, including:
- Electric – Very efficient, quiet and small furnaces; they’re cheaper to install but the cost of electricity can be higher than other fuels.
- Natural Gas – The most popular fuel for furnaces in Alberta as natural gas is relatively cheap and plentiful.
- Propane – A less popular alternative to natural gas.
- Oil – Found more in rural Alberta; oil is more expensive and requires a storage tank, but oil furnaces can last longer if well maintained.
Boiler furnaces are very similar to forced-air furnaces except they circulate water through radiators rather than air through ducts.
Boiler furnaces are very similar to forced-air furnaces except they circulate water through radiators rather than air through ducts.
Maintenance Schedule for Furnaces in Alberta Homes
Regular maintenance helps ensure your furnace is running properly and can extend its lifetime. Not only will this help keep you warm during cold spells, but it will also save you money on utility bills and repairs.
Here are regular maintenance tasks you should carry out:
- Ensure all vents in your home are open and not blocked by furniture or other items. Keep these openings clean and clear (you can vacuum them if they’re dusty).
- Replace your furnace filter every 30 to 90 days.
- Pleated or polyester filters can be replaced every 90 days, unless you smoke in the house or have pets – replace it every 30 days if this is the case.
- Fiberglass filters should be changed monthly.
- If you have a permanent or re-usable filter, follow the manufacturer instructions to clean it.
- Use the correct size of filter, as the wrong size will reduce filtration and cause the filter to get dirty more quickly.
- Dirty filters can limit airflow, put strain on the blower motor and reduce filtration.
- Turn off your furnace’s power and fuel supply to clean it at least once a year.
- Use a vacuum or small brush to remove dust from the exterior of the furnace, the blower motor blades, belts and pulleys.
- Use a straw to remove dust around the pilot light and an emery cloth to clean the flame sensor.
