Asset Allocation

A high percentage of our INTAC Trade Advisors’ time and effort is spent on the asset allocation process. When should you overweight cash, bonds or equities? When is the right time to invest in emerging markets, to take profits in Japan, or re-enter the Tech sector? Asset allocation is by far the largest factor in determining investor returns. By utilizing well known, respected, and independent research firms, successful buy side analysts, and only a select few award winning sell side analysts INTAC develops an investment thesis based on the macro economic trends and searches the globe for pockets of fundamental value to capitalize on this research.

Below you will find just a few examples of some of the many Research Firms, Buy Side Analysts, Letter Writers, and Award Winning Sell Side Analysts, which generate the research used to fuel the INTAC asset allocation process.

RESEARCH FIRMS

BCA ResearchBCA Research


BCA Research is one of the world’s leading independent providers of global investment research. Since 1949, the firm has provided its clients with leading-edge analysis and forecasts of the major financial markets, with clear and focused recommendations for investment strategy – backed by time-tested proprietary indicators. BCA Research provides its services to investors in more than 80 countries through a range of products, consulting and conferences.


Martin H. Barnes, Managing Editor, The Bank Credit Analyst Martin Barnes joined BCA Research in 1987 and, since 1993, has been Managing Editor of the flagship monthly Bank Credit Analyst publication. From 1987 to 1993 he was Managing Editor of the U.S. Fixed Income Analyst publication. Prior to joining the firm, Mr. Barnes spent ten years as Chief International Economist with a major U.K. securities firm and five years as an economist with British Petroleum. He speaks frequently at conferences in North America and overseas, and is quoted widely in the financial press.   Chen Zhao, Managing Editor, Global Investment Strategy Chen Zhao joined BCA Research in 1992 and created BCA’s China Investment Strategy in 1993. In 1998 he developed BCA’s Emerging Markets Strategy services and was Managing Editor of both publications until July 2005. He became Managing Editor of BCA’s Global Investment Strategy in October 2005. Mr. Chen was formerly a professor at Beijing’s Central University of Finance and Economics and has also worked as a senior advisor to several of China’s government organizations. His articles and commentary frequently appear in world-leading financial newspapers such as the Wall Street Journal and Financial Times.   David L. Abramson, Managing Editor, China Investment Strategy and European Investment Strategy David Abramson has been with BCA Research since 1987 and directs the firm’s Chinese research. Previously, he launched and managed European Investment Strategy, and before that was Managing Editor of the firm’s Foreign Exchange Strategy service (formerly ForexCast). In addition, Mr. Abramson is a part-time lecturer in International Business with the Concordia and McGill University Faculties of Finance. Before joining BCA, he worked in the international department of the Bank of Canada for three years modeling exchange rates and trade flows.


Mark McClellan, Managing Editor, U.S. Fixed Income Analyst, Global Fixed Income Strategy and U.S. Bond Strategy

Mark McClellan joined BCA Research in 1996 and heads up the firm’s fixed-income research. Prior to joining BCA, he spent seven years with the Bank of Canada, and from 1986 to 1989, he was an economist with Data Resources of Canada Inc. He became Managing Editor of the U.S. Fixed Income Analyst in 1999, and launched the Global Fixed Income Strategy service in 2002. In 2005, Mr. McClellan launched the U.S. Bond Strategy service.


Peter Perkins, Managing Editor, Daily Insights Peter Perkins joined BCA Research in 2002 after several years in the brokerage industry as an equity strategist and director of equity research in Hong Kong, New York and Mexico. He is Managing Editor of Daily Insights, which features charts and brief rsearch and investment ideas. Before Daily Insights, Mr. Perkins was the Managing Editor of the International Bank Credit Analyst. He has extensive experience in analyzing global equity markets and industries, and combines this with his strong international macroeconomics background. Prior to working in the brokerage industry, Mr. Perkins was a managing economist for a leading U.S. econometric forecasting firm.   Warren C. Smith, Managing Editor, U.S. Investment Strategy Warren Smith joined BCA Research in 1982, after working for several years at a multinational corporation. He plays a major role in directing the firm’s investment strategy and financial market research. Mr. Smith was Managing Editor of The Bank Credit Analyst before developing the firm’s U.S. Investment Strategy service (formerly BCA ForeTrends) in 1989. He launched Daily Insights in 1999, which features charts and brief research and investment ideas compiled from the overall BCA Research team. Mr. Smith also chairs BCA’s daily research and view meetings. He has lectured at universities and speaks to financial groups around the globe.


GaveKalGaveKal


GaveKal was started in the late 1990s in London by Charles Gave, Louis-Vincent Gave and Anatole Kaletsky. At first, GaveKal was a pure research firm, focusing on macro economics and tactical asset allocation for institutional clients around the world.


Charles Gave, Chairman Charles has been researching tactical asset allocation for over fourty years. After three years as a financial analyst in a French investment bank, Charles created Cecogest in 1974. Cecogest was an independent research firm with a large global client base. In 1986, Charles stepped away from pure research to move into money management. He co-founded Cursitor-Eaton Asset Management where he was Chief Investment Officer. At Cursitor, Charles managed over US$10bn of institutional money on a global asset allocation mandate. Cursitor was sold in 1995 to Alliance Capital and Charles remained with Alliance Capital until 1999. At this time, he elected to go back to his first love: research on tactical asset allocation. He left Alliance Capital to create GaveKal where he is the Chairman. Charles sits on the board of numerous companies, and has written several books in French (some available for sale on this website). Charles writes a weekly column for the French newspaper Le Journal des Finances. Charles is married and has four children (Louis being one of them) and five grand-children.


Louis-Vincent Gave, CEO

After receiving his bachelor’s degree from Duke University and studying Mandarin at Nanjing University, Louis-Vincent joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis-Vincent left the army and joined Paribas Capital Markets where he worked as a financial analyst first in Paris, then in Hong Kong. Louis-Vincent left Paribas in 1999 to launch GaveKal Research with Charles and Anatole in London. In 2002, Louis-Vincent left the London office and returned to Hong Kong; the idea at the time was that Asia was set to become an ever more important factor in global growth and that, consequently, GaveKal needed to offer its clients more information, and more ideas, relating to Asia. Louis-Vincent contributes frequently to the research and was the main author of our books Our Brave New World and The End is Not Nigh. Louis-Vincent manages the overall business from our main office in Hong Kong. Louis writes a weekly column, every Monday, for the Mingpao Daily in Hong Kong. Louis-Vincent is a French national. He speaks French and English and is rusty in Spanish and Mandarin. He is married with two sons.


Anatole Kaletsky, Chief Economist Anatole is best known as an economic commentator for The Times and, prior to that, on the Financial Times. In 1999, after twenty years as one of the world’s leading economic journalists, Anatole joined Charles and Louis to launch GaveKal. Anatole has been an adviser to multinational companies and financial institutions in Europe, America and Asia, as well as a sought-after public speaker. His insights on macro-economic and financial trends, central bank dynamics and political developments are respected by investors worldwide. Anatole still writes a weekly column for The Times. Anatole is married and has three children. He speaks French, English and Russian and lives in London. Best of Buy Side In addition to investing capital with world’s top asset managers, INTAC leverages these relationships by utilizing their proprietary, in-house, independent, buy side research when making asset allocation decisions. INTAC also studies the allocation, attribution, and change of the regional, country, sector, and industry breakdowns of the best performing managers at firms such as Alliance Capital Management, Van Eck, Global Asset Management (GAM), Jardine Fleming, Goldman Sachs, Pimco, and more.

LETTER WRITERS

Richard Russell’s Dow Theory LettersDow Theory


Russell gained wide recognition via a series of over 30 Dow Theory and technical articles that he wrote for Barron’s during the late-’50s through the ’90s. Through Barron’s and via word of mouth, he gained a wide following. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-’66 bull market. And almost to the day he called the bottom of the great 1972-’74 bear market, and the beginning of the great bull market which started in December 1974.

The Letters, published every three weeks, cover the US stock market, foreign markets, bonds, precious metals, commodities, economics –plus Russell’s widely-followed comments and observations and stock market philosophy.

 

The Gartman LetterGartman Letter


The Gartman Letter is a daily financial trading commentary written for the past 20 years by Dennis Gartman (professor, economist and trader). The commentary covers all financial markets with particular emphasis on Fixed Income, Foreign Exchange, Equity Indices, Precious Metals, Energy and Agricultural Commodities. It’s published by e-mail & fax daily at 10:30AM GMT. In 20 years, TGL has never failed to publish. Special Flash Reports are issued periodically, and included with subscription.

The Gartman Letter is unique because it culminates in actual trading recommendations. TGL puts its reputation on the line each and every trading day. The political commentary is enlightening – analyzing the hotspots and their likely impact on the markets. Undoubtedly TGL’s greatest strength is the way it weaves the Golden Rules of Trading through the daily commentary. TGL elevates its readers’ thinking about the markets!


Gloom Boom Doom - Dr. Marc FaberGloom Doom Boom


Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.

Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong.

Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, MARC FABER LIMITED which acts as an investment advisor and fund manager.

Dr Faber publishes a widely read monthly investment newsletter “The Gloom Boom & Doom Report” report which highlights unusual investment opportunities, and is the author of several books including ” TOMORROW’S GOLD – Asia’s Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. ” TOMORROW’S GOLD ” was for several weeks on Amazon’s best seller list and is being translated into Japanese, Chinese, Korean, Thai and German. Dr. Faber is also a regular contributor to several leading financial publications around the world.

A book on Dr Faber, “RIDING THE MILLENNIAL STORM”, by Nury Vittachi, was published in 1998.

A regular speaker at various investment seminars, Dr Faber is well known for his “contrarian” investment approach.

He is also associated with a variety of funds and is a member of the Board of Directors of numerous companies.


Gold Stock AnalystGold Stock Analyst


Gold Stock Analyst is a unique investment tool that examines every significant producing or near-production Gold miner (over 40) trading in North American stock markets. Our top-down approach recognizes all miners produce exactly the same commodity, Gold. But, the stocks all sell at different prices and have Market Capitalizations, which, versus their peers, may or may not be justified by their annual Production, Production costs, Proven & Probable Reserves, and other metrics. Using standard industry and GSA’s proprietary analysis tools, we find stocks whose ounces are undervalued by the Market.


The Aden ForecastAden Forecast


The Aden Forecast is a monthly 12-page investment letter, written by Mary Anne and Pamela Aden. It specializes in the U.S. stock market, U.S. interest rates and bonds, the international stock and bonds, the foreign exchange and precious metals markets. It’s utilized by both beginners and sophisticated investors in over 40 countries. The primary objective of The Aden Forecast is to profit from major market rises and to avoid losses during major declines.

Each easy-to-understand issue walks you through what’s happening in the markets, how the political and economic landscape will affect the markets and how to profit from these developments. It provides objective forecasts, concise recommendations and the best charts in the business.


Strategic Investment


Dan Denning is the editor of Strategic Investment, one of the most respected “big-picture” investment newsletters on the market. A former specialist in small-cap stocks, Dan has been at the helm of Strategic Investment since 1999 – where, drawing from his network of global contacts, he has designed an investment strategy that takes into account global political and economic trends. His weekly e-mails and monthly newsletter give investors the most complete picture of what’s shaping investment markets, what’s coming next, and exactly what to do today.


The Weber Global Opportunities ReportWeber Global Opportunity


Christopher Weber is a former Investment Director for the Oxford Club and the voice of “Getting Rich Outside the Dollar”. He’s spent his entire life investing and has an exceptional track record, making millions in the markets before the age of 45. He currently authors the Weber Global Opportunities Report.


Paul van Eeden


Paul van Eeden is an independent investor, analyst and newsletter editor and is best known for his research on the gold market and in the field of mineral exploration. In addition to managing a private investment company, he writes a weekly (subscription only) email-based newsletter about his company’s investments and a weekly (free) commentary on markets, the economy and other investment related topics. Paul van Eeden is a frequent guest speaker at numerous international investment conferences and on radio and television shows across North America.

 

AWARD WINNING SELL SIDE

UBS Investment ResearchUBS


With more than 35 years of collective experience, our team of technical strategists monitor the currency and precious metals markets throughout the global trading day. By analysing market developments, they provide updates for the European, North American and Asia-Pacific time zones and generate short-term trade recommendations to ensure our clients are kept abreast of market activity and can leverage opportunities as they arise most effectively. Trading alerts, commentary and charting tools are easily accessible via FX Web, so clients can receive the most up-to-date information whenever and wherever they wish.


RBC Capital MarketsRBC


RBC Capital Markets is an international corporate and investment bank, offering a range of customized products and services to institutions, corporations, governments and high net worth clients around the world. They were recently ranked by Bloomberg as one of the top 15 investment banks globally in 2004. With nearly 3.600 professional and support staff, they serve clients through 60 offices and 11 countries.


Sovlink SecuritiesSovlink


Sovlink is an independent investment-banking boutique that has stood at the vanguard of Russian finance since its foundation in 1990 by Salomon, Sedgwick, Phibro Energy and their Russian partners. Over the past decade, Sovlink has arranged well over $3 billion, financing transactions involving both the private sector (Slavneft, Tomskneft, UES) and the main international financial institutions (EBRD, World Bank, OPIC, IFC, and US Eximbank).

In 1994, together with Baring Asset Management, Sovlink launched the $160 million First NIS Regional Fund. This led to the launch of Baring Vostok Capital Partners, the most successful private equity management company in Russia, with total assets of over $400 million under management.

Despite periods of turbulence in the Russian financial markets, Sovlink and its partner, Aljba-Alliance – an internationally rated, IAS-audited full-service bank, have provided financial services reliably and without interruption. As other financial institutions collapsed and defaulted during the financial crisis of 1998, Sovlink consolidated its presence in the Russian market by providing its clients with skillful, proactive and independent services.

Today, Sovlink continues to offer flexible, customized financial services, including second-tier equity and exotic debt brokerage, M&A advisory, and financial structuring. Perhaps best known as a research-based investment bank with extensive knowledge of the Russian oil and gas sector, Sovlink also benefits from its comprehensive network of contacts and long experience in metals and mining, transport and infrastructure, chemicals, electricity, banking, consumer goods, and manufacturing.

CONCLUSION

The result of this extensive research is an independent, long-term market outlook, strategy and asset allocation. The next step in INTAC’s investment methodology is to locate the top performing asset managers from around the globe in the asset classes, regions, countries, sectors, and industries, which are expected to outperform, with the least amount of volatility based on the macro economic and market outlooks.


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