 With the resulting negative impact on performance and a backdrop of clients leaving for better performing and lower cost strategies, it is not surprising that short conviction suffered or that lower cost tools such as ETF’s were used to get short exposure.
Uncertainty Pervades as Monetary Stimulus Makes Way for Proposed Fiscal Stimulus
But with the Fed both tapering stimulus and increasing interest rates, correlations between stocks listed on the S&P 500 declined since the 2016 election to their lowest level since 2000.** With dispersion between stock prices increasing, a much more favorable environment for stock pickers seemed imminent, until that was, the shock result of a Trump administration. While many of the new administration’s policies are expected to create opportunities for hedge funds, what we have witnessed since November is another broad based rally, fueled this time not by monetary stimulus, but by fiscal stimulus — or at least the promise of it. Just how many of the new administration’s tax, trade, deregulation and spending policies will come to fruition remains to be seen, but amidst the uncertainty, hedge funds have seemingly been happy to ride the rally and get some early performance on the board. Nobody wants a replay of Q1 2016 when some early bad calls put funds in a performance hole they spent the rest of the year digging themselves out of.
When the Political Fog Clears
With all that said, the signs remain that events could change quickly. While the Healthcare Bill is taking center stage right now, the new administration will shortly turn their attention to new bills on tax, financial regulation and trade. These are expected to incentivize US corporates, among other things, to repatriate offshore profits, some of which will be used to fund acquisitions. A protectionist policy on trade, including a proposed border adjustment tax, will impact companies both in the US and overseas that rely heavily on a complex global supply chain. Pharma, healthcare providers and alternative energy are among other sectors that could all come under pressure if campaign policies turn into concrete legislation. In summary, when the political agenda shakes out, there should be clear winners and losers and without monetary stimulus distorting prices, active managers on both on the long and short side will be empowered to act with conviction on their analysis. The billion dollar question for the industry is how long it will take the administration to pass these bills and remove the uncertainty which is hampering the market.
Patience is a Virtue
In the meantime, we believe it is important for securities lenders to stay the course and resist the temptation to chase returns during a cyclical trough for demand. While additional return can be generated by taking on additional cash reinvestment risk or by taking lower quality non-cash collateral, these should be considered carefully given past credit and liquidity events. Our focus at BBH is ensuring we are maximizing opportunities to generate more return with a lower risk profile by expanding our product, investing in technology and engaging with our clients. These include voluntary corporate action opportunities, particularly in a Europe still focused on capital raising, entering new markets and mobilizing assets held back from lending.
*Source: DataLend, March 2017
** Source: Goldman Sachs Global Investment Research, February, 2017More than a decade after the January 2010 earthquake, Haiti is still struggling to recover and faces serious development challenges. Since the earthquake, Haiti has experienced several additional calamities, including a cholera epidemic, hurricanes, and drought, which have further weakened the country’s already fragile economic, social, and political institutions.
In July 2010, Congress appropriated $1.2 billion in supplemental funding for Haiti reconstruction. In addition, federal agencies, including the U.S. Agency for International Development (USAID), have allocated funding from annual appropriations since the earthquake for reconstruction and development activities in Haiti. USAID has been the principal agency responsible for administering funds for these activities.
The Government Accountability Office (GAO) has examined the status of U.S.-funded reconstruction and development efforts in Haiti. The watchdog found that as of September 30, 2020, USAID had obligated 95 percent and disbursed 89 percent of nearly $2.3 billion it had allocated in supplemental and annual appropriations funding for reconstruction and development in Haiti since fiscal year 2010. USAID directed about three-quarters of its total allocated funding to three assistance sectors—health and disabilities, economic and food security, and governance and rule of law. The agency allocated the remaining funding to five other sectors—shelter, energy, education, ports, and transport and technical services—and to operating and other expenses.
91 activities in the governance and rule of law sector, including assistance for the national and municipal governments in services delivery.
U.S.-based organizations implemented 269 of the activities, Haiti-based organizations implemented 117 activities, and multilateral organizations and organizations based elsewhere than the U.S. or Haiti implemented 54 activities.
In a forthcoming report, GAO will examine the status of selected U.S. reconstruction and development activities in Haiti and the extent to which they have achieved their intended goals.
This flavorful quick and easy vegan artichoke soup with homemade parsnip chips is made with fresh artichoke hearts. A satisfying mix of smooth, creamy and crunchy.
I’ve decided I need to eat more soup. I love soup, I just don’t make it often enough. And since we’re in prime soup season, I decided I’d better get to sharing more light and healthy dairy-free soup recipes on the blog, too.
It’s a win-win for me; I make more soups to shoot and post to the blog, and I get to eat them afterwards.
Kick off soup season with this Vegan Artichoke Soup with Parsnip Chips!
Artichokes are (and will always be) my absolute favorite vegetable. Their earthy, slightly sweet flavor quite literally makes my mouth water- anyone else know what I’m talking about??
They hold a nostalgic sway over me as well. I have countless memories of fighting with my mom and sister over who got the biggest piece of the heart at the dinner table.
For some reason my dad is not present in these memories…I guess he wasn’t an artichoke fanatic like the ladies of the family? And oh, what a gleeful occasion when my mom would bring home an individual artichoke for each one of us.
Not to mention there’s just something about the act of eating artichokes, with your bare hands, dunking the leaves gluttonously into melted butter (or mayo, if that’s your thing), scraping off the meaty flesh with the back of your teeth and then unceremoniously discarding the scraps. It’s a glorious, barbaric mess and I am very into it.
In fact, I decided awhile back that if I ever get another tattoo, it will be of an artichoke, most likely on my inner forearm. So there you go, official artichoke freak.
If you are a artichoke super fan like me there is no better way to capture their tantalizing flavor than in a soup. According to John, this Artichoke Soup with Parsnip Chips “tastes like drinking artichokes”.
I am all about cooking light dinners in the run-up to Thanksgiving and Christmas to avoid piling on too many pounds before the holiday season even starts. This artichoke soup is made without dairy products, making it lower in calories..
I love its pretty green color and the deep earthy flavor and silky creamy texture!
It’s made with trimmed artichoke hearts (fresh, not frozen), leeks, shallots and potato. I also add some fresh lemon juice to this vegan artichoke soup recipe. The bold flavors of lemon and artichokes brings this creamy vegan soup alive.
And because I like some texture with my smooth vegetable soups, it’s topped with thinly sliced, fried parsnips.
If I were you I’d make extra for snacking, because I definitely ate them all immediately, leaving no crunchy toppings in sight for the second helping of our soup, which was a little bit sad.
Do save the artichoke leaves for steaming and dunking into butter. #zerowaste!
Make sure to blend your artichoke soup long enough so that all the fibers disappear completely. This usually takes a full minute of blending.
This soup freezes well, so go ahead and make a big batch while you’re at it. You’re going to want to, trust me.
If you want, you could add some coconut cream or coconut milk to this soup to make it richer.
Using frozen artichoke hearts would work too.
For a artichoke spinach soup, add 2 cups of spinach leaves during the last 5 minutes of cooking time. Then blend.
I highly recommend making this artichoke soup with buttery Yukon gold potatoes. But russets or red potatoes would also do.
When at the grocery store, lift a few artichokes up to feel their weight. Select one that feels heavy and solid. The lighter ones are probably older. The leaves should be thick and tightly closed and of a vibrant deep green color.
The leaves should squeak when you rub them together. Generally, the smaller the artichoke, the more tender and sweeter they will be. Larger artichokes, however, will obviously have larger hearts and the hearts are the best part of the artichoke.
Store the artichokes in the refrigerator where they will keep for up to a week.
Thanks for reading! To keep up with me in the kitchen, follow along on Facebook, Instagram, Twitter and Pinterest. If you make this Artichoke Soup with Parsnip Chips, don’t forget to share