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Quote of the Week

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“The greatest discovery of any generation is that a human being can alter his life by altering his attitude.” — William James

Documentos de Panama

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¿Qué puedo decir?  Todo es cierto.

The only thing that might transgress established law is that certain information should have been reported to certain authorities.  As far as operating a business or making investments outside of your county of residence, this is what drives the global economy.  How do you think China has become the second biggest GDP ranked economy on this planet?  Think of any company that relies on mass consumer sales and chances are it’s products were manufactured in China.  These “commercial contracts” rely, in most part, on business entities and banking facilities that are in the jurisdiction of the production of the product.  It’s all based on the individual countries revenue regime and whether the financial institution pays you to store your money there or you have to pay them. As the U.S. Supreme Court Judge, Oliver Wendell Holmes, once said, “No one can be excused of evading taxes owed, but to arrange one’s affairs so as to minimize their tax burden could be considered their civic duty.”  After all, do you desire to pay more than is required for anything?  Which brings us to the impetus of tax avoidance(not evasion).  The desire of the politicos to establish entitlement schemes to sooth the less fortunate and empower the deceitful.  Some programs make sense, healthcare, education, sanitation, safe housing, first responders, etc., but foreign aid to countries that don’t care whether we live or die and research to see how much methane cows fart isn’t what I would call fiscal responsibility.  Yes, the days of complete anonymity are waning, what with stricter “know your client” requirements, more in-depth company reporting requirements, more liability risk for failure to dot all the I’s and cross all the T’s by the lawyers, accountants, advisors, and other fiduciaries that serve the industry of wealth management.  Building wealth to sustain your family is everyone’s desire, but being able to maintain your wealth throughout your later years so as not to be a burden on your children or society is something that should be championed by governments in unison.  All passive income schemes should be exempt from any form of taxation.  As to repatriation of corporate revenues, it shouldn’t be levied any higher than the jurisdiction it is leaving if the government really wants it that badly.  With that I will take my leave and bid you fare well.       MAC

Quote of the Week

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“When I hear somebody sigh, ‘Life is hard,’ I am always tempted to ask,
‘Compared to what?’”                                                                                              — Sydney Harris

“Formula for success: rise early, work hard, strike oil.”                                          – J. Paul Getty

“Thought is the blossom; language the bud; action the fruit behind it.”             — Ralph Waldo Emerson

“We must not let our rulers load us with perpetual debt.
We must make our election between economy and liberty,
or profusion and servitude.”                            —Thomas Jefferson

“Discipline is the foundation upon which all success is built.  Lack of discipline inevitably leads to failure.”                                                                                                                                  —Jim Rohn

“If you don’t think you can do it, who will?  You control the most important tool in success, your mind.”                                                                                                                               — Jeffrey Gitomer

“You cannot change your destination overnight, but you can change your direction overnight.”                                                                                                                                                     —Jim Rohn

“Develop a passion for learning. If you do, you will never cease to grow.”               — Anthony J. D’Angelo

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”                                                         — John Quincy Adams

“Believe and act as if it were impossible to fail.” — Charles F. Kettering

“The key factor that will determine your financial future is not the economy;  the key factor is your philosophy.”                                                          —Jim Rohn

Quote of the Week

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“Discipline is the foundation upon which all success is built.  Lack of discipline inevitably leads to failure.”                                                                                                                                  —Jim Rohn

“If you don’t think you can do it, who will?  You control the most important tool in success, your mind.”                                                                                                                               — Jeffrey Gitomer

“You cannot change your destination overnight, but you can change your direction overnight.”                                                                                                                                                     —Jim Rohn

“Develop a passion for learning. If you do, you will never cease to grow.”               — Anthony J. D’Angelo

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”                                                         — John Quincy Adams

“Believe and act as if it were impossible to fail.” — Charles F. Kettering

“The key factor that will determine your financial future is not the economy;  the key factor is your philosophy.”                                                          —Jim Rohn

 

Your attitude determines the state of the world you live in.

It is the foundation for every success and every failure you have had and will have.

It will make you or break you.  Your attitude controls your life.

But the good news? You control your attitude.                                                                                                      — Unknown

 

“Profits are better than wages. Wages make you a living; profits make you a fortune.”                                —Jim Rohn

“Nothing will work unless you do.”                                                                                                                   –  John Wooden

 

“Let others lead small lives, but not you.  Let others argue over small things, but not you.

Let others cry over small hurts, but not you.

Let others leave their futures in someone else’s hands, but not you.”                                                               –  Jim Rohn

 

“Never settle for anything less than your best.”                                                                                                  –  Brian Tracy

“When you kill time, you kill your opportunities for success.”                                                                   — Denis Waitley

“When you come to the end of your rope, tie a knot and hang on.”                                            — Franklin D. Roosevelt

“It is the set of the sails, not the direction of the wind, that determines which way we will go.”                 —Jim Rohn

“It is funny about life: If you refuse to accept anything but the very best,
you will very often get it.”                                                                                                                  — W. Somerset Maugham

What ever happened to “Millions”?

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Blackstone is expecting to hold a final close for its seventh global PE fund by the end of the year after hitting its $17.5bn hard cap. – Oct 27, 2015
Blackstone Capital Partners Fundraising
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KKR is expected to exceed the $8.0bn raised by its last North American-focused fund with the launch of KKR North America Fund XII. – Oct 28, 2015
KKR North America Fundraising
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Ares Management is back in the market with its fifth flagship PE fund, which is targeting $6.5bn. – Oct 26, 2015
Ares Private Equity Fundraising
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Harvest Partners is planning to raise up to $2.2bn for its seventh fund, potentially making it double the size of its predecessor. – Oct 30, 2015
Harvest Partners Fundraising
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The Canada Pension Plan Investment Board and BC Partners agreed to invest 30% of the equity in Altice’s $17.7bn agreement for Cablevision. – Oct 27, 2015
BC Partners Fundraising • Canada Pension Plan Investment Board
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Starwood Capital Group has agreed to buy 72 properties from US real estate company Equity Residential for about $5.37bn. – Oct 26, 2015
Starwood Capital Global Hospitality
07
Intercontinental Exchange agreed to buy Interactive Data Corp. for about $5.2bn from Silver Lake and Warburg Pincus, scoring a 2.5x return. – Oct 26, 2015
Warburg Pincus Private Equity Fundraising • Silver Lake Partners
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IBM is nearing a $2.0bn deal to acquire the digital and data assets of The Weather Channel, a PE-backed weather news broadcaster. – Oct 28, 2015
Bain Capital North America • Blackstone Capital Partners Fundraising
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TPG Capital is looking to offload chemical distribution company Nexeo Solutions in a deal worth approximately $2.0bn, including debt. – Oct 30, 2015
TPG Partners Fundraising
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Health insurer UnitedHealth Group is nearing a deal to buy Helios, which is owned by Kelso & Company and Stone Point Capital for $1.6bn. – Oct 29, 2015
Kelso & Company Fundraising • Stone Point Capital

Source: Palico

Follow the Money!

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Advent International building a $12B Global Buyout Fund

Ardlan is seeking 2 Billion Euros to buy private debt

Carlyle has raised $1B for a Japanese buyout fund

Vista Equity Partners entering market with between $750M & $1B

and has also purchased Solera which is valued at $6.5B

Terra Firma has sold Tank-Rast valued at 3.9B Euros

Amgen has purchased Dezima Pharma for $1.5B

Siris Capital Group has offered to buy out Premier Global Services for $1B

Altec has purchased Cablevision for $17.7B

THE 15 PE FUNDRAISINGS THAT INTEREST INVESTORS THE MOST are listed in Palico’s latest Data Snapshot. There are “over 2,600 private equity vehicles raising capital for classic funds, co-investments and deal-by-deal structures,” but “out of the 57 high-profile vehicles each currently seeking more than $2.5 billion from investors,” only one makes Palico’s 15 most-viewed list: Warburg Pincus Private Equity Fund XII, “the second biggest vehicle in fundraising mode today, with a target of $12 billion.”

KKR (Kolberg, Kravis, & Roberts) investment fund takes big hit!

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Here’s something that you probably didn’t see in your local paper and there will be more as time passes.  With leverage, BIG gains can become BIGGER losses.

Invest wisely.

(copy & paste in your browser)

http://fuelfix.com/blog/2015/08/18/samson-resources-energy-future-busts-threaten-private-equity-giants-5-billion-in-investments/#31510101=0

 

MAC

The Criers are Selling and the Vultures are Feasting

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Depending on who you talk to, one might think we are starring the bottom of the barrel of the stock market from a long way up.  Those that have been around for more than thirty years have trimmed their holdings to prepare for the greatest discount sale of equities that this world has ever seen.  It is the newbies that are hurt the most, because they were the last ones to jump in.  The warning bells have been ringing for a good six months, but only the veteran investors would know this.  Now you can see how the global economy is so intertwined and how a mega-consumer of commodities like China was ten years ago can affect economies of developing countries when it slows it’s importing of the raw materials they export.  Lack of demand softens the price of that commodity and producers start cutting back on production, workers are let go, wages and tax revenues shrink, governments’ burden of welfare grows if they are stable enough to have social safety nets.  Developing and developed countries alike are affected, but in different ways.  Those that extol the virtues of a “free market” economy expect the various stock markets to continue their slide downward over the next year or so, because much of the “froth” was sustained by cheap money, ala QE in various forms by the different(and intimately connected) Central Banks of the G20 countries.

The Piper piped, now it’s time to Pay!

Hope your powder is dry,

 

MAC

Quote of the Week

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“A happy person is not a person in a certain set of circumstances,

but rather a person with a certain set of attitudes.”

— Hugh Downs

Notice to U.S. citizens with offshore residency

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This link will take you to a WSJ page for an explanation of a relaxing of the reporting rules for U.S. expatriates with permanent residency offshore.

http://blogs.wsj.com/expat/2015/07/28/fatca-relief-coming-for-u-s-e.

For some reason the link won’t function so just “copy & paste” in the address bar of your browser.

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