Investing

Celem artykułu jest analiza ryzyka związanego z inwestowaniem w tzw. nieruchomości obciążone, a więc ryzyka jakie związane jest z zakupem nieruchomości: wraz z lokatorami, ze służebnością przejazdu i przejścia lub przesyłu, z ukrytą wadą prawną, będącej zabytkiem, poprzez
licytację komorniczą oraz w związku ze zbyciem nieruchomości przez dłużnika.

There are a lot of people in this market who are trading their money in Forex. We know that this market is the biggest investment market in the world. If you look at the size of the Forex market, you will see that there are many stock markets which are nothing to Forex. When the stock exchanges of the world like Tokyo and Shanghai exchanges are trading billions of dollars, this market is selling and buying trillions of dollars every day. This popularity of Forex has also made it in one of the biggest liquid markets of the world. The liquidity of Forex market is very high and if you do not know what liquidity is, it is the volume of buying and selling in Forex market at any time. When most of the stock exchanges are making the billion-dollar transaction, this one market is making trillions of dollars transaction This liquidity of this market has made it one of the most accepted markets over the world and many people are coming to Forex because the volume of trades happening is high. This article will tell you if you can take any advantage of this liquidity in Forex.

Abstract

During recent years, the adoption of cloud computing by companies and individuals all over the world has been expanding at highest pace, because outsourcing of computing power is more flexible and often cheaper than setting up an own dedicated computing center. Today, cloud computing represents a major business sector, which generates several hundred billion dollars of revenue each year. The trend continues and the cloud computing industry will grow by about 16 % annually throughout the upcoming years [1]. Nevertheless, computing resources remain expensive, mainly due to the high costs associated with procuring and maintaining hardware on the providers’ end, as well as the huge margins, which are a result of the market’s monopolization [2, 3]. Meanwhile, all over the world innumerable private and business computers are idle during most hours of the day.

HiveNet will provide the technological solution to utilize these idle computer times by building up a distributed cloud computing network. This will enable computer owners to make a profit from the idle times of their computers. HiveNet achieves this by creating an isolated environment on computers, which allows renting out computing power while still ensuring security against potential threats. For cloud computing customers, HiveNet will be much cheaper than traditional providers, because HiveNet will utilize existing idle resources and thereby saves on most relevant cost drivers, like for example amortization of hardware investments.

Computer owners will receive a fair share from customer payments, depending on the provided amount of resources. Though, payments in any specific national currency would be infeasible for many reasons, like for example the huge costs for financial service providers when transferring money across borders. We solve these constraints by introducing the HiveCoin, which will be the inherent blockchain-powered cryptocurrency of the HiveNet. The HiveCoin will be a fast, simple and secure payment system, which will be free of transaction costs. This way, the financial interests of customers and computer owners are conveniently aligned. In order to ensure a wide distribution and
decentralization of HiveCoins and to fund further development, the largest portion will be sold to the public.

HiveNet aims to enable public decentralization of the cloud computing industry and empowerment of computer owners all around the world. HiveNet will also have a positive impact on the environment, because it will increase the usage of available computers. This way, less resources will be consumed to build new computers and less electronic garbage will be created.

Many children graduate from high school and ultimately into adulthood without a basic understanding of money and money management, business, the economy, or investing. This book is an interactive resource for parents, teachers and my child designed to help my child learn the skills, knowledge and confidence for acquiring, managing and using money responsibly to maximise her income and assets, minimize her expenses and liabilities, and become a financially free adult.

Investment funds first appeared in the Netherlands in the late 18th century for the purpose of financing trade expeditions. The first modern fund was established in the United States, Massachusetts in 1924, in his first year of formation increased by 50,000 to 392,000 US dollars.
For Mark Tompkins of Montrose Capital is obvious that the time of investment funds in the country is yet to come. Trust is basically divided into indoor and outdoor (mutual funds) and private funds (hedge funds). According to the number and importance to have the dominant open funds. Private funds like Mark Tompkins Montrose Capital INC however, came twenty years later, also in the United States. After their features, these vary from open on the possibility to sell shares on the stock market (which is not allowed in the open funds) and thus effectively reduce the risk of existing positions (hedging), hence the name Hegde Fund. This feature is extremely important for Montrose Capital because in terms of a general decline in share prices on the stock exchange, private funds can still make profit (selling higher level and closing short positions at a lower price). The growth of Mark Tompkins Montrose Capital in recent times is accompanied by enormous growth in funds under management because of the exceptional techniques for hedging and introducing innovations in financial intermediation. Because these features are said hedge funds are able to generate alpha refund, which is an exercise over a benchmark such as yield annually the index S & P, and is due exclusively to the ability of Montrose Capital portfolio managers to create unique portfolios and strategies .

The book is addressed to professional traders, investors, and economists that would like to explore new possibilities in financial market trend analysis. The book elaborates on Complex Technical Analysis that bases on compound analysis of assets where standard technical analysis tools as Moving Average are influenced by more variables than the price of the single asset. The book delivers a new way of creating technical indicators and presents some of the new technical analysis tools as General Trend Indicator or Options Arbitrage Index.
Furthermore, the paper describes potential modifications for all of the existing technical analysis indicators focusing on new types of Moving Average – XMA and a new type of Relative Strength Index – XRSI that present enormous potential for application in trading and investing allowing to personalize both of the indicators.
What is more, the complex technical analysis theory, presented in the book, allows an investor to modify all of the technical tools he or she uses to reach more personalized goals. The modifications of standard technical analysis tools allow for the faster indication of buy/sell signals at once with fewer jigsaws creation. The presented modifications in RSI and Moving Averages enable using technical analysis in bigger scale examination of price trends, analyzing one particular economic sector, a country economy or even whole global economy patterns.
One of the most important new technical indicator introduced by the book the GTI - General Trend Indicator tracks the oversold and overbought levels in commodities, stocks, indices, bonds and currencies in the variety of scales, from one asset till global market analysis. The next indicator – The Arbitrage Index is the first technical indicator designed for Options trading that creates arbitrage in and out points, where options trading is profitable.
In outline, by introducing new technical indicators, the book focuses on a new way of creating technical analysis tools, and new applications for the technical analysis that goes beyond the single asset price trend examination.

This paper aims to understand how Environmental, Social, and Governance (ESG) accountability metrics influence 1) firm’s profits and 2) value.  The study is a cross-sectional analysis of S&P 500 companies in the US. This study specifically studies 1) the relationship between ESG metrics and Free Cash Flow and 2) the relationship between ESG metrics and Market Capitalization. I find that ESG accountability, specifically Environmental and Employee accountability is correlated with profit creation in the form of free cash flow, while, a significantly negatively correlation is found between the “Community” factor and profit creation.  Meanwhile, the value equation yields no such significant results between ESG metrics and market capitalization. Therefore, I conclude that while ESG factors drive profits in large US firms, ESG metrics fail to be accounted for in market performance measures as evident in the market capitalization equation. These findings have two main implications. First, a failure to account for value creating ESG assets will continue to result in the eroding value of firms in the US. Second, the inability of the market to price ESG factors results in imperfect information that creates problems for decision-making for investors and company leaders alike. Therefore, the study concludes that while ESG factors have been an important step in quantifying sustainability accountability in the market system, they nevertheless fall short in providing key sustainability data needed for decision making and are not reflected in market-based measures of firm performance. Therefore, in order for sustainability initiatives to be accounted for, they must be integrated within existing accounting systems and must require material disclosure of sustainability information.

The following report was compiled for two reasons. The first, to define and explore the mechanics of hyperlocal start-up investing. The second, to analyze the start-up community of Greater Lafayette while attempting to make an investment case, under the hyperlocal model, for this community.

In the following sections of the introduction, the report discusses in greater detail, the theory behind hyperlocal start-up investing, how it can work in practice, and the appeal of Greater Lafayette as a local market for hyperlocal investment. Following the introduction, the second section of the report breaks down the local market, provides demographic and economic data, resource analysis, and insight on the start-ups currently in the market. The third section of this report will make an investment case for the local market of Greater Lafayette. The investment model focuses specifically on Purdue University related start-ups and intellectual property (“IP”) as this appears to be the most robust source of start-up activity in the local market.

The research conducted by Gold Sail in the production of this report takes an in-depth look at the start-up community in Greater Lafayette, and the companies that make it up. It became clear early on that there are several factors, both intrinsic and manufactured, about the community that make it a strong candidate for the hyperlocal method. Once this model is laid over the framework created by the existing qualities of the community, Gold Sail found it relatively straightforward to make a strong case for why this start-up community in particular would make for a good place to attempt this methodology.

This paper focuses on the potential opportunities that disruptive innovation may bring to the healthcare sector of emerging and developing economies, and in particular to the one of the leading Sub-Saharan Africa’s country, Nigeria. The author examines the possibility of using advancements in the innovation of Technology 4.0 to bridge the gap in access to what could be defined as “good enough” healthcare services for poorer regions of the world while also aiming to potentially reduce healthcare costs and making the local healthcare systems more sustainable, productive, and accessible. Nigerian health industry is used as an exploratory case study to examine the feasibility of implementing Mobile Health and Telehealth Systems, and more in general, to assess the potential benefits of disruptive innovations in the healthcare industry for the lower income patients of emerging and developing economies. This analysis on disruptive innovation, industry competitiveness, and sustainability of the healthcare models is inspired by Michael Porter’s Creating Shared Value (CSV) strategic framework (Porter et al., 2011; 2018) and by Clayton Christensen’s Disruptive Innovation Theory (Christensen et al., 1997; 2000; 2004; 2006; 2013; 2015, 2017). This study also aims to provide a compelling argument supporting the thesis that disruptive innovations in the healthcare system can help grant access to critical basic healthcare services in poor regions of the world while also achieving multiple goals such as, sustainability, efficiency, shared-value creation, and corporate profitability for forward-looking firms with scalable and disruptive business models. Ultimately, the paper aims to contribute to the body of knowledge in the field of disruptive innovation, sustainability, and creating shared-value strategies, assessing the feasibility of solutions that may drive to improved competitiveness, social progress, social inclusion, and sustainability of the healthcare industry in one of the developing economies. The results of this study aim to prove that, in the coming years, disruptive innovations are likely to redefine the competitive environment of the healthcare industry and improve the healthcare conditions of the poorer, underserved, and underreached population of developing and emerging economies like Nigeria, thus increasing their life expectancy rates.

Avenue Supermarkets which run the retail chain D-mart had a spectacular debut on the stock exchanges with its market value doubling in a single trade session. Some may say it is a result of the hype created around the listing of the shares while some may give credit to the reputation of its Promoter Mr. Radhakishan Damani. However, if one tries to decipher the strong business underlying, it is not difficult to say that D-Mart has not only outpaced its competitors during the last decade but it has also shown how a retail chain is operated successfully in a consumer driven market like India. D-Mart has created an image in the mind of consumers as a place where one can find products at much cheaper rates than anywhere else. Carrying this image and still being able to generate an average net profit margin of around 3.5% during the past 5 years (2012-2016) is really noteworthy. Not to forget that during the same period, the retail sector (think Future Group) was getting assaulted by the booming (discounted) e-commerce market. The first thing that it did differently from its peers (offline Retailers) was attracting customers by offering goods at cheaper prices. This suggests that the company has a larger focus on the volume game rather than margin. This fact is proven by the inventory turnover ratio of the company which on an average has been around 11.6 times for the past 5 years (2012-2016). Higher inventory turnover ratio means inventory sell faster and thus rises volumes. This in turn is helps the company negotiate better prices with the vendors. In comparison to this, companies like Shoppers stop and Trent (owner of Super Bazaar Chain) have much lower Inventory turnover ratio of around 2.5 times for the same period. Lower prices are also evident from the gross margin ratios i.e. between 2012-2016, D-Mart's gross margin was just 14.8% whereas gross margin of Shoppers Stop and Trent was 32.74% and 48.8% respectively. Another differentiating factor is in the way it operates its chain of stores. Unlike the predominant model of being asset light and leasing stores, D-mart has gone the other way and most of their stores are either owned or leased for a long period. This has helped them to save rental costs and effectively manage the working capital. Rental and maintenance costs in case of its peers forms a major chunk i.e. 15-20% of their total expenses.While agreed, they have saved rental costs, this practise has forced them to invest in acquisition and building of stores by taking debt. During 2012-2016, the debt-equity ratio of the company increased from 0.39 to 0.60 and the number of stores increased from 65 in 2012 to 118 in 2016. Since the company is already selling products at thin line of margin, to be able to be net profitable, it has no option but to control its costs. This is clearly evident from the total of operating expenses as a percentage of sales over the past 5 years. While for D-mart, it is around 10%, for Shoppers Stop and Trent it averages between 30-50%. This is also due to the fact that D-Mart doesn't spend much on advertisements and promotions unlike its peers. For a Supermarket like D-Mart, the mix of its products is quite important. As per the information given in DRHP of Avenue Supermarkets, 52% of the total products in D-Mart shelves belong to Food & Grocery Category. Another point to note is that Gross margins for this category are the second lowest ranging between 12-25%. This suggests that products from this category are used to attract customers towards the store with attractive prices thereby increasing footfalls. The others categories comprise of footwear and general merchandise which is 27% of the total products offered by D-Mart while the same is in single digits for its peers like Reliance and Spencer. The margins for this second category are the highest ranging between 23-27%. This indicates that once the customer is pulled to the store through discounted products, efforts are made to sell other category products which yield higher margins. When we look at the cash flow of D-Mart, operating activities are generating good amount of cash and by combing with long term debts, the cash is being used in investing activities, specifically for buying intangible assets/real estate for building stores.This gives a perception of the company still being in investment mode, the benefit of which it will reap going forward-A big positive sign for a long term investor.

© 2010 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, ...

Disclosures in initial coin offerings (ICOs) have ranged widely from informative to incomplete to fraudulent. Consequently, advocates for the investing public have, understandably, called for the registration of ICOs to facilitate better disclosures. As this chapter shows, however, registration under the 1933 Securities Act is, as currently enacted, a weak mechanism for mandating the disclosures needed for informed investments in ICO tokens. Many ICO issuances offer non-traditional, non-financial rights that require and involve different pricing considerations than traditional common equity and debt, and are embedded in technical systems unanticipated by the New Deal. ICOs thus require a reconceptualization of longstanding disclosure obligations and safeguards, as well as a revamped approach towards entities tasked with validating disclosures. This chapter charts key provisions in the Securities Act’s Form S-1, crowdfunding’s Form C, Form 1-A for Regulation A , and Rule 144A to provide just such a policy framework.

Using theories of sensegiving and sensemaking, I explore how people engage in word-of-mouth about stocks, which are conceptualized as epistemic objects. I draw on netnographic and interview data related to an online investment community, and find that people employ five broad types of word-of-mouth strategies – framing, cuing, connecting, action facilitating, and
unsettling – in giving sense about epistemic objects. I also identify the ways in which audiences respond to this form of word-of-mouth, as a part of a collective sensemaking process, and find that their responses pertain to the speaker, the account, as well as their own behavior. Finally, I develop propositions that describe the relationships between sensegiving word-of-mouth strategies and the responses they elicit. This research makes a number of conceptual contributions. It develops the concept of discursive response, an important component of networked word-of-mouth and a manifestation of engagement, and identifies the word-of-mouth strategies associated with higher volumes and types of discursive response. It generates knowledge about word-of-mouth processes.  It also provides learning about collective sensemaking and sensegiving. Along with these contributions, this research offers important insights for managers and public policy makers, such as how to elicit online engagement and assist in the collective sensemaking process.

To really be successful at Forex trading, you need to have it at the back of your mind that Forex will definitely pay you well if you'll only work hard with patience and consistency. The market may already be saturated with traders, but there is always room at the top if you're willing to pay the price. Find out the unique key that other successful Forex traders have been using! Forex is the largest market on earth, with a trade volume of over $4.5 trillion. That is a huge amount of money, but it's more or less expected when you consider that most currencies, if not all, are traded in the Forex market. People from different locations around the globe take part in it, and it has been in existence since the days of trade-by-batter, when it wasn't known as Forex. However, so much has changed since the inception of Forex. In the past, Forex trading was as simple as using gold and silver as a method of international payment (which were usually affected by global supply and demand). These days, prospective traders with the view of a successful Forex career will have to be more specific and familiar with the modern strategies of the Forex market. Here are questions you must ask yourself if you want to be a successful Forex trader. 1. HAVE YOU MADE UP YOUR MIND? Before you even register with a Forex broker to trade Forex, you need to make up your mind to do what it takes to be a successful trader; otherwise you'll just waste your time and eventually quit. You may think that your drive at the moment will see you through Forex ups and downs, but successful and experienced Forex traders beg to differ-human psychology is a major Forex demon. It is an established fact that human psychology, if not controlled, can ruin a trader. If you're not able to control your psychology, that means you allow your emotions to come into play all the time, controlling how you approach a trade. If trades are going well, emotions are high; you're happy, and willing to continue trading. If trades are not going well, you feel bad, and unwilling to continue. On the other hand, if you learn to control your emotions and not allow them to come in the way of trade, then you can leverage your psychology in trading. You know that there are bad times, but you also know that they will pass with time.

The cryptocurrency market is a very diverse place where it is hard to find reliable information. Moreover, it is nearly impossible to find all the important facts about more than one project in one place >>>> Cryptocurrency Encyclopedia was written to solve this problem and create the first comfortable all-in-one source of knowledge for cryptocurrency investors and traders.

The Cryptocurrency Encyclopedia  comprehensively describes the top 100 most important cryptocurrencies — arranging them by project utility, reliability, team engagement, and fundamental and speculative value. This summary of the cryptocurrency market is sure to help any investor find prime investment opportunities. What is more, all the information are checked in terms of reliability, contain technical specifications and evaluate the community outlook. The book also details the principles of blockchain technology in an easy-to-understand form, allowing the entry to every class of investor — from beginner to an advanced “crypto hodler”.

The book describes the 101 most important cryptocurrencies by their function, advantages, disadvantages, team engagement, fundamental and speculative value. The projects are divided into categories as follows:

=======Classic cryptocurrencies=======
Bitcoin
Litecoin
Bitcoin Cash
Bitcoin SV
Monero
Dash
Etheruem Classic
Dogecoin
Zcash
Decred
Bitcoin Gold
Bitcoin Diamond
Bytecoin
Algorand
MonaCoin
Energi
Verge
Zilliqa

====Contracts and token platforms=====
Ethereum
EOS
Cardano
Tron
Chainlink
Neo
Gas
Qtum
EDUCare
DigiByte
Komodo
RIF Token
WAX
Gram

=======Exchange-based tokens=======
Binance Coin
Unus Sed Leo
Huobi Token
KuCoin Shares
ZB
Synthetix Network Token
Nash Exchange
Digitex Futures
QASH

==Cryptocurrency integration platforms==
XRP
Stellar
NEM
Newton
Libra

=====Alternative blockchain Coins=====
Cosmos
Ontology
Ontology Gas
VeChain
V Systems
Lisk
Nano
Holo
Waves
Icon
Quant
HyperCash
IOST
Ardor

===Crypto-fiat transactions platforms===
Crypto.com
MCO
Crypterium
Pundi X
Nexo
Electroneum

============Stablecoins============
DAI
USD Coin
Paxos Standard
True USD
Stasis Euro
Tether

=====All other major cryptoprojects====
Tezos
Maker
HedgeTrade
Basic Attention Token
0x
Ravencoin
Omisego
ABBC Coin
Augur
BitTorrent
KaratGold Coin
BitShares
Theta
MaidSafeCoin
Siacoin
Lambda
Bytom
Metaverse ETP
Steem
Golem
Enjin Coin
Status
Reddcoin
Loopring
Decentreland
Civic
District0x
Populous

The main intent of this paper was to bring clarity on the subject of the financial performance of impact investing by investigating performance differentials between impact investing funds and traditional funds. The study took into consideration financial data from roughly 5,000 PE and VC funds across a 30-year period (1985-2014). The analysis revealed that on average impact investing funds underperform non-impact funds by 4.01 pps. The finding was drawn from a comparison of 105 impact funds versus 4874 traditional funds and was substantiated through a one-tailed Student’s t-test at a confidence level of 95%.
The paper also intended to establish the impact of certain characteristics, such as fund size, fund status (liquidated or closed) and investment focus (both geographical and sectoral), on the financial performance of impact investing funds. In-depth analyses and various statistical tools (ANOVAs, Student’s and Welch’s t-tests) were used to draw conclusions. The paper first sought to confirm whether financial performance decreases with fund size. Yet, no evidence of a statistically relevant correlation between financial return and fund size was found. The study also aimed to validate the thesis that closed funds report higher financial performance when compared to funds which are already liquidated. However, no statistically significant difference in adjusted financial returns was detected between liquidated and closed funds. Additionally, the research investigated the thesis that geographical focus has an impact on fund performance. Despite the presence of mean differences, limited sample sizes did not allow for the establishment of a concrete nexus beyond reasonable doubts. Finally, the analysis essayed to verify if any sectorial focus yield excess return. Strong evidence was found that funds specialized in financial services achieve higher returns compared to their peers investing in other sectors.

The audience of the research paper are cryptocurrencies investors and scientists interested in the topic of cryptocurrencies and blockchain. The article outlines characteristics and mechanics of the cryptocurrencies market, allowing reader to fully understand the process of cryptocurrencies mining. The aim of the paper is to show the unique features of the industry. The analysis of the revenues, costs and profits in the sector and comparing it to the assumptions of the perfect competition, proves that the cryptocurrencies mining market is first industry that achieved all requirements of the perfect competition. The research paper summarizes the potential of the cryptocurrencies sector.

Have you ever used an ATM Machine that wasn't part of your bank and had to press the key to say “YES - I agree to pay the Surcharge Fee"?  How would you like to be the one collecting that fee - every time the ATM gets used?

This is a tell all book about how people like you and me can own and operate an ATM Machine and make annual returns that far exceed any conventional investment strategy, with a lot less risk.

This once secretive business, only meant for Bankers, Wealthy Individuals, and people “in the know” is now a wide open opportunity.

Today, technological advances are threatening the world economy with three major challenges: climate change, energy crisis, and fiscal constraints. Due to human pressure on earth's surface natural resources are depleting. Increased environmental pollution, depletion of natural resources, and the impact of global environmental issues will cause significant economic stress and costs. For all these reasons, business organisations have begun to change their activities and strategies to ensure protection of our natural resources and the environment. If there is a need to provide a cleaner and greener environment for future generations, this is a time when economies around the world should take immediate precautionary measures. In this present scenario, the financial sector could play a predominant role in boosting environmental sustainability. Sustainability is one of the most important factors driving the business fraternisation strategy development process. In the financial sector, the various services that have adopted green business are banks, securities firms, credit card companies, and companies related to consumer finance. Concerns about environmental sustainability have raised the concept of corporate social responsibility extensively. The potential benefits of this concept include the attention of regulators, society, NGOs, employees, customers and international organisations on this issue. To address these challenges, a new ecologically sustainable development strategy that will lead to improved economic growth and social equity while maintaining the environment and addressing the rapidly increasing issues associated with climate change must be employed. Therefore, there is a strong need to support green growth strategies that will trigger the necessary revolutionary processes towards a low-carbon and resource-efficient economy.

Financial fraud becomes a big problem in financial transactions. Hackers and gangs around the world are constantly searching for new ways to commit economic fraud every minute. Strict reliance on traditionally programmed algorithm-based structures for monetary fraud detection may not provide the time for marketing. Credit card fraud activities are frequent in the environment and cause huge economic losses. The wide range of online transactions has grown exponentially, and online credit card transactions have held a large proportion of these transactions. As a result, fraud detection packages are increasingly in the credit scorecard for banks and monetary institutions with higher prices on demand. Fraudulent transactions can occur in different ways, and they can be placed into different categories. Financial fraud, including cash laundering, is a dangerous criminal system that allows money obtained illegally to go to terrorism or other hobbies. This paper provides FraudFind, a conceptual framework that allows for the detection and identification of a group of people within a fraudulent banking institution, supported by the concept of the fraud triangle. FraudFind serves in the continuous review method as the price for gathering realities of dealers linked to an individual's system. It is based on semantic techniques through a set of terms written with the help of the users, who are later transported to a repository for analysis. This idea encourages the cybersecurity industry to contribute to reducing instances of economic fraud.

Purpose: Impact investing, a type of values-based investing that combines financial investment with philanthropic goals, is receiving heightened scholarly and practitioner attention. The geography of impact investing, however, is largely unexamined and it is not clear why some impact investing communities are more vibrant than other regional communities. Regional differences in entrepreneurial activities are increasingly explained by differences in the vitality of entrepreneurial ecosystems, the set of interconnected forces that promote and sustain regional entrepreneurship. Yet scholars have not leveraged the insights from entrepreneurial ecosystems studies to understand the dynamics of communities that encourage and support impact investing.

Design/methodology/approach: To explain inter-regional differences in the prevalence and intensity of impact investing, this conceptual paper draws from research on entrepreneurial ecosystems and impact investment to theorize about the ecosystem attributes and components that drive vibrant impact investing communities.

Findings: It is theorized that vibrant impact investing ecosystems have three system-level attributes – diversity, cohesion, and coordination – that are influenced by the core components of the ecosystems, including the characteristics of investors, the presence of social impact support organizations, and cultural values that support blending logics.

Originality/value: The theoretical model contributes to research on impact investing and hybrid forms of organizing, produces concrete implications for ecosystem builders, and sets an agenda for future research.

This article presents results from the first statistically significant study of cost escalation in transportation infrastructure projects. Based on a sample of 258 transportation infrastructure projects worth US$90 billion and representing different project types, geographical regions, and historical periods, it is found with overwhelming statistical significance that the cost estimates used to decide whether such projects should be built are highly and systematically misleading. Underestimation cannot be explained by error and is best explained by strategic misrepresentation, that is, lying. The policy implications are clear: legislators, administrators, investors, media representatives, and members of the public who value honest numbers should not trust cost estimates and cost-benefit analyses produced by project promoters and their analysts.

One indelible lesson from the last year is that we can’t control the cards we’re dealt in life. Still, we can improve our odds by learning to play those cards more skillfully. How? By studying the best investors. They are the grand masters of probabilities. The ultimate game players, they focus relentlessly on minimizing risks, maximizing rewards, and optimizing their odds of success. But do they have anything to teach us besides making money? Can we apply their way of thinking to enhance our odds of building happy and successful lives even in times of extreme uncertainty?

Determined to answer these questions, financial writer William Green traveled the world on a quest to extract the most valuable lessons about investing and life from a pantheon of super-investors. Over 25 years, he spent hundreds of hours interviewing investment legends, including Sir John Templeton, Charlie Munger, Jack Bogle, Peter Lynch, Ed Thorp, Bill Miller, Joel Greenblatt, Will Danoff, Howard Marks, and many others. The result is Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life. This landmark book is an illuminating exploration of how to think like the masters of investing—and reap the rewards financially, professionally, and personally.

“Thinking dispassionately about facts and figures, probabilities, trade-offs between risk and reward, and the paramount importance of simply avoiding catastrophe does much to explain how the savviest investors live long and prosper,” writes William.

What is also unique about the book is his emphasis on what we can learn from the greatest investors not only about how to grow rich but about how to think more rationally and live more wisely. Drawing deeply from the firsthand experiences of the best investors, Richer, Wiser, Happier shares many invaluable lessons that are both practical and profound, including:

• How to make smart decisions when nothing stays the same and the future is unknowable
• How to succeed by shamelessly borrowing other people’s best ideas
• How to build a long-term advantage by resisting the lure of instant gratification
• How to win by systematically reducing “unoriginal errors” and “standard stupidities”
• Why you should invest like Tom Gaynor if you aren’t as smart as Warren Buffett
• What we can all learn from Bill Miller’s investing and life crisis during the great financial recession in 2008-2009

Published at a time when many of us are rethinking how to live our lives, Richer, Wiser, Happier shares original and unexpected insights that will help us to improve the way we think, cope with uncertainty, assess risk, guard against our cognitive biases, learn from mistakes, rebound from setbacks, adopt smart habits whose benefits compound inexorably over time, amass resilient wealth, and build fulfilling lives that are truly abundant.

In this episode, we learn how to improve the way we think, reach decisions, assess risk, build resilience, and turn uncertainty to our advantage. The best investors are master game players who consciously maximize their odds of long-term success in markets and life while also minimizing any risk of catastrophe.