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SOURCE: Ivy Plus
DLS Capital Management Managing Partner David Steinberg discusses Macro trends and opportunities at the December 3rd Ivy Family Office Network Forum.
Boca Raton, FL (PRWEB) December 11, 2012
DLS Capital Managing Partner David Steinberg headlined the Ivy Family Office Network Boca Raton Forum with a discussion on “State of the Markets Beyond Politics” The Forum was held on December 3rd, at the Marriott Hotel in Boca Raton, FL.
According to Mr. Steinberg, “Markets are trading based on investor sentiment rather than fundamental business valuation. He sites uncertainty and fears such as global policy-making gridlock, “austerity vs. stimulus” debate resulting in safety trades. Outcomes from the uncertainty are a possible loss of the Keynesian “multiplier effect”, inflation and loss of meaningful returns from fixed income. This results in investors being out of position to take advantage of opportunities when they arise.”
“Drilling down further, there is a global race to debase currencies where governments that purchase their own debt, such as the U.S. ultimately ‘price-fix’ their yield curves. More intervention has led to equity valuations with historical lows despite increasing earnings and a loss of the traditional relationship between debt and equity valuations. Moreover, there has been a trend away from equities which were 32% of all financial assets in 2000 to 26% in 2012”
“When corporate fear subsides there is a chance for dramatic reallocation from ‘safe assets’ to ‘return assets’. With the currency debasement there is a good chance for an increase in gold valuations should they revert to historical norms. Other opportunities present themselves in emerging markets where 80% of the world’s population has great capacity for economic growth. Several of these countries show favorable characteristics such as low government debt relative to GDP, commodity rich backgrounds and rapid urbanization which lead to consumer market expansion. “
Mr. Steinberg is the Founder and Managing Partner of DLS Capital Management. From 1984-1999 he served as Principal in the Special Situations Group of Morgan Stanley. He focused on deep-value, turnaround and bankruptcy strategies. He has also been a principal market maker on the floor of the the Chicago Board of Options.
He has been a frequent contributor to Bloomberg, CNBC, Fox Business News, Barron’s and other media outlets. He holds an MBA, Finance from Northern Illinois University.
The Ivy Family Office Network Boca Raton Forum is part of an ongoing dialogue with family offices to provide high-value education and information on trends for family office investing, structure and operational excellence. Attendees gain practical strategies and solutions to achieve both short and long-term objectives. The program features off-the-record, peer-to-peer discussions in a non-commercial setting, in-depth and highly interactive sessions addressing organizational structure, family dynamics and succession planning, and granular investment sessions covering the latest asset classes and strategies.
About The Ivy Family Office Network
The Ivy Family Office Network ivyFON is one of the leading global family office networks with several hundred family offices attending their events within the past 12 months. Some of the more than 1,000 past speakers have included 5 of the top 10 leading asset allocating consultancies by size, pre-eminent alternative investment funds, leading institutional investors by size, best-in-class asset management professionals, family office subject matter experts and world-class family offices. Forum sessions cover a variety of topics, including those designed to help attendees successfully prepare for potential changes that might occur as a result of new SEC initiatives; other policies and regulations, global real estate trends and other family office centric topics including outsourcing.
IvyFON’s expertise is an outgrowth from one of the United States’ oldest and largest alternative investment networks, the IvyPlus network, which was started as a private equity, real estate and hedge fund network consisting primarily of Ivy League alumni but inclusive of other participants who had attended more than 50 globally comparable programs or through merit are worthy participants in the program. More than 10,000 investment, family office and institutional investment professionals have attended IvyPlus forums globally. For more information on the Ivy Family Office Network, go to ivyfon.com/contact.html.
For more information on DLS Capital Management, please contact: Mike Marciniak – Director of Marketing @ 847-732-3134 or via email: mmarciniak(at)DLSCAPITAL(dot)NET
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