Left Justified


Reade Griffith: Playing Games is Serious Work on New Series

September 6, 2017 by Gail Nussbaum in Business

Reade Griffith, co-founder of Polygon, and investment manager of Tetragon, appeared in early September 2017, on Institutional Investor’s newly launched series, War Stories Over Board Games. The series invites legendary personalities from the world of finance to choose an appropriate board game to illustrate some principles of finance they would like to discuss with the series’ host, Kip McDaniel. McDaniel is the chief content officer and editorial director of Institutional Investor.

Reade Griffith chose the popular strategic war game of world conquest, ‘Risk’ to dual it out with McDaniel. Several interesting discussions ensued, beginning with learning from Reade of his participation in the First Gulf War. Griffith served with the infantry in the Marine Corp as an intelligence officer. He explained how his training to observe and understand the tactics of the enemy prepared him for a life in investing. Dealing with crisis and emergencies on the battlefield taught him to stay calm and to think clearly, another good characteristic of a professional, successful investor.

The discussion then progressed to the European fiscal crisis of 2015, begun by the peripheral countries of Europe, primarily Greece. After a thorough explanation of that crisis, the subject matter turned to China and the crisis which investors had to live through there. Griffith explained how investors overly reacted to a downturn in the market which came on the heels of a huge upturn, and how he and his company reacted to the China market crash.

A Unique Approach to Global Investment

August 4, 2017 by Dan Kazan in Business
As the global markets evolve, new investment models have emerged. One such example is The Silverfern Group, which invests on behalf of both institutional investors and a network of more than 65 of the world’s largest single-family offices.
Over 16 years, Silverfern has developed into a multi-asset-class investment management firm making direct investments in middle market private equity, real estate and private debt globally. The firm was founded in 2001 by Reeta Holmes and Clive Holmes. Reeta, Silverfern’s Co-Founder and Co-Managing Partner, was formerly with Soros Funds Management and The Blackstone Group. Clive, who is Co-Founder, Co-Managing Partner and Chief Investment Officer, is the former co-head of M&A for Deutsche Bank Securities in New York.
Initially, they sought to bring together a group of more than 20 families from North America, Europe and the Asia-Pacific region. After Silverfern drew the interest of a family that was also a Citi Private Bank client, Citi entered into a global partnership with Silverfern to provide equity investment opportunities to certain of the Citi Private Bank’s largest and most sophisticated ultra-high-net-worth clients worldwide.
Robert Spittler, Director of The Silverfern Group Europe in Frankfurt, explains: “With that the network grew to 65+ families, whose principals directly interact with Silverfern. We grew from 20 friends to 65 sophisticated global investors.”
Silverfern’s global orientation allows the firm to leverage the industry expertise of its investment partners, and to capitalize on differences in industry cycles across geographic regions. When a client within the network identifies an investment opportunity, they can share it with Silverfern to benefit from the platform’s expertise and other resources.

Roll-back of De-Regulation with Cuba Perhaps a Bad Idea

Speaker-designate Marco Rubio with a blank book titled 100 Innovative Ideas For Florida’s Future, in September 2005.

On an upcoming visit to Miami this Friday President Trump is expected to announce heavier restrictions on visits and trade between Cuba and the United States. This will put the brakes on the opening up of economic and diplomatic relations with Cuba that the Obama administration launched. Trump is responding to calls from fellow Republican lawmakers from Florida; Senator Mario Rubio and Representative Mario Diaz-Balart to “treat Cuba like the dictatorship that it is.”

Not everyone agrees that rolling back President Obama’s initiatives to open the trade barrier with Cuba to be a good thing. Here are some reasons analysts give for continuing the path of improved openness and relations with Cuba is the best course to navigate.

• It is estimated that reversing the already existing regulations would remove about 12,295 jobs from the economy, and cost taxpayers and businesses more than $6 billion over the course of the four years of Trump’s first term in office. The data, produced by Engage Cuba, did not include US agricultural exports to Cuba, which would add another 2,200 jobs lost and an additional $2 billion in lost revenue.

• The US sells more to Cuba than it buys. According to the US Census Bureau on Foreign Trade the US exported $245 million worth of goods and services to Cuba, and imported zero. In just the first four months of 2017 the US exported more than $83 million in goods and services to Cuba.

• Reversing the diplomatic gains made with Cuba through liberalization of regulations could be a threat to US national security. The Russians and Chinese have already begun to improve their own ties with the island nation which sits just 90 miles off the coast of Florida. Returning to the isolationist policies that were established under President Eisenhower in the 50s could force Cuba to become more entrenched as a satellite of either or both giant super-power dictatorships.

• Most Republican voters support Obama’s policies to open relations with Cuba. According to a recent poll, 64% of Republicans, and 65% of voters in general favor better relations with Cuba. Even the Cuban-American community supports an end to the Cuban embargo, to the tune of 54% in Miami.