Executive Global Winter 2022

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www.executive-global.com | Winter 2022

Productivity | Strategy | Profitability


The financial revolution will be decentralised


Silver is essential and irreplaceable


On perpetuating asset inflation


Productivity in multispectral imaging

THE LOVE BROKER Amber Kelleher-Andrews delivers her leading insight into upscale matchmaking for High Net Worth clients


UK £10 Europe €12 USA $14



1402 VINES

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C21 FARM & RANCH HARVEY PROPERTIES 903.785.8484 / C21Farm-Ranch.com

(co-listed w/Eagle Land Brokerage)



Whitehall, TX / $28,500,000 / 656 Acres

Paonia, Delta County, CO / $13,500,000 / 4,269± Acres

DEITRA ROBERTSON REAL ESTATE, INC. 832.642.6789 / IKnowRanches.com

EAGLE LAND BROKERAGE 970.249.4300 / EagleLand.com



Minatare, NE / $3,075,000 / 116± Acres

Madisonville, TX / Price Upon Request / 1,023± Acres

HEYN REAL ESTATE 605.891.8744 / HeynRealEstate.com

JACOBS PROPERTIES 936.597.3301 / TXLand.com



NORTHWEST FIRST REALTORS 509.524.9055 / NorthwestFirstRealtors.com

POWELL LAND RESOURCES, LLC 210.347.6493 / Powell-Land.com

Walla Walla, WA / With Water Rights / 394± Acres


Cherokee County, TX / $2,490,000 / 227± Acres


Catron Co., NM / $3,895,000 / 1,760 Deeded + 1,120 Leased Acres

McAlester, OK / $2,940,000 / 785± Acres

PREMIER RANCH PROPERTIES 575.740.3243 / NMRanchProperties.com

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INTERNATIONAL Sporting Properties R E A L

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Converse County, WY / $4,000,000 / 490± Acres

RE/MAX EXPERTS LAND & RANCH 406.861.5558 / MTLandandRanch.com

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RE/MAX INTEGRITY FARM & RANCH 618.488.2520 / bvideon@remax.net

RESULTS LAND CO. 620.465.3499 / ResultsRE.com



SUPERIOR TOWN & COUNTRY REALTY 800.275.3892 / SuperiorTownandCountry.com

TAYLOR LAND INVESTMENTS 281.235.5566 / TaylorLandInvestments.com



TEXAS RANCH BROKERS, LLC 512.756.7718 / TXRanchBrokers.com

THE WHITNEY LAND COMPANY 541.278.4444 / WhitneyLandCompany.com

Pittsburg, IL / 142± Acres / SOLD

Cuero, TX / $525,000 / 29.61± Acres

Menard & Concho Counties, TX / $3,950,000 / 1,382± Acres

Reno County, KS / 9 Quarters / SOLD

Wharton County, TX / Price Upon Request / 1,175± Acres

Echo, OR / $3,850,000 / 304± Acres

FORGING A PATH IN DIAGNOSTIC DRIVEN WOUND CARE At Kent Imaging, we strive to be the market leader in the design and development of light-based tissue assessment diagnostic solutions, ushering in a different way to visualize tissue health. At the forefront of innovation and technology, we challenge ourselves to improve the quality of life for patients with acute and chronic wounds by bringing novel light-based diagnostic imaging solutions into the hands of healthcare professionals. We are dedicated to overcoming challenges and pioneering the development of a new way of visualizing disease and enhancing care collaboration at all points of care. We do this through the delivery of portable, easyto-use, cost-effective and noninvasive solutions. With the rapid capture of actionable and documented tissue viability data, informed treatment decisions can positively impact outcomes in wound care, limb preservation and surgery.

Pierre Lemire, CEO

SEEING IS BELIEVING SnapshotNIR is Kent Imaging’s flagship product. Using multiple wavelengths of near-infrared (NIR) light, handheld SnapshotNIR quickly and non-invasively measures the relative amounts of oxygenated and deoxygenated hemoglobin in the microcirculatory network of tissue, where the vital activity of oxygen exchange is occurring. The output is a nearinstantaneous tissue oxygenation map of the imaged area, returned to the imaging device screen in a matter of seconds. For more information, visit kentimaging.com






24 EDITOR-IN-CHIEF John Marshall HEAD OF PRODUCTION Peter Green EDITORIAL Thomas Hughes, Rachel Smith, Oliver Taylor, Shannon Berkley, Vincenzo Morello, Cheryl Jones ART DIRECTION & DESIGN Stormcues Limited BUSINESS DEVELOPMENT Steve Williams, David Warmann, Jack Moore, David Goldwin, Mike Walsh COMMERCIAL DIRECTOR Luke Francis PHOTOGRAPHY James Drake, Sarah Dean, Rick Thompson Executive Global Magazine is published by: Stormcues Limited 405 Kings Road Chelsea London SW10 0BB Tel: +44(0)207 993 4782 www.executive-global.com ADVERTISING advertising@executive-global.com EDITORIAL editorial@executive-global.com The information in this publication has been obtained from sources the proprietors believe to be correct, however no legal liability can be accepted for any errors. No part of this magazine may be reproduced without the consent of the publisher. Executive Global is registered trademark ® of Stormcues Limited. Copyright © 2022 Stormcues Limited. All Rights Reserved.


• Productivity, Strategy, Profitability


The rise of silver 24

Our cover feature and CEO Profile on The Love Broker profiles America’s leading relationship expert to tycoons, moguls and celebrities with Amber Kelleher-Andrews, Co-Founder and CEO of Kelleher International.

Multispectral imaging technology 20 Executive Global’s bespoke series of interviews on Productivity, Strategy, and Profitability. We discuss multispectral imaging technology with Pierre Lemire, CEO of Kent Imaging, Inc.


Michael Pento, CEO, Pento Portfolio Strategies, comments upon the state of the economy.


Harry Dent returns to deliver his expert analysis on demographics, market bubbles and cycles.

Silver in 2022


Bob Coleman, President, Idaho Armored Vaults, on inflation, Fed policy and America’s debt.

Inflation, deflation, debt, gold Leninism and QE



David Morgan, CEO, The Morgan Report, looks at fundamentals and industrial applications.


Oliver Taylor on why foolhardy monetary policies of failed regimes repeat history.

LEGAL & ADVOCACY Asset protection planning


The everything bubble to burst

Perpetuating asset inflation

Egon Von Greyerz and Matthew Piepenburg, on weathering the turbulent storm ahead.


Inflation/deflation rollercoaster


Cheryl Jones reports on why silver is considered a critical element in an investor’s portfolio.


Abel Gomez, Gomez Tomiczek International on real estate investing with private foundations.

Mastroianni elicits associations


Vladimir Gorodissky, Gorodissky & Partners, looks at why a Swiss firm was declined a patent.

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42 Financing your private jet

Vincenzo Morello reports on the advantages of international business companies.

Zug - Switzerland’s crypto valley 46 Less than 25 minutes from Zurich, the Canton of Zug has much to offer, reports Rachel Smith.


56 Wealth preservation in Hawaii?

Rachel Smith looks at considerations when purchasing or leasing your aircraft.

Guernsey business and investment 44 The Embraer Praetor 600 Oliver Taylor examines what makes this small British Crown dependency so successful.


58 A natural beauty - Tahoe City

Thomas Hughes reviews the jet model which appeals to the upper tier of luxury clients.


Mike Cooray, and Rikke Duus share why now is the time for business schools to transform.

The financial revolution will not be Celebrating business schools 62 televised - will it be decentralised? 50 Andrew Main Wilson, CEO, AMBA, reviews Renowned fintech expert Reggie Middleton, discusses his trailblazing new DeFi patents.

performance at the Excellence Awards.

The birth of private finance (PriFi) 54

The business landscape is changing more rapidly than ever. Vince Morello reports.

Thomas Hughes analyses private crypto assets as well as the blockchain’s privacy problem.


• Productivity, Strategy, Profitability

Effective management



Greystone Tahoe is a sprawling family estate, with a private retreat rich in historic character.

World’s most expensive wines



Carl Hulen and Kurtis Becker look at why Hawaii is attracting wealthy investors worldwide.


Oliver Taylor, explains why any educated wine lover will know the name of Château d’Yquem.



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1 MILLION passengers boarded Canada’s fastest growing airport, YXX

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Four Hearts Ranch, South Cariboo, B.C. | Offered at $23,800,000 (CAD) A Unique Property Shaped by Nature. Four Hearts Ranch, has been envisioned, assembled and built, woven into 5,925 acres of roaming pastures, forests and lakes. This property offers limitless opportunity for leisure and enterprise. fourheartsranch.com Faith Wilson +1 604.224.5277

4705 Chancellor Boulevard, Vancouver | Offered at $8,388,000 (CAD) Stunning home by renowned architect Eric Stine sets a new benchmark for quality & contemporary design. This 5 bedroom home with 70 foot frontage, oozes luxury, elegance and richness. The custom millwork, numerous fireplaces, and magnificent 3rd kitchen on lower level, is perfect for in-laws or a separate suite. Faith Wilson +1 604.224.5277

Seven Stones Winery, Cawston, B.C. Canada | Offered at $8,700.000 (CAD) Set on 25 acres in the Okanagan Valley. Complete with vineyard, tasting room, wine caves, crush pad, bottling area, warehouse, equipment, and helipad. The estate also includes a beautiful 3 bedroom, 3.5 bath home. Jeffrey Sefton +1 778.235.4501 & Audrey Zimmermann +1 250.689.9798

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3603–938 Nelson St. Downtown, Vancouver | Offered at $8,288,000 (CAD) Panoramic Ocean, City and Mountain views. This 4,674 sq ft private, secure residence features 5 bedrooms and 7 bathrooms on one level. Combining 3 suites, you’ll love the expansive layout & floor to ceiling windows showcasing amazing views. Faith Wilson +1 604.224.5277




The Basel III - A Recap For centuries, gold has been an important component of governments’ financial reserves, and its appeal shows no signs of waning, with central banks expected to be net buyers of gold this year. Indeed, central banks currently own over 35,000 metric tons of gold, accounting for almost a fifth of all gold ever mined. What is it in gold, though, that has made it such a valuable item for so long? old has had a significant impact on mankind’s history, the concept of economics, and our entire outlook on life when it comes to making financial decisions. Egyptian kings were some of the first to recognise the value of gold. Around 3000 BC, the Egyptians became the first to adopt gold and silver as a form of currency. Egyptians used to wear gold and trade with it since it was an essential element of their culture and traditions. Even Athens accepted gold in their monetary system many centuries before the dawn of Christianity. Apart from the fact that gold is one of the most beautiful metals to look at, these ancient cultures did not have it just for this purpose. It was the most visible symbol of their wealth for them. In modern civilisation, no other material of comparable rarity occupies a more visible and important position. Money, Grammy Awards, wedding rings, Olympic medals, Oscars, and religious art are all still made of gold today. Several years ago, gold was considered a high-risk investment. It was classified as a Tier III asset, which implied that banks could only hold gold on their balance sheets for reserve purposes at 50% of their market value. The Basel Committee’s monitoring body, the Group of Central Bank Governors and Heads of Supervision, approved Basel III reforms in December 2017. Basel III is a comprehensive collection of banking regulatory reform measures designed by the Basel Committee on Banking Supervision to improve the banking sector’s supervision, regulation, and risk management. However, these reforms will take effect on January 1, 2023, after a one-year delay to



executive global • Productivity, Strategy, Profitability

increase banks’ and supervisors’ operational capacity, and these reforms will be phased in over five years. In April 2019, gold was reclassified as a Tier 1 asset and its risk-weighting was reduced to zero. In other words, banks would no longer need any capital to hold gold. On June 28th, 2021, new regulations went into effect as part of the Basel III Accords. Gold in its physical form remains viewed as an zerorisk Tier 1 asset, whereas the Tier III classification of bullion in the form of exchange-traded funds (ETFs) was scrapped. All of this led to central bank gold purchases increasing yearly. In 2021, central banks added 463 tons of gold to the global gold reserves, an increase of 82% over 2020. The global gold reserves increased to slightly about 35,600t, the highest level in nearly 30 years. It appears that central banks now consider physical gold as being extremely valuable. For both large and small investors, since gold is now a Tier 1 asset, the ultimate measure of productivity would be to consider allocation of this commodity in your investment portfolio. EG

John Marshall John Marshall Editor-in-Chief, Executive Global

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740 West Lake Boulevard, Tahoe City $29,000,000 THIS IS YOUR CHANCE TO OWN one of Tahoe’s most iconic estates located in the heart of Tahoe City, CA. Greystone boasts 1.4 pristinely groomed acres with an 8,167 square foot main house with 5 bedrooms and 6 baths, a bonus/ bunk, media/game, cathedral style great room and 4 car garage. Guest house - fully restored charming 1940s cabin with 4 beds and 2 baths. Additional lakeside bungalow, pier with boatlift and 2 buoys, gated estate setting with circular driveway. Walking distance to downtown Tahoe City. Enjoy Tahoe for the generations to come. More details at: GreystoneTahoe.info

Historic Cabin

GEMME GROUP Listing and Selling the Finest Homes in Lake Tahoe For over 24 years David has been vested in helping his clients and lakefront owners with their properties. Gemme Group was founded with a deep passion for Lake Tahoe, the legacy it creates for our families and the memory we all share as a community. We welcome the opportunity to help you with your Lake Tahoe real estate needs. Call or text me directly at 530.277.8881 to see how we can help.

David Gemme Broker Associate Sierra Sotheby’s International Realty Email david@gemmegroup.com Web www.greystonetahoe.info Cell (530) 277 8881 CA BRE #01371048 - NV DRE #0179228


Pento Portfolio Strategies

The Inflation/Deflation Rollercoaster We are no longer the edge of the fiscal and monetary cliff. Indeed, we are now plunging off the top. How did we get back to a similar situation of the year 2000, where tech stocks plunged 80% and the S&P 500 lost 50% of its value over the ensuing two years?


• Productivity, Strategy, Profitability


Pento Portfolio Strategies Article by


ell, start off with the fact that the amount of new money created by our central bank in the past 14 years is $8 trillion. That, by the way, is an increase in base money supply only and does not include all of the new money created by our debt-based monetary system. So, from 1913 to 2008, the Fed created $800 billion. And, it took from 2008 until today—just 14 years--for it to have created $8.9 trillion in base money supply. Is there really any wonder why inflation has now become a salient issue, especially for the middle and lower classes, and why the stock market is now set up for a meltdown similar to the NASDAQ collapse of two decades ago? Some might claim that the bubble in the stock market was much different in 2000 than it is today. They are correct. The overvaluation 22 years ago pales in comparison to today. With its record high P/S ratio of 3.5, as opposed to just 1.8 back in 2000. And the mind-numbing record high 210% TMC/ GDP ratio, which is an incredible 68 percentage points ahead of where it ascended to 22 years ago.


A PERFECTLY CASCADING STORM Ok, so the stock market is much more expensive today than at any other time in history, but what will the catalyst be to set it tumbling off the cliff ? The Fed will wind down its record-breaking $120 billion per month counterfeiting scheme to zero dollars by March. This Q.E. involved the process of handing newly created money to banks, consumers, and businesses to boost consumption. But by ending this flow of new money, the Fed will also end its tacit support for the municipal bond market, primary dealers, money market mutual funds, REPO market, International SWAP lines, ETF market, primary and secondary corporate debt markets, commercial paper market, and support for student, auto and credit card loans. All of which were directly supported by Jerome Powell with the Fed’s latest Q.E. program. But it doesn’t end there. Mr. Powell will not

be content with just ending Q.E., not with CPI running at 7%! Therefore, the Fed indicated at its January FOMC press conference that QE will end and rate hikes will start in March. And then the balance sheet will shrink after that. However, an occasional 25-bps rate hike here or there won’t cut it. He must hike rates by 680-bps just to get to a zero percent real Fed Funds Rate. Now, of course, Powell doesn’t intend to hike monetary policy that much because he is fully aware it would collapse the whole artificial market construct well before he gets anywhere close to that level. But the point here is that the FOMC has lost the luxury of being able to delay and dither as it has in the past because inflation is running at a 40year high. Hence, the Fed will need to hike rates rather aggressively until inflation, the economy, or asset prices come crashing down. But since all three are so closely linked together, they will likely all cascade simultaneously.


I want to shed some new light on the concurrent fiscal cliff and shoot a hole through Wall Street’s excess savings mantra. It is very clear that there will be negative consumption effects resulting from the ending of $6 trillion in government handouts over the previous two years. This massive and unprecedented largess caused the savings rate in the U.S. to jump from 7.8% in January 2020 to 33.8% by April of the same year. However, that savings rate has now collapsed back down to 6.9%—below its pre-pandemic level. But what about the stash of

savings consumers are sitting on that is supposed to carry GDP ever-higher this year? Well, it appears that the rainy day fund is dwindling quickly. According to the N.Y. Times and Moody’s Analytics, the excess savings among many working- and middle-class households could be exhausted as soon as early 2022. This would not only reduce their financial cushions but also potentially affect the economy since consumer spending has risen to become nearly 70% of GDP. We have already seen multiple pandemicera federal aid programs expire last September, including the massive federal supplement to unemployment benefits. Now, with the Expanded Child Income tax credit having expired, which gave up to $300 per child under 6, and up to $250 per child ages 7 to 17 over the period from July to December, the fiscal challenges have become salient for many Americans. INFLATION TO DEFLATION PENDULUM But what about that pile of savings? Estimates are that it now amounts to around $2.0 trillion (8.5% of GDP). It’s mostly in the hands of the very rich, who are savers and have a much lower marginal propensity to consume than those in the middle and lower classes. According to a study from Oxford Economics, 80% of that savings is in the hands of the top 20% of earners, and 42% went to the top 1%. Again, this is important because it is the middle and lower classes that are responsible for the majority of consumption. So, how is this economically-crucial cohort doing? Well, in addition to getting hurt by inflation and falling real wages, they are running out of their stimulus hoard quickly. According to a recent study done by JP Morgan Chase, households making $68,896 per year or less only have an extra $517 in their checking accounts on average compared with their pre-pandemic level. As unimpressive as that sounds, add in the fact that people don’t eat into their savings with the same zeal that they spend a fresh government handout, and you can see that so-called “mountain of savings” Wall Street loves to tout isn’t much more than a molehill. When you factor in the massive fiscal and monetary cliffs together with the most overvalued stock market in history, you have the recipe for enormous swings between inflation and deflation this year. The Fed has now switched from an inflation dove to an inflation hawk. Investors must be able to navigate these dynamics successfully to avoid becoming a dead duck. EG

For further information, please visit: www.pentoport.com Email - mpento@pentoport.com M: 732- 213-1295 O: 732-772-9500 Michael Pento is the President and Founder of Pento Portfolio Strategies, produces the weekly podcast called, The Mid-Week Reality Check and Author of the book The Coming Bond Market Collapse. Photo: Xinhua / Alamy Stock Photo www.executive-global.com

Winter 2022 •



Economy & Markets

The Everything Bubble is About to Burst for Good: The Great Reset Ahead in Financial Assets Bubble eras like this are rare. They only come about every 90 years which is every two 45-year technology cycles. Think of the current peaking cycle as the Information Revolution with three phases and bubbles: Article by

Harry Dent


The mainstreaming of personal computers 1976-1989 with the 1987 stock bubble. 2) The Internet of Information moves mainstream 1992–2001+ bringing global data and knowledge to everyone, with the 2000 tech bubble, and 3) The Internet of Money, the digitisation and mainstreaming of financial assets from 2012 to 2021 with the bubble looking to peak around now at the beginning of 2022 for stocks. From the beginning of 1976 through 2021 is 45 years. The 45-year revolution from around 1920 through 1975 before this one was about mainstreaming automobiles, radio, TV, a broad array of labour-saving home appliances and Interstate highways. Before I go further, let me summarise my most important two fundamental cycles for predicting longer-term trends in the economy decades in advance. First, there is an approximate 40-year cycle wherein generational spending booms occur like 1942–1968 for the previous Bob Hope generation and 1983–2007 for the Baby Boom. I innovated The Spending Wave in the mid-1980s which is simply a 46-year lag on the immigration-adjusted birth index in the U.S. for the predictable average peak spending here at age 46. That is 47 now and has been 47 in Europe and Japan, our fellow developed country competitors. Central banks are not aware of these very basic cycles, so they were caught by surprise and just started printing in 2009, thinking it was a shortterm financial crisis. After printing a whopping $1 trillion in 2009 to fight the worst downturn



since the Great Depression, the economy did not recover on its own…it only needed more, much more. They ended up printing $3.5 trillion into a plateau into 2014, but now since COVID they have printed a whopping $4.6 trillion and still rising in less than two years. HISTORICALLY FAMILIAR CYCLES The 1968 to 1982 stock downturn and long recession was a result of the peaking of the Bob Hope generation and that down cycle to follow. It was not as devastating to stocks (although more than meets the eye when you adjust for inflation). And that unprecedented inflation was due to the massive Baby Boom entering the workforce at great expense and at first with low productivity. I can predict inflation trends past and future as they correlate most simply with another simple demographic factor, workforce growth. Again, these generation cycles come about every 40 years and that was actually quoted in the Bible for generation cycles 2,000 years ago. You would have thought someone would have figured this out before I did in the mid-1980s, and this cycle is still not understood and accepted by mainstream

• Productivity, Strategy, Profitability

economists and politicians today. This other very fundamental cycle, and if anything, more important throughout history is that 45-year cycle in technology innovations I mentioned at the beginning of this article. Clusters of new technologies are born in similar periods like the late 1800s/early 1900s for phones, electricity, automobiles, highways, radio and TV; and the late 1930s/1940s for computers, software, and jet and space travel. They create long booms and productivity surges when they move mainstream like in the 1950s and into the early 1970s previously, and the late 1990s into 2020 for this revolution. The generation boom


Economy & Markets Photo: Nick Starichenko / Shutterstock.com

REAL ESTATE DOESN’T BUBBLE NEARLY AS MUCH AS STOCKS, BUT IT IS LEVERAGED BY MORTGAGES did peak in late 2007, but this 45-year technology cycle would have naturally peaked around late 2019 to early 2020 on a 90-year lag to the 1929 bubble peak. Massive money printing has only exaggerated this bubble a lot and lengthened it a bit. NASDAQ AND HOUSING BUBBLES The crypto revolution was not really about individualised coins per se, but at first a way to finance new ventures without the huge expense and red tape of IPOs, and longer term: the digitisation of all financial assets. There are at least 14,000 crypto companies now out of this revolution, and most will go the way of the dot.com companies


that crashed along with the tech wreck #1 from 2000–2002…in 2022-24 ahead. The broader impact on investors in today’s economy is that we saw bubbles in everything from stocks to cryptocurrencies to real estate to art and collectibles, and so on. The first bubble period saw stocks bubble first led by the Nasdaq and tech stocks from late 1994 into early 2000 as the chart below shows. It advanced about 6.7 times in its intense bubble stage from December 1994 into March of 2000 in just 5.4 years. The second started getting intense after the correction into late 2015 and has been in bubble mode for 6 years now up 3.8 times since then. Since the second bubbles come from higher prices, you don’t expect them to be as large relatively. Chart: The Two Nasdaq Stock Bubbles: 6.7X vs. 3.8X; 3.6X vs. 2.3X Orgasms The funny thing was that the first housing bubble started AS the tech bubble was crashing from 2000–2002. Investors sold one off and jumped right into the next one. Its bubble was early 2000–into February 2006 up to 1.6 times as the next chart shows. Real estate doesn’t bubble nearly as much as stocks, but it is leveraged by mortgages. This second time stocks and housing have bubbled together into recent peaks with housing more thus far, up 1.8 times. January 4th is likely to be a top for the S&P 500. But if stocks peak and a recession ensues fast – as will be the case in this overstretched bubble – housing will follow soon and take a bit longer to fully burst and reach bottom as was the

case after the first bubble. Stocks took 2.8 years to reach bottom; real estate took about 6 years into early 2012 from its early 2006 peak before stocks. Note that most bubbles in history are around 5–6 years, although the broader bull market can be longer like late 1990–early 2000 for stocks. I’m calling the bubble periods only for the most intense surges for stocks here, not for the longer bull markets they occur within. CHART: THE TWO HOUSING BUBBLES With the second housing bubble not really starting to kick in until early 2012 with its bubble is now going on 10 years. Stocks didn’t really hit their bubble period until early 2016 forward, or about 6 years now into the S&P 500 peak thus far on January 4, 2022 – again, more typical and similar to the last bubble. Here’s the important point here. Both of these bubbles look ready to peak here, stocks will hit a little sooner and harder given their faster-moving nature. And this will mark the end of this rare bubble era, and by far the most extreme and global in history as central banks have gone wild with their newfound monetary tools. This was like giving a sack of candy to a 5-year-old-kid and expecting them not to eat it all right away! SIT ON THE SIDELINES AND WAIT This is the one time in your life where you should not listen to your stockbroker or financial advisor and just wait this correction out. It will not be a normal 10%-20% correction as it appears thus far. It will be a once-in-a-lifetime crash like late 1929 to late 1932. After the 1929-32 crash, stocks went down 89% and did not get back to those levels until 1953, 24 years later. This time I expect stocks to go down as much as 86% from such an extreme bubble and with the plateauing demographics in the developed world, we may not even reach these levels quite again even at the peak of the Millennial spending boom in 2037 or so. But even that would be 16 years to at best get even. Real estate did not have such aggressive mortgage financing available back in the Roaring 20s bubble (50% down 5-year term loans typical). Hence, real estate did not bubble up anything like now and crashed 26%. This time real estate is set to crash 40% to 50% to get back down to reality. This crash looks to be happening now and proof will come soon as the first wave for stocks is typically down 45% in less than 3 months and as much as 50%+ this time. This is the time to seriously review all of your financial assets and sell the ones you can and NOW for stocks and ASAP for real estate which takes longer to sell, but also tends to peak a little later. I know this sounds extreme, but this bubble is the most extreme in history and bubbles always and only burst, and NEVER have soft landings. You risk a little more upside if I’m wrong…you risk most of your ass-ets if I’m right! EG

For further information, please visit: www.HarryDent.com Winter 2022 •



Kent Imaging, Inc


Productivity in Multispectral Imaging Interview with

Pierre Lemire


Our dedicated interview with PIERRE LEMIRE, CEO of Kent Imaging, Inc. profiles the founder of a ground-breaking firm focused on commercialising the breakthrough of multispectral imaging technology that assesses tissue oxygen saturation. Executive Global caught up with the pioneer leading advancements in tissue oxygenation imaging.

It has been said that luctor et emergo or ‘struggle and emerge’, is very much your philosophy in business and life. Can you elaborate on this and how the concept shaped your business? I’ve always had a passion for building highPL tech imaging products which has been the driving force of my professional life. My successes have been hard-fought—as they should be. It takes time, experience, and a whole lot of creative thinking to build new products and take them to market. It also takes grit. When it comes to innovation, struggle is part of the journey. By keeping the motto luctor et emergo in the forefront, I have learned to embrace that struggle and rise to the challenge. EG

Tell us more about your flagship product EG SnapshotNIR. Tissue oxygenation is a key indicator of tissue PL health and one of the most important factors in wound healing. Unfortunately, it cannot be seen or measured with the naked eye. SnapshotNIR is a non-invasive, handheld imaging tool that uses near-infrared light to measure microvascular tissue oxygen saturation to help clinicians identify the viability of tissue, track healing and ultimately, improve health outcomes. And how has incorporating this innovative technology through SnapshotNIR, enabled you to assist physicians in improving the efficacy of healing and the quality of clinical outcome for clients? With a single click of its camera-like structure, PL SnapshotNIR measures relative amounts of oxygenated and deoxygenated hemoglobin in the microcirculation of tissue where oxygen exchange is happening. A tissue oxygenation map is immediately displayed on the device supporting diagnostic driven decisions in treatment, leading to optimised wound care. EG



What impact may your recent deal with Net Health Inc in the implementation of

your systems and processes have on the general productivity of doctors and the wider community? For physicians to adopt new technology, it PL must fit into their existing workflow. The partnership with Net Health allows us to seamlessly incorporate imaging from SnapshotNIR into the patient chart, recording serial change in tissue oxygenation status as part of the medical record. These advancements are all part of a larger vision, where the data from SnapshotNIR is routinely assimilated into a patient’s digital medical record as important insight and documentation into the patient’s wound healing and tissue health. What are some of the greatest challenges associated with effective wound care and why would addressing treatment at the microvascular level be such a productive endeavour? One of the biggest challenges in effective PL wound care is patient compliance. For patients to have better outcomes, they need to be compliant with the treatment plan – seeing improvement week after week in their wound tissue displayed in the captured image can give them hope. For the wound specialist, understanding oxygen delivery is critical. If there is not enough oxygen getting to the wound, then any treatment application is likely to fail. SnapshotNIR measures tissue oxygenation at the critical microvascular level where oxygen exchange is taking place. The information obtained at bedside and within a matter of seconds may lead to expedited vascular referral, confirm and document therapeutic benefit of applied treatment modalities and help to guide further intervention. EG

How did your previous roles as Chief Technology Officer at Autodesk, Inc and Co-Founder of Calgary Scientific, help you to emerge as a global leader at the forefront of innovation in medical technology?

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My experience at Autodesk and Calgary Scientific has certainly taught me that to be a global leader, you need to take calculated risks to be on the bleeding edge of technolog y development. It showed me the importance of providing clear direction and leadership to your company, as well as leadership to the industry that the technology is intended for. Consulting with industry leaders, spending the time to show them how changing the way they work will have a positive benefit for them and their clients, and listening to these experts on what is important to meet their needs are key components. We push the envelope and continuously adhere to product iteration to serve client needs. For Kent, this means bringing innovative technolog y to market, which is providing real change for physicians and their patients. PL

What do you see occurring on the horizon for Calgary as a hub of innovation within the decade, and how may the world of imaging be impacted? Calgary boasts an emerging ecosystem for a PL significant number of technologies. It is a growing hub of innovation with a strong partnership between industry, government, educational institutions and investors - the four cornerstones of innovative success. Of note, Calgary is building an expertise in machinelearning which will enhance what we can deliver in imaging as more value will be achieved from an interpretive perspective in this integration of technologies. We’re at the tip of the iceberg of what Kent is going to be able to develop and bring to market over the next five to 10 years—tools and technology that are going to significantly improve the way physicians practice, reduce complications and improve patient outcomes. EG EG

For further information, please visit: www.KentImaging.com

For physicians to adopt new technology, it must fit into their existing workflow.


The Morgan Report

Silver in 2022 - Essential, Critical and Irreplaceable Often overlooked and seldom mentioned in mainstream investment channels, publications, or interviews is the idea that silver is an investment worth having. Gold is much more mainstream and is given mention more often. However, many savvy investors that look at all markets usually keep an eye on gold, but dismiss silver. Article by


ost people do not know, even investorsthat silver is one of the essential elements on Earth, period - end of the story. But, in fact, it is the most crucial element, the only commodity more important is oil because it is the mainstay for energy. Without energy, nothing happens. Silver is the most valuable metal in modern society because of its immense electrical and thermal properties, making it the most critical element in the high technology world. Unless you study the silver market, it would be new to you that more than half of all the silver mined and recycled in the world is used by industry. Think about that for a moment. It would be as if a company (stock) that you own had a steady buyer every year for half the available float. Do you think that would support the price of the stock? To go into the past, silver’s industrial use was only 35% of the market two decades ago. Most surprisingly, the total silver supply due to mining and recycling was 550 million ounces per year. Now the total is nearly double. We mine and recycle one billion ounces of silver per year.


ENORMOUS INDUSTRIAL DEMAND So, doing some calculations- silver demand for industry alone went from 35% to over 50% of the market during silver’s production doubling. This would be equivalent to a stock issuing shares to twice as many in 20 years, yet the must-have buyer continues to INCREASE their purchases. Perhaps a better illustration would be this. Imagine that the total silver supply remained where it was in the year 2000. This means the total silver supply was 550 million ounces per year, and industrial demand went to present-day numbers. It would mean that ALL SILVER AVAILABLE would be used in industry, leaving zero available


for silver jewellery, silverware, or most important of all- investment. Before moving on from the industrial side realise that: >Silver is used in over 10,000 industrial applications – from microchips to microwaves. >Electronics – Silver is an integral component in electrical switches that power your electronics and is widely used in high-end electronic devices, printed circuits, and audio/video components, computers, tablets, and phones. >Medicine - Silver is an antimicrobial substance used widely in the medical field for coating and dressing on surgical equipment. It is increasingly used for water purification and embedded in plastic wrap. >Solar Panels – The growing solar energy industry is driving demand for silver, which is used in the photovoltaic cells of the panels that capture light. This demand is projected to increase for several years as governments look for sustainable development. >Mirrors – It doesn’t just hang on your wall; it’s also used in state-of-the-art telescopes. >Money - Silver is not officially used as money anywhere globally. Yet, some of the most important exchanges are made for silver only when the local currency breaks down as recently was the case in Venezuela, Turkey, and Mexico. Matt Watson, President of Precious Metals Commodity Management LLC, predicts that by 2030 eighty-five percent of the silver market will be used for industrial purposes. How much will be left for investment? The answer is not much! Matt goes even further and states that – “There is not enough silver in the ground to last 20 years.” If there ever was a legacy investment for those that wanted to leave something for their estate, endowment, foundation, or alumni fund—silver would be about the only almost “guaranteed” investment.

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The Morgan Report

Photo: Mariusz Szczygiel / Shutterstock.com

Money is funny, everyone thinks about it all the time, but the rich think more about it than the poor, because of the fear of losing what they have. Unfortunately, most people have no idea what happens when a major financial crisis occurs. Right now, there are bail-in provisions. In July of 2021, the Bank of England published: Executing bail-in: An operational guide from the Bank of England. Bail-in is one of the stabilisation tools available to the Bank as resolution authority under the Banking Act 2009. Bail-in ensures investors, rather than public funds, bear losses where a firm fails. That is YOUR Bank! In the U.S., the wording is a bit softer, but it means the same thing. The Bail-in act is intended to protect businesses that

“stimulate the economy” according to the bankers’ statements. If you happen to hold your money in a savings or checking account at a bank (U.S. bank) and that Bank collapses, it can legally freeze and confiscate your funds for purposes of maintaining itself. The bail-in clause places more financial burden on the creditors, requiring them to reduce their debt so that the institution can survive and protect its depositors and the taxpayers. Therefore, bailouts expose taxpayers to more risk and financial burden, whereas bail-ins put the same pressure on creditors – especially on unsecured creditors, which means you – the depositor! BANK BAIL-INS AND CAPITAL CONTORLS At some point in the not-so-distant future, the world will have another banking crisis. In the next financial crisis, the banks will take depositors’ money in what is called a “bail-in.” I have this saying in the precious metals world, that ‘if you don’t hold it, you don’t own it.’ Let’s move it over to the currency realm. What if you had that same idea that if you don’t hold it, you don’t own it? The reason why that is so important to me, and many others is the bailout situation is over. It will be bail-ins next time, which means you as an unsecured creditor of the Bank. This means that if you don’t hold it, you may not own it. If we were to have a bail-in...they may not take all of your currency, but they would probably take part of it. If you look to Argentina during one of their episodes, all the money in their banks was still yours, but you were limited to what you could take out. You could be a millionaire or a multi-millionaire, but you could only take out 300 pesos a week. So, what good is that? If your mortgage was 4,000 pesos a month and you can only get 300 pesos a week, you would default on your mortgage. This is the BIG TRUTH that no one dares speak about at all. Will it happen soon? It could, but the bankers are good at maintaining control. Expect the unexpected, and learn real value- the value in the physical economy. Align yourself and your financial house as needed with real things, absolute value, and real money. As inflation continues and faith in all currencies is lost, know you have the knowledge to act not only for yourself but perhaps to pass on a legacy that will be remembered well into posterity. EG

For further information, please visit: www.TheMorganReport.com

David Morgan is a widely recognised expert on silver. He is the author of the book The Silver Manifesto and Second Chance. In addition to advising private clients and fund managers, he writes The Morgan Report, covering economic news, the global economy, currency debasement, and stellar opportunities in precious metals and mining stocks: www.themorganreport.com


Winter 2022 •



Amber Kelleher-Andrews Co-Founder & CEO, Kelleher International


• Productivity, Strategy, Profitability


Amber Kelleher-Andrews Co-Founder & CEO, Kelleher International

THE LOVE BROKER Our special interview on The Love Broker with AMBER KELLEHER-ANDREWS, President & CEO of Kelleher International, Inc, takes an exclusive look behind the operation of the relationship experts with a core philosophy designed around connecting people on purpose and finding the dream partners for tycoons, moguls and celebrities. Executive Global gains a fundamental insight into why this renowned leader in elite matchmaking to some of the most distinguished and interesting people in the world, is the absolute first choice in finding love for high net worth individuals. As head of the world’s most successful, award-winning matchmaking company that has dominated the industry for decades, why is it critical for accomplished executives who have prospered in many other areas of life but remain unsuccessful in finding true love, to work closely with a reputable professional matchmaking firm? If I asked a Kelleher client this question they AKA would say; “I never thought this to be a critical decision before, but then I kept choosing the wrong person, so in retrospect, I should have called you sooner.” It’s difficult to find lasting love on your own and yet it is an essential emotion that we all need in our lives. No one should be spared from feeling love or being loved by another. Life is beautiful, but when you are able to find the right partner EG


to share it with, it’s even more beautiful. Kelleher International is a boutique matchmaking firm that represents the world’s most accomplished single men and women. Our exclusive community of high net worth individuals is unsurpassed and what makes them even more exceptional is that they are looking for love. Retaining our services is one of the most important decisions they can make. As a matchmaker for over three decades I can tell you from experience that the love one feels in life directly depends on who one chooses to share their life with. Because of this, accomplished professionals don’t leave it up to chance. Working with Kelleher in particular gives one a huge advantage over random dating, because we curate highly qualified individuals to meet, saving precious time, energy and money. Tell us about your unique personalised approach and how it continues to successfully enable you to pair the world’s most distinguished, powerful, and busy people with the partner of their dreams? At Kelleher we work diligently as a team AKA across the globe constantly vetting and screening candidates for our members. With thousands of new submissions each month, our goal is to hand-select eligible individuals that yield positive qualities and those whom we feel match well within our existing community. EG

Winter 2022 •



Amber Kelleher-Andrews Co-Founder & CEO, Kelleher International

My mother Jill Kelleher taught me the value and joy of giving. Even when we had little money, we were always striving to connect with and help others. CV AMBER KELLEHER-ANDREWS BORN California, United States ALMA MATER The American Conservatory Theater, San Francisco EXPERIENCE 2022 Opening up our new KI Social Club 2012 Created our Philanthropic branch with special curated events 2001 Began our expansion w/ locations in New York/Dallas/Arizona - eventually taking us International 2000 Promoted to CEO of Kelleher International 1998 I became partners with my Mother, Jill Kelleher 1997 Opened up our second location in Beverly Hills, California 1995 Worked for my mother Jill as her receptionist



Manage your business. Manage your growth. Always Innovate.


Core values. Flexibility. Adaptability.


Stay ahead of the game with weekly, monthly, and quarterly financial goals. Know your competition.

You have set the gold standard in upscale professional matchmaking since 1987. How do you continue to raise the bar to remain the global leader at the top of your game today? Kelleher is the ‘original’ matchmaking AKA company. In the ’80s, when my mom first opened our doors, people thought we made matchbook covers. We have come a long way. As a company now in the 21st century, we continue to raise the bar when it comes to finding the one because this is a core value at Kelleher. As CEO, I wake up asking myself this very question and I believe this process alone is a great exercise for all business owners to go through. Having vision is important, taking risks whenever possible, pushing the envelope and staying optimistic is key. I also believe that being a family business that enjoys the opportunity to bring love to others is amazing. This joy for what we do has truly carried us for three decades and I feel as though we have just begun! EG

And having met your husband through the agency, how may your clients find Kelleher International membership to be absolutely indispensable to both their personal, and professional lives? As much as I would like to be an example of AKA a Kelleher love story, I have never dated my clients and don’t feel that would be ethical. I actually met my amazing husband 32 years ago at work when I lived in Los Angeles and was in the film industry. We have been in love and happily married ever since with 3 beautiful children. I try to lead by example and know first hand how important a loving partner is in your life and I wish this for everyone that comes to Kelleher. EG

With thirteen offices established globally, what are the ways in which your international presence may be particularly useful in delivering additional value to elite travellers who live in multiple cities? Due to the high calibre of clientele that we AKA work with, many have multiple homes both within the US and in Europe. They fly by private Jet and can therefore meet anyone anywhere. Having representatives and boots on the ground in most of these major cities worldwide, allows us to meet these eligible singles face to face as part of the all important vetting process. EG



• Productivity, Strategy, Profitability

How has building what is now the largest and most successful matchmaking firm in

the United States, deepened your insight into the principal similarities and differences between successful businesses and marriages? Interesting question. There are many AKA similarities between successful businesses and successful marriages. Both need attention to detail and should not be taken for granted. Nourishing both is what makes life easier and rewarding. The more involved, creative and inventive the better the business and/or marriage. Do your employees love what they do and do they feel appreciated? Are they involved in the decisions and the growth of the company? In a marriage, involvement and making decisions together, having time to listen to each other, and showing appreciation makes for a successful marriage. Differences are found in how we approach the above similarities. My mom always says, “a happy wife is a happy life”. Same with your business, “happy employees, happy business.” The relationship business is not just about profit. You are also fundamentally changing people’s lives for the better. What have you learned about giving back to the community from fellow visionary, pioneer, and philanthropist Sir Richard Branson? Somewhere inside all of us is a desire to AKA connect and contribute. So there is much that matchmaking and philanthropy share and that is what I enjoy building on. My mother Jill Kelleher taught me the value and joy of giving. Even when we had little money, we were always striving to connect with and help others. As our family matchmaking firm expanded over the years, I was also mentored by many of our accomplished clients who have started and/or supported various philanthropic causes around the world. I wanted to learn from, and emulate these remarkable people. My challenge, in doing so, was to rethink, redesign and look at our business as a driving force for good. After all, we hold the most remarkable clientele globally who are passionate about life. Coupled with a low carbon footprint, no manufacturing facilities or vast numbers of people to employ, the light bulb went off. I was inspired to match my clients with passion projects. I began to challenge them to rethink their own businesses. It has actually had a huge impact that is now entering its tenth year. Collectively, Kelleher clients have raised hundreds of millions of dollars for impactful EG


Amber Kelleher-Andrews Co-Founder & CEO, Kelleher International

working with Kelleher is that once you do learn the subtle differences, the floodgates open up and the right person can come to you in record time. As one of America’s most successful female entrepreneurs and global matchmaking leaders, what would you say to inspire the next generation of women who may have a passion for entrepreneurship? I guess I would say that it is important to AKA love what you do and to find a way to always improve on it. There should never be a ceiling. Being a good listener is always important, be open to constructive feedback and keep your visions alive and nurtured. Don’t take no for an answerever. For each step back, expect to spring forward and don’t lose sight of your dreams. Don’t be afraid to take risks. EG

Being The Love Broker to the world’s rich and famous who can have any partner they so desire, what have you identified about the individual men and women that truly make them stand out among the crowd as exceptional longterm prospects for your members? Kelleher specialises in exceptional singles. AKA What makes them the exception is a list of qualities and characteristics that we look for when onboarding new members. First and foremost, they must be realistic with who they are and who they see themselves with. While this seems simplistic, you would be surprised how rare self awareness is. On-line dating profiles for example, are riddled with fake profiles, gold diggers and unrealistic people desperately searching for love. In stark contrast, Kelleher clients are emotionally aware because they have done work on themselves. EG

ABOUT AMBER KELLEHER-ANDREWS Amber Kelleher-Andrews is an internationally renowned relationship expert, professional matchmaker, TV Personality, film producer, and philanthropy enthusiast. She is the CEO of global matchmaking firm, Kelleher International. Founded in 1987, Kelleher International continues to set the gold standard today for upscale personalized matchmaking in a billion-dollar industry.


» Continuously reinventing the company to roll

with world changes such as 9/11, the recession and Covid.

» Most of all, bringing tens of thousands of people together in LOVE.

» Recognised for being best in class in A-list press and media outlets.

» Created core values that resonate with true love and purpose.

» Consistent growth year after year. www.executive-global.com

projects that make a significant difference in the world, with the humble goal of leaving this planet better than we found it. Having developed an exemplary reputation for connecting the well-to-do, what is the most challenging thing you experience when working with busy, high-powered tycoons who can have- and can afford it all? The challenge is to get our clientele to AKA approach a “love relationship” differently than they might approach a business relationship. Just because you are successful in one relationship this doesn’t transfer over. Working for tycoons and business moguls of the world, this reality can be a hard thing to hear and even more difficult to accept. However, the exciting part of this journey in EG

With a proven track record of positive testimonials, thousands of marriages and happy relationships later, what can successful business moguls, entrepreneurs, investors and High Net Worth individuals look forward to when working with you? Clients of Kelleher can look forward to an AKA extraordinary experience because they will be connected with some of the world’s most eligible singles. We also transform lives through purposeful connection and love and these transformations are unique to each member. We offer tailored coaching packages with life plans addressing health, wellness, business and of course, your love life. We cannot guarantee ultimate success for everyone when it comes to finding your ultimate match but if you come in with an open mind, join us on our events, are optimistic and allow us to learn together with each introduction, it works. And you will in no doubt have a lot of fun along the way! EG EG

For further information, please visit: www.kelleherinternational.com Winter 2022 •



Asset Allocation

The Rise of Silver Silver is currently trading at $23.75 per ounce, down 22% from its eight-year peak set in February 2021. After a summer of uncertainty and silver market stagnation, the white metal fell to a new low of $21.52 USD toward the end of September 2021, a 15.93% drop from January, reports Cheryl Jones. he metal’s performance in the fourth quarter of the year however, began with the September consolidation, with prices progressing upward throughout October. The silver price was boosted by increased demand, widespread inflation, and the Fed’s statement that pandemic help would be discontinued. Consequently, by the middle of November, the silver ETP market had added 87 million ounces for the year, bringing total holdings to 1.15 billion ounces. The US dollar’s depreciation in the New Year as indicated by the DXY Index, may have also given the price a slight boost. This led to an upsurge in industrial demand despite global supply interruptions. All thanks to the green energy sector, which uses silver in photovoltaics and other applications and drove up demand for silver. Fast forward to today and we are seeing better results. Experts are predicting that today’s rise in silver is only going to continue.


HOW PHYSICAL SILVER CAN HELP FIGHT INFLATION CAUSED BY BANKS The term “inflation” refers to a loss of purchasing power. Currency loses its value during periods of inflation. This can be particularly harsh for people who spend a significant portion of their income on necessities like food and gas. Economic hardships can worsen and contribute to long-term instability during periods of inflation. Inflation is particularly damaging since it makes many basic items unaffordable for the poor, and it makes significant purchases difficult for the middle class, due to rising rates. Food and gasoline prices for example, can rise to twice their initial value. As a result, the poor can only afford to buy smaller quantities of food. Interest rates on housing and vehicle loans can swiftly soar for the middle class. For many people, this makes buying a first home expensive. Inflation can also be a problem for the wealthy, especially when you consider that stocks often underperform during times of inflation. The last sustained era of inflation in the United States occurred in the 1970s. Nixon’s shutting


of the gold window in 1971 contributed to this inflation. Silver was $1.27 per ounce at the time. The price of silver soared significantly as inflation increased during the 1970s. Silver reached a peak of $50 per ounce in 1980. The precious metal had returned 3,900% throughout this period, whereas the stock market had only returned 188%. In fact, throughout the 1970s, silver excelled more than gold, which returned 1,800%. Silver coins with unique designs, such as the Silver Osprey Coin and the Silver Standing Lion Guinea Coin, can add more value to any financial portfolio.


stocks, or property investments lose value, investors are safeguarded. In times of war, terrorism, natural disasters, stagflation, and currency crises, such an asset might operate as a hedge by protecting your portfolio from potentially huge losses. Silver also helps against geopolitical risk. Silver, like gold, allows you to invest some of your savings in a real asset with inherent value that appreciates during times of conflict, political unrest, or economic downturn. When you buy houses, stocks, or bonds, you’re betting that politicians will make the best economic decisions. However, part of your wealth must be put in assets whose value cannot be regulated, influenced, or dictated by banks or politicians. This is to safeguard your wealth from political upheaval and foolish government actions. Finally, silver also helps in overvalued markets. To address the great recession of 2008, governments made the mistake of printing fiat and flooding the economy with cheap currency, resulting in the so-called “tide that lifts all boats.” The same issue occurred during the COVID-19 outbreak, which compelled the Fed to resume significant debt securities purchases. This cheap currency sparked a boom in all assets, including real estate, stocks, and bonds. The bubble would most probably burst again even as the Federal Reserve, as well as other central banks, strive to reverse their quantitative easing policies.

per ounce now. Silver has inherent value without the counterparty risk that comes with investments like stocks, bonds, and shares. Its value isn’t drawn from any other asset or based on blind faith, as is the case with fiat money. Silver, like gold, has a negative relationship with other assets, which implies that when bonds,

PHYSICAL SILVER MAY BE THE PERFECT INVESTMENT Silver is in high demand for jewellery since it is a precious metal just like gold. However, the white metal has several distinct qualities that make it a sought-after investment. And one of them is that silver is scarce. From a high of 2.2 billion ounces a hundred years ago to roughly 960 million ounces today, the amount of silver produced has dropped significantly. Silver is also

WHY SILVER IS NOW CONSIDERED A CRITICAL ELEMENT IN AN INVESTOR’S PORTFOLIO Gold and silver have always been reliable investments with an intrinsic value that has never dwindled over time. Silver’s price has tripled in the last 17 years, from $7 per ounce in 2005 to $23.75

• Productivity, Strategy, Profitability


Asset Allocation produced as a byproduct in the mining of base metals like copper, lead, and zinc, accounting for 54.9% of total production. As a result, even if the price rises, supply will not increase considerably. This was evident in the 1970s when silver prices rose to all-time highs of $50 per ounce without comparable increases in output. Unlike the more precious gold, recycling the little amounts of silver found inside electrical components is not cost-effective. As a result, most silver is never recycled after being used in medical devices, films, or electrical equipment. Furthermore, silver often climbs by a much greater margin than gold in a bullish precious metals market. In the 1970s, for example, the price of silver increased by 3,900%, while gold increased by 1,800%. Investors who put the same amount of money in silver as they would in gold are more likely to make more profit. Finally, during an economic downturn, governments can and


have taken gold from private citizens and banks. This occurred in the United States during the 1930s when President Franklin D. Roosevelt struggled to handle the economic crisis. Silver, on the other hand, has never been confiscated, making it a preferable option for those that are concerned about government confiscation in their regions. EXPERT OPINIONS AND PREDICTIONS FOR SILVER When calculating the future value of silver, analysts continue to balance expectations that inflation will sustain the price against the possibility that monetary policy will continue to impose downward pressure. However, analysts at ANZ, an Australian bank, are more optimistic about silver’s prospects than they are about gold’s. According to their prediction, silver’s price is expected to rise to $24 per ounce in the first half of 2022. According to Metal Focus, silver demand in the automotive industry is expected to rise from 61 million ounces to 88 million ounces by

2025. With emphasis on resolving ‘issues caused by climate change’, most developed and developing countries are already well on their way to achieving and ensuring decarbonised and renewable energy sources. Despite the pandemic, global renewable energy capacity increased by 45% in 2020, as part of an incredible boom in wind and solar energy. And, by 2025, solar power generation is predicted to roughly double, providing an important and constant source of industrial demand for silver throughout the next decade. This is expected, given that an increasing number of countries are turning to renewable energy sources, with China leading the way in the solar energy sector. China, who are building a large 400-gigawatt wind and solar megaproject will redraw the world energy landscape by ‘adding as much renewable capacity as all of Europe presently has,’ according to Nikki Shiels, Head of Metals Strategy at MKS Pamp Group. Indeed, the Chinese government’s ambitions for enormous game-changing renewable energy projects as part of their gradual transition away from coal, are expected to further drive up demand for silver as a crucial component in these sectors. Ultimately silver has truly unique qualities that are not present in other metals, providing it a distinct advantage in a diverse range of industries. This is why we are seeing a surge in demand from computing to electric vehicles and medical device manufacturers, in addition to the solar energy sector as a whole and this is why silver’s explosive rise upward as a sought-after metal will continue to be aided by industrial demand. EG

Winter 2022 •



Idaho Armored Vaults

Photo: UPI / Alamy Stock Photo


• Productivity, Strategy, Profitability


Idaho Armored Vaults

Perpetuating Asset Inflation The current Monetary System has been able to perpetuate the asset price inflation game over the last 40 years because inflation has struggled to gain any traction. Although government statistics undereport inflation by design, Federal Reserve policy has not been forced to address the toxic side of inflation while the economy has been propped up on monetary stimulus. Article by

Bob Coleman


hey are entering a period where the Federal Reserve and other Central Banks are feeling the political backlash from their expansionary efforts of increasing their balance sheets. Inflation of goods and services is forcing their hand to cut back on liquidity. Keep in mind it is this liquidity that has expanded stocks, real estate and fixed income securities over the years. The volatility we are seeing in the stock market is a pure function of liquidity being removed and excessive margin debt and leverage being liquidated. From the following Bloomberg chart, the amount of negative yielding debt outstanding has fallen to the lowest since 2015. Currently sitting at $5 trillion. This says two things. The level of speculation and central bank intervention to keep interest rates negative is fading and the higher rates of inflation are forcing yields to rise. As markets are adjusting to a rate tightening cycle, speculative assets across the board have seen liquidation. Momentum investing strategies which were all the rage the last year, have seen a significant retracement.




Normally, bond prices react positively to stock market volatility. However, interest rates have continued to move higher and this has caused price declines in fixed income securities. Please remember, since the peak in interest rates in 1982, the bond market and stock market have both been in massive bull markets. Interest rates have gone from all time high levels (1982) to all time low levels (2020), while the stock market has simply gone vertical in price. Is this sustainable? This chart on 30 year US Treasury Yield illustrates these long term moves in interest rates and the S&P 500. Keep in mind, income inequality is the highest we have ever seen while the purchasing power of our currency has declined materially over time. COST OF LIVING RISES WITH INFLATION The method the US government has used to melt up asset values such as stocks and real estate has been by taking real rates of return very negative. In other words, allowing the Federal Reserve and US government to inflate away the debt and pump up the economy at the same time. Initially, this inflation is well received since asset values rise and the household’s wealth effect benefits. Eventually, the cost of living rises as well. And this is where the Federal Reserve stands at the moment. They are being forced to address inflation at the expense of asset values. In their view, taking away the liquidity from the markets, will have an impact on the supply chains and demand for goods and services that could impact inflationary prices. The following FRED chart shows changes in the real rate of return measures against total financial household assets per US GDP. The inflationary effect of declining real rates has propped up assets since 1982. However, looking at the 1970’s, we experienced hotter consumer inflation that had negative effects on household wealth. The Federal Reserve seems to be trying to thread a needle. Reducing liquidity in a highly leveraged environment, can apply very powerful pressures on the financial markets in a very quick period of time. We have seen the effects over the last few weeks. Finding long term value is getting more and more difficult. The following may be a very important chart for the next few years. This

measures the Commodity index against US Treasury Index. This 40-year chart bottomed in 2020 and appears to have made a generational low. If this is correct, the inflation theme is alive and well, fixed income, as well as, currencies may be seeing the beginnings of a major long term shift towards hard assets. History does not look at the sophisticated trading strategies or models used in the lead up to the 1929 crash or the Japan market in the 1980’s. When reviewing the actual reasons for these melt ups, they tend to be very simple. Greed and the illusion of “its different this time”. It takes years of experience and lots of losses to understand this simple concept. We have all gone through it. This latest generation of traders and “investors” have lived in a world of Quantitative Easing (money printing) and down markets that last for weeks not years. If the Federal Reserve’s punchbowl is taken away due to rising costs of living that are having material effects on the population, we can still have inflation from all the residual excess money printing. However, paper asset prices could have very well peaked, or are in the process of putting in a generational top. Basically, the positive effects of inflation have been priced into the market. Now that inflation is here, this could be an old case of buy the rumour and sell the news. Inflation is the news. Demand for necessities of certain commodities may be the theme moving forward. This will show up in commodities’ prices since we may need these to survive or protect our purchasing power. Also, as the population ages, their ability to maintain their earnings stream diminishes due to retirement. Here is an interesting fact, 40% of US Government employees are within 5 years of retirement. As costs of living rise, many may look at assets who have a history of protecting purchasing power over time while factoring in increases of political stress due to rising costs of living. THIS DEBT CANNOT BE PAID OFF For precious metals, the media and Wall Street want you to believe a rising interest rate cycle is negative for gold and silver. Oddly, gold tends to bottom around the start of a Federal Reserve rate hike cycle. If one looks at the previous rate hiking cycles over the last 50 years, all but one period formed a significant bottom. Most recently, in 2015, the first rate hike since the 2008 market crash, gold bottomed at $1,050 and never looked back. The media would like you to believe the Federal Reserve can normalise interest rates when the US government is $30 Trillion in debt? The math is frightening when factoring in the debt servicing obligations, impact of higher rates on the economy, and potential loss of tax revenue from any negative effect on asset prices. All it takes is human behaviour and confidence to recognise the $30 Trillion debt will never be paid off with NONinflated dollars. The moment that happens, history tells us that gold and silver will take on a monetary role of protecting purchasing power. EG

For further information, please visit: www.goldsilvervault.com Winter 2022 •



Matterhorn Asset Management AG

Inflation, Deflation, Debt, Gold and a Risky 2022 Ahead As inflation transitions from temporary to persistent and global policy makers scramble like headless chickens in a financially broken barn-yard, informed and prepared investors can still track simple indicators and market forces to weather the storms ahead. Article by

Article by



Egon Von Greyerz

hroughout 2021, we warned that inflation would be anything but transitory, despite contrary assurances from policy makers and cornered central bankers. By the end of that same year, inflation saw its largest 12-month increase since June of 1982, rising year-over-year from 1.4% to a staggering 7.0%. Our blunt forecasts did not come from luck or tea leaves, but from a simple recognition of converging forces which central bankers like L`agarde and Powell have apparently forgotten…More importantly, these inflationary forces are far from over as we head into a volatile 2022.


INFLATIONARY TAILWINDS Specifically, we are tracking a convergence of inflationary tailwinds driven by: 1) record-high increases in production costs around the world (from 9% in the U.S. to over 20% in the EU); 2) continued monetary expansion despite welltelegraphed central bank “tapering” of the same in order to monetise 3) a 28% rise in global debt since 2020. In short, “tapering” from insanely-loose monetary measures to merely crazy-loose monetary policies, will hardly stem the inflationary impact of expanding money supplies, which alas, is the very definition of inflation. That said, many simply equate “inflation” with rising prices and “deflation” with falling prices. Using such customary understandings, the corollary question on investors’ minds is whether we can expect a “deflation” in asset prices in 2022? The short answer is yes. TAPERING = DEFLATING ASSET CLASSES Any headline-making move to raise interest rates in a Fed “taper” will be devastating to the vast majority of stocks whose balance sheets survive off debt-rollovers. Rising rates impact the cost of debt, and as that cost climbs, so does the pain (and hence loss) levels of once popular stocks. It’s just that simple.


Matthew Piepenburg

EXPECTING A FED PIVOT? Given our belief that the Fed’s true mandate is market support rather than employment or inflation management, we are confident the coming tightening by the Fed will be short-lived and followed by an immediate pivot as markets begin to tank the moment rates are raised. Others, however, are arguing that the Fed won’t blink this time around, but stay a hawkish course. Based on prior Fed behaviour (i.e., Q1 of 2019 or the QE1 through QE4 of 2009-2014), we are less confident in such Fed courage. For now, we shall have to track Fed moves to track market moves, for hawkish policies mean deflating markets and dovish pivots mean inflating markets. Again, and sadly, it’s just that simple in the new abnormal of artificial and central-bank driven (rather than natural and supply/demand-driven) market cycles. ASSET CLASSES TO WATCH Near-term, a rising rate environment is effectively bad for just about every asset class but the USD and the VIX. Longer term, however, it is critical for investors to recognise that rising rates do not exist in a vacuum. A key point to remember is that one can not fully gauge the impact of rising rates without giving equal consideration to inflation rates, which are rising faster than interest rates. When inflation rates are climbing well above interest rates, the net result, of course, is negative real (i.e., inflation-adjusted) rates. As the slope and speed of negative rates increases, commodities in general, and gold in particular, become excellent asset classes. GOLD PATTERNS As long-term precious metal investors all know, negative real rates create bull markets for assets like gold. With the foregoing in mind, many investors were disappointed with the sideways nature of the 2021 gold price. After all, with real Fed funds rates showing significantly negative levels of -5% by November (lower than 1975 levels), investors

• Productivity, Strategy, Profitability

naturally anticipated a surging rather than yawing gold price. In our minds, however, the sideways gold movement in 2021 was neither a surprise nor disappointment, but rather a largely ignored indication of its strength and fundamental advantages. Despite gold critics attacking the metal as if it had tanked by half, the simple fact is that gold traded within the $1700-1900 USD price range in 2021—hardly a crushing disappointment. After two consecutive years of significant price increases (18.9% in 2019 and 24.6% in 2020), the sideways action for 2021 was in fact a common (two-steps up and one-step back) pattern for gold prior to a subsequent surge. In the last 6 years, for example, gold has moved in a consistent pattern of two rising years followed by 1 consolidating year. After 2 years of exceptional price moves, 2021 was no price shock and gold still served as a sound hedge against Covid-related market vol, recessionary forces, BTC gyrations, inflation dangers and the omni-present risk of black swan events.


Matterhorn Asset Management AG

Photo: Bjoern Wylezich / Shutterstock.com

Furthermore, the massive 80% move in gold from its 2018 lows to its August 2020 high was a clear warning of the CPI-measured inflation to come, of which we warned investors in 2020 and clearly witnessed in 2021. In short, even when not surging in price, gold remains a loyal asset and portfolio stabilising force for informed investors. And as for price surges, again, those days are ahead--of this we are supremely confident. Adding to this longer-term pattern and confidence are the combined gold tailwinds of inflation remaining elevated to at least 4%, monetary policies remaining crazily “accommodative” (even with a “taper’), real rates remaining deeply negative to allow debtsoaked sovereigns to inflate their way out of the red, and lastly, gold is still cheaply priced at a significant and opportune undervaluation—at least for those who move quickly. As Egon has consistently reminded longer-term investors, when measured against the expanded money supply, gold remains as cheap at today’s prices as it was in 1970 at $35.00 or in 2000 at $300.00. www.executive-global.com

THE BIG (DEBT) PICTURE IS ALL THAT MATTERS Notwithstanding all these converging and highly important forces in motion, the guiding indicator for anyone seeking to make sense of an increasingly senseless global financial system boils down to a simple and staggering figure: $300T. That is the current level of total global debt, a figure so staggering in its levels and implications that historically confirmed patterns point quite plainly to what lies ahead. First, no amount of actual or even projected GDP growth (which currently stagnates at less than 1/3 of global debt) will ever resolve (i.e., cover) such explosive debt levels. Period. Full stop. Such unsustainable debt levels leave the policy makers who created them with very few options, which makes their future actions easily predictable. Toward that end, and despite fork-tongued words to the contrary, global policy makers will have no choice but to encourage rather than combat future inflation, as negative real rates are the only means left to digging broke economies out of historically unprecedented debt holes. This also means that in addition to deliberate yet veiled inflationary policies, central banks and debt-cornered sovereigns will equally have no other choice but to remain “accommodative” with their money-printers. Thus, taper or no taper, pivot or no pivot, central banks will continue to expand their balance sheets well above their current and collective $35T levels. THE CBDC ‘SOLUTION?’ Given the increasingly embarrassing optics of such staggering debts, continued inflation and extreme money creation, the foxes guarding the global hen house have already begun telegraphing COVID (rather than themselves) as the scapegoat

for the current financial sham. Despite all of these debt and monetary forces gaining momentum well before the pandemic, COVID’s convenient presence allows central bankers and IMF planners to justify ever more lipstick for the debt pig before them. Specifically, and as early as the summer of 2020, the IMF began telegraphing the need for a Bretton Woods II—which is a nice way of (wrongly) comparing the war on Covid to the Second World War. This allegedly explains the need for a major currency and debt re-set, one characterised by more debt ahead to be paid for with newly created central bank digital currencies, or CBDCs. Although such measures may seem clever, they boil down to the same distorted template that brought the world to this financial tipping point, namely the fantastical notion that a debt crisis can be solved with more debt, which is then monetised with more fake money. Replacing prior fiat currencies with modern central bank digital currencies is a distinction without a difference and just adds even more importance to the role of owning real rather than fabricated money, of which physical gold has always been and will always be. As we remind and close, fiat currencies (digital or paper) debased by debt-soaked policies are no equal to real value and real stores of value like physical gold. When measured against a single milligram of gold, the major currencies of the world have lost greater than 95% of their purchasing power since Nixon decoupled in 1971. EG

For further information, please visit: www.goldswitzerland.com Winter 2022 •



Central Banking

Leninism and QE: The Best Way to Destroy Capitalism is to Debauch The Currency After the First World War, the capitalist countries of the world believed that the gold standard was too inflexible to meet the rising demands of a global economy. And so, one by one they started to move away from it and into the realm of fiat currencies, writes Oliver Taylor. t started with Britain in 1931, and then the US in 1933. Albeit the latter would only do so for citizens looking to exchange currency for gold and would continue to accept international transactions of gold for currency up until 1973. This charted a move away from the Gold Standard and into Fiat currencies, which are only backed by the Central Banks and the governments that issue them, allowing these nations more control over the value and supply of their currency. It also let them print more of it as needed since they no longer required a physical asset equivalent to back up its value. This has only led to a vicious cycle of printing more money to deal with debt, which only ends up increasing the debt and devaluing the money. In an ironic twist of fate, this is exactly what Vladimir Lenin predicted when he said that the most effective way to destroy capitalism would be to debauch its currency. Lenin believed that paper money would lead to hyperinflation, and history has proven him right time and time again. And yet, the capitalist powers of the world headed straight for this debacle.


Photo: Eddie Gerald / Alamy Stock Photo

HISTORY REPEATS ITSELF What is worrying here is that we keep repeating the same mistakes of the past. Historians will tell you that trends of the past don’t always repeat themselves, but with Fiat currencies, we notice a worrying pattern that has played out time and time again. Our first example of how debauching a currency can destroy an empire is the denarius in Ancient Rome. At first, the coin was made out of pure silver. However, the Romans realised that if they reduced the amount of silver in each coin they would have more money. Or so they thought. It started slowly at first. The silver content of the coin dropped to 94 percent from 1 CE to 55 CE. Then by 100 CE, it had dropped again to 85


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Central Banking percent. It continued to decline as they reduced the silver content more and more to dilute the coin and by 244 CE, only 0.05 percent of the coins were made of silver. When the Roman Empire finally collapsed, the coins were only 0.02 percent silver. Reducing the amount of silver in the coins to increase the amount of coins in circulation only ended up reducing the value of the coin to the point it was worth practically nothing. And this is what always ends up happening with Fiat currencies when the power to print them is abused without consideration to its consequences. But we are not talking about hundreds of years into the past, or at least not exclusively- but as recent as just a few decades ago with modern governments. One of the most devastating examples of currency failing due to overprinting is that of the Weimar Republic of Germany after World War I. Finding themselves unable to pay the 132 billion gold marks in reparations demanded from them via the Treaty of Versailles, Germany believed that they could overcome this problem by simply printing more money. As money flooded the market its value dropped dramatically leading to hyperinflation. Prior to this, the largest denomination of papiermark currency, was 50,000 marks. At the peak of the crisis, the denomination had climbed to 1 trillion marks. The money was so utterly devalued that people started burning it as a way to heat furnaces. It was seen as a far more efficient use than trading it. It was

all but worthless. And this wasn’t an isolated case in the modern world, soon many followed. Chile between 1971 and 1981. Argentina between 1975 and 1992. Peru, Angola, Yugoslavia, Belarus, and the list goes on and on. All of these have happened within the last hundred years. One of the most tragic and alarming examples in recent history is that of Zimbabwe. At the time of their independence in 1980, the Zimbabwe dollar was valued higher than the US dollar. But rampant printing of money caused inflation to get out of control. It had reached a staggering 11,000% percent yearly increase by mid-2007. MONEY PRINTING HAS GOTTEN OUT OF HAND AND MUST BE CURTAILED This is what happens when governments just keep printing money in order to solve their debts and deal with their budget deficits. And the US is no different in that regard. It all started when the United States was officially taken off the gold standard by President Richard Nixon in August of 1971. Money printing has particularly been increasing during the Biden Administration, in part because of the effects of the global health crisis. Through Quantitative Easing, the Federal Balance sheet skyrocketed from $4.31 trillion USD as of March 11th, 2020, to $8.86 trillion by January of 2022, and everything points to this printing and spending of money to keep increasing further as part of Biden’s spending plan and the ‘Build Back Better’ Framework. To put things into perspective, the total assets of the Federal Reserve were $867 million back in August of 2007. One of our biggest printing moments came due to the 2008 financial crisis, where the Federal Reserve went from $906 million in August of 2008 to $2.22 trillion by December of the same year. Even that significant jump pales in comparison to just how much the spending, debt, and printing has ballooned since events unfolded in 2020. HEEDING THE WARNINGS FROM EXPERTS Time and time again the same scenarios have played out, and yet we continue to see Fiat currencies as the adopted option of capitalist systems and countries


where they fail simply replace them for a new one. But a currency without intrinsic value is doomed to fail. Fiat currencies run on trust, and yet as time progresses the people of the world have become increasingly distrustful of their governments, in many cases with good reason. Without any kind of material asset that has inherent value backing the currencies that we use, we are just playing a game of pretend. And a very dangerous one at that. When the power to control our currencies rests entirely in the hands of a few, what happens when they misuse it? Entire empires collapse. Not only that, Fiat currencies restrict our inherent freedoms by limiting our ability to have true monetary independence. This much was argued by Howard Buffett, father of the American Business Magnate and philanthropist, Warren Buffett, in an article for The Commercial and Financial Chronicle in 1948. He posited that the reason why one of the first moves of people like Lenin, Mussolini, and Hitler was outlawing the individual ownership of gold, was because it allowed them control over their citizens. By having the ability to control the flow of currency at their whim, and instituting currencies with no redemptive value, they restricted the freedom of movement of their citizens. You become dependent on your leaders and their goodwill, as they control the value of the money you have. Something else he brought forward is how paper systems always end in collapse, which happened before his time, and has happened multiple times since. And the people with knowledge of economic theories and financial systems, both theoretical and practical, keep warning us about the outcome of this situation. Renowned economist John Williams says that we are entering an era of perpetual money printing, through quantitative easing. We printed enormous amounts of money to bail out the banks, and continue to do so. He warns that unless this issue is addressed, the dollar will die. Bestselling author and American entrepreneur Robert Kiyosaki, argues that saving money is pointless when the United States continues to merely print more of it. In fact, at the rate inflation grows, your money loses value when it sits in the bank. Peter Schiff, the acclaimed American stockbroker and financial commentator, has railed against our current approach to government spending and Modern Monetary theory. He warns that this is a fantasy that will lead to a disaster. The distinguished economist and money manager, Michael Pento, also warned that our economy will be killed through this rampant inflation led by uncontrolled money printing. History does not always repeat itself, but failing to heed its warnings is always a terrible and pricey mistake to make. And the experts of the world are seeing the writing on the wall. New solutions must be found other than just printing money to solve the problems of our economic systems. The fiat experiment has failed time and time again, and we need to return to asset-backed currencies before we reach the point of hyperinflation. Our current approach will only end in disaster for the US, and the world. EG Winter 2022 •



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Gomez Tomiczek International Group

Asset Protection Planning Through Overseas Real Estate Investment Buying health, car, and home insurance seems like an obvious solution but you should also insure your other assets. Forming a Panamanian private interest foundation protects you from jealousy, bad decisions, bankruptcy and even divorce. Article by

Abel Gomez


n this situation even your creditors will have to dismiss the case altogether as they will find that you have adequate estate planning and financial affairs, far from saying “things will just work out”. Panama was one of the countries to create a flexible legal platform in direct competition with the Trust Companies of the United States as well as other jurisdictions in Europe, allowing you to dispose of your assets as you wish, making modifications as often as required, creating and changing to your liking, each of the clauses (in accordance with the law) according to the family/property requirements of each specific person. Many avoid the discomfort of talking about estate planning because it relates to death and loss of assets. Choosing how to deal with this issue is tantamount to getting ahead of the problem, or leaving things to the cruel reality of chanceforcing our heirs, and even ourselves, to make very difficult decisions when there is no turning back. Not analysing what we should do as we work throughout our productive life directly affects our retirement expectancy, disregard for inflation, loss of purchasing power (worthless or declining currency) and these problems do not recognise



language or cultural barriers. Therefore, it is imperative to start the estate planning process early and if not, do not be discouraged if you have not yet made arrangements. On this occasion, we will cover the topic of how to invest in one of the most “conservative” and medium to long term investment/asset protection modalities through the acquisition of real estate in Panama. WHAT IS THE IDEA BEHIND THIS CONCEPT OF PLAN B? The main idea is to create a passive income in Panama, obtaining a short or long term profitability, depending on the value of the property you buy and the objective you have. In Panama there is no tax for “real estate speculation”. This being said, investing overseas through a Panama Private Interest Foundation is the perfect legal vehicle to protect your and your family’s wealth/ investment. In other words, you are creating your own retirement/pension plan. Keep in mind that the purchasing power in Panama, due to the crisis, is low. Forty percent of real estate investments in Panama with a value over $140,000 are acquired by foreigners. This means that a foreign person (without the need for residency in Panama) tends to invest in properties that on average cost over two hundred thousand US dollars ($200,000 USD); this is due to the high purchasing power most foreigners have in comparison with local buyers in Panama and the fact that in order to be eligible for a residency for

• Productivity, Strategy, Profitability

investment, for the National Immigration Service, which is the authority that grants residencies in Panama, you must invest at least that amount (or more, depending on the immigration category). HOW DOES THE PURCHASE OF REAL ESTATE IN PANAMA WORK AS AN OPTIMAL INVESTMENT? The first thing is to locate the property. There are several opportunities in Panama, each province and region has its own climate, and there are multiple options. For example, buying in Panama City, Panama’s capital and economic center of Panama, offers you swift rental possibilities as a vibrant and dynamic city full of buildings with beaches nearby. You can also invest in beachfront properties in central Panama in places like Pedasi, or look for more moderate climates (eternal spring) and a relaxed but comfortable lifestyle in the highlands (Boquete - Cerro Azul - Volcan). Once you have found a property, the next step is to contact the owner, real estate agent or lawyer. They should provide you with the registry information of


Gomez Tomiczek International Group Photo: Rodrigo Cuel / Shutterstock.com


the property such as finca number, location code, and ideally a copy of the Public Deed (Escritura Publica). We highly recommend you perform proper due diligence on the property through title checks by investigating the property in the Public Registry, ensuring that cadastral values are correct, and the property has no debts nor claims. www.executive-global.com

When everything is ready, the LOI (letter of intention) can be prepared, where you make a formal offer to the seller. If the seller accepts your offer in writing (by signing the LOI) then your attorney and the seller’s attorney should prepare the promissory purchase agreement. *** Please note that if the property has a mortgage with a local bank in Panama, the time to transfer the property will be longer and you must have a local bank account in Panama in order to purchase the property. The promissory purchase agreement will be notarised by a Notary in Panama (it is optional to register the promissory purchase agreement at the Public Registry if the deadline for the closing exceeds 90 days). Bear in mind that all documents must be drafted by a lawyer trained in real estate law (sales and purchases transactions) to avoid delays. In Panama, the down payment at the signing of the promissory purchase agreement is usually 10% and the rest must be paid upon closing when the Public Deed is signed and the transfer of the property is completed (by mutual agreement).

Transfer taxes are paid by the seller. Notary and registration fees are paid by the buyer. The real estate agent/broker’s commission is paid by the seller. Each party pays their own lawyer. Once the purchase and sale deed is signed before a Panama Notary Public the purchase price has been paid and the deed has been duly registered in the Public Registry of Panama, all steps will have been completed and you will have in your possession the transferred title of your real estate acquisition. Bear in mind that notaries in Panama are public officials nominated by the president. Therefore, a notary in Panama will not receive any money to pay taxes, nor does he/she withhold any money for the buyer/seller, nor does he/she draw up contracts or conditions. This task is performed by legal professionals (i.e. lawyers). Your lawyer will draw up the contract and handle the entire procedure to transfer the property. The notary in Panama will only attest that a purchase and sale contract was signed before him/her, but they will not provide any (legal) advice or services on how to do it. In Panama there are no ESCROW accounts for lawyers like in the United States/Europe. This kind of service is restricted only for banks which charge very high banking fees (fixed rate) depending on the value of the transaction. It is recommended to have a bank account in Panama only if the property has a mortgage. Once you have purchased the property (being a foreigner) and you need to deposit the rental income of the property, the bank in Panama will take into account that there is a nexus with Panama and will have the justification to open a bank account on your behalf, provided that all requested documents are presented, and the bank’s internal KYC procedures have been fulfilled in order to make a profile of you as a client. WHAT ARE THE BENEFITS OF INVESTING IN REAL ESTATE IN PANAMA THROUGH A PRIVATE INTEREST FOUNDATION? Panama Private Interest Foundations were created for estate planning purposes. The Law in Panama states that Foundations cannot be seized, nor sequestered, by acts of its founder, members of the board or even its beneficiaries and therefore, creditors cannot take assets from the foundation because when you transfer assets to your “Panamanian Trust” they legally no longer belong to you- they belong to the Foundation for the use and enjoyment of the founder and beneficiaries. Foundations are ideal for structuring family wealth because they are a combination of a foreign trust (originally created in Liechtenstein) and a holding company, except that they cannot participate in commercial business. They can however, own real estate investments, shares of other corporations and bank accounts, among others. They do not have an “owner” as they are created by its founder (who constitutes it) and the beneficiary(ies) who enjoy its assets. The key is to view foundations as a ‘holding company’. EG

For further information, please visit: www.gomitom.com Winter 2022 •



Gorodissky & Partners

Mastroianni Elicits Associations Unexpected by the Applicant A Swiss company named BGRP GmbH obtained the international trademark No 1584115 SARTORIA MASTROIANNI for Classes 03, 18 and 25 to extend registration to Russia. Article by


he Russian patent office refused registration. It explained that the word element SARTORIA does not have distinguishing capability in respect of the claimed goods while inclusion of a famous name of MASTROIANNI will mislead consumers in respect of the manufacturer of goods. It should be noted that the name of MARCELLO MASTROIANNI is indeed widely known in Russia, especially after distribution in Russia of the Italian motion picture Divorce, Italian Style. The film featuring Marcello Mastroianni, indeed enjoyed crazy popularity in Russia and the actor is still remembered well. So the name of that great actor would produce an awkward impression on the Russian people in relation to clothing. The applicant disagreed with the decision of the patent office and complained to the Chamber of Patent Disputes. He argued that the last part of the claimed designation MASTROIANNI means nothing to Russian consumers and that only the word combination MARCELLO MASTROIANNI produces an association with the actor, while the name MASTROIANNI is quite ordinary in Italy and has no explicit connections with the actor. To prove his point, the applicant provided almost a dozen variations of the name Mastroianni from different countries with the first names Umberto, Armand, Rudgero, Pat, etc. Many other popular people used their names in commerce, such as Antonio Banderas and Victoria Beckham. As for Marcello Mastroianni, he is not known by Russian consumers as a recognised and familiar representative of the industry producing such goods (This is true though the applicant speaks against himself in this case). The applicant suggested that he could exclude the word SARTORIA from the designation, though it



Photo: Eviart / Shutterstock.com


contributes to the perception of the designation as a whole and guides the consumer in the direction of goods and services. In addition to this, the applicant provided a number of other arguments which on sober examination, do not hold water.

• Productivity, Strategy, Profitability

Expectably, the Collegium of the Chamber of Patent Disputes found the applicant’s arguments to be unconvincing. It cited a number of formal provisions from the Civil Code proving that no registration is allowed if the designation does not have distinguishing capability or consist of elements only characterising the goods. Those elements may be included in the trademark as unprotected elements and if they are not dominating the mark. If at least one of the elements of the designation is false or misleading it should not be registered either. It seems that the Chamber of Patent Disputes missed a point. Indeed, as was mentioned by the applicant, there are many people in Italy and other countries named Mastroianni and therefore registration was probably allowed in other countries. As for Russia, people know only one Mastroianni and the decision refusing registration of the trademark is quite understandable. EG

For further information, please visit: www.gorodissky.com


Offshore Corporate Services

Benefits of The International Business Company As a measure to ring-fence local businesses whilst still providing tax-haven like benefits to foreign investors/capital, the concept of International Business Companies (IBCs) was initially developed by small nations seeking to attract investments from all around the globe following the globalisation of finance back in the 1990s, writes Vincenzo Morello. lso known as “Offshore” companies, IBCs are firms registered, created, and/ or incorporated outside of the home nation from which the holder resides, meaning owners of offshore companies tend to usually be based outside of the tax-haven country in order to benefit from its perks and privacy offerings. Due to the fact there are few firms, major organisations and high-net-worth individuals (HNWI) from around the world that tend to prioritise privacy whilst also not wishing for their local governments to peer into every aspect of their operations or finances. IBCs and “offshore” companies have always presented a great plethora of advantages for those entities whereby mandatory disclosures may be harmful for their business and private finance, something often seen as both unneeded and potentially harmful to the concerned parties. Whilst it is still feasible to form such corporations in the likes of countries such as Anguilla, Belize, Bermuda, the Bahamas, Panama, Seychelles, St. Kitts, the UAE and many more, in order to regain some form of privacy that these



forms of corporations have to offer, the forevershifting global financial landscape has also further increased the desire for individuals, and businesses, all over the world to resort to IBCs as a method of preventing needless and inappropriate exposure of their business operations mandated by the likes of OECD countries. This simple, yet powerful, mechanism serves as a legitimate investment entity through which all money and revenue generated by the IBC’s worldwide business activities can be securely stored and privately accumulated without incurring any tax repercussions within countries accommodating IBCs. In order to dive into the world of privacy and low-taxes, one ought to further explore the variety of factors that must be dealt with when looking at IBCs and offshore companies in light of the changes still happening as we have now entered the New Year of 2022.

• Productivity, Strategy, Profitability

WHY OPT FOR AN IBC? STRENGTHS As one of its key and alluring factors, IBCs are not required, nor

mandated to provide annual returns as part of their corporate filing, meaning such entities can be held anywhere in the world without the need to hold Annual General Meetings (AGMs) as required by most countries within the Organisation for Economic Co-operation and Development (OECD). Furthermore, IBCs can conduct their Board of Directors meetings anywhere in the globe, convening either by phone or other electronic methods, with decisions being passed by textual forms of communication such as telexes, telegrams, and cables for ease of business. As a result, IBCs are tax exempt, and while they are restricted in the activities they may engage in, they are free to operate as they see fit with such businesses having a high level of confidentiality with keen emphasis on anonymity for shareholders, owners, and members of the board. People involved with the firm can be from anywhere in the globe and do business with whoever they choose, as long as they keep the incorporated company’s home nation out of their eyes. Considering the functions of IBC corporations


Offshore Corporate Services

are similar to those of offshore firms, it is key to differentiate the fact that not all offshore corporations are always IBC entities, whereas all IBC companies do tend to basically be offshore companies. These firms’ functions can include the following: • Banking identities created to provide for anonymity and unrestricted transactions. • Conducting international business. • Bypassing embargoes, sanctions, and other barriers to trade between nations. • Working as special-purpose entities. • Asset safeguarding and security. • Entities involved in intellectual property licensing and franchising are being merged.

The only process that may take some time is a quick KYC (Know Your Customer) background check, during which the listed owners or individuals involved must be validated, albeit such information is kept private and out of prying eyes. On the other side of the shores - Weakness: With the growth of financial globalisation and use of tax-havens also becoming attractive for nefarious reasons, IBC’s have also been exploited by the likes of criminals, cartels, unscrupulous business-people, and money laundering operations. These latest incidents have drawn the unwanted attention of OECD countries on a crusade to further shine an unwanted bright-light on the

When speaking of compliance, IBCs do not need the availability of uniform papers and processes. Being another one of its benefits, IBCs are completely excluded from this need and are expected to deal with their difficulties and complications without the awareness of authorities or the broader public - another great factor in providing an additional layer of privacy when dealing with reporting operations etc. These businesses frequently pay no tax in general, although some do pay just a little amount of tax based on their profits (something that, at times, can almost feel symbolic). The tax percentages paid by IBCs can range from 0.25% to 3%. Although from an economic perspective such small taxes can be considered as a large reduction in the host nation’s revenue potential, the meagre and sometimes non-existent tax regime applied to IBCs do however also help those IBC-friendly states deny knowledge of the IBC’s existence when scrutinised by OECD countries continuously seeking to diminish the appeal of offshore companies. Considering the creation of IBCs can be a very short process, from conception to completion, with the key requirements typically being a small financial commitment into the entity, letters of compliance, and a one-time refund. The sole burden of proof for the formulation of IBCs remains the assessment of whether clients understand the particular circumstances under which these businesses operate. With the proper registration, documentations and approvals, a client can set up an offshore corporation to handle multibillion-dollar international contracts with ease.


activities undertaken by IBCs, taking actions to minimise the very aspect of privacy which made them attractive in the first place. In general, local state authorities hosting IBCs are able to defend entities within their own financial jurisdictions, however, waivers to these rights have left some IBCs to their own devices when dealing with such situations or international financial scrutiny from those OECD countries. Whilst the privacy afforded by IBCs assures that these firms preserve their obscurity and authoritarianism in order to attract foreign business, unfortunately, the attractiveness of IBCs are equally likely to interest good foreign business as much as those less desired types of illicit businesses. With their financial strength to flex in numerous industries, IBCs can engage in whichever sphere of operation they wish. The sole constraint remains in operating a local business in the host nation, employing local

officials, and dodging tax on dividends, as these are the foundation conditions established by IBC legislation across the world. Another point to bear in mind remains the fact that, although IBCs are free from tax, duty, and levies, these measures do not prevent them from leaving behind an initial paper trail when acquiring permits to operate these firms in the first place. Such fillings are common in any jurisdiction and remain an exposure risk to IBCs when it comes to their disclosure and unwanted attention. Unfortunately, there are no alternatives to circumventing some of these issues and therefore grudging acquiescence is to be anticipated from clients when setting up IBCs. WHY PURSUE AN IBC - OPPORTUNITY? Some of the states/nations mentioned above offer considerable IBC-friendly characteristics, making them a popular choice for offshore enterprises. By altering their legislation to be more favourable over OECD countries, the likes of Gibraltar and the British Virgin Islands have also amended their attitude on IBC regimes. The majority of these countries are marginalised or isolated islands off the coasts of most continents. The United States (US), the United Kingdom (UK), and Hong Kong (HK) all have territorial, or residential-based tax regimes, in which Limited Liability Corporations (LLCs) can own properties of IBCs, regardless of the fact that they are onshore themselves. The best nations for these types of firms to operate in are those with a tax-free policy and IBC laws in their constitutions, bills, or legislation for optimal privacy/protection of assets. From a financial management perspective, IBCs can be utilised to own or operate the normally exorbitant sums of money on rare and antique items. Additionally, assets such as Yachts, other high-value items and one-of-a-kind possessions can be exchanged or owned by such businesses, something still highly beneficial- especially when local governments may impose limits on the value of assets, transactions, and insurance one may be legally allowed to acquire. As a result, the utilisation of IBCs and offshore firms have always been perfect for affluent individuals and enterprises looking to safeguard assets, fortunes, and rare objects - or hold assets away from intrusive government forces. EG Photo: Sergey Kelin / Shutterstock.com


Winter 2022 •



Guernsey FDI

Photo: MyIslands / Shutterstock.com

Guernsey Business and Investment In recent years Guernsey has become an increasingly popular destination for high-net-worth individuals looking for a place to invest. This small British Crown dependency is one of the famous Channel Islands, along with Jersey, and it has become one of the largest offshore finance centers in the world, writes Oliver Taylor. hile the population of the island is relatively small, with only a little more than 65,000 people calling it home, it has nonetheless attracted significant investments and has a booming finance sector that contributes over half of its GDP. But what makes this island so appealing for financial investments and as a destination for individuals looking to settle outside of the States? Well, on top of their high quality of life and lovely weather, they have a considerably low inflation rate and extremely favourable tax laws. To put it plainly, your money has more value there.


GUERNSEY HAS A BOOMING FINANCIAL SECTOR Discussing Guernsey’s appeal for investments requires looking into their growing financial sector. Guernsey had an impressively low unemployment rate of only 1.1% back in 2019, and they currently have a GDP per capita higher than the one in the US itself. Their GDP per capita was recorded to be £50,353 back in 2020, or $68,047 USD, higher than their sister island of Jersey.


A PARADISE FOR INVESTMENTS The strength of Guernsey’s financial sector comes from its tax laws. The only significant taxes owed in Guernsey are income taxes, which are levied both on individuals and companies that reside in Guernsey or Alderney. Outside of that, there are no corporate taxes, capital gains or transfer taxes, sales tax, or VAT. After a change to standard income taxes for companies lowered the rate from 20% to 0% for companies that are considered resident, the income of these resident companies is chargeable at 0% unless it consists of certain banking activities, profits from their Office of Utility Regulation, or income derived from Real Estate investments. The latter of which includes property development and exploitation as well as rental income, which are all charged at a 20% tax rate. Life in Guernsey is quite pleasant, with a mild climate and an abundant number of beaches. They also offer free education up to the age of 18. Moving to Guernsey is quite easy for investors or people of high net worth, as consent for long-term residency is given to people that own property. While purchasing property is limited to specific conditions, luxury dwellings or purchases by people that are seen as

• Productivity, Strategy, Profitability


contributors to the island’s prosperity are readily approved. Furthermore, consent is given quite hastily for commercial property transactions. As far as locations go, Guernsey is an excellent spot for your money. EG

Columbia River, Eagle Cliff Lodge, Longview WA USA Elevate your senses... Hear forlorn foghorns on the river, observe bald eagles gliding on air currents from the cliff, and savor sun-ripened native wild blackberries on the property. Discover Eagle Cliff Lodge, a residential retreat from the world, perched on a cliff overlooking the grand Columbia River waterway, and the splendor of the Pacific Northwest. Walls of full-height windows capture glorious sunrises, evening skies, changing seasons and landscapes, and spectacular night skies far from city lights. For the hybrid worker, an entire wing is a dedicated office area. This is a once-in-a-lifetime opportunity to own a unique and gorgeous biophilic property. It’s beautiful 6,060-squarefoot interior and 4,600-square-foot deck add to the list of highlights. Make your dreams of luxury living come true. https://columbiaeaglelodge.com/ Photos by RL Miller Photography LLC.

Kathleen Doherty-Falk Berkshire Hathaway HomeServices Northwest Real Estate

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©2021 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.



Zug - Why Start a Business in Switzerland’s Crypto Valley? Less than 25 minutes from Zürich, the small canton of Zug features magnificent scenery, iconic architecture and great opportunities for business, reports Rachel Smith. n the past few years, the small Swiss canton has attracted a growing number of tech companies and entrepreneurs. One of them is Ethereum co-founder Mihai Alisie who settled in Zug back in 2014. Alisie said that what surprised him were the “forward-thinking attitudes of its authorities.” The locals like to refer to their canton as “Crypto Valley” - a brand that sounds like an invitation to tech companies to settle. In fact, out of the 960 crypto startups in Switzerland, nearly half are based in Zug. This includes heavyweights like the Ethereum Foundation, Cardano Foundation and Web3 Foundation, the organisation behind Polkadot. Moreover, Zug residents can even pay their taxes in Bitcoin or Ethereum. But Zug is attractive for all sorts of businesses, as it offers low taxes, and a business-friendly environment.


LOW TAX RATES Out of the 26 Swiss cantons, Zug has the lowest corporate tax rate, of just 11.91%. That includes both federal and cantonal taxes. Just like the U.S., Switzerland taxes corporations at a Federal and a local level. The Swiss federal tax rate is 8.5%, while the cantonal tax rate in Zug is only 3.5%. Moreover, Switzerland’s value-added tax is just 7.7%, not much by European standards. However, that does not include the favourable tax deductions businesses can get. Swiss authorities tend to be rather lenient when considering business expenses, compared to other countries. They freely accept deductions for travel, entertaining clients etc. SPECIAL TAX ADVANTAGES Other than low basic tax rates, Switzerland offers special incentives for established companies that want to move there. Businesses can get special tax rulings, which are written contracts between taxpayers and tax authorities. These rulings set tax rates or sums in advance. Moreover, they are confidential and not made public. However, they are likely much more


Photo: Haidamac / Shutterstock.com


• Productivity, Strategy, Profitability

advantageous than most think. Of course, that depends on the size of the company, the industry and so on. In any case, businesses are likely to get a great deal in Zug. That’s why the small canton has more registered businesses (over 31,000) than residents (30,000). IT’S EASY Starting a company in Zug is easy, and authorities treat foreigners exactly the same as Swiss nationals. All a company needs is a bank account, an office address and the initial capital of the business. Foreign businessmen that are not prepared to move to Zug can also lease a virtual office, which can serve as their legal address. This allows them to avoid the costs associated with office space in Zug. There are numerous companies that offer virtual offices and legal representation of your business in Zug. Due to these advantages, it is clear that Zug deserves its reputation as the valley of the future. EG

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Stylish charm in a coveted West End location. An open and airy main level serves as the gathering space of the home and includes the kitchen, living and dining areas. Combining classic Victorian architecture and fresh, contemporary interiors, light and bright with clean lines and top of the line finishes. Ideally located for enjoying the cultural amenities of downtown and the free shuttle to world class skiing. The owner has added timeless, local art throughout with custom lighting features and thoughtful furniture pieces that create a luxurious and relaxing environment. The owner’s suite is perfectly situated on the main floor in a private wing of the home with architecturally pleasing wood beams and vaulted ceilings. The newly redesigned bathroom offers a double vanity, gorgeous stone counters and spa-like steam shower. Step out the French doors to the brand new deck and take a soak in the relaxing hot tub after a long day of Crested Butte adventures. Upstairs encompasses two considerable bedrooms, a full bathroom and a half bathroom. When you own this property, you also get to own a piece of Crested Butte history with the historic and charming log cabin accessory dwelling. MLS# 790606

Jesse Ebner Owner/Broker

Signature Properties Ebner & Associates, LLC

Email Web Office Cell

jesse@jesseebner.com www.JesseEbner.com (970) 713 2000 (970) 901 2922

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Veritaseum Capital

The Great Financial Revolution Will not be Televised. But Will it be Decentralised? King Saul led an army against the superior forces of the Philistines. Every morning and evening, for 40 days, Goliath - the 6’ 9” giant champion of the Philistines would break front lines to challenge the Israelite horde to single combat. Article by


or 40 days and nights, King and his warriors consistently stood down in intimidation, until…David, a diminutive boy, stood up to accept the challenge. The man-child, scoffed at the offer of the king’s protective battle armour taking only his staff, his sling and five stones he found in a nearby brook. David, the high naked, man-child sporting a staff and sling, squared off against the giant Goliath, the warrior-force that intimidated an entire legion of Israelite warriors, clad in his battle-tested battle armour, stained with the blood of vanquished foes. ”The Philistine behemoth cursed David by his gods”, (aka, threatened him to intimidate with his might and reputation), but David replies (and I paraphrase via poetic license): ”My beliefs in the way this universe works shall drive my hand to deliver the mighty blow that shall smite thee! While I pay homage to the things that belong and go to the common everyday man, the power of the collective as individuals shall rule the day!” David hurls one of the river stones with his sling and hits Goliath in the center of his forehead. He collapses, face planted in the ground, David cuts off his head and the Philistines flee with David’s fellows in pursuit. In the roughly two thousand, nine hundredsomething years since that fabled, lop-sided upset, we see a similar surprise outcome to a competition



nearly everyone thought was a forgone conclusion, as well. In 2014, the building blocks of the more advanced portions of the crypto industry known as DeFi (decentralised finance) was the man-child David, being ridiculed by the global financial monolithic giant Goliath. In 2022, the man-child hath slung his river stone. Throughout the balance of the 2020s, witness a giant’s head be drug through the town square. LET’S LOOK AT THE MARKET OF MONEY The following slide is taken from marketing materials one of my companies circulated in an attempt to articulate the potential of Decentralised Finance and global P2P Capital Markets. The year was 2016, and It actually got me into a bit of trouble - for certain very influential parties called it “fraudulent”. This was likely due to an inability to see the very near future unfolding – you know, like the Luddites of England, old! Fast forward just three and a half years, and lo and behold, I was actually (very, very) pessimistic in my estimations, and way off the mark. That is quite unusual for me, but I can always say I was trying to be conservative. With every major economy (including the US), and many secondary and tertiary economies researching, prepping and initiating launches of their own CBDCs (central bank digital currencies, or sovereign cryptocurrencies), literally the entire economically developed world is doing exactly what I foretold in that chart back in 2016. Let’s put just CBDCs into perspective. Daily total in USD $ 74,297,225,190,476 Annual total in USD $ 26,747,001,068,571,400 That’s $74.3 TRILLION US dollars per DAY in FX turnover value! Let me get my abacus out

• Productivity, Strategy, Profitability

for annual figure…It’s also $26.75 quadrillion USD in annual FX turnover (including spot, swaps, forwards and options). This is just FX, may I remind readers. These traditional fiat currencies are rapidly being transformed into cryptocurrencies, via DLT implementations through central banks. Just imagine if someone was able to patent this stuff ! WHO ELSE IS JUMPING ON THE BANDWAGON? Most major banks launching their own DLT (distributed ledger technology, i.e., blockchain): Goldman Sachs and USDC, J.P. Morgan and Liink/Onyx/Consensys, Swedish Central Bank and E-Krona, HSBC using R3’s blockchain…Oh yeah, and several hundred financial institutions using Ripple’s ODL (On Demand Liquidity) technology (more on this later). Most major traditional securities exchanges are implementing, or exploring the implementation of, blockchain (DeFi) technology. • And crypto exchanges are rapidly and handily outstripping traditional exchanges, from renaming stadiums to taking over ads at the upcoming Super Bowl, to buying into the world’s most respected business rags.


Veritaseum Capital Photo: Chronicle / Alamy Stock Photo

• Crypto is minting more billionaires, faster, than any other industry, ever. • The traditional world is creating a replica of itself in the metaverse (which is why Facebook changed its name to Meta, and Square changed its name to Block, which currently derives >60% of its revenues from Bitcoin products and services). o Metaverse - Goldman Sachs Sees the Metaverse as $8 Trillion Opportunity o Social media is already the majority of consumed media, period, but even the disruptors are getting disrupted. There are at least five Social Networks Defending Against Blockchain Disruption • And the IoT (Internet of Things) opting to run the DLTs, i.,e., through the metaverse o Automotive o Appliances o Medical/pharmaceutical • Identity industry • Intellectual property industry www.executive-global.com

• Real property industry o And NFTs representing art, music, contracts, title, deeds, identity, provenance, real estate o Retail and commercial • Industrial/Manufacturing o Letters of Credit o Provenance o Logistics • and much, much more…. You see, the Luddites are quick to maliciously label the prescient innovators as frauds and dreamers, even when the only bar to truly clear

understanding is that of simple math. The modern day Goliaths are commonly thought of as the global financial and technology companies – who just so happen to be the most wealthy and powerful companies in the world. WHO ARE THE MODERN DAY DAVIDS? Well, at first glance, many would postulate that they are the crypto startups, but….those successful startups are now so big, as to be literally Goliaths themselves. Take a look at: • The Digital Currency Group (majority owned Winter 2022 •



Veritaseum Capital and controlled by Barry Silbert) has well over 200 holdings/subsidiaries, including the largest institutional investors in the space and the largest media concern, not to mention over 29 exits/ liquidity events under its belt. • Coinbase (of which DCG is an investor) has a public equity market capitalisation of $44 billion, and the founder is a multi-billionaire. • Binance, the world’s largest exchange by trading volume and pairs, has an ex-CEO and founder, whose net worth is nearly two and a half times that of the entire market capitalisation of publicly traded Coinbase (the largest crypto exchange in the US), above. I actually want to put the size of the wealth and capital at stake here, in perspective. The NYSE stock exchange is the largest securities exchange in the world. The founder of Binance has a personal net worth that outstrips


the world’s largest (and likely oldest) “securities” exchange in the world… By over $25 billion!!! Clearly, although the crypto industry is nascent unto itself, the main players are obviously no manchild Davids. If anything, the crypto industry is in, and of itself, a burgeoning Goliath. WHICH BEGS THE QUESTION “WHERE IS DAVID?” In 2013, a small time entrepreneur named Reggie Middleton (known for predicting multiple, major booms and busts, world wide) read the Bitcoin whitepaper, and was enamoured ever since. Coming from a finance, financial engineering, investment and valuation background, he decided to encode an ISDA swap agreement on the Bitcoin blockchain. This was the birth of advanced DeFi, or decentralised finance (How Reggie Middleton’s Start-up Filed for the Patent for The Future of Global Finance!). A few months later, he applied for patent protection for his ideas and inventions – even as he was unable to raise adequate funding to run his businesses. To date, The US (US11196566) and Japan ( JP6813477B2) have issued active patents covering his “DeFi”, or P2P Capital Markets inventions. The patented tech is both powerful and pervasive, and covers large swaths of traditional, centralised and decentralised finance. Here are some examples of the technologies that the patent covers. • The Bitcoin Lightning Network • Ethereum blockchain • Solana blockchain • On Demand Liquidity (such as that practiced by Ripple)

• Theta blockchain (and likely very many more blockchains) • Popular DeFi apps such as Compound, Axie Infinity, Uniswap, etc. • Private implementation of leading blockchains used for swaps, bonds and derivatives on or through a blockchain or distributed ledger, i.e., such as those deployed by JP Morgan and the large money center banks, and quite possibly central banks as well. • Many integration and customisation services offered by the big four consulting firms and the Silicon Valley big tech firms As well as those companies that use products

Photo: Golib Golib Tolibov / Alamy Stock Photo


• Productivity, Strategy, Profitability

Source: https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee/ results-of-the-fxjsc-turnover-survey-for-october-2021


Veritaseum Capital

such as these for commercial gain. To put this bullet point list into perspective for those who do not follow the industry, this is CoinDesk’s (the top media publisher in the industry) top five crypto assets, worldwide. Despite such a monumental milestone, Mr. Middleton – or shall I say, “I”, since many are perturbed by those who address themselves in the 3rd person, has encountered nothing but stiff and staunch resistance from the Goliaths of the industry and the world – if not outright attacked by them. • He was sued by the US Securities and Exchange Commission for fraud, in part because of the market sized calculations we just stepped through (which, in hindsight appear to make the original calculations quite pessimistic) as well as proclamations of expectations to receive international patents on P2P Capital Markets and DeFi. Hindsight, through the benefit of time passed, sheds additional light on those topics. The litigation was settled with Middleton and his companies neither admitting nor denying any wrongdoing. Luckily, we have the benefit of historical hindsight. • His Wikipedia presence, as well as assertions of his inventing and patenting DeFi have been completely removed, despite the fact that two separate patents from two disparate (and highly respected) patent offices issued the patents. To this day, there is still no trace of Mr. Middleton, Veritaseum (his company(ies) or his inventions in his name, but credit was given to other startups utilising Middleton’s ideas four years after he patented them. • Coinmarketcap.com, a leading cryptocurrency data provider and news site, owned by Binance, keeps a misleading and unflattering red warning sign above the page the references Mr. Middleton’s company’s token (VERI) regarding adverse litigation with the US SEC. The SEC is very aggressive and XRP, Kik interactive, GRAM and www.executive-global.com

EOS (Block.one) have went through the same process, yet they have no negative warning on their pages. Note that it is my belief that several of Binance’s investments, products and services infringe the Middleton patent. • CoinDesk, the industry’s leading media publication and news source, has ran several negative articles on Mr. Middleton and Veritaseum, such as “alleged” hacks (while other entities were hacked, my hacking was merely an allegation), suits by the SEC alleging fraud (wherein the SEC’s allegations were published in detail, but none of my answers and replies were. In addition, a search on CoinDesk’s site produced 556 stories on patents, but not one story on what is tantamount to the most important patent in the history of the industry. One may ask, “But, why in the world would that be the case?” Well, CoinDesk editors have exposure to Digital Currency Group’s (DCG) equity as part of their compensation packages. DCG’s investment and operating holdings such as Grayscale investments (the largest investor in the space with $48 billion AUM). Coinbase and 100s others are very susceptible.

WHERE DOES DEFI LEAD? Well, as hopefully all can see, we have Goliaths poised a Davids, and Davids who may be seen by some who are not following along, as Goliaths. One thing is for sure, this industry is the fastest growing, most pervasive, most wealth generating, and likely most competitive inflection point to ever occur at a paradigm shift. Don’t let the word “decentralised” fool you. DeFi technology is already being used by almost every major bank, brokerage and exchange in the world. Extrapolate that to central banks (CBDCs), big tech software giants (Microsoft, etc.), mobile phone manufacturers (Apple and Samsung), and just about everybody else who is anybody, and it is plain to see that the transformation we are about to witness will make the internet, the smartphone revolution and even the PC revolution pale in comparison. The only question is, will the Davids triumph, or will we fail to have a changing of the guard and be under the shadow of that giant, called “G?” EG

For further information, please visit: www.Veritaseum.com Winter 2022 •



Distributed Ledger Technology

Sovereignty, Freedom and The Birth of Private Finance (PRI-FI) Cryptocurrencies promise us a world where we are in charge of our own money. Crypto enthusiasts dream of a future where the Federal Reserve and other central banks cannot manipulate the money supply, writes Thomas Hughes. hey also promise a future of private, se cure transactions, without intermediaries. However, so far, many of these promises remained unfulfilled. Unlike what most people think, blockchain networks are not private. In fact, the exact opposite is the case. In order for crypto to become what its meant to be, new technology will have to address its limitations. That’s where Private Finance (PriFi) comes in. It is a form of decentralised finance that offers more privacy protection than traditional blockchain networks.


A NEW TECHNOLOGY Imagine a technology whose entire goal is to undermine the government’s control over money. That is Bitcoin. The cryptocurrency’s elusive creator was very vocal about his plans. He wanted to create a payment system that did not rely on either banks or governments. Its stated goal was to undermine central banks. Cryptocurrencies like Bitcoin are a sort of payment and record-keeping system. All transactions between network users are stored on its public ledger. The blockchain’s ledger is powerful because it uses cryptography to make it secure. Nobody, not even governments or central bankscan change the items on its ledger. This system has notable advantages over traditional payment systems. Firstly, Bitcoin transactions don’t need an intermediary to validate transactions. They don’t need a trusted party, such as a bank, to store information in its database. As long as a blockchain is running, it will store all the data on its own, automatically. Users can also trust these transactions. Except in very improbable scenarios, it is impossible to forge or erase a transaction on the blockchain.

CRYPTOCURRENCIES VS CENTRAL BANKING A blockchain is also decentralised. It runs without a single power that can set, or bend the rules of the system. This is an obvious advantage for anyone who values freedom and also means that an institution cannot simply inject more currency into the system at an arbitrary whim. The supply of cryptocurrencies will therefore remain stable. For instance, Bitcoin will only ever have a supply of 21 million and there is no way for anyone to create more Bitcoin than that. Hypothetically, in a world with a cryptocurrency standard, the Federal Reserve would not be able to ‘print money whenever there is a risk of recession.’ Governments would have to pay their debts. Instead of printing money, the powers that be would have to address structural problems in the economy. It could almost be as sound as having an official gold and silver standard backing all currency specie in circulation.


DANGERS AHEAD Moreover, there are dangers that this technology, originally meant for freedom, could turn into an instrument of oppression. Technology is only as good as the ends it serves. The creator of Bitcoin wanted it to serve freedom. However, corporate and state actors are now looking for ways to use it to their ends. That means that the very same blockchain tech could, in the future, serve as an instrument of state power. This is where Central Bank Digital Currencies, or CBDCs come in. Don’t get fooled by the name. These are true instruments of totalitarian control and the polar opposite of cryptocurrency. In short, if gold and crypto are at the one end of the freedom spectrum, the CBDCs are at the polar opposite end. They give complete control to the government, enabling them to block your access to your bank funds. They can seize gold, and even make cash unusable due to inflation. However, that all pales in comparison to the control they would have with CBDCs. The pioneer in this space is the People’s Bank of China. The Chinese Communist Party keeps the reins of power in its hand and keeps a close tab on all its citizens. A centralised digital currency is perfect for those ends. The government would have complete control over all digital currency, with the ability to remove funds from anyone’s account at will! It could also be an instrument for central bank intervention in the economy. It could put money in the pockets of specific classes of people, or be set up to encourage people to spend more. BLOCKCHAIN’S PRIVACY PROBLEM Moreover, even current blockchain solutions do not provide the privacy protections we expect.

Photo: Handypix / Alamy Stock Photo


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Distributed Ledger Technology While the blockchain holds a lot of promise for freedom, it currently also has some drawbacks. What is worse, most people are not aware of these drawbacks. Probably the most dangerous misconception is that standard blockchain networks are private. That couldn’t be further from the truth. In fact, they offer much less privacy than traditional banking. Most blockchain networks offer pseudonymity. That means that they allow users not to list their names on their wallet addresses. That is also a good thing, as revealing your wallet address could be very dangerous. On the blockchain, all transactions are written on a public ledger. Anyone can view any transaction on the network. Moreover, to access crypto, users typically need to buy it from centralised exchanges. These, in turn, ask for IDs from all their users, due to KYC regulations. Anonymity on the blockchain is mostly a myth. Even if you get your crypto from a decentralised exchange, it’s very difficult to keep your wallet


address private. Let’s say that you want to receive funds or pay someone with your wallet. Anyone you pay or get money from will have to know your wallet address. In turn, this automatically means that they can see all of your past transactions. That is probably not the information that most people would want to reveal. For cryptocurrencies to really get off the ground, this problem needs to be fixed with new privacy protocols. PRIVATE DEFI - PRIFI To make sure that cryptos remain an instrument for freedom, there needs to be an effort to push them in that direction. Developers who love freedom need to create blockchain solutions that expand it. DeFi offers a huge number of use cases. However, like most major blockchains, DeFi platforms are not suited for privacy. Contrary to popular belief amongst the political class, privacy is a legitimate concern for all citizens. “If you have nothing to fear, you have nothing to hide”

is nothing more than the slogan of tyrants. The fact is that most blockchain networks do not give regular users the level of privacy they expect. Users that have never committed a crime still don’t want every person they trade with to know all their past purchases! But why should people care about privacy? Malicious actors could use an individual’s transaction history to track them down, threaten and even extort them. Hackers often manage to get records on users from corporations and even governments. In addition, corporations and governments could use information about consumer purchases of citizens to restrict their freedom. Everyone has the right to privacy when using financial services, which is currently the case with cash. There are cryptocurrencies that try and resolve this issue. Monero is the largest cryptocurrency focused on privacy, with a blockchain allowing users to be anonymous by default - by using mandatory one-time addresses. This makes it impossible to trace transactions back to their users. Other pro-privacy cryptocurrencies use other ways to protect privacy. Zcash enables users to use shielded addresses, which do not appear on the blockchain. Epic Cash is fast, lightweight, cost-effective and scalable, and fungible with a supply of 21 million. Transactions are private and anyone with a computer can mine and earn. Lastly, Piratechain (ARRR) uses mandatory private transfers, providing privacy and anonymity through ZK-Snarks technology and security through a Delayed Proof of Work (dPoW) protocol by Komodo, boasting some of the most advanced privacy and security features in the blockchain industry. On top of that, Haven Protocol is a fork of Monero and also inherits the stealth and anonymity that Monero is famous for. It has the benefit of starting the blockchain from scratch with RingCT for extra privacy. Furthermore, Haven’s offshore storage smart contract allows privacy conscious individuals that want to keep their money in an untraceable currency without being subject to market fluctuations, a means to do so. On the other hand, users still want access to DApps, NFTs and other smart contract features. This is where Private Decentralised Finance comes in. Pioneered by the DeFi platform Offshift, the term PriFi refers to a DeFi network with built-in privacy features. Offshift is currently a layer 2 solution on the Ethereum and Polygon blockchains. Rather than building its own blockchain network, they aim to bring privacy to existing networks. Developers hope that this will speed up adoption. Projects like these could be one of the crucial missing pieces in crypto tech. It could help speed up cryptocurrency adoption by removing privacy concerns, which may also help in the fight against unwarranted state surveillance and central bank overreach. EG Winter 2022 •



Jet Finance

Buy or Lease? - Financing Your Private Jet The private jet business is growing again. After the 2020 recession where the future of aviation was uncertain, the tides have changed and people all over the world are on the move again, writes Rachel Smith. specially after the pandemic, wealthy people have come to realise the value of a commodity like a private jet. Escaping the long lines, the waiting times, and the overall potentially stressful experience that traveling can be, traveling on a personal aircraft is being appreciated once again. However, given the substantial cost of an airliner, before acquiring one, you must put the pros and cons head to head and assess the future operation’s viability.


BUYING YOUR OWN PRIVATE JET If you’re looking for freedom and flexibility when you travel, the single best way to accomplish that is by buying your private airplane. While there are certainly pros to having your personal jet, one con that is usually overlooked is the operational cost. When you own a jet, you have to take into account the pilots’ salary, insurance, maintenance, as well as many other details that come with jet operation. On top of that, a private airliner can set you back dozens of millions and few people in the world can make an outright purchase in cash. Before deciding which model could be the right choice, consider a few ways you could finance your business jet airplane. 1. Traditional loan - Buying an aircraft can always be done by requesting a traditional loan. Like a loan to a house, for instance, an aircraft loan can have a fixed or variable rate. Some institutions give you the option of a hybrid between fixed and floating rates, with a “swap” option. You can choose from a shorter-term loan (as short as 30 months) with lower fixed rates, which can be beneficial with the current market trends, or opt for a longer


period of up to 240 months, through which you can proceed to amortise as you may. 2. Asset-based loan - A type of option that has seen its popularity skyrocket this century is the asset-based loan. If you’re looking to buy an aircraft without the need to disclose finances or make guarantees, this is the way to go. However, only a select few organisations make this product available. The major benefits this type of loan has to offer include: • Non-recourse - The lender will retain possession of the good it lent in case the borrower defaults, but no further compensation will be sought out. • Limited to non-existent guarantees - If you’re buying on behalf of a company that has a limit on debt or guarantees, this aspect of asset-based loans is paramount. Also, in case it’s a multiple partners acquisition, it is a frequent scenario having owners not wanting to guarantee another partner’s debt. • No disclosures - With asset-bond loans, there is


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no need to provide financial records, whether it’s personal or from a privately owned company. This brings a level of swiftness to the financing aspect of the acquisition that will translate to lower levels of stress throughout the process. 3. Lease - Finally, as an alternative to purchasing an aircraft, there is always the option to lease a jet. This is already a common practice among businesses in the automotive vehicle department. The same rules apply to aviation where organisations or individuals might opt for leasing for several reasons such as cash flow limitations, tax implications, or accounting. Aircraft leases differ depending mainly on tax considerations: • Non-tax lease - In this lease form, the one who owns the jet for fiscal purposes is the lessee. A person, or company, will use the aircraft for business alone and will get tax benefits doing so. • Tax lease - The lessor is the owner of the jet for tax purposes. The company performing the lease will therefore realise the tax benefits, including depreciation of the asset. In this case, and because the lessee is not the fiscal owner of the jet, they are offered better interest rates. FINANCING CONDITIONS Depending on where you’re applying for the loan, conditions will vary. From country to country,


Jet Finance

Photo: Juice Flair / Shutterstock.com

the lender will request different collaterals. Just as stated before under the asset-based loan, a bank will, in this case, be backed up by a valuable asset which could be the airplane itself in case the borrower defaults. Although conditions may vary, one thing can be expected from across the whole spectrum of lenders: they will be biased towards jurisdictions that comply with the Cape Town Convention. This serves them as a guarantee to regain property of the aircraft and its parts if an incident were to happen. FINANCING LIMITATIONS Time frame - One factor to note about financing is how long most institutions finance an aircraft for. Generally speaking, the jet business financing industry points to a 5-10 year window, with the most typical duration being between 5 and 7 years. Lenders often look at the asset’s age as a means to assess how long they want the loan to take. A brand new model with state-of-the-art technology and engineering will be more appealing to a bank or lender than an older jet with dated features. Risk is always present when a loan is being processed, and the aviation business is no exception. Aircraft’s age - Buying a used aircraft might have implications as well. Pre-owned might have its advantages to the buyer, but in the eyes of the www.executive-global.com

lender, the risk is higher. A jet with a certain age might be financed only for a couple of years and not more, while aircraft whose hour-count exceeds 10,000 hours might not get financed at all. If by chance, you find a lender that finances your purchase, chances are you’ll be paying premium rates for it as well. Lenders will often look into the market and analyse the loan feasibility by checking spare parts availability and the total number of assets produced. Before buying, you must also take into account the maintenance records the aircraft boasts. Lenders will favour reputable maintenance companies with a clean track record over a shady operations history that might hide a few complications down the road. Finally, when opting for leasing, the lessor often looks into the market to assess the value of the asset, comparing it to the same aircraft type on the market at the time. That way, conditions and premiums will be determined. INTEREST RATES FOR JET FINANCING Interest rates are always an individual stat. Jurisdiction, lender, borrower, down payment, the asset itself, are just a few of the factors that can greatly influence the credit conditions. Interest rates, therefore, can go anywhere from 3.5% up to 7%, or even higher at times.

Given that aircraft finance is seen as a high risk, a significant down payment is often in the order of business. If the borrower wants to attain a better interest rate, it is not uncommon for lenders to ask for a 30% down payment, which is aligned with higher credit risk operations. It might be advantageous to opt for a fixed rate when the interest rates are lower. This is usually the option that guarantees the borrower maximum cash flow (which is the objective when negotiating any finance deal). However, a loan can always be refinanced if needed. If a special opportunity is on the table, borrowers can opt for variable rates that can always be switched through fixed-rate transactions. If the market were to suddenly become unstable, they can obtain a swap. KEY TAKEAWAYS By going through the fixed and floating costs of owning an aircraft and managing an aviation operation annually, and coming to terms that buying or leasing an aircraft is the better option for you, the next step is choosing between a lender that gives you the best financing conditions possible. The two key aspects you must take into account when applying for financing are: Type of loan - Choosing between traditional loan, asset-based, or lease can make a significant difference to your cash flow. Going through all the possibilities and opting for the right one will do wonders for your finances in the long run. Choosing the right asset to acquire - Buying the right airplane for your operation is essential. Picking between a brand new aircraft and a preowned airplane will greatly change the financing conditions. Checking the airplane history and its maintenance in case it’s an older airplane will do wonders when you’re presenting the asset to a potential lender or lessor. With those two factors taken care of, you’ll be just a few steps away from the freedom that owning a private jet can bring. EG Winter 2022 •



Embraer S.A.

The Embraer Praetor 600 The richest in the world have begun to comprehend how a private jet can be the perfect tool to attain hassle-free travel to any corner of the planet, writes Thomas Hughes. ne of the major issues with midsized jets is the range they offer. However, Embraer put together one of the most sought-after private jets that can deliver in pretty much every desired category. With the Praetor 600, Embraer appeals to the upper tier of luxury clients. The improved range, efficiency, and overall performance of the twin Honeywell HTF 7500E, allow the Praetor 600 to connect New York and London in a breeze. That is a longer range than any super-midsize jet in the market. But the technical side is just the icing on the cake. The Embraer Praetor 600 is one of the newest private jets in the industry. In 2019, the Brazilian manufacturer began producing what is one of the most unique aircrafts in the business jet market. With a total volume of 1,100 cubic feet, it is spacious enough to give 8 passengers fully reclinable club seats. The layout can be transformed to accommodate 12 people or even 4 beds (making it ideal for longer routes) while having a baggage


compartment ample enough to hold 22 mediumsized bags. As far as aeronautical performance goes, the Praetor 600 has a reported range of 4,100 miles, burning on average 293 gallons per hour. The medium jet’s advertised max speed sits at 623 miles


per hour, making it possible to connect the USA and Europe in less than 7 hours. Flying in the Embraer Praetor 600 is the best way to combat the jet lag typical of long-haul flights. With an unmatched 5,800ft cabin altitude, you’ll notice how significantly lower the stress on your body will be when you land. The luxurious aircraft stands out for its topof-the-line technology and comfort it provides. Every single aspect seems to have been thought out to the tiniest detail, from temperature control, blinds, light intensity and positioning, to on-board entertainment. There’s even a high-speed WiFi connection with unlimited streaming offered via Viasat’s Ka-Band. All these specs and market-leading features haven’t gone unnoticed. Flex Jet, an American company that provides ownership, leasing, and jetcard options, has placed an order worth $1.4 billion for these airplanes. With each aircraft costing a competitive $20,995,000, it’s safe to say that quite a handful of millionaires will be getting their hands on an Embraer Prateor 600 in the near future. Take for instance Jackie Chan. The action movie star widely known as an Embraer fan, owns a Legacy 650 and a Legacy 500. Chan uses the Legacy 500 mostly for shorter trips, while the 650 is used for the longer ones. If you’re looking to one-up the famous Hollywood star, getting your hands on the superior Embraer Praetor 600 will do the trick. EG

Photo: Menigault Bernard / Alamy Stock Photo


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Digital as a Catalyst: Now is The Time For Business Schools to Transform Business schools must continue to develop their digital ecosystems, to help prepare learners for a fast-changing and digitally-charged business environment, say Mike Cooray and Rikke Duus.

Article by

Article by



Dr. Rikke Duus

ver the last two years, the global pandemic has taught us that all businesses must evolve rapidly to meet new consumer and citizen demands. It is evident that those organisations that had already embraced digital technologies were able to race ahead, while others scrambled to find new digital business models to ensure their survival. Similarly, many business schools around the world made significant strides to meet the needs of their digital learners. The creation of virtual campuses, as seen at Neoma Business School, and fully equipped digital suites adopted by IMD, are examples of how some business schools have taken the opportunity to experiment with digital delivery and engagement platforms to create immersive and flexible programmes that can reach global audiences. However, not all business schools have taken the opportunity to enhance their digital capabilities or identify new methods for using digital technologies to transform their educational offers and degree structures. As for any other organisation, it is a significant undertaking for business schools to digitally transform systems, processes, and programme portfolios alongside digital upskilling of faculty and staff. We have identified three commonly known challenges that act as barriers for business schools’ digital transformation: Lack of digital competences amongst faculty to re-design modules, programmes, educational content, and delivery modes using digital technologies and platforms. Restricted investment in digital technologies over the years to provide learners with the required digital and hybrid modes of learning and engagement.



Dr. Mike Cooray

Rigid internal structures that prevent swift and appropriate changes at programme and department levels to benefit from the opportunities that digital technologies present. In this article, we present the four-stage ‘Digital Learner Experiences’ (DLE) framework that can assist business schools to accelerate their digital transformation in the new age of heightened learner connectivity, and given the desire for more flexible and business-relevant learning experiences. The article draws on our experiences of designing and delivering digital programmes and courses during the last 10+ years at universities and business schools in the UK, Denmark, and Switzerland. In the last two years, we have intensified our design and delivery of digital learning engagements across undergraduate, postgraduate, MBA, and executive programmes. We have experimented with digital technologies and platforms to deliver impactful DigitalHacks, asynchronous educational video content, and highintensity collaborative live online sessions. The DLE framework contains four stages, with ‘Enhance’ as the first stage, and ‘Evolve’ as the last. The four stages follow progressive logic whereby transformation and adaptation increase for each stage. The first two stages, ‘Enhance’ and ‘Engage’, focus on the creation of digital learning initiatives and programmes that business schools can develop in-house to ensure their educational offers are aligned to current and future learner and employer demands. The subsequent stages, ‘Extend’ and ‘Evolve’, can be attained through collaborations and partnerships with other business schools, external organisations, and digital platform providers to create business immersions and life-long learning programmes.

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WE HAVE EMBRACED THIS OPPORTUNITY TO FURTHER DEVELOP OUR EDUCATIONAL PRACTICES ENHANCE The primary objective at the ‘Enhance’ stage is to enhance current learning experiences and skills development for the core group of learners with whom the business school engages. While some business schools have introduced a gradual return to on-campus teaching, many are continuing to teach online through a combination of hybrid and asynchronous delivery styles. Digital education in business schools is here to stay and therefore it is critical that business schools now seek to further enhance their digital education offers. The focus is on enhancing current programmes and educational offers to ensure optimal engagement with learners and that relevant digital skills development is incorporated into programmes and modules. To facilitate this, the business school needs to embrace digital experimentation and create opportunities and support systems for faculty to become digitally enabled by acquiring new digital competences and exploring new modes of learner interaction. We have embraced this opportunity to further develop our educational practices and approaches for a digital learning environment. On the modules we design across subjects such as digital strategy and transformation, digital customer engagement, dynamic organisations, and urban transformation,

Article originally published in global focus https://www.globalfocusmagazine.com/digital-as-a-catalyst-now-is-the-time-for-business-schools-to-transform/



Photo: 4 PM production / Shutterstock.com

and digital disruptors (e.g., LinkedIn Learning, Google Digital Academy, Udemy and Udacity). EXTEND At the ‘Extend’ stage of the DLE framework, the focus is on extending the learner experience and modes of learning through digital collaborations and partnerships. This is critical for business schools that need to bring the outside world into the digital classroom and connect students with current issues and debates. In the traditional face-to-face classroom, time zones, geographical distance and availability often make it challenging to get input and engagement from business leaders and industry practitioners. However, when those boundaries are removed, it creates almost unlimited opportunities for faculty and business schools to innovate and extend their teaching and module design into business and other real-world spheres. In a digitally-charged business school, faculty are encouraged to collaborate with external organisations, partners and tech platform providers to create practice-based digital learning experiences that bring together multiple contributors nationally and internationally. In China, GSK Consumer Healthcare China (GSK CH) and Taobao University Asia-Pacific Institute jointly developed and provide customised digital learning programmes for GSK CH employees across the Asia Pacific region.

we purposely make use of multiple digital platforms and software. We also acquired video recording, editing and production skills to develop impactful asynchronous video content in a documentary style that blends our own presentation of subject knowledge and academic frameworks with realworld business examples, the latest media coverage, CEO interviews, reflection questions and activities to proactively engage the students. ENGAGE At the ‘Engage’ stage of the DLE framework, the focus is on engaging diverse learner groups through the design of new digital learning experiences. Here it becomes possible for business schools to reach new learner segments, beyond the core student groups, with digital programmes and learning experiences if faculty have acquired and shared digital competences and adopted a joinedup approach to digital learning. This process needs to be supported by structural agility to review current educational offers and introduce new educator-led digital programmes that broaden and reach international learner audiences, parttime students and executive learners, for example on Degree Apprenticeship programmes in the UK. There are significant barriers to innovation in higher education. For example, the prolonged time www.executive-global.com

it takes to get a new educational offer to market and the often risk-averse and conservative mindset that influences management and other decision-makers willingness to challenge the status quo. Business schools would benefit from adopting a more entrepreneurial mindset and disrupting conventional practices and beliefs about what a business school should be. While business schools have enjoyed their privileged position of having degree awarding powers, learners now have access to an array of non-traditional education and training providers including consultancies (e.g., PwC Academy ), private education providers (e.g., Pearson and BPP),


EVOLVE While many business schools have been forced into evolution during the last two years, it is now time to engage in proactive evolution where business school managers and faculty take the driving seat to create purposeful digital value for the school, learners, and wider ecosystem partners. The primary objective at the ‘Evolve’ stage is to create and facilitate customised, flexible, learnerled and life-long digital learning opportunities. At this stage, faculty have become digital pioneers and explorers, highly experienced in using multiple digital platforms to reach, engage and connect (with) learners. Faculty have gained the ability to create impactful and interdisciplinary educational experiences that draw on insight from across subject areas in line with the complexity of business and societal challenges. To support faculty at the ‘Evolution’ stage and progress the school’s transformation, business school leaders should enable integration into multi-partner learner-led platforms that offer personalised and life-long learning and skills development. As access to knowledge has become democratised through digital platforms, it is essential that business schools supercharge themselves, not only by embracing digital technology to ‘Enhance’, ‘Engage’ and ‘Extend’, but also ‘Evolve’ through digitally-integrated partnerships that will provide the agility and responsiveness required to adapt to specific learner needs and requirements. EG

For further information, please visit: www.globalfocusmagazine.com Winter 2022 •



Association of MBAs

Celebrating The Achievements of Business Schools Around The Globe It was my great pleasure to welcome 352 virtual guests to the AMBA & BGA AMBA & BGA Excellence Awards in January 2022. Photo: SFIO CRACHO / Shutterstock.com

Article by

Andrew Main Wilson CEO, AMBA & BGA

hese were our largest-ever AMBA & BGA Excellence Awards featuring 10 categories, 59 finalists, 42 judges, and we had a record number of entries. NEOMA Business School (France) won Best Innovation Strategy 2022 in association with Barco for its ‘NEOMA Business School Virtual Campus’, which aims to provide a place where studying, teaching, meeting, and chatting can take place virtually. IE Business School (Spain) won Best Lifelong Learning Initiative 2022 in association with Kortext for ‘Turn It Around – Alumni Engagement’. IE Business School designed a virtual toolkit to accompany students and alumni, with online learning content, showcasing alumni making a difference in the world, and hosting a virtual experience related to professional development, networking, and wellbeing.


THE AWARD WINNERS International Business School Suzhou, Xi’an Jiaotong-Liverpool University (XJTLU) (China) won Best CSR and Sustainability Initiative 2022 for ‘15 Ways in 15 Weeks’. International Management Institute (MIMKyiv) (Ukraine) won Best Business School Partnership 2022 in association with Wharton Research Data Services (WRDS) with BookChef Publishing House. Through this partnership, MIM-Kyiv brings an international agenda to Ukraine; helps Ukrainian businesspeople gain access to business books – and even meet some of the authors in person. Centrum PUCP Business School, Pontificia Universidad Católica del Perú (Peru) won Best Culture, Diversity and Inclusion Initiative 2022, in association with McGraw Hill Education for ‘Word of Women Academy. Through eight courses, 650 women were trained on a free programme. The project impacted


AMBA STUDENT AND GRADUATE MEMBERSHIP HAS GROWN TO MORE THAN 60,000 more than 50,000 people. EGADE Business School, Tecnológico de Monterrey, (Mexico) won BGA Business School Impact Award 2022 for ‘Sustainable Wealth Creation Based on Innovation and Technology (SWIT)’. This model is a sustainable wealth creation framework based on disruptive innovation and enabling technologies. Sotirios Ptochos, Athens University of Economics and Business (Greece) won MBA Startup of the Year 2022 for PEOPLE Technology Solutions. This startup represents a revolutionary approach to climate challenges by proposing sustainable transportation and supply chain solutions. Ximena Aleman, Escuela de Postgrados en Negocios, Universidad ORT Uruguay took the award for MBA Entrepreneur of the Year 2022 for Prometeo Open Banking, the largest open banking platform in Latin America, providing access to information and payments across 80 APIs from 35 financial institutions in 10 countries. Theresa Grant, Manchester Metropolitan University Business School, Manchester Metropolitan University (UK), won MBA

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Leadership Award 2022. Theresa has recently been awarded the Officer of the Most Excellent Order of the British Empire (OBE) in recognition of her outstanding leadership, innovation, determination, and commitment to Northamptonshire in the UK. A GROWING NETWORK And the coveted MBA Student of the Year 2022 in association with insendi, a Study Group company, was presented to Monique Farquharson, Aston Business School, Aston University (UK). Monique seized the opportunities of the fulltime Aston MBA programme by engaging in consultancy work with four different companies, securing an internship, helping to deliver TEDx Aston University and becoming a global ambassador. AMBA student and graduate membership has grown to more than 60,000, and our BGA student and graduate network will, in time, grow to be even larger than this. EG

For further information, please visit: www.mbaworld.com

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Management Strategies

Effective Management Strategies For Small and Large Companies The business landscape is changing more rapidly than ever. New technologies, scaling business models are putting huge demands on businesses writes Vincenzo Morello. n the other hand, business processes are more complex than ever. This means that management is probably more challenging than ever, suggests Vincenzo Morello. To survive in the inhospitable business landscape, companies small and large cannot afford to ignore these three essential strategies.


PLAN AND DIFFERENTIATE The first management strategy is to actually have a strategy. It is crucially important to take the time and examine the goals, strategy, and operations of the business. So many businesses, large and small, are too focused on putting out fires and on the complexities of the day-to-day. This makes them lose sight of the big picture. The result is that they just keep doing what they did in the past, or copy what everyone else is doing. For some businesses, this can work for a while. However, new technology is bound to disrupt them at some point. Just like when Uber disrupted the taxi business, and then the restaurant delivery system. Even small changes can have a large effect on the whole operation. FOCUS ON EFFICIENCY That also means a focus on efficiency. More often than not, companies tend to seek new funds instead of making better use of those they have. The thinking is usually that more sales will carry bloated overhead costs. However, except in very few exceptions, higher sales almost always bring higher overhead. Moreover, increased sales can bring more complexity, which can further reduce profitability. Overhead costs may seem fixed, but they are rarely so. A growing company will eventually need



bigger offices and more representatives. Neither should businesses ignore the fact that they can reduce their overhead. Cutting costs is usually the easier way to boost profits. Remote or semi-remote work is one method from which thousands of firms reduced overhead during the pandemic. FOCUS ON WHAT IS MOST IMPORTANT One way to cut overhead is to narrow the focus of the company. That usually means eliminating those products that are more trouble than they are worth. Typically, businesses release much more products and services than they should. Usually, a small minority of products bring in a majority of a company’s profit. By cutting out

• Productivity, Strategy, Profitability

Photo: Jared Ortega / Shutterstock.com

those that are barely profitable, businesses can focus more on their most important products and services. Usually it is only after a company discontinues an “essential” product that they see just how much management resources it had tied up. One of the most radical examples of this reasoning is Apple. Many of their competitors like Samsung for example, sell a wide range of household appliances. Instead, Apple decided to focus on a very narrow set of products, honing in on the products that matter the most, and ignoring the rest. This focus allows Apple to drive trends and dominate these markets. Few businesses are in this position, but many can learn from it. EG



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PETER G. LAUGHLIN Broker-Associate 941.356.8428 Peter.Laughlin@PremierSIR.com | PeterGLaughlin.com

Sotheby’s International Realty® and the Sotheby’s International Realty logo are registered service marks used with permission. Each office is independently owned and operated. Equal Housing Opportunity.

M A G N I F I C E N T O C E A N F R O N T E S TAT E I N K O N A , H AWA I I HOLUA ROAD, KAILUA KONA, HI 96740 $27,750,000 | 7 bd | 13 ba The Estate at Ha'ikaua Point - A private residential estate on the Kona Coast of Hawaii. A rare opportunity to acquire a private peninsula in Hawaii. This unparalleled Hawaii estate comprises 4 unique homes with 185+ metres (600+ ft) of private ocean frontage. Overlooking two bays and the Pacific, each of the homes on the oceanfront estate offers its own ocean perspective. Protected by an offshore reef, the estate is the ideal vantage point for breathtaking Kona sunsets each evening. Dolphins transit the waters fronting Ha’ikaua regularly, as do humpback whales and their calves each winter season. Each day, one experiences the beauty and wonder of Hawaii. Ha’ikaua is a place that can only be experienced in person – photos cannot capture the energy experienced here. The Estate at Ha'ikaua Point is a secret paradise on the Kona Coast - the perfect Hawaii sanctuary.

Kurtis Becker

REALTOR (R) RS-78042

Phone +1.808.430.6785 Email kbkonarealestate@gmail.com Web www.hawaiigloballuxury.com


Coldwell Banker Island Properties

Investing and Wealth Preservation in Hawaii In our final interview in Hawaii with KURTIS BECKER and CARL HULEN at Coldwell Banker Island Properties, we explore the changing environment of wealth preservation, and how real estate investments in markets such as Hawaii are attracting the attention of wealthy investors worldwide.


• Productivity, Strategy, Profitability


Coldwell Banker Island Properties Can you tell us about who is currently investing in Hawaii, where the investors are coming from and what they’re looking for? In past years, investors in the Hawaii real KB estate market were individuals and families looking for second homes and vacation rentals, and they were typically from reasonably close markets such as the west coast of the U.S., Canada and Asia. We should note that the islands of Hawaii are the most geographically remote of any island chain on the planet when measuring distance from continents. Recently there has been a shift, possibly due to the pandemic or other global socioeconomic factors, and we are seeing investors from the UK, central Europe, South America, essentially the far corners of the world. Many are moving investments in commercial real estate, equities or even crypto into Hawaii real estate, typically residential or estate properties. In many cases, our group and our associates are dealing with ‘family offices’ who are looking at wealth preservation opportunities, and considering investments here as an important facet of their portfolio. EG

Why Hawaii? What makes property investments there any better than other alternatives? That’s a question best answered by our clients, CH and because of the various backgrounds and areas they come from, all the answers would be somewhat different, but lifestyle is an important factor. Investors in Hawaii are not only considering long-term stability, but planning to actively utilise the asset as part of their new lifestyle. And the lifestyle here is unmatched - with nearly perfect weather 365 days a year and wide array of activities available, including virtually every water sport, golf, world class restaurants and shopping, Hawaii offers attractive lifestyle options to everyone who decides to invest here. EG

You mentioned ‘Wealth Preservation’. What is it about Hawaii that appeals to those looking to preserve wealth? Again, this is another question best answered KB by our clients, but we are seeing investors moving from commercial real estate, equities and even currency- into real estate here. This began in 2019 and accelerated over the past two years, possibly due to inflationary factors that were developing in countries worldwide. Historically in times of fast moving inflation, real estate is considered one of the safer havens for investments. One also considers the location of the investment, the stability of the region and today, even climate factors. Hawaii is one place that checks all the boxes and also offers the fringe benefits of the lifestyle here. And it’s not just a destination for the super-rich, you’ll find something for everyone here – from ultra-high-end luxury resort areas to laidback beach towns. In Kona, where we have one of our offices on the Big Island, it is common to have a millionaire’s estate located a short distance from a coffee farm up on Hualalai mountain. The one thing they have in common is both are living their version of the Aloha lifestyle. EG


Are there still ‘new opportunities’ for those looking to invest in Hawaii? Not as many as there once was. When CH Laurance Rockefeller was traveling around Hawaii in the 1960’s looking for the ideal location for one of his ‘RockResorts’, he essentially had the entire island to pick from and eventually selected the area where his original Mauna Kea resort now stands. Opportunities like that in Hawaii are much more rare, but they still exist. We currently have an oceanfront estate with 4 homes for sale on Ha’ikaua Point in Kona, the kind of property that becomes available once in a generation, or in a lifetime. Also, our company is currrently in the process of releasing a new oceanfront development phase in the Waikoloa resort south of the Mauna Kea resort area. Today, however, new developments take much longer to come together due to a variety of factors. EG

Tell us something about Hawaii our readers may not be aware of ? When most people envision Hawaii, they KB see palm trees, blue ocean, maybe even a Hula dancer. We have all that and more. Although our company has offices around the State of Hawaii, we’re based on the Big Island. One interesting fact about the Big Island is the different climate zones around the island. We have 4 out of the 5 major climate zones in the world and 8 of the 13 subzones. The top of Mauna Kea for example will sometimes have snow earlier than many regions of the northern U.S. mainland. If you have a 4-wheeldrive, you can ski in the morning and surf in the afternoon on the same island, and sometimes be joined by pods of dolphins or humpback whales in the winter season. Another interesting fact, you can fit all the other islands of Hawaii on to the Big Island, and still have room to spare. It is truly the ‘Big Island’ of Hawaii. EG

In past inter views, you’ve shared information about investing in Hawaii, how it has become a new destination for virtual workers and other reasons to visit or relocate there. If you had to pick one main selling point, what would that be? That’s an easy question to answer for those CH of us who live here and a simple one word answer too – Aloha! There’s only one place on the planet that captures the spirit of Aloha like no other- and that is Hawaii. Even the word itself is special with so many meanings – “Greetings, Welcome, Love, Compassion, Good Wishes, Safe Travels” and more. It is a word imbued not only in the lifestyle, but in the people here. Yes, Hawaii is a world class tropical destination. It is also a great option as a real estate investment or wealth preservation asset, but if you spend some time here and get to know the people, you’ll receive something far more valuable than that. Hawaii is ready for you and the world is ready for more Aloha - what are you waiting for? EG EG

For further information, please visit: www.hawaiigloballuxury.com Winter 2022 •



Gemme Group Sierra Sotheby’s International Realty

A Natural Beauty - Tahoe City, California Greystone Tahoe is one of the most impressive estates in Tahoe City, with a grand main house built from reclaimed cobblestones, a historic cabin, and a lakeside bungalow set amidst landscaped grounds and forest. Article By


estled amidst mature cedar and sugar pine trees in a bucolic setting on the shores of Lake Tahoe, Greystone Tahoe is a sprawling family estate that offers a private retreat rich in historic character. There are three dwellingsthe main house, a picturesque cabin, and lakeside bungalow-spread out across 1.4 acres of landscaped grounds, which together create one of the most impressive estates in Tahoe City.


AN EXTRAORDINARY ESTATE The entrance to the estate winds through the manicured grounds and forest leads to the sixbedroom, 8,168-square-foot main house. Built in 1998, the grandly curved proportions of the primary home evoke a historical grandness that comes from the reclaimed cobblestones used to craft the walls. These richly patinated stones from which Greystone Tahoe takes its name- were initially transported from Europe in the ballast of ships and later used to pave the streets of San Francisco. In their new setting, they evoke a magical character that speaks to the surrounding natural beauty. The timber clad interior of the main house is a celebration of Tahoe vernacular- think soaring cathedral ceilings, enormous picture windows, flagstone floors, and finely crafted timber details. Designed to entertain large groups of family and friends, this estate is an entertainer’s palace with an expansive great room with a cobblestone fireplace, a fully equipped gym, a game room, and a pool. The stately home split layout home allows maximum privacy with two wings connected by a log stairway and breezeway. The dramatic master suite features vaulted ceilings, a cozy fireplace, and four elegant additional suites for guests are located on one wing. The youth bunk room in the adjacent wing makes it seem like the kids are on vacation every day. As an added plus, the interior spills seamlessly out to a large deck that overlooks the treetops and provides


Main House

glimpses of the lake, with a stair that winds through the forest to the shore and a private jetty. Adding to the historical character of the estate is a quaint, four bedroom cabin, which is thought to have been built in the 1940s before being reclaimed, restored, and relocated to its present location. Offering the ultimate seclusion for guests or visiting family, the 1,455 square-foot, four bedrooms, two baths cabin boasts pine paneling to the walls and ceilings and distressed virgin grain fir floors, with a deck overlooking the rolling lawns. CHARM AND ENTERTAINMENT One of the highlights of the estate is, of course, its lakeside location and the property capitalises on this with 50 feet of private sandy shoreline, its own pier, two buoys, and a 6,000lb boat lift. Overlooking the pier is a 351 square-foot lakeside bungalow with a kitchenette and full bath, offering a getaway for guests or convenient amenities for those enjoying the lake. While Greystone Tahoe offers uncompromised seclusion, the estate is within easy walking or cycling distance from Northstar, Downtown

• Productivity, Strategy, Profitability

Tahoe City, and the marina is just a short boat ride away. Enjoy dining at some of the city’s best restaurants-such as the waterfront Christy Hill Lakeside Bistro or the sophisticated Wolfdale’s Cuisine Unique—followed by a short stroll home, or play a round of golf at Tahoe City Golf Course. In the winter months, the world-class ski resorts of Palisades Tahoe and Alpine Meadows are just a ten minute drive away. Greystone Tahoe offers the opportunity to own a retreat that will charm and entertain for generations to come. 740 West Lake Boulevard, Tahoe City, California, is listed at $29,000,000. EG

For more information or to schedule a private showing, please contact: David Gemme Gemme Group Sierra Sotheby’s International Realty M: + 1 530.277.8881 E: david@gemmegroup.com www.greystonetahoe.info CA BRE #01371048 • NV DRE #0179228

Passionate about your business. ARNECKE SIBETH. It takes a strong regional standing and an international track record to deliver what makes us special: Mehr als Recht.




Château d’Yquem

The world’s most expensive wines Château d’Yquem Any educated wine lover will recognise the name of Château d’Yquem, as this luxury fine wine has been celebrated for its peculiarly French and distinctive taste for hundreds of years, reports Oliver Taylor. product of the Sauternes, Gironde region of France, it is typically referred to as a “premier cru supérieur,” which when translated literally means “superior first growth.” It’s not the sequence of growth that gives this wine its prominence, however — rather the fact that the southern area of the Bordeaux vineyards that goes by the name of Graves is highly susceptible to what is known as “noble rot.” Caused by the action of the Botrytis cinerea fungal pathogen familiar to most as grey mould on rose trees, in the case of this sweet white Bordeaux wine, it gives rise to a distinctive sweet-acidic taste, with a prolonged and rather exotic honey aftertaste. Running on a pricing scale of its own making, Château d’Yquem has for centuries epitomised just how modestly eccentric and astoundingly pleasing Bordeaux wines can be. Whereas Botrytis rot would be an unwelcome affliction on any other ornamental or agricultural crop, in the case of Château d’Yquem, its effect on the grapes makes for a remarkable wine unmatched by any other of the world’s vineyards. While Botrytis affliction is not exclusive to the Château d’Yquem winery but rather a Graves-wide phenomenon, Château d’Yquem has nevertheless met wine drinkers’ palates with expert viticultural, fermentation and bottling techniques for centuries.


WHAT PRICES FINE WINE? How sought-after is Château d’Yquem? Depending on its age, of course, for a wine known to mature gracefully for a century or more, the sweet Bordeaux sensation pushed wine prices to new highs circa 2011 when an 1811 vintage bottle fetched a price of £75,000 on auction. Indeed, Bordeaux wines overall exude a signature sweetness and crisp sensation on the tongue, something modern wine lovers often lose in their journey down obscure paths in pursuit of


supposedly refined t a s t e s . R a th e r than a product of extensive fiddling, Château d’Yquem is the taste of Bordeaux soils, selected white grapes, and of course the magic of Botrytis, the royal rot that allows the wines of the region to be legitimately grouped together, and usually known by the name Sauternes. Far from a blunt, sweet white wine, Château d’Yquem accompanies its crisp scintillation with complex subtleties that only get better with time. Its initially exotic, fruity demeanour matures at around a quarter century to a decidedly honey flavoured fruit mix — the kind of wine you’d imagine drinking in paradise. Further ageing gives rise to a yellow twang of crème brûlée or spicy caramel. In a remarkably fortuitous manifestation of regional wine growing, the wine’s concentrated taste and sweetness, is perfectly balanced by its acidity. This is not to say the wine is identified by such acidity, but rather that between the soil, cultivar and Botrytis, a perfectly balanced lemony sweetness ensues, making Château d’Yquem justifiably one of the world’s most sought-after wines. EG

• Productivity, Strategy, Profitability

Photo: Image Professionals GmbH / Alamy Stock Photo

Pierce Brosnan, Photographed by Marco Grob

L i t t l e Tre a s u r y J e w e l e r s In t h e V i l l a g e a t Wa u g h C h a p e l 2 5 0 6 N e w M a r ke t L a n e G a m b r i l l s , M D 2 015 4

Ricardo’s Place

$6,500,000 | 39 ACRES | TARRANT COUNTY, TX ALAN VALDES 469.766.6351

Luxury Ski In-Ski Out Mountain Estate in Tamarack $6,900,000 | 0.92 ACRES | VALLEY COUNTY, ID AUSTIN CALLISON 208.870.1757

Flying Horseshoe Ranch

$12,500,000 | 2,400 ACRES | ALBANY COUNTY, WY SETH HAYDEN 970.692.6321

Broken Butt Ranch

$28,220,000 | 11,288 ACRES | RIO ARRIBA COUNTY, NM GREG LIDDLE 970.946.0374

Black Bear Pines

$6,750,000 | 35 ACRES | ARCHULETA COUNTY, CO GREG LIDDLE 970.946.0374

South San Juan Basin Ranch

$7,500,000 | 350 ACRES | ARCHULETA COUNTY, CO GREG LIDDLE 970.946.0374

Slash Broken Box Ranch

$24,000,000 | 1,400 ACRES | ROUTT COUNTY, CO DAX HAYDEN 303.619.6774 | CLAY OWENS 308.882.8171

Trull Creek Ranch

$33,900,000 | 1,140 ACRES | ROUTT COUNTY, CO DAX HAYDEN 303.619.6774 | CLAY OWENS 308.882.8171

866.741.8323 | www.HaydenOutdoors.com

Gold Bar Ranch

$5,875,000 | 178 ACRES | DOUGLAS COUNTY, CO MANUEL TRUJILLO 719.776.0343

O’Connor Ranch

$15,000,000 | 9,296 ACRES | GARFIELD COUNTY, MT JIM DIGBY 303.883.8493 | MCKENZI GREEN 303.880.4837

The Olive Home – Cliff Point Estates


Double Nickel on the Niobrara

$42,500,000 | 34,617 ACRES | CHERRY COUNTY, NE DAX HAYDEN 970.674.1990 | CLAY OWENS 308.882.8171

TC Legacy Ranch

$6,350,00 | 660 ACRES | LEMHI COUNTY, ID KATE JONES 406.270.1043

3 Bar H Ranch

$7,500,000 | 1,780 ACRES | SUBLETTE COUNTY, WY BILL VACEK 307.699.1378

Big Spring Ranch

$12,800,000 | 3,192 ACRES | SWEET GRASS COUNTY, MT MIKE SEDGWICK 406.930.2379

Wright’s Farm & Ranch

$15,478,500 | 12,459 ACRES | WASHINGTON COUNTY, CO RICK KUSEL 970.554.1762

866.741.8323 | www.HaydenOutdoors.com

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Discover Cullinan at Rolls-Royce Motor Cars Geneva or visit www.rolls-roycemotorcars-geneva.ch Route de Saint-Cergue 298 - 1260 Nyon T. +41 22 36 38 010 - blamotte@rolls-roycemotorcars-geneva.ch Official fuel economy figures for the Rolls-Royce Cullinan: Urban 12.6-12.9*mpg (22.4-21.9l*/100km). Extra Urban 25.7-25.9*mpg (11-10.9*l/100km). Combined 18.8*mpg (15*l/100km). CO2 emissions 341*g/km. *Preliminary data not yet confirmed, subject to change. Figures are obtained in a standardised test cycle. They are intended for comparisons between vehicles and may not be representative of what a user achieves under usual driving conditions. © Copyright Rolls-Royce Motor Cars Limited 2021. The Rolls-Royce name and logo are registered trademarks.

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