Tag Archive | "Alpine"

Multi Currency Problems & Solutions


Multi currency investing becomes increasingly harder as increasing numbers of banks abroad refuse to accept US customers. A recent message at this site shared how the large Dutch Bank, ABN Amro, stopped accepting US customers and gave existing US clients 30 days to liquidate their securities.  If you missed this see Multi Currency Investments Easier

multi-currency-meeting-in-autumn

See below how autumnal colors can help you solve multi currency problems.

Now another large Swiss bank has found it too much to deal with aggressive US regulatory tactics and shut down its US business. Here is what a recent Financial Times article entitled “UBS tells unit staff to avoid US visits” by Haig Simonian says:

“UBS has told members of its former private banking team responsible for rich US clients not to travel to America.  The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS since it decided last November to wind down its cross-border private banking business for US ­customers.  The move follows the recent indictment of one of the unit’s former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Mr Birkenfeld has pleaded not guilty and his lawyers have made no public statement on the matter.”

I am very pleased that Jyske Bank, my banker for about 25 years has decided to stand by its American customers. The bank created a wholly owned subsidiary Jyske Global Asset Management (JGAM) that is registered with the SEC.

The changes, however, create many questions which I would like to answer at this site. Please send your questions.

As a financial publisher, I cannot give independent advice.  I cannot even give you a personal reply nor comment on your specific personal investments or portfolio.  I can, however, answer your questions here in a general way.

Here is the first question received.

JYSKE BANK QUESTION

“What is going on with Jyske Bank and their JGAM program which will make it more difficult to do multi currency sandwiches unless one has invested at least 1 million with the bank.  As I understand it, my portfolio will be managed without my input which does not make me feel comfortable.  What is your take on this?”

JYSKE BANK ANSWER

I have spent hours reviewing how JGAM will work with Thomas Fischer.

First, let me clarify several points…the first being that only Americans will use JGAM.  For non Americans it is business as usual at Jyske.  This will have a pretty big impact on my business since I have so many non US readers.  Our site ranks well for visits in Ecuador, Canada, China, Germany, New Zealand, Singapore, United Kingdom and Mexico as well as the USA.

This means I’ll have to write everything twice once for us Yanks and once for the rest of the world.

Second, minimums have not changed at all.  For some time the minimum has been $50,000 to open and account and $100,000 is minimum for a multi currency sandwich…not 1 million.

Though JGAM will manage each portfolio on a discretionary basis, the client still has a great deal of input on how they will manage each account.

Jyske has a number of portfolios ranging from low risk – medium risk – high risk and speculative.

These portfolios are then again split into portfolios with and without US securities.

Then the accounts are again split  based on assets under management.

For example, clients with less than $200,000 will have a different diversification than larger accounts.

Every portfolio is monitored and tracked on an individual basis.  There is no specific JGAM portfolio so all investors will have their own regular performance up-date.

The JGAM investment committee will meet once a month deciding on the tactical weight of the asset classes and the underlying investments.

When a client joins, the Jyske account manager will work first to help the client decide on a risk profile. Once this is decided, Jyske will be invested in one of the 16 options above.   Every investor’s portfolio will be designed and will change according to the time of entering the portfolio.

Here are the latest recommendations as of late May 2008 of the speculative NON US dollar portfolio.

Asset type                Recommendation       Tactical weight
Fixed Income                  Underweight                  20
Equities                           Neutral                          60
Alternatives                     Overweight                    20

Cash                                Neutral                            0
Investment                               %
Asset type

FIXED INCOME
USD       7.2% Porsche 01.02.2049                         3%
USD       7.875% Turanalem 02.06.2010                 2%
USD       8.5%  Titan Petrochemicals 18.03.2012    1%
EUR       Var% Bombardier 15.11.2013                     3%
GBP       8.7% Cable & Wireless 06.08.2012             1%
AUD       5.5% Rabobank 27.01.2010                       3%
BRL       12.5% Brazil 15.01.2016                              2%
HUF       6.75% Hungary 12.10.2010                        2%
TRY       15% Intl. Bank Recon 15.07.2009                2%
ISK         8.5% Rikisbref 12.06.2009                         1%
Subtotal                                                                  20%

EQUITIES
CHF                   Novartis                                      4.2%
EUR                   Siemens AG                                 4.2%
EUR                   Adidas AG                                   4.2%
DKK                   Carlsberg A/S                             4.2%
EUR                   EDF Energies Nouvelle                4.2%
DKK                   NKT Holding                               4.2%
DKK                   Neurosearch                               4.2%
EUR                   Bayer AG                                     4.2%
EUR                   L’Oreal                                        4.2%
SEK                    Hennes & Mauritz AB                  4.2%
Latin Equities Mutual Fund       4.0%
Chinese Equities Fund              4.0%
Indian Equities Fund                 4.0%
European Equities Fund             5.0%
Subtotal                                                              60.0%

ALTERNATIVES
USD                    ETFS Crude Oil – CRUD LN         10.0%
USD                    ETFS Aluminium l ALUM LN          5.0%
USD      ETFS Metal Secs Phys. Gold – PHAU LN       5.0%
Subtotal                                                                 20.0%

CASH                                                                       0
TOTAL                                                                 100.0%

This looks like an interesting portfolio, and in future messages we’ll be looking at
the equities in this portfolio.  Plus we will review the other three (high medium and low risk) portfolios.

I believe that Multi currency investing is a must in these times of inflation.   Using international investment managers still has main advantages.  First, this provides some excellent asset protection. This also provides access to more experienced multi currency managers with different points of economic and world view than anywhere in just North America.

This also provides some privacy.

May I add one more word on privacy?  If you are a law abiding citizen then an overseas account gives you as much privacy as you need.  If you break the law and have almost any government looking for your financial data, then no system or structure you use is enough.

I have not touched on this subject for years because this is such old news…but knowing we have many new readers…let me repeat what I shared with readers clear back in the 1990s.  “Bank privacy is dead”.

Here are just a few of my articles at this site in the archives  from the 1990s and early 2000s.  Please read them carefully.
https://www.garyascott.com/privacy/77/
https://www.garyascott.com/privacy/50/
https://www.garyascott.com/privacy/167/
https://www.garyascott.com/privacy/60/
https://www.garyascott.com/privacy/59/

Yet here is one more brand new story….about what is known as the most private place in the world…Liechtenstein.

Here is a direct quote from a February 22, 2008 BBC article entitled
“Liechtenstein fury at German tax snooping”  by Steven Rosenberg

“Liechtenstein also has the reputation of being one of the most secretive tax havens in the world.

“Just ask the Organisation for Economic Co-operation and Development.

“This financial watchdog says Liechtenstein is one of only three states left on its blacklist of ‘uncooperative tax havens’ (the others are not a million miles away – Monaco and Andorra).

“Liechtenstein this week attacked the authorities in Berlin for buying information on German businessmen clients that have bank accounts in the tiny Alpine principality.

“Germany has launched a tax evasion investigation using the data, which was supplied by an anonymous informant who was reportedly paid 5m euros (£3.75m; $7.3m). “

So I will say this again.  Please for your sake, don’t break the law anywhere…anytime.  This could come back to haunt you in unexpected ways.

Here is an example.  The data the German authorities obtained about accounts in Liechtenstein covered people from around the world…not just Germany…so the Germans began sharing it.

According to my European banking sources, only one European tax authority turned the data down…the Danes.   They believed that since this data had been illegally obtained it should not be used.

One reason I have banked for so many years with Jyske Bank is the same reason why I live half the year in Ecuador.

I like Jyske’s services, their very reasonable fees and their solid banking foundation…but in addition I like the Danes…feel an underlying honesty, sense of fair play and sound judgement.  The have never let me down which is why I am not surprised that they worked for several years setting up this structure so they can continue to serve Americans…when so many other banks have cut us Yanks loose and run.

I expect that the service JGAM will provide is still a work in progress and have noted the people there questioning, adapting and smoothing out a new system.

Everything I have seen to date suggests that I will be happy with this new program
because the people there like I have always seen seem focused on giving a service that is safe, wealth preserving, ground breaking and easy for the customer.

I’ll be adapting our multi currency course to reflect the changes and will keep you informed about new ways we can continue to learn about this mysterious, interesting and profitable world of multi currency investing.

I am not paid a penny for writing this about Jyske Bank and have always been able to write that I keep them as my bank simply because I like them the best of all banks I have used.

I can continue writing this and hope until next message that you find all these qualities with whomever advises you on your finances, savings and wealth.

Gary

You can join me with Thomas Fischer of JGAM at our October 2-5 lifestyle International Investing & Business Made EZ North Carolina

We have selected these dates for our next course because this is traditionally the weekend when the fall colors are best.  We’ll meet here for a meal multi-currency-meeting-place

at our house on the farm.

Here is Thomas Fischer talking with a group at a previous course.

multi-currency-meeting

You can still  make to our June 19-21 Ecuador Shaman Tour

See dates for our Autumn courses and tours:

Ecuador Coastal-Quito Real Estate Tour

Ecuador-beach-meeting

We’ll see properties in this developmet and stay at and walk that beach below.

Ecuador Super Thinking + Spanish Course

Ecuador Imbabura Real Estate Tour

See houses for sale in the San Miguel development
Cotacachi-real-estate-for-sale

like this.

cotacachi-house-for-sale
Learn about this Imbabura real estate for sale at Cotacachi Real Estate at San Miguel

Ecuador Ecuador Import Export Course

International Investing and Business Made EZ Ecuador

See discounts for attending more than one course.

Vision & Health


Some years ago I began understanding the importance of vision beyond sight.

We began taking groups to Ecuador to meet shamans and discovered a special group of leaders called Abuelos (old ones) in the Andes that had been given a 500 year prophesy (handed down generation after generation) that a time would come when the Eagle of the North would fly together with the Condor of the South. When this happened a great new equilibrium would be given to mankind. This was a message of how to balance the heart and the mind.

Because of work we had done in Ecuador to help the indigenous in this country, a special healer called a Taita Yatchak (father of fathers) told us he was touched because our gifts filled a prophesy which had been given to him years ago, one he believed would never happen.

He explained there was sacred valley in the Llanganatis Corridor of the Andes where only shamans had been allowed and no westerner or outsider had ever been. The old ones were protectors of this valley and kept it carefully guarded. But part of this prophesy was that when the time was right, he would take a westerner to open this valley to the rest of the world. He said our gifts were the signal that Merri and I should go into the valley.

This was to be the first time these protectors had ever taken an outsider into the valley. So we arranged to hike in with six friends including two who are medical doctors studying longevity.

The Llanganatis corridor in the Andes is rich in legend. History suggests that vast amounts of Inca gold were buried here in 1533. The conquistador, Pizarro, was holding the Inca King, Atahualpa, for a ransom of gold. Atahualpa’s general Rumiñahui, was with 750 tons of gold to arrange his release. However, Pizarro reneged on the deal and killed Atahualpa. Hearing of the execution, Rumiñahui is supposed to have buried the gold in the Llanganates. Though eventually captured and tortured, he never revealed the secret of the treasure, so the story goes.

Yet what Merri and I gained in that valley was more valuable than gold! We learned about true vision!

We began hiking at about 10,500 feet, tramping through deep Alpine marsh for six hours as we ascended to 14,000 feet. Here is Merri and me with Dr. Jay Glaser in the Llanganatis.

Ecuador-Llanganatis-sacred-valley

This is where the Taita Yatchak gave us our first lesson on vision.

As you can see the cliffs are pretty steep. Nevertheless, the Taita Yatchak told us to look ahead, then close our eyes…but keep walking.

“You know where to go. Learn to trust yourself and this knowing,” he said.

The lesson we learned from developing this trust in our inner vision has helped us not only build a highly successful business but to live a life without undue stress.

Feeling confident during turmoil. Having vision to see what change will bring. These are assets truly worth more than gold.

Try this each day and you will be amazed at how it builds confidence. Find a quiet (SAFE) space. Look ahead. Then close your eyes and walk there.

Improving our vision, broadening our horizons, increasing our well being and adaptability are vital to our future. You may also wish to attend the Intuition Course we are sponsoring here at the farm this August.

One of those who joined us many times with the Taita Yatchak was Candace Newman. Here she is with a group and the Taita Yatchak at our North Carolina farm. She even rode and hiked with our daughter, Francesca, with the Taita Yatchak to Machu Picchu.

I am pleased to add that Candace has been able to incorporate the considerable knowledge she gained into her essential oil healing.

This captured my attention when Candace introduced a DVD Touch With Oils® Hand Massage.

I took my entire family to attend this course with Candace some years ago and we all loved it. It is an aromatherapy treatment based on the synergistic powers of touch and smell with pure essential oil blends. Follow along with Candace and learn this hand massage for family and friends. This gentle, rhythmic touch serves to balance the autonomic nervous system, promote lymphatic drainage, and give the body and mind a deep and quiet rest. It is a universal language of compassion and love.

Healing with the hands has been a global tradition ranging through literally ever culture.

Healing with the hands has been documented in numerous scientific studies to:

* Relieve or decrease pain
* Accelerate post-operative recovery
* Relieve symptoms of chemotherapy
* Reduce depression
* Decrease anxiety
* Improved mood
* Decrease stress
* Improved mobility after surgery
* Reduce effects of trauma
* Enhance immune system
* Help overcome addictions

Because of such studies and effective results healing with the hands is used in hospitals across the United States.

Healing with essential oils is a historic medicinal therapy. The Egyptians, Greeks, Romans and any other ancient cultures used essential oils to heal.

Modern medicine is using essential oils more often as well. The idea of healing through aromatherapy is often credited to a French chemist who was badly burned in a chemical explosion. He stuck his arm into a nearby vat of lavender. The pain stopped immediately, and he had no blistering or scarring. This led him to focus on the medicinal effects of essential oils.

Today European doctors and health systems consider essential oils as
effective, reimbursable treatments that are integrated with other forms of medicine.

So imagine combining enhancing health with touch and essential oils.

Merri and I use this continually so when we discovered that Candace now has this course on DVD I wanted to write about it right away.

She has combined the Touch with Oils Course on DVD with her Comfort Care Pak and calls it the Dynamic Duo. Dynamic it is!

The comfort Pac contains four essential oil blends:

vision-through-essential oil

* Lavender Mist – contains pure essential oil of Lavender in a base of purified water, aloe and vegetable glycerin. Make big circular clouds of this aromatic delight around the head and face anytime … for a breath of fresh air, sense of comfort and a calm spirit.

* Rejuvenation Face Gel – her proprietary formula of pure essential oils of Sandalwood, Patchouli, Frankincense, Geranium, Rose otto; in her aloe and Organic Golden Jojoba base. These ancient oils are for calming the spirit and soothing the skin.

* Pure Lavender Essential Oil – Inhale from the bottle. Put 2-3 “taps” on a cotton ball. Tuck in a pillow or pocket. This is the #1 Oil of Balance for the central nervous system. It is the river of peace.

* OLA Four Blend – Lavender and Rose otto in Organic Golden Jojoba is our gentlest formula … Rose is the Oil of the Heart. Apply some to your nose, temples, and back of neck. It is perfect for a gentle hand massage and is great in your bath.

The DVD shows you how to use your hands and the oils to enhance health.

Candace is taking 10% off the $69.95 price for the month of June for Garyascott.com subscribers.

You can order the Dynamic Duo (the course on DVD and Comfort Cate Pak) from Candace for $62.95 during this June offer.

Dynamic-Duo

Until next message, may your vision and health bring you more than gold.

Gary

You can still make to our June 16 -17 Imbabura Real Estate Tour
http://
and June 19-21 Ecuador Shaman Tour

See dates for our Autumn Ecuador courses and tours:

Sept 17-21 Coastal-Quito Real Estate Tour

Sept 23-27 Super Thinking + Spanish Course

Sept 28-29 Imbabura Real Estate Tour

Oct 3-5 International Investing and Business Made EZ North Carolina

Oct 14-18 Ecuador Import Export Course

Nov 7-9 International Investing and Business Made EZ Ecuador

Nov 10-11 Imbabura Real Estate Tour

November 12-16 Coastal Tour

See discounts for attending more than one course.