Anwar Ghauche

I want to share a great interview on the Real Vision platform. Their Global Macro series allows laymen such as myself to quickly grasp how macro factors are driving underlying market sentiment. What really stood out for me was part of the conversation around populism, its impact on markets and how that should drive investment principles over the next decade. Populism is contextualized as a political and economic movement driven by widespread public dissatisfaction with the status quo, particularly among the middle and lower classes. This dissatisfaction has been building over decades, driven by rising inequality, stagnant wages, and a perception that the economic system disproportionately benefits the wealthy elite. This in turn has led to significant shifts in the political landscape, with both the right and the left adopting more populist policies. This alignment of both sides towards populist economic policies reflects a broader shift in political dynamics. This aligned political outlook has driven expansive fiscal policies, such as increased government spending and stimulus measures. It also points to a rise in protectionism and de-globalization as populist governments seek to prioritize domestic industries and jobs over global trade. This spending can drive inflation, especially when combined with supply chain constraints and labor shortages. The argument presented is that while these policies might provide short-term relief to the middle and lower classes, they do not address the root causes of inequality and may lead to further economic imbalances. And here's the kicker...….. Historical Parallel: 1968-1982 was another era marked by high inflation, political unrest, and economic volatility, during which time real returns on equities and bonds were significantly negative. Are we in a similar period, where populist policies could lead to long-term market underperformance, particularly for traditional 60/40 portfolios? But then how do we account for S&P being up 21% in 2024? The thesis here revolves around how populist policies tend to lead to increased fiscal and monetary stimulus during election years. It cites historical data showing that, despite overall poor market performance during populist cycles, election years often see strong market returns due to government efforts to stimulate the economy and secure votes. This creates a short-term bullish environment within a broader bearish cycle. These bouts of populist policies rarely die out quickly and the expectation is that we are somewhere in year 4 of a decade long cycle. And my key take away - rely less on passive investments and start to focus increasingly on active investment strategies and, in my personal opinion, bitcoin!! Perhaps think of cycling out some part of the portfolio from ETFs and Mutual Funds into actively managed mandates?? Have a great week ahead. #GlobalMacro #MarketSentiment #Populism #WealthManagement #MonetaryPolicy

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Bloomberg analysis increasingly producing trash. The Cairo school of economic theory. I actually agree that a policy range Is needed (1.1% - 2.9%, not 2-3 %. The problems with the Cairo School is that they a. do not see that the smart people at the Fed are already managing to a (symmetric) range. b. want to raise the midpoint inflation target (all of Egypt wants that, the BRICS and all the global south, too). The 2% Inflation Target Regime Should Now Be Retired https://lnkd.in/d49PgJS9

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$10m Fund I announcement! Steel Atlas covered in the The Wall Street Journal for an exclusive on our fund strategy. Thank you, Yuliya Chernova. At Steel Atlas, Cameron Porter and I seek concentrated investments in early industrial technologies that enable economic resilience across the value stack. Post-investment, Steel Atlas partners with portfolio companies to accelerate commercialization via partnerships with industrial groups in Saudi Arabia. There are two driving forces that have led to more volatility across core sectors of our economy – global interconnectivity and fragility induced by an extended era of low interest rate environments. Our investments in new industrials (software & hardware) directly mitigate or provide the capacity to respond to these emergent volatilities. We expect this to lead to outperformance. If you want to dive deeper on the thesis, feel free to check out our website (www.steelatlas.vc). They include: —  Venture Opportunities in Critical Mineral Volatility ⛏ → analysis of vanadium market supply concentration and technology target. — Building Resilience in a Multipolar World 🔋  → geopolitical tailwinds for our thesis through the lens of the battery supply chain. — A Tale of Two Countries & The New Nuclear Future ⚡ → looking at the over deployment of renewables in Germany as case study for the adoption of nuclear broadly. Can't forget our amazing LPs for making this a possibility. To name a few: Antoine Souma from Galliott Capital Advisors, Christian Angermayer from Apeiron Investment Group, Mazen Altamimi, and the team at UNTITLED. Special thanks to Michael Oakes! https://lnkd.in/dKU9w4Xz

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✨ Creating a Legacy Across Continents: Raida Daouk El Jisr's Inspiring Journey in Venture Capital ✨ Raida Daouk has forged an impressive path from her banking career to founding Amkan Ventures and Amkan Advisory. In doing so, she’s breaking barriers in venture capital and building bridges between the Middle East and the U.S. investment ecosystems. 🌍 You can read more to discover how Raida navigated fundraising challenges, balanced professional and personal life, and shaped a future venture capital legacy. 🚀 #VentureCapital #Leadership #WomenInVC #Entrepreneurship #CrossContinentalVC #LegacyBuilding #Investing

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Just a couple of days until #FII8, powered by FII Institute! I look forward to connecting and exploring insights from policymakers and global leaders in #finance, #innovation, and #sustainability under the theme “Infinite Horizons” for an #ImpactOnHumanity:” https://bit.ly/FII_8 

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For C-suite leaders, strengthening business resilience means undertaking a long-term adaptation strategy that addresses physical risks and uncovers new opportunities. It was a pleasure to contribute to our guide. Get ready for #ClimateWeekNYC by learning how to equip your organization for the challenges ahead. #BainAtClimateWeek https://bit.ly/3APeKwL

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I am pleased to see Alitheia IDF (AIF) highlighted by Jessica Espinoza, CEO of 2X Global, at the SuperReturn Emerging Markets 2024 event in Amsterdam! Jessica showcased AIF as an example of how Gender Lens Investing (GLI) strategies drive commercial and social impact. Since closing AIF (a 2X Flagship Fund) at $100M in 2021, we have invested over $50 million in 12 companies, with 75% women ownership. As the first and largest GLI fund in Sub-Saharan Africa, we developed the industry’s first comprehensive GLI toolkit, inspiring broader adoption across private equity. Our commitment to putting women as key success drivers across the investment value chain has become a model for the industry, inspiring others. It’s rewarding to see AIF’s impact and approach recognized as a model for sustainable, inclusive investment in emerging markets. Check out the slides from Jessica’s presentation for more insights: https://lnkd.in/dpGiraPU #GLI #ImpactInvesting #SustainableFinance #AlitheiaIDF #SuperReturn2024

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Private Equity Financier's Returns Slump in a $1.2 Trillion Market : Structural Creativity fund finance, an expanding $1.2 trillion market where nonbanks have gained ground in its most arcane corners Yann Robard was an early mover in a type of financing that's hotter than ever: helping investors extract cash from private equity stakes that are hard to value and sell. His firm, Dawson Partners, grew by giving institutions a way to turn bundles of illiquid fund stakes into fast money. Previously known as Whitehorse Liquidity Partners, it's a key player in fund finance, an expanding $1.2 trillion market where nonbanks have gained ground in its most arcane corners. Now cracks are emerging in a strategy of stacking more leverage on investments already laden with debt. Take Brightline railway. Stretching from Miami to Orlando, it was private equity’s bet that droves of Floridians would forsake cars for train commutes. The company has bled money and racked up debt, and its trains logged more safety incidents per mile than the national average. It’s among the many assets tied to the complex financings Robard created, and one of several positions dragging down the performance of Dawson's inaugural fund. After posting double-digit gains early on, the fund was generating an internal rate of return of less than 4% at midyear, putting it in the bottom quartile of peers, according to MSCI. The railway business accounts for 2.4% of invested capital in the fund. Returns for Dawson’s first five portfolio-financing funds have dropped sharply in the 12 months through June, according to a Bloomberg analysis of investor databases. Even as Toronto-based Dawson has gathered more than $5 billion so far for a sixth fund — on track to be its largest ever — some of the firm’s oldest clients are pulling back. That includes Alaska Permanent Fund, a major early supporter.

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Dear All, I am thrilled to share that I have recently relocated from Silicon Valley to Dhahran, Saudi Arabia and joined Plug and Play Middle East - a very exciting new chapter for me professionally and for us as a family of 4. Special gratitude for Saeed Amidi, Seena Amidi and Omeed M. for trusting me with this opportunity - and for many of my colleagues in the global Plug and Play Tech Center family who have supported me and become a part of my journey in the past 8 years - to name a few Sanam (Amidi) Amidhozour Michael Olmstead George Damouny Ivan Zgomba Alireza Masrour Sobhan Khani Phillip Seiji Vincent Candela FitzGerald de Suñer Miguel Bello García Allison Romero Marc Steiner Michelle Hanna John Kouzmenko - and everyone from the front of the line to the back office in Accounting, HR, Legal, Marketing and IT. You all are very special and I am (will be) forever grateful. Having spent the last 8 years immersed in the heart of global innovation in the Bay Area, even from that far, I have been witnessing for a while the tremendous positive change happening right here in Saudi Arabia. The Kingdom’s bold approach to innovation and progress is nothing short of remarkable, and I am excited to be part of this incredible transformation. Saudi Arabia’s Vision 2030 is built on three pillars that resonate deeply with me: 1. A Vibrant Society – Creating a rich cultural and social life for its people. 2. A Thriving Economy – Fostering a diversified economy driven by entrepreneurship and innovation. 3. An Ambitious Nation – Transforming the country through sustainable development and forward-thinking leadership. I am eager to leverage my background and experience in venture capital, entrepreneurship, and innovation to significantly contribute to the Vision 2030 goals. The opportunities here are boundless, and I am more motivated than ever to play a role in shaping the future of Saudi Arabia! Let’s connect and explore how we can collaborate to drive this exciting journey forward! #SaudiVision2030 #Innovation #Entrepreneurship #Transformation

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Q3 is out and Q4 is in!  This is a great read about Base10's strategic switch showcasing how Carta is simplifying fund administration for emerging managers, which is especially important now rolling into the year-end busy season. 

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Qatar Investment Authority plans to make an anchor investment in Ardian Semiconductor, a fund set up by French private equity firm Ardian to invest in the semiconductor industry across Europe. The Qatar sovereign-wealth fund said the move reflects its “belief in the pervasiveness of semiconductors in the world economy, and their impact on digital and green transformations across key sectors such as artificial intelligence, mobility or consumer technology.” It didn’t disclose terms of the commitment. QIA has been increasing its tech investments, participating in and leading funding rounds by companies as the country seeks to diversify its economy. The fund already invested in Kokusai Electric a semiconductor manufacturing company, and took a minority stake in that firm last year. Ardian, which oversees or advises on $164 billion of assets, launched its semiconductor platform with a goal to be the “partner of choice in the European semiconductor value chain,” offering capital solutions and operational expertise. #sovereignwealthfunds #privatequity #semiconductor #GCC #Qatar #Europe #investment #Qatar Investment Authority #tech

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Excited to be a contributing part of Family Office as an asset class continuing to not only grow 300% since 2019, but also now accounting for a larger share of capital markets than Hedge Funds, Private Equity or VC. One of the interesting trends discussed is Family Offices moving away from publics and into privates - specifically Private Credit, Real Estate and Private Equity - and particulary loving Bio-tech, AI and Healthcare industry sectors https://lnkd.in/eZjNKEjU

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The PE industry is placing a greater emphasis on enhancing the value of portfolio companies by improving their operations—or at least, that’s the message many GPs are trying to convey to their LPs. Check out our insights and articles at HMN Capital and accelerate your portfolio performance. https://lnkd.in/gxnnjKDS https://hmn-capital.com/ #hmncapital #acceleratingportfolioperformance #privateequity #investments #finance #venturecapital #growthcapital #executivesearch #privateequityrecruitment #privateequityjobsearch #privateequitylinkedin #Linkedin #privateequitycareers

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As a lover of "Think:Act Magazine" and longtime admirer of Roland Berger (shout out to Neelima Mahajan! Rita McGrath!), you can't imagine how cool it felt to get to share some insights from Ideaflow. For folks who haven't dug into the book, this exceptional piece is a great introduction. I welcome your feedback. Hats off to the team for crafting the piece. *** "Breakthrough innovation is the lifeblood of progress, the driving force behind some of the world's most transformative technologies and companies. But how does one come up with the next big thing? How does one come up with the first kernel of an idea? How does one break out of the creativity rut? A mistake a lot of us make is assuming that for breakthrough innovation, we need to find that one good idea. But if Jeremy Utley is to be believed, more ideas lead to better outcomes. Utley, Director of Executive Education at the Stanford d.school and co-author with Perry Klebahn of Ideaflow: The Only Business Metric That Matters, challenges the common perception that one good idea is the key to success. He explains why. RB: You define the idea as a “connection”. Why? JU: My study of the underlying neuroscience has led me to realize that an idea is a bridge between two things already in your mind. The conventional view of ideas as coming from nowhere or being built from nothing lacks practicality and is not helpful. When you hold onto such thinking, you're essentially searching for something to materialize from nothing – this is not beneficial in terms of operating... RB: How can we successfully manage the inputs we receive from outside to maximize the impact we achieve? Inputs are important. Many people who aspire to lead a creative life or fail to recognize the value of that tend to focus solely on problem-solving. When you think about that, you're often concerned with the output. But what's the answer? The brain's just like anything else. When we consider the outputs of our thinking, we realize that they depend on the inputs we receive. Therefore, we call this kind of thoughtfulness about a deliberate pursuit of input inspiration. Unlike those of us from corporate environments, that is a design word that means something. To me, it is necessary to create space for looking even when you don't know what you're looking for..." Much more at the link below.

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How can investors beat currency depreciation in emerging markets? The answer lies in venture capital (VC). While investment options in these markets may deliver mediocre returns when adjusted for currency depreciation, VC can ride the macro tailwinds while delivering compelling returns. According to Rubén D. and Timothy Motte "EMs have struggled to gain investors’ sustained trust. Even for the shrewd operators navigating political risk, inadequate infrastructure and low buying power, one stubborn issue remains: currency depreciation." Investors, it's time to take a risk on emerging markets. With VC, you can beat currency depreciation and reap the benefits of vigorous economic growth, young populations, and a hunger for technology. Let's galvanize these markets and unlock their full potential. https://lnkd.in/dhqEpQk Repost by Salem Bagami Chief Executive Officer Digital Transformation Company & Managing Director 2080 Ventures Email: [email protected] Website: www.2080.ventures Sun Choi 최성안 Timur Daudpota #VentureCapital #EmergingMarkets #InvestmentOpportunities

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So great to speak to Mohammed Islam on The Mo Show podcast last week! Watch the full episode here!

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At $10M in annual revenues, we transitioned from doers to thinkers at Grasshopper. This enabled my co-founder and me to leave Grasshopper, and focus on other ventures, the day it was acquired. The management team stayed on and seamlessly continued to run the business. I think of it as our biggest achievement. A common challenge many startups encounter: Growth outpacing the management team's capabilities Company culture, structure, and strategy doesn’t evolve with the business. Founders continue to micromanage everything. Just like the early days. They get stuck in the weeds (daily operations) and lose sight of the broader vision. The solution: Adapt as your business grows. Transition towards becoming thinkers than doers. Delegate tasks. Empower your employees. Set expectations. Track performance. But don't micromanage. A business that doesn’t run without you isn’t an attractive M&A opportunity for buyers. #entrepreneurship #venturecapital #startup #mergers #acquisitions Serial Entrepreneur & Investor Helping Startups Become Unstoppable – David Hauser

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