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Contents
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Versatile Strategists
t
se
As
le
gib ard
w
an
Int Ste
Vi
De sion
alm ary
ak
er
A
Q naly
ua tic
rtb al
ac
k
Storyteller
lem
rob
e P er
tiv
ea Solv
Cr
Portfolio Manager
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Versatile Strategists
Versatile Strategists
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Versatile Strategists
Versatile Strategists
Access to Capital
short-term. This obviously limAccess to capital varies for com- its capital intensive strategies
panies based on their cred- and constrains the strategist
it worthiness, but partnerships into suggesting short-term inand corporations are funda- itiatives which can be executmentally different in this regard. ed through bootstrapping. The
While the corporation may have ALM survey showed that acquithe necessary cash on hand, sitions and opening new offices,
through years of amassed prof- ranked among the 9th and 12th,
its, partnerships, must distribute out of 12 different growth meththeir earnings to the partners of ods. Strategists would do well to
the firm who own units. Raising explore joint ventures or alliancmore capital, would mean invit- es, which alleviate the need for
ing more partners into the mix, large capital outlays. The stratwhich is generally not appealing egist must solve the mandate
to existing partners. Partner- of growth through creative deal
ships may take out loans, but structures, in effect playing the
these are usually short-term and role of problem solver. Corporamay not provide enough capital tions have very large cash pools,
for initiatives. Corporations, on and in recent years, much has
the other hand, are able to raise been made of the large amounts
debt or equity by accessing the of cash sitting on balance sheets
public capital markets and in- of companies. In a recent Factcreasing the ownership pool, set study, as of end of Q3 2013,
with little financial impact to the S&P500 companies had a combined total of $1.36 trillion in
executives of the company.
cash and marketable securities
As a result of this setup, part- on their balance sheets. This
ners will naturally be reluctant to represents 8.5% of the US GDP.
give up a larger earnings draw With coffers full, corporate
in the current
year, to fund
an investment
which may take
several years
to bear fruit.
This is almost
c o u nt e r i nt u i tive, given that
most would assume a private
form of ownership
alleviates the pressure to think
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Versatile Strategists
Versatile Strategists
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