economic re p ort presidentof thetransmitted to the congress february 2010 the annual report pptx

... that the American people are fully repaid for bailing out the financial sector. AndI’ve proposed a freeze on nonsecurity discretionary spending for threeyears, a bipartisan commission to address ... AWashington, D.C., February 11, 2010 M. P : The Council of Economic Advisers herewith submits its 2010 Annual Report in accordance of the Employment Act of 1946 as amendedby the Full Employment ... 266 The Importance of Basic Research 267Private Research and Experimentation 269Protection of Intellectual Property Rights 270Spurring Progress in National Priority Areas 272Increasing Openness...

... Figure'4.'Changes'in'size'allocation'Performance'!So!what!do!we!have !to! show!for!all!of!our!hard!work!this!year?!Figure!5!shows!performance!since !the! fund’s!very!first!trade!on!12/15 /2010. !The! Student!Managed!Investment!Fund!has!a!4.8%!return!since!inception.!Frankly,!this!means!that!we!have!underperformed !the! S& ;P! 500!but!a!deeper!dive!into !the! data!reveals!that!we!are!being!well!compensated!for !the! risks!that!we!are!taking.!Looking!at !the! Sharpe!ratio!as!a!measure!of!risk!adjusted!returns,!we!outperform!our!benchmark.!As!a!university!endowment!looking!for!safety!and!stability!we!find !the! Sharpe !to! be!a!crucial!metric.!!!Figure'5'Performance'since'inception'We!believe!underperformance!comes!from!several!factors.!Historically,!we!see!underperformance!driven!by!large!cash!positions!and!losses!over !the! summer.!An!examination!of!returns!from!when!students!retook!active!management!in!August!of!2012!shows!a!7.16%!gain!but!this!still!underperforms !the! market.!We!attribute!this! to! a!low!market!beta!and!inefficient!industry!allocations.!Management!has!aggressively!moved !to! correct!this!and!will!close!out!this!semester!with!an!industry!tilt!we!believe!is!most!suited !to! capture!gains!moving!forward.!Figure!7!demonstrates !the! substantial!progress!we!have!made!towards!aligning !the! funds!holdings!with!our!internally!recommended!ideal!allocations.!!!Figure'6.'Returns'since'fall'semester'!Absolute!performance!is!still !the! bottom!line!that!we!hold!ourselves!accountable!for!but!management!also!values!other!performance!measures. !The! SMIF’s!other!chief!measure!of!performance!is !the! Sharpe!ratio. !The! Sharpe!ratio!measures!return!per!unit!of!risk.!One!investment!may!have!a!large!return!but!only!after!months!of!wild!swings.!Another!investment!may!have!a!slow!but!steady!return.!By!normalizing!risk,! the! Sharpe!allows!a!comparison!between!two!investments!with!different!risk!profiles.!!! The! Student!Managed!Investment!Fund!has!a!Sharpe!ratio!of!.024.2!Management!considers!this!an!outstanding!result!and!is!something!that!we!are!very!proud!of. !The! SMIF!not!only!outperforms !the! S& ;P s!Sharpe!ratio!of!V.01!but!also!beats!many!other!wellVrespected!benchmarks.!Taken!in!context!it!becomes!clear!that!despite !the! S& ;P s!larger!return, !the! SMIF!was!paid!significantly!greater!amounts!for !the! level!of!risk!that!it!took.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2 !The! SMIF!maintains!a!three!year!investment!horizon.!As!such, !the! Sharpe!ratio!was!calculated!using!three!year!historical!data!and!a!three!year!risk!free!rate. !The! fund!does!not!have!enough!of!an!invested!history!for!these!calculations.!Instead !the! Sharpe!ratio!of !the! fund’s!individual!holdings!was!calculated!and!used!in !the! aggregate !to! determine!portfolio!performance.!Figure'7.'Ideal'weights'and'current'weights'If !the! fund!is!receiving!a!greater!compensation!for!its!risks!but!still!underperforming!its!benchmark,!it!follows!that!we!took!on!a!lower!level!of!risk!than !the! general!market. !The! fund’s!low!beta!over !the! past!several!semesters!corroborates!this.!Fund!management!has!consciously!tried !to! increase!our!beta!through!investment!in!cyclical!industries!poised !to! succeed!from!a!US!macroVeconomic!recovery.!As !the! fruits!of!our!investment!strategy!pay!off!over !the! next!three !to! five!years!we!expect! to! see!not!only!risk!adjusted!but!also!absolute!outperformance.!!!!Figure'8.'Sharpe'ratio'of&apos ;the& apos;SMIF'compared&apos ;to& apos;selected'indices'and'equities'Moving'Forward''In !the! past!two!years !the! Student!Managed!Investment!Fund!has!developed!into !the! premier!finance!course!at!American!University.!Enrollment!is!limited,!and!even!though!faculty!maintains!tough!prerequisites,!there!is!consistently!a!waitlist!for !the! course. !The! Student!Managed!Investment!Fund!is!well!positioned !to! deliver!educational!and!monetary!returns.!Our!goals!for !the! future!are !to! increase!assets!under!management,!build!relationships!with!financial!professionals,!and!ultimately!create!new!student!directed!classes!with!different!fund!management!styles.!!!As!part!of!our!growing!emphasis!on!building!relationships!with!financial!professionals, !the! SMIF!had!several!guest!speakers!over !the! past!year.!Dennis!Gogarty,!Bill!Mann!SIS!’92,!Ira!Jersey!SPA/SOC!’93,!Eric!Green!KSB!’92,!and!Chris!Hill!SOC!‘96!all!shared!their!insights!with !the! class. !The! class!intrinsically!has!an!emphasis!on!practice!over!theory.!Regular!speakers!add!practical!depth!as !to! the! theoretical!foundation!we!learn!in!other!classes.!Students!not!only!find!this!interesting,!but!also!regularly!apply!concepts!from!guest!speakers !to! the! SMIF’s!management.!! ... Welcome to new friends and old supporters alike. Birthdays are a great chance to celebrate but they also pose an opportunity to stop and reflect on the past year and set goals for the future. As ... !Figure'2.'Target'industry'weightings'and&apos ;the& apos;S& ;P& apos;500’s'weights Notably, before we implemented a top down approach, the fund had significant exposure to consumers with...

... that are most important to them while contributing to the world’s body of water knowledge. Other regions can then easily implement the prototype tools and technologies to rapidly expand the ... (land-use planning, ood forecasting, response plans, etc.). But because oods like other disasters are not preventable, there has been real progress in the proactive and reactive strength of the ... of public-private partnerships exist, and involvement of the private sector is likely to grow. To support this there needs to be a large increase in national and local private company capacity...

... areas being about 0.03 to few Gy, depending on the region where people lived and on their age. The thyroid doses to residents of Pripyat city located in the vicinity of the Chernobyl power plant, ... impacts of the accident and to help plan the future allocation of public health resources. These predictions were based on the experience of other populations exposed to radiation that have been ... post-traumatic stress symptoms), and medically unexplained physicalsymptoms. Such effects have also been reported in Chernobyl-exposed populations. Three studies found that exposed populations had...

... serve the public libraries. This rippling effect of spending is captured in economic multipliers (mathematical factors representing fiscal dollar flows through the economy) that are applied to the ... is the periodical holdings. There is observable daily traffic of patrons who come in to read magazines, newspapers and other periodicals. The 2006 WPLSD publication reports that Wisconsin public ... Method. The study reported a return on investment of $6.54 for each dollar of taxpayer support. It also reported that public libraries enhanced the quality of life in communities and helped to build...

... disruption.Transmitted to the Congress February 2008Together with the Annual Report of the Council of Economic Advisers Economic Report of the President • February 2008 Economic Report of the ... Economic Report of the President A. Report to the President on the Activities of the Council of Economic Advisers During 2007 203B. Statistical Tables Relating to Income, Employment, ... Challenges 68 Addressing Current Challenges 68 Strengthening the Mortgage Market for the Future 71 Macroeconomic Implications 74 Conclusion 76CONTENTSPage 12 | Economic Report of the President...

... The chart below shows the sleep patterns of people in five different occupations according to a Canadian study. Write a report for a university lecturer, describing the information ... to sleep in two 3-hour blocks: one between 7 and 10 a.m. and another from 4 to 7 p. m. Another occupation associated with broken sleep schedules is that of doctors. They tend to retire to bed ... and stressful they sleep for 6 hours on average, getting up around 5 a.m By contrast, truck drivers, probably because of their need to keep their trucks on the road over long periods, tend to...