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Q&A with Max Giolitti, Formerly at the Alaska Permanent Fund

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Max Giolitti

This interview appears in the 3Q Y2011 issue of the Sovereign Wealth Quarterly.

Q&A with Max Giolitti, Former Head of Risk Management and Asset Allocation at the Alaska Permanent Fund

1. For large institutional investors, what is your investment outlook on 2012, is it positive, negative, mixed?

In terms of asset prices it is mixed. Developed countries in particular are going through an adjustment period. From a “great moderation” standpoint this is a significant outlier event, but from a longer historical context it is not. Emerging countries will also experience the effects of the developed countries pains, but then the very definition of emerging implies greater volatility. My investment philosophy is based on three principles: value, risk and diversification.

I don’t try to predict which asset will do well in a given year but rather to build a risk and economic scenario balanced portfolio that won’t depend on making that choice correctly every time. From a tactical standpoint, I believe in risk factor tilts based on valuation.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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