Bitcoin Basics (Part 1)

Contrary to Powell’s attempt to broadcast that lowering interest rates is a slight correction of the cycle, and not the beginning of a trend, Psagot did not buy the goods Powell tried to sell to markets last night. According to economist Guy Beit Or, “Powell disappointed the markets. He boasted that the change in the Fed’s guidance from the beginning of the year helped the financial conditions and supported the economy but the improvement in the financial conditions meant pricing of 4 interest rate reductions. Therefore, a sentence like this should be seen as a policy adjustment during Mid-cycle ‘and’ we’re not at the beginning of a long cycle of interest-rate reductions’ completely undermined what Powell claimed the Fed had achieved over the past six months.

“These sentences reveal a great deal about the mood in the Fed (two members in general opposed the reduction in interest rates) which is inconsistent with what bond markets embody. True, Powell put a lot of emphasis on the risks to the US economy stemming from the weakness of the world, the trade war and low inflation, but he refused to give the market what he asked for – meaning further reductions in interest rates. In our estimation, the Fed does indeed enter into a cycle of interest rate reductions rather than a ‘mid-cycle policy adjustment’. In our base scenario, the Fed is expected to reduce interest rates by 100-150 bps in the coming year. ” The Fed will again have to lower interest rates

According to Beit Or, the US is already in a slowdown and is late in the economic cycle, and not in its midst, as Powell argues. As mentioned in the results test yesterday, the reduction in interest rates led to a tightening of financial conditions. And the market? Not really convinced – before the interest rate decision, the contracts would be priced at 1.47% at the end of 2020 and today they are priced at 1.39%. In the current situation, those who lead monetary policy here will be the market and not the Fed. “

He said, “When we take into account the global risks that some are already realizing, the trade war (Powell said they have no experience with trade wars and their effects on the economy), low inflation and the exploitation of the labor market as a major growth engine – the slowdown in the US is only likely to continue. Therefore, in our estimation, the United States did enter a significant cycle of interest rate reductions yesterday. “The path of moderate interest rate reductions will work against the depreciation of the shekelRonen Menachem, chief economist at Mizrahi-Tefahot, said that “as far as the Bank of Israel is concerned, following Governor Yaron’s exceptional announcement yesterday (when he said no interest rate hikes would be forthcoming – GBS), any interpretation of the Fed’s announcement toward a more moderate reduction path beyond The sea will play to its advantage and will depreciate the shekel in the coming days, but market forces are currently operating in opposite directions and therefore volatility will be high. “The markets did not have that much to be disappointed with”Alex Zabzynski, chief economist at Best Dash, said in response to the lowering of interest rates: “Like the ECB Governor’s press conference last week, the US central bank also gave the markets less than they expected and caused disappointment. The two central banks did not say they would not operate, but the markets wanted it to happen ‘here and now.’ This response shows that the markets have developed a risky dependence on central bank operations, but banks have less and less to give To them, especially to the European Central Bank. “

“Despite the US Governor’s remarks, it is hard to recall historical examples where the Fed’s interest rate has dropped only once. If the US economy does not show improvement in investment, industry and foreign trade, the Fed will again be forced to lower interest rates. Examining recent developments in the US economy and especially outside it shows that this is a possibility Very reasonable, “Jabzinski wrote. third time ice cream? Meir Shamir proposes to buy Africa Israel for about half the debtAccording to the updated proposal by Mivtach Shamir, submitted after numerous discussions with the bondholders’ representatives, Africa Israel’s bondholders are expected to receive more than NIS 1 billion from the Shamur company7,000 -1.23%)Which is controlled by Meir Shamir, continues its efforts to acquire Africa Israel in its present limited form. On Thursday, Africa Israel reported that it had received a principles document for its purchase by Mivtach Shamir, which would be done by way of a comprehensive debt settlement with Africa Israel bondholders and court sponsors.According to the principles document, at the date of execution of the arrangement, Shamir Shamir will be allocated 100% of the issued share capital of Africa Israel, with the shares currently held by Lev Leviev and the public being canceled and deleted (legalized). In return, Africa Israel bondholders will receive a basket of permits totaling an estimated NIS 1.1-1.3 billion.

This proposal is the third that Shamir insurer submits to Africa Israel and its bondholders, and unlike before, this time it was tabled after many discussions by Shamir insurers led by Shamir and his representative Erez Meltzer, with Africa Israel bondholders’ representatives and trustees of the series and their legal and economic advisers. Thanks to these discussions, the proposal is expected to come up for discussion at a holding meeting which will be convened soon, after which the holders will vote on its approval.The Africa Israel Real Estate Group has been in insolvency for about three years. Since then, it has been able to sell its operations in Russia and Eastern Europe, as well as its activities in Israel in the rental property, hotels and toll roads. Following the sale, Africa Israel remained with the subsidiary Danya’s construction and infrastructure operations. Civus, with the residential development activity of the grandson Africa residential company, as well as land in the Savyon area.After the sale of the assets, Africa Israel has a debt (including interest and linkage) of about NIS 2.2 billion to its holders of its three series of bonds (NIS 25,000). So the proposed arrangement reflects a NIS 1 billion haircut on the balance of the debt. As part of the arrangement proposed by Mivtach Shamir, the bondholders will waive all their existing rights from the company and receive a consideration of NIS 335 million in cash, which will transfer Mivtach Shamir in two payments. In addition, bond holders will also receive the full balance of the funds that will be in Africa Israel at the time of the settlement, less an expected payment of NIS 70 million to the IRS and less any remaining expenses to pay for the arrangement and include trustees’ fees, wages of delegates, wages of legal and economic advisers, and The court’s expert salary. This is an estimated cost of several tens of millions of shekels.

Insurer Shamir also offers bondholders the equivalent of the company’s relative share of cash currently in the Savion Nursery Company, valued at NIS 13 million; a 14% share of Danya Cebus’s African Housing Corporation, valued at NIS 140 million; 50% of Danya Cebus’ cumulative net profit for six years, with a commitment of a minimum of NIS 80 million (under certain conditions), as well as the proceeds from the sale of the company’s winnings in Savyon land. International marketing guru Martin Lindstrom: “The concept of global brands is dead”Martin Lindstrom started advising Lego at the age of 12, and since then has worked with Walt Disney, American Express and Microsoft – becoming a global marketing guru. • In a special interview, he offers giant corporations to prepare for war. Where the world goes “When Martin Lindstrom talks about successful brands as religions, it’s not just an image. Lindstrom, a marketing guru who advises brands around the world and authored seven books that became international bestsellers, dealt with the topic for the first time more than a decade ago in the book “Buyology” – published in Israel. There he lists ten pillars that are common to Christianity, Buddhism and Islam, and that can also be found in strong brands.Lindstrom, of course, is not the first to see Apple-Church similarities, but he is probably the first to decide to put this similarity to the test in a neurological study involving thousands of people’s fMRI scan. Lindstrom’s well-known neuro-marketing research has shown that our brains respond to products and logos of brands like Apple in the same way that they respond to religious symbols and characters.

Apple’s iPods, iPhones and management are a favorite issue for Lindstrom. In 2011, three years after “cannology,” he told a New York Times article about further research showing that people’s feelings about their iPhone are, of course, neurologically similar to love rather than addiction. He advised readers to put the phone aside and keep their love for humans. Lindstrom of 2019 has already abandoned the iPhone completely, become a life-long missionary without a smartphone (we will discuss this later) and knows how to explain in detail what went wrong with Apple and why brand consumers have entered a kind of crisis of faith.If strong brands are so similar to religions, do people leave them for the same reasons that leave religion?Not necessarily, but usually the way in which the principles of religion are fulfilled causes a shift away from religion or branding. When we started the neurological research in which we scanned 2,000 consumers’ brains through fMRI to understand the basics of the faith Ml), we learned that there is a strong correlation between brands and religion. But we also held interviews with religious leaders and realized that there are things that underlie every faith and religion – such as rituals, missionaries, clear purpose and trust. If you fail to generate trust, you can forget about running a brand or running a church. The failure is usually the realization of the principles. “And where is Apple’s failure?Apple is less and less religious. In the past, it was a brand that played entirely according to the principles of religion. One of the pillars of religion is mystery and Apple was a very mysterious member of Steve Jobs. Today, it’s less of a situation. It is the one that is being attacked, much because of privacy issues, and that eventually the social fabric of humanity is disintegrating because of smartphones.People today are less proud of Apple’s logo, when in the past they pasted brand stickers on the car and tattooed Jobs on their bodies. So yes, more and more people are leaving Church and the brand is becoming vulnerable.The most striking evidence is, of course, that fewer people would queue outside Apple stores to buy a new model of iPhone. Officially, Apple says it’s because people buy everything online. It’s true to a certain degree, but if you look at it from a religious perspective, they wouldn’t “You have to let people buy the products online, but make them go to the store in the first few weeks to make this play. It creates a certain aura and domino effect around the world.”

Do you think the departure of chief designer Jonathan Abe, who is responsible for the iconic design of Apple products, is also critical in this regard?I think Johnny Abe is a replacement on some level for Jobs’s character, and I’m not sure the same can be said for CEO Tim Cook. But Abe is just one brick in a big game. “What would you advise Apple today?First of all, they have to sort out their narrative. I think it’s confused right now. Cook comes out and talks about the importance of privacy and how the company is transparent and encouraging young people and small businesses, and later on in The New York Times you can read about how Apple is performing Manipulating so kids and adults spend more time on the iPhone is a problem.The other thing is to put more mystery into the brand. I think there is some mystery, the temple – meaning Apple headquarters in California – is mysterious because not many people have visited it, but I don’t think they have a Steve Jobs-level leader today. The magic she once had. Another thing they have to do is re-create the dialogue with the fans. ”Apple of the 1990s, when Jobs came back, was a place where he spent time with the fans and they became a kind of missionary. He talks to consumers, but consumers can’t talk to him, and that arrogance is standing in his way. ” Corporations completely forget about humanity “Lindstrom, 49, is a Danish native who heads marketing consulting firms with hundreds of employees, and he says he spends 300 days a year traveling. Over the years, he has advised many corporations, including Procter & Gamble, McDonald’s, Walt Disney, American Express, and Microsoft, but he is widely recognized by his books as he shares his stories of the hidden ways in which companies affect consumers.

Prior to “Keniology”, his book “Brand Sense” (“Brand Builders Senses”, also published in Hebrew) was published on how brands can make sense; “Brandwashed” from 2011 provides a sort of behind-the-scenes glimpse of companies, and the dirty psychological manipulations that brands carry on consumer minds. Lindstrom’s latest book is “Small Data,” which goes against the addiction of big data companies, and tells how he visited the homes of thousands of people in 77 countries to learn their consumption habits in-depth and give the brands valuable insights. Our Skype call is taking place while Lindstrom is on a work trip to Saudi Arabia. He stays there in homes and looks closely at the clues hidden in them, in the kind of research he wrote about in “Small Data.” While he understands the importance of Big Data, Lindstrom makes it clear that the insights that come from human encounters and scouring in people’s rooms (in the book, for example, refer to the meaning of refrigerator magnets, how to put toothbrushes in the sink, and why people tend to buy a robotic vacuum cleaner after the death of a pet). More important. “The problem is that running around the world and talking to people is just not sexy,” he said. “The CEO wants to display masses of data collected by computers, but what needs to be done now is to talk to people. This is what journalists do when they want to tell stories, and it is irreplaceable in other professions. The question is whether people will realize it too late. I think now more than ever we need to be aware that humanity and empathy are disappearing from our society. It happens slowly, but we are increasingly treating ourselves through numbers and facts, even though most of what we do on a daily basis is unconscious and irrational. ” What is the status of the Big Data versus the Small Data?

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