CFP- Level-1-IP (Global) Chapter 7-9

4. Leverage Ratio Also known as capitalization ratios) show the percentage of total capitalization (debt plus equity) that is debt. Several ratios are used, but the ones that analysts watch most closely are the debt-to-total-capital and the debt-to-equity ratios. Long-term debt is used in the numerator because it is not paid off during a normal operating cycle. Therefore, it can be manageable today, assuming a favorable business environment, but it could become a burden when the business cycle changes direction. Various terms are used in the figure in the denominator, causing confusion among users of the ratio. The most straightforward description for the figure in the denominator is total capital, long-term debt plus shareholders’ equity. Friday, 15 July 2022 Investment Planning & Asset Management

4. Leverage Ratios Debt-to-total-capital ratio ������������������������ ������������������������ ������������������������ ������������������������������ ������������������������������������������ Factors to consider when using ratio analysis are: 1. One ratio by itself means little; 2. Ratios should be used for comparison purposes (apply it in the same way with different firms); 3. Comparing one company’s ratio to an industry poses potential problems because of the difficulty of classifying a company into one industry— especially large, diversified companies; 4. Differences in accounting practices can make comparisons problematic.

Wealth Management Discounted Cash Flows Cash flow is defined in different ways. The most basic definition might be EBITDA, which was described previously. EBITDA includes operating income after all cash expenses excluding income taxes (not under the control of management) and interest expense (a financing decision, not an operating decision). EBITDA is a look at cash generated from operating the business.

Wealth Management The mechanics of a discounted cash flow methodology (DCF) can be quite complicated, but in basic form, the DCF methodology consists of 6 steps: 1. forecast the discretionary cash flow that a company is expected to generate in each of the next few years, generally three to five years. To calculate discretionary cash flow: Earnings before interest and taxes (‘EBIT’) - cash income taxes = net income before financing costs + depreciation and amortization - capital expenditure requirements - incremental working capital required to support growth = discretionary cash flow

Wealth Management 2. the discretionary cash flow for each year of the forecast period is discounted to a present value amount using a discount rate. The discount rate represents the required rate of return for a particular investment opportunity given the associated risks. 3. a ‘terminal value’ is calculated by estimating the annual discretionary cash flow beyond the forecast period, divided by a capitalization rate. The capitalization rate represents the discount rate less a long-term growth factor. The terminal value represents the estimated enterprise value of the company beyond the forecast period. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management 4. the terminal value is discounted to a present value amount using the same discount rate applied to the discretionary cash flows; 5. the present value of the terminal values is added to the present value of the discretionary cash flows to calculate the enterprise value of the company; 6. interest bearing debt is deducted from enterprise value to derive the shareholder value of the company. Friday, 15 July 2022 Investment Planning & Asset Management

Let us understand with the help of example • Assume the following for Company ABC: • Revenues of 25 million in the current year. • Expects revenues will increase its revenues by 5% per year in each of the next 3 years. Revenues will grow thereafter at a long-term growth rate of 2% per annum; • EBIT (earnings before interest and taxes) margin to remain at 10% of revenues. The EBIT margin is net of depreciation and amortization at 2% of revenues; • Invest 1 million in new equipment in each of the next two years. Thereafter capital expenditure requirements will be 0.5 million per year, growing at a long-term rate of 2% per annum; • Will require additional working capital at a rate of 10% of revenue growth; • Has an income tax rate of 30%; and • Has interest bearing debt of 2.5 million outstanding • An after-tax discount rate of 15% is appropriate. With respect to the terminal value calculation, the buyers’ capitalization rate is 13%, calculated as the discount rate of 15%, less the long-term growth rate of 2% Friday, 15 July 2022

Current year Year 1 Year 2 Year 3 After Year 3 Revenues 25,000,000 26,250,000 27,562,500 28,940,625 29,519,438 5% 2% % Growth 5% 5% 28,94,063 29,51,944 (8,68,219) (8,85,583) EBIT Margin % 10% 25,00,000 26,25,000 27,56,250 20,25,844 20,66,361 5,78,813 5,90,389 Less Income Tax 30% (7,87,500) (8,26,875) (500000) (510000) Income after tax 18,37,500 19,29,375 (57,881) Add Depreciation 2% 5,00,000 5,25,000 5,51,250 2088868 (% of Revenue) (1000000) (1000000) Deduct Capital Spending Deduct 10% (1,25,000) (1,31,250) (1,37,813) Incremental Working Capital Discretionary Cash 1237500 1349375 1966844 Flow

Discretionary Cash Flow Current year Year 1 Year 2 Year 3 After Year 3 Discount Rate 1237500 1349375 1966844 2088868 15% 15% 15% Terminal Value 13% (Discount rate-Growth Discounted Cash Flow Rate) 16068216 Cash Flow at the mid point of the year 0.5 1.5 2.5 2.5 PV 1153969 1094168 1386841 11329860 Enterprise Value= =1153969+1094 PV of Cash Flows + PV of 168+1386841+1 Terminal Value 1329860= 14,964,838 Rounded off to 15,000,000 Less 25,00,000 = Shareholders Value Rs.12,500,000 Interest Bearing Debt

Wealth Management Concentrated Investment Holdings Executive Stock Options Similar to private business owners who have their business ownership as a large percentage of their net worth, executives at publicly traded corporations can have as a result of stock options or stock savings plans, a high concentration of their portfolio invested in one company Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Concentrated Investment Holdings A common result of incentive stock options, or an executive stock ownership plan, is an increase in the size of the executive’s stock position with the company over time. This means the executive is likely to have some degree of concentration within his or her portfolio of company stock. The question this should raise is whether the concentrated position increases potential portfolio risk to an unacceptable degree. The answer to that question is often yes. If the executive works with, or owns, a smaller company, then the risk may be greater volatility, because smaller company stocks often exhibit that tendency. According to a paper by Morgan Stanley, the first step to address a concentrated stock position is to define strategic objectives (Morgan Stanley, 2017), which may include: 1. Creating liquidity 2. Hedging risk 3. Diversifying the concentrated position 4. Accepting the risk of a concentrated position Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Alternative Investments for High Net Worth Individuals The use of alternatives opens the portfolio to investment possibilities in asset classes outside of those normally considered to be traditional.

Wealth Management Trusts Advanced tax planning and more complex estate planning issues are often required for high net-worth investors with unique family situations, who are involved with charitable giving or as we saw previously business owners who are planning succession and exit strategies. In these cases, there is often the use of trusts. A trust is a legal entity created by a party (the trustor, settlor or grantor) who transfers assets to a second party, the trustee. The trustee holds and manages the assets for the benefit of the named beneficiaries of the trust. The beneficiaries are considered to be the beneficial, not legal, owners of the trust assets. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Trusts The four main types of trusts are: 1. Living (inter vivos): a trust created by the trustor while they are alive. 2. Testamentary: a trust established through a will and which is created when the trustor dies. 3. Revocable: a trust that can be modified or terminated by the trustor after its creation. 4. Irrevocable: a trust that cannot be modified or terminated by the trustor after its creation. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Trusts Trusts can also be structured to be either fixed or discretionary. 1. A fixed trust specifies the distributions to the beneficiary. For example, three percent of the total assets value at the end of a calendar year may be distributed to the beneficiary. 2. In a discretionary trust, the trustee determines how much to distribute. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Trusts Common Reasons for Trusts: 1. Asset Protection; 2. Control; 3. Tax Reduction.

Wealth Management Foundations and Endowments Foundations and endowments are entities created for philanthropic and charitable activities. Foundations are grant-making institutions funded by gifts and investment assets. Endowments are long-term funds owned by operating not-for-profit organizations. Private or family foundations must distribute income annually for charitable purposes. In contrast to private foundations, endowments are not subject to a specific legally required spending level.

Wealth Management Private Banking versus Wealth Management Private banking is an alternative to nonbank services offered to high net worth individuals (HNWIs). Private bankers usually offer investment-related advice and specialized financial solutions. Some of the available services include special access to loans and lines of credit, estate and retirement planning, and access to investment alternatives. Most private banks require a relatively high level of investable assets (e.g., $500,000 and more). Banks also generally provide a high level of privacy and confidentiality to clients. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Conclusion It’s important to recognize that HNWIs have many of the same needs and concerns as those with lesser means. It’s just as important to remember that those needs and concerns often expand beyond the basics into more specialized territory. To effectively serve HNWIs, investment advisors must educate themselves on the special needs and requirements of this market segment. Further, positioning oneself as a wealth manager demands a high level of investment-related acumen, along with significant real-world experience. Friday, 15 July 2022 Investment Planning & Asset Management

Wealth Management Conclusion Harold Evensky, a successful wealth manager and CERTIFIED FINANCIAL PLANNER professional in the United States, has identified four interrelated categories for the wealth management investment process (Evensky, Horan, & Robinson, 2011): 1. Client relationship 2. Client profile 3. Wealth management investment policy 4. Portfolio management, monitoring and market review Friday, 15 July 2022 Investment Planning & Asset Management

• Chapter 7 Ends here • Thanks a lot Friday, 15 July 2022 Investment Planning & Asset Management

Chapter-8 Behavioral Finance Friday, 15 July 2022 Investment Planning & Asset Management

Introduction • Behavioral finance is about understanding the psychology of investors when they actually invest money. • Human beings are not always rational while taking investment decisions. The decisions are affected by many factors. • Behavioral finance attempts to understand and explain observed investor and market behaviours. • This differs from traditional (standard) finance, which is based on hypotheses about how investors and markets should behave. • In other words, behavioral finance differs from traditional finance in that it focuses on how investors and markets behave in practice rather than in theory. • By focusing on actual behaviour, behavioral researchers have observed that individuals make investment decisions in ways and with outcomes that differ from the approaches and outcomes of traditional finance. Friday, 15 July 2022 Investment Planning & Asset Management

Introduction 21 investor biases in three categories: 1. General behavioral biases (6), 2. Information processing biases (8) and 3. Emotional biases (7) Friday, 15 July 2022 Investment Planning & Asset Management

1 Behavioral Biases 1. Cognitive dissonance 2. Conservatism 3. Confirmation 4. Representatives 5. Illusion of control 6. Hindsight Friday, 15 July 2022 Investment Planning & Asset Management

2 Information processing Biases 1. Anchoring and adjustment 2. Mental accounting 3. Framing 4. Availability 5. Ambiguity aversion 6. Self-attribution 7. Outcome 8. Recency Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional biases 1. Loss aversion 2. Overconfidence 3. Optimism 4. Self-control 5. Status quo 6. Endowment 7. Regret aversion Friday, 15 July 2022 Investment Planning & Asset Management

Behavioral Finance 1. Behavioral Biases 2. Information processing Biases 3. Emotional biases 1. Cognitive 1. Anchoring and adjustment 1. Loss aversion dissonance 2. Mental accounting 2. Overconfidence 3. Framing 3. Optimism 2. Conservatism 4. Availability 4. Self-control 3. Confirmation 5. Ambiguity aversion 5. Status quo 4. Representatives 6. Self-attribution 6. Endowment 5. Illusion of control 7. Outcome 7. Regret aversion 6. Hindsight 8. Recency Friday, 15 July 2022 Investment Planning & Asset Management

Behavioral Biases Cognitive Dissonance • When people get new information that is not matching /conflicts with a pre-existing understanding, people may experience mental discomfort, also known as cognitive dissonance. • When in a state of cognitive dissonance, people will often perform significant rationalizations to maintain psychological stability. • Unfortunately, attempts to achieve this cognitive harmony are not always in the individual’s self- interest. • Two primary aspects of cognitive dissonance exist as it applies to decision-making: • Selective perception: People only register information that appears to affirm an already chosen course. • Selective decision-making: This usually occurs when commitment to an original decision course is high. Selective decision-making rationalizes actions that enable a person to adhere to the original course. • An example might be for someone to continue to invest in a project that has soured, to not “waste” previously sunk funds. Friday, 15 July 2022 Investment Planning & Asset Management

1 Behavioral Biases • Conservatism • Conservatism is the mental process by which people adhere to past views or forecasts at the expense of admitting new information. • As an example, an investor who receives negative earnings information about a company in which he has an investment may do little or nothing in response. • This is not to say making changes based on all new information is preferable. • Rather, conservatism refers to the specific denial of, or under-reaction to, new information, because it may negate a previous forecast or information that led to making the original decision. Friday, 15 July 2022 Investment Planning & Asset Management

1 Behavioral Biases • Confirmation • This bias refers to a type of selective perception that emphasizes ideas that confirm our beliefs, while devaluing whatever might contradict them. • Another way to look at this is that we tend to convince ourselves that our beliefs are correct, and we discount or dismiss any information to the contrary. • Investors frequently fall prey to this bias by failing to acknowledge negative information about a security, even when that information is substantial and credible. • If we agree with someone’s beliefs, we’re more likely to be friends with that person. In part, this moves us in the direction of subconsciously ignoring or dismissing things that threaten our views. Friday, 15 July 2022 Investment Planning & Asset Management

Behavioral Biases • Representativeness • Explanation: It refers to the tendency to form judgements based on stereotypes. • You would form an opinion about how a student would perform academically in college on the basis of how he has performed in school • Although representativeness can be a good rule of thumb but it can lead people astray. • For example: • Investors may be too quick to detect patterns in data that are in fact random • Investors may become overly optimistic about past winners and overly pessimistic about past losers • Investors may believe that a healthy growth of earnings in the past may be representative of high growth rate in future Friday, 15 July 2022 Investment Planning & Asset Management

1 Behavioral Biases • Illusion of Control • The tendency to believe that one can control or influence outcomes, when this is not possible in many circumstances. • People betting money in casinos illustrate this concept. • They often believe they have some control over the outcome, but rarely (if ever) do. • Illusion of control causes a person to assume that the probability of success is much higher than objective reality would suggest. • Personal choice, task familiarity and active involvement in a task can all unrealistically increase confidence Friday, 15 July 2022 Investment Planning & Asset Management

1 Behavioral Biases • Hindsight • “I knew it!” After an event has happened, people tend to determine that the event was predictable—even if it was not. • People tend to overestimate the accuracy of their own predictions. As a result, people may tend to overestimate their prediction ability and underestimate actual levels of uncertainty. • An investor may believe after analyzing the current economic environment that an investment is going to drop in value. When it does, even though the reason may have nothing to do with the economy, the investor is certain of his or her ability to make an accurate prediction. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Anchoring and Adjustment • Anchoring is one of the root psychological flaws that pushes otherwise brilliant people to make financial mistakes. It’s critical to admit this heuristic is hardwired in your brain or you will continue to succumb to it. To avoid making serious financial mistakes, you must become a vigilant contrarian. • In the mental process of anchoring, we begin with some tentative solution to our problem and then we seek a better or more accurate solution. • For example, we walk on to a car lot and note the sticker price, and we use that number as our starting point for negotiations. • We know we can buy the car for that amount, and we start the process of seeking to get a better price. • Studies have shown that the higher the first price we are given, the higher will be the final price we end up paying for the exact same item. Stores sometimes bump their prices 30% higher before a 30% off sale because they understand this principle. • A famous experiment was carried out called “Wheel of Fortune” • Participants in this experiment were shown numbers thrown up by Wheel of Fortune. • Then asked a question” How many African nations are members of UN. • This experiment had no relevance to the question, still participants chose numbers shown by Wheel of Fortune Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Anchoring and Adjustment • Although nearly all of us seem to say we are long-term investors, our tendency is to be swayed emotionally by the most recent short-term movements in the markets. • We want to invest more in sectors that have recently been doing well, and we want to avoid, eliminate or reduce sectors that have recently dropped in value. • One study found that because of moving in and out of mutual funds at exactly the wrong moments, investors in mutual funds experience returns that underperform the very funds they were invested in, by 2.2 percentage points annually. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Contrarian Investment Strategies: • Investing does not have to be hard. You will achieve better results by thinking outside the box and applying alternative ideas and concepts to investing. • Investing requires hard work. It takes time, consistency, and patience. The way to make money is to lead the crowd. All that is required is an open mind and some common sense. • Contrarian investing is an investing approach that often runs counter to conventional wisdom. To do well you must adopt a strategy that is different from that of the mainstream. You cannot just get into the market, do what everyone else is doing and expect to make a lot of money. To do better than average you must do something different than that of the average investor. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Mental Accounting: • Explanation: Every financial decision should be based on a rational calculation of its effects on overall wealth position • In reality people do not have the computational skills and will power to evaluate decisions in terms of their impact on overall wealth • Replacing the car frequently and also throwing parties will have bearing on overall wealth in the long run • People separate their money into various mental accounts and treat the money in different accounts differently • For example investors may have high preference for stocks paying high dividends although they spend all the dividend amount Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases (Mental accounting) • Question A: Suppose you are in a store to purchase a new flat screen television. You agree to the purchase price of $750, but just prior to paying, you notice a discarded flier advertising the same television for only $720. However, to get the discount, you must drive to a store about 10 minutes away. Will you get into your car and travel to the other store to take advantage of the lower price—yes or no? • Question B: Now suppose you are in the same store, but this time you want to purchase a table that costs $4,000. You are willing to pay the price, but while waiting to make the purchase, you start talking with another shopper who tells you that another store, about 10 minutes away, has the same table for $3,970. Will you get into your car and drive to the other store to obtain the lower price? • Many people would drive to the other store to save $30 on the television, but not to save the same amount on the table (i.e., $30 in both situations). Mental accounting causes the perception that the first discount is of greater value, because it is a higher percentage off the original price—even though the actual amount of savings is identical. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases • Framing • This is the tendency to respond to various situations differently based on the context in which a choice is presented or framed. • So, an individual who only needs one apple might purchase three if the price is shown as one for Rs.25 three for Rs.60. • Narrow framing is a situation in which people focus too restrictively on a few aspects of a situation, to the exclusion of other crucial aspects. • Investors tend to look at each investment separately rather than at the portfolio in its totality. • Hence they are more focused on price changes in individual stocks and less concerned about the behaviour of the overall portfolio • Narrow framing can lead people to overestimate risk • Although stock market may give negative return in short term but gives positive return in the long run Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Availability • Availability is a rule of thumb or mental shortcut that allows people to estimate the probability of a new outcome based on its familiarity and prevalence in their lives. • This results in readily available thoughts, ideas or images being perceived as representing unbiased indicators of statistical probabilities. • Rather than decide based on reasonably available objective data, the person decides to “go with their gut”; that is, feelings rather than facts. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Ambiguity Aversion • People tend to dislike uncertainty (i.e., ambiguity) more than they dislike risk. That is, people do not like situations where they are uncertain about the probability distribution of an unknown (i.e., a gamble). • The more competent an individual, the more likely they will be comfortable with ambiguity (assuming that individual believes they can make an accurate prediction based on personal judgment). • People who are uncertain about a potential investment are likely to demand a higher expected rate of return than they would demand if they felt certain about the risk/return trade-off of a security. • Another example is the tendency of investors to prefer home market (i.e., domestic) investments rather than foreign investments, due to the perception of less ambiguity with the home market. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Self-Attribution • Self-attribution is the tendency of individuals to ascribe their successes to talent or foresight, while blaming failures on outside influences. There are two primary aspects: • Self-enhancing bias: A tendency to claim an irrational degree of credit for successes. • Self-protecting bias: An irrational denial of responsibility for failure. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases • Outcome • Explanation: Deciding based on the outcome of events, without researching or learning about the events and circumstances that led to the outcomes. • An individual who makes an investment because a friend or family member made a significant profit in the same investment, without doing any research or investigation. Friday, 15 July 2022 Investment Planning & Asset Management

2 Information Processing Biases Recency • Recency is a cognitive bias that causes an individual to place more emphasis on recent events than those that occurred in the past. • The recency of the event elevates it in an individual’s memory (i.e., free recall). • When testing free recall, presence of the recency bias means that individuals remember more recent events better than those that came previously. • For investors, this creates the potential to develop a short-term, rather than long-term outlook. This can also cause a person to discount consistent historical investment results in favour of a “hot streak” (remembering that past performance is no guarantee of future results). Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional Biases • Loss Aversion • Built from prospect theory, loss aversion suggests that people generally prefer to avoid losses rather than to achieve gains. • Loss aversion can cause people to hang onto poor investments with little or no potential for a turnaround (i.e., waiting until they are able to “break even”). • One study showed that the possibility of a loss is, on average, twice as powerful a motivator as the possibility of making a similar gain. • Loss aversion can cause an individual to do the opposite of what is preferable: take risk to mitigate losses (e.g., hang on to a poorly performing investment, when they should sell), rather than taking appropriate risk to increase gains. Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional Biases • Overconfidence • Many people believe that they are better at many things than other people around them. • In a 1998 study on overconfidence and securities trading, the author noted that “People have unrealistically positive self-evaluations” (Greenwald, 1980). • “Most individuals see themselves as better than the average person and most individuals see themselves better than others see them.” (Taylor & Brown (1988)). • “Most people rate their abilities and their prospects higher than those of their peers” • Overconfidence can be summarized as unwarranted faith in one’s intuitive reasoning, judgments and cognitive abilities. People think they are smarter and have better information than they do. Common examples include prediction overconfidence (e.g., too precisely predicting the future value of a stock) and certainty overconfidence (i.e., becoming blind to the potential for loss in an investment). • Overconfidence is one of the most detrimental biases. Underestimating downside risk, trading too frequently, pursuing the next “hot stock” and holding an under diversified portfolio all create significant potential problems when trying to build long-term wealth. Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional Biases • Optimism • This may be somewhat related to overconfidence, which is not necessarily a negative trait, in and of itself. However, believing that bad events (or investments) will not happen to “me,” only to other people, is delusional. It may lead individuals to have an unrealistically positive view of themselves and their futures. • Optimism can become negative when it produces the tendency to rate oneself higher than the general population. This is not an uncommon situation. • As an example, when surveyed, most drivers considered themselves to be better than average (which is statistically impossible). People can also be overly optimistic about purchasing the stock of the company where they work. An outsider, viewing the stock dispassionately, might not be impressed, but the insider, assuming a (perhaps) overly optimistic outlook, confidently invests in the stock. Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional Biases • Self-Control • Self-control bias is the tendency to consume today rather than save for tomorrow. It should really be called a lack of self-control. When a client engages in retail therapy (i.e., spending money that could be better used for other purposes on goods that are probably not needed), the client may be exhibiting a lack of self-control. • When people refuse to alter a current lifestyle to save or invest for retirement (or any future goal), they are likely dealing with self-control bias. • This bias contributes significantly to self-sabotaging activities, such as focusing on consuming rather than conservation. • Not always, but sometimes, people who have experienced a significant period of little or no money may suffer from self-control bias. • Even after they have enough money that they could save, they spend (interestingly, other people who experience the same lack of money, can turn into compulsive savers as their financial lot improves). Friday, 15 July 2022 Investment Planning & Asset Management

3 Emotional Biases • Status Quo • Status quo comes from Latin and translates into “the existing state of affairs.” People faced with a selection of options from which to choose, tend to choose whatever option ratifies/confirms or continues the existing situation (i.e., the status quo). • As in the realm of physics, people can become subject to inertia. Inertia may be significant, but status-quo bias suggests a more intense anchoring effect, as exemplified by the phrase, “We’ve always done it this way.” • Status quo is sometimes accompanied by loss aversion, causing the individual to maintain current status when making a change would be more beneficial. Friday, 15 July 2022 Investment Planning & Asset Management