Alliance against China G7 countries decide on global infrastructure plan

Status: 13.06.2021 6:38 p.m.

At the initiative of US President Joe Biden, the G7 countries agreed on a billion-dollar infrastructure initiative for the emerging countries. It should be an alternative to China’s “New Silk Road”. From Notker Blechner, tagesschau.de It sounds like a kind of “Marshall Plan” for the poorer countries of the world: At the G7 summit in Carbis Bay, the leading western industrialized countries have an infrastructure project entitled “Build Back Better World” (in German: a better world rebuild) decided. Hundreds of billions of dollars are to be invested by the G7 countries in cooperation with the private sector.

The US is the driving force behind the initiative

The project was promoted by US President Joe Biden. It is reminiscent of the billion dollar infrastructure plan adopted in the USA, which Biden promoted under the slogan “Build Back Better”. The aim is to offer poorer countries “transparent high-quality partnerships”, announced Biden at the end of the summit. The global infrastructure project of the G7 states is supposed to be an alternative to the “New Silk Road” with which China is promoting infrastructure projects from Asia to Europe. The People’s Republic has agreed “Belt and Road” projects with around 100 countries, including the construction of new train routes, ports and roads. According to the business information service Refinitiv, around 2,600 projects with a volume of 3.7 trillion dollars have already been launched. Critics accuse Beijing of driving poor countries into a debt trap and into political dependency. With the “Silk Road”, China is pursuing the goal of expanding its geopolitical influence worldwide. A US official called the new G7 alliance against China’s Silk Road a positive alternative vision that “shows our values, our standards and our way of doing business”. It is not about “the countries have to choose between us and China”.

Transparent alternative to the “New Silk Road”?

Chancellor Angela Merkel gave a less ideological justification for the infrastructure plan of the G7 countries. “We have to deal with the fact that China is running quite successfully infrastructure projects,” she admitted. “We can’t just stand by and watch.” The G7 group must show “that we are an important and successful factor in development work in the world”. She emphasized that the project was “not against something, but for something”, namely the expansion of the infrastructure, especially in Africa. The German economy has been demanding for some time that Europe react to China’s “New Silk Road” with its own infrastructure strategy. “If we want to regain spheres of influence in developing countries, it is not enough to criticize China. We have to make better deals,” said Friedolin Strack, head of the International Markets department in the Federation of German Industries (BDI), to the “Handelsblatt”. German companies usually go away empty-handed when it comes to the Silk Road projects.

Trillions of dollars are needed

According to Biden, there is a global need of 40 trillion dollars for the expansion and modernization of the infrastructure. He didn’t give any details. In a preparatory paper for the G7 summit it was said that 1.5 to 2.7 trillion dollars of additional money would be necessary every year for the developing and emerging countries to achieve the sustainable development goals of the United Nations. In fact, many countries in Africa, Asia and Latin America lack modern roads, train lines, bridges and ports, as well as facilities for water supply, sewage and waste treatment. In the opinion of the G7 group, the World Bank and other international financial institutions have proven to be too clumsy when it comes to infrastructure projects. This is why national development banks in particular, such as the German Reconstruction Loan Corporation (KfW) or the US International Development Finance Corporation, are now to develop and implement projects.

Concrete projects only in 2022

It will take a few more months for the G7 countries’ global infrastructure plan to take shape. The first concrete projects are not expected to appear until next year. The new G7 task force for infrastructure projects in developing countries is to make specific proposals in 2022. “I hope that we can present such projects at the next G7 summit,” said Chancellor Merkel. Germany will take over the G7 presidency in 2022.

Choose the dressing route that suits your age and don’t follow suit

Kelly’s style is actually closer to our usual dressing. In front of other first ladies wearing very ceremonial professional attire, Kelly’s “lady diplomacy” is more like pediatrics. But Kelly has fully demonstrated this uniqueness. The first lady can also take a lively and playful route, so her dressing style makes people feel particularly eye-catching.

Kelly has fair skin, so this pink dress looks really amazing. Shallow high heels like Brigitte are generally favorites of first ladies. Fans who are familiar with the clothes of Melania and Ivanka should all have the impression that their shoes are almost the same style. The color has changed a little.

Kelly also has her own personality in the choice of shoes. The candy-colored shoes and the candy-colored skirt are girly this time!

The British First Lady’s finale looks unconvinced

Kelly always surprises people. After a few days of styling with the girl next door, her rented suit changed the style of the new first lady. Kelly showed a variety of styles at the G7 summit, but it didn’t cost much. Kelly rented this 8,000 yuan suit for only a few hundred yuan. Carey gave full play to the tradition of saving, and only wears clothes once. Renting is more cost-effective than borrowing!

This blue suit shape made Kelly’s previous image of a good girl overturned. This is the rhythm of going against the wind! The big difference in image can make people impressive. Therefore, she also behaved generously in front of Brigitte and Jill, who are very rich in fashion diplomacy.

Princess Kate’s single look is going to be eliminated

The fashion styles of European royal families and first ladies have always attracted much attention. The look of Princess Kate at the G7 summit made many people complain. Her single style seems to be surrendered to fashion rookie Kelly.

Kate’s pink skirt is really full of grooves, and the figure of the paper figure who can’t support the clothes looks particularly imposing. Princess Kate is also very economical, wearing a dress for several years, but in terms of fashion sense, her taste is really outdated.

Before the rise of the new British first lady Kelly, the clothing of Queen Letizia of Spain is absolutely commendable. In her outfit yesterday, she chose a fresh icy blue series, which made people feel like iced soda in a hot summer. Queen Letizia is also under great pressure under the background of the more innovative British lady Kelly, who has always followed the simple style of Lai!

Fashion Tips: How to stand out in such a big fashion competition, in fact, the most taboo is to follow the trend. There are two secrets to the victory of the new British first lady: use her own age advantage and not be constrained by the most traditional style. Kelly uses her own way to show the most distinctive fashion diplomacy.

Kelly’s girl-next-door style looks much more relaxed than professional attire on such formal occasions, and her smile really gives her a lot of points.

The new British first lady becomes a “fashionable rookie”!The alternative girl next door, Fan, is under pressure after Kettering

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Learn about the mistakes in choosing colors for your home below to learn from the makeup of the family home. According to architect Vo The Duy (CTA | Creative Architects), when coming up with ideas for a house, homeowners need to know the feeling and style they want to have. Homeowners should not interweave each one a little into the house, it will take time to choose and the result is not satisfactory, messy in color as well as the general spirit. Am house (CTA | Creative Architects) with deep colors, uniformity of ceiling, wall, floor colors …) Choosing colorful materials, patterns, decorations… but having no design experience is the cause of the messy feeling in the house. Therefore, homeowners need to specify the main color tone for the house, bright or warm colors, or contrast, break the way … When there is a dominant color tone, all interior products, ceiling and floor colors, etc. will follow a rule. Synchronization of colors and textures in wall materials (CTA | Creative Architects) The selection of objects to press and how to color should be consulted by the design unit to ensure aesthetics. Architect Vo The Duy gives advice to many homeowners: “We should keep the attitude that we can let go, let go, not force it, all must be one color. One color tone, but there will be many different materials and surfaces to choose from.” With the prevailing minimalist design trend today, all monochrome wall and floor colors, simple light colors will be easy to combine the interior according to the main color, highlighting one object is enough. Simple, gentle colors in T-house (CTA| Creative Architects).

Imprint of fashion style The stars when attending BBMA highlight the youthful, modern and innovative spirit expressed through extremely impressive costumes. Female singer Pink appeared in a pink dress design. She was “escorted” by two babies Willow and Jameson on the BBMA 2021 red carpet. Alicia Keys also chose pink tones for her red carpet outfit from fashion house Valentino. On the BBMA 2021 stage, Alicia Keys delivered an impressive performance, marking her 20-year career. She wears Balmain’s “custom” outfit. Singer HER sparkles in a red Dior jumpsuit. She also wore a Dior outfit in the previous rehearsal of the show. Singer Kehlani wears Tony Ward’s outfit with Bvlgari jewelry. Female rapper Saweetie shows off her incredible femininity in a dress from Giambattista Valli. With a petite figure, Doja Cat chose to wear Balmain’s designs with black and white stripes. The neck and chest of the shirt have decorative details that create impressive accents. Singer Karol G represents sexy Latin music in a see-through dress. The Jonas brothers are also not absent from this year’s BBMAs. Nick Jonas wears a green Fendi outfit and Joe Jonas (centre) wears a Prada outfit. Particularly Nick Jonas has his wife Priyanka Chopra to support. Priyanka Chopra wears a bespoke design by Dolce & Gabbana, inspired by the brand’s Fall/Winter 2007 collection. DJ Marshmello and Jonas Brothers, two new names collaborated on the new music product ”Leave Before You Love Me”. Although BTS could not attend in person, the group still appeared at BBMA 2021 from Seoul, with a performance of their latest song “Butter”. BTS also won 4 BBMA Awards 2021. Megan Fox appeared with her boyfriend Machine Gun Kelly. She wore a sexy design from the Mugler Spring Summer 2021 collection. The trio of rap group Migos also attracts attention with colorful outfits. The Weeknd is elegant and dignified like a gentleman. DJ Khaled wears Dolce & Gabbana costumes.

Diamond Ranch High School in Ponoma City, California, has a special shape thanks to its unique structural blocks.Architecture Week said that, at first, the project to build this school on the hill was considered impractical and impossible. . Photo: Library of Congress. The Ramon Cortines School of the Performing Arts is located on the edge of the Chinatown district in Los Angeles, California. This school is designed in the shape of a disruptive pyramid. Photo: Instagram. The spiral around the top of a school building is considered a symbol of this unique architecture. Photo: Wikipedia. Amino Lenox Charter High School in Inglewood, California, is famous for its wall of openings that both create a unique look and provide an airy atmosphere for students studying inside the building. Photo: Wikipedia. Youngker High School in Buckeye, Arizona, impresses again with its state-of-the-art performing arts center located on campus. Its auditorium can accommodate up to 600 people. Photo: Business Insider. In 2012, Sandy High School in Sandy, Oregon, was redesigned, doubling its size. The school is impressed by its asymmetrical architecture, taking wood as the main material. The school is located next to a small forest, creating an environmentally friendly feeling for teachers and students. Photo: IBI Group Architects. The Ínstituto Institute of Medical Sciences was built in an old warehouse in the city of Chicago, Illinois. The school has only 180 students and focuses on teaching Science, Technology, English, and Mathematics. Photo: JGMA. Most of the building still retains the structure of the old warehouse. However, the floor, ceiling and walls are painted in bright colors, attracting the viewer’s eye. Photo: JGMA. The unique feature of Riverview High School lies in its multi-window architecture. Inside the building, objects are arranged far apart, creating ventilation, especially suitable for space for libraries and cafeterias. Photo: Business Insider. Jones College Preparatory High School is on the list of the most beautifully designed schools in America thanks to its long architecture. Photo: Business Insider. The wide hallway is the perfect spot for a stroll in the sunlight streaming through the windows. It also makes traveling between classes less boring. Photo: Business Insider. This unique architecture belongs to the Football Academy, UNO Elementary School. This is a privileged school that focuses on developing football talents. Photo: JGMA. UNO has a giant soccer field in the back. In addition, the school also impresses with the curved window design. This school has 575 students. Photo: JGMA.

As a bride, everyone wants to be beautiful on their big day. Therefore, the choice of wedding dress is always carefully chosen by women. One of the criteria for choosing a wedding dress is the ability to flatter and be fashionable. In addition, many people also want to be unique, creating an unforgettable impression for important moments. Because of this desire, many women are ready to “play out” wearing unique, overly creative designs of fashion houses. Recently, the DailyStar page posted a “difficult” image of the bride Rielle on her wedding day. Specifically, she wears a wedding dress with a cup shape, a deep slit to help the bride flatter her full bust. If the upper part of the dress is designed like a corset, the lower body is a transparent, see-through chiffon. Seen from behind, Rielle almost shows off her hot bust, despite the disapproving glances of many people. Not only that, the cut-out details are “dangerous” to make people look “hot”. In order to avoid exposing her private area, Rielle had to use a whole bunch of chemicals to cover it. Immediately after the image of Rielle was posted, many comments criticized the bride’s dressing like no other. In fact, not only Rielle was “stoned” for dressing offensively. In many cases, brides also have similar problems when choosing outfits with 1-0-2, which is likened to a wedding dress disaster. A bride once caused a stir when wearing a wedding dress that could not be shorter, revealing her bust and high socks. Not to mention, she also used chiffon to decorate the back of her hips, which looked extremely “painful”. While the above brides tried to show off their breasts, this girl showed off her oversized bust. Looking at these pictures, surely many guests are embarrassed. A bride with a confusing outfit. Using the dominant white tone, the hotpants and accompanying accessories make the overall look extremely difficult. The bride has a good-looking face, but the point that attracts others’ attention is the wedding dress that is no different from the revealing swimsuit. If compared to the short, bold, sure, this lingerie wedding suit has no “rival”. Photo: Internet. Invite readers to watch the video: Fashion show of plus size people. Source: VTV24.

Song Hye Kyo is known as one of the pearls of the Korean film industry because of her beautiful beauty, and specializes in taking on roles that are kind, gentle, or cute and funny. Song Hye Kyo’s real-life fashion style is also generally considered to be quite “gentle”, even a bit safe and bland. However, if we pay close attention, we will realize that the Korean “beauty wall” also has a pretty cool style, breaking the way and that is piercing two piercings. Specifically, right from a young age, Song Hye Kyo has repeatedly shown double holes in her ears. This piercing style of Song Hye Kyo is not too rebellious with detailed piercings, but it is enough to give the impression of a cool, personality Song Hye Kyo but still full of femininity and charm. And by adding a second piercing, Song Hye Kyo’s appearance has become more impressive, even more prominent even with just her hair and a fairly simple outfit. Those are the disruptive images of Song Hye Kyo when she was very young. It is thought that over time, at the age of 40, Song Hye Kyo will no longer pursue such a personal piercing style. But just recently, through the story that Song Hye Kyo shared via her personal Instagram page, we learned that the actress still retains this personality style. The actress wore her hair down simply, tucked one side of her hair and cleverly showed off one ear, which was highlighted with a simple but trendy X-shaped piercing, and a very elegant, feminine, and outstanding long ring. . The tips Song Hye Kyo chose have an elegant and luxurious design, but thanks to her personal piercing, the actress’s appearance also has something very cool and playful. Previously, Song Hye Kyo was often criticized for being pale. However, since returning to the single life, the female star of “Autumn in My Heart” has often experimented with very innovative and new things, such as dark eyeliner, curly curly hair, etc. dressed in sexy, liberal clothes and always caused a big fever because of the interesting in style. These are the factors that have helped Song Hye Kyo gradually successfully remove the “light as snail juice” style label, instead of the variety that always makes the public curious. And with the latest move to return to the cool piercing style of her youth, Song Hye Kyo’s style at the age of 40 has once again made a strong impression. Song Hye Kyo at the age of 40 often renews her style, making the public admire. Photo: Collectibles

The model of a 2-storey house with 600 million street faces with white tones as the main color brings a fresh and elegant feeling. Model of 2-storey tube house with light beige exterior as the main color, combined with dark brown and wood grain, modern materials such as: tempered glass, light brown Xingfa aluminum door, all are coordinated Cleverly matched, showing off attractive beauty. This 2-storey house model costs 600 million is designed with 2 main colors: white and red brown. In which, white is used as the background color to adorn the modern and elegant beauty of the house. This is a 2-storey house model with an additional garage on the ground floor and above used as a suitable terrace. This 2-storey house model is designed with a moderate height, the door and balcony door are made of tempered glass to make the house more airy. The model of 2-storey Thai roof house has been popular in recent years because of its aesthetics and convenience. The 600 million 2-storey house model stands out with a slightly disruptive design of the top roof, and the decorative motifs are also quite new and impressive. Modern and convenient is this model. The house was built with a good price of materials or more and the finished price after construction was also about 600 million. This 2-storey square house looks very neat and solid, impressive. Although the house is square, the house is treated with indented architectural blocks to create its own beauty and attraction. The 2-storey house has a rectangular appearance combined with white tones, with fancy coffee notes full of personality. The model of a 2-storey house with a Thai roof brings an elegant and gentle beauty with white color combined with blue color. This is one of the roof styles with large slopes, high heat dissipation and heat resistance. This L-shaped Thai roof model is very popular today because of its moderate cost but very good usability, suitable for multi-generational families living together.

The breaking roof with curving lines is the most special highlight of this 3-storey design. You will be attracted as soon as you see the front of the house. This design model is highly appreciated in terms of aesthetics. The model of the 3-storey house 5×20 takes the main white tone, throughout the floors. Using seamless architecture, combined with small landscape of green trees directly hitting the eye is the attraction with any gaze towards the house. This is a model of a 3-storey 5×20 tube house that is popular with many people because of its optimal design, suitable for the overall street, and has its own unique features. The current 3-storey 5×20 tube house models have been arranged with a lot of green space from outside to inside, throughout all 3 floors of the building. You will feel more comfortable and at ease being integrated into nature. The 3-storey 5×20 tube house model with a garage is definitely not to be missed, especially for today’s street houses. Model of 3-storey 5×20 tube house with tum continues to become the trend of choice for modern design. Model of 3-storey 5×20 tube house with luxurious flat roof is exclusively for homeowners who like a unique way for the roof. Plus points for these designs when using green space into the house. Design style modern or neoclassical, these architectures bring the beauty of luxury, modernity, and never go out of fashion. Green space is arranged throughout the floors, from inside to outside the house, creating both a highlight and a space to relax and rest for the owner. With this design style, the 3-storey house model appears with minimalist parts, without sophisticated decorative details but still ensures luxury, extremely modern and trendy. Model of 3-storey 5×20 tube house in modern style is one of the designs chosen a lot for today’s street space.

Summer is also the time when jeans shorts are loved by many girls. This style of pants creates a youthful dynamic feeling and is also comfortable and easy to mix clothes. However, there are 6 styles of jeans shorts that you should stay away from if you don’t want to lose your style to a catastrophic level. 1. Tassel fringe pants Shorts with fringed fringes create a shabby, unflattering look and also make your legs look bigger Instead, you should choose models of pants with hem folds because when worn, it will help the image look elegant and beautiful. 2. Pants with many details attached Even if you like disruptive pants, you should also consider staying away from designs with too many attached and stylized details; These pants are both elegant and quickly out of fashion. Instead, you can choose plain pants in bright colors 3. Tights Shorts with tight designs often make your image look bad, revealing sensitive spots. Instead, you should choose comfortable pants to bring a more pleasing image 4. Low-rise pants Gone are the days of the throne of low-rise low-rise pants. Instead, you should invest in high-waisted pants to both create a sense of elegance and enhance long legs, a better shape hack effect. 5. Multi-button jeans The models of jeans shorts with many buttons not only make your image look less charming and cheesy, but also significantly drown your figure. It’s best to stick to basic jeans 6. Overalls Overalls make your image look like a dreamy high school girl, lacking in seriousness. Instead, you should invest in a bodysuit, the image will be elegant but still youthful and trendy.

The most basic formula when wearing jeans is to mix with a knitted shirt, a T-shirt so you have a beautiful set of eye-pleasing clothes, the look to work or go out is also stable. In terms of footwear, if you wear sports shoes, you will have a youthful dynamic feeling If you choose to wear high heels, sdandal will create a sense of femininity, momentum, better posture. To create the most flattering effect when wearing jeans, you should pay attention to choose high-waist pants, in addition, the shirt should be a crop top or t-shirt to create a sense of emphasis on the visual effect on the circle. 2 The combo of jeans and white shirt is a dynamic combo that meets the eyes of the office. However, if you want to add some new interesting parts to this set, you can choose the shape of plain jeans, mixed with sports shoes, t-shirt in the form of Hawa-like front flap to set the outfit more interesting. If you are afraid of wearing plain-legged jeans that easily create a feeling of indulgence, you should choose to mix with crop top to show off more effectively. Then mix the outer blazer to create a feeling that is both new and interesting without being too sexy or disruptive Badger jeans are also a basic item that you can not lack in the wardrobe. This type of pants is also known as tobacco-shaped jeans because of the vertical leg, with a slight hug. When wearing this type of pants you can mix with a T-shirt or a blouse This style of pants has inherently created a pretty flattering effect, so you can mix it with sneakers or high heels to match. When you come to work, you can combine a blouse combo of jeans and a cigarette, and a blazer, complete with a pair of slender high heels, which is a beautiful, elegant standard set. For street walks with friends, you can refresh your style a little and pick up the pair of jeans with flared t-shirt sneakers. Flared-leg jeans have the ability to show off quite well, making the round 3 look more attractive while also covering the disadvantages such as big, curved calves.

Over the past time, Yeri has been constantly considered by netizens to “copy” Jennie’s style, from her fashion sense to Yeri’s expression when taking photos, which reminds many people of Jennie. But in fact, Joy is the member of Red Velvet who often contacts Jennie the most. Like sets suit This way, for example, coincides with design to color. Not only touching the thin knit sweaters, but both Jennie and Joy matched the matching clothes. From choosing a black shirt to wear underneath to matching with a skirt or pants are also black. Set This yellow dress is highly praised for the figure of the wearer and if Jennie wears a more uniform jacket, Joy is more liberal and youthful with a close-fitting shirt. Both girls are bold with this classic look with this frilly shirt, but Jennie’s coordination is praised for being softer and more subtle while Joy abuses accessories. Need to be sweet, lovely, there is this extremely feminine chrysanthemum pattern right away. Jennie scored thanks to the detail of tying her shirt into a bow tie. Same long shirt, but two women idol create a distinct style. While Jennie was not afraid to delay her collar to show off her outstanding shoulders, Joy was more discreet, only showing off her blue straps. Another hit of a row demonstrates what a different mated item would look like. It takes a close look to find out that Jennie is wearing a sweater because she cleverly combines with a white T-shirt inside.

Du Lihong, the special author of this journal / article

As the world’s largest alternative investment management company, Blackstone has three main sources of income: management fees, performance compensation, and return on principal investment. Among them, the proportion of management fee income in the total income (management fee income + performance return + net investment income) is relatively stable between 40%-50%. Affected by the epidemic from January to September 2020, performance returns will be reduced to negative Correspondingly, the proportion of management fee income in total revenue has increased significantly to more than 100%; in the past 5 years (2015-2019), Blackstone management fee income accounted for an average of 49% of total revenue.

Compared with management fee income, performance compensation is more sensitive to the fund’s own investment income. Since performance compensation is usually withdrawn when the fund’s return rate exceeds the threshold, even if the fund’s assets are still appreciating during the period, as long as its appreciation is reduced, the performance compensation of its management company may drop sharply, or even When the fund assets depreciate, the manager may face the risk of returning the performance rewards that have been withdrawn before. At this time, the performance rewards will be negative. In 2020, affected by the epidemic, Blackstone’s performance compensation in the first quarter fell to -3.274 billion U.S. dollars; with the rebound of the capital market valuation in the second and third quarters, the company’s performance compensation and principal investment income also rebounded, but the first three quarters The cumulative performance reward is still US$300 million; and during the financial crisis, Blackstone also experienced negative performance rewards (in 2008, Blackstone’s performance reward was -12.5 billion US dollars).

Conversely, when the appreciation of fund assets exceeds the threshold, Blackstone’s performance returns will increase exponentially. It can be seen that the performance returns of alternative investment management companies have high volatility characteristics. On average, in the past 5 years (2015-2019), Blackstone’s performance compensation accounted for an average of 45% of total revenue.

As for the principal investment income, for the alternative investment management company, the principal investment at the business level is mainly composed of two parts: one is the amount of capital contributed by the alternative investment management company as a GP (general partner) in the funds initiated and managed by the alternative investment management company. , This part of the capital contribution will be the same as the capital contribution of other LPs (limited partners), which can share the investment income of the fund in proportion and bear the investment loss of the fund; the second is that alternative investment management companies will incubate new business lines/product lines with their own Funds are used as seed capital investment in some new projects and external acquisitions of new teams. We collectively refer to them as “seed capital” business. In addition to the income contribution of the asset itself, this part of the investment will also increase as the business line/product line matures. It will leverage higher asset management leverage to lay the foundation for future expansion of asset management scale, higher management fees and performance rewards. In fact, for many alternative investment management companies, the management leverage of principal investment is of great significance. Far greater than the significance of its investment income.

Blackstone’s business-level principal investment in 2019 is approximately US$6.8 billion, and the resulting net investment income (realized and unrealized asset appreciation income + net interest income + dividend income) is only 530 million US dollars, which is only equivalent to the current year. 7.6% of the total income; but this part of the principal investment supported the scale of assets under management of US$570 billion, which contributed US$3.484 billion in management fee income and US$3.0 billion in performance returns that year; affected by the epidemic in 2020, investment assets will be slightly Depreciation, the cumulative investment income from January to September fell to -71 million U.S. dollars, but because investment income accounted for a relatively low proportion of the total income, short-term fluctuations had little effect on the company’s overall performance. More importantly, It lies in whether these seed capitals can leverage a higher proportion of the scale of assets under management in the long run. In the past 5 years (2015-2019), Blackstone’s principal investment income accounted for an average of 6% of total income.

In summary, for mature alternative investment management companies, the first two together account for more than 80% of the total income, while the principal investment income usually accounts for less than 20%. Among them, the contribution rate of the performance reward in the boom period can reach more than 50%, but the performance reward in the low period will be greatly reduced or even negative. Therefore, the management fee income maintains the basic operation of the company in the long run, and the performance reward determines the company The short-term performance volatility of the investment; as for the principal investment, the contribution of its investment income is less. The more important significance is to maintain the innovation power of the enterprise in the form of seed capital and promote the continuous growth of the scale of managed assets.

The principal investment of alternative investment management companies will amplify the management leverage, and the management leverage will amplify the risk of volatility while amplifying the return on income. That is, when the appreciation of fund assets slows down, the manager’s performance returns will also be greatly reduced. Even negative; however, because the incentive compensation part of the management team in operating costs will also change with performance fluctuations, the incentive compensation will also be greatly compressed in years when investment performance has fallen sharply, and may even be reduced to a negative value (ie , The part of the salary payable that has been confirmed and yet to be paid to the management team is reversed), so in the long run, the profit margin of alternative investment management companies is relatively stable.

Taking Blackstone as an example, Blackstone’s operating profit margins have always been high, ranging from 30% to 60%. Except for 2008, when performance returns were negative, Blackstone’s operating profit margins in all other years were within 30% to 60%. In the years with good performance, the operating profit margin can rise to more than 50%. In the years with poor performance, the operating profit margin can generally be maintained at more than 30%. In recent years, there has been an upward trend. This is largely due to Due to its ever-expanding scale of managed assets and huge single fund scale, the scale effect has effectively reduced the personnel costs and other operating expenses allocated on the unit’s managed assets.

In contrast, Carlyle’s refined product line has reduced the company’s overall operating profit margin to a certain extent. Unlike the giant funds deployed by Blackstone globally, Carlyle pursues a multi-fund strategy that subdivides product lines by region and industry. Correspondingly, the scale of its single fund is small, but its product lines are numerous and the total number of funds is large. This undoubtedly increases the company’s fund-raising costs and the cost of call payment, distribution, and reporting during the fund operation process, and also weakens the management team. The synergy between the two, its operating profit margin is usually between 20%-40%, which is lower than that of Blackstone. However, as Carlyle gradually withdrew from some under-performing business lines and product lines, and introduced an insurance sustainability platform through mergers and acquisitions, its operating profit margins have increased.

Compared with operating profit margins, for alternative investment management companies, a more meaningful indicator is the ratio of rigid expenditure to management fee income, which shows whether alternative investment management companies can continue to maintain profitability and maintain dividends in the trough. According to historical data, Carlyle’s rigid expenditure ratio has always been the highest among the five companies, with an average of about 80%. Among them, in addition to the cost of product line refinement, the follow-up incentive cost of M&A expansion also accounts for a considerable proportion. .

Compared with Carlyle, Apollo Asset Management’s rigid expenditure ratio has always been lower. The reason is mainly due to the construction of the perpetual capital platform. With the contributions of its insurance platforms Athene and Athora, perpetual capital has already accounted for To 60% of Apollo’s total assets under management, and contributed a relatively stable management fee income to it, saving fund-raising costs, and its large entrusted scale also reduced personnel costs, so that the company’s overall rigid expenditure accounted for a relatively high proportion. Low level.

As for Oaktree Capital, on the one hand, the non-performing asset disposal strategy in the post-financial crisis period has reduced investment opportunities and the pace of fundraising has slowed, resulting in a slowdown in the growth rate of management fee income; on the other hand, in order to maintain its stickiness to investors, the company has since 2011 Since the beginning of the year, the pace of launching new products has been accelerated, which has led to an increase in the proportion of rigid expenditures; as a result, from the listing in 2012 to the end of 2018, the company’s management fee income has basically maintained at the level of 700 million US dollars per year, but the cash remuneration of the business department The increase from US$330 million to US$400 million, and the general management fee from US$110 million to US$160 million, caused the company’s rigid expenditures to rise from 59% in 2012 to 71% in 2018.

In contrast, with the expansion of the scale of its assets under management, the ratio of rigid expenditure to management fee income has dropped from 70% during the financial crisis to about 50%, so that it can maintain positive cash flow and provide investors with relatively stable dividends. income.

In summary, the ratio of rigid expenditure to management fee income of large alternative investment management companies is usually between 50% and 80%. The refinement of product lines and subsequent incentive costs of mergers and acquisitions will increase the proportion of rigid expenditures to a certain extent. , And the growth of the scale of the perpetual capital platform can reduce the proportion of rigid expenditure to a certain extent; in addition, the difference in salary structure will also affect the proportion of rigid expenditure. Some companies have a slight proportion of basic salary in total compensation. High, in order to maintain the stability of employees, and some are based on incentive compensation to enhance the incentive effect; but in general, even in the downturn of the industry, the management fee income of large alternative investment management companies can basically cover their rigid expenditures. As a result, the company maintains a continuous positive cash flow. Correspondingly, even under the impact of the epidemic, several listed alternative investment management companies have maintained relatively stable dividend income.

As of the end of 2020, Blackstone’s dividend rate was 3.0%, the average dividend rate for the past 5 years was 6.1%, and the dividend yield rate for the past year was 3.3%; the lowest dividend rate was KKR, which had a dividend rate of only 1.3% as of the end of 2020 , The average dividend rate in the past 5 years is 3.7%, and the dividend yield in the past year is 1.8%; the highest dividend rate is Apollo, which has a dividend rate of 4.8% as of the end of 2020, and the average dividend rate in the past 5 years is 6.4 %, the dividend yield in the past year is 4.8%; while Carlyle’s dividend yield is similar to that of Blackstone. As of the end of 2020, the dividend rate is 3.4%. The average dividend rate in the past five years is 7.7%. The dividend yield in the past year The yield is 3.1%. In short, in the past five years, dividend income has contributed 20%-40% of the total shareholder return of large-scale alternative investment management companies listed in Europe and the United States.

(The author is a partner of Beta Strategy Studio, and the WeChat public account is Du Lihong Alternative Finance.)

In the inspiration of the new season’s motifs, designer Hoa Nguyen wishes to bring a breakthrough and at the same time, satisfy the inspiration inspired by her muses – the customers of the designer Hoa Nguyen in the paintings. original colors, metaphorical motifs of circulation and change.

Like a butterfly, the world changes and we transform as we begin a new journey, in a positive mood, becoming the perfect form. Finally, a positive mindset, an optimistic mind will change everything with true love.

This is the time when we sit down and talk about the story of color, original nature extracted color, bold and abstract, the message conveyed in Butterfly Effect is as strong and special as the charisma itself. that the ladies of SHE BY HOANGUYEN own.

In such a historic time for the world, Butterfly Effect appeared, inspiring a positive spirit and full of vitality, the statement that this collection brings is very clear: “I wanted to do something breaking and breaking the rules because I think, what worked a few months ago, doesn’t make any sense today.“.

Designer Hoa Nguyen’s muse in this collection is Miss Tieu Vy – Miss Vietnam 2018, after two years of incumbent appearance in a completely different form, at the time of wearing the Butterfly Effect design, created an image. symbolic.

Having spent two years cherishing a collection of great changes, Butterfly Effect was born with colorful history and fairytale, containing fresh colors and vignettes in each design for instant conquering the ladies of SHE BY HOANGUYEN.

And then we see a beautiful, beautiful Tieu Vy in designs filled with colors of luxurious tweed material or striking vignette dresses that still have a sense of classic, style of the old times.

Designer Hoa Nguyen has found his ideal metaphor for a new world with diverse wonders, bringing them to life with a powerful butterfly image that fosters a constant message of positive, new Strange and brimming with aura of life.