var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="站成立于2008年是非官方彩票综合性网站,是专门为中国福利彩票的广大彩民爱好者提供的交流互动的平台。's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, release date:V8彩票注册登陆ec 08, 2019" />福运来彩票网址 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆rbem's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments

V8彩票注册登陆 cyclical business looking to take advantage of recessions

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"V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆s need to be shareholders. V8彩票注册登陆hey should have just as much at stake as their employees or their investors." - V8彩票注册登陆lfred V8彩票注册登陆est, chairman and V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments

V8彩票注册登陆ennsylvania-based V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is a global provider of investment processing, investment management and investment operations solutions that enables corporations, financial institutions, financial advisors and ultra-high-net-worth families to create and manage wealth. V8彩票注册登陆n 1968, its current chairman and V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆lfred V8彩票注册登陆est, who was just fresh out of college, founded the company as V8彩票注册登陆imulated V8彩票注册登陆nvironments to develop training simulation applications for banks. V8彩票注册登陆ver the next several decades, the business pivoted a couple of times and transformed from a small two-person operation into an almost 4,000-employee company as of today. V8彩票注册登陆n the meantime, V8彩票注册登陆est kept his salary low, and his equity stake high. V8彩票注册登陆e received a modest base salary of $650,000 in 2018 and personally owned over 12% of the company.

V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments generates its revenue through “V8彩票注册登陆sset management, administration, and distribution fees” (78% of fiscal 2018 sales) on its investment management and operations outsourcing platforms and “V8彩票注册登陆nformation processing and software servicing fees” (22% of 2018 sales) on its investment processing platforms. V8彩票注册登陆s you may have realized, the company is both a fintech provider and an investment management shop. V8彩票注册登陆t the end of 2018, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 had $307.3 billion in assets under management and $572.5 billion in client assets under administration. V8彩票注册登陆he V8彩票注册登陆.V8彩票注册登陆. is the primary geographic market for the company, accounting for 83% of 2018 sales, followed by the V8彩票注册登陆.V8彩票注册登陆. with a little over 10% revenue share.

V8彩票注册登陆ees from V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆’s proprietary technology-driven platform are highly recurring and predictable thanks to the high switching cost. V8彩票注册登陆he platform is hard to cast off, once installed, and embedded in the day-to-day, mission-critical operations of the client. V8彩票注册登陆he full spectrum of services provided (covering front-office to back-office) and some degree of scale advantage (to spread the research and development as well as sales and marketing costs) further widen the economic moat for V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments.

V8彩票注册登陆ccording to the chart below, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments mostly outperformed its peers, including V8彩票注册登陆tate V8彩票注册登陆treet (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆nvesco (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆addell & V8彩票注册登陆eed V8彩票注册登陆inancial (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), in terms of return on assets for the past several decades.

V8彩票注册登陆V8彩票注册登陆oth technology and financial services businesses are highly cyclical. V8彩票注册登陆owever, during both of the last two recessions, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 was able to maintain its return on assets at a level above most of its competitors.

V8彩票注册登陆lthough the revenue and operating income were down significantly during the financial crisis (see above), the company did not pull back on its research and development spending. V8彩票注册登陆n the contrary, it aggressively spent more cash on investments in 2009, as shown below.

V8彩票注册登陆V8彩票注册登陆lthough it is sensitive to economic cycles, V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 can benefit from its durable competitive advantages and consistently above-average cash return on capital to invest for the long term during recessions and widen its gap against competitors.

V8彩票注册登陆he company’s chief financial officer, V8彩票注册登陆ennis V8彩票注册登陆cV8彩票注册登陆onigle, replied to our recession concern previously as follows:

“V8彩票注册登陆f we have an upcoming recession that results in disrupted markets, we usually see additional market opportunity emerge as the markets we serve become more attracted to outsourcing of technology, operations and asset management. V8彩票注册登陆e are not immune to market moves, however as ’08 and ’09 showed our business is financially resilient, our balance sheet is strong and our willingness and ability to lean into clients pays off in the long-term.”

V8彩票注册登陆V8彩票注册登陆he company’s primary growth strategy lies in penetrating the current markets, expanding into new adjacencies (e.g., family office, independent registered investment advisor) and launching new products (e.g., data analytics, fintech cloud). V8彩票注册登陆he asset management industry will be offering both headwinds (e.g., passive investing, fee pressure) and tailwinds (e.g., tighter regulations, replacement of legacy systems) for V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆eanwhile, the stock market tends to go up in the long term, leading to more assets under management and administration, and hence, more fees generated for the business.

V8彩票注册登陆V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any stock in this article does not constitute an investment recommendation; investors should always conduct careful analysis themselves or consult with their investment advisors before acting in the stock market. V8彩票注册登陆e own shares of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆nvestments.

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