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TCLA's Introduction to the City Course
Finance and the Capital Markets
How the City works - The Background
Stock Markets and their Participants
The financial markets
Who are the financial intermediaries?
Interview Question: Why is London a leading financial centre?
Investment Banking
Capital Structure
Raising money
Equity finance
What is an Initial Public Offering?
Debt finance
Debt finance and equity finance
Security
The Money Markets - With Matthew Dow
Introduction
Characteristics of the money market
Why use the money markets?
Why be a lender in the money market?
What are the money market instruments?
Repurchase Agreements (repos)
What is the function of the money market?
Conclusion
Law Firms As A Business - With Matthew Dow
Introduction
Profit Vs Pro Bono
Business Model
Partnership
Alternative Business Structures
Public Company
How Do Law Firms Make Money?
Fixed Fees and Conditional Fee Arrangements
More On The Metrics
Utilisation
Realisation
Leverage
Price
Profit and Profit Per Equity Partner
Partnership Models
Swiss Verein
Conclusion
Appendix - Using Companies House To Research A Law Firm
Liquidity - With Matthew Dow
Introduction
Why has 'liquidity' been in the news?
Why does liquidity impact individuals, businesses, the financial sector and the economy?
Holding cash reserves
Why invest?
Alternatives to cash - purchasing stock
Bonds and yields
Junk and investment grade bonds
The role of interest rates
Low yields turn on the financial tap
Bonds, liquidity and Covid 19
Responses during Covid-19
Low yields in 2020
Search for higher yield
Liquid assets
Share buybacks, leveraged loans and more!
The impact on law firms
Conclusion
EBITDA And Financial Metrics - With Matthew Dow
Introduction
Efficient Market Hypothesis
Alpha
Various Forms of the Efficient Market Hypothesis
Passive Investing
Why Invest Passively?
Active Investing
Warren Buffet and Value Investing
Drawbacks of Active Investment Strategies
Fundamental Analysis
Technical Analysis
EBITDA
Evaluation of EBITDA
Ratios
P/E Ratio
P/B Ratio
Dividend Discount Model
Conclusion
Reading Financial Statements
What are Financial Statements?
Balance Sheets
Case Study: Sky's financial statements
The Income Statement
The Cash Flow Statement
Financial Crime - With Matthew Dow
Introduction
Money laundering - and the role of law firms
Ponzi schemes - and the role of law firms
Insider trading - and the role of law firms
Rogue trading - and the role of law firms
Sanctions - and the role of law firms
White collar crime litigation - some procedural elements
Conclusion
Project Finance - With Matthew Dow
Introduction
What is project finance?
How do lenders get repaid by the project?
Project finance history
Who are the key players in project finance?
Project risk
What is the project finance timeline?
Why do project finance as an investor?
Conclusion
Understanding Pensions - With Matthew Dow
What is a pension?
How does the pension get paid for?
Pension Fund
Types of Pensions
Defined Benefit Pensions
Defined Contribution Pensions
How Do Pension Funds Invest?
Conclusion
The Stock Market, Exchanges, Trading and Clearing Houses - With Matthew Dow
Introduction
Primary and Secondary Market
The Stock Exchange
Commodities and Derivatives
Who can trade on an exchange?
Brokers
Dealers
Big Bangs and Broker Dealers
How Does The Share Price Of A Stock Actually Change?
Order Books
High Frequency Traders
Clearing, Clearing Houses & Settlement
Settlement Risk and Clearing Houses
Clearing House Guarantee
Conclusion
The US-China Trade War
Section 1: Introduction
What are the most important events in the trade war so far?
US-China Trade War - Updates!
September 2018 - September 2019 Trade War Updates
Section 2: Why is the US imposing tariffs on China?
Do tariffs work? Example: The rubber chicken trade wars
China's outbound investment regime
What are the other reasons for the tariffs?
Section 3: The Impact of the US-China trade war on businesses - 2018
The Impact of the US-China Trade War on sectors - 2019
Technology
Agriculture
Consumer goods and retailers
Commodities
Section 4: How has the trade war impacted major economies? - 2019
United States
China
Germany
Emerging markets
Section 5: Interview Question - Who is winning the US-China trade war?
Section 6: Impact on law firms
Cybersecurity in law firms
Introduction
Who is Affected By Cybercrime?
Real World Impact
Implications
Distributed Denial Of Service Attack (DDOS)
Dealing with DDOS
More on Botnets
Spear Phishing and Trojan Horses
Spearphishing and Law Firms
Man-In-The-Middle Attacks
Humans and Cybersecurity
Ransomware
Encryption
Conclusion
Tax - With Matthew Dow
Introduction
Tax Evasion versus Tax Avoidance
How Are Taxes Actually Paid?
How Are These Taxes Charged?
Taxes, Duties and Tariffs
What Are The Major Taxes In The UK?
Income Tax
National Insurance
Capital Gains Tax
Inheritance Tax UK
Value Added Tax
Corporation Tax
Base erosion profit shifting (beps)
How Are Lawyers Impacted By Tax?
Conclusion
Insurance - With Matthew Dow
Introduction
What Is Insurance?
A Classic Insurance Example
Systemic Risk - Why COVID Is A Problem?
Moral Hazard and Adverse Selection
Types of Insurance
How Do Insurance Companies Get Paid?
Where Do Insurers Invest?
A Word On Insurance Technology
Re-Insurance
Retrocession
Conclusion
The General Data Protection Regulation
Background to the GDPR
What Legislation did the GDPR replace?
What Exactly Is GDPR?
What Does GDPR Do For You And Me?
Terminology
How Does GDPR Get Enforced In The UK?
Lawful Purpose and GDPR Principles
What Are My Rights Under The GDPR?
What Are The Responsibilities Of The Data Controller?
Data Protection Officer
Brexit And GDPR
Impact Of GDPR
Crime And Punishment
Conclusion
Real Estate Investing - With Matthew Dow
Introduction
What Is Real Estate?
Why Invest In Real Estate?
Income Provision and Inflation Protection
Diversification
Leverage
Why Does The Return On Equity Matter?
How To Invest In Real Estate?
Real Estate Investment Trusts
Real Estate Crowdfunding
Conclusion
ESG and Impact Investing - With Matthew Dow
Introduction
Not Just ESG
Stakeholder Capitalism
How Did We Get Here?
ESG Introduction
Demographic and technology ESG developments
A Word on Ethics And Measurement
Diversification and Best In Class
Divestment
Data and ESG Disclosure
What is ESG All About?
Does One Size Fit All?
Greenwashing
Does ESG Work?
Conclusion
Sovereign Wealth Funds - With Matthew Dow
Introduction
What Investments Do These Sovereign Wealth Funds Make?
History of Sovereign Wealth Funds
Why Have A Sovereign Wealth Fund?
Unclear Objectives
Legislation
Conclusion
Recessions and Financial Crises - Matthew Dow
Introduction
Defining a Recession
Bear Markets and Depressions
Recession and Recovery
Recession Shapes
What Measures Do Governments Take Following Recessions
Criticisms of Government Spending during Recessions
Inflation and Public Spending
Monetary Spending
Monetary Policy Criticisms
Quantitative Easing
Criticism of Quantitative Easing
Austerity
Regulation and Legal Ramifications Of Recessions
How Do Investors Act During Recessions
Conclusion
Financial Crises: A Few Lessons From History - With Matthew Dow
Introduction
The Wall Street Crash
The Great Depression
Savings & Loans Crisis
Japan's Lost Decade
The Asian Crisis
The Dotcom Bubble
The Great Financial Crisis (2007-2009)
Conclusion
United States
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