![]() ![]() Information about the improvements in PostgreSQL 15.3, see PostgreSQL release 15.3. This release of Aurora PostgreSQL is compatible with PostgreSQL 15.3.
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![]() Skiena,ĭiscrete Mathematics: Combinatorics and Graph Theory with Mathematica. Note: The reason that we have only 2 choices instead of 3, is that there is a duplicate in the given input. Suppose that we pick the number 1, now the remaining numbers would become 1, 2. n in the symmetric group Sn, we say that i matches the marked mesh pattern MMP (a,b,c,d) in if there are at. ![]() ![]() "Permutations: Johnson's' Algorithm."įor Mathematicians. Given the input of 1, 1, 2, at the first stage, we have 2 choices to pick a number as the first number in the final permutation, i.e. 2-cycles are called transpositions such permutations merely exchange two elements, leaving the. "Permutation Generation Methods." Comput. A permutation with no fixed points is called a derangement. Knuth,Īrt of Computer Programming, Vol. 3: Sorting and Searching, 2nd ed. "Generation of Permutations byĪdjacent Transpositions." Math. "Permutations by Interchanges." Computer J. "Arrangement Numbers." In Theīook of Numbers. The permutation which switches elements 1 and 2 and fixes 3 would be written as Pseudocode: Initialisation: Start with sorted combination - here 1,2,2 Next permutation step: Find the largest index k such that a k < a k + 1. (2)(143) all describe the same permutation.Īnother notation that explicitly identifies the positions occupied by elements before and after application of a permutation on elements uses a matrix, where the first row is and the second row is the new arrangement. Wiki page describes permutation algorithm to get the next lexicographic permutation, that works well with repeated elements. There is a great deal of freedom in picking the representation of a cyclicĭecomposition since (1) the cycles are disjoint and can therefore be specified inĪny order, and (2) any rotation of a given cycle specifies the same cycle (Skienaġ990, p. 20). This is denoted, corresponding to the disjoint permutation cycles (2)Īnd (143). ![]() The unordered subsets containing elements are known as the k-subsetsĪ representation of a permutation as a product of permutation cycles is unique (up to the ordering of the cycles). The number of combinations of n objects taken r at a time is determined by the following formula:įour friends are going to sit around a table with 6 chairs.(Uspensky 1937, p. 18), where is a factorial. At each level, the branching factor is reduced by 1 so it will go like N, N-1, N-2.1 starting from root. Archiv der Mathematik volume 29, pages 571573 (1977)Cite this article. In this case, each path will go upto N depth in solution tree. Transitive groups with fixed-point-free permutations II. Time - O(n (P(N, k))) - In worst case, all numbers in the input array will be unique. In our example the order of the digits were important, if the order didn't matter we would have what is the definition of a combination. Space - O(N) - Each call stack depth would be N where N is the length of input list. For example, the three elements 1,2,3 can be arranged into 3 6 unique permutations: 1,2,3, 1,3,2, 2,1,3. A permutation is an arrangement of elements. ![]() In order to determine the correct number of permutations we simply plug in our values into our formula: LeetCode 47: Permutations II (Medium) Problem Statement: Given a list of integers that may contain duplicates, return all possible unique permutations of those integers, in any order. How many different permutations are there if one digit may only be used once?Ī four digit code could be anything between 0000 to 9999, hence there are 10,000 combinations if every digit could be used more than one time but since we are told in the question that one digit only may be used once it limits our number of combinations. The number of permutations of n objects taken r at a time is determined by the following formula:Ī code have 4 digits in a specific order, the digits are between 0-9. from typing import List class Solution: def permuteUnique (self, nums: Listint) -> ListListint: Initialize an empty list to store the permutations permutations Sort the array so that we can skip duplicates when generating permutations nums.sort() Use a backtracking search to generate the permutations self.backtrack(permutations. One could say that a permutation is an ordered combination. If the order doesn't matter then we have a combination, if the order does matter then we have a permutation. It doesn't matter in what order we add our ingredients but if we have a combination to our padlock that is 4-5-6 then the order is extremely important. A Waldorf salad is a mix of among other things celeriac, walnuts and lettuce. Before we discuss permutations we are going to have a look at what the words combination means and permutation. ![]() ![]() Resurgence opens with that theme, with the Resolute having just been repaired after a catastrophic "malfunction" at the hands of Captain Solano. Star Trek captains often make difficult decisions that trickle down to the rest of the crew, sometimes involving sacrifice for the greater good. She's a Kobliad, an endangered race who rely on Deuridium infusions to survive. With Jara, you can choose to be a by-the-book type who's loyal to her captain or more of a character who plays fast and loose with the rules. Both are loyal Starfleet officers and aside from a few snide comments, there's no real option to go rogue. You switch between playing as First Officer Jara Rydek and Petty Officer Carter Diaz. she has to make some life-altering decisions, like whether or not to commit genocide. Only, the lower decks characters become the real heroes and villains in this story, showing that wearing three pins on your uniform isn't the be-and end-all. It brings together a balanced mix of bridge crew antics-a well-established Star Trek approach-and the inspiring, comic-relief side of the lower decks, which we've seen in the newest animated series. Also, everyone is wearing DS9-style uniforms, so you know it's going to be good. It's set in 2380, right after the events of Nemesis and 16 years after the beginning of The Next Generation. Star Trek: Resurgence is meant to represent roughly three full-length films and ties in nicely to the post-TNG era series and movies. Rather than having five distinct acts or episodes that arrive separately, you'll get to play it all at once as you swap between the two player characters, who each get their own uniquely titled episodes, much like you'd see in The Next Generation. Resurgence isn't an episodic tale, at least not in the traditional Telltale sense. But Dramatic Labs offers something more: complicated puzzles, stealth sequences, time-sensitive exploration objectives, better cinematics, and an overall departure from the Telltale default of feeling like you're watching an interactive movie. The Telltale formula of a strong narrative combined with morally ambiguous decision-making-and plenty of QTEs-seems to fit the Star Trek storytelling style perfectly. " Star Trek: Resurgence review: Beam me up". " Star Trek Resurgence understands what makes great Star Trek". ^ " Star Trek: Resurgence (Xbox Series X)"." Star Trek: Resurgence release date set for May". ![]() " Star Trek: Resurgence - The First Preview (IGN First)". RPGSite enjoyed the visual novel aspects and recommended it overall despite their dislike of the game mechanics that strayed from making dialogue choices. Shacknews called it "the most logical choice" for Star Trek fans, though they criticized what they felt were melodramatic cutscenes and overcomplicated minigames. IGN and Polygon also commented on having technical problems with the Windows and PlayStation versions, respectively. However, PC Gamer criticized the amount of quick-time events, Polygon disliked the minigames entirely, and IGN felt the stories lacked closure. PC Gamer, IGN, and Polygon praised the combination of storytelling and decision-making, which they thought captured the spirit of Star Trek. Star Trek: Resurgence received mixed reviews on Metacritic. ![]() ![]() Star Trek: Resurgence was released on Windows, PlayStation 4 and 5, and Xbox One and Series X/S on May 23, 2023. The developer, Dramatic Labs, was founded by former Telltale Games staff. Failed sequences can be restarted from a checkpoint, but there is no way to go back to previous chapters to make different decisions. There are also action sequences where players fight in combat and fly shuttles. Players choose dialogue options and solve puzzles, including quick time events. At the same time, he navigates choices in his personal and professional life. Diaz is an engineer who, while dealing with problems on a smaller scale, is still forced to make life-and-death decisions. Her appointment is initially unpopular with the crew, and she must gain their loyalty. Rydek is new to the starship and is pressured by her captain to help him salvage his reputation after an accident. Set in the fictional Star Trek universe, players control two members of a Federation starship: first officer Jara Rydek and petty officer Carter Diaz. Players control two characters on a Starfleet science vessel set in the Star Trek universe. Star Trek: Resurgence is an action-adventure video game developed by Dramatic Labs and published by Bruner House in 2023. ![]() ![]() ![]() It was a good trade-off I’m not a fan of extremely low-brace-height bows, but the 63⁄4-inch brace height of the Carbon Element RKT is generous enough for the great majority of shooters, and the extra speed takes this bow up a notch in terms of performance. The profile of the Rocket Cam contributes to a draw that is a little less aggressive than the FUEL cam while at the same time, in conjunction with a slightly skinnier brace height, boosting speed. Hunters who shoot their bows with quiver attached can really appreciate this feature. ![]() It is nicely balanced, though, partly because of Hoyt’s distinctive shoot-through design, and also because of the unusual position of the stabilizer bushing, which is offset 3⁄4 inch to the left for a right-handed shooter. I was almost reluctant to put sights and a stabilizer on this bow. Bowhunters who appreciate a super-light bow (and I happen to be among them) will be impressed with this bow’s 3.6-pound weight. In fact, some will argue that heavier bows are steadier in the hand and more forgiving. Light weight is something not every bowhunter considers to be a priority, especially among those hunters who spend most of their time in treestands. Shooting The Bowīeauty may be in the eye of the beholder (and I find this to be one sharp-looking bow), but fit & finish are a little less subjective, and the Element RKT I examined out of the box takes fit & finish of a bow to a whole new level. the 7-inch brace height of the original Element. the 323 fps rating for last year’s Carbon Element and (not coincidentally, I’m sure) a slightly skinnier 63⁄4-inch brace height for the Element RKT vs. The Rocket Cam is essentially the latest incarnation of the Cam & 1/2 system that Hoyt introduced to the market to much acclaim in 2003, a system that links the top & bottom cams with a control cable to reduce timing issues.īasic specs for the Carbon Element RKT remain the same with the exception of the 330 fps ATA speed vs. The Carbon Element RKT (along with several other bows in Hoyt’s 2012 line-up) features Hoyt’s new Rocket Cam, touted as both faster and smoother than the FUEL cams that powered Hoyt’s higher-end bows last year. The Element boasted an impressive array of new technology including XTS Pro Arc Limbs, FUEL cams, a newly designed lower-friction in-line roller guard, Stealthshot damping material, Silent Shelf (a soft rubber-like coating on the shelf to deaden sound), and an offset stabilizer. Last year Hoyt tweaked the Matrix and added the Element to its carbon line-up. I'm definitely curious of other people's opinions, and I'm sure other readers are as well.The new Carbon Element RKT is the third generation of Hoyt’s carbon riser bows, which began with the radical-looking Carbon Matrix in 2010. If you had a different experience with this bow, or any bow I have reviewed for that matter, I would encourage you to share it with us. But for those of you in the market for a new bow, I would recommend testing ALL the waters before getting your heart set on the Carbon Air. ![]() That is your decision and your preference, and I respect that. I'm sure there are some of you out there who have shot it, do like it, and now own one. I do not like writing poor reviews, so to put it delicately, I have no desire to own a PSE Carbon Air. After a few shots and continuing to feel the same hand shock over and over, I began to lose interest in the bow. No, I did not mess around with tuning or any elaborate set-up. To put it delicately, I would not want to take this bow to the woods. I've always been able to fix this kind of issue with various stabilizer and weight systems, but not this one. When I released the arrow, the hand shock was too much for my liking. The bow felt charged and ready to go at full draw! The shot itself is where I was disappointed. A little aggressive, yet still fairly smooth with a definitive drop into the valley and a decent back-wall. It does present with a shorter brace height (6 1/8"). The bow is very light! It weighs in the same as Bowtech's Carbon Knight (also 3.2 lbs), but in my opinion, the Carbon Air has a much better overall balance. When I first picked up the Carbon Air, the 3.2 lb bare weight of the bow was the first thing I noticed. The bow also features PSE's "Hyperdrive" cam. The specs on the Carbon Air are as follows 6 1/8" brace height, 32" Axle-to-Axle, IBO speed sits at 340 fps with an 80% let-off, bare bow weight in the hand is 3.2 lbs. I am not accusing PSE of copying Hoyt, but if I was in the market for a new bow, I might raise my eyebrows to the fact that a new 2016 bow resembles another manufacturer's model from 4 years ago. So, I am going to start with the obvious, I personally think the new Carbon Air looks incredibly similar to Hoyt's Carbon Element, another bow I have in my own personal inventory. ![]() ![]() ![]() Wondering how you’ll find success as a freelance writer. SME vs huge corporation).You’re exactly where I was about a year ago: Feeling lost. Also note that there are a multiplicity of other factors to consider than those noted here, including whether you’re writing about a speciality topic, and who exactly you’re writing for (i.e. It is important to reiterate that these figures are not set in stone, and you can adjust them as you see fit - and over time as you experience level increases. As an expert, you’d be looking at figures of around £148 to £269 for 600 and 1,500 words respectively. As such, for a junior, says you’ll be looking at charging around £40 for a 600 words of web copy, which can increase to £101 for 1,500 words. For a junior, you’ll be looking at around £34 for a 500 word article, whilst mid-levels and experts can expect to charge rates between £56 - £123.Īs aforementioned, web copy can be slightly more lucrative than article writing. If you’re just starting out and wondering how to much to charge for a 500 word article you have been requested to write - look no further. So, taking into consideration experience level and type of content, these are the sorts of average industry rates we are looking at:Ĭontent writing pricing list (provided by /uk/rates ) While this may seem unfair, it is simply the nature of the business - sales-driven writing tends to pay better. ![]() A one-off article certainly holds much less value than that of a marketing-related press release. You might be producing the copy for an entire website and its product descriptions, or wondering: how much should I charge for writing a script? Indeed, these different types of copy hold different value. There are many types of web content one can write. What is important to note, however, is that of the second factor we will look at: the type of content you’re producing, and how much of it you’re required to produce. These are the kind of rates only industry experts can charge. For senior copy-writers, these rates take a much higher range of £800-£1000 a day, with some professionals even looking at an excess of £2000. So, what are the industry averages depending on experience level? It is said that for you junior copywriters, the day-rate starts at around £200 - £250 (although it is important to note that this can vary regionally, i.e. With little to no copy portfolio, it is highly unlikely a client would cater to such a costly fee if they cannot find evidence for this in your previous work. The more senior you become, the more you can justify charging higher fees. We will now at these in a little more detail.Įxperience level is perhaps one of the main factors driving industry rates. In terms of working out a realistic rate, one must understand the factors that influence how much to charge for writing web content. As such, you ought to be careful before making any agreements that what you’re getting paid is realistic and representative of your service. The freelance writing rates per word in 2020 varied from about 25p - 95p per word. Very often, charging by the hour is frowned upon for inciting exceedingly low rates. It is important to charge your customers in a way that creates a fair negotiation and gives you security. Some copywriters charge by the hour, others by the page, word count, or a flat-rate project fee. There are many methods you can use to charge for web content. Ways of calculating how much to charge for writing web content Do not fear, however, as this article will detail in greater length what these factors look like in terms of actual, average rates for writing web content in the UK. You might be wondering, therefore, what is a ‘reasonable’ figure to charge? Well, this balances on many different factors - from location to experience-level, length of copy and subject speciality. ![]() That said, the amount you charge ought to be reasonable, as this will drive which customers decide to use your services. How much to charge for writing web content in the UKīefore we start, it is useful to note that there exists no right or wrong way to calculate how much to charge for writing web content. ![]() ![]() ![]() With Kemp alienating President Donald Trump and, by extension, the GOP base, he'll likely face a legitimate challenger in the primary, such as Doug Collins.Īs for Abrams, we're waiting to see if she has a place in the Biden administration. That's assuming Kemp and Abrams are on the ticket in November 2022. The Libertarian in that race, Ted Metz, received only 37,235 votes, or 0.95%.Īssuming Hazel will attract more voters in 2022 than Metz did in 2018 - probably significantly more, as Hazel is much more charismatic - Hazel could be the spoiler again. Remember, Kemp avoided a runoff with Abrams in 2018 by just 8,743 votes. Perdue, the top vote getter, fell 13,471 votes shy of the needed majority (50% plus one vote) to win that election without a runoff. Hazel garnered 115,039 votes, or 2.32%, in the U.S. The revelation left many of us political nerds wondering if he could do to Kemp and Abrams what he did to Perdue and Ossoff. Shane Hazel announced his intentions to run for the gubernatorial post last week on his podcast. ![]() Brian Kemp and Stacey Abrams set for 2022. 5 runoff between Perdue and Democratic challenger Jon Ossoff is already looking to disrupt another race. David Perdue an election-winning majority in November and forced the Jan. The Libertarian candidate who denied Republican Sen. ![]() Talking Point: Libertarian takes aim at Kemp, Abrams in 2022 Join the group at by searching "Savannah's Town Square." The following is an excerpt from one of those posts. Editorial Page Editor Adam Van Brimmer blogs on local topics of interest most weekday mornings in the “Savannah’s Town Square” Facebook group. ![]() ![]() It starts as a loose, downy accumulation which at first can be brushed away easily. Call us today at (877) 959-3534 for chimney sweep service in Austin, TX! Just what is creosote?Ĭreosote is a brownish, oily, tar-like material which develops from burning wood or coal. Our expert chimney specialists provide a full range of services including sweeping. The plastic sheeting and tarps will be relocated outside, cleaned and tucked back into their vehicle. Following this, everything will be vacuumed as well as cleaned up. They will then peel back a small area of the vinyl sheeting and use a variety of brushes inside. Your chimney sweep will clean the flue, the damper, the smoke chamber, the smoke shelf, and the firebox. Typically they will begin at the top of the chimney and work downward, carefully brushing all the surfaces. Next off, they will clean the entire chimney with hand held brushes, and also brushes with extension rods. This will trap the fine residue, creosote, and other dust later on. ![]() They'll connect extension pipes and run them to the commercial vacuum with a fine micron filter which sits outdoors. They will cover the fire place with plastic sheeting, putting an industrial vacuum pipe right into the fire place, and will after that tape and also seal the fire place. To begin, a cleaning professional will protect the inside of your residence by spreading out tarps over the space, flooring, and hearth. They will not get all the soot and creosote build-up out of the chimney like hand cleaning. Cleaning logs are really ineffective and also are not suggested. What does a chimney sweep do?Ī chimney service professional will carry out a complete cleaning of your chimney. If you use you fire place or wood burning stove, the National Fire Protection Association recommends having your chimney examined and also swept annually in order to protect against fires. ![]() Filthy, damaged deteriorating, and obstructed chimneys cause injuries and fires each year. A chimney sweep will do a extensive chimney cleaning to remove any kind of deposits, residue, creosote, as well as obstructions from the chimney. ![]() ![]() The witty dialogue is chock full of clever banter and sharp quips that are offset by touching moments between Chai and the crew. A captivating story unfolds as Chai power-chords his way through Hi-Fi Rush’s 12 Tracks, or chapters. From the upbeat teachings of Smidge, to the monotone musings of LU-C1LLE, every character has a unique personality that adds to the game’s endless charm. The game’s vibrant color palette and throwback, comic-inspired visuals conjure memories of classic action games like Jet Set Radio, depicting a world teeming with style and personality. The colorful characters each have distinct personalities that are brought to life by a talented cast of voice actors. Chai is accompanied by several other food-named friends, including the tech-savvy Peppermint and her loyal robotic cat, 808. After being deemed a ‘defect,’ Chai must use his newfound musicality to take down an evil mega-corporation run by the perfectly coiffed CEO, Kale Vandelay. In Hi-Fi Rush, players take the stage as Chai, a charismatic wannabe rockstar whose newly acquired robotic arm gives him otherworldly musical capabilities. The game seamlessly blends the addictive challenge of rhythm games with the flashy stylization and intensity of action games, resulting in a memorable experience that is as engaging as it is fun. ![]() With its catchy tunes, comic-inspired aesthetic, and pulse-pounding combat, Hi-Fi Rush is a treat for the senses and is accessible to players of various skill levels. Hi-Fi Rush is a step outside of the box for the horror game developer, one that has proven to be a worthy venture. ![]() ![]() When Tango Gameworks’ rhythm-based action game Hi-Fi Rush shadow dropped on Xbox and PC, many were shocked to find that the game came from the same studio that developed The Evil Within series. ![]() ![]() ![]() SpecificationsSony Xperia XZ PremiumSony Xperia XZ1Sony Xperia XZsPrice₹ 59,990₹ 44,959₹ 51,990Display5.5 inches (13.97 cm)5.2 inches (13.21 cm)5.2 inches (13.21 cm)Camera19 MP And 13 MP19 MP And 13 MP19 MP And 13 MPOSAndroid v7.1 (Nougat)Android v8.0 (Oreo)Android v7.0 (Nougat)Batter圓230 mAh2700 mAh2900 mAhSony Xperia XZ Premium vs Sony Xperia XZ1 vs Sony Xperia XZs comparison Make a perfect choice for yourself by comparing Sony Xperia XZ Premium, Sony Xperia XZ1 and Sony Xperia XZs on the basis of their specifications and features on our compare mobile phones page. The comparison results help you in understanding how one mobile is better than others so that you can make a wise buying decision. On Gadgets Now, we let you compare up to 4 mobiles at a time on the basis of different criteria like price, RAM, storage, camera, display,battery, and more. Sony Xperia XZ Premium vs Sony Xperia XZ1 vs Sony Xperia XZs: Compare Specifications, Price | Gadgets Now EditionININUSSat, | Updated 10.16PM IST NewsTech NewsSocialMobilesPCsAppsGamingMore GadgetsTelecomFAQsAppliancesWearablesDevice CareCompareCompare Mobile PhonesCompare LaptopsCompare TabletsCompare CamerasCompare TelevisionsCompare Power banksCompare Smart watchesCompare Air conditionersCompare Washing machinesCompare RefrigeratorsCompare Fitness bandsCompare EpilatorsCompare HaircurlersCompare TrimmersCompare HairstraightenersCompare HairdryersCompare Bluetooth SpeakersCompare HeadphonesCompare Air PurifiersCompare Water PurifiersCompare IronsCompare FansCompare Air FryersCompare Air CoolersCompare Hand BlendersCompare Food ProcessorsCompare Room HeatersCompare ChimneysGadgetsMobile PhonesTabletsLaptopsCamerasTelevisionsPower banksSmart watchesAir conditionersWashing machinesFitness bandsPersonal GroomingHome AppliancesKitchen AppliancesAudioSlideshowsGamesReviewsVisual StoriesMoreNew BingVideosRechargeDevice CareUSHow ToBrandsTop GadgetsFeaturedDealsGN AwardsTrending TopicsHAIER WASHING MACHINESAmazon saleITI Data Protection BillAmazon Great Freedom Festival saleMeta Smart Glasses FailOnePlus Nord CE 3 5GSpinny LayoffsU& I Couple Series EarbudsVivo V29 5G SmartphoneAmazon Sale Headphones DiscountsXbox ExploitDigital Personal Data Protection Bill 2023TCS Neural ManufacturingGadgets NowCompare Mobile PhonesSony Xperia XZ Premium vs Sony Xperia XZ1 vs Sony Xperia XZs comparisonSony Xperia XZ Premium vs Sony Xperia XZ1 vs Sony Xperia XZs comparison Make a perfect choice for yourself by comparing Sony Xperia XZ Premium, Sony Xperia XZ1 and Sony Xperia XZs on the basis of their specifications and features on our compare mobile phones page. ![]() ![]() The first of its kind was the Kuwait Investment Authority (KIA), established to both invest Kuwait’s excess crude-oil revenues and diversify the nation away from its single resource dependence. The first SWF originated in 1953 as a constructive investment outlet for countries with budgetary surpluses and surplus export incomes. Sovereigns and Their Wealth: A Brief Origin Story It was in line with this logic that the world’s oil-rich countries first began to birth the early SWFs. Thus, and ignoring superficial currency reserve math, actual savings would be net negative for oil nations unless their exhaustible resources are fully reinvested. Using an oil nation as an example, and leaning on Hartwick’s Rule for zero-sum intergenerational equity, extracting and selling non-renewable resources depletes one’s national capital base, unless the cash receipts are fully reinvested into one of the above financial, physical, environmental, or human capital stock factors. As of 2017, it is estimated that SWFs combined to hold more than $7.4 trillion in AUM, representing approximately 6% of global assets under institutional management.Įconomic theory wise, it is important to understand that SWFs form part of their respective country’s total national capital base, where total national capital is defined as the total combination of net financial assets, total physical capital stock (e.g., real estate, machines, infrastructure), unexploited environment, human capital, and unexploited natural resources. Though SWFs are principally global in outlook, they also invest domestically, especially where strategic development sovereign wealth funds are concerned. SWFs invest both in real and financial assets, ranging from stocks, bonds, real estate, precious metals, and hard infrastructure, to alternative investments such as private equity, hedge funds, and venture funds. Sovereign Wealth FundsĪ Sovereign Wealth Fund is a state-owned investment vehicle established to channel balance of payments surpluses, official foreign currency operations, proceeds of privatizations, government transfer payments, fiscal surpluses, and/or receipts from resource exports, into global investments on behalf of sovereigns and in the advance of goals. This article introduces its readers to sovereign wealth funds as an asset class, its “categories of purpose,” investment strategies, and trends, as well as its ever-evolving allocation strategies. Assessed as pure-play asset managers, SWFs are heterogeneous in investment objectives, which in turn drives their investment behavior, portfolio mixes, and success measures. As an asset class, they have grown exponentially in size, number, and relevance, as reflected by their ballooning AUM, currently pegged at $7.4 trillion, and the scope, scale, and sophistication of their deals. ![]() Cases in point: Was their mass rescue of the West’s banks-Citi, Merrill Lynch, UBS, and Morgan Stanley-during the 2008 financial crisis a collective investment in search of alpha or an exercise in geopolitical opportunism? Are China Investment Corporation’s African Infrastructure-for-Resources deals about non-renewable resource security or about geopolitical influence?Ĭonspiracy theories and geopolitical checkmates aside, SWFs are without a doubt now mainstays of the global investment landscape. ![]() After all, they exist somewhere between the murky grey of return-maximizing, mega-cap asset managers, and clandestine government agencies quietly used to further sovereign agendas. Since their formal arrival on the investment scene in the 2000s, sovereign wealth funds (SWFs) have been met with a healthy mix of curiosity and trepidation.
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