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Questex's International Hospitality Investment Forum (IHIF) – GlobeNewswire



BERLIN, Sept. 04, 2021 (GLOBE NEWSWIRE) — Over 1,200 senior leaders from the global hotel community gathered at Questex’s International Hospitality Investment Forum (IHIF) between 1-3 September at the InterContinental, Berlin, to broker deals, launch new brands, network and discuss the trends impacting the hotel industry. Importantly, meeting in person after an 18-month hiatus due to the Covid-19 pandemic, IHIF demonstrated that the industry can set the example for the world to travel and convene — confidently and safely.

In its 23-year history, IHIF has always been where the vanguard of the global hotel community comes together. And, this year, the forum’s role as the place where the sector congregates carried heightened meaning – as industry experts assembled to discuss how best to address both the challenges and the opportunities that have come out of the pandemic. Over 180 industry-expert speakers took to the stage over the three-day event, including; Tony Capuano, CEO, Marriott InternationalDillip Rajakarier, CEO, Minor Hotel GroupChristopher Nassetta, President & CEO, Hilton, Christopher Norton, CEO, Equinox Hotels, David Kong, CEO, BWH Hotel Group, Federico J González, CEO, Radisson Hotel Group, Hubert Viriot, CEO, Yotel, Patrick Pacious, President & CEO, Choice Hotels International and Sébastien Bazin, Chairman & CEO, Accor. The full speaker lineup can be viewed here.

The programme featured a new focus on a few pertinent matters: sustainability, health and safety, and hybridisation.

Sustainability, a major initiative across many industries, is of particular importance to the hospitality sector as it looks to the future. As well as being refenced in nearly half of all presentations, IHIF’s programme also placed the issue front and centre, with four dedicated sessions, an invitation-only council meeting and a partnership with Water Aid, a charity dedicated to providing access to clean water worldwide.

And, with health & safety an ongoing consideration, the event was run fully masked and fully vaccinated, ensuring extra precaution for all attendees and staff. For those who could not travel due to current restrictions, the event also featured a hybrid approach allowing a virtual audience of over 100 participants to join globally at their own pace.

Paul Miller, CEO, Questex, captured the mood of attendees by stating that “hospitality is the core of the experience economy,” and that much opportunity has come from the pandemic.

It was a sentiment endorsed by Tony Capuano, CEO, Marriott International, as he kicked off the event by setting out that, what has kept the industry alive over the course of the past 18 months, has been its people. “The most admirable thing about the pandemic is the way brands, owners and franchisees have come together to navigate the crisis,” he said.

When asked how Marriott has stayed afloat, the answer, according to Capuano, was simple: its 31st brand – or its Bonvoy loyalty programme – which facilitated on-going customer engagement during a difficult time.

Shifting gears to provide an economic overview, Linda Yueh, Professor, Oxford University, shared positive data from the World Economic Outlook. This forecasts a 6% growth rate, albeit starting from a lower base, with recovery to pre-pandemic levels likely to be in 2023. She finished by setting out that the key to recovery, again, lies in people, commenting: If we can maintain employment, which is a clear challenge globally, we can avoid hysteresis.

Robin Rossmann, Managing Director, STR then shared that, so far in 2021, more new hotel rooms have reopened in Europe than in all of 2020. There is growing confidence in the market, and according to Carine Bonnejean, Managing Director, Hotels, Christie & Co., transactional volume in Europe will end the year above 2020 levels. There is also a clear rise in cross-border investment, with 70% coming from Europe and an increase in activity from the US, mainly in the distressed asset area.

According to BNP Paribas’ H1 2021 hotel investment market results, transaction volumes have been on a steady rise, with attractive pricing.

Another common theme derived from the event is the projected spearhead in recovery and transaction-driver: leisure. Henri Giscard D’Estaing, President, Club Med shared that Club Med has seen double-digit growth in its average daily rate (ADR) following the pandemic, due to three reasons: safety, customer service, and an environmental focus.

Marcus Bernhardt, CEO, Deutsche Hospitality commented: “What we saw after the financial crisis is the leisure customer is the first to get out,” further sharing that around 20% of the hotel group’s properties are leisure focused and there are plans to grow this proportion as the world starts to travel again.

Michael Grove, COO, Hot Stats, shared that, while we know the blow felt by extended stay and limited-service was cushioned, luxury hotels are coming out of the dust quite rapidly; something that is crucial to the industry as leisure travellers continue to pay up for the experiences they have missed out on over the past year.

As growth continues in the leisure sector, IHG Hotels & Resorts, the property host and long-time patron of IHIF, has just announced its new Vignette Collection™, a luxury and lifestyle collection brand for the leisure and business traveller. Wyndham Hotels & Resorts also announced its new Registry Collection Hotels in Georgia right in the heart of Tbilisi.

While leisure continues to energise the sector, there is still much to be learned from the recent shifts in customer demands. Christopher Norton, CEO, Equinox Hotels identified what he thinks needs improving: “The challenge for the traditional luxury brand is they’ve got to be more innovative and, the lifestyle brands have to offer better service,” he said. The only way to get it right is to swap ideas between the two concepts.

Another opportunity for leisure hospitality investment, according to Henri Wilmes, CIO, LRO Hospitality, is the need to accommodate the newly blurred lines between work life and personal life. Should a guest need to work from their luxury holiday, the resort should be fully equipped with proper workspaces.

In the “Talk of the Titans – Sharing Visions for Future Success” session, Christopher Nassetta, President & CEO, Hilton, made a great point that while leisure is leading in terms of Covid-19 recovery, it is actually domestic travel that has kept many brands afloat. “Business that was 95% domestic is now 99% or nearly 100%,” said Nassetta. “In the US specifically…we have the highest RevPARs we’ve ever had – higher than the peaks in 2019.”

While the company is performing very well in the US, it is also set for growth in Europe, leading with a plan to continue German expansion with a conversion in Invesco’s Heidelberg hotel, which is set to welcome guests in summer of 2022.

A shared sentiment on Environmental, Social and Governance (ESG) strategies was the focus of our investor panel as Will Duffey, Managing Director, JLL, Cody Bradshaw, MD, Head of International Hotels, Starwood Capital Group, Dominic Seyrling, Director, Investments, Archer Hotel Capital, Brian Kaufman, Managing Director, Blackstone, and Benjamin Habbel, CEO & Founding Partner, Limestone participated in a discussion of what’s keeping them busy at the moment.

Brian Kaufman said: “One thing to keep in mind is ESG initiatives aren’t just necessarily costs, there’s real ROI opportunity that comes from investing in ESG, whether it’s water reduction, energy efficiency implementation, we as a firm have an emissions reduction target that we’re very focused on across all sectors across all assets.”

The global CEO panel jumped straight into the opportunities created by the pandemic, including using the time as an opportunity to hit the refresh button. That has certainly been the case for BWH Hotel Group, who took advantage of the lockdown to rebrand some of its hotels. David Kong, President & CEO, BWH Hotel Group, gave the example of a Best Western property in Austin, Texas, which was repositioned within the trendier boutique division, Aiden to capitalise on Aiden’s 30% to 40% increase in average rates. The group has also announced 20 new hotels with more than 2,000 rooms in Germany, Austria and Switzerland.

Choice Hotels International recently announced its repositioning of Choice Hotels Europe to Choice Hotels EMEA as it continues its master license agreement with Seera Hospitality, with ten new hotels planned to open within the next five years. Patrick Pacious, President & CEO, Choice Hotels International, commented on another trending topic; serviced apartments, by sharing his belief that this trend has become a permanent shift due to increasing lengths of stay.

Serviced apartments, along with co-living, co-working, senior living and other alternative asset discussions were also had simultaneously at Adjacent Spaces on Thursday 2 September. A defining theme coming out of Adjacent Spaces was that while alternative investments have always offered great opportunity, the pandemic has shown just how lucrative these segments can be. Miriam Barnhart, Product Manager, Sustainability and Experiences, POHA House, explained that while adjacent concept investment may be a newer trend, it is also a stable one. Barnhart said that these creative spaces offer a sense of community and belonging, while also making the guest feel safe.

A pioneer in “soulful travel,” edyn, recently announced their expansion of its serviced apartment brand Cove into Europe with an acquisition of The Hague. The company also secured a £195m multi-asset debt facility with Blackstone Real Estate Debt Strategies and KSL Capital Partners to support further European expansion.

Another pandemic-related subject covered at Adjacent Spaces was the ongoing migration of people from city-centre to suburban locations. The shared need here is a continued desire to work remotely but in a more social environment. Enter the hybrid model.

In our lifestyle panel, Naomi Heaton, Co-owner and CEO, The Other House, explained that hybrid models allow “for the best of both worlds” from a profitability perspective, in that long-term income is sustained through residential guests staying longer, while additional ADR gains are made through short-term transient bookings.

Village Hotels plan to capitalise on this hybrid approach in their latest conversion of the former Hilton Bracknell this December. Guests can stay, workout, meet and play all under one roof.

During a candid one-to-one conversation between Sébastien Bazin, Chairman & CEO, Accor, and Jonathan Langston, Chair, IHIF Advisory Board about “rethinking hospitality”, Bazin shared what he had learned over the last 18 months: “Humbleness. Being at the helm I did not control much.” He elaborated that among the chaos, he found himself enjoying seeing new leaders emerge from within Accor and learning to give control to those on the ground.

A key mission for Accor was setting up a relief fund, as Bazin knew the majority of his staff would not benefit from government support schemes simply due to their location. They launched a $200 million hardship fund which was made accessible to 290,000 employees, many of whom took advantage of the scheme – with the average award being $400.

Bazin closed with some sage advice on leading through a pandemic: make decisions from the gut, then the heart, then the brain.

Looking ahead, IHIF 2022 is set for 3-5 May 2022 at The InterContinental Berlin. Visit for more information as registration will open in the coming weeks.

About Questex
Questex helps people live better and longer. Questex brings people together in the markets that help people live better: travel, hospitality and wellness; the industries that help people live longer: life science and healthcare; and the technologies that enable and fuel these new experiences. We live in the experience economy – connecting our ecosystem through live events, surrounded by data insights and digital communities. We deliver experience and real results. It happens here.

Alexandra Aldridge
Marketing Director, Questex Travel & Hospitality

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These five things need changing in the investment world — including free trades – Financial Post



Peter Hodson: Investing should be rewarded, while trading should be discouraged

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I have (hopefully) picked up a few tidbits of knowledge after about 40 years in the investment industry. But one of the reasons I love this business is that there is always something new to learn. No one will ever know everything about investing, and no one — and we mean no one — really has any idea what is going to happen in the markets tomorrow.


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This makes a career in investments challenging and entertaining. There is never a dull moment. Still, here are five things I would change if I was in charge to make investing life a little more, well, predictable and fair.

Banish analyst price targets

Goldman Sachs this week cut its target on Twitter Inc. to US$62 and called it a “sell.” Why is this noteworthy? Well, in February, the same broker raised its target on Twitter to US$112 and called it a “buy.” In barely seven months, the target price was reduced by 45 per cent. Investors following Goldman’s logic would have gotten completely whipsawed.

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Is Twitter so bad? Not really: the stock is up 11 per cent this year and 54 per cent in 52 weeks. But I really think target prices do a disservice to investors. Ignoring that most are wrong anyway, they encourage excessive trading and set up a case of FUD: fear, uncertainty and doubt.


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Need more proof? How about this quote from an analyst’s report in 2011 on Inc.: “Despite Amazon’s outstanding fundamentals, its stock is overvalued and over loved.” The report had a US$125 per share target. Sure, it’s been a decade since then — not really that much time in market land — but Amazon today is US$3,446.

Change taxes to reward investing 

Let’s face it, taxes are going to go up in Canada. After all, we have to pay for all this pandemic spending, somehow. Right now, capital gains are taxed at 50 per cent. But it doesn’t matter if you hold a stock for five minutes or five years, your tax rate will be the same. Other countries have different methodologies, with some, such as the United States, having a higher tax rate if investments are held for a shorter time period. This makes sense to us, because investing should be rewarded, while trading should be discouraged.


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If you’re day trading, you’re not really supporting any company. You’re just seeking quick profits. Buying shares in a company and holding them for years is harder, but, ultimately, more rewarding and should be encouraged by policy-makers.

A note to whoever wins the election next week: Tax the speculators and day traders, not the real investors who are beneficial to the country.

Rethink free trading

After sweeping across the U.S. these past few years, free stock trading has arrived in Canada, with several brokerages announcing commission-free trades this year. This sounds good, but it’s not as good as you think. We’re all for lower costs, but free trades really, really encourage excessive trading, which results in more taxes (see above) and lowers the amount of capital available to compound.


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Volatile spikes in certain meme stocks have certainly increased because of zero trading costs. If we were in charge, we might ban free trades, but we might not have to if short-term trading taxes were increased. Essentially, we just want people to invest and not trade. After all, how many day traders do you see on all those world’s richest people lists? Answer: None.

Ban the phrase, ‘That stock is so expensive’

We’re kind of sick of how much we’ve heard this phrase this year. Many people are expecting a correction because stocks are so expensive based on historical metrics. Well, guess what? The buyers today obviously do not think stocks are expensive. They’re not buying with the expectation of losing money.

We chuckled after seeing Grit Capital’s recent thoughts on the Shiller P/E index, a measure of market valuation indicating the market’s valuation is 47 per cent higher than its 20-year average. Its comment sounded ominous, until it added that “following the famous P/E rule over the last 40 years, you would have owned equities for a grand total of 7 months (eye roll).”


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Apply investor rules equally

If you are an accredited investor, you know how much of a pain the paperwork can be to invest in a hedge fund. The government wants investors to be protected, so it only lets rich investors access some products, on the thesis that they can take more risks. That’s all fine and great, and, at least in theory, makes sense. But what about extremely risky products that get regulatory approval and trade on stock exchanges? Nearly anyone can buy those, whether they are experienced, rich, young or whatever.

  1. Facedrive has been involved in many different types of businesses: ride sharing, food delivery and COVID-19 contact tracing, just to name a few.

    Five reasons Facedrive plummeted 91% in six months

  2. Smart investors know that most market crises are short-lived.

    Five lessons the pandemic has taught investors

  3. Follow these and with any luck you will set yourself up for a good retirement.

    Five keys to ensure you have a happy and prosperous retirement

  4. Worry only causes investors to focus too much on one thing, often at the risk of missing the big picture.

    Top five investor worries and 10 ways to solve them


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Sure, brokers still have know-your-client rules, but an investor who calls themselves aggressive can go out and buy double- or triple-leveraged exchange-traded funds (ETFs) all day long. Let’s look at Direxion Daily Junior Gold Miners Index Bear 2X Shares, a leveraged ETF on junior golds. Its three-year annualized return is negative 82.1 per cent. How about the ProShares Ultrashort Bloomberg Natural Gas Index ETF? It’s down 80 per cent this year alone. If I were in charge, I might apply some new restrictions, or at least warning labels, on some of these investments.

Peter Hodson, CFA, is founder and head of Research at 5i Research Inc., an independent investment research network helping do-it-yourself investors reach their investment goals. He is also associate portfolio manager for the i2i Long/Short U.S. Equity Fund. (5i Research staff do not own Canadian stocks. i2i Long/Short Fund may own non-Canadian stocks mentioned.)


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In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.


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Olaf Carlson-Wee’s Polychain Capital Co-Leads $230 Million Investment In Ethereum Challenger Capitalizing On DeFi – Forbes



Ethereum challenger Avalanche has raised a $230 million investment led by Singapore-based hedge fund Three Arrows Capital and Olaf Carlson-Wee’s Polychain Capital (Carlson-Wee was the first employee at now the largest cryptocurrency exchange in the U.S., Coinbase, and ultimately led its risk management).

Announced today, the capital raise, conducted as a private sale of the platform’s AVAX token, closed in June and also included investors such as R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital as well as a group of angel investors and family offices. Similar to initial coin offerings (ICOs) that raised over $20 billion from the public a few years ago, this fundraising mechanism allows blockchain projects to raise capital from accredited investors in exchange for cryptographic tokens. Last year, the project raised approximately $60 million through token sales from prominent venture firms including Andreessen Horowitz (a16z) and Initialized Capital. 

The Singapore-based non-profit Avalanche Foundation, which oversees the blockchain’s ecosystem, will use the funds to subsidize projects building decentralized finance (DeFi), enterprise, and other applications developed on the Avalanche blockchain. The support will include grants, token purchases and other forms of investment, according to Emin Gün Sirer, the founder of the project and director of the foundation.

The investment comes as a number of similar networks dubbed “Ethereum killers”, including Solana, Algorand, Cardano and Polkadot, have exploded in value over the past year and shows a continued appetite for innovation beyond the original blockchain that popularized smart contracts and enabled the next generation of decentralized applications.

“When you have a war chest like this, it’s a very comfortable situation to be in,” says Sirer. “We will certainly have partnership announcements coming up. I am really excited about the new unique deployments that are already in the pipeline.” Sirer also told Forbes that he had recently stepped down from his teaching position at Cornell University to focus on Avalanche. 

Conceived in 2018, the platform claims to process transactions hundreds of times faster than its competitor, more than 4,500 transactions per second vs. Ethereum’s 14, for a fraction of Ethereum’s fees. Commonly known as gas, transaction fees on Ethereum have skyrocketed earlier this year due to the high on-chain activity, peaking near $70 in May. 

Avalanche’s main network launched in September 2020 and has since claimed a stake in the swelling market. Over 225 projects are building on the platform, and the total amount of assets locked in Avalanche’s DeFi ecosystem, encompassing peer-to-peer exchanges and lending applications that operate without intermediaries, grew at the end of last month to over $1.6 billion from about $250 million in mid-August. Avalanche’s AVAX token, 14th largest cryptocurrency with a market capitalization of $13.13 billion, more than doubled in price, reaching an all-time high of $66.45 earlier this week, Messari’s data shows. 

Much of that growth can be attributed to the launch of the “Avalanche Rush” initiative, announced on August 18. Over the next few months, the program will inject $180 million worth of AVAX into the Avalanche ecosystem with the aim to lure blue-chip DeFi applications to the network by providing the tokens as liquidity mining incentives for users of protocols like Aave, which facilitates cryptocurrency lending, and decentralized exchange Curve, though additional integrations may follow. “We’re in talks across the board with every single category of DeFi projects you might imagine,” Sirer says. 

As the program kicked off following the introduction of the Avalanche Bridge, a technology that enables the transfer of assets between blockchains, namely Ethereum, market watchers, including Joseph Young and Nick Chong, authors of the DeFi-focused Forbes newsletter Alpha Alarm, noted the resemblance of Avalanche’s growth with Polygon, a platform for Ethereum scaling and infrastructure development. Many Ethereum-native DeFi applications, including the money market protocol Aave, have migrated to Polygon to escape Ethereum’s rising transaction fees due to the network’s congestion. 

Yet Avalanche is also capitalizing on the burgeoning popularity of non-fungible tokens. On August 11, it was revealed that legacy trading cards and collectibles company Topps partnered with Avalanche to build a marketplace for NFTs and launched the first collection featuring highlights from the German football league’s 2020–2021 season. A few days later, however, it became known that Major League Baseball, Topps’ major partner for 70 years, is ending its licensing agreement with the company in favor of a deal with the up-and-coming sports collectible brand Fanatics. But Sirer says Avalanche has more in store: “We are a big believer in NFTs and their future, and we plan to grow in that area in many different ways.”

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Factoring Changing Weather Patterns Into Investment Decisions – Forbes



Although the total damage from Hurricane Ida, which rampaged a trail of destruction from New Orleans to New York City, is still being tabulated, there is little doubt that it will have a significant impact on the US economy this year. After all considerations, AccuWeather estimates that the price tag for Ida’s damage could reach $95 billion. And although that’s a pretty big number, it would rank Ida as only seventh on the list of most-devastating hurricanes over the last 20 years.

For example, Superstorm Sandy, number three on that list with total economic impact of $210 billion, caused more than $37 billion in damages to New Jersey alone according to The Rutgers School of Public Affairs and Administration. Those damages were split with $7.8 billion for residents, $3.6 billion for businesses, $2.2 billion for municipalities, and $23.5 billion to the state for hazard mitigation. This massively dampened NJ’s economy.  Furthermore, even though Sandy hit nine years ago, numerous state residents remain displaced from their former homes.

We used to call these events “100-year storms” or even “500-year storms”. I’m not sure what we’ll call them now that they have become nearly annual occurrences. Empirical evidence shows that large-scale natural disasters, “acts of God” in insurance terms, are happening more frequently and on a greater scale. And it’s not just hurricanes. We’re also seeing devastation from tornadoes, droughts, earthquakes, tsunamis, mudslides, and wildfires.

Data from the National Centers for Environmental Information (NCEI) show that, between 2010-19, there were 119 climate- and weather-related events that cost $1 billion or more, causing an average of $80.2 billion in damages per year. The decade before that (2000–09) saw only 59 billion-dollar events in the US, at an average cost of $52 billion. And the 1990s saw even fewer considerable weather crises: 52, which cost an average of $27 billion per year. So, not only are we experiencing these events more frequently, but their cost is continually rising.

This is in line with data collected by the National Oceanic and Atmospheric Administration (NOAA) over the last 40 years, which shows that the frequency of extreme weather events is rapidly increasing. NOAA says there were 22 such events in 2020, the highest in history. Additionally, over the last five years, there have been on average 16.2 extreme weather events annually. Between 1980, when NOAA started collecting data, and 2020, the annual average was 7.1 events. This year looks like more of the same since we’ve already had numerous extreme weather events each costing more than $1 billion, and hurricane season is far from over. Similarly, wildfires continue to rage across vast swaths of several states – fires have already consumed nearly five million acres in 2021 but we are still in the third quarter. How will the economy handle these natural crises?

Unfortunately, it doesn’t look like things will get better anytime soon. Last month, the U.N. Intergovernmental Panel on Climate Change (IPCC), in its Sixth Assessment Report, called its findings “a code red for humanity” and concluded that the greater frequency and intensity of extreme weather events can be attributed to climate change with a high degree of certainty.

With disasters like this approaching biblical proportions, we’re obviously seeing economic distress in addition to horrible losses in human life and property. This is so not just for people directly affected by a weather event, but also for companies and governments that get pushed into distress and even bankruptcy.

Puerto Rico was already in bankruptcy due to its $123 billion in liabilities when Hurricane Maria, second on the AccuWeather list of the most expensive weather-related disasters, struck in 2017. That storm killed an estimated 3,000 people and knocked out power across the island, in some cases for close to a year, with more than $30 billion in damages. Maria saddled the island and its restructuring professionals with a nearly insurmountable task of addressing an infrastructure in shambles even as a smaller workforce remained due to long-term human exodus. Unfortunately, with additional devastating storms and the COVID-19 pandemic, the task of restructuring Puerto Rico became even more difficult along the way.

In addition to hurricanes, we’ve seen an increase in the number of massive wildfires over the last few years. Several such fires forced Pacific Gas & Electric

into a massive Chapter 11 in 2019 in what at the time was called “the first climate change bankruptcy”. A report from Columbia University’s Center on Global Energy Policy emphasized that wildfires could become as much as 900% more destructive by midcentury, which should set off some alarms, particularly with so many fires currently raging this year.

The proposed Biden $3.5 trillion infrastructure plan seeks to address some of the issues connected to climate change and extreme weather events, although how much of the proposal actually makes it into law remains to be seen. But relatively minor improvements to infrastructure may help alleviate major catastrophes. Adie Tomer, a senior fellow at the Brookings Institution’s Metropolitan Policy Program, has been widely quoted stating that $400 million in investments in weatherized improvements to the Texas power grid could have prevented some of the worst impacts from Winter Storm Uri. Uri, which killed over 100 people in February this year, forced the Brazos Electric Cooperative into bankruptcy, while Vistra Energy suffered $1.6 billion in costs directly related to that storm.

Through it all, the US government seems to be taking on a larger and more expensive role every time. In a 2019 report, the Congressional Budget Office predicted that damage from hurricanes and other weather events would cost the federal government an estimated $17 billion annually ($11 billion in losses to the public sector, $4 billion in direct aid to affected individuals, and $1 billion in administrative expenses.) This astounding figure highlights the impact of weather-induced damage on governmental costs.

When we talk about the cost of these disasters, we usually only look at direct affects — homes and commercial buildings, automobiles, power lines, roads, and levees. However, there are also many other less obvious economic effects, including disruptions to businesses due to severe property damage or loss of workforce. The National Centers for Environmental Information estimates the damage from Hurricane Katrina at $172.5 billion, while AccuWeather, which factors in dozens of additional variables, such as the impact of people unable to work, travel and tourism disruption, as well as clean-up costs, estimates a shocking $320 billion.

The cost of climate change and the resultant frequency of extreme weather events is something investors should be well aware of going forward. It certainly adds a new dimension to the analysis of companies in certain sectors, such as utilities, travel and tourism, insurance, and natural resources to name a few. As with any event that causes distress, climate related events can create risks but also opportunities for the astute investor.

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