Principal protected note

2024-08-21T22:13:38Z

2.196.149.248:

A '''Principal protected note''' (PPN) is an investment contract with a guaranteed [[rate of return]] of at least the amount invested, and a possible gain.

Although traditional [[fixed income]] investments such as [[Guaranteed Investment Certificate|guaranteed investment certificates]] (GICs) and [[Bond (finance)|bonds]] provide investment security with little or no risk of capital loss, they provide modest returns. While stocks have the potential to deliver substantial returns, they do so at much greater risk.

Throughout the unpredictable and volatile market conditions that characterised the late 1990s and early 2000s, investors increasingly sought out new approaches to investing that offered both security and potential growth. '''Principal protected notes (PPNs)''' were introduced to the North American financial marketplace at that time.

At the heart of a PPN is a guarantee. Typically, PPNs guarantee 100% of invested capital, as long as the note is held to maturity. That means, regardless of market conditions, investors receive back all money they invested. In other words, at maturity, payout on the Note is the original principal plus any appreciation from the underlying assets (typically a mutual fund or group of funds, an index or basket of equities, and sometimes hedge funds or even commodities).<ref>{{Cite web |url=http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=32676&cat=27&IdSection=27&PageMem=2&nbNews=&IdPub= |title=Investment Executive |access-date=2006-02-23 |archive-url=https://web.archive.org/web/20070310182710/http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=32676&cat=27&IdSection=27&PageMem=2&nbNews=&IdPub= |archive-date=2007-03-10 |url-status=dead }}</ref>

Principal protected notes may offer an array of benefits such as:

* 100% principal protection
* high growth potential
* enhanced income potential
* weekly liquidity
* the opportunity to invest in a broad range of investments
* potential for leveraged returns
* capital protection regardless of what happens in the markets

Principal protected notes may offer disadvantages such as:

* opaque fee structure based on variables over the term of the investment
* payment only at maturation<ref>{{Cite web|url=http://www.investopedia.com/articles/bonds/07/ppn_risks.asp|title = Principal-Protected Investments: Regulations, Risks, and Fees}}</ref>
* underlying investments that the average investor has no hope of understanding
* no prospectus, lack of information as to full details of underlying investment
* custom design causes difficulty in evaluating PPN vs. other PPNs or conventional investments
* lack of data showing how this type of investment has performed historically
* possibility of failure of underlying investments, resulting in loss of principal despite guarantees<ref>{{Cite news|url=https://www.nytimes.com/2010/05/23/business/23gret.html|title = '100% Protected' Isn't as Safe as It Sounds|newspaper = The New York Times|date = 22 May 2010|last1 = Morgenson|first1 = Gretchen}}</ref>

==Example==
A common type of PPN is the stock plus option type. Its return equals <math>PPN_T=100+A(S_T-K)^+</math> at maturity for underlying call options. Where <math>A</math> is a multiplication factor set in the contract, <math>S_T</math> is the stock price at maturity, and <math>K</math> is the option's [[strike price]].

==See also==
[[Collateral (finance)]]

==External links==
* [https://web.archive.org/web/20090627133200/http://www.aamsecurities.com/AAMSecurities/ Advisors Asset Management] - A public website that describes structured products and unit investment trusts and provides access to these investments.
* [http://structuredinvestments.com/index.cfm?fa=continuingEd.ppn Structured Investments] - A good explanation many PPN factors, including the typical combination of zero coupon bonds with index options.
*[https://web.archive.org/web/20081210025408/http://www.thestructuredproduct.com/ The Structured Product LLC] - A company focused exclusively on structured products, designed to educate investors as well as investment professionals on the benefits and risks of structured investments.
* [http://protonyields.com/ Bitcoin Doubler - Bitcoin Investing Platform - ARKMINING - ProtonYields Legit and Paying Platform] - A website that provides educational materials related to principally-protected notes and other structured investments as well as details on issuances of UBS Structured Investments.

==References==
{{Reflist}}

[[Category:Investment|Principal protected notes]]
[[Category:Interest-bearing instruments]]

Rod Beckstrom

2024-08-21T21:51:08Z

2.196.149.248: removed a sentence with details without source also considering a requested citation since 2016

{{Use dmy dates|date=August 2023}}
{{Short description|American writer (born 1961)}}
{{Infobox person
| name = Rod Beckstrom
| birth_date = February 1961
| nationality = American
|image = Rod Beckstrom, the President and CEO of ICANN (5508156993) (cropped).jpg
| alma mater = [[Stanford University]], <small>M.B.A.</small>
| occupation = American author<br>high-tech entrepreneur
| website = [http://beckstrom.com/ beckstrom.com]
}}

'''Rod Beckstrom''' (born February 1961) is an American author, high-tech entrepreneur, and former CEO and President of [[ICANN]]. He previously served as Director of the [[National Cybersecurity Center]].

==Education and early work==
Beckstrom received his BA with Honors and Distinction and an MBA from [[Stanford University]], where he served as the Chairman of the Council of Presidents of the Associated Students of Stanford University.{{Citation needed|date=October 2016}}

In August 2007, Beckstrom and Peter Thoeny, author of [[TWiki]] co-launched TWIKI.NET, a [[Web 2.0]] company that supports [[TWiki]], an open source wiki. Beckstrom became Chairman and Chief Catalyst. He was also co-founder, Chairman and CEO of CATS Software Inc., a derivatives and risk management software company which went public on [[NASDAQ]] and later was sold to [[Misys]] PLC.{{Citation needed|date=October 2016}}

==Author==
He is co-author of the best-selling book ''[[The Starfish and the Spider]]'', which lays out a new organizational theory for considering all organizations as existing on a continuum between centralized to decentralized, with different implications and strategies for each firm based upon their position on that axis. In interviews with ''[[The Washington Post]]''<ref>{{cite news | title=Follow the Leader, or Think Like a Starfish? | newspaper=The Washington Post | pages=A11 | date=2007-01-01 | url=https://www.washingtonpost.com/wp-dyn/content/article/2006/12/31/AR2006123100832.html}}</ref> and ''[[USA Today]]'',<ref>{{cite news | title=Can small businesses help win the war? | work=USA Today | url=https://www.usatoday.com/money/2007-01-02-terror-war-business-usat_x.htm | first=Del | last=Jones | date=2007-01-03 | accessdate=2010-05-22}}</ref> Beckstrom explains how, using the 'Starfish' concept illustrated in ''The Starfish and the Spider'', the U.S. Government can take a different approach in their dealings with [[Al-Qaeda]]. Beckstrom is also the formulator of an economic model for valuing networks, [[Beckstrom's law]], which was presented at BlackHat 2009 and Defcon 2009.

==National Cyber Security Center==
On March 20, 2008, Beckstrom was appointed to run the newly created [[National Cybersecurity Center]],<ref>{{cite news | title=Outsider to Run Cyber-Security Initiative | work=The Wall Street Journal | pages=A8 | date=2008-03-20 | url=https://www.wsj.com/articles/SB120595975180949553?mod=googlenews_wsj | first=Siobhan | last=Gorman}}</ref> a position requiring "advanced thought leadership in areas like coordination, collaboration and team work in order to best serve the mission".<ref>{{cite news | title=White House Taps Tech Entrepreneur For Cyber Defense Post | newspaper=The Washington Post | date=2008-03-27 | url=https://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031903125.html | first=Brian | last=Krebs | accessdate=2010-05-22}}</ref><ref name="Eweek join">{{cite web|url=http://www.eweek.com/c/a/Security/Tech-Exec-Picked-for-Top-Cyber-Security-Post/|title=Tech Exec Picked for Top Cyber-Security Post|last=Naraine|first=Ryan |date=2008-03-21 |work=Security|publisher=Eweek|accessdate=2009-03-10}}</ref><ref name="Wired Blog3">{{cite web|url=http://blog.wired.com/defense/2008/03/military-surren.html|title=Military Surrenders Cyber Security to the Starfish|last=Shachtman|first=Noah |date=March 21, 2008|work=Info War, Paper Pushers & Powerpoint Rangers|publisher=Wired Blog|accessdate=2009-03-10}}</ref>

On March 5, 2009, less than a year after the position was created, he stated that he would resign as the Director of the [[National Cybersecurity Center]] (NCSC) on Friday, March 13, 2009.<ref name="resignation letter">{{cite news|url=https://online.wsj.com/public/resources/documents/BeckstromResignation.pdf|title=Beckstrom Resignation|last=Beckstrom|first=Rod |date=March 5, 2009|work=Resignation Letter|publisher=U.S. Department of Homeland Security|accessdate=2009-03-09}}</ref> He has recommended the Deputy Director Mary Ellen Seale as his successor.<ref name="resignation letter" /> He stated that a lack of cooperation from the [[NSA]] and insufficient funding led to his resignation.<ref name="WSJ resignation">{{cite news|url=https://www.wsj.com/articles/SB123638468860758145|title=Cybersecurity Chief Resigns |last=GORMAN|first=SIOBHAN |date=March 7, 2009 |work=Politics|publisher=The Wall Street Journal|accessdate=2009-03-09}}</ref><ref name="foxresig">{{cite news|url=http://www.foxnews.com/story/0,2933,506830,00.html|title=Federal Cybersecurity Chief Quits, Blasts National Security Agency|date=March 8, 2009 |work=Scitech|publisher=The Wall Street Journal|accessdate=2009-03-09}}</ref><ref name="Information Week Resig">{{cite web|url=http://www.informationweek.com/news/security/government/showArticle.jhtml?articleID=215801375|title=U.S. Cybersecurity Director Resigns, Blames NSA|last=Claburn|first=Thomas|date=March 9, 2009|work=Rod Beckstrom criticizes the NSA's dominance of most of the nation's cybersecurity initiatives.|publisher=InformationWeek|accessdate=2009-03-09|archive-date=10 March 2009|archive-url=https://web.archive.org/web/20090310175133/http://www.informationweek.com/news/security/government/showArticle.jhtml?articleID=215801375|url-status=dead}}</ref><ref name="USA Today resig">{{cite news|url=http://blogs.usatoday.com/technologylive/2009/03/national-cybers.html |title=National cybersecurity director resigns; cites roadblocks |last=Acohido |first=Byron |publisher=USA Today |accessdate=2009-03-10 |url-status=dead |archiveurl=https://web.archive.org/web/20090310235349/http://blogs.usatoday.com/technologylive/2009/03/national-cybers.html |archivedate=March 10, 2009 }}</ref><ref name="Eweek resig">{{cite web|url=http://www.eweek.com/c/a/Security/After-Only-12-Months-Another-US-Cyber-Chief-Resigns/ |archive-url=https://archive.today/20130122212751/http://www.eweek.com/c/a/Security/After-Only-12-Months-Another-US-Cyber-Chief-Resigns/ |url-status=dead |archive-date=22 January 2013 |title=This URL has been excluded from the Wayback Machine. |last=Mark|first=Roy |date=2009-03-09 |work=Security|publisher=Eweek|accessdate=2009-03-10}}</ref><ref name="Wired Blog1">{{cite web|url=http://blog.wired.com/27bstroke6/2009/03/nsa-continues-b.html|title=NSA Chief Continues Bid to Take Over Cybersecurity|last=Zetter |first=Kim |date=March 9, 2009|work=Cybersecurity|publisher=Wired Blog|accessdate=2009-03-10}}</ref><ref name="Wired Blog2">{{cite web|url=http://blog.wired.com/defense/2009/03/breaking-cyber.html|title=Cyber-Security Czar Quits Amid Fears of NSA Takeover|last=Shachtman|first=Noah |date=March 6, 2009|work=Homeland Security |publisher=Wired Blog|accessdate=2009-03-10}}</ref><ref name="Cnet resig">{{cite web|url=http://news.cnet.com/8301-13578_3-10191170-38.html|title=Cybersecurity official quits, blasts NSA power grab|last=McCullagh|first= Declan |date=March 6, 2009|work=Politics and Law|publisher=Cnet News|accessdate=2009-03-10}}</ref><ref name="Google resig">{{cite web|url=https://www.google.com/hostednews/afp/article/ALeqM5hNqCqxlylTswpXjgksC9y1V8Y9zQ|archive-url=https://web.archive.org/web/20090310174040/http://www.google.com/hostednews/afp/article/ALeqM5hNqCqxlylTswpXjgksC9y1V8Y9zQ|url-status=dead|archive-date=10 March 2009|title=Top US cybersecurity official quits|date=March 7, 2009|publisher=AFP Google|accessdate=2009-03-10}}</ref><ref name="nextgov resig">{{cite web|url=http://techinsider.nextgov.com/2009/03/cyber_an_nsa_not_a_dhs_thing.php|title=Cyber an NSA, Not a DHS, Thing|last=Holmes|first=Allan|date=2009-03-09|work=Tech insider|publisher=nextgov|accessdate=2009-03-10|archive-date=10 March 2009|archive-url=https://web.archive.org/web/20090310223509/http://techinsider.nextgov.com/2009/03/cyber_an_nsa_not_a_dhs_thing.php|url-status=dead}}</ref><ref name="newsfactor resig">{{cite web|url=http://www.newsfactor.com/news/Federal-Cybersecurity-Chief-Resigns/story.xhtml?story_id=021000Q2J1ML&full_skip=1|title=Cybersecurity Chief Resigns Amid Power Struggle|last= Resende|first=Patricia |date=March 9, 2009|publisher=newsfactor.com|accessdate=2009-03-10}}</ref><ref name="Technewsworld resig">{{cite web|url=http://www.technewsworld.com/story/Political-Turf-Wars-Drive-Out-US-Cybersecurity-Chief-66431.html|title=Political Turf Wars Drive Out US Cybersecurity Chief|last=San Miguel|first=Renay |date=2009-03-09 |work=Security |publisher=TechNewsWorld |accessdate=2009-03-10}}</ref> He stated that he received $500,000 which funded five weeks of operation.<ref>{{cite news|url=https://www.forbes.com/2009/03/09/rod-beckstrom-security-technology-security-beckstrom.html|title=Top Cyber Official Sounds Off|last=Greenberg|first=Andy|date=2009-03-09|work=Cyber Security|publisher=Forbes|accessdate=2009-03-10|archiveurl=https://archive.today/20120918110243/http://www.forbes.com/2009/03/09/rod-beckstrom-security-technology-security-beckstrom.html|archivedate=2012-09-18|url-status=dead}}</ref><ref name="AP resign">{{cite web|url=https://www.google.com/hostednews/ap/article/ALeqM5jS0ZQTLpeZoyy1MtWIcs9dyHv_NAD96OSIBO0|archive-url=https://web.archive.org/web/20090310161337/http://www.google.com/hostednews/ap/article/ALeqM5jS0ZQTLpeZoyy1MtWIcs9dyHv_NAD96OSIBO0|url-status=dead|archive-date=10 March 2009|title=Cybersecurity director resigns amid turf battles|last1=Baldor|first1=Lolita C.|last2=Sullivan|first2=Eileen|author-link2=Eileen Sullivan |date=March 7, 2009|publisher=[[Associated Press]] |accessdate=2009-03-10}}</ref> He has stated that he supports a more decentralized approach and opposes the NSA's move to try to "rule over" the NCSC.<ref name="newsfactor resig" /><ref name="Wired Blog4">{{cite web|url=http://blog.wired.com/27bstroke6/2009/03/outgoing-dhs-cy.html|title=Outgoing DHS Cyber Chief Expands on Why He Resigned|last= Zetter |first=Kim|date=March 9, 2009 |work=Cybersecurity |publisher=Wired Blog|accessdate=2009-03-10}}</ref>

==Presidency of ICANN==
[[File:ICANN History Project - Interview with Rod Beckstrom, ICANN CEO (2009-2012) (112E).webm|thumb|Interview with Beckstrom on his time as CEO of ICANN|thumbtime=1:14]]
On 25 June 2009, at its 35th meeting in Sydney, Australia, the Board of [[ICANN]] resolved to appoint Rod Beckstrom as its CEO and President.<ref name=icann>{{cite web|url=http://www.icann.org/en/announcements/release-26jun09-en.pdf|title=Internet Security Expert Named ICANN CEO|last= ICANN |date=June 26, 2009 |work=ICANN |publisher=ICANN|accessdate=2009-06-26}}</ref> At ICANN, he presided over a number of notable developments, including the 15 July 2010 [[Domain Name System Security Extensions#Implementation|DNSSEC signing of the DNS root]], and the 20 June 2011 opening of the [[gTLD]] namespace to additional applicants.<ref>{{Cite web|author=Murphy, Kevin|date=20 June 2011|url=https://www.theregister.co.uk/2011/06/20/icann_dot_everything/|title=World braces for domain name EXPLOSION, ICANN approves dot-everything|publisher=The Register|location=London|archiveurl=https://web.archive.org/web/20110623065910/https://www.theregister.co.uk/2011/06/20/icann_dot_everything/|archivedate=23 June 2011|url-status=live}}</ref> On July 1, 2012 he was succeeded as CEO by ICANN's COO as CEO pro tem who served in that capacity until Beckstrom's permanent replacement [[Fadi Chehade]] was able to take up his position on 1 October 2012.<ref name="Chehade">{{Cite news|author=Staff|date=22 June 2012|title=Icann hire Fadi Chehade as new chief executive|newspaper=BBC News|url=https://www.bbc.co.uk/news/technology-18553887}}</ref><ref name="Chehade2">{{Cite news|author=Jesdanun, Anick|date=23 June 2012|title=Internet group picks little-known executive as CEO|newspaper=The Austin Statesman|location=Austin, Texas|url=http://www.statesman.com/business/technology/internet-group-picks-little-known-executive-as-ceo-2402558.html|url-status=dead|archiveurl=https://web.archive.org/web/20120623163622/http://www.statesman.com/business/technology/internet-group-picks-little-known-executive-as-ceo-2402558.html|archivedate=23 June 2012}}</ref>

==Investor==
Rod Beckstrom is the lead [[angel investor]] in the Encino, CA-based software development company American Legalnet Inc.<ref name="Rod Beckstrom's LinkedIn Profile">{{cite web|title=Rob Beckstrom's profile on LinkedIn|url=https://www.linkedin.com/in/beckstrom|website=LinkedIn.com|publisher=LinkedIn|ref=27}}</ref>{{Better source|reason=LinkedIn.com is questionable as a [[WP:RS|reliable source]]|date=October 2016}}

==Volunteer work==
An active participant in the non-profit arena, Beckstrom serves on the board of trustees of [[Environmental Defense Fund]], an organization involved in designing, advocating and implementing environmental policy solutions, such as the [[Kyoto Protocol]] and the California Climate Act. He is also a trustee of Jamii Bora Trust, a micro-lending group with 170,000 members, based in Nairobi.{{Citation needed|date=October 2016}}

==References==
{{reflist|2}}

==External links==
* {{Official website|http://beckstrom.com/}}
* {{C-SPAN|1022626}}

{{Authority control}}

{{DEFAULTSORT:Beckstrom, Rod}}
[[Category:Living people]]
[[Category:American information technology businesspeople]]
[[Category:American foreign policy writers]]
[[Category:American male non-fiction writers]]
[[Category:George W. Bush administration personnel]]
[[Category:1961 births]]

wiki143 - User contributions [en]

Principal protected note

Rod Beckstrom