How derivatives can widen your market horizons


Currency movements are another classic areafor derivatives

(Image credit: Kyu Oh)

Throughout the rest of this supplement we’ve been looking at the sorts of alternative investments that could best be described as collectables, or even “trophy assets”. However, there’s another class of alternative investments, which might best be described as “financial markets that most private investors can’t easily access”.

For example, most of us own stocks and bonds in our portfolios. Some of us might own or have exposure to commercial property. And some of us (certainly the regular MoneyWeek readers among you) will own some gold (we reckon in the region of 5% to 10%). However, what happens if investors want to get direct exposure to commodity prices? Or to currency movements? To be very clear, we wouldn’t regard either of these assets as forming a vital part of a core portfolio. For most long-term investors, when it comes to foreign exchange movements, what you lose on the roundabouts, you’ll gain on the swings, while individual commodity prices tend to trend lower over time, as human ingenuity and improving productivity means that we can do more with less.

That said, there are occasions when an experienced or adventurous investor might want to hedge their foreign exchange exposure, or to express a short-term view on a specific commodity, or simply to learn more about how a particular market works. So if you want to get exposure to these areas, what can you do?Subscribe to MoneyWeek

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Letter: Consider hosting exchange students

The BDN Opinion section operates independently and does not set news policies or contribute to reporting or editing articles elsewhere in the newspaper or on

As an AFS-USA volunteer and host parent in Hampden, I’m writing to share what it means to host a high school exchange student.

AFS, a nonprofit leader in high school student exchange, gratefully acknowledges our longtime partners Hampden Academy and Bangor High School, who are open to hosting students this year. We just need more individuals and families to host!

As an educator, I discovered AFS when a group of exchange students visited my school. My family decided to host to learn more about other countries and gain perspective that only comes with personal exposure. We wanted an enriching experience for our daughters and were excited to share our culture with our host student.

Hosting with AFS is one of the best family decisions we’ve made. We’ve hosted six times; each experience brings new discoveries, rewards, and challenges. With AFS’s established support system, we always knew we had support when needed.

With amazing students from so many interesting countries, AFS does an excellent job matching students with you for the best possible experience.

If you are thinking the expense is too great, I share this as a family with two educator incomes, we have never noticed a financial burden.

There has never been a better time to learn more about others and celebrate the similarities and differences that make us human. You can host one or two students for 12 weeks, a semester, or school year.

Chris Beckwith

AFS-USA Volunteer

HampdenMore articles from the BDN

Exchange Students

Fee InformationExchange students are not charged tuition by The New School.

Each exchange student is responsible for paying, where applicable, any course, material, or special fees associated with individual courses, as well as any applicable university fees (“Additional Fees”), including the following:University Services FeeOrientation FeeInternational Student Fee (NYC campus students only)Global Campus Fee (Paris campus students only)Health insurance (unless eligible for waiver)Housing and meal plans (if participating in on-campus housing or meal plans)

Additional fees and any other charges incurred (including but not limited to damage costs) by the exchange student will be billed directly to the student for the amount due.

Payment InformationThe Student Accounts office will electronically issue an invoice of charges and fees. A notification will be sent to the exchange student’s New School email address notifying them that the invoice is ready to view via the student portal. Exchange students are responsible for payment of all charges, and failure to remit payment by the payment due date may result in late penalty fees, automatic withdrawal from courses, or withholding of academic transcripts until the outstanding balance is resolved. Exchange students can remit payment via the university’s accepted forms of payment.

If invoice charges will be paid by the exchange student’s home institution or another third party, the exchange student should complete the following Third Party/Sponsor Payment process:The exchange student comes to The New School and registers for courses.Student Accounts generates an invoice of appropriate fees to the exchange student’s account.Upon issuance of the invoice, the exchange student submits a formal letter (see guidelines below) to Student Accounts either in person (72 Fifth Avenue, 2nd floor) or by email ([email protected] with the subject line “Third Party”) from the third party or sponsor confirming coverage and intent to pay for the exchange student’s fees. The exchange student does not have to wait until they receive an invoice to submit the letter.Student Accounts confirms its receipt of the letter from the exchange student and provides a Third Party Deferment Form for the student to complete. If the exchange student does not hand in the form right away and receives a bill from Student Accounts, the exchange student must submit the form by the payment due date to avoid incurring a late payment fee.Once the exchange student submits both the letter and the form, the Student Accounts office places a memo on the exchange student’s account for the amount expected to be paid by the third party or sponsor.After the add/drop period for class registration ends, Student Accounts sends an invoice to the exchange student’s sponsor or third party for payment.

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