Goddard College,The Goddard College Health Arts and Sciences Program and the Vermont Center for Integrative Herbalism (VCIH) are pleased to announce a new learning partnership. VCIH students can now apply their learning (and transfer credits at the undergraduate level) to their individualized program of study in Health Arts and Sciences. This is the only independent clinical herbalist training program in the country that can be applied towards completion of education at a regionally accredited institution.Health Arts and Sciences is a low residency BA and MA program. Students spend eight days each semester in residency at Goddard and otherwise study from home in partnership with their academic advisor. The Health Arts and Sciences vision, founded on the principle that personal and community health are two dimensions of the same whole, helps students develop their wisdom and skills to cultivate wellbeing within a matrix of social and ecological health.The Vermont Center for Integrative Herbalism, located in Montpelier, VT, brings clinical herbalism to community practice through the weaving of science, spirit and grassroots activism, providing one of the nation’s most extensive clinical training opportunities, grounded in deep connection with the plants and place.‘By drawing upon the practitioner training available from VCIH, in conjunction with the ongoing inquiry and broader scholarship facilitated in Health Arts & Sciences, students will become practitioner-scholars of Western herbal medicine and expand their focus beyond herbal medicine within the Health Arts and Sciences program,’ said Suzanne Richman, Program Director of the Health Arts and Sciences program.This collaboration offers students of both institutions new opportunities. VCIH students gain access to the rich, diverse learning community offered by Health Arts and Sciences, and they acquire a college degree, thereby expanding their scholarship and future career opportunities. Goddard students will also gain intensive technical training in Western clinical herbalism when they take part in the VCIH programs.To learn more about the Vermont Center for Integrative Herbalism, visit www.vtherbcenter.org(link is external).To learn more about the Health Arts and Sciences Program at Goddard College, visit www.goddard.edu(link is external).
Image:Tammy Abraham and Timo Werner were both on the scoresheet – Advertisement – 3:09 Ashley Cole and Graeme Souness debate whether Chelsea can compete with Manchester City and Liverpool for the Premier League title this season. 2:09 Hakim Ziyech turned in a man of the match display and provided two assists on Saturday – Advertisement – FREE TO WATCH: Highlights from Chelsea’s win over Sheffield United in the Premier League. Lampard’s side have scored 14 in four games, and conceded just one in six, but the manager insists Chelsea need to prove their strength over longer than a month. 2:44 Frank Lampard insists Chelsea’s 4-1 victory over Sheffield United was their best performance of the season, but is keeping his feet firmly on the ground.Hakim Ziyech starred, creating two goals as Chelsea fought back from a goal down to register a fourth straight victory, taking them to within a point of Liverpool at the top of the Premier League.- Advertisement – – Advertisement – “That’s the best performance of the season in complete terms,” he said in his post-match press conference, having said on Sky Sports: “We’re third, and that might change by the end of the weekend but at the same time, given the start we had where players were injured and we were starting to put it together, the lack of pre-season, now we’re seeing some of the work.“The season is long and it’s very early days so I’m keeping my feet on the ground. We have challenge after challenge coming up, the players now go away for two weeks before we face Newcastle. Every game will be challenging.“The balance of the team was good today, but we must continue. I know how football is, and I know that it’s not just about individuals. It was always going to be hard work against Sheffield United but they came through it.”Lampard has continually stressed that his side are a work in progress, but the front line in particular seem to be clicking in recent weeks. Ashley Cole on Sky Sports:“I think they’ve got the players to challenge. We can sit here and say they can challenge, but football is fickle. It can swing so quickly as you can have one good performance like they had today against a Sheffield United team who I feel shouldn’t be bottom. Their quality is much higher than they’re showing positionally.“After they come back from the international break, they’ve got Newcastle and if they lose that there will again be criticism. So we have to be careful, but right now with the changes they’ve made and the defenders that have come in, I do feel like they can challenge for the title.”Graeme Souness on Sky Sports:“I definitely think they’ll get in the top four but I feel they’ll still be short [of challenging for the title] behind Man City and Liverpool. You look at the areas that they’re not so strong in and they’re hoping that Thiago Silva and Edouard Mendy are going to be the difference. But let’s see by early new year if they’re going to make such a difference against the bigger guys. Sheffield United boss Chris Wilder said Chelsea are one of the top three sides in the country alongside Manchester City and Liverpool, and though Lampard insists the signs are good, he’s tempering expectations.“People expected our attacking players to click on day one of the season, but of course that doesn’t happen. It’s a work in progress, and the movement and the relationships on the pitch is something you have to work on.“There are great signs, but we need to keep going.”Chelsea’s fixturesSat Nov 21: Newcastle (a)Tues Nov 24: Rennes (a)Sat Nov 28: Tottenham (h)Wed Dec 2: Sevilla (a)Sat Dec 5: Leeds (h)Tues Dec 8: FK Krasnodar (h)Sat Dec 12: Everton (a)Can Chelsea challenge for the title? “Timo Werner’s first year in English football will prove very demanding and I just look at the strength that Liverpool and City have. Sergio Aguero is an enormous miss to City when he’s not playing, but the rest of the team is fabulous.“Even with Liverpool losing Virgil van Dijk, and the bad run they’ve had of injuries to players who came in, I still think they’re a bit ahead of Chelsea right now.“I’m thinking in a year’s time, Chelsea might be looking for another couple of centre-backs, and I still have that nagging doubt about the centre of defence. I’d like to reserve my judgment on this area of the pitch for Chelsea as the goalkeeper’s come in and only played a handful of games.”What’s next?Chelsea return to action after the international break with a trip to Newcastle United on Saturday November 21 at 12.30pm, while Sheffield United host West Ham on Sunday November 22, live on Sky Sports Premier League at 2pm.
John Bilton, global head of multi-strategy at JPMAM, says his company has decided to “meaningfully de-risk our multi-asset portfolios – most visibly by reducing stock-bond [balance] to a small underweight for the first time in nine years”. Luca Paolini, chief strategist, Pictet AMThe consensus on credit is downbeat overall, but with pockets of value to be found with careful searching. SSGA’s O’Leary is rather more bullish than most, arguing that fundamentals remain constructive. He adds that the next downturn in the credit cycle does not represent an immediate threat.BlackRock Investment Institute’s (BII) 2019 outlook report also argues that fundamentals are positive, with ample interest coverage. However, the report also points out signs of a late cycle in credit.“Financing costs are on the rise, costs are up and companies at the low end of the investment grade spectrum (BBB-rated) have been issuing more bonds to fund share buybacks and acquisitions,” BII states. “Overall we see limited upside and asymmetric downside as the economy enters into a late cycle phase.”Pictet’s Luca Paolini, chief strategist, is again much more cautious: “Clouds are gathering over the corporate credit market. Valuations are firmly against it, with credit ranked as the most expensive asset class in our valuation model.”He adds a further warning: “Corporate leverage is edging up, bond issuance has been very high, the share of traditionally more short-termist retail investors is growing, and liquidity is low.”Columbia Threadneedle’s deputy CIO Mark Burgess sums up another big fear for fixed income managers: “We continue to be concerned about the levels of debt in the world, particularly sovereign and corporate debt, with net debt to GDP in the likes of China looking increasingly unsustainable.” John Bilton, global head of multi-strategy, JPMAMHe cites a downward shift in the global economy, slowing of earnings growth expected in 2019, and tightening of monetary policy.For fixed income managers, top of mind for 2019 is the US Federal Reserve. Nick Maroutsos, co-head of global bonds at Janus Henderson Investors, says the Fed’s interest rate decisions are the “most important” factor for fixed income this year.“Much of what will occur in bond markets – and the economy – will be influenced by the Fed’s actions,” he says. “While some expect an even more aggressive Fed we believe that, given its history of caution, it will err on the ‘dovish’ side.“The threat of an escalating trade war and broader prospect of slowing global growth are two factors that could necessitate a pause on rising interest rates.”The majority of managers state that fixed income prospects are mediocre at best. At the end of 2018 the European Central Bank followed the Fed’s 2017 action and ended QE, although it will maintain the size of its balance sheet for now. Despite this, asset managers expect a gradual withdrawal of global liquidity will bring fundamental changes to yields and asset valuations.Unigestion’s managers are bearish on all fixed income, stating: “Quantitative easing has been the perfect environment to increase risk and leverage, but as 2018 has started to show, the picture is now changing.”State Street Global Advisors’ (SSGA) Niall O’Leary, global head of fixed income, highlights the extreme spread between the US and German 10-year yields, which towards the end of 2018 was at its widest level since the euro was introduced. He suggests that, although perhaps currently justified, this spread is unlikely to persist indefinitely.InflationAnother pressure point for long-term bond yields is inflation expectations.Fidelity International’s James Bateman, CIO of multi-asset, warns that the market is complacent about rising prices, with too many people believing central bank independence has tamed inflation for good.“While our base case is for a moderate increase, the biggest problems often go unnoticed until it’s too late,” Bateman says. “Higher-than-expected inflation is one of those potential problems.”Credit Global growth will be slower in 2019, volatility will remain on a par with 2018 but the risk of recession is low – according to some of Europe’s leading asset managers.IPE has analysed investment outlooks from a number of major firms, including JP Morgan Asset Management (JPMAM), Janus Henderson, Fidelity, and Pictet.The first part – summarising the outlook for equity markets around the world – is available here.The year ahead will bring challenges for managers of government bonds, credit and other fixed income asset classes, but it’s not all about quantitative easing (QE).