Altamont Capital raising second fund

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FORTUNE -- Private equity firm Altamont Capital Partners is beginning to raise its second fund, Fortune has learned. Its target is $600 million, but expectations are that it will either meet or exceed its $750 million soft cap.

Palo Alto-based Altamont was formed in mid-2010 by three former partners of Golden Gate Capital, including co-founder Jesse Rogers. It focuses on middle-market companies in need of significant operational or strategic change, and raised $500 million for a debut fund that is almost fully-committed.

Portfolio companies include snowboard maker Mervin Manufacturing, vinyl window manufacturer Cascade Windows and Taco Bell franchisor Tacala LLC. 

Rogers declined to comment on fundraising, due to regulatory restrictions.

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Oil prices plunge after Iran nuclear deal

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The preliminary accord, which was struck between Iran and six world powers, offers the Middle East nation $7 billion in immediate relief from economic sanctions.

The U.S. government estimates that Iran has lost about $80 billion in revenue as oil sales slumped by 60% since the start of 2012 as a result of the sanctions.

Iran sits on about 9% of the world's proven oil reserves. But its crude oil output is languishing at 20-year lows, the International Energy Agency said in a recent report.

Related: What the deal means for Iran's oil sector

The preliminary deal suspends certain sanctions on gold and precious metals, Iran's auto sector, and petrochemical exports, but won't allow Iran to increase oil sales above one million barrels per day for six months.

Still, some analysts reckon Iranian exports could climb in the near term because sales have fallen short of that limit in recent months. And if the deal goes well, and sanctions are relaxed further, Iran could be pumping much more oil into world markets by the end of next year.

"From a big picture perspective, the deal... opens up the possibility of at least one million barrels per day of Iranian crude returning to world markets by the fourth quarter of 2014," said ClearView Energy Partners analyst Kevin Book.

Reduced political risk and the prospect of rising Iranian oil supplies weighed on energy prices in Monday trading.

Brent crude for January delivery fell 2% in early London trading before recovering to around $111 Monday evening. Light crude in New York also dipped Monday before recovering somewhat, finishing down $0.75 to $94.09 a barrel.

Book said the impact of the Iranian deal on oil prices would have been greater were it not for the loss of most Libyan production in recent months. Oil exports from the north African state have dwindled due to ongoing political turmoil.

Related story: U.S. to seize Manhattan skyscraper secretly owned by Iran

World stock markets were also buoyed by the Iran deal, as cheaper energy prices could give a much-needed boost to economic growth.

Germany's DAX index rose 0.95% in European trading, while the CAC added 0.6% in France.

In Asia, Japan's Nikkei closed up 1.5% and Australia's ASX All Ordinaries put on 0.3%. The major U.S. indexes finished essentially flat.

First Published: November 25, 2013: 5:08 AM ET

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Europe's golden visas lure rich Chinese

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A fence separates Morocco from Spain's north African enclave of Melilla. Spain recently joined Portugal in offering rich foreigners a way into the EU in return for cash.

Spain, Portugal, Greece and Cyprus, which have suffered the most from the region's prolonged recession, are offering visas to foreigners who buy real estate. The goal is to lure investment and strengthen battered European economies.

Chinese nationals are at the front of the line for these golden tickets to Europe, immigration experts say. Interest from Russia, the United Arab Emirates and South Africa is also stirring.

Foreign investors who purchase real estate are granted residency rights, and in some cases full European Union citizenship. The minimum outlay ranges from €250,000 (about $340,000) to €500,000.

Related: Eurozone recovery fades as growth stalls

Portugal has been offering these deals for just over a year. Foreigners receive a residency permit when they invest €500,000 in property.

After five years, they can apply for permanent residency, and EU citizenship one year later. Portugal is also trading visas to those who inject capital or create jobs in the country -- similar to the U.S. immigrant investor program, which requires a minimum spend of $500,000.

Like those on offer in Spain, the Portuguese visas grant access to the Schengen area, which includes the bulk of the EU but not the U.K.

Official figures show more than 330 visas have been issued in the first 12 months of the program, raising €225 million.

By contrast, lawyers with Efthymios G. Navridis & Associates say just one application for a so-called golden visa has been approved in Greece.

Yet the flow of wealthy investors buying the keys to Europe -- via Portugal at least -- is strengthening.

Francisco Barata Salgueiro, partner at Portuguese law firm Neville de Rougemont & Associates, has seen a steady rise in inquiries this year and currently advises around 150 mostly Chinese investors on the golden visa program.

The increase partly reflects a watering down of the law. In January, the minimum stay requirements were scaled back significantly, to just 35 days over 5 years.

Salgueiro said most investors are lured by the prospect of being able to travel freely throughout most of Europe.

"They also mention the flexibility of sending their children to study in Europe. Quite a few will consider retiring here," he said.

Related: Rich Chinese look abroad to secure wealth

The Portuguese economy, one of the eurozone's smallest, has paid a heavy price for the spending cuts and reforms demanded in return for a €78 billion euro bailout.

The country recently emerged from its worst recession in about 40 years, though unemployment remains near record highs and the outlook is cloudy.

It hopes the revenue from visa-hungry investors will help boost the ailing economy and revive the property market.

Singapore agency Premiere Realty is tapping into growing demand in Asia for Portuguese real estate.

"A lot of Chinese want to migrate to Singapore but aren't successful, so we work with immigration partners who offer Portugal to their clients as an alternative," Premiere Realty's Florence Ang said.

 

Spain launched a program last month, with a few key differences. The minimum outlay is also €500,000 but those chasing EU citizenship will find it much more onerous.

Wannabe Europeans must live in Spain for more than half the year for 10 years before citizenship will be offered.

And Ang reckons Portugal may be a wiser bet for buyers seeking a return on their investment, as well as residency rights.

Spain's property market is recovering very slowly from the 2007 crash that tipped the country into a deep recession.

"The real estate market in Portugal is definitely in better shape," she said.

First Published: November 26, 2013: 9:27 PM ET

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The pros' global investing tips (to take with a grain of salt)

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By Geoff Colvin, senior editor-at-large

FORTUNE -- In a global investment bazaar, where's the best place to invest right now?

Depends on who you are, as three recent responses to that question make clear.

I asked David Rubenstein, co-founder and co-CEO of the giant Carlyle Group (CG) private equity firm (assets under management: $180 billion), where he's looking to buy companies now. He answered immediately and enthusiastically: "The greatest market in the world, without doubt, is still the United States. Because of the rule of law, the transparency, the quality of the managers, the quality of the financing, the opportunities to exit, the United States, despite its 2.2% growth and despite the inefficiencies of Congress, let's say -- there's no doubt that it's still the best place to invest."

MORE: Say hello to the first (and second) crowdsourced credit card

A few days later I asked about 100 CFOs from major corporations where they were finding their greatest growth opportunities. Using an audience response system, they were given a menu of nine countries. Their No. 1 choice by a mile was the U.S., named by 44% of them; China was No. 2 with just 8%.

Not long after that I was talking with Rob Arnott, famed investment researcher and strategist. Would he buy U.S. stocks at today's prices? Absolutely not, he said. What looks better? Stocks in emerging markets, he answered; an overall index of them, weighted by fundamental measures like revenue and cash flow, not by market cap, is priced well below long-term multiples. They're a bargain, he argues.

Can all these smart people be right? I think they can be and are. The key is to remember that Carlyle and major corporations aren't investors like you and me. When Carlyle buys a company, it controls the managers. When a big corporation builds a new facility or launches a new product, it obviously controls the whole process. In light of the many U.S. advantages that Rubenstein details, it makes sense that he and the CFOs see the world as they do. While their bets won't all be winners, they'd rather play the game in the U.S.

MORE: The new subprime magnet: your car

But when you and I invest in stocks, we're just going along for the ride, and research shows overwhelmingly that we shouldn't even try to pick winners and losers; we should buy the whole market, or not. That's why Arnott is also right. Buying the U.S. market at today's prices will likely produce paltry returns over the next decade.

The U.S. is the world's greatest business environment. But just as a great company can be a bad investment if it's priced too high, so can a great country. We individual investors need to find cheaper markets.

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Affiliate Marketing Companies

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Affiliate marketing companies manage hundreds of affiliate programs and oversee the matching of merchant sites with effective advertising. The programs cover a wide interest base and cover all topics. Every web site, no matter the content, can benefit from extra revenue which such a program can help to provide. The process of researching effective advertising can take up a lot of valuable resources that could be better spent elsewhere. Such companies that specialize in the field are committed to taking the guesswork out of the process and bringing quality business partners together "Come now, and let us reason together, saith the LORD" (Isaiah 1:18). Those who run web sites and companies which sell products can mutually benefit from an effective partnership. The process is a simple one where a web site hosts space to advertise a particular product or service. Interested users are able to click on the ad or a link provided, which will in turn lead them to the merchant's site where the product or service is sold. The merchant takes care of all the details surrounding the sale and is responsible for all subsequent actions. The profits are then split evenly between the seller and the site which provides the link, therefore, both parties profit, the former for being able to make easy money, and the latter with free advertising. People who are interested in an affiliate marketing companies can easily find information on the different types and processes that are available and find one that best fits the needs of their business. The Internet is an excellent source of information and several sites can be found that offer applicable tips and advice.

Affiliate marketing companies can generate a lot of benefits. Merchants benefit by being advertised among a much broader base than would otherwise be possible on their own. More people are apt to visit sites that are informational when they want to find out about a product, versus going straight to a merchant. More business is generated when people have a better knowledge or understanding about a product or service before they are asked or pressured to make a purchase. Affiliate companies can save merchants a lot of time and money that would otherwise be spent on researching and tracking down effective locations for advertising.

In addition to generating more interest in and traffic to merchant's sites, affiliate programs allow merchants to have access to more customers, due to the fact that more advertising usually means more sales. Everyone can benefit from the advantages that such partnerships that affiliate marketing companies provide. Those who are interested in a particular product or service are able to research the item while simultaneously having the ability to research and buy a product. Customer service is of the utmost importance for businesses which rely on sales for success. Affiliate marketing companies which provide easy ways for customers to research and purchase an item are able to secure future success as satisfied customers are likely to not come back and recommend the services to others as well.

Technological advances have given rise to thousands of electronic ventures and have allowed for hundreds of people to start their own businesses in ways that are easier than ever before. In fact, experts in the field believe that affiliate programs are the next big thing in Internet sales. Affiliate marketing companies can be an excellent way for many home based businesses to get off the ground. One of the main benefits for affiliates is that they can start advertising products to sell and do not have to worry about managing the products. The details for the sales are all handled by merchants, so all the owner of a website has to do is refer potential customers to the applicable locations where the actual sales commence.

Owners of websites are able to benefit from such companies as well. The simple act of placing banners or other means of advertisement on a website is easy and does not take a lot of managing once an advertisement has been placed. Visitors to the sites can then click on the advertisements or links and be directed to the merchant's pages. Ads are able to be crafted in a way that mesh seamlessly into the content of a site and created in ways that will not detract from the overall feel of a web page. Tasteful methods can be implemented to provide an overall tasteful an unobtrusive manner. Assistance from affiliate marketing companies make a lot of sense for people that are either just starting out in the electronic business world, or those who would simply like to make some additional cash with minimal effort.

The consumer market can be very competitive and effective advertising can prove to be the key to success. Affiliate marketing companies can help businesses to gain that much needed edge over the competition by bringing together mutually benefiting partnerships. Those who are able to work together can prove to be more profitable than those who try to make it on their own. Businesses that desire to sell products can save a lot of time and money that would otherwise be spent on advertising, while the affiliate site is able to earn money by simply having a few additional ads on specific web sites. Due to the fact that there are thousands of affiliate programs, all who are interested in the process have a very good chance of finding a partner that will not only assist in producing profits, but will serve to satisfy customers.

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Bitcoin worth almost as much as gold

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Bitcoin prices continued their record run. The new all-time high is close to what it costs to buy an ounce of gold.

The price of one bitcoin rose as high as $1,242 early Friday, just two days after crossing $1,000 for the first time. Prices subsequently fell back to about $1,155. Meanwhile, gold prices were trading around $1,250 an ounce, down about 25% for the year.

Bitcoin has surged this year on hopes the experiment in digital money will eventually become a legitimate global currency. One bitcoin was worth about $13 in January.

Bitcoin, which trades non-stop on the Mt. Gox exchange and other online markets, has been extremely volatile. It rose to what was then an all-time high of $900 earlier this month, only to fall back to $500 in the span of 28 hours.

Demand for bitcoin has been particularly strong in China, where the leading search engine, Baidu (BIDU), now accepts the currency for certain services.

In the United States, lawmakers have been examining potential regulations for bitcoin, which is the currency of choice on certain online markets for drugs and other illicit goods.

Federal authorities shut down the online drug bazaar Silk Road last month, though a new version of the market has resurfaced a few weeks later.

Bitcoin has received a measure of support from officials at the Federal Reserve, including chairman Ben Bernanke, who said the currency "may hold long-term promise" as part of the international payment system.

Some proponents say government regulation would be a positive for bitcoin, since it could lead to wider adoption of the currency. But others argue that bitcoin is decentralized by design and the government should leave well enough alone.

Related: 8 things you can buy with bitcoins right now

Investors say bitcoin is highly speculative, and should not exceed 1% of a portfolio. Many have compared bitcoin to a lottery ticket, saying it could be worth a lot, or nothing at all.

Bitcoin prices surged in April following an unprecedented bailout of the banking system in Cyprus, a move that led to concerns about the stability of European banks and the euro currency. But prices plunged in May in what many saw as the bursting of a bubble. Bitcoin traded in a range around $100 for most of the summer before the current rally kicked off in October.

Meanwhile, a growing number of businesses now accept bitcoins, ranging from some Subway sandwich shops to Richard Branson's commercial space travel venture, Virgin Galactic.

 

The program behind Bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional paper currencies, bitcoins are not managed by a central authority and exist only in cyberspace.

Bitcoins are "mined" by powerful computers that complete complex math problems. The total quantity of bitcoins is capped at 21 million, and about 12 million are currently in circulation, according to blockchain.info.

First Published: November 29, 2013: 9:34 AM ET

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Affiliate Marketing Opportunity

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For those looking for an affiliate marketing opportunity, there are several things to think about before beginning the search for a company to partner with. This business opportunity can be taken advantage of by anyone with a computer, website, and desire. Essentially, the work takes minimal effort on the part of the affiliate, with the bulk of the responsibility falling to the merchant. Merchants contract with individuals, who then agree to place advertisements for the merchant or company's business on their websites. For each action taken on the advertisement, for example pay per click, and pay per sale, the merchant agrees to pay a certain percentage or fee to the website owner. This can be a great way for a person to create additional income without having to take on the task of something like a part time position that might require him to spend even more time outside the home. But like any other business venture, there are certain things that should be considered before accepting an affiliate marketing opportunity. With a booming online market, people have a myriad of choices from which to pick in regards to who they would like to pursue an affiliate marketing opportunity with. The Internet has sellers and providers for nearly anything a person could imagine, and most companies are, if not actively looking for, at least willing to hire people to help promote their business. So assuming that a website owner can virtually have his pick in terms of what kind of company he would like to partner with is not an unrealistic assumption to make. Someone who operates a website that offers healthy recipes might be interested in advertising for a health food store, or vitamin seller. Pet owners might find that placing ads for pet accessories on their websites about animals is a good business decision.

The reason for this is two fold. Firstly, website owners are more likely to be passionate about a business that is in tune with their own likes and interests. And when promoting a company, a person must really believe in the product or the service that the company offers. This will bring better business results. Secondly, if a person partners with a merchant that offers something similar or related to the content on the individual's website, both the merchant and the website owner will see better results. People are more likely to click on recommended links if they are specifically tailored to the audience.

Sometimes, however, people have difficulty knowing where to begin looking for an affiliate marketing opportunity. There are any number of valid, ethical businesses to contract with, but there are also scams. One should be cautious and levelheaded when doing research. After deciding what kind of company one would prefer to work with, a person should go online and do some thorough research. It is important to look for companies that have a satisfactory record dealing with their affiliates.

Now when looking for companies, there are any number of websites dedicated to helping interested persons find an affiliate marketing opportunity. Companies, who are interested in contracting website owners to advertise for them, create listings on these sites. This is beneficial for both the merchant and the website owner. Merchants can post a listing looking for people interested in promoting their company, cutting down on the time it would take if they had to contact individual owners looking for partnerships without any clear leads on who might be interested. By the same token, affiliates can find companies without having to waste time contacting businesses, who may or may not be interested in partnerships.

Going to these websites, that usually have a dedicated following, is also a good way to avoid fraudulent companies. When searching for an affiliate marketing opportunity, relying on the experience and knowledge of those who have been doing it longer is always a good idea. Talking to, emailing, or chatting with seasoned pros will give a person an inside look into the business. It will also help him decide if affiliate marketing is really something that would be beneficial to him. It is also helpful to read articles online about affiliate marketing and the different types before deciding on what kind of affiliate marketing opportunity to pursue.

All of this research is important before choosing between opportunities. If an individual is informed and aware of the various nuances of the business, he will be better informed and make wiser decisions. And before beginning anything that is going to take time, and involve potential income, it is important to be wise. "If any of you lack wisdom, let him ask of God, that giveth to all men liberally, and upbraideth not; and it shall be given him" (James 1:5).

People often have difficulty navigating the online business world. With so many different ways of making money from the computer, beginning to research different opportunities can be overwhelming. For those looking to have additional income coming in without having to put forth a large amount of effort, participating in affiliate marketing is a way to create extra income without creating extra stress. But finding an affiliate marketing opportunity does not have to be stressful either. As long as a person goes into the project knowing what kind of company he would prefer to partner with, how much effort he is willing to put into the venture, and what results he is expecting from the arrangement, finding a company that falls in line with those characteristics should not be difficult.

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