Valor and QuadReal recently committed to deliver a 10,000 sqm cross-dock logistics hub in South Paris: 

Valor Real Estate Partners (“Valor”), Europe’s leading last-mile logistics specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, a 10-acre site, which includes a 6,500 sqm vacant cross-dock property, in Fleury-Mérogis, south of Paris.

In line with the JV’s value-add strategy, Valor will undertake a comprehensive ESG-led refurbishment of the existing space and add a 3,500 sqm extension, delivering a state-of-the art, cross-dock logistics hub. Totalling 10,000 sqm, the property will be ideally suited for 3PL, parcel delivery, and distribution occupiers in what is Europe’s dominant e-commerce centre.

Specifications will include a 1/109 sqm door ratio, 9-metre clear heights, vehicle yards ranging from 33 to 53 metres, and extensive car and HGV parking. Other enhancements will include the installation of LED lighting, new external cladding, a redesigned and expanded service yard, and the full refurbishment of the office accommodation.

The lack of new cross-dock supply in Paris has kept vacancy rates close to 1% over the last few years. Fleury-Mérogis is a prime infill logistics location for the city, as it benefits from excellent connectivity, including direct access to the A6 corridor, and close proximity to key distribution nodes including Orly Airport and the Rungis International Food Market.

Following the successful speculative development of Valor Park Marly, a 10,000 sqm cross-dock hub that was let ahead of practical completion in 2023, this transaction further underlines Valor’s position as a leading cross-dock specialist in France, where it currently owns and manages c. 70,000 sqm of cross-dock space.

Victor Massias, Partner Head of Developments at Valor, said: “This transaction builds on our proven track record in the Paris cross-dock market and reflects the JV’s conviction in highly supply-constrained, infill logistics locations where this type of product is scarce. Fleury-Mérogis benefits from exceptional fundamentals and through a comprehensive refurbishment and extension programme, we will deliver a future-proof, ESG-compliant asset aligned with the evolving requirements of last-mile and parcel delivery occupiers.”

Thomas Blangy, Senior Vice President at QuadReal, said: “This transaction further strengthens our already compelling portfolio in the Greater Paris region, one of France and Europe’s most important logistics markets. With this asset’s excellent connectivity and the clear scope for value-add improvements both in terms of its sustainability credentials and from an operational perspective, this transaction is firmly in line with our global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.”

Valor was advised by Oudot (notary), Simmons & Simmons (Real Estate/Tax/Structuring), Les Ateliers4+/CEMR (technical/refurbishment), and CBRE (broker).

Also worth noting at the beginning of the year, Valor and QuadReal expanded their Berlin footprint with the acquisition of modern ultra-urban logistics asset from Aurelis Real Estate:

Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has acquired an urban logistics asset from Aurelis Real Estate in Berlin on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company. The transaction further expands the joint venture’s footprint in one of Europe’s most dynamic ecommerce centres.

The asset is a 6,000 sqm ultra-urban logistics property in Berlin’s Charlottenburg-North submarket. The modern cross-dock facility offers extensive yard space is occupied by GO! Express & Logistics on a long-term lease. It is strategically located in proximity to two of Berlin’s major consumer centres – CBD West and the city centre – whilst also providing excellent outbound access via the A111 and A100.

The transaction follows a  €91 million commitment from the JV in December 2025 to acquire a 26,000 sqm urban logistics asset and adjacent development site in Berlin’s North-East Berlin submarket of Lichtenberg.

Vincent Lampe, Senior Vice President, Valor commented: “This is a rare opportunity to acquire a modern ultra-urban logistics asset in one of Berlin’s most competitive and under-supplied sub-markets. This acquisition delivers secure long-term income and further expands our footprint in one of our high conviction markets where the development of ecommerce, sustained population growth and  limited land for development will all support future demand for modern, well-located logistics space.”

Thomas Blangy, Senior Vice President at QuadReal, added: “This transaction builds on the JV’s recent momentum and, following our €91 million deal in December, further strengthens our portfolio in what is Germany’s dominant e-commerce centre. With the property’s proximity to two of Berlin’s major consumer centres and its excellent transport links, this transaction is firmly in line with our global investment strategy of targeting high growth urban logistics hubs in key markets across Europe and the UK.”

Valor was advised by Schilling, Zutt & Anschuetz (Legal), Rider Levett Bucknall (Technical). Colliers acted as sell-side broker. 

Not much I can add here except to say that QuadReal has teamed up with Valor, Europe’s fastest-growing last mile specialist,to acquire some great logistics properties in Paris and Berlin.

As Thomas Blangy, SVP at QuadReal states, these transactions are transaction is firmly in line with QuadReal's global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.

In fact, QuadReal’s UK lending platform just completed two transactions totalling £86.4m:

QuadReal Property Group (QuadReal), a global real estate investment, development and operating company, has completed £86.4m of loans across two transactions via its newly expanded lending platform, taking its total direct lending in the UK to over £110m.

The first transaction was a £56.5m loan to Heitman to refinance an eight asset, 492,260 sq ft self-storage portfolio located across Birmingham, Sheffield, and Stafford, and managed by Space Station, the oldest self-storage operator in the UK. Six of the assets are operational and currently in a lease up phase, while one completed in July 2025 and the other is estimated to complete in March of this year. All the schemes are institutional grade, purpose-built, or high-end conversions, and were specifically selected based on the strong local catchment, accessibility, and visibility. Importantly, there are no new self-storage facilities under construction in any of the three cities.

The second transaction is a £29.9m loan to Fiera Real Estate and Wrenbridge to fund the development of a 219,749 sq ft logistics facility in Reading. Construction on the scheme, which will offer six suites across five buildings, commenced in December 2025 and is due to complete in December 2026. The facility is located to the south of the city, adjacent to the M4 motorway and within a 90-minute drive of 18.9 million people, as well as Heathrow and key port cities such as Bristol, Southampton, and Bournemouth.

The transactions take the total direct lending by the platform, which was launched in the UK in October 2025, to over £110m, after it provided a £25.5m facility to Fiera Real Estate and Harleyford Capital to fund the development of 180,000 sq ft of institutional Grade A logistics space at Watford Works, London in October.

QuadReal intends to commit over £2.5bn over the next three to five years across the UK and Europe, and has direct control over all decision making. The expanded platform follows the success of QuadReal’s North American debt business, which currently manages over £[12]bn in investments.

Derek Richter, Vice President, Real Estate Debt, said: “These transactions represent an important milestone in the growth of our lending platform, and demonstrate our confidence in the UK market. While we are committed to growing our platform, we remain disciplined, and will only progress transactions that are aligned with our global investment strategy and core convictions. With strong sponsors and attractive sector fundamentals, these high quality, well-located sites are firmly in line with that strategy and we look forward to working with Heitman, Fiera, and Wrenbridge as they execute their business plans.” 

And it's not just in Europe and the UK. 

In December, QuadReal announced a $495M strategic industrial partnership with LaSalle: 

QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, has formed a strategic partnership with global investment manager LaSalle Investment Management (“LaSalle”) that will recapitalize a US$495M portfolio within QuadReal’s direct U.S. industrial platform.

The high-quality, state-of-the-art US industrial portfolio includes 11 assets, totaling 3.3M sq ft across major population centers near critical infrastructure in five states including Georgia, Pennsylvania, New Jersey, Texas and Washington state. LaSalle will acquire a 49% interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets on behalf of the partnership.

“This partnership capitalizes on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the Industrial sector,” said Jamie Weber, Head of Americas for QuadReal. “We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor.”

“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, Global Portfolio Manager, LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.  We’re pleased to work alongside QuadReal and look forward to future opportunities together.”

The partnership terms also provide for an additional capital commitment from LaSalle for the acquisition of similarly high-quality, well-located industrial assets. This leaves a significant runway to expand its real estate investment portfolio in partnership with QuadReal.

QuadReal’s high-conviction investment strategy and international experience have established the firm as a top 20 real estate investor globally. Industrial is a high-conviction sector for QuadReal, with the firm’s US portfolio amounting to 23.5M sq ft of industrial space and global industrial portfolio of 156.3m sq ft. 

Denis Lopez and his team at QuadReal are firing on all cylinders, acquiring prime assets all over the world investing wisely across their capital structure.

I don't cover them enough but always looking at their transactions closely, they're doing great work.

Below, Spencer Levy talks with Panattoni’s Robert Dobrzycki and CBRE’s Jack Cox as they unpack Europe’s logistics sector. Gain insights into CRE trends, investment opportunities, and market outlook (June, 2025).

The Canadian Press reports CPP Investments forms real estate joint venture with California-based IRA Capital:

The Canada Pension Plan Investment Board has signed a deal to form a joint venture with California-based private equity firm IRA Capital to invest in medical outpatient buildings.

CPP Investments has allocated an initial US$143 million of equity capital to the joint venture.

It will hold a 47.5 per cent stake.

The partners have agreed to acquire an initial portfolio of 24 properties across 11 U.S. states to start.

Sophie van Oosterom, managing director and head of real estate at CPP Investments, says the venture will target modern outpatient care facilities in growing U.S. communities.

Founded in 2010, IRA Capital specializes in real estate investments with a focus on commercial real estate assets in the U.S. 

Last week, CPP investments issued a statement on this deal: 

CPP Investments allocates initial US$143 million of equity capital to the joint venture.

Toronto, ON (January 22, 2026) – Canada Pension Plan Investment Board (CPP Investments) today announced its participation in a joint venture with IRA Capital and a global institutional investor (the “Joint Venture”) to invest in medical outpatient buildings. CPP Investments will hold a 47.5% stake in the Joint Venture.

CPP Investments has allocated US$143 million of equity capital to the Joint Venture, which will have an expected acquisition capacity of approximately US$850 million.

“The program will target modern outpatient care facilities in growing U.S. communities, where demand is supported by demographic trends and the shift of services from hospitals to outpatient settings,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “We are pleased to establish this program with IRA Capital to invest in high-quality medical facilities across resilient markets, where effective management of the assets can enhance tenant experience and retention. This investment will help deliver long-term, risk-adjusted returns to the CPP Fund for the benefit of CPP contributors and beneficiaries.”

As part of this Joint Venture, the partners have agreed to acquire an initial 1.5 million square-foot medical facility portfolio across 24 properties. The assets include on-campus and advanced outpatient care facilities that support physicians and health-system partners.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

I didn't know much about IRA Capital before reading about this joint venture but they're obviously legit and specialize in this sector:

IRA Capital “IRA” is a leading private equity firm focused on alternative investments. Founded in 2010, IRA invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. The firm primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare real estate sector. IRA has established itself as a leader within its respective industries and markets, with deep relationships and a strong track record of profitability.  

As to why CPP Investments is teaming up with IRA to invest in medical outpatient buildings, I think this outlook analysis by PWC titled In Times of Uncertainty, Health Care Real Estate Offers Stability is instructive. I note the key points below

• Health care real estate is positioned to outperform in 2026, supported by demographic tailwinds, sustained outpatient demand, and its role as a core defensive asset.

• Tight market conditions and limited new construction will continue into next year, maintaining upward pressure on rents and reinforcing stable fundamentals.

• Investor activity is expected to strengthen in 2026 as capital markets ease and confidence builds around the sector’s long-term growth trajectory.

In times of market uncertainty, investor focus tends to shift to sectors that are anticyclical and can weather a storm. The inelastic demand for health care services and the real estate that supports it becomes even more attractive. Despite an overall softening of the labor market, health care continues to be one of the strongest sectors tracked by the Bureau of Labor Statistics: health care employment growth annually was 2.8 percent as of August 2025 (down from approximately 4 percent levels in 2024) while total nonfarm growth has slowed to 0.9 percent as of August (from levels of 1.3 percent in 2024). 

Demand for health care services continues to grow as the population ages, new discoveries and medical advances increase the amount of medical issues that can be addressed, and the focal shift from reactive medical care to preventative care and wellness continues. The real estate that supports the health care system is largely made up of hospitals and inpatient care and medical office buildings or medical outpatient buildings (collectively, MOBs). There are 7,273 hospitals in the United States making up 1.9 billion square feet and 42,260 MOBs representing 1.6 billion square feet. MOBs can include any number of tenant types and services including urgent care and emergency services, dialysis, ambulatory surgery, and imaging, as well as standard physician offices. 

The MOB sector has continued to see an increase in demand. With advancements in health care technology, many services are now able to be performed in an outpatient setting rather than inpatient, freeing up space in the hospital for more advanced and complicated cases. In recent years, many of these MOB locations have been moving off-hospital campus and out into the community to make them more accessible for patients. This helps providers and hospital systems build market share and more effectively serve a wide range of patients and cases.

Worth repeating this: "With advancements in health care technology, many services are now able to be performed in an outpatient setting rather than inpatient, freeing up space in the hospital for more advanced and complicated cases."

I'm sure CPP Investments and IRA Capital did their homework here and are targeting the right metropolitan areas to invest in and I suspect this will be one of many joint ventures in this area.

Another smart investment over the long run.

Alright, let me wrap it up and go watch "The PITT" with my wife (we are hooked).

Below, in this episode of Multiple Perspectives, host David Lofgren interviews Trisha Talbot, Managing Principal of Doc Properties, to explore the intricacies of medical office building investments, tenant dynamics, and how demographic shifts are reshaping healthcare real estate opportunities.

Also, in this episode of The Smart Property Investment Show, co-hosts Liam Garman and Emilie Lauer sit down with Matthew Strotton, the head of real estate at Real Asset Management (RAM) in Australia, to discuss how investors can diversify their portfolios through healthcare real estate.

Lastly, if you've never seen The PITT, it's awesome, intense, fast paced and just awesome!

The Law of Success in PDF Format: A Comprehensive Guide

Napoleon Hill’s foundational work, alongside guides like the “Seven Spiritual Laws of Success,” offers a pathway to achievement, readily available in PDF format for focused study.

Napoleon Hill’s The Law of Success, a monumental work born from decades of research interviewing prominent figures like Carnegie, Edison, and Rockefeller, remains a cornerstone of personal development literature. Initially conceived as a set of lessons distributed through the Mandeville Publishing Company, it evolved into a comprehensive philosophy for achieving lasting success.

While often discussed alongside related works like the “Seven Spiritual Laws of Success,” Hill’s original masterpiece delves into seventeen distinct principles. These principles, meticulously outlined, aren’t merely theoretical concepts but practical strategies for cultivating a mindset geared towards accomplishment. The enduring appeal lies in its actionable advice, offering readers a roadmap to unlock their potential and navigate life’s challenges with purpose and determination.

Understanding the Historical Context

Hill’s research unfolded during the Era of Industrial Titans, influencing his principles, and reflecting the ambition of figures like Edison and Carnegie.

The Era of Industrial Titans & Hill’s Research

Napoleon Hill’s groundbreaking work emerged from a period defined by unprecedented industrial growth and the rise of powerful entrepreneurs. He embarked on a twenty-year investigation, commissioned by Andrew Carnegie, to uncover the secrets behind success. This research involved extensive interviews with prominent figures of the time – individuals like Thomas Edison, Harvey Firestone, and John D. Rockefeller – titans who shaped the American landscape.

Hill meticulously analyzed their habits, philosophies, and strategies, seeking common denominators that underpinned their achievements. His aim wasn’t merely to document their stories, but to distill actionable principles applicable to anyone striving for success. The era’s focus on tangible results and relentless ambition heavily influenced Hill’s methodology and the core tenets of his philosophy, ultimately forming the foundation of The Law of Success.

The Influence of Carnegie and Edison

Andrew Carnegie’s challenge to Napoleon Hill – to discover a “philosophy of personal achievement” – was pivotal. Carnegie believed success wasn’t accidental, but a result of specific principles. He provided access to his vast network, facilitating interviews with leading industrialists. This access was crucial for Hill’s research and the development of his core concepts.

Thomas Edison’s influence stemmed from his relentless experimentation and unwavering belief in his abilities. Hill observed Edison’s dedication to specialized knowledge and organized planning, principles he later incorporated into his 17 principles of success. Both Carnegie and Edison exemplified the power of a “Definite Chief Purpose” and the importance of a “Master Mind” alliance, concepts central to Hill’s teachings. Their examples shaped the practical application of his philosophy.

Core Principles of the Law of Success

Hill’s framework centers on principles like Definite Chief Purpose, the Master Mind alliance, and Applied Faith – essential for achieving lasting success and fulfillment.

Definite Chief Purpose: The Foundation

Napoleon Hill emphatically states that possessing a Definite Chief Purpose is the indispensable starting point for all achievement. This isn’t merely setting a goal; it’s defining a central aim that directs all efforts and decisions.

He highlights that without this clarity, individuals drift aimlessly, expending energy without focused results. The principle demands specificity – a clearly articulated, measurable objective. This purpose should inspire unwavering commitment and serve as a constant motivator.

Hill’s research, drawing from the lives of industrial titans like Carnegie and Edison, consistently revealed this as a common denominator of success; It’s the bedrock upon which all other principles are built, providing direction and fueling the necessary drive to overcome obstacles.

Master Mind Alliance: Collaborative Power

Napoleon Hill’s concept of the Master Mind Alliance emphasizes the immense power derived from harmonious collaboration. It’s not simply teamwork, but a synergistic blending of minds focused on a shared definite chief purpose; This principle suggests that two or more people working in perfect harmony will achieve far more than they could individually.

Hill’s extensive research, involving interviews with successful individuals like Henry Ford and Rockefeller, consistently demonstrated the importance of surrounding oneself with trusted advisors and collaborators.

The alliance fosters mutual support, idea exchange, and constructive criticism, accelerating progress and overcoming limitations. It’s about leveraging collective intelligence and experience to achieve extraordinary results, a cornerstone of lasting success.

Applied Faith: Belief and Visualization

Napoleon Hill’s principle of Applied Faith transcends mere wishful thinking; it’s a powerful combination of unwavering belief and vivid visualization. It’s the conviction that your definite chief purpose will materialize, coupled with consistently picturing its fulfillment in your mind’s eye.

This isn’t passive hoping, but active mental engagement. Hill stresses the importance of auto-suggestion – repeatedly impressing your subconscious mind with positive affirmations and imagery.

Faith, in this context, isn’t necessarily religious; it’s a psychological force. By cultivating a strong belief and visualizing success, individuals can overcome obstacles, maintain motivation, and attract opportunities aligning with their goals. It’s a crucial element in transforming desires into reality.

The 17 Principles Detailed

Napoleon Hill’s comprehensive system outlines seventeen principles, starting with a definite purpose and encompassing collaborative power, faith, and specialized knowledge for lasting success.

Principle 1: Definite Chief Purpose

Establishing a Definite Chief Purpose is the cornerstone of Napoleon Hill’s philosophy, representing the initial spark for all achievement. This principle isn’t merely about setting a goal; it demands a clearly defined ambition, meticulously planned and relentlessly pursued.

Hill emphasizes that lacking this central aim leads to drifting through life, susceptible to external influences and ultimately, unfulfilled. A definite purpose provides focus, fuels motivation, and attracts the necessary resources – including a Master Mind Alliance – to overcome obstacles.

It’s the foundational element upon which all other principles are built, acting as a compass guiding decisions and actions. Without it, even possessing faith or specialized knowledge proves insufficient for sustained success. This principle, detailed within the “Law of Success,” is paramount.

Principle 2: Master Mind

The Master Mind principle, central to Napoleon Hill’s teachings, highlights the power of collaborative energy. It’s not simply about gathering opinions, but forming a harmonious alliance with individuals possessing complementary skills and shared ambition. This synergy creates an intellectual force exceeding the capabilities of any single mind.

Hill drew inspiration from industrial titans like Carnegie, Edison, and Firestone, observing their reliance on close-knit teams. A Master Mind group fosters brainstorming, problem-solving, and mutual support, accelerating progress towards a Definite Chief Purpose.

Effective collaboration requires trust, open communication, and a unified vision. The principle, thoroughly explored in the “Law of Success,” emphasizes that collective intelligence unlocks opportunities otherwise unattainable.

Principle 3: Applied Faith

Applied Faith, as outlined by Napoleon Hill, transcends mere wishful thinking; it’s the unwavering belief in the attainment of one’s Definite Chief Purpose, coupled with consistent action. This principle isn’t about hoping for success, but knowing it will manifest through focused effort and positive visualization.

Hill emphasizes that faith must be mixed with equivalent action – a passive belief yields no results. Drawing on the experiences of figures like Edison, he demonstrates how persistent faith fuels resilience in the face of obstacles.

The power of auto-suggestion, a related concept, reinforces this faith by programming the subconscious mind for success. It’s a cornerstone of achieving lasting fulfillment.

Principle 4: Auto-Suggestion

Auto-Suggestion, a pivotal principle in Napoleon Hill’s “Law of Success,” involves deliberately feeding the subconscious mind with positive thoughts and affirmations. This process, Hill argues, is crucial for overcoming limiting beliefs and cultivating a success-oriented mindset. It’s essentially self-persuasion, reprogramming your internal dialogue to align with your goals.

The technique requires consistent repetition of affirmations, visualized outcomes, and a clear understanding of your Definite Chief Purpose.

Hill highlights its effectiveness, noting its use by successful individuals like those studied – Carnegie and Rockefeller – to build confidence and maintain focus. It’s a powerful tool for manifesting desired realities.

Principle 5: Specialized Knowledge

Napoleon Hill’s “Law of Success” emphasizes that general knowledge is insufficient for achieving significant success; Specialized Knowledge is paramount. This isn’t merely academic learning, but a deep, focused understanding within a chosen field. Hill observed that individuals who rose to prominence – figures like Edison and Firestone – possessed expertise far exceeding the average.

He stresses the importance of organizing and applying this knowledge strategically. Acquiring information is only the first step; the ability to utilize it effectively is what truly differentiates successful individuals.

Continual learning and adaptation are also vital, ensuring knowledge remains current and relevant in a dynamic world.

Principle 6: Imagination

Napoleon Hill identifies Imagination as a crucial force in achieving success, going beyond mere wishful thinking. It’s the workshop of the mind, capable of creating plans, ideas, and solutions not readily apparent. He observed that successful individuals, like those he studied – Carnegie, Rockefeller – were prolific idea generators.

Hill distinguishes between synthetic and creative imagination. Synthetic imagination rearranges existing concepts, while creative imagination generates entirely new ones. Both are essential for innovation and problem-solving.

Cultivating imagination requires deliberate practice, visualization, and a willingness to explore unconventional ideas, ultimately shaping a desired future.

Principle 7: Organized Planning

Napoleon Hill emphasizes that a Definite Chief Purpose, coupled with Organized Planning, forms the bedrock of achievement. Simply having a goal isn’t enough; a detailed, actionable plan is vital. This principle builds upon previous ones – Master Mind collaboration aids planning, while Applied Faith fuels perseverance.

Effective planning involves breaking down large objectives into smaller, manageable steps. Hill advocates for creating concrete timelines and identifying resources needed for each stage. Procrastination is the enemy of organized planning, demanding consistent action.

Successful individuals don’t leave success to chance; they meticulously chart their course and adapt as needed, ensuring progress towards their ultimate vision.

Accessing the “Law of Success” PDF

Napoleon Hill’s “Law of Success” and related works, including guides on spiritual laws, are available digitally, but prioritize legitimate sources to avoid copyright issues.

Legitimate Sources for Download

Finding authentic digital copies of Napoleon Hill’s “Law of Success” requires careful navigation. The Napoleon Hill Foundation itself is the most reliable source for official publications and resources, ensuring you receive an unadulterated version of his work. Several online booksellers also offer legitimate PDF versions for purchase, providing a convenient and legal way to access this classic text.

Beware of websites offering free downloads, as these often contain pirated material or may compromise your device with malware. Prioritize established platforms and verify the source’s credibility before downloading any files. Exploring resources related to the “Seven Spiritual Laws of Success” can complement your study, but always confirm their authenticity. Supporting the official channels helps preserve the integrity of Hill’s teachings and ensures continued access to his invaluable insights.

Avoiding Copyright Infringement

Respecting intellectual property is crucial when accessing Napoleon Hill’s “Law of Success” in PDF format. Downloading from unauthorized sources constitutes copyright infringement, potentially leading to legal repercussions. The work remains protected, and obtaining it through illegal channels undermines the author’s legacy and the Napoleon Hill Foundation’s efforts.

Prioritize purchasing the PDF from reputable booksellers or directly from the Foundation’s official website. Avoid websites offering “free” downloads, as these are almost always illegal copies. Supporting legitimate sources ensures continued publication and accessibility of Hill’s teachings. Remember, even sharing unauthorized PDFs with others contributes to copyright violation. Choosing legal avenues demonstrates respect for the creator’s rights and supports the continued dissemination of valuable knowledge, including related works like guides on the “Seven Spiritual Laws of Success.”

Related Works & Further Exploration

Explore complementary texts like “The Law of Financial Success” (1907) and “Power vs. Force,” deepening your understanding of Hill’s principles alongside the “Seven Spiritual Laws.”

“The Law of Financial Success” (1907)

Published decades before “The Law of Success,” this earlier work by Napoleon Hill lays the groundwork for his later, more comprehensive philosophies. It delves specifically into the psychological and practical elements required for accumulating wealth, focusing on mental attitude, overcoming fear and worry, and cultivating unwavering faith.

The book explores latent powers within individuals and the crucial roles of ambition, desire, and will power in achieving financial independence. Hill emphasizes the power of auto-suggestion – harnessing the subconscious mind to attract prosperity. While distinct from the “Seven Spiritual Laws of Success,” it shares a common thread: the importance of a focused mindset and deliberate action; It provides a fascinating glimpse into the evolution of Hill’s thought process and remains a valuable resource for those seeking financial mastery.

Napoleon Hill’s Self-Confidence Formula

A cornerstone of personal achievement, this formula, officially published by the Napoleon Hill Foundation, builds upon the principles outlined in “The Law of Success” and other works. It’s a practical guide designed to cultivate self-reliance and overcome limiting beliefs, essential components for manifesting success, even mirroring concepts found within guides like the “Seven Spiritual Laws of Success.”

Hill details techniques for strengthening inner conviction and projecting an aura of confidence, attracting opportunities and influencing others. The formula emphasizes the power of positive self-talk, visualization, and consistent action. It’s not merely about feeling good; it’s about developing a deeply ingrained belief in one’s ability to achieve desired outcomes, a vital element for navigating life’s challenges and realizing one’s full potential.

“Power vs. Force” and its Connection

Napoleon Hill’s exploration of “Power vs. Force” delves into the fundamental energies driving human action and achievement, complementing the principles found in works like the “Seven Spiritual Laws of Success.” He argues that true, lasting success stems from harnessing inner power – a positive, creative force – rather than relying on brute force or coercion. This distinction is crucial for building genuine relationships and achieving sustainable results.

The concept directly relates to the principles of faith and auto-suggestion in “The Law of Success,” emphasizing the importance of cultivating a positive mental attitude. By understanding and utilizing the power within, individuals can overcome obstacles and attract favorable outcomes, aligning with the harmonious principles outlined in spiritual success guides.

The Napoleon Hill Foundation

The Napoleon Hill Foundation provides authentic publications, including “The Law of Success” and related works, ensuring the enduring legacy of his principles.

Official Publications and Resources

The Napoleon Hill Foundation serves as the primary source for genuine publications stemming from Hill’s extensive research and writings. Beyond “The Law of Success,” explore “Napoleon Hill’s Self-Confidence Formula” and “Power vs. Force,” deepening your understanding of his philosophy.

Access official PDFs and resources directly through the Foundation’s website, guaranteeing authenticity and avoiding copyright infringements. These materials build upon the core seventeen principles, including having a definite chief purpose and cultivating a Master Mind alliance. Discover how Hill’s insights, gleaned from titans like Carnegie and Edison, translate into practical strategies for personal and financial success. The Foundation diligently preserves Hill’s legacy, offering a wealth of knowledge for those seeking lasting achievement.

Authenticity and Legacy

Preserving Napoleon Hill’s original intent is paramount, especially with widespread digital access to works like guides on the “Seven Spiritual Laws of Success” and “The Law of Success” in PDF format. The Napoleon Hill Foundation actively combats unauthorized reproductions and ensures the integrity of his teachings.

Hill’s legacy extends beyond personal achievement; his research, involving interviews with industrial leaders like Rockefeller and Edison, aimed to distill universal principles for success. Authenticity guarantees you’re receiving the complete, nuanced message – encompassing faith, specialized knowledge, and organized planning. By supporting official publications, you contribute to maintaining the accuracy and enduring power of Hill’s transformative philosophy, ensuring its continued impact for generations to come.

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Layan Odeh of Bloomberg reports Ontario Teachers’ reroutes some cash into public markets: 

Ontario Teachers’ Pension Plan chief executive Jo Taylor said that the pension is “warehousing” capital in public markets after selling several assets within its private market portfolio last year.

The pension plan “sold some private equity assets” and “our plan is to reinvest that capital,” Taylor said in an interview with Bloomberg TV in Davos. “We are really just warehousing it until we know where we want to redeploy it.”

Ontario Teachers’ struck deals to sell some assets last year, including its stakes in airports in Copenhagen and Brussels, as well as three airports in the United Kingdom. The pension plan also agreed to sell its majority stake in India’s Sahyadri Hospitals Group.

The pension plan, which manages $269.6 billion of assets, reduced its exposure to the United States dollar and treasuries in the first quarter of last year, Taylor said, citing the “risk of a deflationary dollar.”

But as the pension plan shifted to “benign” but liquid markets, OTPP’s equity weighting stayed tilted toward the U.S.

“The U.S. is still 30 per cent, 35 per cent of our portfolio,” Taylor said. “It will be an important territory for further capital.”

In recent days, some European pension plans said that they’re cutting their exposure to the U.S. dollar amid concerns that the policies of U.S. President Donald Trump have created credit risks too big to ignore.

AkademikerPension, a Danish pension fund that manages around US$25 billion of savings, said it’s planning to exit U.S. Treasuries by the end of the month. Swedish pension fund Alecta said it already sold most of its U.S. Treasuries since early last year, citing the unpredictability of U.S. policy, budget deficits and national debt. 

Alright, I had a chance to listen to Jo Taylor's interviews at Davos last week, one with Bloomberg and one with CNBC.

Jo is always on point and very careful when he speaks, here are my quick bullet points but take the time to watch both interviews below.

• They cut exposure to the US dollar and Treasuries in Q1 2025 because they were a bit overexposed but he added: "The US is always roughly 30% to 35% of their portfolio -- it's 30% at the moment -- and it will always be an important territory fro us for further capital."
• They cut their dollar and treasury exposure in Q1 2025 because they saw deflationary risk to the dollar and kept it at that level going into 2026.
• They had important realizations last year in private markets particularly when they sold five airports in Europe and parked the money in "benign, liquid public markets" mostly in the US. 
• Nonetheless, private markets is a "hugely successful part of their business" and a "core activity" and Jo specified they are "not asset collectors", they acquire companies, make them more successful and if someone comes along to buy them and give them a good offer, then they will tend to "monetize them."
• So, in 2025, their biggest realizations were in airports and some private equity assets but their plan is to reinvest that capital. "Putting that money into liquid form in public liquid markets is we're really just warehousing it till we know where we want to redeploy it given our all-weather portfolio."
• On AI, Jo said they're not sure "the larger businesses will automatically win over time" so they're being careful and selective on where they invest. More importantly, they're looking at how AI impacts their existing portfolio of companies they own. "How do we enable them so they use AI to their advantage?" and "how we use AI to make better investment choices given the data we have?" 
• He said they own stakes in Anthropic and SpaceX and the latter has been a "fabulous investment" and said the company was "executing" on all levels and hitting its mark.
• Interestingly, toward the end of the Bloomberg interview, he said IPOs are not always the best solution because disclosed of a listed company is onerous and sometimes it makes sense to stay private for longer. 
• On the CNBC interview, Jo hones in on how Teachers' plans for the long term since their liabilities go out 50-60 years but also want to capitalize on short-term volatility where they see opportunities.  "When markets get really choppy, you want to be brave enough to look for good opportunities particularly on the investment side."
• He said last year they were  more "sellers of assets" and this year they're trying to correct that as "you don't want too much vintage year risk in what could turn out to be a wonderful year in investing." He said from his own experience, when markets are volatile, it's a great time to buy.\
• He said there has already been an equity correction is private equity and the challenge is in a world of tariffs how do you look at a business to try to understand its future growth.  So a business can look good when you buy it but will that be maintained and also if it's "a business that does a lot of M&A after you (acquire), then that looks more uncertain."
• He stressed you need to "know what you own" and they do direct investing as well as work with partners and do their own due diligence.
• They will be selling and buying assets again this year, and sold an oil and gas business earlier this year.
• He said they've done well investing in technology, financial services and industrials but as they look forward they're asking the question "will everyone win on AI?' and "which are the areas where you can see good growth and technology has the upper hand". He said one area where they are uncertain is in healthcare where "AI is speeding up some of the discovery and value creation."
• Jo said they have a good exposure to AI and "Teachers' Venture Growth made a very good return last year of over 30%." 
• They want to examine where AI disrupts their portfolio and where it can help them add value.

Alright, take the time to watch both interviews, Jo Taylor is always on point and very precise with is comments.]

Below, Ontario Teachers' Pension Plan President & CEO Jo Taylor says the pension has cut exposure to US Dollar and Treasuries. He speaks to BTV's Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern on the sidelines of the 2026 World Economic Forum in Davos, Switzerland.

Also, Jo Taylor, CEO and president of the Ontario Teachers’ Pension Plan (OTPP), tells CNBC’s Dan Murphy in Davos that he’s closely watching geopolitical spillovers in financial markets. While volatility should be seen as a buying opportunity, Taylor emphasizes investors must “know what you own” during uncertain times.

Brown Bear‚ Brown Bear‚ What Do You See? — Article Plan (01/25/2026)

Exploring digital access‚ a PDF version of “Brown Bear‚ Brown Bear‚ What Do You See?” is readily available online‚
with a file size of approximately 25 MB (25‚084 KB).

“Brown Bear‚ Brown Bear‚ What Do You See?”‚ a beloved classic penned by Bill Martin Jr. and beautifully illustrated by Eric Carle‚ has captivated young readers for generations. First published in 1967‚ this picture book isn’t merely a story; it’s an immersive experience designed to foster early childhood development. The book’s enduring appeal lies in its simple‚ rhythmic text and vibrant‚ collage-style artwork.

The availability of these PDFs expands the reach of this cherished story‚ making it accessible to a broader audience and facilitating innovative learning opportunities.

The Authors: Bill Martin Jr. and Eric Carle

Bill Martin Jr;‚ a celebrated author of children’s literature‚ possessed a remarkable talent for crafting rhythmic and engaging prose. He believed in the power of language to ignite a child’s imagination and foster a love of reading. His collaboration with Eric Carle on “Brown Bear‚ Brown Bear‚ What Do You See?” proved to be a monumental success‚ creating a book that continues to resonate with young audiences.

Eric Carle‚ renowned for his distinctive collage-style illustrations‚ brought Martin’s words to life with vibrant colors and captivating imagery. His hand-painted paper collages are instantly recognizable and contribute significantly to the book’s enduring appeal. The visual elements‚ now readily available in digital PDF formats‚ maintain their impact even in a virtual setting.

Publication History and Editions

“Brown Bear‚ Brown Bear‚ What Do You See?” was first published in 1967‚ quickly becoming a staple in classrooms and homes worldwide. Over the decades‚ it has undergone numerous printings and editions‚ solidifying its place as a beloved classic. The book’s enduring popularity has naturally led to its digitization‚ with PDF versions becoming increasingly accessible.

The availability of PDFs demonstrates the book’s continued relevance in the digital age‚ ensuring that future generations can experience the magic of Martin and Carle’s collaboration‚ regardless of format preference.

“Brown Bear‚ Brown Bear‚ What Do You See?” follows a simple‚ yet captivating‚ question-and-answer format. A young child encounters a series of animals – a brown bear‚ a red bird‚ a yellow duck‚ and more – each prompting the question‚ “What do you see?”. Each animal responds by identifying the next in line‚ creating a rhythmic and predictable narrative.

The story builds through a vibrant parade of colors and creatures‚ culminating in the child finally seeing a teacher. This circular structure reinforces learning and encourages participation. The book’s core lies in its repetitive language‚ making it ideal for early readers and language development.

PDF versions faithfully reproduce this engaging storyline‚ allowing readers to experience the book’s charm digitally. The visual elements‚ crucial to the narrative‚ remain intact in these digital formats‚ preserving the original intent of Bill Martin Jr. and Eric Carle.

Educational Applications of the Book

“Brown Bear‚ Brown Bear‚ What Do You See?” serves as a versatile tool across various educational settings. Teachers’ guides leverage the book for early literacy‚ color recognition‚ and animal identification. Activities include creating animal target practice games‚ utilizing poster boards‚ crayons‚ and bean bags to reinforce learning.

The repetitive nature of the text aids in phonological awareness and encourages children to predict upcoming words. PDF versions of the book facilitate easy integration into digital learning environments‚ allowing for interactive read-alouds and shared reading experiences.

Furthermore‚ the book’s simple structure supports emergent writing skills‚ prompting children to create their own “What do you see?” sequences. The vibrant illustrations in the PDF format stimulate visual learning and enhance comprehension‚ making it a valuable resource for diverse learners.

Using the Book for Early Literacy

“Brown Bear‚ Brown Bear‚ What Do You See?” is exceptionally effective for fostering early literacy skills. The book’s predictable pattern and repetitive questions build confidence in emergent readers‚ encouraging participation and prediction. PDF accessibility allows educators to easily project the text for shared reading experiences‚ highlighting key vocabulary and sentence structures.

The simple sentence structure – “Brown Bear‚ Brown Bear‚ What do you see?” – provides a scaffold for children to practice forming their own questions and responses. Digital PDF versions can be annotated‚ allowing teachers to point out rhyming words or sight words.

Moreover‚ the book’s rhythm and rhyme contribute to phonological awareness‚ helping children develop an understanding of sound patterns. Utilizing a PDF enables printing individual pages for focused activities like sequencing or word matching‚ solidifying literacy foundations.

Color Recognition Activities

“Brown Bear‚ Brown Bear‚ What Do You See?” is a vibrant tool for teaching color recognition. Each page introduces a different colored animal‚ providing a concrete visual association. Utilizing a PDF version of the book allows for easy printing of individual pages for focused color sorting activities.

Teachers can create color matching games‚ asking students to find objects in the classroom that correspond to the colors featured in the book. A downloadable PDF facilitates creating flashcards with the animal and color names for quick review.

Furthermore‚ the book inspires art projects where children recreate the animals using the correct colors. Access to the PDF enables projecting the images onto a whiteboard for guided painting or coloring sessions‚ reinforcing color identification and artistic expression.

Animal Identification and Learning

“Brown Bear‚ Brown Bear‚ What Do You See?” introduces young learners to a diverse range of animals‚ fostering early animal identification skills. A readily available PDF version of the book enhances learning through printable animal cards for matching games and classroom displays.

Teachers’ guides accompanying the book‚ often found alongside PDF downloads‚ suggest creating an animal target practice game using images from the final pages. Utilizing the PDF‚ educators can easily reproduce these images for a hands-on learning experience.

Beyond simple identification‚ the book sparks curiosity about animal characteristics. Accessing the PDF allows for pausing and discussing each animal’s habitat‚ diet‚ and unique features‚ expanding children’s understanding of the natural world and promoting further exploration.

Repetitive Language and Phonological Awareness

“Brown Bear‚ Brown Bear‚ What Do You See?” masterfully employs repetitive language‚ a cornerstone of early phonological awareness development. The readily available PDF format allows educators to highlight and analyze the recurring question-and-answer pattern‚ reinforcing sentence structure.

This repetition aids in predicting upcoming words and phrases‚ building confidence in emergent readers. Utilizing a PDF copy‚ teachers can create fill-in-the-blank exercises focusing on the predictable text‚ strengthening phonological skills.

The book’s rhythmic quality‚ easily accessible through the PDF’s text‚ supports auditory discrimination and rhyming recognition. Furthermore‚ the consistent structure provides a scaffold for children to create their own repetitive sentences‚ fostering language creativity and fluency.

The Book as a Tool for Sensory Exploration

“Brown Bear‚ Brown Bear‚ What Do You See?”‚ even in PDF format‚ serves as a springboard for rich sensory exploration. While the digital version lacks tactile elements‚ it facilitates vibrant visual engagement with Eric Carle’s iconic illustrations.

Teachers can utilize the PDF to project images‚ prompting discussions about colors‚ shapes‚ and animal textures. Complementary activities‚ inspired by the book‚ can introduce real-world sensory experiences – soft fur representing the brown bear‚ smooth scales for the fish.

The book’s animal focus encourages children to mimic animal sounds and movements‚ engaging auditory and kinesthetic senses. A printed PDF can be incorporated into sensory bins‚ alongside animal figurines‚ fostering multi-sensory learning. Ultimately‚ the book‚ regardless of format‚ sparks curiosity and sensory awareness.

Visual Elements and Eric Carle’s Illustrations

Eric Carle’s distinctive collage illustrations are central to the enduring appeal of “Brown Bear‚ Brown Bear‚ What Do You See?” – even when experienced through a PDF version. The bold‚ brightly colored animals immediately capture a child’s attention‚ fostering visual recognition and engagement.

The simplicity of the shapes and the vibrant hues are particularly effective for young learners. A digital PDF allows for easy zooming‚ enabling closer examination of Carle’s textured artwork. Teachers can project specific pages‚ prompting discussions about color mixing and artistic techniques.

The consistent visual style throughout the book reinforces patterns and predictability‚ aiding comprehension. Whether printed or viewed digitally‚ Carle’s illustrations transform a simple concept into a visually stunning and memorable experience for children.

The Role of Repetition in Engagement

The core structure of “Brown Bear‚ Brown Bear‚ What Do You See?” relies heavily on repetition‚ a key element in captivating young audiences – a feature maintained even within a PDF format. The recurring question‚ “Brown Bear‚ Brown Bear‚ What do you see?” creates a predictable rhythm that children quickly anticipate and enjoy.

This repetitive pattern aids in memorization and encourages participation. When using a PDF for story time‚ educators can pause at the question‚ inviting children to respond with the animal names. The predictable nature builds confidence and fosters a sense of accomplishment.

The book’s success stems from this engaging repetition‚ making it an ideal tool for early literacy development. Even a digital PDF version doesn’t diminish the power of this technique‚ offering a dynamic and interactive reading experience.

Adapting the Book for Different Age Groups

“Brown Bear‚ Brown Bear‚ What Do You See?” offers versatility across age groups‚ even when accessed as a PDF. For toddlers‚ focus on simple color and animal recognition‚ pointing to the vibrant illustrations within the PDF. Encourage mimicking animal sounds.

Preschoolers can benefit from expanded activities using the PDF as a visual aid. Create matching games with animal pictures‚ or have children draw their own “What do you see?” pages. The PDF allows for easy printing of individual images.

For early elementary students‚ explore the book’s structure. Discuss the pattern of repetition and challenge them to create their own verses‚ potentially writing and illustrating them before compiling a class PDF booklet. The digital format facilitates collaborative projects.

Brown Bear Sensory Perception, Connecting to the Book

While “Brown Bear‚ Brown Bear‚ What Do You See?” focuses on visual perception‚ understanding a brown bear’s actual senses enriches the experience‚ even when reading a PDF version. The book prompts “What do you see?”‚ but a bear’s world is largely defined by smell.

A brown bear’s sense of smell is remarkably superior – seven times better than a bloodhound’s and 2‚100 times stronger than a human’s! This contrasts with the book’s visual emphasis. Discussing this difference while viewing the PDF illustrations highlights animal adaptations.

Bears also possess a tapetum lucidum‚ a reflective layer in the eye enhancing night vision. This allows them to see better in low light‚ a capability not explicitly shown in the brightly colored PDF images‚ but a fascinating biological detail to explore alongside the book.

Brown Bear’s Sense of Smell: Superior to Humans

Considering a digital PDF of “Brown Bear‚ Brown Bear‚ What Do You See?”‚ it’s compelling to contrast the book’s visual focus with a brown bear’s dominant sense: smell. While the book asks “What do you see?”‚ a bear’s world is primarily experienced through its nose.

Remarkably‚ a brown bear’s olfactory capabilities are extraordinary. Their sense of smell is seven times more acute than a bloodhound’s‚ renowned for its tracking abilities. More impressively‚ it’s 2‚100 times stronger than a human’s! This means a bear can detect scents from miles away‚ even when reading a PDF about them.

This heightened sense of smell influences their behavior‚ from finding food to identifying potential threats. Discussing this while exploring the book’s PDF version adds a layer of scientific understanding‚ showcasing how animals perceive their environment differently than we do.

Brown Bear’s Vision: Day and Night Capabilities

While enjoying the vibrant illustrations within a “Brown Bear‚ Brown Bear‚ What Do You See?” PDF‚ it’s fascinating to consider how a real brown bear perceives the world visually. Though their daytime vision is comparable to humans‚ their adaptations for low-light conditions are exceptional.

Like many animals‚ bears possess a tapetum lucidum‚ a reflective layer behind the retina. This layer bounces light back through the retina a second time‚ effectively amplifying available light. This significantly enhances night vision‚ allowing bears to hunt and navigate effectively in darkness – even if they were looking at a PDF on a screen!

However‚ it’s important to note that bears don’t see color as vividly as humans. Their vision is geared towards detecting movement and shapes‚ crucial for survival. Exploring the book’s PDF alongside this information highlights the differences in sensory perception between species.

Tapetum Lucidum and Night Vision in Bears

Delving deeper into the visual world of brown bears‚ especially while viewing a “Brown Bear‚ Brown Bear‚ What Do You See?” PDF‚ reveals a remarkable adaptation: the tapetum lucidum. This reflective layer‚ located behind the retina‚ is key to their superior night vision.

Functioning like a natural mirror‚ the tapetum lucidum reflects light back through the retina‚ giving photoreceptor cells a “second chance” to capture it. This process dramatically increases light sensitivity‚ enabling bears to see clearly in dimly lit environments; It’s this feature that allows them to thrive in conditions where human vision would be severely limited.

The presence of this layer explains why bear eyes often appear to glow when illuminated by a light source. While enjoying the colorful images in the PDF‚ remember that a real brown bear’s vision is optimized for a different spectrum of light and a different purpose – survival in the wild.

PDF Availability and Digital Access

These digital versions allow for easy sharing and integration into virtual learning environments. The PDF‚ authored by Bill Martin Jr.‚ typically weighs around 25 MB (or 25‚084 KB)‚ ensuring relatively quick downloads and compatibility across various devices.

Finding “Brown Bear‚ Brown Bear‚ What Do You See?” PDFs Online

A simple web search using keywords like “Brown Bear‚ Brown Bear‚ What Do You See? PDF download” will yield numerous results‚ directing users to various hosting sites. KathleenHarberdf’s Issuu page specifically offers a readily available PDF version of Bill Martin Jr.’s work.

Remember to exercise caution when downloading from unfamiliar sources‚ prioritizing reputable platforms to ensure file safety and quality. These online resources provide convenient access to the book’s digital format for educational and personal use.

File Size and Format Considerations (PDF)

The PDF format of “Brown Bear‚ Brown Bear‚ What Do You See?” offers a convenient and widely compatible way to access the beloved children’s book digitally. Typically‚ the file size for a complete PDF version is around 25 MB‚ equivalent to 25‚084 KB. This size allows for clear image reproduction of Eric Carle’s vibrant illustrations.

PDFs maintain formatting‚ ensuring the book appears as intended‚ regardless of the device used for viewing. This is crucial for preserving the visual appeal and layout designed for young readers. The format is suitable for printing‚ allowing for physical copies to be created if desired.

Consider storage space when downloading‚ ensuring sufficient capacity on your device. While 25 MB is relatively modest‚ it’s a factor for devices with limited storage. The PDF format generally requires a PDF reader application‚ readily available for most operating systems.

Legality and Copyright of PDF Downloads

Downloading PDFs of copyrighted material‚ like “Brown Bear‚ Brown Bear‚ What Do You See?”‚ requires careful consideration of legality and copyright. While numerous websites offer free downloads‚ many may infringe upon the rights held by the authors‚ Bill Martin Jr. and Eric Carle‚ and their publishers.

Unauthorized distribution of copyrighted PDFs is illegal and unethical. Supporting authors and publishers through legitimate purchases – whether physical books or authorized digital copies – ensures continued creation of quality children’s literature.

Seek official sources for PDF access‚ such as authorized online bookstores or educational platforms with licensing agreements. Be wary of websites offering “free” downloads that appear suspicious or lack clear copyright information. Respecting intellectual property is crucial‚ and choosing legal avenues protects the creators’ rights.

Activities Inspired by the Book

“Brown Bear‚ Brown Bear‚ What Do You See?” inspires a wealth of engaging educational activities. A popular option is an animal target practice game‚ enhancing gross motor skills and animal recognition. This activity requires a poster board divided into six squares‚ each featuring an animal from the book’s final pages – like a polar bear‚ black bear‚ and others.

Preparation is key: draw or copy animal images onto the grid. Children then take turns tossing bean bags‚ aiming for specific animals. This reinforces visual discrimination and following instructions. The teacher’s guide suggests six bean bags per activity center‚ alongside Poly Spots for designated throwing lines.

Expanding the fun‚ consider creating animal flashcards or a matching game using images from the book or the PDF version‚ further solidifying learning.

Animal Target Practice Game

This dynamic activity‚ directly inspired by “Brown Bear‚ Brown Bear‚ What Do You See?”‚ transforms learning into playful movement. Utilizing a prepared animal target poster – featuring squares with animals from the book – children practice throwing skills while reinforcing animal identification.

The setup is simple: a poster board is divided into a 6-square grid‚ each square displaying a different animal. Students toss bean bags‚ aiming for a designated animal. This game enhances hand-eye coordination‚ gross motor skills‚ and recall of the book’s characters.

Materials needed include the animal target poster‚ six bean bags per activity center‚ and potentially Poly Spots to mark throwing lines. The game can be adapted by calling out colors or animal names‚ adding layers of complexity and engagement‚ even referencing the PDF version’s illustrations.

Materials Needed for Activities

To fully engage with activities inspired by “Brown Bear‚ Brown Bear‚ What Do You See?”‚ a focused collection of materials is essential. First and foremost‚ a copy of the book itself – whether physical or a downloaded PDF version – serves as the core resource.

Visual aids are crucial; poster board is needed for creating animal target games‚ alongside crayons or printed images of the book’s featured animals. Masking tape will be useful for defining spaces and securing posters.

For interactive play‚ Poly Spots can mark designated throwing areas‚ and a set of six bean bags per activity center allows for multiple participants. Access to a printer is beneficial for reproducing animal images from the PDF‚ ensuring sufficient materials for all learners. These resources collectively foster a vibrant and immersive learning experience.

Preparation for Educational Activities

Prior to commencing educational activities centered around “Brown Bear‚ Brown Bear‚ What Do You See?”‚ careful preparation is key to a smooth and engaging learning experience. Begin by reviewing the book‚ either in its physical form or a downloaded PDF version‚ to familiarize yourself with the animal sequence.

Constructing the animal target poster requires drawing six squares on poster board‚ delineated by vertical and horizontal lines to create a grid. Within each square‚ either draw or paste copies of the animals featured on the final pages of the book – ensuring clear visual representations.

Gather and organize all necessary materials‚ including crayons‚ masking tape‚ Poly Spots‚ and bean bags‚ placing them within easy reach of participants. This proactive approach minimizes disruptions and maximizes instructional time‚ fostering a focused and productive learning environment.

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Rian Howlett , Karen Friar and Laura Bratton of Yahoo Finance report the Dow, S&P 500 cap volatile week with back-to-back weekly losses:

US stocks were mixed on Friday, as Wall Street capped a turbulent week stoked by President Trump's heated pursuit of Greenland, while chipmaker Intel (INTC) sank after its earnings disappointment.

The Dow Jones Industrial Average (^DJI) retreated roughly 0.6%. The S&P 500 (^GSPC) rose slightly, and the Nasdaq Composite (^IXIC) gained 0.2%.

All three major indexes posted back-to-back weekly losses.

Intel posted worse-than-expected first quarter guidance late Thursday, raising concerns about its turnaround. The chip giant swung to a quarterly loss as it struggled to meet demand for its server chips used in AI data centers. Shares sank over 16% Friday.t

Stocks recorded weekly losses for the second week in a row as the relief that lifted stocks for two straight days of gains wore off. After a rough start to a holiday-shortened trading week, investors took heart from Trump cooling his Greenland rhetoric and backtracking on proposed tariffs on NATO allies. Trump argued that his moves worked out, as the market was "just about even" for the week.

That said, a shift out of US assets is gaining traction as US-EU tensions weigh on the dollar (DX-Y.NYB). And gold (GC=F) headed toward its best week since 2020, while silver (SI=F) topped $100 per ounce.

Elsewhere, there were signs of progress on the China-US front, as TikTok and ByteDance finally closed a deal with Oracle (ORCL) and others to let it operate in the US. Meanwhile, Beijing has reportedly told China's big techs they can start preparations to order Nvidia's (NVDA) H200 chips, whose imports are currently curbed.

Investors are bracing for a blockbuster earnings week next week, along with the Federal Reserve's meeting and interest rate decision. Trump said Thursday he has a pick for the next Fed chair in mind after wrapping up interviews, and he will name the replacement for Jerome Powell "soon."

Sean Conlon and Pia Singh of CNBC also report the S&P 500 ends Friday little changed, but posts second straight losing week amid wild trading: 

U.S. equities were mixed on Friday, as the Nasdaq Composite extended its gains amid easing geopolitical fears and the Dow Jones Industrial Average underperformed.

The tech-heavy Nasdaq advanced 0.28% and settled at 23,501.24, while the blue-chip Dow lost 285.30 points, or 0.58%, closing at 49,098.71. A nearly 4% slide in Goldman Sachs weighed on the 30-stock index. The broad market S&P 500 eked out a marginal gain of 0.03% to end at 6,915.61.

Nvidia and Advanced Micro Devices were among those supporting the Nasdaq and the S&P 500, climbing 1.5% and more than 2%, respectively. The moves come as people familiar with the matter told CNBC that Nvidia CEO Jensen Huang is planning to visit China in the coming days. Other tech names like Microsoft saw a boost as well.

Intel shares, in contrast, tumbled around 17% after the chipmaker reported a disappointing first-quarter outlook.

The three major averages rallied for a second session on Thursday as investors were appeased by news of easing trade tensions and geopolitical risk.

The indexes began their rebound on Wednesday after President Donald Trump called off his threatened tariffs on the imports of eight European nations — which were set to start Feb.1 — and announced that he and NATO Secretary General Mark Rutte reached a “framework of a future deal with respect to Greenland.” The tariff threat briefly spurred a flight from U.S. assets as investors turned to the “sell America” trade at the start of the holiday-shortened trading week.

Trump had also told CNBC Wednesday that “we have a concept of a deal” with the Arctic island.

“Investors this week welcomed a term that kind of started around Liberation Day or shortly thereafter — the ‘TACO’ trade,’” said Scott Ellis, managing director, corporate credit at Penn Mutual Asset Management. “Maybe investors will look to that in the future as Trump kind of walks back and this administration walks back some of the rhetoric in order to get deals done.”

To be sure, Greenland Prime Minister Jens-Frederik Nielsen said on Thursday he doesn’t know what’s in the “framework” deal that Trump announced, stressing that any such deal must respect Greenland’s sovereignty and territorial integrity.

While the combined gains on Wednesday and Thursday had erased the Dow’s losses from earlier in the week, Friday’s move put it back in the red. The 30-stock Dow fell 0.5% on the week. The S&P 500 lost about 0.4%, while the Nasdaq slipped less than 0.1% in the period — both posted back-to-back losing weeks.

It was another volatile week on Wall Street dominated by President Trump's remarks prior, during and following his visit to the World Economic Forum at Davos.

The only good news is NATO Secretary General Mark Rutte who seems to have Trump's attention managed to strike some sort of deal with respect to Greenland but all sides have yet to formally approve and details remain vague. 

Looking at S&P sectors, Energy and Materials benefited from the geopolitical tensions, gaining 3.3% and 2.1% respectively this week:

Worth noting the iShares Silver Trust (SLV) and SPDR Gold Shares (GLD) had another exceptional week, hitting fresh new record levels on geopolitical turmoil:

 

If you ever needed proof that parabolic charts can get more overbought, there it is, short sellers are getting steamrolled trying to short silver and gold.

Still, there will be a pullback back to the 10-week exponential moving average, that I guarantee you.

Here are the best performing large, mid and small cap US stocks this week (full list for each is here, you need to change exchange):

Once again, micro cap stocks took off the most:

Next week is a big earnings week as the tech powerhouses report, keep an eye on post-earnings reaction because that tells you a lot.

And be careful with stocks that run up too much, too fast headed into earnings, Intel being the perfect example today as it got clobbered 17% following weak earnings:

It will likely pull back some more but the weekly chart remains bullish so don't be surprised if it heads back up at some point and resumes an uptrend.

Alright, let me wrap it up there, been a long week.

Below, Tom Lee, Fundstrat, joins 'Closing Bell' to discuss the week for stock markets, the earnings reports next week and much more.

Next, Jeff deGraaf, Renaissance Macro, joins 'Closing Bell' to discuss the recent breakout in regional banks, how small caps can perform going forward and much more.

Third, Dan Niles, Niles Investment Management, joins 'Fast Money' to talk whats ahead for big tech earnings next week including Apple and Microsoft.

Fourth, 'Fast Money' traders talk precious metal prices continuing to climb.

Lastly, CBC's Power & Politics' Political Pulse Panel breaks down duelling speeches at the World Economic Forum in Davos, Switzerland, this week.

Layan Odey of Bloomberg reports BCI’s $182 billion pension fund names Jon Salon head of private equity unit: 

British Columbia Investment Management Corp. named Jon Salon as the new global head of private equity, succeeding industry veteran Jim Pittman, who is leaving the pension plan at the end of the month.

Salon, who will assume the role next month from New York, joined the pension manager in 2024 after leading Cigna Group’s Evernorth Health Services. Prior to that, Salon spent about 15 years at buyout firm Bedford Funding, where he was a founding partner.

“Jon has been an exceptional addition to our private equity leadership, and I’m pleased to welcome him to BCI’s executive management team in this new capacity,” Chief Executive Officer Gordon J. Fyfe said in a statement seen by Bloomberg.

Since joining BCI in 2016, Pittman grew the private equity unit from a C$7 billion ($5.1 billion) into a C$36 billion business, while broadening the strategy and expanding its global footprint with offices in New York and London, according to the statement.

BCI, which invests the retirement savings of British Columbia’s public sector workers, had C$251.6 billion of net assets as of March 31.

Earlier today, BCI issued a statement stating that Jon Salon has been appointed Global Head of Private Equity, leading the C$36 billion+ PE program:

Victoria, BC — British Columbia Investment Management Corporation (BCI) today announced that Jon Salon has been appointed Executive Vice President & Global Head, Private Equity, effective February 2, 2026. Salon brings more than 30 years of private equity investment and executive management experience to the role. He succeeds Jim Pittman, who has led the program since 2016 and will be leaving BCI at the end of January.

Salon joined BCI Private Equity in 2024 as Senior Managing Director and Global Head of Healthcare, quickly growing his role to include leadership of BCI’s venture & growth strategies and being named head of the New York office. He joins BCI’s executive leadership team with a mandate to advance the high‑conviction, globally diversified private equity strategy that delivers sustainable, long‑term value for BCI’s pension fund and institutional clients. He will lead a team of more than 75 professionals across Victoria, New York, and London, overseeing fund, direct, and co‑investment strategies, with an emphasis on active ownership, operational value creation, and strategic partnerships with leading sponsors and management teams. 

“Jon has been an exceptional addition to our private equity leadership, and I’m pleased to welcome him to BCI’s executive management team in this new capacity,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI. “With nearly three decades of investment and operational experience, he brings the vision, discipline, and track record to advance BCI Private Equity’s strategy and continue delivering long-term value for our clients.”

Salon is based in New York and will report to Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer, BCI.

“I look forward to leading BCI Private Equity’s world‑class program and working with our exceptional team of investment professionals to further refine and execute our strategy,” said Jon Salon. “Together, we will continue to build on BCI’s global reputation as an innovative, flexible, and strategic capital partner and pursue opportunities that deliver enduring value for our clients, co‑investors, and portfolio companies.”

Since joining BCI in 2016, Pittman grew BCI Private Equity from a C$7 billion portfolio into a globally recognized C$36 billion+ platform, while broadening the strategy and expanding its global footprint with offices in New York and London. 

“Jim has been instrumental in building this program, and we’re grateful for his leadership and many contributions over the past decade,” adds Fyfe. 

Alright, earlier today I wrote about the odd departures of CAAT's CIO, CFO and CPO and now in my second comment of the day I'm going to tackle this story out of BCI.

Full disclosure, I reached out to Jim Pittman yesterday after someone told me he was "ousted" from his role at BCI and have not heard back from him.

I also reached out to BCI's CEO Gordon Fyfe earlier today and not surprisingly, have not heard back from him either.

Now, let me first congratulate Jon Salon for taking over this really important asset class at BCI.

When he was first hired, I was extremely impressed that they were able to attract and retain such a talented and experienced private equity professional. 

My comment today isn't about Jon Salon who I have no doubt will continue to build BCI's global PE portfolio via partnerships and co-investments.

Instead, I'm thinking the same thing everyone else is thinking: "Why the hell is Jim Piitman leaving BCI?".

The press release states Jim is leaving BCI at the end of January and he is still on their website under the executive management team:

Since joining BCI in 2016, Jim Pittman has led the private equity team. Jim joined BCI with a specific mandate to build the private equity program’s strategy including total fund exposure, increase direct and co-sponsor deals, and extend the program’s global reach. Since then, Jim has grown the portfolio from C$7 billion to more than C$30 billion by investing in leading companies and funds with long-term growth potential, while adding sectors including venture and growth capital to the strategy. With $295 billion in assets under management as of March 31, 2025, BCI is one of the largest institutional investors in Canada.

Before joining BCI, Jim was a Managing Director at the Public Sector Pension Investment Board (PSPIB) for over 10 years. During his time there, Jim co-led the implementation of the firm’s private equity strategy. Prior to PSPIB, Jim was the Chief Financial Officer/Chief Operating Officer for PAL Aerospace, Canada. He has a background in acquisitions, divestitures, and tax.

Jim holds a Bachelor of Commerce from Memorial University of Newfoundland, is a Chartered Professional Accountant and holds the ICD designation. He has also completed advanced strategy, management, and leadership courses from Harvard, Wharton, and the University of Toronto.

Jim serves as a Board Director for Tropicana Brands Group and BMS Group, allowing him to continue collaboration efforts with portfolio company management teams on strategic, operational, and financial decisions; as well as ensuring alignment with BCI’s ESG principles, responsible investing approach, and commitment to diversity and inclusion. He is also a member of BCI’s Management Investment Committee.

Jim remains involved in his community by actively supporting the Canadian National Women’s Rowing Team and the Montreal Community Cares Foundation. 

I worked with Jim Pittman at PSP, he was Derek Murphy's right-hand man, built up a solid portfolio at PSP based on fund investments and co-investments, moved over to BCI back in 2016 two years after Gordon was appointed CEO/ CIO, and has done outstanding job there building that private equity portfolio.

He's considered by many, not just me, to be one of the best private equity executives in the pension industry which is why everyone finds it very odd he's leaving BCI.

When I last met him in Montreal a few years ago, he was telling me how his job is "all about managing relationships" and that they managed to move the ratio of fund investments to co-investments  to roughly 45/55 and were pressing on. 

Two years ago. I discussed how BCI's PE portfolio was staying liquid, agile and focused using secondaries to manage liquidity and diversify vintage year risk.

When I covered BCI's fiscal 2025 results, I noted the PE portfolio gained 13.4% last fiscal year and the private equity unit made two sales in the secondary market, fetching $1.6 billion in proceeds. BCI also was an investor in Ziply Fiber, the United States broadband internet company that’s being acquired by BCE Inc. for $5 billion.

Despite underperforming its benchmark last fiscal year, the private equity portfolio produced great long-term results and it was by far one of the best contributors to BCI's value add over the last ten years.

So again, why is Jim Pittman departing BCI at the end of this month (some say he already left)? 

Was he "ousted" from BCI? Don't know but I strongly doubt it as he was extremely tight with Gordon Fyfe.

Who knows, maybe Gordon is retiring and Jim decided to leave to do something else, join Murph (Derek Murphy) on some new project  or join a private equity fund.

I have no clue, all I can tell you is Jim Pittman is a really good guy, hope he and his family are all well and I'll grab a drink with him any time he's in Montreal (I can't say the same for many of my former PSP colleagues, except Fred, I love Fred Lecoq, only guy I still keep in touch with). 

Alright, there's my 2-for-1 special, back to trading these crazy markets.

Friendly reminder: I do NOT get paid enough to share my wisdom on this public blog and remind all of you including my old friend Gordon Fyfe to contribute to support the work that goes into it.

You might not always agree with me, I might even irritate you sometimes. I don't really care,  I just do my thing and if you're reading this and getting value/ entertainment or whatever out of it, you should be paying for it. I thank those of you who respect the work that goes into this blog and support it through contributions. 

Below, Jim Pittman, Executive VP and Global Head of Private Equity at BCI, joins Giovanni Amodeo for a fireside chat to discuss BCI’s private equity proposition and his outlook on the market (September, 2024).

Also, BCI's Head of Global Private Equity, Jim Pittman, discussed trends he sees in the industry at the Milken Conference (April, 2025). Video clip also available here.

I am publishing two comments today since I didn't publish yesterday. James Bradshaw of the Globe and Mail reports three senior executives resign from CAAT pension plan:

Three of the most senior executives at the CAAT Pension Plan resigned without explanation this week, as chief executive officer Derek Dobson cited a need for “the right alignment of our executive team” in a memo to staff.

Chief investment officer Asif Haque, chief financial officer Mike Dawson and chief pension officer Evan Howard resigned on Monday, according to a company-wide e-mail reviewed by The Globe and Mail.

Mr. Dobson did not provide a reason for their departures to plan staff, but he wrote that all three executives “are leaving the organization on good terms” in the e-mail sent Tuesday afternoon.

A spokesperson for CAAT confirmed the resignations in an e-mailed statement on Wednesday that did not explain why they are leaving but said that the plan “is in strong financial shape.”

Mr. Haque, Mr. Dawson and Mr. Howard all had years of experience at CAAT. Mr. Haque had the longest tenure among them, at nearly 16 years, and had served as CIO since 2021.

Mr. Dawson joined CAAT in 2018 after a stint as a vice-president at fund manager BlackRock Inc., and took over as CFO in 2022. And Mr. Howard, a former Bay Street lawyer, joined CAAT as general counsel in 2012.

CAAT promoted Kevin Fahey to CIO, to succeed Mr. Haque. Mr. Fahey has worked at CAAT for 17 years.

The plan also named Scott Blakey, a former CAAT trustee, as interim executive vice-president and chief people and culture officer.

“CAAT is actively in search of permanent senior executives,” Mr. Dobson said in the staff memo. He also said CAAT’s 2026 business plan “remains intact.”

Chief strategy officer Jillian Kennedy is staying in her role, and vice-president of actuarial solutions John Baiocco will oversee the plan’s funding and sustainability.

CAAT is a multiemployer pension fund, founded in 1967 to serve Ontario’s colleges of applied arts and technology, that has expanded to serve more than 750 participating employers, with more than 120,000 active and retired members.

The Globe is a participating employer in CAAT, having merged its company pension plan in 2022.

The CAAT plan manages $23.3-billion in assets and is in a surplus funding position, with $1.24 in assets for every dollar it expects to owe in pensions, as of Jan. 1, 2025. 

Earlier today, I reached out to CAAT CEO Derek Dobson and Director of Corporate Communications Stephen Hewitt who replied back with this statement:

CAAT Pension Plan confirmed the resignation of three senior executives: Asif Haque, Mike Dawson and Evan Howard, the former Chief Investment Officer, Chief Financial Officer and Chief Pension Officer, respectively. The Plan is grateful for the service, contribution and impact they have had in CAAT’s growing success.  

 

CAAT possesses a depth of talent that allows the Plan to continue to deliver its pension promise and build on its momentum under the leadership of the CEO and Plan Manager. Jillian Kennedy remains Chief Strategy Officer, focused on expanding the Plan’s employer and membership base. Kevin Fahey has been promoted to Chief Investment Officer after 17 years in various leadership roles on CAAT’s Investments team. John Baiocco continues to oversee funding and sustainability of the Plan as Vice President of Actuarial Solutions. 

 

CAAT also welcomes Scott Blakey as Interim Executive Vice President and Chief People and Culture Officer, bringing extensive experience to the role from the college sector and pension industry.  The organization is conducting searches to add to its existing executive bench strength for roles such as the Chief People and Culture Officer in addition to other roles. 

 

The Plan is in strong financial shape. CAAT's most recent independent valuations show the Plan at a 124% funded status. This means for every $1 of pension benefits CAAT has promised to members, the Plan has $1.24 in assets. At year of 2024, the Plan had $23.3 billion in total assets under management. CAAT also reported $6.1 billion in funding reserves as of January 1, 2025.  These reserves act as a cushion against market downturns, demographic shifts, and other risks, ensuring long‑term sustainability. 

  

Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers highly desirable modern defined benefit pensions. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 750 participating employers in 20 industries, including the for-profit, non-profit, and broader public sectors. It currently has more than 120,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise, with an ongoing focus on stability and benefit security for our members. 

I also reached out to Asif Haque directly via email but have not heard back from him.

Now, any time you see a CIO, CFO and CPO resigning from an organization, you ask questions because it looks very odd to say the least.

The article  above states:

 Mr. Dobson did not provide a reason for their departures to plan staff, but he wrote that all three executives “are leaving the organization on good terms” in the e-mail sent Tuesday afternoon.

That also raises a lot of questions, are they leaving to join another organization? Why go out of your way to state they are leaving on good terms in an email?

I have no idea, all I know is that Asif did a great job as CIO, I spoke to Evan (Howard) last April when I covered CAAT's 2024 results and I was surprised when I read this story.  

It just seems very odd from the outside.

Now, what does this mean for CAAT?

Well, to be honest, it means employees might be frazzled but as far as the Plan, it remains very solid and they have excellent investment professionals who will continue to do their job.

For example, Kevin Fahey who was in charge of Private Markets is now the acting CIO.

Kevin has been around CAAT for a very long time (17 years, even longer than Asif) and will be an outstanding CIO, no doubt about it.

How do I know? I had a few private discussions with Julie Cays who hired Kevin and Asif and trained them both so they both got trained by one of the best CIOs in Canada and they're both very competent professionals.

I'm not worried about CAAT Pension Plan missing a beat with Kevin at the helm of their investment office.

That's all I have to comment on this topic for now, if there is more I will let you know in an update.

Stay tuned for my subsequent comment covering a big departure at BCI (damn cold winter!).

Below, a conversation with Citadel Investment Group President and Chief Executive Officer Ken Griffin at the World Economic Forum in Davos. Great stuff, have a listen.