Guest Post – ValueWalk Premium

Hedge Fund Launches & Liquidations In 2020

Pivotal Path just compiled their year-end research on hedge fund launches and closures in 2020. As a reminder, this reflects data on more than 2,000 institutionally relevant hedge funds and over $2.3T of industry capital. Q4 2020 hedge fund letters, conferences and more The full research insight can be found here,...

Long-Term Return of Forecasts of Global Institutions

We collected average annual return forecasts for 5, 7, or 10 years from 12 large institutions: Amundi*, AQR, BNY Mellon, Callan, Franklin Templeton, GMO*, Morgan Stanley, Schroders, State Street, T Rowe Price, UBS*, Vanguard* The average of these forecasts shows a 6% p.a. expectation for equity Looking at...

2021 May Be The Year That The World Loses Confidence In The Dollar

Nearly 186 years ago to the day, on January 8, 1835, US President Andrew Jackson accomplished what no other American president has done before, or since: he paid off the national debt. Q3 2020 hedge fund letters, conferences and more NikolayFrolochkin / Pixabay Jackson was a staunch fiscal conservative. He despised banks,...

Review Your Credit Profile

Before I start this evening, I want to mention three old articles that I have written on personal credit issues. Now some of my articles on having enough cash on hand would also apply, but the following three articles meet the topic the best: Q3 2020 hedge fund letters, conferences...

The Price Of Destroying Key Prices

This piece may be a little discursive, so please bear with me. When did US economic policy begin going badly wrong? There were two major errors, and both happened in the (drumroll) Reagan administration. Q3 2020 hedge fund letters, conferences and more Error 1 was ceasing to run balanced budgets. Error...

What Is Equity Risk Premium?

The post was originally published here. Q3 2020 hedge fund letters, conferences and more Definition of Equity Risk Premium It is the difference between expected returns from the stock market and the expected returns from risk-free investments. What Impacts the Equity Risk Premium? Market expected return: Stock prices are influenced by internal...

Quantitative Easing Is Permanent… Without A Doubt

Headlines: 1. QE = The PERPETUAL CRUTCH For Financial Markets. 2. Federal Reserve = ALWAYS Moving The Goalposts. Q3 2020 hedge fund letters, conferences and more The Absolute Size Of The Federal Reserve’s Balance Sheet = Does Not Matter Anymore. All You Need To Know = It Will Grow…It Seems…Indefinitely…Sometimes At A Slower Pace…But...

ETFs Hit $7.62 Trillion In AUM

ETFGI reports assets invested in ETFs and ETPs listed globally reached a new record of US$7.62 trillion at the end of November 2020 Q3 2020 hedge fund letters, conferences and more LONDON — December 14, 2020  — ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs...

Global M&A Passes $1 Trillion For Second Consecutive Quarter

Global M&A passes $1 trillion for second consecutive quarter with AstraZeneca’s $39 billion bid for Alexion Q3 2020 hedge fund letters, conferences and more Deals recorded since July total US $2.1 trillion, marking the second highest second half M&A total since our records began in the 1970s. As AstraZeneca announces a US$38.8...

Yield = Poison (4)

The subtitle I would give to this series would be “Have the courage to do up-in-credit and shortening trades.” This very irregular series dates back to the first real post at this blog. There are times when the bond market is running so hot that it seems those who...

Net Present Value Bargains

Dear fellow investors, Q3 2020 hedge fund letters, conferences and more There appears to be a few huge statistical bargains available in the stock market based on the simplified version of Benjamin Graham’s intrinsic value calculation. For back-of-the-envelope purposes, we use the following equation to calculate net present value: Where: V =...

Successful Uplisting for Issuers

Micro and Small Cap Extra Uplisting to a senior exchange such as the NASDAQ or the NYSE AMEX is the dream for all microcap companies and the entrepreneurs that run them. Uplisting can be a transformative event for a publicly traded company for all the same reasons a traditional IPO...

Bulls Getting Greedy As Sentiment Stretched… Big Time

Headline: Equity Markets Love Covid Driven Liquidity Q3 2020 hedge fund letters, conferences and more There Are Almost An Infinite Supply Of Equity Market Indicators. Still…No One Indicator…Or Even A Cocktail Of Many Indicators…Is Even Close To Perfect…Let Alone Regularly Reliable. Frankly…Most Indicators Are Entirely Useless…When Tested Across Vast Data Sets Over Just...

WFH Is A WKF

Dear fellow investors, We came up with a theory many years ago to address how important psychology is to owning common stocks. We found that the risks go up in a stock market, or in an individual stock, when a “well-known fact” (WKF) was acted on in the extreme. It...

Why The Math On Asteroid Mining Doesn’t Work

The minor planet “16 Psyche” which I will call Psyche for the remainder of this piece, will be visited by NASA in 2026. I’m sure we’ll learn a lot of interesting things about it. Some muse that it might be the core of a small planet. Who knows? It...

More Catalysts Ahead For Resilient Insurance M&A Activity

More catalysts ahead for resilient insurance M&A activity - New S&P Outlook Report Q3 2020 hedge fund letters, conferences and more COVID-19 delayed deal-making across the insurance sector, but it did not derail activity. The pandemic and related fallout may even provide new urgency for M&A as prospective buyers face new...

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