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...
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...
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 =...
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...
A historic November rally showed up across all of the asset classes this month. You’d be hard pressed not to have read a story on the killer month that US & World Stocks saw after vaccine news and the final consensus on a U.S. President – and that is...
NASDAQ is one of the largest stock exchanges in the world and home to most of the biggest names in tech. Q3 2020 hedge fund letters, conferences and more Companies worth a total of $17 TRILLION– nearly the entire size of the US economy– are listed on the NASDAQ exchange, including...
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...
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...
Over the last eight months, I have written a series of posts on the market and how it has adapted and adjusted to COVID. The very first of these posts, on February 26, 2020, was about two weeks into the meltdown and it is indicative of how little we...
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 - 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...
If you have had the endurance to make your way through my first two posts on value investing, I compliment you on your staying power, but I am sure that, if you are a value investor, you have found my take on it to be unduly negative. In this,...
Company financial filings are typically thought of as boring, dry documents filled with boilerplate language. However, there have been numerous academic studies that disagree and have found that the language used is financial documents matters and has predictive powers. Indeed, language used can help predict things as diverse as...
I may be off by a year but sometime in 1997 I was invited by Ted Aronson to come meet with him at his office in downtown Philadelphia. We talked for 90 minutes about a wide number of topics related to value investing and quantitative finance. I asked at...
Dear fellow investors, David Dreman’s book, Contrarian Investment Strategies, was gospel to investors when it was first published in 1979. Investors had been decimated by markets going nowhere over the prior 10 years. Stock investors were ready for something new. Dreman had produced a lot of success as an investor...
Recently the CSRC, People’s Bank of China, and the State Administration of Foreign Exchange finally released measures for something we’ve been patiently waiting (and working tirelessly at) for over 2 years: guidelines expanding the scope of investable products for Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (which...
This will make you sit up in your chair (emphasis mine): Q3 2020 hedge fund letters, conferences and more In the 1990’s Harvard Business School’s Amy Edmondson performed some research to try to understand some of the qualities that make up a well-run hospital. She was not prepared, however, for one...
Hope everybody is having a good week so far… Gotta love these markets as they are anything but boring! Today I wanted to show you a section from our introductory guide to our DOTM Strategy (DOTM stands for Deep Out of The Money options) that’s typically reserved for members...
Anyone who owns U.S. large cap stocks must understand what can happen from the actions of the government to enforce the laws on the books for antitrust. Contrary to popular opinion, these laws are not set up to primarily protect consumers from being gouged on price by someone with...
ETFGI reports year-to-date net inflows into ETFs and ETPs listed globally at the end of Q3 are at a record level of US$ 488.18 Q3 2020 hedge fund letters, conferences and more LONDON —October 12, 2020 — ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and...
Oil going negative. The Swiss Franc de-pegging from the US Dollar. The Dow losing 1000 points in 36 minutes in the flash crash. These were all outlier events there in plain sight, reported ad nauseum in the financial press. But the largest front month VIX index loss during a...
Did you know that 80% of public companies in the US have market capitalizations lower than $500 million? Many of those seek financing to expand their operation every year. Without a strong cash flow statement and predictable future income, nor lots of fixed assets to show creditors and investors,...
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