Advertisements



These Are The Ten Best Performing Technology Funds

Technology mutual funds predominantly invest in technology companies. Such funds can invest in both debt and equities of the tech companies, but they usually invest in the equities. Also, these funds prefer investing in new emerging technologies. Let’s take a look at the ten best performing technology funds. Ten Best Performing Technology Funds We have […] Technology mutual funds predominantly invest in technology companies. Such funds can invest in both debt and equities of the tech companies, but they usually invest in the equities. Also, these funds prefer investing in new emerging technologies. Let’s take a look at the ten best performing technology funds. Ten Best Performing Technology Funds We have used the past one-year return data of the technology funds (from money.usnews.com) to rank the ten best performing technology funds. Following are the ten best performing technology funds: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Red Oak Technology Select Fund (ROGSX, -10%) Red Oak Technology Select Fund (MUTF:ROGSX) primarily invests in the equity securities of companies that operate in the technology sector. It posted a return of almost -14% in the last three months and over 11% in the last three years. ROGSX has more than $35 million in total assets. The top four holdings of the fund are: Apple, Amazon.com, Alphabet (Class C) and Microsoft. Nationwide NYSE Arca Tech100 Idx Fd (NWJCX, -7%) Nationwide NYSE Arca Tech 100 Index Fund (MUTF:NWJCX) mainly invests in the equity securities that are part of the NYSE Arca Tech 100 Index, which consists of at least 100 individual technology-related securities. It posted a return of almost -12% in the last three months and over 11% in the last three years. NWJCX has more than $600 million in total assets. The top four holdings of the fund are: ASML Holding NV (ADR), Broadcom, Thermo Fisher Scientific and Lam Research. Fidelity Advisor® Technology Fund (FADTX, -6%) Fidelity Advisor® Technology Fund (MUTF:FADTX) usually invests in the securities of companies that offer, use or develop products, processes or services that provide or benefit significantly from technological advances and improvements. It posted a return of almost -16% in the last three months and over 23% in the last three years. FADTX has more than $3.90 billion in total assets. The top four holdings of the fund are: Apple, Microsoft, NVIDIA and Marvel Technology. Rydex Electronics Fund (RYELX, -5%) Rydex Electronics Fund (MUTF:RYELX) primarily invests in the equity securities of U.S. electronics companies, as well as in derivatives. It may invest in companies of small to mid-sized capitalizations. It posted a return of over -15% in the last three months and almost 25% in the last three years. RYELX has more than $35 million in total assets. The top four holdings of the fund are: NVIDIA, Broadcom, Intel and Texas Instruments. Columbia Seligman Global Technology Fund (SHGTX, -4%) Columbia Seligman Global Technology Fund (MUTF:SHGTX) normally invests in the equity securities of U.S. and non-U.S. companies that operate in technology and technology-related industries. It posted a return of almost -11% in the last three months and over 23% in the last three years. SHGTX has more than $1.50 billion in total assets. The top four holdings of the fund are: Apple, Lam Research, Alphabet (Class A) and Broadcom. Columbia Seligman Tech & Info Fd (SLMCX, -4%) Columbia Seligman Technology and Information Fund (MUTF:SLMCX) mainly invests in the securities of technology and information companies. It may also invest up to 25% of its net assets in foreign investments. It posted a return of almost -11% in the last three months and almost 23% in the last three years. SLMCX has more than $9 billion in total assets. The top four holdings of the fund are: Apple, Lam Research, Broadcom, and Alphabet (Class A). Towpath Technology Fund (TOWTX, -4%) Towpath Technology Fund (MUTF:TOWTX) usually invests in the common stocks of technology-related companies. It may also invest in the shares of foreign companies either directly or through ADRs. It posted a return of almost -6% in the last three months. TOWTX has more than $3 million in total assets. The top four holdings of the fund are: Alphabet (Class A), Check Point Software Technologies, Meta Platforms (Class A) and CSG Systems International. Vanguard Information Technology Index Fd (VITAX, -2%) Vanguard Information Technology Index Fund (MUTF:VITAX) mainly invests in U.S. and non-U.S. stocks that operate in high tech areas, including semiconductors, software and networking. It posted a return of almost -13% in the last three months and almost 21% in the last three years. VITAX has more than $40 billion in total assets. The top four holdings of the fund are: Apple, Microsoft, NVIDIA and Visa. Fidelity Advisor® Semiconductors Fund (FELAX, 3%) Fidelity Advisor® Semiconductors Fund (MUTF:FELAX) primarily invests in the common stock of companies that design, make and sell semiconductors and semiconductor equipment. It posted a return of almost -16% in the last three months and over 25% in the last three years. FELAX has more than $750 million in total assets. The top four holdings of the fund are: NVIDIA, Marvell Technology, NXP Semiconductors and Microchip Technology. Fidelity® Select Semiconductors Port (FSELX, 4%) Fidelity® Select Semiconductors Portfolio (MUTF:FSELX) invests mainly in the common stocks of companies that design, make and sell semiconductors and semiconductor equipment. It posted a return of -16% in the last three months and almost 26% in the last three years. FSELX has more than $6.5 billion in total assets. The top four holdings of the fund are: NVIDIA, Marvell Technology, NXP Semiconductors and Microchip Technology. (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALK12 hr. 31 min. ago Related News

Rapid7: Could Be Profitable In FY 2022 Despite Bear Market

Rapid7, Inc. (NASDAQ:RPD), unlike most of its competitors in the cloud security space, has the very real possibility of turning a profit this year, which probably comes as a great surprise to many investors given the macro backdrop. The business has high APR growth a surging top line, and quality recurring revenues. Rapid7 Business Overview […] Rapid7, Inc. (NASDAQ:RPD), unlike most of its competitors in the cloud security space, has the very real possibility of turning a profit this year, which probably comes as a great surprise to many investors given the macro backdrop. The business has high APR growth a surging top line, and quality recurring revenues. Rapid7 Business Overview Rapid7 had a solid quarter last year. This business recorded a 38% YoY growth, with 92% of its revenues coming from existing customers. A major positive for the stock is the fact that security threats will always be a persistent problem for organizations of any size. Plus, according to Govtech, cyberattacks tend to increase during times of chaos and uncertainty. With the war in Ukraine in full swing and a looming recession, there is perhaps more uncertainty than any other period in most of our lifetimes. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Rapid7 has a unique competitive advantage over other cloud providers in the market. It works to unify multiple clouds into one platform, which helps IT and security experts stop being breached through phishing and malware attacks, as well as other attack vectors. Rapid7 Operating Segments & Break-Even Guidance for FY 2022 The two segments that Rapid7 considers itself to be in are threat detection & response as well as cloud security. From a top-down perspective, these segments have a $29bn dollar total addressable market, and from a top-up perspective, this number swells to $37 billion. These segments are also profitable for the company, as its non-GAAP operating margin has maintained itself at 2% and is scaling with total revenue from the company. One disadvantage that the business has is that it's not ultimately profitable, but it is not losing money at an alarming rate either. The business was losing $55.5M per year in 2018 to $146.33M in 2021. Despite the company's losses, management issued the following guidance which shows that the company expects it will break even this year. It expects FCF to be between $40M and $45M by the end of December at the latest. Rapid7 is currently down -40.95% to date and is significantly below the MarketBeat consensus price target of $128. Keep in mind that technology stocks have been severely discounted and some may view the cheap prices as an opportunity to pick up stocks at a bargain. The Disadvantages and Risks of Rapid7 Despite making good headway towards its ultimate goal of profitability, there are some apparent downsides to the stock that should not be cast aside. The company's guidance was made before the sell-off in the stock market and crucially before the sector rotation out of technology stocks. However, the company has consistently beat analysts' earnings estimates and their own guidance numbers, which gives credit to its estimations. Another disadvantage that was given in the company's most recent 10K report is that it is facing an increasing amount of price competition in the cloud space. Competitors such as Cloudflare that offer a freemium model are reportedly cutting into the businesses' turf and are stealing market share. If the business is unable to differentiate its offerings then this is a trend that is looked to continue into the future. Rapid7 Technical Analysis Rapid7 has been significantly sold off along with the rest of the market. The market has been particularly unfair to technology companies as most of this market sector is down by 50% or more. In Rapid7's case, the stock has only started to be given some breathing room as it begins its consolidation stage. As the market moves lower, it's expected that the violent sell-off in the stock will see tech stocks reach new lows, and it could be months or even years before they regain the value that they lost prior to the sector rotation. Over the short term, the stock is expected to trade sideways. One concerning aspect of the stock is that there is significantly more volume on the red candles than the green. This suggests very motivated selling on behalf of the bears, while the bulls are unable to catch a break. This selling pressure will make it difficult for the stock to recover in the near future. Should you invest $1,000 in Rapid7 right now? Before you consider Rapid7, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rapid7 wasn't on the list. While Rapid7 currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. Article by Matthew North, MarketBeat Updated on May 20, 2022, 5:36 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Will John Deere’s Earnings Help to Calm the Markets?

A company known for its reliability should give investors something they can count on John Deere (NYSE:DE) is due to report earnings before the market opens on May 20. And at this point, any bit of good news would have a calming effect on markets. With that in mind, John Deere may be the right company […] A company known for its reliability should give investors something they can count on John Deere (NYSE:DE) is due to report earnings before the market opens on May 20. And at this point, any bit of good news would have a calming effect on markets. With that in mind, John Deere may be the right company at the right time. The company is expected to deliver revenue that’s in-line with analysts’ expectations of approximately $13.1 billion. However, right now it’s all about earnings. And the good news for investors is that Deere is expected to post earnings per share of $6.80. That would be above the consensus estimate of analysts tracked by MarketBeat which give DE stock an EPS of $6.67. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Will Earnings be Enough to Calm Markets? The answer is it may not calm them down, but it may act as a shot of novocaine. The markets hate uncertainty. And while John Deere only addresses one sector of the market, it could give investors a measure of certainty. Agriculture stocks were among the hottest stocks prior to this selloff. Unlike some other sectors, however, the overall thesis for this sector hasn’t changed. Commodity prices are continuing to move higher. Food shortages remain a real possibility due to a significant quantity of the world’s wheat being shut in Ukraine. Investors May be Getting a Second Chance At the onset of Russia’s invasion of Ukraine, I expressed concern about DE stock. My concern largely centered around the company’s small (but not non-existent) exposure to Russia. And the stock did drop initially. However, it quickly recovered its footing and posted a gain of about 30%. But stocks are being repriced across the board and DE stock is no different. It’s down about 16% from its highs. But this may be giving opportunistic and risk-tolerant investors a second chance to grab shares at a more favorable price. Deere has an attractive valuation with a price-to-earnings (P/E) ratio of just over 20 as of this writing. And the company’s earnings and revenue are expected to post strong gains over the next five years. Plus, investors shouldn’t ignore the dividend which currently pays $4.20 annually. A Technology Play? John Deere is becoming one of the leaders in the emerging sector of agriculture technology. The company is planning to ship its first fully autonomous tractor sometime in late 2022. And that’s not the only new technology Deere is introducing. The company also is developing a crop sprayer that is assisted by machine learning. For its part, Deere is trying to address the need to feed a growing population at a time when there is less available land for farming. And there are fewer farmers to do the work. Deere believes that as demand for food and efficient water use remains elevated, it will have a long runway for growth. Is John Deere Stock a Buy? My short answer is yes. But it’s up to you to decide if the risk is worth it for you. However, at the very least you should put DE stock on your watchlist. I’ll simply affirm what I wrote about Deere in February. The stock may have further to fall. Now isn’t the time to get reckless. Still, it does appear that this is a case of the market repricing, not re-evaluating the company and its stock. And if that’s the case than DE stock remains a solid choice for long-term, value-minded investors who can use this sell-off as a chance to buy shares at a more attractive price. Should you invest $1,000 in Deere & Company right now? Before you consider Deere & Company, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Deere & Company wasn't on the list. While Deere & Company currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. Article by Chris Markoch, MarketBeat Updated on May 20, 2022, 5:41 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

3 Retailers That Defied First Quarter Headwinds

These Retailers Gave Positive Guidance For 2022 The takeaway from Q1 earnings for the retailers (NYSEARCA:XRT) is slowing growth and margin compression. Those factors have the sector down across verticals but not all retailers are feeling the same pain. Companies like Footlocker, V.F. Corporation, and Canada Goose were not only able to limit damage to […] These Retailers Gave Positive Guidance For 2022 The takeaway from Q1 earnings for the retailers (NYSEARCA:XRT) is slowing growth and margin compression. Those factors have the sector down across verticals but not all retailers are feeling the same pain. Companies like Footlocker, V.F. Corporation, and Canada Goose were not only able to limit damage to their margins but provide a positive forecast for the year. While we can’t promise conditions won’t worsen, we can say these high-quality apparel manufacturers are defying the odds and producing results. In two cases, at least, these stocks also offer high yields above 5% and stock repurchases as well. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Footlocker Rises On Earnings Strength, Inventory Position Footlocker (NYSE:FL) had a mixed quarter of that there is no doubt. While revenue grew 1.4% over last year to $2.18 billion it missed the consensus estimate by 135 basis points. The key takeaway from the report, however, is the margin which contracted by only 80 basis points. The analysts were looking for a figure well into the triple digits so this is a significant beat and the results can be seen on the bottom line. The adjusted EPS of $1.60 beat the Marketbeat.com consensus by $0.05 and the guidance is very optimistic. The company is expecting to see revenue and EPS come in at the upper end of the previously stated ranges of 4% to 6% and 8% to 10%. Assuming demand for products holds up over the summer, the inventory position and expected supply chain improvement should pave a path to outperformance as well. "Following our solid results from the first quarter, our strong inventory position going into the remainder of the year, and our strengthening vendor relationships, based on our current visibility, we now expect to achieve the upper end of our revenue and earnings guidance for the full year,” said Footlocker CFO Andrew Page. V.F. Corporation Rises On Mixed Results V.F. Corporation’s (NYSE:VFC) calendar Q1/fiscal Q4 results were more mixed than Footlocker's but equally skewed to the upside. The owner of Vans and The North Face reported slim misses on both the top and bottom line but was able to successfully navigate the inflationary environment. While gross margin contracted by less than 100 basis points the decline was offset by a 210 bps improvement in GAAP operating margin and a 70 bps improvement in the adjusted margin. In light of the fact most segments outside of pandemically restricted Asia grew by double-digits, we think the 9.3% growth in revenue and earnings performance is pretty good. Looking forward, the company is expecting revenue growth in the range of 7% this year with significant margin expansion at the gross and operating levels. The operating margin is expected to nearly double in fiscal 2023 and will provide ample cash flow and FCF to fuel the buyback program and the 4.5% yield. Canada Goose Flies North On Positive Guidance Canada Goose (TSE:GOOS) had a good quarter and provided positive guidance for the year sending its shares up on the news. The company was able to grow revenue by 1.4% (6.8% FX neutral) on top of last year’s 64% increase to set a quarterly record. The revenue missed the consensus but by a very slim 16 basis points and margins were better than expected so we aren’t too concerned about that. The operating margin narrowed by 300 basis points but far less than what was expected due to pricing increases and channel mix. DTC sales increased by nearly 28% on a comp basis while bulk sales shifted to wholesalers and away from international distributors. The best news in the report, however, is the guidance which is expecting Q1 strength to carry into the end of the year. The company is expecting revenue in a range with the marketbeat.com consensus near the bottom and for EBIT margin near 19%. Article by Thomas Hughes, MarketBeat Updated on May 20, 2022, 5:47 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Renault Unveils Hybrid, Hydrogen-Based Concept Car

Renault SA (EPA:RNO) launched its new generation Scénic named “Vision,” a hydrogen-electric hybrid with which the manufacturer shows its commitment to the gas as an alternative fuel. Renault also says can help make electric cars more convenient. New Model The presentation of the new Scénic, an electric SUV equipped with a hydrogen fuel cell range […] Renault SA (EPA:RNO) launched its new generation Scénic named “Vision,” a hydrogen-electric hybrid with which the manufacturer shows its commitment to the gas as an alternative fuel. Renault also says can help make electric cars more convenient. New Model The presentation of the new Scénic, an electric SUV equipped with a hydrogen fuel cell range extender, represents a great step toward hybrid technology, but how far is the French manufacturer willing to go? if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more As reported by CNBC, the concept car’s design features a hydrogen engine, electric motor, battery, fuel cell, and a hydrogen tank that can offer up to 497 miles of range. Renault CEO Luca de Meo said, “Hydrogen is an unlikely alternative in the short term.” Director of design Gilles Vidal said the concept “prefigures the exterior design of the new Scénic 100% electric model for 2024,” with an electric-hydrogen powertrain that is now “part of a longer-term vision, beyond 2030.” Hydrogen has to play its role in the industry, but it is necessary to overcome challenges related to production costs of the technology, the fuel, and the recharging infrastructure. According to de Meo “Hydrogen has its role: this year we will have a commercial vehicle with this technology for sale and we will work with commercial partners to show it to customers.” Long-Term Challenges However, its viability in the mass market seems far from reality as of now. The challenge is to reduce costs to levels that are acceptable to customers while installing a charging network. "There are still debates about how to make the electric charging network good enough, and compared to a hydrogen refueling network, that's straightforward." For instance, the hydrogen-powered Renault Master van has been developed in collaboration with Plug Power, one of the world leaders in hydrogen solutions, which has already deployed a network of more than 100 stations that distribute more than 40 tons of hydrogen per day. Renault, in addition to selling the vans, will work with fleet managers to provide hydrogen fueling stations and logistics support. “For some fleets, battery-powered vans are not a solution, just a barrier,” explains de Meo. “They discovered that they would have to buy two vans instead of one: one works while the other recharges. Hydrogen can solve that problem.” Updated on May 20, 2022, 4:50 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Jeff Bezos Keeps 16-Year-Old Magazine To Remind Him How Amazon’s Web Services Was “A Risky Bet”

Jeff Bezos, founder and former CEO of Amazon Inc (NASDAQ:AMZN), tweeted a photo of a framed 2006 magazine with him on the cover with the text “Amazon’s Risky Bet.” The headline made reference to Amazon Web Services, the company’s most profitable venture today. Big Bet Jeff Bezos’ Wednesday tweet read: “ I have this old […] Jeff Bezos, founder and former CEO of Amazon Inc (NASDAQ:AMZN), tweeted a photo of a framed 2006 magazine with him on the cover with the text “Amazon’s Risky Bet.” The headline made reference to Amazon Web Services, the company’s most profitable venture today. Big Bet Jeff Bezos’ Wednesday tweet read: “ I have this old 2006 BusinessWeek framed as a reminder. The ‘risky bet’ that Wall Street disliked was AWS, which generated revenue of more than $62 billion last year.” if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more The magazine in question is Businessweek. In its November edition that year it featured a piece about Jeff Bezos’ then-new internet venture, calling it “Bezos’ biggest bet since he and his wife, MacKenzie, drove west in 1994 to seek fame and fortune on the Net.” Back then, the e-commerce giant was worth only $10 billion and the article pointed to how Bezos was going on a spending spree, as his cloud computing investments had soared by 52% from the year before. Today, AWS is one of Amazon’s biggest growth-harvesting units and has become an essential component in the company’s $1.08 trillion market cap. A Risk Taker According to Amazon’s annual filing, AWS made $62.2 billion in revenue in 2021, and in the first quarter of this year, it has made $6.52 billion in operating income —well above the company’s total of around $3.7 billion. Amazon has been adept at risking in the tech business, not always with good results. In 2014, the e-commerce juggernaut reported losses of $170 million for unsold Firephones, and five years later it shut down 87 pop-up stores and terminated its restaurant delivery undertaking. In 2021, the company halted Dash Buttons, one-click buttons meant to be mounted around users’ homes for frequent reorders of products, CNBC reports. Throughout the years, and to drive the company to success, Bezos has remained adamant: “We need big failures if we’re going to move the needle — billion-dollar scale failures… And if we’re not, we’re not swinging hard enough.” Updated on May 20, 2022, 5:03 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Stock Market Headed Between Scylla And Charybdis

For weekend reading, the staff from Navellier & Associate offers the following commentary: Scylla — A female sea monster who devoured sailors when they tried to navigate the narrow channel between her cave and the whirlpool Charybdis. In later legend, Scylla was a dangerous rock, located on the Italian side of the Strait of Messina. Charybdis […] For weekend reading, the staff from Navellier & Associate offers the following commentary: Scylla — A female sea monster who devoured sailors when they tried to navigate the narrow channel between her cave and the whirlpool Charybdis. In later legend, Scylla was a dangerous rock, located on the Italian side of the Strait of Messina. Charybdis —  A sea monster in Greek mythology. She, with the sea monster Scylla, appears as a challenge to epic characters such as Odysseus, Jason, and Aeneas. Scholarship locates her in the Strait of Messina. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more There was a strong rebound last Friday, but it wasn’t strong enough to prevent a down week for most indexes. I think we are due for a big rebound after being down six weeks in a row, as there is clarity on the interest rate front, with the Fed committed to 50 basis-point hikes – and we are basically oversold. A 10+ percent rally in the S&P 500 or Nasdaq 100 takes us to around 4,300 on the S&P or 13,500 on the Nasdaq 100, which basically are the post-FOMC highs on those indexes. We can always overshoot, but a good target is the downtrend that lies between the 50-day (10-week) and the 200-day (40-week) moving averages. I know it feels like we have traveled a lot, but getting there – in late May or early June – seems like the more reasonable course of action, given the increased amount of clarity introduced by the Fed. To use some Greek mythology, for the sake of the argument, the shorter-term moving average can be named Scylla, while the harder-to-get-to longer-term moving average we can name Charybdis. The downtrend line is the midpoint between the two. I would say that the higher moving average is the best-case target for a rebound, while the lower moving average is the lower target. In the short term, this is the best we can hope for in the next 4-6 weeks, which would be a welcome change from the past six weeks. One situation that can spoil this setup is Ukraine, if the conflict were to spiral out of control. Right now, the Russians seem hell bent on carving out a part of the South – at least that is what they want everybody to think – but we can never be sure if those plans won’t change. The war turned out to be one heck of an economic event, and one of my bigger concerns is a huge spike in the price of oil to the $150s or higher. The Russian Ruble is on a Moonshot The Russian ruble has appreciated dramatically from its post invasion low in the 130s (to the dollar) to close Friday at 64 per dollar on the USDRUB cross rate. That’s basically doubling in value in short order. (Fewer rubles per dollar means a stronger ruble on an inverted scale). The setting of gold’s price at 5,000 rubles per gram of gold, as well as a policy interest rate of 14% (after spiking to 20%) helped the ruble, and so did the clever mechanism of paying indirectly for Russian natural gas in rubles. Foreign buyers of Russian natural gas pay their contract rates in euros at Gazprombank, which then buys rubles and sends the rubles to Gazprom as the final payment. This is a mechanism to prop up the ruble, and it is working remarkably well, combined with the domestic convertibility into gold bullion that is the only limited “gold standard” in the world at the moment. I do not know of one person that saw this monstrous rally in the ruble ahead of time. Updated on May 20, 2022, 5:13 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Haverty Furniture Increases Its Quarterly Dividend By 12%; Good Income Paying Stock To Buy?

Haverty Furniture Companies, Inc. (NYSE:HVT) is an American specialty retailer of furniture and accessories. The company was founded in Atlanta in 1885 and now has over 100 locations across 16 states. On Tuesday, Haverty Furniture increased its quarterly dividend by 12% to 28 cents per share, from 25 cents prior. The new annualized dividend yield […] Haverty Furniture Companies, Inc. (NYSE:HVT) is an American specialty retailer of furniture and accessories. The company was founded in Atlanta in 1885 and now has over 100 locations across 16 states. On Tuesday, Haverty Furniture increased its quarterly dividend by 12% to 28 cents per share, from 25 cents prior. The new annualized dividend yield will be 3.90% on the stock. The dividend yield has significantly risen over the past year as the stock has fallen -by 37%. This year alone, HVT’s share price has lost -6.4%, but we think it is starting to look cheap on a PE ratio of 5.8x. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more We first noticed this stock on the United States Dividend leaderboard, where Haverty Furniture holds the 4th highest dividend score with 97.29. HVT has a two-year Fintel dividend growth rate of 2.75%. The Dividend Yield and Quality Leaderboard for the United States uses an advanced quantitative model to determine companies with the best income-generating opportunities across our database of global securities. We use a combination of current dividend yield and dividend growth to generate a score that ranks companies from 0 to 100, with 100 being the most desirable. HVT has also paid a few special dividends over the last few years, including a $2.00 dividend in November 2020 and another $2.00 in November 2021. Could we see more special dividends in the future? Ha < UNK> recently reported first-quarter results on the 2nd of May with an EPS growth of 6.7% over the year to $1.11 per share. Group revenue grew by $2.4 million over the year to $238.9 million, with same-store sales growing by 0.2%. Chairman and CEO Clarence Smith provided commentary on the result that highlighted a return of increased demand around special shopping holiday events but saw declines in in-store traffic in March. Smith noted on the result, "We believe discretionary consumer spending has been adversely impacted by rising inflation, including fuel costs, market volatility, and geopolitical concerns." Looking ahead, Smith remains confident in meeting near-term challenges and progressing on the company's long-term goals. Haverty has been a beneficiary of increased spend over the pandemic as a function of lower interest rates and higher government stimulus measures. When researching further on the Fintel platform, we noticed HVT has a Short Squeeze Score of 84.28, which places it in the top 8% of 5,500 included companies. The Short Squeeze Score results from a sophisticated, multi-factor quantitative model that identifies companies with the highest risk of experiencing a short squeeze. The scoring model uses a combination of short interest, float, short borrow fee rates, and other metrics. The number ranges from 0 to 100, with higher numbers indicating a higher risk of a short squeeze relative to its peers and 50 being the average. Analyst Commentary We note coverage from Sidoti & Co that currently has a 'buy' rating on the stock with a bullish target price of $25.75. Analyst Anthony Lebiedzinski expects the firm's free cash flow to remain in great shape but marginally reduced 2022/23 estimates on the back of the inflationary commentary. Lebiedzinski expects a significant free cash flow step-up in 2023 that could be used to increase regular dividends, pay more special dividends or for more share buybacks. We had a look at the put/call ratio for HVT to determine market sentiment from options data at these levels. The stock has a score of 0.62, indicating there is underlying bullish sentiment for the stock in the options market. The Put/Call Ratio shows the total number of disclosed open put option positions divided by the number of open call options. Since puts are generally a bearish bet and calls are a bullish bet, put/call ratios greater than 1 indicate a bearish sentiment, and ratios less than one indicate a bullish sentiment. We a chart of this ratio and how it has behaved over the last three months: More On Dividend Leaderboard The primary ranking factors are dividend yield and dividend growth. Since dividends are paid out of incoming cash, we provide the Cash from Operations (CFOP) Payout Ratio, simply the portion of cash from operations used to pay the dividends ( dividends paid / cash from operations). Companies with a negative CFOP Payout Ratio or a CFOP Payout Ratio greater than one did not make enough cash from their operations in the trailing twelve months to pay the declared dividend, which could indicate that the company's ability to pay future dividends is at risk, so we filter these companies from this list. Article by Ben Ward, Fintel Updated on May 20, 2022, 5:21 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

How One Man Made $700 Million Driving For Uber – The Story Of Ryan Graves

Don’t let the title deceive you. Ryan Graves didn’t build his wealth through a ride-sharing side hustle. Rather, it was a tweet. Let’s go all the back to January 5, 2010. At the time Uber was less than a year old. And, then CEO Travis Kalanick tweeted: “Looking 4 entrepreneurial product mgr/biz-dev killer 4 a […] Don’t let the title deceive you. Ryan Graves didn’t build his wealth through a ride-sharing side hustle. Rather, it was a tweet. Let’s go all the back to January 5, 2010. At the time Uber was less than a year old. And, then CEO Travis Kalanick tweeted: “Looking 4 entrepreneurial product mgr/biz-dev killer 4 a location based service.. pre-launch, BIG equity, big peeps involved—ANY TIPS??” .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more In response to Kalanick’s tweet, Graves replied: “Here’s a tip. email me :)”. Graves, wisely, also included his email address. When he got the job, Graves was a manager in a management training program in information technology at General Electric. But, that was all about to quickly change. Thanks to that tweet, Ryan Graves became the first Uber employee on March 1, 2010. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick documented in a blog post from 2010 about Uber’s founding. “What resulted was the Awesomest job post and response I’ve ever seen.” Obviously, Uber went on to become, well, an ubersuccessful company. Sure, there have been ebbs and flows. As of April 2022, Uber’s market cap is $63.41 billion. As a result, Uber is the 242nd most valuable company in the world based on market cap. Because of his equity in the company, within five years of joing the company, Graves became a billionaire. In 2016, Graves was listed as the 12th richest entrepreneur under 40. In 2021, his wealth was estimated at $2.1 billion, according to Forbes. While he may no longer be a billionaire. Ryan Graves is still a multimillionarie because he went out on a limb and sent a tweet. From Working for Free to $1.58 Billion Graves’ work history prior to Uber including a position as a database administrator at General Electric and a brief stint at Foursquare in business development. Foursquare initially refused to hire him, but he got the gig through free work. Graves, who was contacted by Kalanick after that iconic initial tweet, is considered Uber’s first employee. In contrast to Kalanick’s aggressive personality, Graves was known as the “Mr. Nice Guy” while at Uber. His colleagues, both inside the company and in broader tech communities, thought highly of him. Early investor in Uber, Chris Sacca and longtime friend praised Graves in several tweets following the news of his resignation in 2017. Graves, wrote Sacca, is “the director most consistently respected by the others and is great at building consensus.” Graves, according to Kalanick, “hit the ground running,” as soon as he joined Uber. “From the day he got going, we spent about 15-20 hours a week working together going over product, driver on-boarding, pricing model, the whole nine. He learned the startup game fast and worked his a– off to build the Uber team and make the San Francisco launch and subsequent growth a huge success,” Kalanick wrote in the aforementioned 2010 blog post. At Uber, Graves was the CEO for almost a year and the senior vice president of global operations for almost seven years. It’s been said that Graves was essential to defining Uber’s core values, like its “super pumpedness,” and its entry into international markets. However, it wasn’t always smooth sailing. Graves resigned from Uber in August 2017 – two months after Kalanick was forced to resign when an investigation into Uber’s culture turned up evidence of sexual harassment and mistreatment. Further, Graves knew about “greyballing,” a method Uber employed to evade regulators worldwide, according to The New York Times. Post Uber Career Even though Graves resigned from Uber in 2017, he remained on the board of directors. Moreover, he was one of the executives who was said to have lead the company while there wasn’t a CEO. And, he also oversaw UberEverything — this includes UberEats and UberRUSH). In 2019, Graves left Uber after Uber named Dara Khosrowshahi as its new CEO. But, he’s still been grinding. In 2017, he founded Saltwater Captial. He still serves as the CEO and the private investment company has invested in companies like Calm and Equator Coffees & Teas. In February 2021, it was announced that Graves would invest $50 million in car insurance start-up Metromile both personally and through Saltwater. Graves will also sit on the board of directors along with Mark Cuban and other institutional investors. In October 2021, Variety reported that actor Kelley Dauten would be portraying Graves in the Showtime anthology series “Super Pumped.” Frequently Asked Questions About Becoming a Millionaire Is there an easy way to become a millionaire? By saving your money as soon as possible, you can take advantage of compounding and become a millionaire. You will earn more interest if you begin saving at an early age. This will also give you the opportunity to earn more money from your interest earning. Your goal should be to save at least 15% of your income. Getting financial advice from a professional and cutting down on unnecessary spending will also help you reach your million-dollar goal. Getting a second job or upgrading your skills are two options you should consider if you are able to do so. Do I need a high-powered graduate degree to become a millionaire? “With condolences to those with grad school debt, an advanced degree does improve your chances of higher lifetime income, but it doesn’t necessarily improve your chances of joining the millionaires’ club,” writes the editors of Kiplinger’s Personal Finance. According to “The Millionaire Next Door,” only 18% of those with a net worth of $1 million or more hold a master’s degree, while 8% have law degrees and 6% went to medical school. According to an analysis by Spectrem Group, a consulting firm specializing in wealth research and management, 74% of millionaires hold an undergraduate degree. For billionaires, that number is 70.1%, based on the 2015 Wealth-X census. “Don’t get us wrong: Many graduate degrees are worth the effort,” they adds. “The median annual salary of someone with a professional degree is $98,436 a year, according to the U.S. Bureau of Labor Statistics, versus $67,860 for the typical four-year college graduate. A high school grad earns just $40,612 annually.” How much do I need to invest to become a millionaire? To become a millionaire, you will need to invest different amounts depending on your life stage. Because you have more time to accumulate wealth and can tolerate more risk when you’re younger, you can afford to sock away less money or make riskier investments. On the flip side, as you get older, you will need to put away more money each month if you delay saving. Can I get rich with zero dollars? The chances of you becoming rich by doing nothing are slim. There are exceptions, though. These include you coming from a wealth family, wining the lottery, or are about to patent the next great invention. Or, you could leap on an opportunity like Graves. Though Graves’ story may seem like a Silicon Valley fairy tale, it is not entirely unique. Adam Lyons, 25, the founder of The Zebra car insurance company, guessed Mark Cuban’s email address, shot him an email and got a deal from the billionaire star of ABC’s “Shark Tank.” Similarly, Elon Musk suggested that a Reddit user “should interview at Tesla” for an analysis he posted on his self-driving vehicle technology. Generally, in order to reach your goal of becoming a millionaire, discipline, a plan, and good advice from a professional is necessary. Article by John Rampton, Due About the Author John Rampton is an entrepreneur and connector. When he was 23 years old while attending the University of Utah he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months he had several surgeries, stem cell injections and learned how to walk again. During this time he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine, Finance Expert by Time and Annuity Expert by Nasdaq. He is the Founder and CEO of Due. Updated on May 20, 2022, 4:23 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

4 Tips And Practices To Achieve An Excellent Annotated CRF SDTM

Creating an SDTM is to provide a comprehensive view of your project from start to finish. It includes identifying all the steps involved in running a clinical trial and documenting your work. But, what exactly is a CRF SDTM?  Case Report Forms – Study Data Tabulation Model (CRF SDTM) is a standardized data collection instrument […] Creating an SDTM is to provide a comprehensive view of your project from start to finish. It includes identifying all the steps involved in running a clinical trial and documenting your work. But, what exactly is a CRF SDTM?  Case Report Forms – Study Data Tabulation Model (CRF SDTM) is a standardized data collection instrument for conducting clinical research studies. It consists of a series of standardized cases that are used to collect information related to specific diseases, drugs, or conditions. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more CRFs are valuable tools that allow researchers to gather large amounts of data quickly and efficiently. They can also help researchers determine if certain therapies work better than others, which may lead to more effective treatments being developed for people with specific conditions. A good annotated CRF SDTM is essential in various research domains, especially when it comes to clinical trials. Tips To Achieve An Excellent Annotated CRF SDTM Here are four tips and practices to help you achieve an excellent annotated CRF SDTM: Organize Your Annotations The first step to creating an annotated CRF SDTM is to organize your annotations. You can use a spreadsheet, a word processing program, or a dedicated automation tool. If you want to use a spreadsheet, start by creating a new document and entering all of your annotations in the spreadsheet's cells. This way, all of your data will be organized in one place and easy to access. You can also use the spreadsheet to keep track of any missing information or other issues that need to be resolved before submitting your CRF SDTM for review. If you prefer using a word processing program, you can also create an annotated CRF SDTM in this format. The main difference between annotating using a word processing program and using a spreadsheet is that you can’t see all of your annotations at once when working with text-based documents. You can also use multiple annotations for each CRF entry where appropriate. You can add multiple annotations to a single item to create a more detailed description of the item than what might fit into a single annotation box or even two. If needed, you can automate your annotations using tools like ryze automation and other similar instruments to reduce manual efforts. Practice Data Validation Data validation is the process of checking data for accuracy and completeness. It's essential to ensure that the information you enter into your system matches what the study participant provided on the consent form. It ensures that you have all of the information required to conduct your research. You also want to ensure that there’ll be no inconsistencies between what's in your database and what's on consent forms, which could cause errors in your analysis or reporting of results. In addition, you can use data validation tools to check for missing or invalid responses. For example, if you're asking a question about age, everyone who completes the survey must provide an answer to this question. If not, then there could be missing data points in your analysis or reporting of results at a later date when someone uses their age as part of their analysis. Integrate Data Data integration is essential because it helps achieve the best results from your research. It’s also critical to ensure that your research is credible and trustworthy. The ability to access all relevant information from different sources through one platform makes it possible for researchers to carry out their work more efficiently and accurately. This saves time and money that would’ve been otherwise spent collecting information from multiple sources separately. It also ensures consistency in reporting and analysis across different studies in a project or program since they’re based on the same set of data points. Integrate data from as many sources as possible. You can do this in various ways, such as using data from both client and provider databases or by creating a single database that contains all the relevant information needed for your study. Use de-identified data whenever possible to ensure you’re not breaking HIPAA or privacy regulations. Establish Recruitment Timelines Recruitment timelines are a vital element in developing an annotated CRF SDTM. The recruitment timeline outlines the period for each recruitment stage. You can do the following when establishing timelines: Schedule your recruitment timeline in advance. Based on your research question and eligibility criteria, define what constitutes a ‘good’ participant. Ensure that recruitment materials are easily accessible and easy to understand by potential participants. Create a recruiting plan that details how many people will be recruited, how long it’ll take, and what steps need to be taken next. It’s essential to begin on time and finish on schedule. You should establish recruitment timelines before starting the process and should be flexible enough that they can be adjusted to accommodate unexpected delays. Takeaway There’s no doubt that the annotated CRF SDTM is a crucial document. It's so vital that you need to get it right. It’s not easy to write a good CRF SDTM. It requires time, effort, and commitment. But, if you follow the tips listed above, it’ll be easier for you to achieve an excellent annotated CRF SDTM. Updated on May 20, 2022, 4:37 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Deere Shares Hit Hard, Footlocker Rallies

OANDA – S&P 500 enters bear market, Fading Rallies, Deere shares hit hard, Footlocker rallies, Oil rises, Gold steady, Bitcoin lower At the beginning of the year, no one thought that the S&P 500 was headed to bear market territory, but persistent inflation, another Fed policy mistake, and recession fears have unnerved investors. The S&P […] OANDA – S&P 500 enters bear market, Fading Rallies, Deere shares hit hard, Footlocker rallies, Oil rises, Gold steady, Bitcoin lower At the beginning of the year, no one thought that the S&P 500 was headed to bear market territory, but persistent inflation, another Fed policy mistake, and recession fears have unnerved investors. The S&P 500 has lost over 20% of its value from the January high and it seems that that technical selling will only accelerate. ​ The way macro backdrop is unfolding, it seems traders will continue to fade any rallies that emerge until the Fed starts to show signs that they are worried about financial conditions and that they may stop tightening so aggressively. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Deere And Foot Locker's Earnings Deere & Company (NYSE:DE) signaled inflation is going to get worse as sales missed due to surging farming costs. ​ The agricultural world is facing high costs and they are not buying new equipment, which could mean higher food costs over time. Foot Locker, Inc. (NYSE:FL) surprised with decent results and provided a surprisingly positive report when compared to what we heard from Target (NYSE:TGT) and Walmart Inc (NYSE:WMT) earlier in the week. ​ Foot Locker shares might be higher, but the stock was beaten up over the last several months. Oil Despite a wave or risk aversion hitting Wall Street, crude prices still remain supported as oil markets will remain tight for the foreseeable future. Even a ninth consecutive week of rising rig counts will alter how tight energy traders expect this market to remain. A lot of energy stories could keep crude’s bullish streak intact as the European Union is nearing a ban on Russian oil and as the refined products market is poised to get even tighter. Gold Gold prices are holding up as Wall Street crumbles over recession fears. ​ Inflation is not letting up and that has many investors expecting the Fed to continue with an aggressive pace of tightening. ​ Gold is starting to attract safe-haven flows even as dollar dominance remains in place. ​ Bond yields are in freefall as investors pile back into ​ Treasuries. Gold is comfortably above the $1800 level and seems like it could become attractive again as investors anticipate another round of stock market selling. Bitcoin Bitcoin remains a risky asset and headed lower after the S&P 500 fell into bear market territory. Risk appetite needs to stabilize for Bitcoin to recapture the $30,000 level and that might not happen for a while. Article By Edward Moya, OANDA Updated on May 20, 2022, 4:13 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Northrop Grumman Will Reconsider Sponsorship Of The Human Rights Campaign

Activists Confront Corporate HRC Sponsors After HRC’s Efforts to Undermine Parental Rights Provoke National Outrage Northrop Grumman To Reexamine The Partnership Washington, D.C. – After shareholder activists from the Free Enterprise Project (FEP) challenged three corporate partners of the Human Rights Campaign (HRC) at their annual shareholder meetings this week, Northrop Grumman Corporation (NYSE:NOC) promised to […] Activists Confront Corporate HRC Sponsors After HRC’s Efforts to Undermine Parental Rights Provoke National Outrage Northrop Grumman To Reexamine The Partnership Washington, D.C. – After shareholder activists from the Free Enterprise Project (FEP) challenged three corporate partners of the Human Rights Campaign (HRC) at their annual shareholder meetings this week, Northrop Grumman Corporation (NYSE:NOC) promised to reexamine the partnership, Nordstrom, Inc. (NYSE:JWN) doubled down on support of HRC and Macy’s Inc (NYSE:M) hid from the question. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more "HRC has led the most prominent opposition to Florida's Parental Rights in Education bill, and corporations are funding these efforts with shareholders' money," FEP Associate Ethan Peck said after the meetings, where he asked each of the three CEOs: "Do you believe it's acceptable for teachers to discuss sex with young children? If not, will you end your sponsorship of HRC?" Peck's question drew a different response from each CEO. "We'll certainly take under advisement the work of the campaign and the issue of our support to them," Northrop Grumman CEO Kathy Warden responded at the company's annual shareholder meeting Wednesday in Falls Church, Virginia. "We do not necessarily support the objectives of all of the organizations that we participate in, holistically." she continued. "There is good work done by all of them, but there is also work that we may not support directly. And we provide good governance over those relationships, but we do not control their message. And I'll take under advisement this one in particular, and we will do so following the meeting." Nordstrom President Pete Nordstrom's response was quite different. Since Nordstrom's meeting on Wednesday was held virtually, a moderator was able to pre-screen and reword Peck's original question, instead asking: "Why does Nordstrom support the Human Rights Campaign?" Nordstrom responded: We stand in support of our LGBTQ+ employees, their families and their communities. And believe that everyone should feel free to be who they are whether they’re at home, at school, or shopping or working at one of our stores. That’s why we felt it was important to sign on to a statement from the Human Rights Campaign earlier this year, joining other businesses in affirming support for the LGBTQ+ community. The reworded question, and Nordstrom's answer, can be heard here. "Nordstrom is well aware that opposing anti-grooming legislation is an indefensible position to hold with shareholders and the public. That’s why he didn't address the question directly," Peck responded after the meeting. "But he was also eager to advertise support for HRC because of the company's reciprocal relationship with HRC. Corporations give money to HRC for the sole purpose of 'earning' a perfect score on HRC's annual Corporate Equality Index. Nordstrom wants to have it both ways - keep that bribe with HRC going, but also evade responsibility for its involvement in HRC’s radical actions." Macy's Ignores The Question The Macy's annual shareholder meeting today was also held virtually, and FEP's question was ignored outright. "HRC has grown corrupt," said FEP Director Scott Shepard. "It lies about the so-called 'Equality Act.' It lies about Florida's anti-grooming legislation. It lies about the true positions of its sponsors. Sponsorship of HRC has become a tremendous liability for American corporations, and a moral wrong." Investors wishing to oppose left-wing corporate donations, race-based discrimination and other "woke" policies infiltrating Corporate America should download FEP's 2022 editions of the "Investor Value Voter Guide" and the  "Balancing the Boardroom" guide. Other action items for investors and non-investors alike can be found on FEP's website. Today's meeting marks the 39th time FEP has attended or attempted to attend a shareholder meeting so far in 2022. About the Free Enterprise Project Launched in 2007, the National Center's Free Enterprise Project focuses on shareholder activism, the preservation of free markets that respect shareholder and other property rights, and the confluence of big government and big business. Updated on May 20, 2022, 3:25 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Everything You Need To Know About Buying Silver Coins

When it comes to buying silver, coins are one of the most popular places to start. A coin collector or investor who is used to buying gold may like the idea of taking that same investment strategy and applying it to silver. Buying silver coins is one of the oldest methods of investing that has […] When it comes to buying silver, coins are one of the most popular places to start. A coin collector or investor who is used to buying gold may like the idea of taking that same investment strategy and applying it to silver. Buying silver coins is one of the oldest methods of investing that has lasted for centuries. It’s definitely a good way to start. But as with any decision involving your hard-earned money, it’s always a good idea to do your research beforehand. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more While there are many factors to consider when buying silver coins, the process is much simpler than you may think. Once you learn what to look out for, everything seems to fall into place. This guide will teach you how to buy the right type of silver coin. What To Buy Silver coins have been produced for centuries. Since the beginning of the bartering system, people placed tremendous value on metals that are rare in nature (gold, silver, platinum, and palladium). To this day, silver coins are viewed as money and a store of wealth. Silver coins are created by national mints and are acknowledged by sovereign governments all over the world. 1 oz Silver American Eagle $1 Coin First minted in 1986, the 1 oz American Silver Eagle Coin has become one of the most cherished coins in U.S. coinage history. The US Mint’s original plan was to release a surplus of silver into coin circulation. Every year the supply and demand for the American Eagles Coins continue to increase, as the mint currently issues about 40 million one-dollar American Silver Eagle Coins during each year of the series. The Eagle coin is minted with 1 troy ounce of .999 fine silver and carries a $1 USD face value. 1 oz Silver Canadian Maple Leaf Coin The 1 oz Canadian Silver Maple Leaf Coin is the most notable silver coin produced by the Royal Canadian Mint. The silver maple leaf design was produced in 1988 and is still used to this day. The Canadian Silver Maple Leaf coin contains the highest purity of silver, .9999, it is the second most sought-after silver coin after the American Silver Eagles. 1 oz Austrian Silver Philharmonic Coin The Vienna Philharmonic has been displayed on the obverse of the 1 oz Austrian Philharmonic Silver Coin since 1998. This popular silver coin was issued by the Austrian Mint following the massive worldwide success of the Austrian Gold Philharmonics coin. The Austrian Silver Philharmonic is minted on an annual basis and is a huge hit among collectors and investors around the globe, with over 54 million coins sold. The Austrian Philharmonic Silver coin is minted with 1 troy ounce of .999 pure silver with a face value of 1.50 euros, backed by the Austrian Government. This coin is available as a Brilliant Uncirculated (BU) piece, which signifies that it has no wear or tear and has conserved most of its original mint luster. 1 oz Silver Britannia Coin First released in 1987, the Gold Britannia coins achieved great success amongst investors and collectors alike. This inspired the Royal Mint to create the first 1 oz. Silver Britannia coin version in 1997. First, the mint struck over 20,000 1 oz. Proof Silver Britannia coins, each having a face value of £2 (two pounds). Then, the next editions issued between 1998 and 2012, were minted from .958 fine silver (higher than the standard British sterling, produced from .925 fine silver). In 2019, the Royal Mint began issuing coins containing .999 pure silver. The Silver Britannia is an amazing piece of British coinage, symbolizing Britain’s influence and power. The image of Britannia has an important historical purpose, as “Britannia” was the moniker given by the Roman soldiers over 2,000 years ago for the British Isles and its inhabitants. Throughout centuries, Britannia has acquired goddess-like status, as well as the role of protector of the British Isles. The Silver Britannia coin is among the most circulated silver coins in the world. 1 oz Silver Krugerrands Out of all the South African Mint Silver Coins, the Silver Krugerrands is the most favored coin. The Gold South African Krugerrand was first minted in 1967 as the world’s first modern coin. Following its great success, the South African Mint created the 1 oz. Silver Krugerrand in 2017. Krugerrand coins honor South Africa's first president, Paul Kruger. President Kruger was best known for his military acumen and his leading role in developing the South African Republic. The name of the coin is a combination of Kruger’s name and the official currency of South Africa, the Rand. The animal seen on the obverse is the national symbol of South Africa, known as the springbok. How Much Should You Pay? The price for silver coins is determined by their weight and the current spot price of silver. The spot price is the cost at which you can buy or sell silver on the open market. Silver coins are sold in troy ounces, which is slightly heavier than a regular ounce. One troy ounce is equal to 31.1 grams or 0.0675 pounds. The weight of each coin is indicated on its face. All you have to do is multiply the number of troy ounces by the current spot price of gold to determine its value in dollars. Understanding Spot Price Please note, that the price of silver per ounce is not the same as the silver bullion price. This is because the spot price of silver does not include distribution, manufacturing, and dealing costs. These minor costs are what eventually make silver bullion more expensive than the spot price. Premiums may vary depending on the product and manufacturer. In addition to the product's manufacturing and distribution costs, most dealers incorporate a nominal dealer fee. This will be included in the premium. Sometimes, you will find an additional premium on the price of rare, uncommon, and otherwise valuable items, since their collector appeal is increased. For all these reasons, you usually cannot buy silver at the spot price. How To Store Silver Preserving silver coins can be pretty tricky, particularly if you're new to investing in bullion. If you're looking for a safe place to store your silver coin collection, it's important to understand what makes a good storage solution. Here are some tips on how to store silver coins: Choose the right size: Silver coins come in many different sizes, so make sure that your chosen storage box is large enough for all of your coins. If you have a small coin collection, then a small box will do the trick. But if you plan on storing larger collections, then you should consider buying a larger model. Choose a durable material: The best way to protect your collection is by choosing an airtight container made from durable materials such as metal or plastic. This will ensure that moisture doesn't get into the box and cause damage to your precious metals collection. Consider security features: Even if your chosen model has an airtight seal and is made from durable materials, there's still a chance that someone could break into it without permission. A secure safe is a great option for storing your silver bars, coins, and rounds. It will make it difficult for someone to break into the safe and extract all your silver items. Conclusion If you're looking for a cost-effective way to accumulate silver then coins will be an excellent way to do so. Don't let the small size fool you—these coins contain pure silver and have been used as currency for centuries. If you're new to buying silver coins, follow the steps outlined above, and soon you'll be on your way to building your own collection! Updated on May 20, 2022, 3:05 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

UK Inflation Hits 40 Year High at 9% – Where Can Investors Find Shelter?

UK inflation has soared to 9% in the 12 months to April, its highest mark in 40 years, as energy prices surge higher and weigh on consumers’ pockets. An increase in prices comes as a result of an unprecedented £700-a-year surge in energy expenses in April. Russia’s invasion of Ukraine led to a sharp jump […] UK inflation has soared to 9% in the 12 months to April, its highest mark in 40 years, as energy prices surge higher and weigh on consumers’ pockets. An increase in prices comes as a result of an unprecedented £700-a-year surge in energy expenses in April. Russia’s invasion of Ukraine led to a sharp jump in fuel and food prices in the UK and many expect inflation to continue rising in 2022. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Data by the Office for National Statistics (ONS) showed that roughly 75% of the inflation surge in April happened due to an increase in electricity and gas prices. The data also noted a higher energy price cap in April, which forced households that are spending a typical amount of gas and electricity to pay an average of £1,971 a year. While households of all incomes have grappled with similar inflation rates, it now appears that higher prices are leaving the biggest impact on poorer households as they are forced to spend the majority of their income on gas and electricity, according to the Institute for Fiscal Studies (IFS). Rising food, machinery, and furniture costs also surged last month, the ONS data showed. Moreover, all items available on restaurant and cafe menus have gone up in price as well as the VAT rate for hospitality is now back at 20% again after being reduced during the coronavirus pandemic. Average petrol prices hit a new record high of £1.62 per liter in April, up from £1.26 per liter a year ago. UK’s Highest Inflation Since 1982 Inflation, which represents the rate at which the price of goods and services is rising, currently stands at its highest level since 1982, according to ONS estimates. Earlier in May, the Bank of England said that surging costs could push the UK closer to a recession as inflation could potentially rise to more than 10% later this year due to even higher energy bills. Andrew Bailey, Governor of the Bank of England, said the possibility of further price increases represents a “major worry” for the country as the war in Ukraine continues to weigh on food supplies. Bailey defended the Bank after it was criticized for not trying enough to control the price rises. He also said that higher prices of global goods would dent the economy of the UK and other countries as well as drive unemployment. The governor noted that global supplies of wheat and cooking oil could also be affected as it becomes increasingly difficult to ship out food supplies from Ukraine. "There's a lot of uncertainty around this situation," Bailey said. "And that is a major, major worry and it's not just I have to tell you a major worry for this country. There's a major worry for the developing world as well. And so if I had to sort of, sorry for being apocalyptic for a moment, but that is a major concern." An increase in food and energy prices would have a significantly higher impact than any interest rate hike, Bailey added. Where to Hide? Inflation reflects at what rate cash becomes less valuable and many are looking to increase the value of their capital through investing. A common way to deal with inflation for investors is tracking a benchmark of inflation-linked bonds, which are linked to the costs of goods and services measured by indexes such as the consumer price index (CPI) or retail price index (RPI). Investors who prefer a more passive method could track inflation through funds. However, investors should be aware that buying funds is not a good strategy for everyone and that’s why it is important to first establish your goals and attitude toward risk before committing to any serious investment moves. Just like any other asset class, funds can also rise and fall in value and hurt investors’ profits. As a result, having a diversified portfolio that includes a wide range of investment bets like stocks and bonds is a good long-term strategy for the majority of investors amid the period of rising inflation. Further, the majority of the best apps for trading stocks in the UK offer access to the US equities market, bringing investors a wide variety of available options. When it comes to more alternative investments, many traders have also considered cryptocurrencies such as Bitcoin as a hedge against inflation. However, the recent performance of the world’s largest digital asset won’t help this theory to thrive. The term transitory inflation has become trendy over the past few months and it essentially suggests that a period of high inflation will be short and tough. Those who believe that the current inflation is ‘transitory’, think that the recent price spikes are not here to stay and that they would eventually return to the target rate of 2% in the UK. Once the inflation returns to the levels targeted by BoE, investors are likely to increase their exposure to growth-focused parts of the market, such as the tech sector. The US, on the other hand, has a different target rate, with the Federal Reserve aiming for an average inflation rate of 2% over time, providing the central bank with additional flexibility to achieve its goal. As a result, investors are advised to closely monitor inflation rates both in the US and in the UK as price spikes can affect the outlook of the economy and companies they want to invest in. Conclusion The UK Consumer Prices Index rose by 7.8% in the 12 months to April 2022, up from 6.2% in March, according to the ONS data. This marks the highest level since 1982 with BoE Governor Bailey seeing "a lot of uncertainty around this situation." Overall, UK investors are likely to look for stable, high-quality assets to hide from the rising inflation and hawkish BoE. Get Smarter on Crypto and Macro. Get the 5-minute newsletter that keeps investors in the loop. Five Minute Finance is an independently run newsletter covering the latest and most important trends in crypto, macro, and global markets. Updated on May 20, 2022, 2:21 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Hayden Capital 1Q22 Commentary

Hayden Capital commentary for the first quarter ended March 31, 2022. Dear Partners and Friends, The last six months have been extremely painful – by far, the worst period since we started Hayden. There’s a lot to worry about – the highest inflation rates in decades, an aggressive US central bank that’s rapidly increasing interest […] Hayden Capital commentary for the first quarter ended March 31, 2022. Dear Partners and Friends, The last six months have been extremely painful – by far, the worst period since we started Hayden. There’s a lot to worry about – the highest inflation rates in decades, an aggressive US central bank that’s rapidly increasing interest rates, and Russia’s invasion of Ukraine shaping geopolitical dynamics for the next decade. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more This macro uncertainty, combined with rapidly rising interest rate expectations have had a dramatic impact on the market valuations of our portfolio companies, along with the rest of the ecommerce, fintech, gaming, consumer internet and emerging markets sectors we operate in more broadly. To illustrate the carnage out there, the Hang Seng Tech index (which tracks the largest technology companies listed in Hong Kong) is down -65% since its peak last year. Ecommerce stocks (as measured by the ProShares Online Retail ETF) are down -62%, and Fintech stocks (as measured by the Global X FinTech ETF) are down -56%. Looking at the NASDAQ, over 50% of the index companies are now down more than -50% from their highs. Even Amazon, a blue-chip of the tech universe is down over -40% from its highs last year. This isn’t a normal draw-down in our sector. The markets are already trading similarly to what we saw in 2001 and 2008… the amount of fear that’s out there is chilling. As another example of the craziness out there, you can even find growing, profitable companies, trading below net cash (see HUYA at a negative -$800M valuation, although there are plenty of other examples) in the Chinese Internet sector. You don’t see these types of extreme situations in healthy markets. I thought the below graphic from my friend Freda at Altimeter illustrated the situation well. As of April 22, the median internet stock was down ~-40% YTD alone. In addition, the American Association of Individual Investors (AAII) survey indicates ~60% of investors believe the stock market will fall in the next six months – levels not seen since March 2009 in the depths of the financial crisis. Note, these statistics don’t mean that the markets will turn around quickly. But I mention it, as it does tell us where we are today, and state of the market’s mood. When the markets are full of pessimism, usually that’s a buy signal for long term investors. But there’s certainly the possibility of even more pain in the short term, so the question becomes “when” to buy and how to tell the difference between stocks that will be permanently value impaired in this downturn, versus those whose fundamental trajectories are unaffected and their share prices should rebound quickly after sentiment improves. Personally, I’ve been surprised by the speed and magnitude of the draw-down, especially considering many of the companies in our universe are even trading below their valuations prior to Covid. This is in contrast to their fundamentals, which have only gotten stronger and have grown 2 - 3x from their levels two years ago. The pandemic helped provide “free” customer acquisition as customers were stuck at home and looked for new online alternatives (see our Q1 2020 letter, where I talked about this dynamic in the early days of Covid; LINK). The recent share price round-trip would make sense if these customers were returning back to their old habits – but that isn’t happening. In fact, these customers have proven to be sticky, and the companies themselves are expecting to grow by 20 - 40% annually on top of their “Covid gains”, despite Covid restrictions ending. It’s been a difficult period, and the markets are trading more on macro-factors than company fundamentals these days. It’s impossible to call a bottom in the short-term, especially as daily moves are seemingly dictated by narratives. And as long as there’s negative headlines and Fed officials keep increasing their hawkish tones, the markets and our portfolio will continue to be extremely volatile in the short-term. In the near-term, stock prices can trade anywhere – it simply depends on at what price the last marginal seller is willing to part ways with their shares. But if we look out a few years from now, I believe we’ll look back to this time period and recognize just how cheap these companies were trading at, and how much certain companies’ valuations had over-shot to the downside. In markets like these where it seems most investors have a hard time looking out more than 3 weeks, those who have the ability to look out even 3 years will likely be rewarded. During the first quarter of 2021, our portfolio declined by -39.2%. This compares to the S&P 500’s -4.6% and the MSCI World’s -5.7% first quarter return. We have generated a +15.6% annualized return for our partners, since our portfolio’s inception. Meanwhile, our portfolio ended the year with ~49% of our assets invested in Asia and ~50% in North America, with the remainder in cash. Our Australian position was acquired in Q1 2022. Anatomy of a Bear Market Over the past few years, I’ve described the areas we hunt for our investments and how that fits in our portfolio construction process (see our Q1 2019, Q2 2020, and Q3 2020 letters for reference). Historically, we’ve focused on the early-stage of the S-curve. These companies are younger in their business model development, likely still a few years before they are able to generate profits and thus need external capital to reinvest into (by our calculations) high return on capital business opportunities, which given the high incremental margins will take them to profitability within a few years. Considering their nascent stage, the market tends to perceive these businesses as having a wide range of outcomes, and our alpha has historically come from being able to determine more accurately where the business trajectory might lie within this range. Essentially, we get paid to take business model risk. As the business model proves itself to be capable of profitability, the market tends to ascribe a higher valuation to these business models than at our initial purchase due to this higher certainty / predictability. This allows us to realize valuation expansion, on top of an exponentially growing earnings stream. Once our companies are self-sustainable, our goal is to then allow our capital to compound alongside them, so long as the future reinvestment opportunities within the business remain attractive (i.e. high IRRs). However in markets like today, this strategy is going to be extremely volatile. The reason for this, is that similar to fixed income markets where investors require higher returns in compensation for committing their capital for longer durations and higher volatility (30 year debt is more expensive than 1 year debt), I believe the equity markets exhibit a similar dynamic. Our companies tend to be long duration (most of their profits, and thus basis for their valuations, lie further out in the future). Therefore any change in the interest rate or market environment tends to affect the market’s perceived valuation of these businesses to a greater degree, than more “stable” / more predictable companies. For example, US government long-term bonds have already declined by over -30% since their peak, which is even greater than in 2008 – 10. If essentially risk-free US government bonds are trading at these extremes, it’s only logical that the stock prices of our businesses, which are not only long-duration, but also have business risk as well, will decline even more. In addition, real yields (as measured by TIPS) have increased by the quickest pace since the financial crisis of 2008. While the absolute level is still relatively low by historical standards, it’s the pace of change that matters most for financial markets. Markets tend to be able to digest yield increases if it’s done in a methodical and steady manner. However sudden changes in the yield cause turmoil and volatility, and panic to reposition investor portfolios, which is what we’re seeing today. Long-Duration Bonds Drawdown As of April 18, 2022 (LINK) Most Rapid Increase in Real Yields Since 2008 As of May 7, 2022 (LINK) Businesses are the Most Pessimistic in Decades During pessimistic and fearful markets like today, the market tends to discount the expected future trajectory of these businesses to highly conservative (and often overly pessimistic) levels. This means that not only do our businesses get negatively impacted by entire market valuations shifting downwards due to rising interest rates, but also that the “equity yield curve” steepens too. On top of these two already negative factors, investors then value these businesses at the bottom end of the potential range of outcomes, in an effort to be conservative in an uncertain environment. These three factors combined, result in a large negative impact on the valuations the market places on our businesses today. However as the macro environment stabilizes and investors are able to analyze the future clear-eyed again, these factors tend to revert just as violently upwards as they did to the downside. As long as the companies do not need access to the capital markets, are self-sustainable (generating profits) or have plenty of cash to get them to profitability soon, these companies’ stock prices tend to rebound quickly after the macro environment calms down. Multiple Negative Factors = Long-Duration Asset Prices are Most Impacted A couple historical case studies of these, are Amazon.com, Inc. (NASDAQ:AMZN) and Mercadolibre Inc (NASDAQ:MELI) during the past two major market drawdowns (in 2001 and 2008, respectively)3. Both of these companies were in similar stages of their business lifecycles during these periods, as our companies today. They were young companies at less than 10 years old, growing in the high double digits annually, and were just starting to make a mark on their industry with single digit market shares of their addressable markets. Amazon (AMZN) Stock Chart July 1999 – December 2003 For example, Amazon reached a peak by the end of 1999, at a valuation of over $30BN. Considering that the company only generated $1.64BN in revenues that year (growth of 169% y/y), this equated to a valuation of 18x Price / Sales at the peak. More notably though, was that Amazon was a pure 1P retailer at the time, meaning that they owned the inventory that they sold. Long-term margin assumptions under this business model were low, at just ~5% expected operating margins (365x implied structural operating profits). By the time the stock bottomed in September 2001, shares were trading for ~0.7x P/S or 14x structural operating profits. During those years, Amazon worked to reduce its operating losses and dialed back its growth investments as a result. In 2000, Amazon grew revenues by 68% y/y and reduced its cash burn from -26% operating margins to -6% by the end of the year. In its year-end 2000 earnings release, Amazon indicated that it targeted profitability by the end of 2001. While the stock continued to decline throughout the first 9 months of 2001, the company reiterated on its 3Q 2001 earnings that it would achieve its profitability target within the next quarter. They had to dial back growth from its previous ~68% y/y in 2000 to just ~13% y/y growth in 2001, in order to cut costs and achieve this. However, with investors focused on profitability, this period marked the turning point for the stock price, with a bottom ~$6 per share (equating to the aforementioned ~0.7x P/S or ~14x structural operating profits). Notably, based on this, the stock was able to bottom a full year before the NASDAQ index found a bottom in September 2002. Over the next few of years, Amazon’s fundamentals remained strong, with sales growing ~26% y/y in 2002 and proving to investors that the company could be profitable in such an environment. By 2003, the company was generating $5.2BN in sales and reported its first full year of profits. Within a little over a year of bottoming, by the end of 2002, the share price had recovered 240% to ~$21 per share (equating to 1.8x P/S). By the end of 2003, the stock had recovered to a 4x P/S multiple or $21BN valuation. This equated to a ~8.5x return on the stock price in just a little over two years. ** Mercado Libre, the leading ecommerce company in Latin America, is another example of this dynamic. Mercado had just IPO’d in August 2007, and the stock immediately shot up in the following months. At its peak in December 2007, the company was valued at ~$3.5BN despite only generating revenues of $85M that year (~41x Price / Sales) and growing top-line at 64% y/y. But contrary to the Amazon situation, Mercado was highly profitable from the time of its IPO. Operating margins were ~25%, and gross margins were ~85%. Despite its highly profitable business model though, its shares declined from these high valuations throughout the 2008 financial crisis. Mercado Libre (MELI) Stock Chart August 2007 – December 2011 The share price reached ~$8 in November 2008, equating to a ~$360M valuation. Revenues increased to $137M in 2008 (61% y/y growth), and operating profit grew by a similar amount (73% y/y growth, 27% operating margins) to $37.5M. This equated to ~2.6x Price / Sales and ~10x operating profit at the bottom. The company kept executing and its fundamental trajectories remained intact, despite the dour market sentiment. Notably, the share price didn’t stay at those levels long and doubled soon afterwards. By the end of 2008, it had reached $17 per share as the market sentiment for many growth companies turned towards the end of the year (and ~4 months before the broader indexes turned). The company grew more slowly coming out of the recession, growing revenues 26% y/y & 25% y/y in 2009 and 2010, while operating profits grew 49% y/y and 33% y/y, respectively. The share price quickly rebounded over the next year, and reached $50 by the end of 2009 (a 525% return from the bottom, and 194% return from the end of 2008). This equated to a valuation of 9x Price / Sales, and 27x operating profits. By 2011, revenues had grown to $299M (38% y/y growth) with operating margins of 33%. The stock traded at 12x P/S or ~37x operating profits, and the price had rebounded ~10x from the bottom within a span of 3 years. By contrast, we can look at Cisco Systems Inc (NASDAQ:CSCO) during the 1999 – 2002 years, as an example of a company that failed to recover after the bear market ended. Cisco (CSCO) Stock Chart July 1999 – December 2004 During the height of the tech bubble, Cisco’s stock peaked at ~$80 in March 2000, reaching up to a $500BN+ valuation (~26x Price / Sales, with ~17% operating margins or 156x operating profits). However, by the time it bottomed in September 2002, shares were trading at just ~$8.60 per share (~3.2x Price / Sales, ~21x operating profits). A little over a year later, the share price had doubled to ~$20, but then continued to trade around those levels in a range for the next 10 years. So why were Amazon and Mercado Libre able to recover so quickly from their large draw-downs, while Cisco’s stock price remained anemic? It seems the answer is in their differing growth profiles in the years afterwards. For example, Cisco revenues were $18.9BN in 2000, $22.3BN in 2001, $18.9BN in 2002, $18.9BN in 2003, and $22.0BN in 2004. By contrast, Amazon was able to grow its business by ~120% in the 3 years after the stock bottomed, and Mercado Libre grew by ~118% in the following 3 years. For Cisco, it wasn’t until 2012 (11 years later) that revenues managed to double (to $46BN) from its original peak. Compare this to Amazon, who during those same 11 years, managed to grow its business 22x. These are just a few select examples, but investors can go back to the last few market crises to find similar dynamics among other stocks. This is all to illustrate, that what really matters to whether a stock recovers after a bear market, is 1) whether its fundamentals continue to grow throughout the period, and 2) if the business is able to prove that it can be profitable. If business performance is permanently impaired, you can expect its stock price to as well. But if the business is able to grow through the bear market / recession or optimally come out of it even stronger, you tend to see the stock price rebound quickly (usually by multiple-fold from the lows) in the 1-2 years after overall market sentiment improves and panic selling subsides. If we’re confident in the fundamentals of our businesses and the valuations are reasonable, then the stock prices will reflect that in due time. Given the market dynamics & volatility we’re seeing today, it leads me to think we’re closer to the bottom than otherwise. However, during the bottoming process, these prices during these months can be heart-wrenching and extremely “choppy”. If you examine the volatility in the weeks or months surrounding “the low”, you’ll notice that these stocks regularly exhibit 10 – 40% moves on a weekly (!) basis. In addition, there’s going to be several “false starts” and bear-market rallies, which take an even greater emotional toil than the low prices themselves. Note, I’m also not necessarily saying that we’re going to see 8 - 10x increases from the bottom over the next few years like Amazon or Mercado. But rather, I’m just illustrating that these stocks can trade extremely wildly once there’s panic in the markets, since they’re early-stage and the market has a hard time pricing them during uncertainty. Prices during these periods are not dictated by fundamentals (the intrinsic values of Amazon and Mercado didn’t change by 8 - 10x over just a few years) – they’re controlled by whatever price the marginal seller is willing to sell at. There will certainly be companies that don’t make it during this period and will eventually be sold for scraps or go out of business. On the other hand, those companies that can maintain their growth trajectories and prove their ability to be self-sustainable / profitable tend to bounce back quickly. The issue today, is that the market can’t distinguish between the two, so all companies within this category are being sold off indiscriminately. However, if we look at the valuations of our portfolio companies and other quality companies within our investment universe, we’re already at or below the valuations reached at the depths of the 2001 and 2008 crises4. And crucially, this is nothing like the 2001 tech bubble. During that time, average valuations multiples were more than double that of where valuations peaked this time around, adjusting for growth and margin profiles held equal. Additionally, the reason that it took many years for tech stock prices to recover afterwards, was that revenues back then were primarily comprised of non-recurring hardware spend. As the entire technology industry slowed, capex spend slowed as well, which meant that many companies went into negative earnings growth for several years (many companies fell into the Cisco situation, as above). Meanwhile, the technology sector today is largely comprised of digital based or software revenues (i.e. high-margin and / or recurring revenue streams), and their earnings continue to exhibit strong growth. Because of this, I believe it’s a good time to go hunting as an active investor. History has shown that once these types of markets turn, there’s a high chance of generational returns on the other side. It’s our job to determine which businesses will continue thriving during this period versus those that will ultimately fade away – using the market’s indiscriminate selling to our advantage. Afterwards, it just requires bravery to go capture these returns. Portfolio Review Undisclosed Positions: We’ve had quite a few changes on the early-stage side of our portfolio in the past few months. As discussed above, this portion of the portfolio tends to have a wider-range of outcomes, with both higher potential returns (targeting multiple-times our initial capital) if our thesis plays out, while also higher downside if our thesis fails. These tend to be highly-asymmetric situations, because of this. But given the nascent stage of some of the businesses and thus inherent business model risk, they need to be sized smaller. Also because of the early-stage nature, the rapidly changing dynamics of their businesses, and just the fact that the odds of us being wrong on these investments is higher (but compensated by the higher returns, if we’re correct), we’ve tended to refrain from talking about them publicly (partners are always free to reach out, to discuss offline though). Additionally, this portion of the portfolio provides strategic benefits to the “core” portfolio, as it allows us to be closer to these companies. Given their rapidly evolving businesses, it forces us to keep closer tabs on their evolution and quickly recognize their inflection points. By doing so, we can also “flex up” these positions in a more expedient manner at that time, given the research groundwork that we had prepared beforehand. Lastly, it provides healthy competition for the capital within the portfolio, since a high velocity of new ideas is the best way for us to keep the portfolio “fit”. Partners will notice that we trimmed or sold some holdings within this segment of the portfolio in the past few months. ** In addition, we added two new software companies to the portfolio. Historically, I have avoided software investments given a combination of high valuations, along with requiring a different research process than our core competency of consumer internet businesses. We’ve conducted quite a few deep-dives on the space over the years, but never felt like we had a durable edge versus other investors, especially given the high valuations. However, with software valuations coming down rapidly in the past few months, I believe we’ve identified two companies that fit squarely within our circles of competence, and at very attractive valuations. Software is too large a component of the technology universe to ignore, so it’s time to build out our research muscles in this space and wade in. For example, one of them has overlap with a core sector competency of ours – mobile gaming. Mobile gaming (and especially casual games) is extremely hit driven, which has made it tough to invest in the space over a longer holding period. But our new position has a commanding position within the most critical piece of the mobile game value chain. Despite this dominant position, the company is actively consolidating the industry to create an even stronger competitive advantage and growing their SAAS business at 100%+ y/y rates at ~30% EBITDA margins. The shares have nevertheless traded down to a ~11x EV / EBITDA in this market sell-off (share are down -75% from their highs, and over -60% from their IPO price). I believe this is an extremely attractive valuation, and may discuss it publicly in due time. ** Lastly, we also made an investment into a Chinese ADR this quarter. This is a company that we owned 2 years ago, but had exited early, since during the course of our research, I realized that the economics on the new projects the company was investing in weren’t as attractive as its core business, and thus expected its unlevered ROICs to decline over time. These issues still remain. However with the stock now trading over -50% below where we originally sold the shares (despite doubling its earnings over that time frame), these issues (and more) are now priced in. The company generates attractive margins (~50% EBITDA margins), is growing 20-30% y/y, and is one of the most stable assets and cash flows in China tech. I expect that the company will be largely insulated even if the China tech regulation pressures continue and / or the Chinese economic issues persist, given the critical service that it provides its customers. Given this backdrop, I thought the shares were too cheap to pass up, and worthy of reinstating a position. It seems that most of the share price impact has been from negative flows – i.e. US-based funds exiting their Chinese investments due to today’s macro uncertainties (whether it’s sanctions, US ADR de-listings, China’s slowing economy / Covid lock-downs, etc.). We’re comfortable with all of these issues and believe the company is even insulated from them. In fact, the shares are already dual-listed in Hong Kong as well, so a potential ADR de-listing should have minor long term impact. Due to the aforementioned issues though, this likely won’t be a long-term hold for us. But when others are essentially forced selling for non-company related worries, we’re happy to be on the other side scooping up shares. The share price could continue to be volatile in the short-term, due to market flows. But if the company continues to execute along its current growth path, we should see earnings double over the next 3 years (and the stock price along with it). If the macro worries around China subside by then, I’d expect a multiple re-rating as well back to its historical levels, and a 3-4x return from current prices in that scenario. ** At a portfolio level, the current funding environment means that it will be tough for businesses that still require external capital to get them to scale and achieve profitability. The cost of funding and the bar to do so, is going up. As such, we have thoroughly reviewed the portfolio, and reduced / exited investments that are still reliant upon the capital markets. Among our portfolio today, all of our companies (except for one tracking position) are self-sustainable going forward. Some of the businesses are highly profitable with 30 - 60% margins, growing 20 - 50% y/y, and are actively buying back their shares. Others are near break-even, but are expected to generate substantial profits in the next 1 - 2 years. In these circumstances, the businesses have more than enough cash on their balance sheet to get them there (often >5 years of runway) without any risk of needing to tap the capital markets. Additionally, we’re getting paid to wait for this inflection in profitability, since during these periods the market tends to be extremely skeptical of any companies where the profits aren’t obvious today. In markets like these where everything in our fishing pool of investments has declined by substantial amounts, it actually gives us a rare opportunity to upgrade the portfolio. We’re able to exit positions where the thesis is weaker, and reinvest the proceeds into companies with more attractive outlooks but at similar valuations. During these periods, partners should expect to see more portfolio activity than normal, as we use this to our favor. Conclusion The recent period has been unpleasant, as we are currently in the middle of a once every ~10 years type of market decline. Judging by the historically large price draw-downs as illustrated above, I understand that I’m essentially asking all our partners to come to the Gates of Hell with us, with the confidence that we’ll come back unscathed over the next few years. It’s going to be scary, and the mark-to-market prices painful to look at. However as history as shown, as long as these companies 1) don’t go bankrupt, 2) have a profitable business model, and 3) their financials continue to grow throughout this period, the stock prices do eventually return. Mr. Market just needs to get through his depressive panicky phase first. Logically, our partners might ask if we’re prepared for another leg down in prices, why not just sell the entire portfolio now and have cash at the bottom? Well first, is that in the depths of a bear-market, the swings in price can be massive and you never know which way it will go. When prices are driven by emotions rather than fundamentals, gauging the market’s near-term direction is a toss of a coin. But the key is to catch the turn in the markets when that finally happens, because stock prices can move 50-100% in just a few weeks. And it’s impossible to know when that’s going to happen, or if the upswing is just another bear market rally. In addition, it’s key to stay in the game during this period, and keep a hawks-eye watch over our company developments on a real-time basis. This is psychologically much easier when you have positions / capital at risk – especially when there’s little chance of long-term value impairment at these low levels – and can therefore add to them when the time is right. ** On a completely different note, I was fortunate enough to be interviewed by Columbia University’s Graham and Doddsville newsletter in December of last year (what a difference the last few months has been!). The interview was just published, and I think it does a good job of illustrating how I think about Hayden’s place in our investment industry, and how we think about the investing craft in general. Those interested can read the full interview here: Link: Graham & Doddsville – Spring 2022 It’s crazy to think that I’ve been reading Graham & Doddsville for the past 15 years, all the way to when I was still in high school. It’s really an honor to be included in this semester’s edition, and thank you for the G&D team for including Hayden. ** There are few things more important to me, than our partners, our portfolio, and Hayden as a firm. Starting Hayden has been a dream of mine since even those original days of reading Graham & Doddsville during lunch breaks in high school, fifteen years ago. But we must be prepared for this period of market volatility, which is going to test both our portfolio and the resilience of our partners. My friend Yen of Aravt Global mentioned to me the other day – “The only way out [of this bear market] is through it”. I think those are wise words, and we should be both mentally and financially ready for the times ahead, and what’s sure to be some wild swings in our portfolio prices. But while the markets are noisiest, it’s actually the most crucial period to maintain focus and get to work finding the winning companies of the next decade. These low prices won’t last forever. Our existing portfolio companies will also continue to grow and execute upon their business plans during this period, with some taking advantage of this time to emerge even stronger than before. I’m confident that we’ll get “through it” and eventually things will get better. And once we’re on the other side, there will be a plenty of washed-up “multi-baggers” for us to hunt. I don’t know when that will be – it could be a few months, or a few years. But that day will come, and we need to be ready. Sincerely, Fred Liu, CFA Managing Partner fred.liu@haydencapital.com Updated on May 20, 2022, 1:41 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Burst Of Retail Spending Despite Plummeting Consumer And Investor Confidence

“The FTSE 100 has been lifted by a surprise 1.4% rise in retail sales as for now consumers appear to be shrugging off fears of recession and soaring prices. Stores have enjoyed a burst of activity as shoppers regained their appetite to spend, clearly planning a summer of fun. The data has helped lift the […] “The FTSE 100 has been lifted by a surprise 1.4% rise in retail sales as for now consumers appear to be shrugging off fears of recession and soaring prices. Stores have enjoyed a burst of activity as shoppers regained their appetite to spend, clearly planning a summer of fun. The data has helped lift the share price of some high street stalwarts NEXT plc (LON:NXT) and Marks and Spencer Group Plc (LON:MKS), while shares in Tesco PLC (LON:TSCO) rose 1.4% on the open. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Rise In Retail Spending After shoppers were starved of enjoying the freedom to celebrate and go on holiday for so long, it’s clear the cost-of-living crisis isn’t yet putting them off from splashing the cash, helped by the lockdown savings still sitting in accounts. Preparations for weddings and holidays helped lift volumes in clothing shops while food stores were boosted by 2.4%, partly due to higher spending on alcohol. A trend is emerging for people to buy items to help them experience life’s pleasures, rather than items to decorate the home with sales of furniture in household goods stores falling back, by 0.5%. Overall this is an unexpected burst of momentum for the retail sector and given that consumer demand is showing little sign of easing off yet, the Bank of England will be even more focused on raising interest rates to try and lower prices. It’s particularly surprising how resilient shoppers appear to be given that the GfK consumer confidence index for May showed a dramatic fall off in optimism, with the lowest reading shown since records began in 1974. Investor Confidence Plunges Investor confidence has also plunged this month as worries ratchet up about the difficult task central banks face trying to rein in rampant inflation without pushing economies into reverse. The HL index for May has shown investor confidence has fallen 21% since April as stock markets continue their rollercoaster ride. Confidence in UK economic growth has sunk even further, plummeting 30% as investors worry about the longer term impact of soaring prices and higher wages which risk eroding consumer spending power, despite the resilience shown in April’s snapshot of retail sales. The pessimism comes as inflation risks becoming more embedded in the UK economy due to a spiralling upwards of wages and firms continue to fight for talent. The Bank of England faces the supremely tricky task of trying to put a lid on demand without causing a lingering recession but the majority of investors are prepared for an inevitable path of tighter monetary policy. Confidence that interest rates will be higher over the next six months remains at 92%, compared to 78% in January, while confidence that rates will rise in the medium term has also risen slightly.’’ The investor confidence index is compiled by surveying clients on a monthly basis. Each month we send the investors’ confidence survey to 6,000 random clients and there is a representative split of our clients by age. On average around 10% of clients respond. Confidence that UK interest rates will rise has increased in the medium (1 year) to long term (3 years), and remained the same in the short term (6 months) Month 6 months 1 year 3 year Jan-22 78% 94% 92% Feb-22 90% 93% 87% Mar-22 88% 92% 83% Apr-22 92% 91% 79% May-22 92% 93% 82% Article by Susannah Streeter senior investment and markets analyst, Hargreaves Lansdown About Hargreaves Lansdown Over1.7 million clients trust us with £132.2 billion (as at 30 April 2022), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on May 20, 2022, 1:57 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Hedge Fund Returns Down -2.9% In April 2022

The monthly Hedge Fund Report for April 2022 from the Citco group of companies (Citco), the asset servicer with $1.8 trillion in assets under administration (AuA). Executive Summary In a turnaround from the positive returns almost across the board in March, hedge funds administered by the Citco group of companies (Citco companies) saw negative returns […] The monthly Hedge Fund Report for April 2022 from the Citco group of companies (Citco), the asset servicer with $1.8 trillion in assets under administration (AuA). Executive Summary In a turnaround from the positive returns almost across the board in March, hedge funds administered by the Citco group of companies (Citco companies) saw negative returns in April in almost all strategies and across all AUA categories. The overall weighted average return was -2.9%, down from 1.5% in March. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more As per the first three months of the year, Commodities was the star performer again with a 4.4% weighted average return – due to inflated commodities prices – followed by Event Driven at 1.6%. Global Macro had a slight positive return at 0.6%, while all over strategies were negative, with Equities posting the largest loss at -4%. On an AUA basis, the largest funds over $3B had the largest losses at a -4.1% weighted average return; funds in the $500M-$1B range performed the best while still posting a -0.9% loss. The gap between this month’s weighted average return at -2.9 and its median return at -0.8% also points to the under-performance of larger funds. In total, 38.9% of funds had positive returns in April compared to 57.4% of funds with positive returns in March, while the gap of 11.8% between the best performers [90th percentile] and poor performers [10th percentile] increased from 11.3% since March. Q1 Capital Flows Preview: Positive Trend Continues Investors and allocators added to hedge funds on the Citco companies platform in every quarter in 2021, with inflows outweighing outflows throughout the year – and this positive trend was repeated in Q1, 2022. In each quarter last year, there were generally net positive inflows for the months intra-quarter, with the quarter-end trading cycle experiencing some net outflows. This trend was also repeated in Q1, with net subscriptions in January and February, followed by slight redemptions in March. Overall in Q1, funds saw subscriptions of $52.5B and redemptions of $38.9B – leaving net subscriptions of $13.6B. Our Q1 Hedge Fund Report will be with you shortly, providing full insights into quarterly performance, trade volumes, treasury payments and capital flows. Capital Flows Following on from the positive inflows seen in Q1, funds administered by Citco companies saw subscriptions of $9.1B and redemptions of $8.3B in April – resulting in net subscriptions of $800M. All AUA categories saw slight net subscriptions, bar funds between $5B-$10B, which finished flat, and funds larger than $10B, which saw slight redemptions of $300M. The ongoing popularity of Hybrid Capital Funds dipped in April, with net redemptions of $800M, while Equities, Global Macro and Multi Strategy were the only strategies to finish in positive territory; the latter had the highest inflows with net subscriptions of $1.3B. Per region, the Americas were slightly down, with Asia showing modest inflows and Europe up $1.4B. For future cycles, $13.5B is scheduled to exit in the second quarter, with a further $6.3B of outflows projected for later this year. Our Services A total of 72% of our staff are now approved to work from our offices, with 32 of our 41 locations fully open. Although the situation remains fluid in some regions and we are closely monitoring the situation, we expect the remaining nine offices to have fully opened by the end of July, which includes our offices in the Philippines, India and Canada. In line with our stringent Home to office (H20) policy, we will continue to follow guidelines around the world and adjust our office staffing policies accordingly. A total of 92% of SLAs were delivered on time in March, which equates to some 3,081 specific service goals. Also, we achieved 100% of client deliverables in April. Performance Overview of Investor Flows Insights into Trade Volumes The relative calm at the end of March that we pointed out in last month’s report was short lived – as volatility in the markets rose steadily towards the peak last seen in early March. While the overall daily average volumes across Citco companies’ client base in April was down 12% from March, this was still 11% higher than a very busy April, 2021. The increases since 2020 were largely led by high frequency trading strategies, particularly in Equity and Equity Swaps. In April, these strategies were down 13.4% on average volumes than the rest of our client base, which was only down 5.2% month-over-month. In terms of asset classes deployed, rates on Futures, Commodities, Currencies and Indices were down between 30-50%. CDS trades were 44% lower than in March. Citco companies’ trade ingestion STP rate for April was 98.31%. Insights into Payments, Treasury and Collateral The overall Treasury volumes across our client base in April were 34,511 movements, down 13% month-over-month, but March was a record month for Treasury movements with the highest volumes we have seen to date. It is worth noting that April volumes were still higher versus the same period last year by 18%. With increased market volatility, we are seeing a tighter management of cash across prime brokers and OTC counterparties, a trend we expect to see until the markets calm down. Service Level Summary About the Citco group of companies (Citco) The Citco group of companies (“Citco”) is a network of independent companies worldwide. These companies are leading providers of asset servicing solutions to the global alternative investment industry. With $1.8 trillion in assets under administration and over 8,000 staff deployed across 40 countries, Citco’s unique culture of innovation and client-driven solutions have provided Citco’s clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco’s Fund Services companies offer a full suite of middle office and back office services including, treasury and loan handling, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services. Investing heavily in innovation and technology whilst further developing its current suite of client friendly solutions, Citco will continue into the future as a flagbearer for the asset servicing industry. Updated on May 20, 2022, 12:27 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Close Brothers – A Highly Profitable Lending Business

Close Brothers Group plc (LON:CBG), the specialist UK banking, asset management and market-making group has provided an update on its performance in the three months to the end of April. CEO Adrian Sainsbury said that the group had performed well, with continued good momentum in its lending activities. The banking division grew the loan book […] Close Brothers Group plc (LON:CBG), the specialist UK banking, asset management and market-making group has provided an update on its performance in the three months to the end of April. CEO Adrian Sainsbury said that the group had performed well, with continued good momentum in its lending activities. The banking division grew the loan book by 1.8% in the quarter, with Close Bros. highlighting the strength of margins in the new business written. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Asset Management saw an inflow of 5% of additional assets, but market movements were negative, leading to a slight drop in total assets under management at quarter-end. Winterflood, the group’s market making business saw an improvement, albeit trading remains volatile. Winterflood only suffered one loss-making day during the quarter, underlining the strength of their risk controls. The market reacted positively to the statement, with the shares rising 1.7% in early trading this morning. Close Brothers Group's Performance Commenting on Close Brothers’ report, Steve Clayton, Fund Manager at HL Select said: “Our UK funds invest in Close Brothers because of its disciplined approach to lending. When the group lend money out, their managers are paid not on the lending of the money, but on seeing it come back with a profit attached. Even at a time when consumer confidence is hitting 40-year lows, Close Brothers is running a highly profitable lending business, with high levels of capital reserves. The bad debt provision has edged up, but aside from an already known issue in their former litigation lending business, now in run-down, bad debts remain incredibly low at just 0.5%. The group’s strong margins make it an excellent cash generator, which has allowed them to grow the dividend significantly over time. This year we expect the group to pay out 66p per share, which is the same level that the group paid in 2019 before the pandemic. At that level, the shares will be yielding an attractive 6.1%, covered almost 2x.” About Hargreaves Lansdown Over 1.7 million clients trust us with £132.3 billion (as at 30 April 2022), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on May 20, 2022, 12:28 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

Stimulus Checks from North Carolina: Gov. Cooper Reveals His Plans for $6.2B Surplus

Governors of several states have proposed stimulus benefits for residents in their budget proposals following a record budget surplus. North Carolina Gov. Roy Cooper also recently proposed benefits for residents in his budget proposal. Cooper’s proposal includes sending one-time stimulus checks from North Carolina to workers and teachers. Along with sending one-time bonuses, Cooper’s proposal […] Governors of several states have proposed stimulus benefits for residents in their budget proposals following a record budget surplus. North Carolina Gov. Roy Cooper also recently proposed benefits for residents in his budget proposal. Cooper’s proposal includes sending one-time stimulus checks from North Carolina to workers and teachers. Along with sending one-time bonuses, Cooper’s proposal addresses education inequities, affordable housing, worker retention and more. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Cooper’s Proposal: What Does It Include? Last week, Gov. Cooper revealed his plans on how his government would use the $6.2 billion surplus. Cooper detailed his recommended adjustments to the second year of a two-year budget that the lawmakers approved last fall. In addition to what the budget already includes, the latest adjustments call for higher pay for state employees and teachers. “The budget that I’m presenting today will build on our success and strengthen those areas that need reinforcement,” Gov. Cooper reports. Prior to the budget proposal, the General Assembly and Cooper administration revealed that the state would exceed the revenue projections for the current fiscal year by about $4.2 billion. Also, the authorities raised the projections by about $2 billion for the year starting July 1. Cooper has raised the second-year spending by $2.3 billion to $29.3 billion to use some of the surplus. Also, $2.4 billion of the surplus would go toward many itemized “investments,” including infrastructure, economic development and workforce training. Cooper's proposal doesn’t call for additional tax cuts, nor does it set aside more money for the state's rainy-day fund. The governor notes that the fund is on track to hit $4.25 billion. Cooper refers to the budget proposal as a “smart, fiscally sound budget,” adding, “I think that it’s clear that we want to invest more than (Republicans) do.” Stimulus Checks From North Carolina: Who Will Get Them? Cooper's proposal sets aside $687 million more for K-12 and University of North Carolina system construction projects and repairs. The proposal also calls for $102 million for buying and improving sites to attract big companies, as well as $165 million for affordable housing. Cooper also plans to spend $526 million more to cover the next year of a public education spending remedial plan, which was approved by a judge. The governor also proposes raising pay for most state employees by 5%, compared to 2.5% proposed earlier. Also, there is a proposal to raise the pay for state law enforcement and health care workers by 7.5%. Moreover, teachers' pay schedules would be adjusted to ensure they get a combined average raise of 7.5% this year and next, compared to 5% currently. As per the proposal, workers and teachers would also be entitled to a one-time bonus of $1,500 to $3,000. Cooper has also proposed expanding Medicaid for additional low-income adults through the 2010 federal Affordable Care Act. “The Governor’s budget proposes Medicaid Expansion to provide access to affordable health insurance to more than 600,000 additional North Carolinians….” the press release says. Updated on May 20, 2022, 9:47 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News

These Are The Ten Worst-Performing IPOs In 2022 So Far

After record IPO activities in 2021, the volatile market scenario has significantly slowed IPO activities this year. Rising inflation and fuel prices, as well as certain global events, have resulted in volatile market conditions. Moreover, most companies that already went public this year, aren’t performing very well. All such factors have pushed many companies to […] After record IPO activities in 2021, the volatile market scenario has significantly slowed IPO activities this year. Rising inflation and fuel prices, as well as certain global events, have resulted in volatile market conditions. Moreover, most companies that already went public this year, aren’t performing very well. All such factors have pushed many companies to re-think their IPO plans. Let’s take a look at the ten worst-performing IPOs in 2022 so far. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Ten worst-performing IPOs in 2022 so far For our list of the ten worst-performing IPOs in 2022 so far, we have considered the companies that went public in 2022. We have ranked these stocks on the basis of their to-date performance. Following are the ten-worst performing IPOs in 2022 so far: Excelerate Energy Founded in 2003 and headquartered in Texas, this company offers floating LNG solutions, including a full range of flexible regasification services. Its shares are down almost 1% in the last one month but are up almost 1% in the last five days. Excelerate Energy Inc (NYSE:EE) went public in April. Its shares are currently trading around $25.10, and as of writing, it had a market cap of more than $2.50 billion Bausch + Lomb (-12%) Founded in 1853 and headquartered in Rochester, N.Y., this company makes and supplies eye health products, including contact lenses, lens care products, medicines and implants for eye diseases. Its shares are down over 1% in the last five days. Bausch + Lomb Corp (NYSE:BLCO) went public earlier this month. Its shares are currently trading around $17.74, and as of writing, it had a market cap of more than $5.70 billion. SoundHound (-35%) Founded in 2021 and headquartered in Wilmington, Del., this company develops, owns and commercializes voice, sound and natural language artificial intelligence technologies. Its shares are down over 28% in the last five days. SoundHound AI Inc (NASDAQ:SOUN) went public in late April. Its shares are currently trading around $4.80, and as of writing, it had a market cap of more than $1.20 billion. Aclarion (-36%) Founded in 2008 and headquartered in San Mateo, Calif., it is a healthcare technology company that offers magnetic resonance spectroscopy (MRS), and a proprietary biomarker. Its shares are down almost 36% in the last one month but are up almost 20% in the last five days. Aclarion Inc (NASDAQ:ACON) went public in April and priced its IPO at $4.35. Its shares are currently trading around $1.78, and as of writing, it had a market cap of more than $11 million. Bright Green (-38%) Founded in 2019 and headquartered in Florida, this company sells cannabis commercially for research and manufacturing purposes. Bright Green Corp (NASDAQ:BGXX) went public in May (earlier this week). Its shares are currently trading around $13.35, and as of writing, it had a market cap of more than $7.60 million. Bright Green went public through the direct listing method. Edible Garden AG (-39%) Founded in 2020 and headquartered in Belvidere, N.J., this company operates as a next-gen controlled environment agriculture (CEA) farming company. Edible Garden AG Inc (NASDAQ:EDBL) uses traditional agricultural growing techniques along with technology to grow fresh and organic food. Its shares are down almost 4% in the last five days. Edible Garden went public in May and priced its IPO at $5 per share. Its shares are currently trading around $1.81, and as of writing, it had a market cap of more than $14 million. Sharps Technology (-42%) Founded in 2017 and headquartered in New York, it is an innovative medical device company. Its shares are down over 17% in the last one month and over 3% in the last five days. Sharps Technology Inc (NASDAQ:STSS) went public in April and priced its IPO at $4.25 per share. Its shares are currently trading around $1.25. Austin Gold (-53%) Founded in 2020 and headquartered in Vancouver, Canada, it is an exploration company. Its shares are up over 14% in the last five days. Austin Gold Corp (NYSEAMERICAN:AUST) went public earlier this month and priced its IPO at $4 per share. Its shares are currently trading around $2.05. Expion360 (-57%) Founded in 2016 and headquartered in Redmond, Ore., this company designs, assembles, makes and sells lithium iron phosphate (LiFePO4) batteries and related accessories. Its shares are down over 18% in the last one month and over 2% in the last five days. Expion360 Inc (NASDAQ:XPON) went public in March and priced its IPO at $7 per share. Its shares are currently trading around $3.4, and as of writing, it had a market cap of more than $20 million. Tenon Medical (-79%) Founded in 2012 and headquartered in Los Gatos, Calif., it is a medical device company that aims to optimize sacroiliac joint fixation/fusion surgery and its corresponding outcome. Its shares are down over 26% in the last five days and as of writing, it had a market cap of more than $60 million. Tenon Medical Inc (NASDAQ:TNON) went public in April and priced its IPO at $5 per share. Its shares are currently trading around $5. Updated on May 20, 2022, 10:19 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: VALUEWALKMay 20th, 2022Related News