The WSJ reports that Melvin Capital, the $12.5bn hedge fund at the centre of this GME debacle, lost 53% in Jan. But that’s ok, they were up 47% last year so net-net, it’s not too bad, right? No, run the maths. Start with 100 and earn 47% = 147. Lose 53% and you’re at 69. … Read on
Yes, because it’s causing an accident. Using the latest data, Gamestop has $22bn of short exposure, double Microsoft/ Amazon and 2nd only to Tesla’s $45bn. Yet Gamestop has a market cap of $23bn which was only $1.2bn on 12th Jan. So the shorts are down roughly $20bn + a few $bn on the other financially … Read on
“Sounds amazing, I’m in and while you’re at it, get rid of all my other stragglers – let’s have some conviction.” Yesterday, I suspect investors almost lost every single Dollar. Here’s why, On Jan 22, the WSJ reported the $12.5bn fund down 15% in 3 weeks, due in part to a short squeeze in GameStop, … Read on
But now very respected investors, like Jeremy Grantham are using the word, “bubble” And he has a solid history in timing bursting bubbles Plus the risk of the Dems raising taxes – the Tech giants have an avg tax rate of 15%. So you’re contemplating taking profits & switching into Value funds / an ETF. … Read on
The Trust is not registered as an investment company under the Investment Company Act The Sponsor has the exclusive management, authority & control of all aspects of the activities of the Trust. Yet The Sponsor is neither:– An investment adviser registered with the SEC, nor– A commodity pool operator registered with the CFTC And takes … Read on
Which benchmark is used and how is it constructed? You may be surprised by what you find. I used the 30/09/20 factsheets for the common benchmarks to make these observations The MSCI World Value index’s 3 largest holdings were J&J, P&G and Home Depot on 18x, 25x and 25x fwd consensus earnings – hardly value. … Read on
Every week, the American Association of Individual Investors (AAII) survey their members asking one question, “I feel that the direction of the stock market over the next 6 months will be up (bullish), no change (neutral), or down (bearish)?”. The data is published every Thursday. The chart below shows the average compound annual return from … Read on
The main differences between a company’s income and cash flow statements are timing issues but over time, cumulative net income should equal cumulative free cash flow. If free cash flow is consistently less than net income, it may indicate deteriorating earnings quality and since investors pay many multiples of annual earnings, the quality of earnings … Read on
16 November 2018 Board of Directors Franklin Resources Inc One Franklin Parkway San Mateo California 94403 Dear Board of Directors, Unlocking the value in Franklin Resources “Franklin” Franklin has substantially under-performed its peer group over the past 5 years and currently has the lowest broker ratings among peers with only a single “Buy” recommendation … Read on
As any shareholder in the Russian companies, Yukos or Sistema, or MTN in Nigeria or Acacia Mining in Tanzania may tell you – Be very careful of owning companies in countries with all powerful governments that control the judiciary and might not respect property rights if the Government isn’t a co-shareholder. When an investor buys … Read on
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