Download PDF Introduction After years marked by scandals, accounting malpractices, poor strategic decisions, and an overall faulty corporate governance, Toshiba seems to have found a buyer. On March 23, 2023, the Board of Directors approved a $15bn offer from a consortium of 17 domestic companies and 6 financial institutions, led Read more…
Download PDF Introduction Global macro strategies, which aim to profit from economic and political trends across markets and asset classes, have been a staple of the investment world for decades. In recent times, these strategies have gained in popularity as investors seek to diversify their portfolios and take advantage of Read more…
Download PDF Introduction Over the past decade, private equity firms, previously known for their aggressive takeovers of large corporations, entered the relatively somber world of insurance. Apollo Global Management [NYSE: APO], under the initiative of co-founder Marc Rowan, entered the world of insurance through building Athene. The idea was that Read more…
Download PDF US The US stock market closed a very positive week with all the main indices gaining more than 3% from last Friday, bringing all indices positive YTD, with the Dow Jones and the Russel 3000 Value just entering positive territory for the year. The S&P and Nasdaq concluded Read more…
Download PDF What are 0DTEs? Zero Days to Expiry (0DTE) options are options that expire on the same day they are purchased; this gives them an unusually high amount of leverage that is hard to find anywhere else. Due to theta, the extrinsic value of an option declines exponentially as Read more…
Download PDF Introduction On March 6th Altria [NYSE: MO], one of the largest cigarette companies in the world, announced their agreement to acquire e-cigarette startup NJOY for approximately $2.75 billion, making it the largest transaction up to date in the Consumer segment for 2023. The deal comes a couple of Read more…
Download PDF Context Markets witnessed the second largest bank collapse in US history since the fall of Lehman Brothers in 2008, as SVB was taken over by regulators on the 10th of March. Since March 2022, the FED has frenetically increased its target fund rate in an effort to tame Read more…
Download PDF Introduction When managing a portfolio, the fundamental problem is to find investments with excess risk-adjusted expected rates of return. Once the manager has identified some favourable opportunities and is ready to assemble the portfolio, they still need to decide how much capital, as a fraction of the value Read more…
Download PDF What is an emerging market? The term “emerging market” was first coined by Antoine Van Agtmael, a former economist at the International Finance Corporation, in the early 1980s. At the time, Van Agtmael was working on a project to identify new investment opportunities for the IFC, which was Read more…
Download PDF The Change in Deal Structure Recent macroeconomic activity has impacted the private equity industry dramatically. A strong reliance on leverage in your business model means that when the market for leveraged loans tightens significantly, you must resort to using lower levels of leverage. In December 2022 the private Read more…
Download PDF Introduction Following the devastating bear market of 2022 where trillions of stock market capitalization seemingly disappeared into thin air, The Rothschild family, the majority stakeholder of Rothschild & co. [ROTH: EPA], has decided to bid for the rest of the shares of the company in the hopes of Read more…
Download PDF Introduction on recent market developments After a subdued performance of equities in 2022 (-18.01% dividends adjusted), January has seen a significant turning point for US equities, given the recent strong rally. This article will briefly summarize what happened in markets this last month, outlining the causes of the Read more…
Download PDF Introduction The following article will investigate the peculiar phenomenon of excess market returns that seem to accumulate before FOMC announcements and that can hold, depending on the announcement itself, for several days after the decision. The Federal Open Market Committee (FOMC) is the organ of the US Federal Read more…
Download PDF US Every major index in the US had a positive week after starting slow and rebounding in Thursday’s and Friday’s sessions. The NASDAQ Composite led the pack with a weekly growth of 2.58%, followed closely by the Russell 3000 Growth Index which enjoyed a WoW climb of 2.46%. Read more…
Download PDF Introduction Global asset manager and disposition company Ritchie Bros. Auctioneers recently announced an amended agreement to acquire salvage-yard operator IAA, valuing the company at $5.94bn. The improved cash-and-stock offer comes after an initial bid, that included 28% less cash but more equity, was met with concerns from shareholders Read more…