Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Equity Bottom-Up

Berkshire Hathaway Inc Cl A / Equity Bottom-Up

<ul><li>Thousands of people from around the world gather in Omaha for Berkshire Hathaway shareholder meeting at Warren Buffet's house.</li><li>Questions arise about who will take over Berkshire Hathaway after Buffet's reign and what will happen to the company.</li><li>Berkshire Hathaway annual meeting features a variety of booths and shops representing the conglomerate's diverse business holdings, attracting shareholders and fans alike.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Thousands of people from around the world gather in Omaha for Berkshire Hathaway shareholder meeting at Warren Buffet's house.Questions arise about who will take over Berkshire Hathaway after Buffet's reign and what will happen to the company.Berkshire Hathaway annual meeting features a variety of booths and shops representing the conglomerate's diverse business holdings, attracting shareholders and fans alike.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Dispatch from Omaha: Berkshire after Warren Buffett

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. </li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. 
The company is backed by Alibaba (ADR) (BABA US), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors. 
In this note, we will talk about the upcoming lockup expiry.


Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>Free float is forecasted to increase from ~94% to 100% in S&amp;P 500 and other US and Global indices after <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire</a> halved its stake in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> .</li>
<li>Forecasted demand from S&amp;P 500 and S&amp;P TMI is 164.2m shares, $37.1bn and 3.0 ADV at the close of 20 September 2024.</li>
<li>Materialization of the free float increase is uncertain due to debatable strategic shareholder classification. ETF ratios and current free float improve the confidence of the forecast. </li>
</ul>


Free float is forecasted to increase from ~94% to 100% in S&amp;P 500 and other US and Global indices after Berkshire halved its stake in Apple (AAPL US) .
Forecasted demand from S&amp;P 500 and S&amp;P TMI is 164.2m shares, $37.1bn and 3.0 ADV at the close of 20 September 2024.
Materialization of the free float increase is uncertain due to debatable strategic shareholder classification. ETF ratios and current free float improve the confidence of the forecast. 


Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-b" target="_blank" data-smartkarma-citation="entities:8635:1" rel="noopener">Berkshire Hathaway Inc Cl B (BRK/B US)</a> held over 5% of <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>. Nearly half of that was sold in the June quarter to take the holding to 2.63%. </li>
<li>Berkshire's selling should result in an increase in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>'s free float in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and other related indices.</li>
<li>There will also be large buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF if the proposals in the market consultation are implemented.</li>
</ul>



Berkshire Hathaway Inc Cl B (BRK/B US) held over 5% of Apple (AAPL US). Nearly half of that was sold in the June quarter to take the holding to 2.63%. 
Berkshire's selling should result in an increase in Apple (AAPL US)'s free float in the S&amp;P 500 INDEX (SPX INDEX) and other related indices.
There will also be large buying in Apple (AAPL US) from the Technology Select Sector SPDR (XLK US) ETF if the proposals in the market consultation are implemented.


Apple Inc (AAPL US): $43bn Passive Buying Driven by Berkshire Selling & Market Consultation

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.</li>
<li>US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.</li>
<li>Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.</li>
</ul>


For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.
US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.
Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.


[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors.  The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

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Berkshire Hathaway Inc Cl A (BRK/A US)

Dispatch from Omaha: Berkshire after Warren Buffett

- Fans travel from all over the world to see Warren Buffet's house in Omaha, where he still resides and runs his successful investment company,...

Behind the Money

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

Berkshire’s halving of its stake in Apple is forecasted to increase free float from 94% to 100% in S&P 500, generating a demand of over $37bn for...

Dimitris Ioannidis

Apple Inc (AAPL US): $43bn Passive Buying Driven by Berkshire Selling & Market Consultation

Berkshire selling increases Apple's float. Market consultation for the Select Sector indices increases Apple's weight in the XLK ETF. Together,...

Brian Freitas

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dispatch from Omaha: Berkshire after Warren Buffett

- Fans travel from all over the world to see Warren Buffet's house in Omaha, where he still resides and runs his successful investment company,...

Behind the Money

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

Berkshire’s halving of its stake in Apple is forecasted to increase free float from 94% to 100% in S&P 500, generating a demand of over $37bn for...

Dimitris Ioannidis

Apple Inc (AAPL US): $43bn Passive Buying Driven by Berkshire Selling & Market Consultation

Berkshire selling increases Apple's float. Market consultation for the Select Sector indices increases Apple's weight in the XLK ETF. Together,...

Brian Freitas

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

​US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...