Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

AdvisorShares Pure US Cannabis ETF / Equity Bottom-Up

<ul>
<li>A bombed-out sector down 80% from the peak is worth another look</li>
<li>Weaker companies have exited the industry or have already gone under </li>
<li>The sector ETF has a good risk reward  with catalysts ahead</li>
</ul>


A bombed-out sector down 80% from the peak is worth another look
Weaker companies have exited the industry or have already gone under 
The sector ETF has a good risk reward  with catalysts ahead


High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Investing into cannabis stocks has been a soul-crushing experience for investors over the past 10 years.</li><li>Check out the performance of the Global Cannabis Stock Index below.</li><li>It’s effectively a complete wipe-out.</li></ul>

Investing into cannabis stocks has been a soul-crushing experience for investors over the past 10 years.Check out the performance of the Global Cannabis Stock Index below.It’s effectively a complete wipe-out.

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


April Themes and Thematic Portfolio Review

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>For psychedelics, 2024 could be defined by the disappointing outcome of the FDA’s August review decision on Lykos Therapeutics’ (formerly MAPS) NDA for its MDMA-AT candidate for PTSD.</li><li>The FDA’s decision flew in the face of the anticipatory excitement following the NDA submission and award of breakthrough therapy designation earlier in the year following impressive results from Lykos’ two- part Phase 3 trial.</li><li>However, as disappointing as it is, particularly for the many millions of PTSD sufferers and Lykos, which subsequently reduced its workforce by 75%, in the grand scheme of things, this is only a temporary setback.</li></ul>

For psychedelics, 2024 could be defined by the disappointing outcome of the FDA’s August review decision on Lykos Therapeutics’ (formerly MAPS) NDA for its MDMA-AT candidate for PTSD.The FDA’s decision flew in the face of the anticipatory excitement following the NDA submission and award of breakthrough therapy designation earlier in the year following impressive results from Lykos’ two- part Phase 3 trial.However, as disappointing as it is, particularly for the many millions of PTSD sufferers and Lykos, which subsequently reduced its workforce by 75%, in the grand scheme of things, this is only a temporary setback.

Shroom Shmooz Psychedelics: Trends to Watch Going into 2025

<ul><li>US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.</li><li>Among the larger MSOs, Verano (NEO: VRNO, OTCQX: VRNOF) had the best week, jumping 9.84%.</li><li>Verano rose after sharing it authorized a $50 million share repurchase program on Monday. </li></ul>

US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.Among the larger MSOs, Verano (NEO: VRNO, OTCQX: VRNOF) had the best week, jumping 9.84%.Verano rose after sharing it authorized a $50 million share repurchase program on Monday. 

The Highlights - Cannabis News for the Week Ending June 21, 2024

United States

The AdvisorShares Pure US Cannabis ETF is an actively managed exchange-traded fund incorporated in the USA.  The fund seeks to seeks long-term capital appreciation by investing in the US Cannabis industry.

AdvisorShares Pure US Cannabis ETF (MSOS US)

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AdvisorShares Pure US Cannabis ETF (MSOS US)

MSOS – Going Higher!

A bombed-out sector showing good potential upside. The sector ETF offers good risk reward with catalysts on the horizon.

Rikki Malik

Dope or Nope?

Investing into cannabis stocks has been a soul-crushing experience for investors over the past 10 years. Check out the performance of the Global...

Fallacy Alarm

April Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Shroom Shmooz Psychedelics: Trends to Watch Going into 2025

For psychedelics, 2024 could be defined by the disappointing outcome of the FDA’s August review decision on Lykos Therapeutics’ (formerly MAPS) NDA...

Water Tower Research

The Highlights - Cannabis News for the Week Ending June 21, 2024

US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MSOS – Going Higher!

​A bombed-out sector showing good potential upside. The sector ETF offers good risk reward with catalysts on the horizon.

Rikki Malik

Dope or Nope?

Investing into cannabis stocks has been a soul-crushing experience for investors over the past 10 years. Check out the performance of the Global...

Fallacy Alarm

April Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Shroom Shmooz Psychedelics: Trends to Watch Going into 2025

For psychedelics, 2024 could be defined by the disappointing outcome of the FDA’s August review decision on Lykos Therapeutics’ (formerly MAPS) NDA...

Water Tower Research

The Highlights - Cannabis News for the Week Ending June 21, 2024

US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.

Water Tower Research

A bombed-out sector showing good potential upside. The sector ETF offers good risk reward with catalysts on the horizon.