U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving
We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...
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Hermes: An Increasingly APAC-Driven Story
The French heritage story has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in...
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SELL Prada: There Is Little Value in This Brand. Fair Value HK$7.90
Prada is talking about re-building the brand. They have stopped discounting and they are re-organising. However, it appears to us that management...
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Alibaba HK Listing: Thoughts on the Premium/Discount to the ADRs
Alibaba Group Holding (BABA US) plans to launch a $10-15 billion secondary listing in Hong Kong on 11 November, Singles Day, according to press...
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The RealReal IPO Valuation Analysis
RealReal Inc (REAL US) IPO starts trading this week. RealReal plans to raise up to $285 million, valuing the company at $1.6 billion in market cap,...
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