Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

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Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

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Thematic (Sector/Industry)

Recently global equity markets have come under stress due to the high degree of uncertainty stemming from US Fed’s recent FOMC meeting, political risk in the US around Trump’s candidacy and the upcoming vote for a Brexit set to take place on June 23rd.  Inaction among four major central banks this week has highlighted the fact that major policy makers are very uncertain about the impact that a potential Brexit may have on the global economy. While the risk of Brexit seems to have faded today the markets may not have fully appreciated the risk to the global economy of a Brexit.The UK economy and consumer sentiment is tightly tied to a number of other European countries which have high consumer sentiment that has been buoying overall consumer sentiment.  Any risk to this group of exuberant countries puts global consumer sentiment at real risk of a sharp drop.

 Recently global equity markets have come under stress due to the high degree of uncertainty stemming from US Fed’s recent FOMC meeting, political risk in the US around Trump’s candidacy and the upcoming vote for a Brexit set to take place on June 23rd.  Inaction among four major central banks this week has highlighted the fact that major policy makers are very uncertain about the impact that a potential Brexit may have on the global economy. While the risk of Brexit seems to have faded today the markets may not have fully appreciated the risk to the global economy of a Brexit.The UK economy and consumer sentiment is tightly tied to a number of other European countries which have high consumer sentiment that has been buoying overall consumer sentiment.  Any risk to this group of exuberant countries puts global consumer sentiment at real risk of a sharp drop.

Global Economy Dodges a Bullet - Brexit Could Cause Global Recession

Asymmetric Payoffs, Thracian Capital Management

Asymmetric Payoffs

Thracian Capital Management

Macroeconomics

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility, equities, foreign exchange, commodities and credit / interest rates.

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility, equities, foreign exchange, commodities and credit / interest rates. 

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.</li><li class="p1">The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.</li><li class="p1">Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.</li></ul>Analyst: Elizabeth Collins

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies.The financial services, consumer cyclical, and healthcare sectors are the most undervalued, while the basic materials sector is our only overvalued sector.Oil price concerns are hurting the financial services sector, while divergent paths for China’s future fixed asset investment growth and consumption inform our thinking in the basic materials and consumer cyclical sectors.Analyst: Elizabeth Collins

Stock Market Outlook: Stocks Start to Look More Attractive

<ul><li class="p1">The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.</li><li class="p1">However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.</li></ul>Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

United States

Liberty Media Corp-Liberty Braves operates as a media company. The Company offers media, communications, and entertainment businesses. Liberty Media Corp-Liberty Braves conducts business in the United States.

News Corporation operates in the publishing industry. The Company provides publications consisting of newspapers, magazines, books and promotional inserts.

John Wiley & Sons, Inc. publishes print and electronic products. The Company specializes in scientific, technical, and medical books and journals, as well as professional and consumer books and subscription services. Wiley also provides textbooks and educational materials.

Magnite, Inc. provides online advertising solutions. The Company offers real-time cloud and big data computing systems. Magnite serves customers worldwide.

Gannett Co., Inc. operates as a local newspaper company. The Company publishes news through storytelling and events that connect readers and communities, as well as focuses on business practices for sourcing, consumption, and waste. Gannett serves customers in the United States.

Altice USA, Inc. operates as a telecommunication and media company. The Company offers digital cable television, high-speed broadband and ultra-HD video, internet, local news and voice offerings, data, and digital advertising solutions. Altice USA serves customers in the United States.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

Endeavor Group Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers entertainment content, as well as specializes in marketing and licensing, representation, and event management. Endeavor Group Holdings serves customers worldwide.

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications.  The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

WPP PLC operates a communications services group. The Company provides operations encompass advertising, media investment management, consultancy, public relations, healthcare and specialist communications, and branding and identity services. WPP serves customers worldwide.

Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The Company offers its customers analog and digital TV, broadband Internet and fixed line phone services via cable as well mobile services in cooperation with an industry partner.

Shandong Publishing & Media Co., Ltd offers publishing services. The Company publishes and sells books, textbooks, magazines, audio visuals, and other products. Shandong Publishing & Media also manufactures and sells papers.

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

Zee Entertainment Enterprises Limited operates as an entertainment company. The Company produces and develops films, serials, game shows, and children's programs. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. Zee Entertainment Enterprises serves customers in India.

Next 15 Group plc is a technology and data-driven growth consultancy firm. The Company uses data to generate the insights that help businesses, optimizes their brand and build the mission-critical digital assets, and help customers redesign their business model and create new ventures to maximize the value of their organization. Next 15 Group serves clients worldwide.

Team Internet Group PLC operates as an internet services holding company. The Company provides digital advertising and domain name management solutions. Team Internet Group offers domain names selling, technical and consultancy, ancillary, and monitoring services to end users, brands, and corporate clients.

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

Hyve Group PLC organizes events. The Company provides platform where people connect, learn, inspire, and share extraordinary moments, advancing businesses, and helping to shape industries. Hyve Group serves customers worldwide.

Fox Corporation operates as an entertainment company. The Company produces and licenses news, sports, and entertainment content for distribution through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors. Fox also manages broadcast studios, theaters, editing bays, sound stages, and other production facilities.

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Fox (FOX US)

Global Economy Dodges a Bullet - Brexit Could Cause Global Recession

Recently global equity markets have come under stress due to the high degree of uncertainty stemming from US Fed’s recent FOMC meeting, political...

David Riedel

Market Commentary (June 2016)

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility,...

Asymmetric Payoffs

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Stock Market Outlook: Stocks Start to Look More Attractive

We view the overall market as slightly undervalued, based on our fair value estimates for approximately 1,500 global companies. The financial...

Morningstar, Inc.

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or...

Morningstar, Inc.

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