Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>A broad USD rally is finally underway, and the risk of an offshore dollar shortage remains acute for EM - the asset allocation implications have been covered in recent notes.</li>
<li>The deep junk issue last week from WeWork with its ‘community adjusted EBITDA’ metric as well as the lending scandal in Australia engulfing AMP are classic late credit cycle warning signals.</li>
<li>Real housing prices in Scandinavia and Australia/Canada as well as HK are dangerously above long-term trend and vulnerable to a global…</li>
</ul>


A broad USD rally is finally underway, and the risk of an offshore dollar shortage remains acute for EM - the asset allocation implications have been covered in recent notes.
The deep junk issue last week from WeWork with its ‘community adjusted EBITDA’ metric as well as the lending scandal in Australia engulfing AMP are classic late credit cycle warning signals.
Real housing prices in Scandinavia and Australia/Canada as well as HK are dangerously above long-term trend and vulnerable to a global…


Beware Deep Junk and Liar Loans, as Netflix Reinvents Media Sector…

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Equity Bottom-Up

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top growth investors do not own it. That means they are bearish because a growth investor bypassing Tesla is equivalent to a coffee aficionado going decaf.

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top growth investors do not own it. That means they are bearish because a growth investor bypassing Tesla is equivalent to a coffee aficionado going decaf.

Tesla Inc. - Prophets of Doom Could Be Blown to Smithereens by Conservative Accounting

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US Prime membership to $119 a year from $99 a year. We believe Amazon has done so because a) its free cash flow inc. leases is down by 83% over the past 12 months and AMZN a slight net cash position now vs 13bn in cash a year ago (inc. acquisitions) and b) Price increases should be 'absorbed' by the US consumer a la Netflix despite a slowdown in pure…

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US Prime membership to $119 a year from $99 a year. We believe Amazon has done so because a) its free cash flow inc. leases is down by 83% over the past 12 months and AMZN a slight net cash position now vs 13bn in cash a year ago (inc. acquisitions) and b) Price increases should be 'absorbed' by the US consumer a la Netflix despite a slowdown in pure…

Amazon 1Q18 Review – More Price Increases on the Way?

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

With a number of reports on Jio's (<a href="https://www.smartkarma.com/entities/198" target="_blank" data-smartkarma-citation="entities:198:1">Reliance Industries Ltd (RIL IN)</a> ) tentative entry into the TV content distribution sector, we decided to look at the DTH segment and what it would take for the company to disrupt it. <h2>Sector Overview</h2>Direct-to-Home (DTH) technology allows broadcasters to beam television signals to subscribers via satellites rather than transmit it through cables. DTH services were first approved by the Government of India in November 2000 and three years later, <a href="https://www.smartkarma.com/entities/7710" target="_blank" data-smartkarma-citation="entities:7710:1">Dish Tv India Ltd</a>…

With a number of reports on Jio's (Reliance Industries Ltd (RIL IN) ) tentative entry into the TV content distribution sector, we decided to look at the DTH segment and what it would take for the company to disrupt it. Sector OverviewDirect-to-Home (DTH) technology allows broadcasters to beam television signals to subscribers via satellites rather than transmit it through cables. DTH services were first approved by the Government of India in November 2000 and three years later, Dish Tv India Ltd…

Friday Musings: Is Jio Mobilising to Disrupt Direct-To-Home Services Next?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The S&amp;P 500 has been testing its 200-day moving average throughout last week and again on Monday. The Index closed 0.3% below the moving average yesterday, which is anything but a decisive break. Therefore, we continue to watch the 200-day moving average and the S&amp;P’s intraday low of 2,532.69 hit on 2/9/18 as critical support levels. Our chief concern and potential harbinger of further weakness is deteriorating breadth and the percentage of S&amp;P 500 stocks above their 200-day moving average which hit a new low on Monday.Today's report focuses on the health of the U.S. equity markets, by examining several internal indicators.  We also provide an appraisal of the FAANG stocks, and an analysis of the state of our 12 Sectors.

The S&amp;P 500 has been testing its 200-day moving average throughout last week and again on Monday. The Index closed 0.3% below the moving average yesterday, which is anything but a decisive break. Therefore, we continue to watch the 200-day moving average and the S&amp;P’s intraday low of 2,532.69 hit on 2/9/18 as critical support levels. Our chief concern and potential harbinger of further weakness is deteriorating breadth and the percentage of S&amp;P 500 stocks above their 200-day moving average which hit a new low on Monday.Today's report focuses on the health of the U.S. equity markets, by examining several internal indicators.  We also provide an appraisal of the FAANG stocks, and an analysis of the state of our 12 Sectors.

U. S. Equity Strategy: Internals Remain Weak

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

1-800-FLOWERS.COM, Inc. is an e-commerce provider of floral products and gifts. The Company's product offerings, including fresh-cut and seasonal flowers, plants, floral arrangements, and home and garden merchandise, can be purchased online or by calling its toll-free telephone number.

Lands' End, Inc. manufactures men's, women's and children's apparel and accessories. The Company produces and distributes swimwear, clothing, bedding, totes, furniture, bath accessories, uniforms, outter wear and various related products. Lands' End offers its products through its catalog and website around the world.

Overstock.com, Inc. offers discounted brand-name merchandise for sale over the Internet. Products include bed-and-bath goods, kitchenware, jewelry, sporting goods, electronics, and designer accessories.

Stitch Fix, Inc. operates as an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers, and boots for men and women. Stitch Fix serves customers in the United States.

Porter Holding International, Inc. operates online to offline (O2O) business platforms for consumer manufacturing enterprises. The Company operates cloud platforms that provide Internet-based intelligent e-commerce information services.

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

Mango Excellent Media Co.,Ltd. offers television based services. The Company provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

Ocado Group PLC distributes a wide range of retail consumer products.  The Company provides home delivery of a wide range of products including food and drink, toiletries and baby, household, pet care, and holiday products.

zooplus AG retails pet supplies over the Internet.

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Beware Deep Junk and Liar Loans, as Netflix Reinvents Media Sector…

A broad USD rally is finally underway, and the risk of an offshore dollar shortage remains acute for EM - the asset allocation implications have...

Sean Maher

Tesla Inc. - Prophets of Doom Could Be Blown to Smithereens by Conservative Accounting

With each passing day, Tesla's date with destiny draws closer. Bears have stayed away from the stock, and we can tell because some of the top...

ANTYA Investments

Amazon 1Q18 Review – More Price Increases on the Way?

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US...

Rickin Thakrar

Friday Musings: Is Jio Mobilising to Disrupt Direct-To-Home Services Next?

With a number of reports on Jio's (Reliance Industries Ltd (RIL IN) ) tentative entry into the TV content distribution sector, we decided to look...

Chacko Jacob

U. S. Equity Strategy: Internals Remain Weak

The S&P 500 has been testing its 200-day moving average throughout last week and again on Monday. The Index closed 0.3% below the moving...

Vermilion Research

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