Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Thematic (Sector/Industry)

<ul><li>I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.</li><li>But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.</li><li>Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets</li></ul>

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

Senior Equity Derivatives Trader

Simon Harris

Event-Driven

<ul>
<li>Weekly summary of vol changes and moves across Global Markets</li>
<li>Analysing ATM volatility and skew changes over the last 5 days</li>
<li>We suggest a few trades to take advantage of the implied vol surfaces</li>
</ul>


Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces


EQD | Volatility Update: A Look at Global Indices - What Trades Make Sense?

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> is about to close up for the 3rd consecutive week (CC=+3), it's towards the Q3 resistance level at 33984: it's short-term overbought.</li>
<li>There is a good chance that the index will pull back in the next 1-3 weeks, at the moment it looks like the rally has "stalled".</li>
<li>The pullback may be an opportunity to buy again, and ride a rebound to previous highs, we will discuss LONG levels in a separated insight.</li>
</ul>


The Nikkei 225 (NKY INDEX) is about to close up for the 3rd consecutive week (CC=+3), it's towards the Q3 resistance level at 33984: it's short-term overbought.
There is a good chance that the index will pull back in the next 1-3 weeks, at the moment it looks like the rally has "stalled".
The pullback may be an opportunity to buy again, and ride a rebound to previous highs, we will discuss LONG levels in a separated insight.


EQD | The Nikkei Will Pullback Within 1-3 Weeks

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> closed the week down (CC=-2) at 32307.86, it's OVERSOLD, WEEKLY and MONTHLY. </li>
<li>Our hypothesis is that this pullback is about to end (it could last maybe another week, or maybe it's already over...), and will be followed by higher prices.</li>
<li>Go LONG the Nikkei 225 in the support area between 31000 and 32000, this coming week.</li>
</ul>


The Nikkei 225 (NKY INDEX) closed the week down (CC=-2) at 32307.86, it's OVERSOLD, WEEKLY and MONTHLY. 
Our hypothesis is that this pullback is about to end (it could last maybe another week, or maybe it's already over...), and will be followed by higher prices.
Go LONG the Nikkei 225 in the support area between 31000 and 32000, this coming week.


<ul>
<li>After a strong rally in November, the Nikkei is currently in a temporary corrective phase, reaching between the Q1 and Q2 support levels of the MRM LONG chart. </li>
<li>There are 2 possible paths from here: 1) a modest pullback, followed by a rally into the end of December, 2) a dive to &lt;= 31672, and December closes down.</li>
<li>Both these scenarios offer very good seasonal LONG odds for January closing up (based on our SRM model), so we suggest going LONG the Nikkei 225 on the pullback.</li>
</ul>


After a strong rally in November, the Nikkei is currently in a temporary corrective phase, reaching between the Q1 and Q2 support levels of the MRM LONG chart. 
There are 2 possible paths from here: 1) a modest pullback, followed by a rally into the end of December, 2) a dive to &lt;= 31672, and December closes down.
Both these scenarios offer very good seasonal LONG odds for January closing up (based on our SRM model), so we suggest going LONG the Nikkei 225 on the pullback.


Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

EQD | Volatility Update: A Look at Global Indices - What Trades Make Sense?

A brief look at global vol changes over the last week, analysing vol and skew moves. We identify some trades that make sense based on the shape of...

Simon Harris

EQD | The Nikkei Will Pullback Within 1-3 Weeks

The Nikkei 225 is overbought and likely to pull back soon, but this could present a buying opportunity for a rebound to previous highs.

Nico Rosti

EQD | Nikkei 225 WEEKLY Analysis

The Nikkei 225 closed the week down and is oversold, but our models suggest that the pullback is ending and higher prices may follow. The...

Nico Rosti

EQD | Nikkei 225 MONTHLY Analysis

The Nikkei is in a temporary correction phase, with 2 possible paths ahead: a modest pullback followed by a rally, or a dive below 32000 with...

Nico Rosti

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

EQD | Volatility Update: A Look at Global Indices - What Trades Make Sense?

A brief look at global vol changes over the last week, analysing vol and skew moves. We identify some trades that make sense based on the shape of...

Simon Harris

EQD | The Nikkei Will Pullback Within 1-3 Weeks

​The Nikkei 225 is overbought and likely to pull back soon, but this could present a buying opportunity for a rebound to previous highs.

Nico Rosti

EQD | Nikkei 225 WEEKLY Analysis

​The Nikkei 225 closed the week down and is oversold, but our models suggest that the pullback is ending and higher prices may follow. The...

Nico Rosti

EQD | Nikkei 225 MONTHLY Analysis

​The Nikkei is in a temporary correction phase, with 2 possible paths ahead: a modest pullback followed by a rally, or a dive below 32000 with...

Nico Rosti

The Nikkei 225 is overbought and likely to pull back soon, but this could present a buying opportunity for a rebound to previous highs.

The Nikkei 225 closed the week down and is oversold, but our models suggest that the pullback is ending and higher prices may follow. The...

The Nikkei is in a temporary correction phase, with 2 possible paths ahead: a modest pullback followed by a rally, or a dive below 32000 with...