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 seasonal matrix indicates a possibility for 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> to continue its current rally into April and that rally should end in May. </li>
<li>The index at the moment is very overbought, we expect some form of WEEKLY pullback soon, please consult <a href="https://www.smartkarma.com/insights/eqd-nikkei-225-weekly-lift-off-can-it-go-higher" target="_blank" rel="noopener">our previous insight</a> to find the WEEKLY resistance levels.</li>
<li>The pullback should be seen as a WEEKLY pullback within a larger, longer MONTHLY (multi-month) uptrend, i.e. an opportunity to buy and/or add positions at better prices. </li>
</ul>


The seasonal matrix indicates a possibility for the Nikkei 225 (NKY INDEX) to continue its current rally into April and that rally should end in May. 
The index at the moment is very overbought, we expect some form of WEEKLY pullback soon, please consult our previous insight to find the WEEKLY resistance levels.
The pullback should be seen as a WEEKLY pullback within a larger, longer MONTHLY (multi-month) uptrend, i.e. an opportunity to buy and/or add positions at better prices. 


EQD | Nikkei 225 - MONTHLY Rally Trajectory Analysis + Resistance Targets

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> experienced a 1-week explosive rally, last week, reaching nearly +6.6% higher than the previous week's Close.</li>
<li>The index is now very overbought, can it continue to rise next week? and and how much higher can it go?</li>
<li>Go SHORT in the 36000-38350 price area, but the trade is not without risk.</li>
</ul>


The Nikkei 225 INDEX experienced a 1-week explosive rally, last week, reaching nearly +6.6% higher than the previous week's Close.
The index is now very overbought, can it continue to rise next week? and and how much higher can it go?
Go SHORT in the 36000-38350 price area, but the trade is not without risk.


EQD | Nikkei 225 WEEKLY Lift Off: Can It Go Higher?

<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

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 | Nikkei 225 - MONTHLY Rally Trajectory Analysis + Resistance Targets

Based on our seasonal patterns models the Nikkei 225 could continue rallying into May, but a WEEKLY pullback is due soon. This is an opportunity...

Nico Rosti

EQD | Nikkei 225 WEEKLY Lift Off: Can It Go Higher?

The Nikkei 225 INDEX had a strong rally last week, but it is now overbought and there are doubts about its ability to continue rising. A short...

Nico Rosti

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

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 | Nikkei 225 - MONTHLY Rally Trajectory Analysis + Resistance Targets

​Based on our seasonal patterns models the Nikkei 225 could continue rallying into May, but a WEEKLY pullback is due soon. This is an opportunity...

Nico Rosti

EQD | Nikkei 225 WEEKLY Lift Off: Can It Go Higher?

​The Nikkei 225 INDEX had a strong rally last week, but it is now overbought and there are doubts about its ability to continue rising. A short...

Nico Rosti

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

Based on our seasonal patterns models the Nikkei 225 could continue rallying into May, but a WEEKLY pullback is due soon. This is an opportunity...

The Nikkei 225 INDEX had a strong rally last week, but it is now overbought and there are doubts about its ability to continue rising. A short...

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