Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>Our text-mined Hydrogen Economy Sentiment Indicator has trended down to negative territory recently, primarily driven by negative <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a>  news flow since the September 10 short-seller report, subsequent CEO resignation and uncertainty on the GM partnership</li>
<li>As the hydrogen economy theme gathered momentum this year, platinum prices rallied along as the platinum story was reframed from "death of diesel" to "birth of hydrogen" despite uncertainties on timeframe and ultimate fuel cell platinum demand</li>
<li>Given the strong performance of pure-play hydrogen fuel cell names (such as <a href="https://www.smartkarma.com/entities/ballard-power-systems-inc" target="_blank" data-smartkarma-citation="entities:25813:1" rel="noopener">Ballard Power Systems (BLDP CN)</a> , <a href="https://www.smartkarma.com/entities/plug-power-inc" target="_blank" data-smartkarma-citation="entities:18244:1" rel="noopener">Plug Power Inc (PLUG US)</a> and Bloom Energy (BE US), we cannot argue that the theme has suffered overall from NKLA's crisis; but in the past 90 days, elevated correlations between platinum and NKLA (78%) are hard to ignore</li>
<li>We suspect closure on the GM/Nikola partnership may provide a jolt to the platinum price in either direction; as the platinum market is thin, key alternatives to the commodity include the Aberdeen Standard Platinum Shares ETF (PPLT US), Sibanye-Stillwater (SBSW US) and AngloPlats (AMS SJ)</li>
</ul><div class="content-highlight">TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </div>


Our text-mined Hydrogen Economy Sentiment Indicator has trended down to negative territory recently, primarily driven by negative Nikola Corp (NKLA US)  news flow since the September 10 short-seller report, subsequent CEO resignation and uncertainty on the GM partnership
As the hydrogen economy theme gathered momentum this year, platinum prices rallied along as the platinum story was reframed from "death of diesel" to "birth of hydrogen" despite uncertainties on timeframe and ultimate fuel cell platinum demand
Given the strong performance of pure-play hydrogen fuel cell names (such as Ballard Power Systems (BLDP CN) , Plug Power Inc (PLUG US) and Bloom Energy (BE US), we cannot argue that the theme has suffered overall from NKLA's crisis; but in the past 90 days, elevated correlations between platinum and NKLA (78%) are hard to ignore
We suspect closure on the GM/Nikola partnership may provide a jolt to the platinum price in either direction; as the platinum market is thin, key alternatives to the commodity include the Aberdeen Standard Platinum Shares ETF (PPLT US), Sibanye-Stillwater (SBSW US) and AngloPlats (AMS SJ)
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshot:  Platinum Price Hostage to Nikola?

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> could send a message to embattled <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a>: been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been <a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noopener">accused</a> of <a href="https://www.bloomberg.com/news/articles/2020-09-12/nikola-s-history-of-discrepancies-has-been-hiding-in-plain-sight?sref=Q1XEaVVD" target="_blank" rel="noopener">seemingly everything</a> from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">ongoing investigations </a>by <a href="https://www.washingtonpost.com/technology/2020/02/13/tesla-sec/" target="_blank" rel="noopener">the SEC</a> and <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">the DOJ</a>, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "<a href="https://www.tesla.com/2020shareholdermeeting" target="_blank" rel="noopener">Battery Day</a>" presentation to investors.<div class="content-highlight">Full Bond Angle report continues...</div>

Tesla Motors (TSLA US) could send a message to embattled Nikola Corp (NKLA US): been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been accused of seemingly everything from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of ongoing investigations by the SEC and the DOJ, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "Battery Day" presentation to investors.Full Bond Angle report continues...

Nikola's Troubles And Tesla's History Shadow Battery Day

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

A few weeks ago, <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> was seen as a winning SPAC related investment, but the NKLA<a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener"> </a> story has yet to fully unfold. We rate the risks of further fall-out high. Moreover,  NKLA's potential fall from grace could have wider ramifications for SPACs in general which until now appeared to have secured their claim for  greater legitmacy as an investment class.

A few weeks ago, Nikola Corp (NKLA US) was seen as a winning SPAC related investment, but the NKLA  story has yet to fully unfold. We rate the risks of further fall-out high. Moreover,  NKLA's potential fall from grace could have wider ramifications for SPACs in general which until now appeared to have secured their claim for  greater legitmacy as an investment class.

Nikola:A Winning SPAC Story Turning Into Greek Tragedy & A Shot Across the Bows for SPAC Investors

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

In this insight, we provide our thoughts on the resignation of <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> founder Trevor Milton, who will be replaced by Stephen Girsky, a former GM executive who already sits on Nikola Corp's board. On 10 September, a firm called  Hindenburg Research published a<a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noopener"> report</a> that harshly criticized the company. We are interested in Nikola mainly because a Korean company called <a href="https://www.smartkarma.com/entities/hanwha-solutions" target="_blank" data-smartkarma-citation="entities:8656:1" rel="noopener">Hanwha Solutions (009830 KS)'s </a>stock price has been highly impacted by Nikola's share price recently.In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal but we do not believe this is enough to calm investors and customers. Regarding Nikola Corp, it all comes down to whether or not the company has its own unique hydrogen-based technology which it claims it does. Nikola Corp needs to hire a well-respected third party agent and give sufficient proof that its technology really works. Investors are waiting for the confirmation of an independent third party test of its technology. If the company is unwilling to provide such tests and continues to delay such tests, we believe this could have a further negative impact on Nikola Corp and its major investors including Hanwha Solutions.

In this insight, we provide our thoughts on the resignation of Nikola Corp (NKLA US) founder Trevor Milton, who will be replaced by Stephen Girsky, a former GM executive who already sits on Nikola Corp's board. On 10 September, a firm called  Hindenburg Research published a report that harshly criticized the company. We are interested in Nikola mainly because a Korean company called Hanwha Solutions (009830 KS)'s stock price has been highly impacted by Nikola's share price recently.In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal but we do not believe this is enough to calm investors and customers. Regarding Nikola Corp, it all comes down to whether or not the company has its own unique hydrogen-based technology which it claims it does. Nikola Corp needs to hire a well-respected third party agent and give sufficient proof that its technology really works. Investors are waiting for the confirmation of an independent third party test of its technology. If the company is unwilling to provide such tests and continues to delay such tests, we believe this could have a further negative impact on Nikola Corp and its major investors including Hanwha Solutions. 

Nikola's Founder Resigns - The Next Enron?

SPAC <a href="https://www.smartkarma.com/entities/healthcare-merger-corp" target="_blank" data-smartkarma-citation="entities:29273:1" rel="noopener">Healthcare Merger Corp (HCCO US)</a> 's pending merger with SOC Telemed, a leader in high acute telemedicine looks like another good wave to catch by SPAC investors. As we highlighted in our Insight published on September 3, 2020 - MergerTalk: SPACs May Have Become The Hot New Trend, But SPAC Investment Requires A Health Warning - the majority of these SPAC merger transactions have turned out to be poor investments. In that piece, we argued for selectivity and caution.  Of the winners, it appears that investors are most excited about transactions in “emerging” trends such as green mobility or pandemic resistant areas such as online gaming and packaged/healthy foods. We would add the Telehealth industry as another emerging trend that has garnered investor enthusiasm this year.While we have seen a couple of successful direct Telehealth IPOs this year, and a sizeable and high priced merger transaction in the sector  involving <a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US)</a> and  <a href="https://www.smartkarma.com/entities/livongo-health-inc" target="_blank" data-smartkarma-citation="entities:28714:1" rel="noopener">Livongo Health Inc (LVGO US)</a>, the pending HCCO/SOC Telemed merger is the first of its kind in the SPAC investment space.  We believe that this somewhat differentiated Telehealth situation has the ingredients to join the exclusive club of winning SPAC related transactions. We detail our case for HCCO/SOC Telemed  as an attractive investment proposition below.

SPAC Healthcare Merger Corp (HCCO US) 's pending merger with SOC Telemed, a leader in high acute telemedicine looks like another good wave to catch by SPAC investors. As we highlighted in our Insight published on September 3, 2020 - MergerTalk: SPACs May Have Become The Hot New Trend, But SPAC Investment Requires A Health Warning - the majority of these SPAC merger transactions have turned out to be poor investments. In that piece, we argued for selectivity and caution.  Of the winners, it appears that investors are most excited about transactions in “emerging” trends such as green mobility or pandemic resistant areas such as online gaming and packaged/healthy foods. We would add the Telehealth industry as another emerging trend that has garnered investor enthusiasm this year.While we have seen a couple of successful direct Telehealth IPOs this year, and a sizeable and high priced merger transaction in the sector  involving Teladoc Health, Inc. (TDOC US) and  Livongo Health Inc (LVGO US), the pending HCCO/SOC Telemed merger is the first of its kind in the SPAC investment space.  We believe that this somewhat differentiated Telehealth situation has the ingredients to join the exclusive club of winning SPAC related transactions. We detail our case for HCCO/SOC Telemed  as an attractive investment proposition below.

MergerTalk: Healthcare Merger/SOC Telemed-Why This Deal Can Join The Exclusive SPAC Winners Club

United States

Nikola Corporation operates as a zero-emissions transportation and infrastructure solution provider. The Company is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.

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Nikola Corp (NKLA US)

TMI Snapshot: Platinum Price Hostage to Nikola?

A key driver of the 2020 platinum rally has been increased optimism on hydrogen fuel cell technology. We observe outsized correlations between...

Elan Gore

Nikola's Troubles And Tesla's History Shadow Battery Day

what to expect

Vicki Bryan

Nikola:A Winning SPAC Story Turning Into Greek Tragedy & A Shot Across the Bows for SPAC Investors

The $

Robert Sassoon

Nikola's Founder Resigns - The Next Enron?

In our view, Hindenburg Research makes legitimate criticism of Nikola Corp and its founder Trevor Milton. Nikola Corp has come out with a rebuttal...

Douglas Kim

MergerTalk: Healthcare Merger/SOC Telemed-Why This Deal Can Join The Exclusive SPAC Winners Club

$nealth

Robert Sassoon

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