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>Trump’s confrontations with China and Amazon are addressing economic taboos which Washington has long chosen to ignore and trampling over the army of lobbyists paid to maintain the status quo.</li>
<li>The view in the last note that China can’t win a tariff war and will be forced to deal inspired the sharp rally this week, led by Japan and Europe, energy and the USD but volatility is the new normal.</li>
<li>The lessons from the Enron debacle bear revisiting i.e. be suspicious of gratuitous financial complexity…</li>
</ul>


Trump’s confrontations with China and Amazon are addressing economic taboos which Washington has long chosen to ignore and trampling over the army of lobbyists paid to maintain the status quo.
The view in the last note that China can’t win a tariff war and will be forced to deal inspired the sharp rally this week, led by Japan and Europe, energy and the USD but volatility is the new normal.
The lessons from the Enron debacle bear revisiting i.e. be suspicious of gratuitous financial complexity…


Enron Revisited, Esports to Broaden Gaming Market…

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

The 2018 Capcom Pro Tour launched this weekend at the Final Round 2018 show in Atlanta. At the time of writing we are down to the last 8, with several Japanese in contention. The Capcom Pro Tour is critical to the growth of interest in eSports in Japan and not just because of the iconic status of Street Fighter. Feeder tournaments to the Capcom Pro Tour are likely to provide much of the eSports activity in the domestic market this year, culminating in the Tokyo Game Show hosting one of the…

The 2018 Capcom Pro Tour launched this weekend at the Final Round 2018 show in Atlanta. At the time of writing we are down to the last 8, with several Japanese in contention. The Capcom Pro Tour is critical to the growth of interest in eSports in Japan and not just because of the iconic status of Street Fighter. Feeder tournaments to the Capcom Pro Tour are likely to provide much of the eSports activity in the domestic market this year, culminating in the Tokyo Game Show hosting one of the…

Capcom Pro Tour 2018 Launched This Weekend in Atlanta

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

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

The presence of <a href="https://www.smartkarma.com/entities/16227" target="_blank" data-smartkarma-citation="entities:16227:1">MGM Resorts International (MGM US)</a> CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the re-election of Shinzo Abe’s government last year means that the Casino Bill is still in the works, even if it is stuck behind the Gambling Addiction bill. Indeed, it is probably the case that Murren is over to emphasize the point that firms like his are willing to invest heavily in Japan provided the limitations brought about by the Gambling Addiction bill…

The presence of MGM Resorts International (MGM US) CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the re-election of Shinzo Abe’s government last year means that the Casino Bill is still in the works, even if it is stuck behind the Gambling Addiction bill. Indeed, it is probably the case that Murren is over to emphasize the point that firms like his are willing to invest heavily in Japan provided the limitations brought about by the Gambling Addiction bill…

In a traditionally tough quarter for video game publishers, <a href="https://www.smartkarma.com/entities/5415" target="_blank" data-smartkarma-citation="entities:5415:1">Nintendo Co Ltd (7974 JP)</a> delivered in three months as much operating profit as <a href="https://www.smartkarma.com/entities/15003" target="_blank" data-smartkarma-citation="entities:15003:1">Square Enix (9684 JP)</a> delivered in the first six months of the year, and on top of that massively revised up its full year target OP to ¥120bil from ¥65bil. Management upped their target for Switch system sales to 14mil from 10mil for FY17, while increasing Switch software sales target from 35mil to 50mil. The forecast is also knowingly conservative, as the…

In a traditionally tough quarter for video game publishers, Nintendo Co Ltd (7974 JP) delivered in three months as much operating profit as Square Enix (9684 JP) delivered in the first six months of the year, and on top of that massively revised up its full year target OP to ¥120bil from ¥65bil. Management upped their target for Switch system sales to 14mil from 10mil for FY17, while increasing Switch software sales target from 35mil to 50mil. The forecast is also knowingly conservative, as the…

Nintendo (7974) - Is Perfection Good Enough?

Japan

SQUARE ENIX HOLDINGS CO., LTD. develops and sells entertainment software for home video game consoles including Dragon Quest and Final Fantasy series. The Company also publishes books such as informational guide books for its game software, and comic magazines and books.  Additionally, Square Enix sells character goods and stationery items from its software products.

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Square Enix Holdings (9684 JP)

Enron Revisited, Esports to Broaden Gaming Market…

Trump’s confrontations with China and Amazon are addressing economic taboos which Washington has long chosen to ignore and trampling over the army...

Sean Maher

Capcom Pro Tour 2018 Launched This Weekend in Atlanta

The 2018 Capcom Pro Tour launched this weekend at the Final Round 2018 show in Atlanta. At the time of writing we are down to the last 8, with...

Pelham Smithers Associates

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

Japan Casino Bill Back in the Headlines

The presence of MGM Resorts International (MGM US) CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the...

Pelham Smithers Associates

Nintendo (7974) - Is Perfection Good Enough?

In a traditionally tough quarter for video game publishers, Nintendo Co Ltd (7974 JP) delivered in three months as much operating profit as Square...

Pelham Smithers Associates

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