Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>Recent news stories reporting looming criminal antitrust charges against certain generic drug companies (and possibly executives) are wighing on the shares of generic drug manufacturers. This Insight discusses US antitrust laws and penalties; certain aspects of the investigative process; and known facts about some of the products involved in the inquiry. We think that investors should wait for negative newsflow (likely coming soon) before getting involved in the stocks.  </p>

Recent news stories reporting looming criminal antitrust charges against certain generic drug companies (and possibly executives) are wighing on the shares of generic drug manufacturers. This Insight discusses US antitrust laws and penalties; certain aspects of the investigative process; and known facts about some of the products involved in the inquiry. We think that investors should wait for negative newsflow (likely coming soon) before getting involved in the stocks.  

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Thematic (Sector/Industry)

<p><strong>Summary: These include: Short U.S. treasury bonds, short emerging markets (but long Russia equity index), long U.S. dollar and short Euro. </strong>Apart from the usual long U.S. infrastructure ETF/companies, earlier discussed, long pharma/biotech trades (XBI ETF rallied 20% last week), and long U.S. financials in a post-Trump era, we provide few other actionable ideas. </p><p><strong> </strong></p><div class="content-highlight"><p><strong>Short Treasury Bonds: Short TLT (iShares Barclays 20+ Yr Treas.Bond ETF)</strong></p></div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/228/original/TLT.gif?1478994729" class="editor-image img-responsive" data-smartkarma-image-id="16228"></figure><p><strong>Fundamentals:</strong> U.S. treasury yields are rocketing, leading to a…</p>

Summary: These include: Short U.S. treasury bonds, short emerging markets (but long Russia equity index), long U.S. dollar and short Euro. Apart from the usual long U.S. infrastructure ETF/companies, earlier discussed, long pharma/biotech trades (XBI ETF rallied 20% last week), and long U.S. financials in a post-Trump era, we provide few other actionable ideas.  Short Treasury Bonds: Short TLT (iShares Barclays 20+ Yr Treas.Bond ETF)Fundamentals: U.S. treasury yields are rocketing, leading to a…

Five More Actionable Ideas in a Post-Trump World

<p>Among one of his first initiatives, U.S. President-elect Trump posted a preliminary plan to repeal the Affordable Care Act (ACA) on his transition team website, greatagain.gov. According to a post on this website: </p><blockquote><p>It is clear to any objective observer that the ACA, which has resulted in rapidly rising premiums and deductibles, narrow networks, and health insurance, has not been a success.</p></blockquote><p>According to this post, the Trump administration plans to do the following:</p><blockquote><ul><li>Work with Congress to allow…</li></ul></blockquote>

Among one of his first initiatives, U.S. President-elect Trump posted a preliminary plan to repeal the Affordable Care Act (ACA) on his transition team website, greatagain.gov. According to a post on this website: It is clear to any objective observer that the ACA, which has resulted in rapidly rising premiums and deductibles, narrow networks, and health insurance, has not been a success.According to this post, the Trump administration plans to do the following:Work with Congress to allow…

Just In: Trump's Preliminary Plan to Repeal the Affordable Care Act

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

<ul>
<li><div><span lang="EN-US">The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent President.</span></div></li>
<li><div><span lang="EN-US">Trade and infrastructure spending are likely to be two key priorities – he can overturn established trade agreements and impose punitive tariffs without recourse to Congress.</span></div></li>
<li><div>However, the Mexican NAFTA deal rather than Asia is likely to be the initial focus of any trade pressure.</div></li>
<li><div>Trump’s economic policies (and many of his advisors) will be…</div></li>
</ul>


The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent President.
Trade and infrastructure spending are likely to be two key priorities – he can overturn established trade agreements and impose punitive tariffs without recourse to Congress.
However, the Mexican NAFTA deal rather than Asia is likely to be the initial focus of any trade pressure.
Trump’s economic policies (and many of his advisors) will be…


President Trump Taking America Back to the 1980s…

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/178/original/download%20%281%29.jpg?1478808170" class="editor-image img-responsive" data-smartkarma-image-id="16178"></figure><div class="content-caption"><strong>(I thought it was a reality show till I was shown the Oval Office today!)</strong></div><p>Now that the initial shock period is over, we return to finding out how President Trump could affect the U.S. (and with it the global) healthcare and pharmaceutical sector. </p><p>Broadly, Trump's policy on healthcare has focused on two issues: allowing Medicare to negotiate drug prices directly with the drug companies and repealing Obamacare.</p><div class="content-highlight"><p><strong>Drug Pricing and Trump:</strong></p></div><p><strong>Allowing Medicare and similar U.S. government programs to</strong>…</p>

(I thought it was a reality show till I was shown the Oval Office today!)Now that the initial shock period is over, we return to finding out how President Trump could affect the U.S. (and with it the global) healthcare and pharmaceutical sector. Broadly, Trump's policy on healthcare has focused on two issues: allowing Medicare to negotiate drug prices directly with the drug companies and repealing Obamacare.Drug Pricing and Trump:Allowing Medicare and similar U.S. government programs to…

President Trump and Healthcare (And Pharma) Sector: What's Next?

Israel

Teva Pharmaceutical Industries Limited operates as a pharmaceutical company. The Company develops, manufactures, and markets generic and branded human pharmaceuticals, as well as active pharmaceutical ingredients. Teva Pharmaceutical Industries serves customers worldwide.

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Teva Pharmaceutical Industries (TEVA IT)

Generic Drug Antitrust Inquiry: A Primer

Recent news stories reporting looming criminal antitrust charges against certain generic drug companies (and possibly executives) are wighing on...

Kemp Dolliver, CFA

Five More Actionable Ideas in a Post-Trump World

Summary: These include: Short U.S. treasury bonds, short emerging markets (but long Russia equity index), long U.S. dollar and short Euro. Apart...

Dr. Bhavneesh Sharma, MD, MBA

Just In: Trump's Preliminary Plan to Repeal the Affordable Care Act

Among one of his first initiatives, U.S. President-elect Trump posted a preliminary plan to repeal the Affordable Care Act (ACA) on his transition...

Dr. Bhavneesh Sharma, MD, MBA

President Trump Taking America Back to the 1980s…

The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent...

Sean Maher

President Trump and Healthcare (And Pharma) Sector: What's Next?

Now that the initial shock period is over, we return to finding out how President Trump could affect the U.S. (and with it the global) healthcare...

Dr. Bhavneesh Sharma, MD, MBA

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