In today’s briefing:
- 2023 Kickoff Trades
- Align Partners Goes Activist on Seven Banking Group Companies in Korea
- The True Meaning of Liquidity
2023 Kickoff Trades
- SPX macro top and sell call from 4,150 targets 3,300/200 where a base and low is expected ahead of a more bullish 2H23.
- Cycle: Equity weak bias into January 8 if not closer to the 18th. From January 20 onwards we see a tactical rally cycle unfolding (still within the more bearish Q1 framework).
- Asian positioning outlined with charts and details to follow once markets come online.
Align Partners Goes Activist on Seven Banking Group Companies in Korea
- On 2 January, Align Partners Capital Management (APCM) started to go activist on seven leading Korean banking group companies.
- According to APCM, the major Korean banking groups could pay out at least half of their net income to their shareholders, which would be more than double the current levels.
- Korean banks are trading at deep discount to global peers, now trading at PBR of 0.2~0.4x whereas global peers trade at 1.3x.
The True Meaning of Liquidity
- Liquidity is deeply misunderstood in crypto markets. Specifically, the metric “market depth”.
- Unless you are a trader, it can be hard to wrap your head around the meaning of “2% Bid Depth” and how it relates to the value of an asset.
- As FTX collapsed, we took a hard look at liquidity for FTT, specifically aggregated market depth across all active markets.
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