Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.</li>
<li>As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.</li>
<li>Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program.  Continued currency debasement also supports a contnuation of gold's rise.</li>
</ul>


Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.
As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.
Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program.  Continued currency debasement also supports a contnuation of gold's rise.


2026 HIGH CONVICTION IDEA: Long Gold / Short Bitcoin

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul>
<li>Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? </li>
<li>If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.</li>
<li>So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO</li>
</ul>


Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? 
If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.
So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

<ul><li>Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI.</li><li>On the surface, the company had a strong quarter.</li><li>Revenue hit a record $18 billion, AI chip sales surged, and its infrastructure software business delivered steady growth.</li></ul>

Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI.On the surface, the company had a strong quarter.Revenue hit a record $18 billion, AI chip sales surged, and its infrastructure software business delivered steady growth.

Broadcom Stock Drops on AI Outlook: Did Nvidia and Oracle Just Set the Trap?

<ul>
<li>The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.</li>
<li>The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.</li>
<li>We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.</li>
</ul>


The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.
The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.
We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.


HONG KONG ALPHA PORTFOLIO: (November 2025)

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Andersen Group Inc. provides professional services. The Company offers private and outsourced accounting, tax, valuation, and financial advisory services. Andersen Group serves individuals and family offices, businesses, and institutional clients in the United States.

<ul>
<li>Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.</li>
<li>The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.</li>
<li>Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.</li>
</ul>


Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.


Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins

About To Go Viral
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Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI. On the surface, the...

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2026 HIGH CONVICTION IDEA: Long Gold / Short Bitcoin

Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.

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Who’s Winning the AI Race?

​The article questions the idea of "winning" the AI race and emphasizes the importance of profits and margins, suggesting potential category...

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Broadcom Stock Drops on AI Outlook: Did Nvidia and Oracle Just Set the Trap?

Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI. On the surface, the...

Baptista Research

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins

​Andersen to offer 11.0mm shares at $14-$16, strong growth in global advisory services, reasonable valuation but IPO timing and volatility may...

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The article questions the idea of "winning" the AI race and emphasizes the importance of profits and margins, suggesting potential category...

Andersen to offer 11.0mm shares at $14-$16, strong growth in global advisory services, reasonable valuation but IPO timing and volatility may...