External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Callable bonds have reached levels where I now recommend selling.</li><li>While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.</li><li>In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Callable bonds have reached levels where I now recommend selling.While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>I described inBonds &amp; bold last week how the value in Danish bonds appeared from different countries.</li><li>The conclusion was that US investors would be able to achieve a reasonable pickup when purchasing Danish callables against US treasuries and US MBS.</li><li>The figures we have received this morning show that the foreign share in October was increasing, so my guess would be that the purchases primarily come from US investors.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I described inBonds &amp; bold last week how the value in Danish bonds appeared from different countries.The conclusion was that US investors would be able to achieve a reasonable pickup when purchasing Danish callables against US treasuries and US MBS.The figures we have received this morning show that the foreign share in October was increasing, so my guess would be that the purchases primarily come from US investors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Investor distribution for October confirms that value looks good from abroad

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.

Equity Bottom-Up

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

<ul><li>Novo Nordisk’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape.</li><li>The company reported a 15% rise in sales and a 10% increase in operating profit.</li><li>The growth in sales was largely driven by the U.S. and international operations both showing robust performance, although the company has tempered future expectations by adjusting guidance to 8-11% sales growth and 4-7% for operating profit due to anticipated slower growth in its key GLP-1 treatments for diabetes and obesity.</li></ul>

Novo Nordisk’s earnings report for the first nine months of 2025 reflects a complex financial and strategic landscape.The company reported a 15% rise in sales and a 10% increase in operating profit.The growth in sales was largely driven by the U.S. and international operations both showing robust performance, although the company has tempered future expectations by adjusting guidance to 8-11% sales growth and 4-7% for operating profit due to anticipated slower growth in its key GLP-1 treatments for diabetes and obesity.

Novo Nordisk’s Wegovy Pill Strategy Is a Game-Changer—Inside the Big Bet!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Cross Asset Strategy

<ul>
<li>Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.</li>
<li>According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.</li>
<li>Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.</li>
</ul>


Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.
According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.
Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.


AI And Investing In The New Technological Revolution

<ul>
<li>Ray Dalio actually made an art form of it: his All-Weather Portfolio spreads risk across economic scenarios like inflation, deflation, growth, and slowdowns.</li>
<li>You can improve on it by layering a simple trend filter on top. Do that, and the risk-adjusted returns get a serious boost: drawdowns shrink and the ride is smoother.</li>
<li>The traditional All-Weather Portfolio, 2x leveraged, delivered an 8.7% annual return with 13.8% volatility, and a Sharpe of 0.48. The trend-filtered version 8.2% return and a Sharpe 0.71.</li>
</ul>


Ray Dalio actually made an art form of it: his All-Weather Portfolio spreads risk across economic scenarios like inflation, deflation, growth, and slowdowns.
You can improve on it by layering a simple trend filter on top. Do that, and the risk-adjusted returns get a serious boost: drawdowns shrink and the ride is smoother.
The traditional All-Weather Portfolio, 2x leveraged, delivered an 8.7% annual return with 13.8% volatility, and a Sharpe of 0.48. The trend-filtered version 8.2% return and a Sharpe 0.71.


Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better