Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>With all eyes on the Middle East for the past weeks and months, we haven’t focused as much on the ongoing war in Ukraine.</li><li>In the big picture, not much has changes on the frontline despite continued heavy losses and a Russian election.</li><li>But now I think it’s time for investors to re-adjust their assessment of the war and consider contingencies for the path ahead.</li></ul>

With all eyes on the Middle East for the past weeks and months, we haven’t focused as much on the ongoing war in Ukraine.In the big picture, not much has changes on the frontline despite continued heavy losses and a Russian election.But now I think it’s time for investors to re-adjust their assessment of the war and consider contingencies for the path ahead.

Great Game: Despite New Aid, Ukraine will lose within 12 months. Plan Accordingly!

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Federal Reserve “shocks’ markets by taking early rate cuts off the table</li>
<li>New tactics in the Russia/Ukraine war do not bode well for lower oil prices</li>
<li>China releases  Q1 GDP data  which is "stronger" than expected </li>
</ul>


Federal Reserve “shocks’ markets by taking early rate cuts off the table
New tactics in the Russia/Ukraine war do not bode well for lower oil prices
China releases  Q1 GDP data  which is "stronger" than expected 


Macro Overview: A Review of Recent Events Impacting Our Investment Themes

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

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

<ul><li>EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing of their delivery platform across Europe, Western and Central Asia, India, and Latin America.</li><li>Despite these external disturbances, EPAM managed to perform creditably, underlining its ability to navigate a volatile demand environment.</li><li>EPAM’s activities in 2023 were largely focused on enhancing delivery quality, optimizing cost effectiveness, and leveraging their technological capabilities to tap into the future opportunities in Gen AI and AI. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing of their delivery platform across Europe, Western and Central Asia, India, and Latin America.Despite these external disturbances, EPAM managed to perform creditably, underlining its ability to navigate a volatile demand environment.EPAM’s activities in 2023 were largely focused on enhancing delivery quality, optimizing cost effectiveness, and leveraging their technological capabilities to tap into the future opportunities in Gen AI and AI. Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

Political Analyst, Heteronomics

Alastair Newton

Political Analyst

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

<ul><li>The war in Ukraine is entering its third year.</li><li>Investors are advised to focus less on the conflict itself and more on the broader implications.</li><li>Specifically, the increase in defence spending in the West, especially Europe, should be the main focus.</li></ul>

The war in Ukraine is entering its third year.Investors are advised to focus less on the conflict itself and more on the broader implications.Specifically, the increase in defence spending in the West, especially Europe, should be the main focus.

<ul><li>Welcome to this week’s rundown of international events and the impact on your portfolio.</li><li>There is still some time to go on my cease-fire prediction from last week, so let’s focus on some other topics that we’re talking about right now.</li><li>As a new addition to our offering, we’re experimenting with video editions of certain articles as many of you have requested.</li></ul>

Welcome to this week’s rundown of international events and the impact on your portfolio.There is still some time to go on my cease-fire prediction from last week, so let’s focus on some other topics that we’re talking about right now.As a new addition to our offering, we’re experimenting with video editions of certain articles as many of you have requested.

Great Game – Asian elections and Ukraine outlook

Military Escalation in Ukraine
Insights on the Russia-Ukraine Crisis

Great Game: Despite New Aid, Ukraine will lose within 12 months. Plan Accordingly!

With all eyes on the Middle East for the past weeks and months, we haven’t focused as much on the ongoing war in Ukraine. In the big picture, not...

Steno Research

Macro Overview: A Review of Recent Events Impacting Our Investment Themes

Weekly Macro Review -Federal Reserve rules out early rate cuts, Russia/Ukraine conflict impacts oil prices, China's Q1 GDP exceeds expectations.

Rikki Malik

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing...

Baptista Research

Russia/Ukraine

The war in Ukraine is entering its third year. Investors are advised to focus less on the conflict itself and more on the broader...

Alastair Newton

Great Game – Asian elections and Ukraine outlook

Welcome to this week’s rundown of international events and the impact on your portfolio. There is still some time to go on my cease-fire...

Steno Research

Great Game: Despite New Aid, Ukraine will lose within 12 months. Plan Accordingly!

With all eyes on the Middle East for the past weeks and months, we haven’t focused as much on the ongoing war in Ukraine. In the big picture, not...

Steno Research

Macro Overview: A Review of Recent Events Impacting Our Investment Themes

Weekly Macro Review -​Federal Reserve rules out early rate cuts, Russia/Ukraine conflict impacts oil prices, China's Q1 GDP exceeds expectations.

Rikki Malik

EPAM Systems: Will The Strong Demand Generation From 2023 Continue In 2024 & Beyond? - Major Drivers

EPAM Systems had a challenging year in 2023 due to geopolitical factors - Russian invasion of Ukraine - which led to disruption and a rebalancing...

Baptista Research

Russia/Ukraine

The war in Ukraine is entering its third year. Investors are advised to focus less on the conflict itself and more on the broader...

Alastair Newton

Great Game – Asian elections and Ukraine outlook

Welcome to this week’s rundown of international events and the impact on your portfolio. There is still some time to go on my cease-fire...

Steno Research

Weekly Macro Review -Federal Reserve rules out early rate cuts, Russia/Ukraine conflict impacts oil prices, China's Q1 GDP exceeds expectations.