Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.</li>
<li>New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.</li>
<li>ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.</li>
</ul>


SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.
New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.
ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.


Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

<ul>
<li>Outperformance during rallies is usually followed by sharper corrections during downturns. Buy the rumour and sell the news is common in crypto markets.</li>
<li>Coinbase is a top ranking performer. The crypto exchange stock is up a whopping 454% YTD outperforming BTC by almost 3x.</li>
<li>While Coinbase may do well in a continued cryptocurrency bull market, it is worth considering whether the rally has already played out.</li>
</ul>


Outperformance during rallies is usually followed by sharper corrections during downturns. Buy the rumour and sell the news is common in crypto markets.
Coinbase is a top ranking performer. The crypto exchange stock is up a whopping 454% YTD outperforming BTC by almost 3x.
While Coinbase may do well in a continued cryptocurrency bull market, it is worth considering whether the rally has already played out.


Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Macroeconomics

<ul>
<li>Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.</li>
<li>Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.</li>
<li>Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.</li>
</ul>


Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.
Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.
Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.


Gold Soars to Record High on Rising Rate Cut Expectations

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>Unlike headline inflation, US Core CPI will likely continue to drop in the remainder of the year, but equity markets are way ahead of themselves again.</li>
<li>Our Fear &amp; Frenzy Sentiment Index has moved further into Frenzy territory, indicating the current rally is at imminent risk.</li>
<li>China's economic momentum is vanishing with headline inflation at zero, while exports are down 5% from their peak, signaling the global economy will not come to the rescue.</li>
</ul>


Unlike headline inflation, US Core CPI will likely continue to drop in the remainder of the year, but equity markets are way ahead of themselves again.
Our Fear &amp; Frenzy Sentiment Index has moved further into Frenzy territory, indicating the current rally is at imminent risk.
China's economic momentum is vanishing with headline inflation at zero, while exports are down 5% from their peak, signaling the global economy will not come to the rescue.


Equity Markets – Is Icarus Flying Too Close to the Sun?

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>Exchanges, especially in developed markets, continue to seek revenue streams outside of the traditional trading and transaction-based fees which has led to a mini-boom in exchange-driven M&amp;A targeting diversification</li>
<li>We use data and IT revenues as a proxy for “stickier” potentially recurring revenues in four DM and three EM exchanges, concluding that DM exchanges are under more diversification pressure</li>
<li>We identify three buy opportunities in exchanges; we like Hong Kong Exchange, Deutsche Borse and we add Nasdaq, whilst we are negative on Coinbase which remains the exchange to avoid</li>
</ul>


Exchanges, especially in developed markets, continue to seek revenue streams outside of the traditional trading and transaction-based fees which has led to a mini-boom in exchange-driven M&amp;A targeting diversification
We use data and IT revenues as a proxy for “stickier” potentially recurring revenues in four DM and three EM exchanges, concluding that DM exchanges are under more diversification pressure
We identify three buy opportunities in exchanges; we like Hong Kong Exchange, Deutsche Borse and we add Nasdaq, whilst we are negative on Coinbase which remains the exchange to avoid


Global Exchanges – Pace of Revenue Diversification Differs Between DM and EM Exchanges

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

Bitcoin avoided a sell-the-news event following SEC approval but also failed to sustain a rally. The paper discusses details of approval, details...

Mint Finance

Is Coinbase Rally Running Out of Steam?

Outperformance during rallies precede brutal corrections. Buy the rumour and sell the news is common in crypto markets. How will Coinbase fare in a...

Mint Finance

Gold Soars to Record High on Rising Rate Cut Expectations

Gold prices are inversely related to interest rates. Gold is a non-yielding asset. When rates rise, deposits are attractive relative to gold. With...

Mint Finance

Equity Markets – Is Icarus Flying Too Close to the Sun?

Markets are incredibly eager to discount lower inflation, pushing the Fear & Frenzy Sentiment further into Frenzy territory.

Jeroen Blokland

Global Exchanges – Pace of Revenue Diversification Differs Between DM and EM Exchanges

We select, as our buys, Nasdaq for its focused diversification strategy, Deutsche Boerse for its relative value versus peers and HKEX for its GARP...

Victor Galliano

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