Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.</li><li>Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.</li><li>The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. </li></ul>

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.Unlike popular cryptocurrencies, such as Bitcoin or Ethereum, whose prices can swing dramatically, stablecoins aim to maintain a consistent value.The stablecoin market is a significant and rapidly growing segment of the broader cryptocurrency ecosystem. 

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

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.

Cross Asset Strategy

<ul><li>We’re at a critical juncture in sovereign bond markets, with liquidity running razor-thin and the game changing fast.</li><li>German Bunds, traditionally rock-solid, are now trading through swaps and nearing zero on cross-currency swaps (ESTRON/SOFR) – a first in modern market history.</li><li>The takeaway? <span style="font-weight: 400;">Major central banks, especially the ECB, are pressing too hard on QT, and the markets are about to hit back hard if they don’t ease up soon.</span></li></ul>

We’re at a critical juncture in sovereign bond markets, with liquidity running razor-thin and the game changing fast.German Bunds, traditionally rock-solid, are now trading through swaps and nearing zero on cross-currency swaps (ESTRON/SOFR) – a first in modern market history.The takeaway? Major central banks, especially the ECB, are pressing too hard on QT, and the markets are about to hit back hard if they don’t ease up soon.

Steno Signals #126: Disentangling the ECB Schnabel Speech – How Will QT Develop from Here?

<ul><li>Happy Sunday from Copenhagen.</li><li>Bear with me this week through this long read as we approach an extremely interesting crossroads in sovereign bond markets, impacted by very tight liquidity.</li><li>This story has been somewhat masked by policy events in the US and Germany, but it may nonetheless be the most important narrative for Q4, which is why you need to pay attention to it.</li></ul>

Happy Sunday from Copenhagen.Bear with me this week through this long read as we approach an extremely interesting crossroads in sovereign bond markets, impacted by very tight liquidity.This story has been somewhat masked by policy events in the US and Germany, but it may nonetheless be the most important narrative for Q4, which is why you need to pay attention to it.

Steno Signals #125: EUR Liquidity Overtakes USD Liquidity – A Historic Shift

<ul><li>After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.</li><li>Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.</li><li>Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.</li></ul>

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.

Portfolio Watch: Here Comes the Metals Meltdown...

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul>
<li>Hello and welcome to this week’s Great Game.</li>
<li>The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her <em>National Rally</em> party</li>
<li>Biden is starting to drop rapidly in polls after the US presidential debate.</li>
</ul>


Hello and welcome to this week’s Great Game.
The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her National Rally party
Biden is starting to drop rapidly in polls after the US presidential debate.


Great Game – Biden in Free-Fall and a French Ménage À Trois

Germany

The euro is the official currency of the European Economic & Monetary Union. 

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Euro (USDEUR CURNCY)

Tech Talk: Stablecoin and US Legislation Is US Congress Finally Stepping Up to Crypto?

A stablecoin is a crucial class of cryptocurrency designed to offer a safe harbor within the often- volatile digital asset market.

Water Tower Research

Steno Signals #126: Disentangling the ECB Schnabel Speech – How Will QT Develop from Here?

We’re at a critical juncture in sovereign bond markets, with liquidity running razor-thin and the game changing fast. German Bunds, traditionally...

Steno Research

Steno Signals #125: EUR Liquidity Overtakes USD Liquidity – A Historic Shift

Happy Sunday from Copenhagen. Bear with me this week through this long read as we approach an extremely interesting crossroads in sovereign bond...

Steno Research

Portfolio Watch: Here Comes the Metals Meltdown...

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.

Steno Research

Great Game – Biden in Free-Fall and a French Ménage À Trois

Biden is starting to drop rapidly in polls after the US presidential debate. Many polls show Trump to have opened a 2-4 point lead nationally,...

Steno Research

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