Understand How Markets Actually Work, Learning.Investing.Thriving.

Marc Rudajev

Understand How Markets Actually Work

Learning.Investing.Thriving.

Learning.Investing.Thriving. is built on a simple idea: If you want to build wealth, you need more than stock tips. You need to understand how markets actually work.

Thematic (Sector/Industry)

<ul>
<li>Sometime in the early 2000s I was sitting in a ballroom at the CLSA conference in Hong Kong and Marc Faber, the author of the famed Gloom, Boom &amp; Doom Report, took the stage to give a keynote. He said something that has never left me.</li>
<li>He told the room that if he had made only three decisions in his entire investing career (which started about 25 years prior), he would have beaten the returns he actually earned running money for a living.</li>
<li>Three decisions, once a decade, and peace of mind in Chiangmai (where Marc lives).</li>
</ul>


Sometime in the early 2000s I was sitting in a ballroom at the CLSA conference in Hong Kong and Marc Faber, the author of the famed Gloom, Boom &amp; Doom Report, took the stage to give a keynote. He said something that has never left me.
He told the room that if he had made only three decisions in his entire investing career (which started about 25 years prior), he would have beaten the returns he actually earned running money for a living.
Three decisions, once a decade, and peace of mind in Chiangmai (where Marc lives).


Episode 57: One Decision a Year To Outperform The S&P

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

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange, Inc. reported a strong financial performance in the second quarter of 2026, marking the best quarterly results in its history.</li><li>The company’s consolidated net revenues reached $2.7 billion, up 5% year-over-year on a constant currency basis, with adjusted earnings per share of $1.90, setting a company record for a second quarter and ranking as the second-best quarterly performance ever.</li><li>Recurring revenues totaled $1.4 billion, an 8% increase year-over-year, underscoring steady cash flow predictability and resilient business segments despite moderated market volatility compared to the first quarter.</li></ul>

Intercontinental Exchange, Inc. reported a strong financial performance in the second quarter of 2026, marking the best quarterly results in its history.The company’s consolidated net revenues reached $2.7 billion, up 5% year-over-year on a constant currency basis, with adjusted earnings per share of $1.90, setting a company record for a second quarter and ranking as the second-best quarterly performance ever.Recurring revenues totaled $1.4 billion, an 8% increase year-over-year, underscoring steady cash flow predictability and resilient business segments despite moderated market volatility compared to the first quarter.

Intercontinental Exchange’s MarketAxess Acquisition — Can $100 Million Of Synergies Unlock More Value?

<ul><li>Intercontinental Exchange, or ICE, has moved decisively to deepen its fixed-income franchise by agreeing to acquire MarketAxess Holdings for $167 per share in cash, implying roughly $6.0 billion of equity value and $5.7 billion of enterprise value.</li><li>The offer represents a 33% premium to MarketAxess’s July 29, 2026, closing price and is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.</li><li>The announcement arrived alongside ICE’s strongest second quarter on record, including $2.7 billion of net revenue, $1.4 billion of recurring revenue, and adjusted EPS of $1.90.</li></ul>

Intercontinental Exchange, or ICE, has moved decisively to deepen its fixed-income franchise by agreeing to acquire MarketAxess Holdings for $167 per share in cash, implying roughly $6.0 billion of equity value and $5.7 billion of enterprise value.The offer represents a 33% premium to MarketAxess’s July 29, 2026, closing price and is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.The announcement arrived alongside ICE’s strongest second quarter on record, including $2.7 billion of net revenue, $1.4 billion of recurring revenue, and adjusted EPS of $1.90.

ICE’s $5.7 Billion MarketAxess Takeover Could Reshape Bonds!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/intercontinental-exchange-inc">Intercontinental Exchange</a> operates a highly diversified business model across exchanges, fixed income and data services, and mortgage technology, providing a resilient and growing revenue base.</li>
  <li>The company reported its strongest quarter in history for Q1 2026, driven by robust performance across all segments and a 37% increase in adjusted earnings per share.</li>
  <li>Strategic acquisitions, particularly in the mortgage technology and fixed-income data sectors, have positioned ICE at the center of the U.S. housing finance ecosystem and expanded its high-growth, recurring revenue streams.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Intercontinental Exchange operates a highly diversified business model across exchanges, fixed income and data services, and mortgage technology, providing a resilient and growing revenue base.
  The company reported its strongest quarter in history for Q1 2026, driven by robust performance across all segments and a 37% increase in adjusted earnings per share.
  Strategic acquisitions, particularly in the mortgage technology and fixed-income data sectors, have positioned ICE at the center of the U.S. housing finance ecosystem and expanded its high-growth, recurring revenue streams.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Intercontinental Exchange (ICE US) - Aug 2026

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.</li>
<li>Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.</li>
<li>This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.</li>
</ul>


NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.
Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.
This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.


World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

Episode 57: One Decision a Year To Outperform The S&P

Sometime in the early 2000s I was sitting in a ballroom at the CLSA conference in Hong Kong and Marc Faber, the author of the famed Gloom, Boom &...

Marc Rudajev

Intercontinental Exchange’s MarketAxess Acquisition — Can $100 Million Of Synergies Unlock More Value?

Intercontinental Exchange, Inc. reported a strong financial performance in the second quarter of 2026, marking the best quarterly results in its...

Baptista Research

ICE’s $5.7 Billion MarketAxess Takeover Could Reshape Bonds!

Intercontinental Exchange, or ICE, has moved decisively to deepen its fixed-income franchise by agreeing to acquire MarketAxess Holdings for $167...

Baptista Research

Primer: Intercontinental Exchange (ICE US) - Aug 2026

Intercontinental Exchange operates a highly diversified business model across exchanges, fixed income and data services, and mortgage...

αSK Primers

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

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