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

<ul><li>Markel Group's recent financial results for the second quarter of 2025 reveal a mixed performance across its diverse operations with insurance at its core.</li><li>While the company has undertaken substantial organizational changes primarily within its insurance division, the latest results illustrate both significant challenges and opportunities.</li><li>On the positive side, Markel Group realized consolidated operating income of $1.1 billion, a notable increase from $410 million in the same period the previous year.</li></ul>

Markel Group's recent financial results for the second quarter of 2025 reveal a mixed performance across its diverse operations with insurance at its core.While the company has undertaken substantial organizational changes primarily within its insurance division, the latest results illustrate both significant challenges and opportunities.On the positive side, Markel Group realized consolidated operating income of $1.1 billion, a notable increase from $410 million in the same period the previous year.

Markel Corporation Powers $228 Million Net Investment Income With Bold Portfolio Moves; What’s Next?

<ul><li>Markel Group's recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.</li><li>On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.</li><li>Markel's comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.</li></ul>

Markel Group's recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.Markel's comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.

Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!

<ul><li>Markel Group's recent financial performance reflects a mix of both progress and challenges across its various business units.</li><li>The company achieved operating income of $3.7 billion in 2024, up from $2.9 billion in 2023, primarily driven by strong returns in its public equity portfolio, which returned 20.1%.</li><li>Despite this growth, a key takeaway from the earnings call is the need for improvement in the company's insurance segment.</li></ul>

Markel Group's recent financial performance reflects a mix of both progress and challenges across its various business units.The company achieved operating income of $3.7 billion in 2024, up from $2.9 billion in 2023, primarily driven by strong returns in its public equity portfolio, which returned 20.1%.Despite this growth, a key takeaway from the earnings call is the need for improvement in the company's insurance segment.

Markel Corporation: Technology Investment & Modernization For Unmatched Impact!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Welcome to my last portfolio update! Yes, you read that right! In the coming weeks, I’ll be announcing why I stop publicly sharing the details of my investments.</li><li>But don’t worry—there’s even more exciting news ahead!</li><li>I’ve made the decision to leave my current job by the end of this year to dedicate 100% of my time to stock picking. This shift also means I’ll be expanding the offerings on Contrarian Cashflows to deliver even greater value to you. Stay tuned for more details soon!</li></ul>

Welcome to my last portfolio update! Yes, you read that right! In the coming weeks, I’ll be announcing why I stop publicly sharing the details of my investments.But don’t worry—there’s even more exciting news ahead!I’ve made the decision to leave my current job by the end of this year to dedicate 100% of my time to stock picking. This shift also means I’ll be expanding the offerings on Contrarian Cashflows to deliver even greater value to you. Stay tuned for more details soon!

United States

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets.  The Company also underwrites a diverse property, casualty, marine, and aviation insurance and reinsurance business on a worldwide basis.

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Markel Corp (MKL US)

Markel Corporation Powers $228 Million Net Investment Income With Bold Portfolio Moves; What’s Next?

Markel Group's recent financial results for the second quarter of 2025 reveal a mixed performance across its diverse operations with insurance at...

Baptista Research

Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!

Markel Group's recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics. On the positive...

Baptista Research

Markel Corporation: Technology Investment & Modernization For Unmatched Impact!

Markel Group's recent financial performance reflects a mix of both progress and challenges across its various business units. The company achieved...

Baptista Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

Portfolio Update: December 2024

Welcome to my last portfolio update! Yes, you read that right! In the coming weeks, I’ll be announcing why I stop publicly sharing the details of...

Contrarian Cashflows

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