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>MicroStrategy Incorporated, now rebranded as Strategy, recently held its earnings call to discuss the performance and strategic developments for the fourth quarter and full year 2024.</li><li>The company is undergoing significant transformation, with its rebranding reflecting its commitment to business intelligence and its role as a major Bitcoin treasury company.</li><li>This name change and strategic shift symbolize a simplification of its identity while retaining continuity with its past and setting ambitious goals for future growth in digital assets and business intelligence.</li></ul>

MicroStrategy Incorporated, now rebranded as Strategy, recently held its earnings call to discuss the performance and strategic developments for the fourth quarter and full year 2024.The company is undergoing significant transformation, with its rebranding reflecting its commitment to business intelligence and its role as a major Bitcoin treasury company.This name change and strategic shift symbolize a simplification of its identity while retaining continuity with its past and setting ambitious goals for future growth in digital assets and business intelligence.

MicroStrategy Incorporated: How Is The Management Embracing Volatility & Innovative Capital Structures?

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

<ul><li>Stifel is a leading middle market investment bank with a large equity research franchise</li><li>Stifel has won the J.D. Power Award for Employee Advisor satisfaction two years in a row</li><li>The Odd Lots podcast discusses topics like MicroStrategy's perpetual motion machine and leveraged bitcoin investments</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Stifel is a leading middle market investment bank with a large equity research franchiseStifel has won the J.D. Power Award for Employee Advisor satisfaction two years in a rowThe Odd Lots podcast discusses topics like MicroStrategy's perpetual motion machine and leveraged bitcoin investmentsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Lots More with Matt Levine on MicroStrategy's Infinite Money Machine

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> has a market cap of US$97.7bn, an eye-watering 115% premium to its bitcoin holding of US$45.4bn. Before taking into account debt.</li>
<li>Investors are effectively dolling out $2+ for a $1 investment. And that investment is fuelled by new equity (shares are up 743% yoy) and debt. Perpetual preferred shares are next.</li>
<li>Sceptics are not in short supply. But neither are backers, such as Capital (7%), Vanguard (6.9%), Susquehanna, Norges and other, arguably, sophisticated players. Right now, the backers are winning.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) has a market cap of US$97.7bn, an eye-watering 115% premium to its bitcoin holding of US$45.4bn. Before taking into account debt.
Investors are effectively dolling out $2+ for a $1 investment. And that investment is fuelled by new equity (shares are up 743% yoy) and debt. Perpetual preferred shares are next.
Sceptics are not in short supply. But neither are backers, such as Capital (7%), Vanguard (6.9%), Susquehanna, Norges and other, arguably, sophisticated players. Right now, the backers are winning.


MicroStrategy (MSTR US): A Monetary Good Or Emperor's New Clothes?

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

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.

<ul>
<li>Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55.</li>
<li>That note remains highly relevant.</li>
<li>Among the three most notable developments of the past week, MicroStrategy has been “QQQ’d.” Find out what that entails below, along with the other two standout pieces of news and the key charts shaping the market as we head into one of the last weeks of 2024.</li>
</ul>


Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55.
That note remains highly relevant.
Among the three most notable developments of the past week, MicroStrategy has been “QQQ’d.” Find out what that entails below, along with the other two standout pieces of news and the key charts shaping the market as we head into one of the last weeks of 2024.


Podcast series by Dean Curnutt, Alpha Exchange

Alpha Exchange

Podcast series by Dean Curnutt

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.

Technical Analysis

<ul><li>Mike Green explains how leveraged products on MSTR resemble a short straddle in their rebalancing requirements</li><li>The two times leveraged long products, MSTU and MSTX, are unique due to their large size and underlying asset volatility, creating potential volume amplifying feedback loops</li><li>The leveraged complex has contributed to the large premium of MSTR to the value of its bitcoin holdings, impacting ETFs forced to use options market due to limited leverage from swap providers</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Mike Green explains how leveraged products on MSTR resemble a short straddle in their rebalancing requirementsThe two times leveraged long products, MSTU and MSTX, are unique due to their large size and underlying asset volatility, creating potential volume amplifying feedback loopsThe leveraged complex has contributed to the large premium of MSTR to the value of its bitcoin holdings, impacting ETFs forced to use options market due to limited leverage from swap providersThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management

United States

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

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Strategy (MSTR US)

MicroStrategy Incorporated: How Is The Management Embracing Volatility & Innovative Capital Structures?

MicroStrategy Incorporated, now rebranded as Strategy, recently held its earnings call to discuss the performance and strategic developments for...

Baptista Research

Lots More with Matt Levine on MicroStrategy's Infinite Money Machine

Stifel is a top investment bank with a strong equity research arm, offering podcasts like Bloomberg Audio Studios and Odd Lots, which recently...

Odd Lots

MicroStrategy (MSTR US): A Monetary Good Or Emperor's New Clothes?

MSTR appears a clear short. And long bitcoin. But I won't advocate that, preferring to watch from the sidelines on the world's biggest bet on bitcoin.

David Blennerhassett

Crypto Crisp: QQQ’d MicroStrategy

Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55. That note...

Steno Research

Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management

Mike Green discusses leveraged products on MSTR, highlighting the potential for volume amplifying feedback loops and comparing rebalancing...

Alpha Exchange

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