Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

Equity Bottom-Up

<ul><li>Buffett has famously called Bitcoin a “mirage” and “rat poison squared”.</li><li>If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of late-stage capital cycles expressed</li><li>Before I start, let me just say that I completely get the bull thesis behind Bitcoin. </li></ul>

Buffett has famously called Bitcoin a “mirage” and “rat poison squared”.If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of late-stage capital cycles expressedBefore I start, let me just say that I completely get the bull thesis behind Bitcoin. 

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.

<ul><li>MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets.</li><li>Over the past week, the company’s stock surged nearly 25%, reflecting renewed investor enthusiasm for its aggressive Bitcoin acquisition strategy and a recent 0% convertible debt offering.</li><li>This latest rally has caught the attention of Reddit forums and cryptocurrency enthusiasts, further cementing MicroStrategy's position as a pivotal player in the digital asset space.</li></ul>

MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets.Over the past week, the company’s stock surged nearly 25%, reflecting renewed investor enthusiasm for its aggressive Bitcoin acquisition strategy and a recent 0% convertible debt offering.This latest rally has caught the attention of Reddit forums and cryptocurrency enthusiasts, further cementing MicroStrategy's position as a pivotal player in the digital asset space.

MicroStrategy: Visionary Bitcoin Bet or a Bubble on the Brink?

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.

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.</li><li>The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.Main Takeaways: The energy bet is starting to look compelling. Oil positioning is fairly bearish, and it seems hedge funds are starting to play the oil trade from the short side after months of avoiding energy altogether.The risk asset trade is still on, but positioning is stretched. The Santa rally suggests higher equity prices, but year-end position squaring could disrupt the long equities play.

Positioning Watch – The Herd Behavior Strikes Back!

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

<ul>
<li>It has been a relatively quiet week.</li>
<li>Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in Thursday’s Crypto Moves #52.</li>
<li>This was most likely driven by the intense buying pressure from MicroStrategy over the past week.</li>
</ul>


It has been a relatively quiet week.
Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in Thursday’s Crypto Moves #52.
This was most likely driven by the intense buying pressure from MicroStrategy over the past week.


Crypto Crisp: MicroStrategy Continues Its Buying Spree

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Strategy (MSTR US)

MSTR = Bitcoin (Garbage) Squared

If so, then the corporate wrapper masquerading as intelligent leverage of Bitcoin known as MSTR equals that squared — and is perhaps the epitome of...

Value Investing

MicroStrategy: Visionary Bitcoin Bet or a Bubble on the Brink?

MicroStrategy, a company often described as the corporate Bitcoin (BTC) whale, has been making waves again in the financial markets. Over the past...

Baptista Research

Positioning Watch – The Herd Behavior Strikes Back!

Hello everyone, and welcome back to our weekly positioning watch. Main Takeaways:The energy bet is starting to look compelling. Oil positioning is...

Steno Research

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Crypto Crisp: MicroStrategy Continues Its Buying Spree

It has been a relatively quiet week. Bitcoin has outperformed much of the market, resulting in an increase in its dominance, as highlighted in...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)