Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>COP27, the 27th annual United Nations international conference on climate change, starts on 6 November and runs through 18 November – in the Egyptian coastal city of Sharm el-Sheikh.</li>
<li>Whereas climate mitigation and clean energy were the main focus of prior conferences, climate adaptation and sustainable agriculture and food are top priorities for the COP26 Presidency.</li>
<li>Therefore, agriculture and food stocks are poised to be the most impacted on a relative basis by COP27 proceedings and outcomes. This Insight considers the potential "winners and losers."</li>
</ul>


COP27, the 27th annual United Nations international conference on climate change, starts on 6 November and runs through 18 November – in the Egyptian coastal city of Sharm el-Sheikh.
Whereas climate mitigation and clean energy were the main focus of prior conferences, climate adaptation and sustainable agriculture and food are top priorities for the COP26 Presidency.
Therefore, agriculture and food stocks are poised to be the most impacted on a relative basis by COP27 proceedings and outcomes. This Insight considers the potential "winners and losers."


COP27: Agriculture and Food Stocks Likely to Be Most Affected by Conference Talks

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Capital Markets

Pershing Square Tontine Holdings / Equity Capital Markets

Pershing Square Tontine Holdings (PSTH US)

SPACs have been around for a long time but the market exploded in 2H20 and 1Q21.  This Original seeks to provide a lot of information surrounding US SPACs, including a SPAC's lifecycle, various entry points to invest, differences when compared to a traditional IPO, what areas of the market are attracting the most SPAC activity, and emerging structures and changes in the SPAC market.  While these equities are helping a lot of companies get public and lining the pockets of sponsors, SPACs have not historically been good investments.  Lots of investors claimed this time was different, but the last quarter or so may have begun to reveal the same cracks.

SPACs have been around for a long time but the market exploded in 2H20 and 1Q21.  This Original seeks to provide a lot of information surrounding US SPACs, including a SPAC's lifecycle, various entry points to invest, differences when compared to a traditional IPO, what areas of the market are attracting the most SPAC activity, and emerging structures and changes in the SPAC market.  While these equities are helping a lot of companies get public and lining the pockets of sponsors, SPACs have not historically been good investments.  Lots of investors claimed this time was different, but the last quarter or so may have begun to reveal the same cracks.

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

A SPAC made <a href="https://www.smartkarma.com/entities/tattooed-chef-inc" target="_blank" data-smartkarma-citation="entities:33134:1" rel="noopener">Tattooed Chef Inc (TTCF US)</a> , a more than 10 year old private company, wealthy overnight.  The bull case would highlight massive SKU and distribution growth.   However, the company gets close to 90% of its revenue from 3 customers and a handful of SKUs, has multiple internal control weakness, lockup expirations recently occurred, and the CFO resigned abruptly.  All of this, along with lofty multi-year guidance and big fwd valuation, create a meaningful downside opportunity over the next 12 months.

A SPAC made Tattooed Chef Inc (TTCF US) , a more than 10 year old private company, wealthy overnight.  The bull case would highlight massive SKU and distribution growth.   However, the company gets close to 90% of its revenue from 3 customers and a handful of SKUs, has multiple internal control weakness, lockup expirations recently occurred, and the CFO resigned abruptly.  All of this, along with lofty multi-year guidance and big fwd valuation, create a meaningful downside opportunity over the next 12 months.

Tattooed Chef (TTCF) - Is This Food Burning Up or About to Rise?

Eos Energy Enterprises Inc / Event-Driven

SPACs provide a unique opportunity for investors in the initial offering or shortly thereafter to purchase instruments often with ZERO downside and meaningful upside optionality. However, as the deal progresses, a target is found, and the deSPAC occurs, a number of factors (including dilution, redemptions, lockups, safe harbor projections, etc) contribute to a growing number of short opportunities.

SPACs provide a unique opportunity for investors in the initial offering or shortly thereafter to purchase instruments often with ZERO downside and meaningful upside optionality. However, as the deal progresses, a target is found, and the deSPAC occurs, a number of factors (including dilution, redemptions, lockups, safe harbor projections, etc) contribute to a growing number of short opportunities.

Voodoo SPAConomics: Finding Longs & Shorts Amidst the Deluge of Offerings

United States

Tattooed Chef, Inc. operates as a food company. The Company grows, makes, and retails plant based fresh and frozen foods. Tattooed Chef serves customers in the United States.

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Tattooed Chef Inc (TTCF US)

COP27: Agriculture and Food Stocks Likely to Be Most Affected by Conference Talks

COP27 starts next week, and sustainable agriculture/food is at the top of the agenda. That could mean agriculture stocks are the most impacted by...

Kyle Rudden

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

Better understand the structure, lifecycle, investment timing, and emerging trends in the SPAC market that exist today to help you decide at what...

Robert C Prather Jr

Last Week in Event SPACE: Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Tattooed Chef (TTCF) - Is This Food Burning Up or About to Rise?

What is this chef cooking up for investors? Dilution, lockup expiry, bullish guidance, lofty valuation, material internal control weaknesses, &...

Robert C Prather Jr

Voodoo SPAConomics: Finding Longs & Shorts Amidst the Deluge of Offerings

Voodoo SPAConomics - using qualitative and quantitative measures to track the "Unrealistic & Ill-Advised" amidst the vast SPAC universe.

Robert C Prather Jr

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