Founder of Antler Capital

Stanley Tsai, CFA

Stanley has over 20 years of capital markets experience on the buy side and sell side and as a credit analyst. He is the founder of Antler Capital, the culmination of his efforts to deliver differentiated solutions to global investors since 2021.

From 2017 to 2021, he was a Managing Director at CSPI Ratings, a credit rating agency servicing the USD bond market. He also led the firm’s efforts in sustainable finance.

Prior to that, he held various roles at Keefe, Bruyette & Woods, Nighthawk Capital, CLSA and Fitch Ratings. He was also an advisor at WWF, supporting the organization’s bankable nature solutions program.

Stanley has an honors degree in Finance from the University of British Columbia. He has been a CFA charterholder since 2004.

Equity Bottom-Up

<ul>
<li>S&amp;P (the company) may be a lot more exposed than S&amp;P (the index) if rates stay higher for longer and bets against the Fed unwind in 2H23.</li>
<li>While we like the rating agency and financial data provider's business portfolio, valuation is looking a bit stretched based on fundamental, relative and technical valuation metrics.</li>
<li>We believe it is unlikely that the stock will push through the USD375/share resistance level in the near term, and would look for entry opportunities closer to USD325/share.</li>
</ul>


S&amp;P (the company) may be a lot more exposed than S&amp;P (the index) if rates stay higher for longer and bets against the Fed unwind in 2H23.
While we like the rating agency and financial data provider's business portfolio, valuation is looking a bit stretched based on fundamental, relative and technical valuation metrics.
We believe it is unlikely that the stock will push through the USD375/share resistance level in the near term, and would look for entry opportunities closer to USD325/share.


S&P (SPGI US) VS S&P (SPX Index): A Leveraged Play on Rate Expectations

S&P Global

S&P (SPGI US) VS S&P (SPX Index): A Leveraged Play on Rate Expectations