Reynolds Holding

OCTOBER 19, 2023

Stock trading has been gamified – transformed into a fun and at times casino-like game whose addictive potential captures the attention of consumers and revenues for brokerage firms. think that playing games about money, such as Monopoly, helps them learn the basics of finance. [5] cities during 2019. [6] 28, 2021, [link]. [2]

Banking 72

Banking B2B Finance Technology 72

Reynolds Holding

SEPTEMBER 24, 2023

Media reports also suggest prosecutors are examining whether certain short reports constitute a form of illegal “scalping” by deceiving investors as to a short seller’s trading intent. July 27, 2023), courts upheld claims by private plaintiffs under Rule 10b-5 against third parties for spoofing the securities of publicly traded companies.

Marketability 59

Marketability Finance Firm Value 59

Reynolds Holding

APRIL 26, 2022

Fixed income markets, particularly government securities, money markets, and repurchase agreements (“repos”), are integral to how central banks around the globe administer monetary policy. government and as taxpayers, raise money: We are the issuer. First, I’ll turn to transparency, in particular post-trade transparency.

Marketability 45

Marketability Treasury Banking Compliance 45

Musings on Markets

FEBRUARY 27, 2022

Measuring Profitability The question of whether a company is making or losing money should be a simple one to answer, especially in an age where accounting statements are governed by a myriad of rules, and a legion of number-crunchers follow these rules to report profits generated by a firm.

Start-ups 80

Start-ups Equity Book Value Marketability 80

Lighter Capital

AUGUST 3, 2022

Lucrative departures help realize gains, bolster portfolios and plow returns into future investments. Money poured into startups and established companies alike with the investment strategy of exploiting low-interest rates to capture and expand market share versus focusing on profitability. Valuations. Interest rates. Lightspeed. ).

Finance 52

Finance Equity Marketability Business Valuation 52

Musings on Markets

MARCH 19, 2022

The graph below shows the sovereign spreads for Russia and Ukraine in the weeks leading up and including the conflict: The sovereign CDS spread for Russia, which started the year at 1.70% soared above 25%, just after hostilities commenced, and were trading at 10.56% on March 16, after rumors that peace talks were underway brought them down.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Reynolds Holding

SEPTEMBER 9, 2022

The Securities Act of 1933 was about companies raising money from the public. The basic idea was that the public deserves disclosure and protections not only when a security is initially issued, but also on an ongoing basis when the security is traded in the secondary markets. Congress knew the job still wasn’t done.

Marketability 49

Marketability Compliance Start-ups Banking 49

Musings on Markets

JANUARY 27, 2021

In my last post , I described the wild ride that the price of risk took in 2020, with equity risk premiums and default spreads initially sky rocketing, as the virus led to global economic shutdowns, and then just as abruptly dropping back to pre-crisis levels over the course of the year.

Start-ups 52

Start-ups Marketability Equity Treasury 52

Musings on Markets

JANUARY 29, 2021

Of course, as with everything in life, this story has also acquired political undertones, as populists on all sides, have found a new cause. The Story (so far) This story is still evolving, but the best way to see it is to pick one company, GameStop, and see how it became the center of a feeding frenzy.

Start-ups 52

Start-ups Marketability Banking Finance 52

Musings on Markets

JANUARY 9, 2021

I spent the first week of 2021 in the same way that I have spent the first week of every year since 1995, collecting data on publicly traded companies and analyzing how they navigated the cross currents of the prior year, both in operating and market value terms. So, why bother?

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Musings on Markets

AUGUST 2, 2021

Some of you felt that I was being far too generous in my assumptions about market share and profitability, for a company with no history of making money, and that I was over valuing the company. That said, the market seems to be pricing in the expectation that it will be a great company, and in my view, that judgment is premature.

Marketability 52

Marketability Start-ups Technology Market Risk 52

Musings on Markets

FEBRUARY 12, 2022

If I were to summarize the news about these companies in the last eighteen months: Facebook and Google found themselves in the midst of both the data privacy and political partisanship debates, as politicians and regulators argued about how best to restrict the social media platforms of these companies. to 14.9%.

Market Capitalization 98

Market Capitalization Equity Marketability Start-ups 98

Brian DeChesare

AUGUST 10, 2022

And regardless of your experience, you do need a demonstrated interest in the industry to have the best shot at getting in. If you want a more traditional investment banking experience, Upstream is your best bet – assuming that commodity prices have not crashed recently. The Future: Will ESG Kill the Oil & Gas Industry?

Banking 94

Banking EBITDA Dividends Equity 94

Brian DeChesare

FEBRUARY 9, 2022

Of course, they may not phrase it exactly like that. Company Types: These firms invest in large, publicly traded companies that serve addressable markets worth tens or hundreds of billions. The post Private Equity Mega-Funds: The Best of the Best? appeared first on Mergers & Inquisitions.

Equity 53

Equity Banking Start-ups Finance 53

Musings on Markets

DECEMBER 10, 2021

The Compressed Life Cycle: Implications for Founder CEOs It is a testimonial to how much technology companies have changed the economy and the market that some of the best-recognized names in business are those of the founders of successful technology company. but acted consistently with that story.

Start-ups 83

Start-ups Marketability Technology Market Capitalization 83

Brian DeChesare

MAY 24, 2023

I’ll do a deep dive into the entire space in this article, including the top funds, example trades, recruiting, exit opportunities, and more. We’ve covered merger arbitrage and activist hedge funds in separate articles, and distressed hedge funds will get their own future article, so I’ll focus on special situations here.

Equity 64

Equity Start-ups EBITDA Banking 64

Musings on Markets

APRIL 21, 2022

The company that provides the best contrast to Twitter is Snapchat, another company that I valued at the time of its IPO in February 2017 at $14.4 on its first trading day, before falling on hard times, as Instagram undercut its appeal. billion, with a value per share of $10.91. I beg to differ.

Start-ups 99

Start-ups Marketability Technology Market Capitalization 99

Musings on Markets

JULY 17, 2023

Exacerbating the pain, corporate default spreads rose during the course of 2022: While default spreads rose across ratings classes, the rise was much more pronounced for the lowest ratings classes, part of a bigger story about risk capital that spilled across markets and asset classes. trillion below their values from the start of 2022.

Marketability 95

Marketability Risk Premium Start-ups Treasury 95

Reynolds Holding

APRIL 3, 2024

4] The Government Accountability Office last October ruled that the Commission should have submitted SAB 121 to Congress under the Congressional Review Act because it was an “agency statement” “of future effect” that the Commission “designed to interpret and prescribe policy.” [5] As we often point out, tone from the top matters.

Start-ups 45

Start-ups Banking Marketability Compliance 45

Musings on Markets

NOVEMBER 1, 2023

Third, in a world where many companies are run by CEO who are, at best, operating automatons, and at worst, evidence of the Peter Principle at play, where incompetence rises to the top, Tesla had a CEO whose primary problem was too much vision, rather than too little.

Start-ups 114

Start-ups Marketability Market Capitalization Equity 114

Musings on Markets

SEPTEMBER 19, 2023

At that time, there were some who were suggesting that the company could go public at $50 billion or more, and pricing it on that basis, but reality has caught up with both the company and investors, and this IPO represents vastly downgraded expectations for the company’s future. million, which brings the total share count to 322.94

Start-ups 102

Start-ups Marketability Technology Equity 102

Reynolds Holding

NOVEMBER 15, 2022

Money ordered in SEC actions, comprising civil penalties, disgorgement, and pre-judgment interest, totaled $6.439 billion, the most on record in SEC history and up from $3.852 billion in fiscal year 2021. Of the total money ordered, civil penalties, at $4.194 billion, were also the highest on record. billion, including a record $4.2

Compliance 45

Compliance Marketability Technology Alpha 45

Musings on Markets

DECEMBER 10, 2023

Of course, and with small businesses, especially those built around personal services (a doctor or plumber’s practice), it is part of the valuation process, where the key person is valued or at least priced and incorporated into valuation. Can one person make a difference to the value of a business?

Key Person Discount 113

Key Person Discount Start-ups Price to Book Marketability 113

Musings on Markets

AUGUST 5, 2023

Just in the last few weeks, I have seen a Wall Street Journal article put the equity risk premium at 1.1%, a Reuters report put it at 2.2%, and a bearish (and widely followed) money manager estimate the equity risk premium to be negative. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes?

Risk Premium 78

Risk Premium Equity Start-ups Treasury 78

Reynolds Holding

FEBRUARY 23, 2023

In the culmination of a years-long effort, in 2022, in two trials in the Northern District of Illinois, prosecutors convicted three former directors at JPMorgan who participated in a massive, eight-year scheme to manipulate the price of gold and silver futures contracts. In other words, they were manipulated and ripped off.

Compliance 45

Compliance Marketability Start-ups Banking 45

Brian DeChesare

JULY 27, 2022

Anyone who’s ever traded stocks can understand long/short equity , and even simple global macro trades are easy to explain to the average person. The simplest example of a long/short credit trade is to long one bond and short a similar bond issued by a peer company. You might also look at this trade and say, “Wait a minute.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

Musings on Markets

AUGUST 15, 2023

With this investment, you face price risk , since even though you know what you will receive as a coupon or cash flow in future periods, since the present value of these cash flows, will change as rates change. As expected inflation rises, you should expect risk-free rates to rise, with or without central bank actions.

Risk-free Rate 80

Risk-free Rate Treasury Risk Premium Start-ups 80

Musings on Markets

FEBRUARY 2, 2023

The second is the question of what the nominal growth in the global economy, in US dollar terms, will be, and my best answer to that question is the nominal risk free rate, which was 3.47% at the time of this valuation. In the section below, I will summarize some of the key arguments, with my responses.

Start-ups 99

Start-ups Risk-free Rate Market Capitalization Marketability 99

Musings on Markets

NOVEMBER 4, 2022

Buy and hold returns : If you had bought shares in Facebook on its first trading day, you would have paid $38.12, and if you had held the stock through October 27, 2022, when it was trading at $93/share, that would have translated into a cumulative return of 144%.

Start-ups 98

Start-ups Market Capitalization Marketability Dividends 98

Musings on Markets

OCTOBER 6, 2023

After a buzzy open, when the stock jumped from its offering price of $30 a share to $42, the stock has quickly given up those gains and now trades at below to its offer price.

Intangible Assets 104

Intangible Assets Book Value Equity Start-ups 104

Musings on Markets

MAY 24, 2021

All of these measures, no matter how carefully designed, give a measure of inflation in the past, and markets are ultimately concerned more with inflation in the future. The second is that words are cheap, and those providing the surveyed numbers have no money riding on their own predictions. What causes inflation?

Treasury 55

Treasury Start-ups Risk Premium Price to Book 55

Reynolds Holding

MAY 9, 2023

Directors as a matter of course should have robust information about the independence and aims of director nominees before recommending a vote for or against their candidacy. [5] Shouldn’t voting stockholders be told that a conflict transaction is in the nominating stockholder’s best interest, and preferably before voting?

Dividends 45

Dividends Finance Equity Marketability 45

Reynolds Holding

APRIL 11, 2022

Moreover, the Securities and Exchange Commission (SEC) reiterated in light of the COVID-19 crisis the importance of maintaining market integrity and adhering to corporate controls and procedures, particularly with respect to material nonpublic information (MNPI) and insider trading.

Banking 45

Banking Marketability Equity Compliance 45

Reynolds Holding

FEBRUARY 1, 2023

The growth of private markets through exempt offerings, the ascension of the once-mythical “unicorns,” and what these things portend for the future of our public markets have been hotly debated topics for some time now. [1] 2] Companies that contemplate going public are now waiting much longer to do so. [3] Governance (Sept. 2d at 690. [25]

Marketability 58

Marketability Corporate Finance Compliance Equity 58

Reynolds Holding

JANUARY 10, 2024

Today [January 10], the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.

Treasury 45

Treasury Finance Marketability Compliance 45

Reynolds Holding

JULY 27, 2022

I would like to address three topics: first, I will touch on three areas of particular interest to our Division; second, I’ll mention two specific developments confronting the investment management industry in the coming months; and, third, I’ll focus on one of our largest projects and a topic of recurring interest, money market funds. * * *.

Banking 45

Banking Marketability Finance Corporate Finance 45

Reynolds Holding

OCTOBER 24, 2022

Of course, those football games happen every weekend. It helps capital markets more effectively price and allocate money and risk. The sand, in this analogy, is money and risk. Thus, we must remain vigilant to areas where concentration and potential economic rents have built up, or may do so in the future.

Treasury 56

Treasury Marketability Equity Finance 56