Reynolds Holding

MARCH 31, 2024

Controlling shareholders can tap the funds of climate-conscious investors to scale their vision, while climate-conscious institutional investors commit to supporting the controlling shareholder’s vision by relinquishing control rights conditional on the achievement of an ambitious CO2 target.

Equity 121

Equity Finance Technology Marketability 121

Reynolds Holding

FEBRUARY 26, 2023

The Corruption Perceptions Index of Transparency International ranked India 85 out of 180 in 2022, and 89 percent of Indians consider corruption to be a major problem in the country. [10] Ownership of the group is held by four “funds” based in Mauritius, the favorite tax heaven for Indians but, more importantly, a governance-light country.

Banking 111

Banking Marketability Market Capitalization Finance 111

Brian DeChesare

JANUARY 3, 2024

On the other hand, I was only down 9% in 2022 vs. a 19% drop for the S&P, so both the index and my portfolio are now back to “early 2022” numbers. But my real estate investment funds were down ~10% , which hurt. And never-ending money printing benefits gold, equities, and crypto, which explains my current allocation.

Marketability 59

Marketability Start-ups Equity Dividends 59

Benzinga

APRIL 22, 2024

GMIN has agreed to fund SpinCo with $15 million. Upon completion of the Transaction, existing GMIN and RGD shareholders will own approximately 57% and 43% of the combined company on a fully-diluted in-the-money basis prior to the concurrent US$50 million equity financing, and the combined company and RGD shareholders will own 19.9%

Equity Financing 40

Equity Financing Start-ups Equity Finance 40

Equidam

JULY 18, 2022

Given that these rounds are built on trust, through the relationship between founder and investor, Friends and Family funding rounds absolutely must be FAIR. A more financially savvy person might be familiar with index funds or commodities. The situation is bad for both sides, and it’s not an easy decision to reverse.

Start-ups 75

Start-ups Equity Marketability 75

Brian DeChesare

AUGUST 31, 2022

But there might be another equally valid answer: “If you can’t decide, do both and use your combined skills and experience to move into a convertible arbitrage hedge fund.”. If the market goes up 20%, and you bought the stock, you are probably going to make money because most stocks have a positive correlation with the overall stock market.

Banking 67

Banking Risk-free Rate Equity Start-ups 67

Reynolds Holding

FEBRUARY 26, 2023

The Sustainable Investments Institute 2022 Proxy Preview report, for example, states that “while still primarily focused on governance and disclosure, [these proposals] increasingly question which issues company-connected money supports,” including climate-related matters, civil rights, and healthcare access.

49

49

Musings on Markets

MAY 5, 2023

A bank collects deposits from customers, offering the quid quo pro of convenience, safety and sometimes interest income (on those deposits that are interest-beating) and either lends this money out to borrowers (individuals and businesses), charging an interest rate that is high enough to cover defaults and leave a surplus profit for the bank.

Banking 76

Banking Equity Start-ups Treasury 76

Reynolds Holding

SEPTEMBER 12, 2023

Is ESG a source of competitive advantage, or do managers simply spend other people’s money on sustainability to become “good”? Yet, better ESG performance entails costs and hence represents a trade-off against other potential uses of funds. In our study, we use ESG scores from Refinitiv Eikon as the main measure of ESG performance.

Marketability 64

Marketability Finance 64

Brian DeChesare

JANUARY 19, 2022

Financial Sponsors Group Definition: In investment banking, the Financial Sponsors Group (FSG) advises private equity firms, hedge funds, sovereign wealth funds, and pension funds on capital issuances and transactions involving their portfolio companies. So what’s the difference?”. normal, non-wealthy individuals).

Private Equity Firm 77

Private Equity Firm Banking Equity Finance 77

Reynolds Holding

MAY 11, 2023

Treasuries are embedded in money market funds. They are how we, as a government and as taxpayers, raise money: We are the issuer. Repos, the form of funding for much of the debt markets, were at the center of the jitters in the Treasury markets in 2019. They are integral to monetary policy. 9] See Jeffrey F.

Treasury 81

Treasury Marketability Start-ups Compliance 81

Musings on Markets

JANUARY 27, 2021

In the graph below, I look at three commodity indices, the S&P World Commodity Index (WCI), which is a production-weighted index of commodity futures, the S&P GSCI Index, an investable version that includes the most liquid commodity futures, and the S&P GSCI Agricultural Index, a weighted average of agricultural commodity futures.

Start-ups 52

Start-ups Marketability Equity Treasury 52

Reynolds Holding

MARCH 6, 2023

Under this view, an increase in litigation risk increases a firm’s demand for cash because it provides liquidity when the firm may not have sufficient funds to meet its obligations or invest because litigation not only consumes cash, but often increases the costs of external financing and hedging (e.g., insurance). Keynes, J.M., Miller, M.H.,

Finance 49

Finance Marketability 49

Reynolds Holding

JULY 18, 2022

whether NFTs are being utilized to raise money like traditional securities and ought to be subject to the same rules as stock offerings). million and put them in a fractionalized investment fund, and so this record purchase of the Everydays artwork only increased the value of Metakovan’s digital art token fund, B.20

Treasury 66

Treasury Technology Marketability 66

Andrew Stolz

JULY 19, 2021

At that time, the New York Stock Exchange Composite index was trading at a Shiller cyclically adjusted PE (CAPE) ratio of 45x (by the way, as of this writing on July 16 th , 2021; we are currently at 37x a CAPE). A company may lose money for years but still have massive revenue growth. That gave us the funding needed to get to work!

Start-ups 52

Start-ups Venture Capital Fund Marketability Finance 52

Reynolds Holding

MAY 18, 2022

We are the destination of choice for companies seeking to raise money in both public and private markets. The SEC is deficit-neutral, fully funding ourselves with fees on securities transactions. Since 2016, the number of private funds managed by registered investment advisers has increased 40 percent, to 50,000.

Marketability 59

Marketability Finance Corporate Finance Technology 59

Musings on Markets

JULY 1, 2022

For others, it can be the portion of their capital with the longest time horizon (pension fund savings or 401Ks, if you are a young investor, for example), where they believe that any losses on risk capital can be made up over time. Risk Capital: Historical Perspective How do you track the availability and access to risk capital over time?

Marketability 88

Marketability Risk Premium Start-ups Equity 88

Musings on Markets

MARCH 25, 2021

Put bluntly, the only rate that the Fed directly sets is the Fed Funds rate, and while it may send signals to the market with its words and actions, it faces two limits. The first is that the Fed Funds rate is currently close to zero, limiting the Fed's capacity to signal with lower rates.

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Musings on Markets

JULY 17, 2023

After a decade of easy access, translating into low risk premiums and default spreads, accompanied by a surge in IPOs and start-ups funded by venture capital, risk capital moved to the sidelines in 2022. trillion in the first six months of 2023, 97.2% trillion increase in value for all US equities.

Marketability 95

Marketability Risk Premium Start-ups Treasury 95

Brian DeChesare

JANUARY 4, 2023

In March, the Fed finally started hiking rates, and in May and June, the pace accelerated; the federal funds rate ended the year in the 4.25% – 4.50% range, the highest level since 2007. Real Estate (Equity Funds + Owned Properties): 15% [Up 5%]. But then February came, Russia invaded Ukraine, and everything went downhill from there.

Marketability 91

Marketability Start-ups Treasury Dividends 91

Reynolds Holding

AUGUST 10, 2023

In some cases, a single firm will offer this variety across hundreds and even thousands of funds. Until Vanguard launched its voting-preference pilot, retail investors had never been offered a say in how their fund investments were voted. Investors have responded positively, though some critics have warned of added costs.

Start-ups 52

Start-ups 52

Brian DeChesare

APRIL 13, 2022

When the average person thinks of hedge funds, long/short equity is often the first thing that comes to mind. The basic idea is simpler than other hedge fund strategies , but it gets more complex when you think about the entire portfolio and risk management: What is Long/Short Equity? A long-only asset manager (i.e.,

Equity 91

Equity Start-ups Banking Marketability 91

Harvard Corporate Governance

APRIL 1, 2022

Tags: Climate change , Engagement , ESG , Human capital , Incentives , Index funds , Institutional Investors , Performance measures , Risk disclosure , Sustainability.

Banking 198

Banking Equity Marketability 198

Brian DeChesare

MAY 18, 2022

Global macro might be the most paradoxical hedge fund strategy. But the execution is extremely difficult, which explains why some of the largest trading losses in history have come from macro-oriented ideas (“short nickel,” European index futures, oil and gas futures, etc.). What Makes Global Macro Hedge Funds Different?

Banking 52

Banking Equity Marketability Finance 52

Brian DeChesare

JULY 27, 2022

Credit hedge funds might be the most consistently overlooked buy-side opportunity. But if you have the right knowledge and experience, credit hedge funds can provide a great career path: What is a Credit Hedge Fund? Types of Credit Hedge Funds. See the example above.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

Reynolds Holding

JANUARY 22, 2024

The conditions for an operating company seeking money for working capital should be different from the conditions for a pooled investment vehicle seeking subscriptions for the fund. 19] Because these thresholds were introduced in 1982, some have called for the amounts to be indexed to inflation. [20]

Start-ups 45

Start-ups Marketability Price to Earnings Finance 45

Reynolds Holding

MAY 9, 2023

A low-cost alternative, if it materializes, may tempt smaller activists—perhaps including better-funded versions of the “issues” activists now plastering corporate boardrooms with various 14a-8 stockholder proposals—to nominate one or two directors to press their concerns in the boardroom. [1]

Dividends 45

Dividends Finance Equity Marketability 45

Brian DeChesare

JANUARY 5, 2022

Real Estate – Equity Funds: 6% [Up 1%]. So, I stick to automated solutions (Wealthfront), index funds, and ETFs. On the other hand, I increased my allocation to real estate equity funds on Fundrise because they target smaller/overlooked properties outside of major urban centers. Crypto (Bitcoin and Ethereum): 16% [Up 1%].

Start-ups 52

Start-ups Marketability Equity Banking 52

Brian DeChesare

JULY 6, 2022

I stayed far away from this service, while he presumably put in some money. Real Estate (Owned Property + Investment Funds): 15% [Up 5%]. I can see the use case in emerging markets with very high inflation rates, unreliable currencies, and difficult money transfers, but outside of that… I’m not sure. Gold: 11% [Up 1%].

Marketability 97

Marketability Start-ups Equity Banking 97

Musings on Markets

FEBRUARY 8, 2022

In corporate finance, this takes the form of a hurdle rate , a minimum acceptable return on an investment, for it to be funded. Debt, Default Risk and Hurdle Rates Almost all of the discussion so far has been about equity funding and its costs, but companies do raise funds from debt.

Risk Premium 67

Risk Premium Beta Start-ups Equity 67

Reynolds Holding

MAY 11, 2022

Hedge funds and other asset managers increasingly have been using total return swaps to express a position that then may be held on the balance sheet of their prime broker or bank. For example, some products might be so-called “leveraged” or “inverse” ETFs, or might be linked to a volatility index. [13] Market Integrity.

Marketability 45

Marketability Banking Compliance Treasury 45

Reynolds Holding

JANUARY 30, 2023

Chief among these organizations are the Council of Institutional Investors (CII), a trade association that represents asset managers, pension funds, and union funds with combined assets of over $40 trillion, and the Investor Stewardship Group (ISG), a coalition of more than 70 institutional investors with combined assets of over $32 trillion.

Marketability 59

Marketability Firm Value 59

Benzinga

NOVEMBER 13, 2023

Through this Transaction, Valentine will be fully funded to production without additional debt, royalties, or shareholder equity. per Marathon common share and gross Transaction equity value consideration of C$345 million on a fully diluted in-the-money basis. million ounces of mineral reserves and 3.96

Equity 40

Equity Treasury Market Capitalization Marketability 40

Reynolds Holding

MAY 4, 2022

15] Around the topic of investor engagement (in particular, where the investor base is broad and diverse ( e.g. , activist vs. index funds, etc.) The Inside Counsel Revolution: Resolving the Partner-Guardian Tension , Ankerwycke 2016. [13] and managing stakeholder relationship, see, [link]. [16] Heineman, Jr.

Compliance 58

Compliance Marketability 58

Musings on Markets

FEBRUARY 2, 2023

From Tesla Bulls Given that I found Tesla to be overvalued, albeit only mildly, about three quarters of the disagreements posted online to the valuation came from Tesla bulls, some of whom have disagreed with me for a decade, and have, for the most part, been on the right side of the Tesla trade and made a lot of money on the stock.

Start-ups 99

Start-ups Risk-free Rate Market Capitalization Marketability 99

Musings on Markets

MAY 11, 2021

In my last post, I looked at the Biden Administration's proposal to increase corporate taxes, to provide funding for an infrastructure bill, and concluded that while there is room for raising corporate taxes, it would be more efficient and fairer to do so by reducing the tax credits and deductions in the code, than by raising the tax rate.

Dividends 52

Dividends Start-ups Risk Premium Treasury 52

Reynolds Holding

JULY 5, 2022

A payout to aggrieved investors reduces firm value by the same amount, and since plaintiffs often own stock in the defendant, money is distributed from one of the investors’ “pockets” to the other, except for the cut taken by attorneys.

Firm-specific Risk 59

Firm-specific Risk Specific Risk Firm Value 59