Reynolds Holding

JANUARY 9, 2023

market will be documented in the ISS Securities Class Action Services “Top 100 U.S. Of the top ten U.S. Nine of the top ten U.S. Nine of the top ten U.S. All of the cases on this top ten list also settled after years of litigation, including some which resolved on the eve of trial.

Banking 81

Banking Private Equity Firm Marketability Compliance 81

Brian DeChesare

JANUARY 31, 2024

They might have separate teams for specific strategies or markets, but everything is run under a single Profit & Loss statement (P&L). In other words, while the average single-manager hedge fund has better performance, individual funds can be at the very top or at the very bottom, depending on the decisions of the fund manager.

Start-ups 59

Start-ups Equity Marketability Banking 59

Reynolds Holding

FEBRUARY 27, 2023

The court held that, at the pleading stage and accepting all allegations as true, plaintiffs adequately alleged that Dapper Labs violated Sections 5 and 12(a)(1) of the Securities Act of 1933 (Securities Act) by offering National Basketball Association (NBA) Top Shot Moments non-fungible tokens (Moments) without a registration statement.

Marketability 45

Marketability Technology 45

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021).

Risk Premium 80

Risk Premium Risk-free Rate Start-ups Equity 80

Brian DeChesare

MARCH 8, 2023

The Skills Required for Commodity Trading You do not use traditional financial statement analysis or valuation in commodity trading because the underlying asset is a futures contract , not a stock. You focus on fundamental analysis , such as supply and demand curves, and you usually specialize in one commodity. You’ll be based in the U.S.,

Finance 104

Finance Start-ups Banking Alpha 104

Reynolds Holding

NOVEMBER 28, 2022

Supporters of “crypto inclusion” envision crypto trading flourishing under the imprimatur of financial regulators empowered to police markets for improper activities. Gamblers bring money – fiat currency – into a casino or online gambling game, wager on outcomes, and convert the winnings or losings back into money.

Finance 145

Finance Banking Marketability Treasury 145

Brian DeChesare

JUNE 29, 2022

Activist Hedge Fund Definition: An activist hedge fund accumulates sizable stakes in companies to gain operational/financial influence and persuades Boards and management teams to enact their desired changes; they profit based on increases in companies’ stock prices after these changes take place.

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Reynolds Holding

MARCH 24, 2024

The basic bargain that President Franklin Roosevelt and Congress laid out 90 years ago was that investors get to decide which risks to take so long as those companies raising money from the public make what Roosevelt called, “complete and truthful disclosure.” 7] A mandatory disclosure-based regime helps protect investors.

Marketability 45

Marketability Market Risk Compliance Start-ups 45

Reynolds Holding

MARCH 6, 2024

Investors get to decide which risks they want to take so long as companies raising money from the public make what President Franklin Roosevelt called “complete and truthful disclosure.” 3] We did it again in the 1990s when we required disclosure about executive stock compensation. [4] 33-4936 (Dec. 9, 1968) [33 FR 18617 (Dec.

Compliance 45

Compliance Corporate Finance Finance Marketability 45

Reynolds Holding

SEPTEMBER 12, 2023

At this remarkable agency, we serve investors building for a better future and issuers raising money to fund innovation, while overseeing the $100 trillion capital markets where they meet. There were also items exercising new authorities granted under Dodd-Frank. The core principles of U.S. I am proud of this agency.

Banking 40

Banking Treasury Marketability Equity 40

Reynolds Holding

APRIL 23, 2023

Rayburn was not new to the issues of stocks and bonds. In his first term in Congress, he sponsored a bill on railroad stocks and bonds that passed the House but failed in the Senate. [1] 5] They understood that lowering the cost in the middle of our capital markets would help lower costs for issuers and raise returns for investors.

Treasury 45

Treasury Marketability Finance Technology 45

Musings on Markets

DECEMBER 10, 2021

One of the big news stories of last week was Jack Dorsey stepping down as CEO of Twitter, and the market's response to that news was to push up Twitter's stock price by almost 10%. Have you ever read a book or seen a movie about a CEO who shrunk his or her company, where that person is painted as anything but a villain?

Start-ups 83

Start-ups Marketability Technology Market Capitalization 83

Brian DeChesare

JULY 20, 2022

21:18: Part 5: What Happens Next in SPAC Land? Also, everything in tech/growth/speculative stocks is down by a huge amount in 2022. You can see this in the top part of the IPO model Excel file: This Pricing Discount might seem like a big disadvantage of IPOs. 9:03: Part 2: SPAC vs IPO: Performance. 23:20: Recap and Summary.

Start-ups 52

Start-ups Marketability Equity 52

Musings on Markets

MARCH 8, 2023

In my sixth data update, I looked at the trade off that should determine how much companies borrow, where the tax benefits are weighed off against bankruptcy costs, but noted that firm often choose to borrow money for illusory reasons and because of me-tooism or inertia.

Dividends 91

Dividends Start-ups Finance Corporate Finance 91

Reynolds Holding

MAY 18, 2022

We are the destination of choice for companies seeking to raise money in both public and private markets. On top of that, around the globe, central banks have started to transition from an accommodating to a tightening policy stance. The Division of Enforcement shrank 5 percent from FY16 to FY21. Enforcement.

Marketability 59

Marketability Finance Corporate Finance Technology 59

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

Brian DeChesare

DECEMBER 6, 2023

Multi-manager hedge funds promise investors solid risk-adjusted returns with low volatility; no matter what the broader market does, you’ll make money if you invest in them. Beta-Neutral Portfolios: For example, if the S&P 500 goes up or down by 5%, your team’s portfolio should move by ~0%.

Start-ups 85

Start-ups Beta Marketability Comps 85

Musings on Markets

FEBRUARY 10, 2021

Opportunity Cost : The use of a corporate cost of capital as a hurdle rate exposes you to risk shifting, where safe projects subsidize risky projects, and one simple and effective fix is to shift the focus away from how much it costs a company to raise money to the risk of the project or investment under consideration.

Risk-free Rate 52

Risk-free Rate Risk Premium Start-ups Equity 52

Brian DeChesare

FEBRUARY 22, 2023

They all raise money from Limited Partners (LPs), such as pension funds, sovereign wealth funds, endowments, and insurers, and invest in companies and securities. They earn money from a management fee charged on their assets under management (AUM) and a performance fee, often 20% of the profits above a certain hurdle rate.

Finance 125

Finance Marketability Banking Corporate Finance 125

Musings on Markets

DECEMBER 10, 2023

While it is often assumed that key people, at least from a value perspective, are at the top of the organization, usually founders and top management, we will begin this section by expanding the key person definition to include anyone in an organization, and sometimes even outside it. Key Person: Who, what and why? Who is a key person?

Key Person Discount 113

Key Person Discount Start-ups Price to Book Marketability 113

Musings on Markets

JUNE 23, 2023

The first is that my portfolio has held up well this year, in a market that has been top-heavy and tech-driven, and one big reason is that it contains both NVIDIA and Microsoft, two companies that have benefited from the AI story. As you can see in the graph below, those revenues grew between 2000 and 2005, to reach $2.4 billion in 2005.

Start-ups 91

Start-ups Marketability Market Capitalization Technology 91

Musings on Markets

MAY 24, 2021

Looking at US equities, the S&P 500 is up about 11% and the NASDAQ about 5%, from start of the year levels, and the underperformance of the latter has led to a wave of stories about whether this is start of the long awaited comeback of value stocks, after a decade of lagging growth stocks. What causes inflation?

Treasury 55

Treasury Start-ups Risk Premium Price to Book 55

Reynolds Holding

OCTOBER 5, 2022

Notably, at 110, filings in the first half of 2022 barely top 50% of the average semi-annual filing rates seen between 2017 and 2019, though this deficit is largely driven by a substantial decrease in M&A filings. Of the 55 approved settlements, four topped $100 million, relative to only two this time last year. CytoDyn Inc.

Start-ups 72

Start-ups Marketability Equity Compliance 72

Brian DeChesare

APRIL 13, 2022

They all think they can make a fortune buying and selling stocks; in other words, they’re fans of the long/short equity strategy. It seems like a simple strategy: buy a stock if you think it’s going up and sell or short a stock if you think it’s going down. Buy call options on JAZZ rather than buying the stock outright.

Equity 86

Equity Start-ups Banking Marketability 86

Musings on Markets

SEPTEMBER 11, 2023

Speaking of Disney, a company that has found itself in the crosshairs of political and cultural disputes, the stock hit $80 on September 7, close to a ten-year low. The top one percent of musicians account for ninety percent of all music streams and close to sixty percent of revenues from concerts.

Start-ups 77

Start-ups Market Capitalization Marketability Technology 77

Brian DeChesare

JANUARY 5, 2022

The year started with the GameStop short squeeze (I deleted the article, sorry – blame the trolls in the comments) and continued with more meme stocks and a crypto melt-up, crash, and recovery (??). I agree that a vastly increased money supply makes inflation more likely, but I don’t agree with this view 100%.

Start-ups 52

Start-ups Marketability Equity Banking 52

Musings on Markets

OCTOBER 4, 2021

Since its public offering, Zomato's stock price has reflected that excitement, more than doubling from its offering price of 74 rupees per share. In 2018, it added a Paytm Money , for investment and wealth management, and in 2019, it launched a Paytm for Business app for merchants to track payments.

Start-ups 72

Start-ups Banking Marketability Technology 72

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. Walmart, a peer company, has a similar bond, but its YTM is only 5%, even though the terms, seniority, and maturity are similar. So, you long the Target bond and short the Walmart bond.

Equity 52

Equity Start-ups Private Equity Firm Beta 52

FE International

MARCH 14, 2018

To help prospective app-owners and creators attain a broad but thorough grasp of the industry and its many challenges and opportunities, we will answer the following questions: What is an app and how does it make money? in contrast with a North American e-commerce profit margin hovering around 5%—is fueling Amazon’s record profits.

Marketability 52

Marketability Start-ups EBITDA Business Valuation 52

Musings on Markets

MARCH 28, 2022

Stock, bond and commodity markets all reacted negatively, and at least initially, there was a flight to safety across the world. These companies will undoubtedly come under pressure from activists, who will try to shame them into leaving, but if that is the best that ESG can do, it is pitiful.

Start-ups 113

Start-ups Alpha Marketability Risk Premium 113

Reynolds Holding

MAY 3, 2023

5] As corporations recognize that altering individuals’ political views can result in more favorable business environments and increased consumer purchasing, corporate efforts to dominate politics are becoming more extensive. 5] See Michael R. 4] See Michael R. 95, 127-43 (2019). [5] Siebecker, Political Insider Trading, 85 Fordham L.

Technology 59

Technology Marketability 59

Reynolds Holding

JUNE 16, 2022

Leading practitioners who advise companies on their disclosure obligations under SEC rules. 5] At the same time, the SEC found, such disclosure would “promote the purposes of” the National Environmental Policy Act of 1969 (“NEPA”), which was adopted months before President Nixon created the Environmental Protection Agency (“EPA”).

Corporate Finance 52

Corporate Finance Finance Compliance Marketability 52

Reynolds Holding

JULY 25, 2023

The disruptions associated with various realizations of climate change risk will spread across the entire economy and thus across a diversified stock portfolio; climate change risk is systematic. The Biden Administration came into office determined for the SEC to impose mandatory climate changed-related disclosure as a top priority.

Equity 52

Equity Start-ups Marketability Systematic Risk 52

Value Scope

SEPTEMBER 24, 2020

In 2018, the number was about $5 billion. “The Clients are asking investors to keep their money invested in ESG compliant portfolios and think that fossil fuel-based companies contradict this investment thesis. If investors are more comfortable in ESG funds, then more people will keep their money invested in them.

Intangible Assets 130

Intangible Assets Alpha Beta Marketability 130