What do those calls to “defund the police” mean?
Calls to defund the police are growing after the death of George Floyd, a black man who was killed by a white police officer in Minneapolis. Abolishing the police force seems like an invitation for mayhem, but some proponents warn that the slogan may be getting in the way of what they really want. Q1 […]
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Whitney Tilson: The Following Stocks Are All Worth ZERO
Whitney Tilson’s email to investors discussing a liquidity-driven market; slowly taking profits; the bankruptcy bubble; Chesapeake Energy is a zero; Jeff Bezos is happy to lose a customer. Q1 2020 hedge fund letters, conferences and more A Liquidity-Driven Market 1) Despite the unprecedented job losses and massive recession, the Nasdaq Composite Index closed at an […]
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1972 + 1974 = 2020
Dear fellow investors, The oddity of today’s stock market is exactly what any God-fearing value manager should pray for. There are very few scenarios in the last 50 years that can be used to model or forecast what is currently going on. We are strong believers in Mark Twain’s saying that, “History never repeats itself, […]
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Private Fund Structuring “101”
This memorandum describes the typical entity structures used when launching a new private fund. Although various factors influence the choice of entity structures used for a private fund, this memorandum will discuss the most basic considerations – namely preferences of the fund’s investors and the manager. It should be noted at the outset that different […]
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Logica Capital May 2020 Commentary: While The City Sleeps
Logica Capital commentary for the month ended May 2020, titled, “While The City Sleeps.” Q1 2020 hedge fund letters, conferences and more Logica Absolute Return – Up/Down Convexity – No Correlation Logica Tail Risk – Max Downside Convexity – Negative Correlation May 2020 Performance Logica Absolute Return -1.38% Logica Tail Risk -2.57% S&P 500 +4.76% VIX […]
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Gold fundamentals support rising price
The gold price is back above $1,700 an ounce as fundamentals continue to support a bullish trend for the yellow metal. Risk aversion returned in full force today, battering stocks and dragging indices into the red. Q1 2020 hedge fund letters, conferences and more Credit Suisse analysts raised their forecasts for the gold price in […]
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Weak JOLT Job Openings Estimate Adds Selling Pressure
In a note to investors, while commenting on the weak JOLT job openings estimate and trading at mid day, Gorilla Trades strategist Ken Berman said: Q1 2020 hedge fund letters, conferences and more The major indices are mixed with bearish bias at midday as the epic rally in the key cyclical sectors fizzled out this […]
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Ameribor’s Resilience To COVID-19 Stress
Comparison of Benchmark Performance Over the First Four Months of 2020 Q1 2020 hedge fund letters, conferences and more With the expected sunset of LIBOR at the end of 2021, the banking community has been actively working to develop other potential benchmark rates. The Federal Reserve sponsored Alternative Reference Rate Committee (ARRC),[1] has endorsed the […]
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Why The Stock Market Isn’t Always The Economy
Ben Strubel’s letter to investors for the month of June 2020, titled, “why the stock market isn’t always the economy.” Q1 2020 hedge fund letters, conferences and more Dear Investors, First, some good news. Lancaster County is now in the “yellow phase.” That means my physical office location is allowed to open and I am […]
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