Category: Research
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Brand Capital: How Companies Create Lifetime Customers
Brand Capital & It’s Impact on Consumer Preferences Brands have existed for thousands of years, with the first iterations used for marking physical ownership of property. The whitepaper A Brief History of Brands And The Evolution of Place Branding summarizes the dawn of branding (emphasis mine): “For almost 4,000 years, brands have been used in order…
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A Dragon and a Hawk Walk Into A Bar
A few things.Asia Markets reported today that the CCP is cooking up a plan to restructure Evergrande into three separate entities, effectively ingurgitating them into the state, SEO style. As of now, this is only rumor, though a likely one. China is a special case. Yes, they’re a mess. Its GDP has been artificially inflated with unproductive…
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Mashup and New Math
I recently finished reading Joshua Ramo’s book The Age of the Unthinkable. Imagine if Per Bak’s Complexity, Martin Gurri’s The Revolt of the Public, and David Epstein’s Range got together and produced a love child. The Age of the Unthinkable would be its weird spawn. Ramos dives into the tech-enabled asymmetric power wielded by small terror…
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Record US Fund Flows
“The mind can be a wonderful tool for self-delusion – it was not designed to deal with complexity and nonlinear uncertainties. Counter to the common discourse, more information means more delusions: our detection of false patterns is growing faster and faster as a side effect of modernity and the information age: there is this mismatch…
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The Yen is Done Yawning…
“It might seem that if you have an edge, the way to maximize the edge is to trade as big as you can. But that’s not the case, because of risk. As a professional gambler or as a trader, you are constantly walking the line between maximizing edge and minimizing your risk of tapping out.”…
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eDreams Odigeo (EDR) Earnings & POWW Selling Pressure
This weekend we review eDreams ODIGEO (EDR) 1Q 2022 earnings and discuss POWW’s recent selling pressure. Before we dive in, here’s a snapshot of the moves we made in the portfolio this past week: Trimmed NTDOY and HCITY to free up cash to buy a starter position in Wheels Up (UP). You can read our most…
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Why Bond Yields Are Headed Lower…
“War, battles, and conflicts of all kinds (including poker) set in motion forces that quickly become unpredictable. Small defects or problems that are present at the beginning can quickly spiral out of control. And if small problems can do this, think what starting out with large problems means.” ~ Zen and the Art of Poker…
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Supply-Constrained “Problems” in POWW & UP
We like companies that have the matryoshka of conditional tailwinds at their backs. Great companies, led by great operators, with defensible competitive advantages. Even better when we can find ones that check these boxes plus a few powerful others, such as an ample supply and demand mismatch.POWW and UP have roughly equivalent supply-constrained “problems.” Both…
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ETHUSD Geared Up For Another Run
“For me, technical analysis is like a thermometer. Fundamentalists who say they are not going to pay attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. But, of course, that would be sheer folly. If you are a responsible participant in the market, you always want…
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Podcast Transcript: Dan McMurtrie
Wednesday, August 25, 2021Podcast Transcripts: Dan McMurtrieBrandon Beylo (host):This is take two with Dan McMurtrie of Tyro Partners. One of those issues we covered is the whole topic of inverted shorts. Which I think is such a fascinating idea, where you’re trying to look for ideas on the long side by inverting what you would…