Expectations going into 3Q23 Earnings Season
Tomorrow 3Q23 earning season begins for the US banks. Compared to last quarter analysts are more sanguine going into this quarter’s earnings season. In our un... Read more.
Cybiont’s Long / Short Systematic Portfolio: September 2023 & Performance to Date (3 months)
While our returns were muted for August (roughly break-even), We're thrilled with our nearly 46% annual return to date (compared to the BKX's almost 13% annuali... Read more.
UPST: Why do you make E Grade loans?
"...while some of UPST’s lending is done on the basis of their grading indicating lower relative risk than FICO scoring, for the bulk of its originations, tha... Read more.
2023 Year-to-Date: Evolution of US Bank Valuations
One of the traditional valuation methodologies for bank stocks is the Price to Tangible Common Equity per share (P/TCE) multiple. While other factors such as pr... Read more.
Cybiont’s Long / Short Systematic Portfolio: August 2023 & Performance to Date (2 months)
While our returns were muted for August (roughly break-even), We're thrilled with our nearly 46% annual return to date (compared to the BKX's almost 13% annuali... Read more.
Upstart (UPST): A Traditional Non-Prime Unsecured Loan Originator Masquerading as An AI Fintech
High Conviction Short Thesis
Maintaining a sober view of a potentially “disruptive” fintech company is difficult. As investors, we have seen the cycle of... Read more.
Banks 2Q23Earnings Season (…so far): Risk-on momentum despite underlying core weakness.
So far Shares prices are up. Of the 167 names in our universe that have reported 2Q23 earnings, 79% have seen share prices rise post earnings release to close J... Read more.
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