What is Institutional Arbitrage?
I previously wrote that there are essentially 4 ways to beat the market, one of which is Institutional Arbitrage. Probably the simplest way to think of institutional arbitrage is to think of a process of deliberately doing something that institutional investors are unlikely to do. This is accomplished in a number of ways including – […]
Read More$INFN PAM-4 Boogeyman
The $INFN PAM-4 boogeyman was probably born at the time PAM-4 was first conceived a couple of years ago. However the PAM-4 scare appears to have hit INFN shares after Microsoft announced earlier this year that it would deploy Inphi PAM-4-based optics for Data Center Interconnect (DCI). As the chart shows, INFN shares […]
Read More$BABA Corporate Governance Discount?
“Corporate Governance” represents a broad category of issues that typically indicate some form of mismanagement at a company. Investors become concerned when they do not fully understand a company’s reported financial data or do not understand or agree with the company’s (un)stated plans for use of cash. Such concerns commonly translate into a severe valuation […]
Read MoreIs $MBLY Valuation Risk Priced In?
When a relatively recent IPO is trading at ~30x Revenues (MBLY traded at EV/S TTM multiples of ~25x to 100x since IPO), is owned by high-quality investors, and there does not seem to be a legitimate bear case to be easily found, there is usually cause for concern. The concern is that everyone (sellside and […]
Read MoreInstitutional vs. Retail – What You Need To Know
Within the financial services industry, professionals commonly distinguish between two broad classes of services – Institutional vs. Retail. “Institutional” refers to institutions like hedge funds, mutual funds, pension funds, etc., i.e. a collection of demanding “sophisticated” investors, who are assumed to know how different financial products are supposed to work. In the chart below, everything […]
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acteve Model Portfolio
The acteve Model Portfolio (aMP) is an actively managed concentrated value portfolio. In the aMP, every aspect of the portfolio is controlled in order to accomplish the stated goal – One example of an investment goal would be to outperform the market (e.g. S&P 500 index) over rolling 5-year periods. Controlling the portfolio involves two […]
Read MoreSuperior Transparency through a Unique Structure
acteve LLC is an investment advisory firm based on ideas I have previously discussed here, as well as in my book. Unlike the “pooled assets” model commonly used by mutual funds and hedge funds, I believe advisory services provided for client-managed accounts can enable a superior alternative for the purpose of providing maximum transparency to […]
Read MoreWhat’s a Convolutional Neural Network?
The popular name for Convolutional Neural Network (CNN) these days is “Deep Learning” (DL) or Deep Neural Network (DNN). Researchers at Google, Facebook, IBM, Nvidia, and potentially a number of other companies are experimenting with their own variations of DL algorithms based on CNN. Twitter recently acquired a company called Magic Pony to increase focus […]
Read MoreAre Self-Driving Cars Safe?
Well, clearly not safe enough to deal with a high-riding tractor trailer at freeway speeds, yet. Media reports suggest a self-driving Tesla (on “autopilot”) was involved in a fatal crash a couple of months ago. While all the details about the circumstances of the crash will probably not become available until after a full NHTSA […]
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