KEDM Lite Vol. 11
This week’s additions and highlights 1. SPIN-OFFS Honeywell (HON US). It might be a good time to look at Honeywell, which recently corrected on rather poor results. The company is preparing to separate Aerospace, while also selling non-core businesses (last one is PSS to Brady for $1.4bn). Aerospace faced a tough Q1 on supply chain…
Reflexivity going in reverse
Reflexivity going in reverse Let’s think back to the 2010’s. The FED had just introduced ZIRP, and TINA (there is no alternative) was the talk of the town. In search of yield, wealth managers shifted their bond allocation to blue-chip dividend stocks. In contrast, traditional dividend investors moved up the risk curve to anything that…
KEDM Lite Vol. 10
This week’s additions and highlights 1. SPIN-OFFS AB Foods (ABF LN). Generally, it is too large for Lite (and thus KEDM Pro material), but still good to flag. Interesting day today (April 21) for AB Foods, with the company confirming plans to separate Primark from its food operations. Primark generates over half of group profit,…
Nicotine Pouches
Nicotine Pouches Even though we consider ourselves value investors, we are only interested in investing in industries with a tailwind. Most consumer businesses have been struggling for the better part of 4 years, and despite rock bottom valuations, consumer is a hard place to make money. With that in mind, let’s talk about what has…
KEDM Lite Vol. 9
This week’s additions and highlights 1. SPIN-OFFS G2 Goldfields (GTWO CN). G Mining is buying G2 Goldfields in a C$3B all‑share deal. G2 holders get 0.212 G Mining shares (C$10.84 value), plus shares in a new exploration spin‑off (G3 SpinCo). The spinco will hold interest in all the remaining G2 properties that G Mining isn’t…
SPACs
Special Purpose Acquisition Corps As part of our tutorial series, we wanted to dive into our SPAC monitors and explain why, despite their track record as value destroyers, we continue to track SPAC deals. Many of our subscribers know all there is to know about SPACs. If that’s you, we advise you to scroll through…
KEDM Lite Vol. 8
This week’s additions and highlights 1. SPIN-OFFS AnaptysBio (ANAB US). ANAB announced that it plans to explore separating its business into two independent, publicly traded companies in 2026.UPDATE (March 31, 2026) AnaptysBio approved the spin. First Tracks (TRAX) is expected to begin trading around April 6. The set-up here is interesting in that it will…
Competing against Banks
Competing against banks While we are working on the next fat thematic pitch, we wanted to look at the various industries that compete with the traditional banking sector. Three of the current KEDM themes directly compete with banks: payments, futures commission merchants (long vol), and mortgage servicing / origination (existing home sales). Ever since the…
KEDM Lite Vol. 7
This week’s additions and highlights 1. SPIN-OFFS Addvalue Technologies (ADDV SP). Addvalue is exploring a range of options to maximise the value of its inter-satellite data relay (IDRS) system. A spin + US listing seems to be probable choice. US peers are trading at much higher valuations, potentially unlocking even US$200-300m according to some analysts…
Shorting Through the Cycle
From White Monkey to Project Shitadel Freddy Brick has been with Muddy Waters since 2014, but he got there in a fairly roundabout way. He graduated into the 2009 European job market. At one point, he was down to a final-round interview at Bank of America, only to find himself competing with candidates flying in…