KEDM Lite Vol. 6
This week’s additions and highlights 1. SPIN-OFFS Frontier Nuclear and Minerals (FNUC US). Snow Lake recently rebranded to Frontier Nuclear and Minerals, reflecting its pivot away from lithium toward US nuclear fuel. The company wants investors to see it as a nuclear‑focused platform, with uranium projects in Wyoming and Colorado and exposure to enrichment and…
Trading the Chaos
Last week, we wrote about how the market’s unrealistic expectations of how easy it would be to reopen the Strait of Hormuz. For decades, the market has speculated about a worst-case scenario: Iran closing the Strait of Hormuz. Yet when it finally happened, we found ourselves numb to geopolitical risk, confident that Trump’s tolerance for…
KEDM Lite Vol. 5
This week’s additions and highlights 1. SPIN-OFFS MiniMed Group, Inc. (MMED US). MiniMed recently started trading independently after spinning from Medtronic (MDT). As previously mentioned, this is an interesting spin to keep an eye on, as the unit is ~10% of total revenues but is one of the key growth drivers of the group, and…
Strait of Hormuz
It increasingly looks like Trump convinced himself that killing the top hundred guys in Iran would somehow fix Iran. It did not. So now we appear to be moving to plan B: the classic Washington strategy of bombing things until they resemble a parking lot. There is just one small issue. Iran’s best negotiating chip…
KEDM Lite Vol. 4
This week’s additions and highlights 1. SPIN-OFFS Trump Media & Technology Group Corp. (DJT US). Trump Media is considering spinning off Truth Social via SPAC Texas Ventures Acquisition III (TVA). This would separate the social platform from Trump Media’s expanding mix of businesses, which now includes nuclear energy, finance, and crypto after last year’s unusual…
Going to America – Index Changes
The market is trying to make up its mind on whether to sell off because AI is going to make us all unemployed, or because SCOTUS struck down Trump’s tariffs, thereby invalidating all the trade deals that were made over the last year. Just when we were hopeful that January’s PMI print was the start…
KEDM Lite Vol. 3
This week’s additions and highlights 1. SPIN-OFFS Ramsay Health Care (RHC AU). Ramsay is planning to spin‑off its struggling European arm, Santé, expected Q4 26. This immediately revived the takeover angle here. By carving out the lowest‑margin, most complex part of the group, Ramsay removes the very obstacle that derailed KKR’s 2022 bid. The CEO wouldn’t…
The Return of the Fallen Angels
When KEDM was launched back in 2020, one of the most popular sections was the Fallen Angel monitor. This monitor flagged a handful of companies that had fallen completely out of favor and whose shares traded at inexplicably low prices. As the saying goes: You can make a lot of money when something goes from…
KEDM Lite Vol. 2
This week’s additions and highlights 1. SPIN-OFFS Arko (ARKO US). Convenience store operator Arko recently completed the spin of its wholesale fuel distribution operations, ARKO Petroleum. Ticker APC. Interesting to keep an eye on this one given the big business differences as well as Arko’s focus on debt reduction. Realbotix (XBOT CN). It is generally indeed smart…
Reflections on the Energy Trade
This week, Transocean (RIG) announced their intended acquisition of Valaris (VAL), thereby further consolidating the offshore drilling space. At KEDM, we have been involved in offshore energy since both Noble (NE) and VAL emerged from bankruptcy in 2021. With clean balance sheets and a slowly recovering energy market, we believed both companies were well positioned…