Some highlights from this weekend’s Event Driven Monitor
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The Event of the Week
Buckle up!! We’ve got a lot to cover this week.
Let’s start with the elections. We have no idea who wins. Every data-set for early voting returns is showing Trump dramatically outperforming 2020. In a fair election, this looks to be a landslide where Trump takes each battleground state, and maybe picks up a few fringe states like VA, where he’s only down a point or 2 in the early voting analysis. Unfortunately, this won’t be a fair election….
Moving from the unpredictable and back to the terra firma where we tend to thrive, we’re gonna sh!t on some shibboleths here and talk bearishly about Bitcoin.…but what about “Project Zimbabwe??” Ohh… it’s coming. But it’s not coming to assets valued at 30x or more.
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Kuppy’s Tweet of the Week
Chart and Kliff Note of the Week
Priced Secondaries Monitor: BA popped their anticipated $16b offering (plus $5b in depository receipts) for a cool $21b. With fresh capital, a fresh CEO (who spends his time in the factory), dismantling their famous DEI program, and the strike eventually ending, maybe this raise marks the bottom for an eventual re-rate?? KEDM may start tracking DEI Dismantles as the next big Monitor…
13D and Activist Campaigns Monitor: ASTL-Canadian Steelco Algoma caught an Toronto-based activist, as Maple Rock Capital (5.9% owner) filed a D. Boilerplate filing, but this sentence caught our attention: “In particular, among other things, the Reporting Persons are seeking to engage in discussions with the Board, which may include an increase in the size of the Board and the designation by the Reporting Persons of an individual for appointment to the Board”.
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Friends of KEDM
- Our friend Max Wiethe had his first episode of Other People’s Moneypodcast – interviewing Muddy Waters’ Carson Block.
- KEDM’s Happy Hour guest Basil Mohr-Elzeki was also interviewed by Jack Farley here – The Great Millionaire Migration.
Kuppy’s Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.” One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!