The Russell purge
Russell rebalance Before we dive into our thematic updates, we’d be remiss if we didn’t touch on the Russell rebalance this Friday. This is one of the few calendar events where fund flows overwhelm fundamentals. David Einhorn famously used the example of jelly donuts: one is good, two are ok, and a dozen is fraternity…
Event-Driven trading: Why stock buybacks?
With our resolutions out of the way, lets spend a bit of time chatting buybacks since they have been the massive factor outperformer in the past few years. See chart below using Russell as the underlying universe: As inflection investors, we are often presented with two scenarios 1) industries that have been left for dead…
January 7, 2024, Vol. 158
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