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Special Situations Newsletter: October 2021

Special Situations Newsletter: October 2021

The market was starting to show signs of weakness early in September with all three major indices falling in unison. The excess and exuberance appear to have finally caught up with the market. The S&P 500 dropped 4.76% for the month and… Please check out the full newsletter from the attached PDF.  

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Special Situations Newsletter: September 2021

Special Situations Newsletter: September 2021

We’ve had one of the most unusual years in history with raging wildfires scorching large swaths of the West, icy weather knocking off the power grid in Texas and extreme storms plunging parts of Louisiana in darkness. All of this occurred against the backdrop of multiple waves of a pandemic that… Please check out the full newsletter from the attached PDF.

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Special Situations Newsletter: August 2021

Special Situations Newsletter: August 2021

M&A activity has been red hot in the United States with deals worth nearly $800 billion announced this year and several deals receiving competing bids that pushed up the value of the deal much to the delight of arbitrageurs. There have also been concerns about regulatory challenges to deals and we saw a few deals fall apart recently on account of … Please check out the full newsletter from the ...

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Special Situations Newsletter: July 2021

Special Situations Newsletter: July 2021

Through much of the month of June, as I looked at various investment opportunities, the one thing that stood out was just how well companies were performing despite the pandemic and in some instances because of the pandemic. On a recent trip through Las Vegas and Zion National Park in Utah, it became evident that for most intents and purposes, the pandemic was over. Even California officially opened up two ...

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Special Situations Newsletter: June 2021

Special Situations Newsletter: June 2021

2021 is turning into a year of records. We have had a record number of IPOs this year (including SPACs, regular IPOs and direct listings) with 496 IPOs in the first five months of this year compared to 480 IPOs in 2020 and just 232 in 2019. We have also seen a record number of share buyback announcements with 2021 numbers eclipsing half a trillion dollars compared to … Please ...

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Special Situations Newsletter: May 2021

Special Situations Newsletter: May 2021

The advance estimate for first quarter 2021 GDP was released a couple of days ago and points to strong growth of 6.4%, which puts us almost back to pre- pandemic levels. Not adjusting for inflation, “current-dollar GDP” registered … Please check out the full newsletter from the attached PDF.

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Special Situations Newsletter: April 2021

Special Situations Newsletter: April 2021

SPAC IPOs hit another record in March 2021 with 111 new SPACs formed during the month compared to the previous record of 96 IPOs in February. To put this in perspective, we had only 3 SPAC IPOs last March and… Please check out the full newsletter from the attached PDF.

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Special Situations Newsletter: March 2021

Special Situations Newsletter: March 2021

The last year has been an unusual time to be an investor in public markets. We experienced a lot of risk and, if positioned correctly, significant rewards against a backdrop of a raging pandemic, riots, wildfires and … Please check out the full newsletter from the attached PDF.

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Special Situations Newsletter: February 2021

Special Situations Newsletter: February 2021

The stimulus fueled bubble we discussed in our January 2021 Special Situations newsletter shifted its focus from cryptocurrencies, alternative energy companies and high growth stocks to find a new target in traditional brick and mortar retailers. Traditional retailers that had not transitioned effectively into a hybrid model either went bankrupt or languished in deep value territory. These value traps or melting ice cubes made a forceful comeback in … Please ...

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Special Situations Newsletter: January 2021

Special Situations Newsletter: January 2021

Happy New Year. The year that we just left behind defied all expectations in myriad ways. Western economies were not expecting nor were prepared for a global pandemic that came back even stronger in a second wave this Fall and Winter. Nor were we expecting the rapid pace of stimulus that left U.S. consumers with more than $1 trillion of … Please check out the full newsletter from the attached ...

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