Tag Archives: Financials

[MCO – Moody’s] The Self-Reinforcing Standards Moat

Moody’s is one of the big 3 Nationally Recognized Statistical Rating Organizations (NRSROs), a title bestowed by the SEC on a handful of credit rating agencies, the top 3 of whom act as an oligopoly in the US debt ratings gambit.  As you well know, Moody’s (and S&P and Fitch) fell into disrepute during the […]

Quick Blurbs [MSCI, Paypal, S&P Global]

[SPGI – S&P Global, MSCI – MSCI Inc.] New indices are created every day as passive strategies flourish and investors invent ways to track exposures across asset classes, geographies, sectors, and market caps.  They are stamped with the imprimatur of a well-known provider, validated with fresh pools of capital, and before long, become indispensable benchmarks or […]
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Quick Blurbs [American Airlines, Amazon, Alphabet, Oaktree, Public Storage]

(2,596 words) [AMZN – Amazon] Per this PYMNTs article, Amazon Pay, which represents yet another instance of Amazon broadening and then tightening its grip on the e-commerce ecosystem, seems to be gaining rapid adoption.  Amazon Pay – like PayPal, Masterpass, and Visa Checkout – is a button placed on an e-retailer’s checkout page that enables quick […]

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Quick Blurbs [Alliance Data, American Express, Bank of America, Interactive Brokers, CarMax, Supervalu]

(4,146 words) [IBKR – Interactive Brokers] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage […]

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[OAK – Oaktree] Valuation Attractive on Normalized FRE

I looked at some Alternative Asset Managers (BX, KKR, CG, FIG, and OAK) a year ago as the group traded at depressed multiples and invested in OAK because I get Howard Marks’ investment philosophy (which seems to strongly imbue the organization despite Marks’ largely figure head status today) and frankly, I found the other names too […]

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