1.Evolution is our top pick heading into February. We assess the company’s moat and long-term growth rate as highly misunderstood and often viewed upon with, in our view, undeserved skepticism.

2.We view the acquisition of NetEnt as a rare combination of revenue and margin expansion with tangible opportunities to leverage upon. It is our understanding that Evolution will further strengthen the offering and move more towards becoming a one-stop-shop for operators.

3.With the help of NetEnt’s offering, Evolution will be able to penetrate new markets faster. Furthermore, we assess that Evolution, who are known for their innovation, will infuse new life into NetEnt’s own product line.

4.We also see synergies from the acquisition on the cost side. Evolution’s management is renowned for running a tight ship with a focus on profitability, something we got a glimpse of as they announced a large restructuring on the day of the acquisition.

5. In addition, from our research, Playtech’s largest competitive advantage compared to Evolution is its ability to offer more services than just live casino.

Would you start your career as a model validator in a major bank if you hope one day to become a front office quant?
@GARP_Risk @actuarynews
@Actuary_Dot_Org @actuarialpost
@iSixSigma @artemisbm @SOActuaries
@CQFInstitute @aier @CFAinstitute

Many Financial / Middle Office Risk and other Quantitative Economics/ Financial Market-led research roles interface at one level or the other across FIs.
I don't know if a bank uses Employee Rotation, to foster employee learning, training and development across the 3LOD Model?

But, most of the banks, in the Advanced Markets, to use job rotation as a tool, to disseminate professional knowledge and understanding of financial market operations, among their employees.

I started my career as a Derivatives Dealer in the front office, but later ended up in the Middle Office Risk Control Unit, and further onwards in my career, moved directly into the Front Office, as a Fund Portfolio Risk Controller

Model Risk Assessment and its Validation now exists as an independent function among most of the large banks, funds and insurance firms.

$NOVN DD Thread (1)

Title: A fundamental analysis covering the most important and valuable information about the recently published 10-Q report of Novan Inc. An in-depth discussion on certain formulations and developments in the area of equity financing and investor interest.

$NOVN Disclosure: This thread is based on in-depth research. In this context, all of the formulations used herein in relation to the quarterly report are backed up by facts. Only thoughts going beyond this are to be regarded as highly speculative. No Investment Advice.

I. Summary of the financial overview

Let‘s start with a look at some numbers on the balance sheet: Total current assets have been increased significantly compared to December 31, 2019. With cash and cash equivalents in the amount of $43,072M we can see that $NOVN...

...has successfully raised capital through different financial options. (I‘ll go into this in more detail in the next chapter.)
In its consolidated financial statements, $NOVN clarifies how this initial financial situation will affect future operating business.

This statement indirectly suggests that the next phase of growth will be dedicated to investors and shareholders. It can be said in support that the term "increasing / maximizing shareholder value" has been used more frequently in recent weeks. $NOVN

#AXXAers a short(ie #shortsqeeze hopefully) #update on one of $AXXA’s #VC companies:
1/

$AXXA Great #zoom call over the weekend w/our #French #VentureCapital Office. We received confirmation of a #USD $250,000 #INVESTMENT into one of our early-stage startups from a reputable international #VC funder.
(let's focusing on #VC before we move to other divisions)
2/

$AXXA Our #French #VC Group will be increasing its stake in this #startup. For confidentiality reasons, we will not disclose the name of the #funder until the second #stage #Funding round is complete.
3/

A little about #axxaVC: $AXXA #VC company invests in a range of technologies including #Robotics, Hardware, IT, #Health & #Biotech, and #VR and #AI technologies. These are areas where the direct application of technology makes a real, measurable difference in people's lives.
4/

$AXXA The #VC subsidiary company that just received its Second Round funding develops #Virtual #Reality (#VR), #Augmented #Reality (AR), and #Mixed #Reality (#MR) technologies. Their #technologies are cost-effective motion trackers for multiplayer full immersion #VR zones.
5/

The Megaphone Report for Wednesday, January 13.

Today’s report is an Oxford University / AstraZeneca vaccine special. First - Australians deserve the most expensive of vaccines.

The purchase of the vaccine is compared to the NBN rollout and corruption is suggested.

Corruption was a running theme connected to the AstraZeneca vaccine purchase - especially in relation to D. Sharma.

Brand shopping was another theme, with demands that Australians must have the best.

1/ THREAD: Long ImmunoPrecise Antibodies (IPA- Nasdaq)
$IPA is my largest holding since mid-2020, I haven't sold a share

This thread is just the peak of the iceberg as IPA has made such progress that highlighting all on a thread isn't possible, apologize for lots of omissions

2/ IPA is composed of 2 businesses:

The CRO (Contract Research Organization) and Talem Therapeutics.

Both the CRO and Talem are on fire. The CRO is growing at +50% with GM of 60% and Talem (drug discovery company) has several programs with some about to start Phase 1.

3/ Current Market CAP 315MCAD /250M USD
SO: ~16M
Rev run rate ~20M CAD- Growth 50%
Cash: 16M CAD

4/ Let’s start with the CRO. In the antibodies space, IPA is the ONLY CRO that offers a complete end-to-end service from concept to clinical trials

5/CRO's revenues are growing at 50%, with 60% gross margins (the CRO industry has ~12%margins), IPA has more than 70% of the top 20 pharma as clients, more than 500 total clients, EBITDA positive, $16m in cash and run rate revenues of ~ $20M for this fiscal year

$TSM: Fueling the Future of Computing

Taiwan Semiconductor Mfg. Co. (TSMC) has become the leading manufacturer (fab) of semiconductor chips by capitalizing on a series of egregious missteps at $INTC

This is *not* a buy rec, but rather info for when it's actionable

A thread👇

1/ The Basics

The first "pure-play" foundry -> enabled the rise of the "fabless" (i.e. design-only) industry

A foundry ("Fab") manufactures microchips (integrated circuits "IC") for customers such as fabless chip companies.

Fab only = sole focus on better process technologies

2/ First Mover

The leader in chip mfg. is the fab that can get to the next “process node” first

Process Node (“Tech”): Used to indicate feature size of transistor - > now marketing tool for chip generation

As @GavinSBaker wrote in Jan '19, TSMC passed INTC at the 7nm node

3/ Market Overview

All electronics = powered by semis

3 Types of Companies:

1. Integrated Device Mfgs. (“IDM”): $INTC, KOSE: A005930, $TXN, $MU

2. Fabless: $NVDA, $AMD, $QCOM, $AVGO

3. Fabs: $TSM, $UMC, $SMICY, GF

Market Size: Semis power all electronics…

4/ Technology Advantage

Tech dominance while other foundries can’t keep up (GF dropped out at 7nm)

Tech advantage -> customer additions ($AMD from GF)

1) 5nm already in production
2) Specialty tech (5G)
3) Advanced Packaging

TSM: 52% market share

Manu leader + Ecosystem

Here’s what happened so far -- and how GOP is misreading.

Biden puts out $1.9 trillion relief bill, indicates he’s open to negotiation w/GOP and want’s bipartisan bill, while stressing urgency.

GOP slams it, pretty much says it’s dead on arrival. But...

…GOP doesn’t offer a counter-proposal/engage in negotiation. A typical McConnell move, and he’s clearly directing.

They expected that Biden would come back again with yet another pared down proposal, thinking we’re in 2009 or something.

But he doesn’t.

Instead, Democratic leaders indicate they’ll do it via budget reconciliation, 51 votes, if GOP doesn’t want to get aboard.

Biden reiterates he’d like it to be bipartisan, but if that’s the way it’s got to go, so be it.

No ifs, ands, or buts.

Susan Collins then faints on the couch — feels “betrayed.”

Betrayed for what? Not having a Democrat bow to her?

Of course she’s sent out as a McConnell stalking horse.

But that doesn’t work either.

So very concerned Susan Collins writes a letter to Biden with several other faux-moderate GOP senators, finally offering a counter-proposal because they’re desperate, their plan backfired and don’t want to be seen not signing a relief bill.

With $50-$500 dApp interaction fees, DeFi mainly just caters to the whales

Major DeFi apps launching on Layer 2 can 10x the number of DeFi users

2021 is the year it happens

But DeFi apps will be launching across a host of different L2s - zksync, Starkware, Optimism, Matic, etc

With long or costly exit times moving between L2 to L1 to a different L2 users don't get the real DeFi UX that make it so magical

Luckily, @thorchain_org exists

People talk about Thorchain in the context of connecting other L1s, but most L2s are separate blockchains themselves that can just as well connect to Thorchain

This means that if Thorchain bridges were built for say Optimism & zksync, users would not need to go through the cumbersome process of moving to L1 first and could instead trade their Optimism coin for the same version of that coin on zksync in one tx

And since transactions on L2 are fast and cheap, so would the transaction to transfer assets between those chains

The UX for moving between chains is dramatically simplified and Arbitragers/Market makers will ensure that the version of each coin is pegged across the L2s

Why You Should Give Out Your Best Content for FREE to Land More Clients and $$$ (In ONE PDF)

If you’ve taken @PaikCapital “The Agency Course” this is a MUST READ

-THREAD-

What the hell are you talking about?

Yes, you heard me, you will get more clients when giving out your best content for free.

And it’s all in ONE pdf.

Hang with me..

Now, here’s why you should do this

Basically…

You will create an authority feeling around yourself as an agency to your niche when you do this.

You will be the go-to agency in this area.

People will then WANT to work with you

You will be the master among the people who do the same thing as you.

That's why you want to give it all away, reveal all your “super-secrets”.

In one pdf.

Let’s take an example

Let’s say that you’re running an agency that’s helping eCommerce businesses increase sales with Facebook ads.

When prospects (eCommerce owners) come onto your landing page, you want to collect their email addresses because they can become future clients, right?

The truly violent nature of the US neoliberal bipartisan political establishment is revealed in its commitment to funding racist, militarized police forces above funding healthcare & housing. The same ones who scoff at “defund police” also scoff at funding universal healthcare 1/

They put immense energy toward maintaining a veneer of “civility” by wearing high-priced suits, adhering to a certain decorum with one another & engaging in performative governance. But their policies, words & actions reflect the truly violent nature of their character. 2/

These are people who see little distinction between property & human life, particularly the lives of the poor, nonwhite &/or marginalized. It’s not surprising—given that this is the value system of those who established the nation in the first place,... 3/

...that those most comfortable in the modern day establishment would share this same general viewpoint.

These are not individuals who oppose violence in principle but who instead want to monopolize the use of violence in their roles as gov’t officials & the political class. 4/

What ultimately made the Trump era disruptive to the bipartisan establishment wasn’t racism or violence—the establishment upholds both & he still enjoys support from the majority of Republicans and white voters—but that there was no veneer of civility. 5/

I devoured 50 years of Warren Buffett shareholder letters.

The result?

12 timeless principles from the greatest investor in the world.

Here are the golden nuggets🧵

The Orangutan Effect

"If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will exit thinking more clearly yourself."

Teaching others actually teaches yourself.

2022

The Faulty Premise Framework

“A horse that can count to ten is a remarkable horse - not a remarkable mathematician.”

Beware your comparison set.

Are you judging crappy relative performance or absolute results?

1985

Pick the Right Business Boat

The business boat you get into is more important than how effectively you row.

“When a brilliant management team tackles a business with a reputation for poor fundamental economics, the reputation of the business usually stays intact.”

1985

A Rising Tide Doesn't Lift All Bonuses

"Good performance should be rewarded whether Berkshire stock rises or falls.
Average performance should earn no special rewards even if our stock soars."

Judge for individual performance or risk free riding on group success.

1986

Voting on the first $ZIL governance proposal has just ended. The proposal has passed with a resounding YES, which means that the community has now agreed on the rules for future decision making.

Time to analyze, introspect and see how to make this better next time. A thread 👇

1/ 348 different wallets voted. It may appear to be low given that 25,304 were holding $gZIL before the voting started. But, if you compare with other projects, it is in fact quite high. The last voting on YAM had 4 participants, 177 on YFI, 91 on SUSHI, 30 on UNI and 8 on SNX.

2/ Since 1 $gZIL = 1 vote, the total number of $gZIL used for voting was around 26,694, while the total number of $gZIL captured in the snapshot was 130,481. This translates to around 21% $gZIL being used for voting. The largest voter had 2,479 while the smallest had 0.002 $gZIL.

3/ In order to better understand the voter diversity, we looked at their $gZIL holding. As you can see, only 1% of voters who hold less than 200 $gZILs voted. And generally speaking, it looks like the voting participation was high among those who hold larger number of $gZILs.

4/ As pointed out by @jdune23, one explanation for low participation among users in the smallest $gZIL holding group could be that most of them are staking via Moonlet or Atomic. There was no straightforward way for them to vote.