Tanmoy Datta

The S&P 500 is now up more than 20% year to date through the third quarter. Underlying the strong return of the index are signs of a healthier – and more balanced – equity market. Read our expert analysis. #stockmarket #investors #SP500

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The S&P 500 is now up more than 20% year to date through the third quarter. Underlying the strong return of the index are signs of a healthier – and more balanced – equity market. Read our expert analysis. #stockmarket #investors #SP500

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Intel starts week as top gainer in Dow Jones on talk of $5 billion Apollo investment Intel (INTC) stock was the best performer in the Dow Jones Industrial Average (DJIA) on Monday, besting the likes of Visa (V), Walmart (WMT) and Boeing (BA). Shares of the struggling semiconductor closed up 3.3% on the day as Apollo Global Management was in discussions to invest $5 billion. The up to $5 billion offer from Apollo, a large alternative asset manager, was being considered by Intel management, according to a Bloomberg story from Sunday. The news comes after a late-breaking story last Friday about Qualcomm’s (QCOM) possible interest in acquiring Intel outright. It would be a massive M&A story. Despite collapsing in value by more than half year to date, Intel still has a $90 billion market cap. Qualcomm is worth a little less than $200 billion. 

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What private equity return should you rationally expect? Calstrs aspires to 150 BPS over, with a dauntingly large $300B+ AUM Many undepicted Z-axes: Governance, strategy, balance of lower AUM but well resourced investment teams, etc

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Pitchbook LCD's "Leveraged Loan Primer" is still one of the best short resources from someone new to credit markets. While leveraged loans i.e. syndicated loans are traded, much of the vocabulary and terms are used in direct lending, and the two markets are immediately adjacent and often in a state conflict or cooperation. I would recommend this primer to any young person hoping to enter credit investment banking or the buy-side. https://lnkd.in/enTD9NWd

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Ten-year yields have climbed to new three-month highs above 4.30%, marking their highest level since July. This rise is partially due to stronger-than-expected U.S. economic data and concerns over potential inflationary pressures if Trump wins next week’s election. SOFR markets are now factoring in a 94.9% probability that the Federal Reserve will lower interest rates by at least 25 basis points, moving from the current 4.75%-5.00% range, after its November 7 meeting, based on data from the CME FedWatch tool.  Just a month ago, markets estimated a 53.3% chance of a 50 basis point cut, but that probability has now dropped to zero. Upcoming data releases include the Fed’s preferred measure of inflation, the PCE index, on Thursday, followed by payroll numbers, both of which are expected to shape the policy decision on November 7.  We also have focus on the Bank of Japan (BoJ) as they are anticipated to keep rates steady, which may shift focus to the Yen, particularly after its 10% rebound from lows recorded on September 16. #InterestRates #Fed #Boj #Markets

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This is the best summary / decision tree for #directindexing, I've ever seen. One use case that's missing though, is the correction for concentrated positions, e.g. in the case of stock options of people working for large corporates. Another one is faith-based investing, since most ESG funds are not sufficiently covering that topic - Taber Johnson and Reid J. Steadman can tell you more!

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A new wave of opportunity in private credit markets could enhance risk-adjusted returns and diversify portfolios. What’s driving this potential, and how should investors integrate private credit? Read the full piece for the concrete steps from consideration to implementation we think are sensible.

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Lenders are losing confidence in the predictive ability of traditional credit data alone. Learn how they’re leveraging #alternativedata to manage risk and remain profitable. Contact me to learn more and download the white paper today!

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I have a client who brought on a new manager with a complex multi-asset strategy (swaps, exotic products, etc.) – all while maintaining their existing equity portfolios. Fast forward a few months. As the client continued to grow with more accounts, they realized their existing on-prem platform was making it hard to support additional strategies and products. And hiring more employees to support complex manual workflows was not an option… The solution? Selecting a more agile and flexible platform like Enfusion. With Enfusion, they were able to seamlessly integrate new strategies into their portfolio by: - Simplifying data management - Leveraging built-in multi-asset class support   - Improving operational efficiency via automation “We couldn’t manage the growth in accounts that we’re seeing without hiring more people…but with Enfusion, we can have one person run as many as ten managed accounts.” It’s never easy converting to a new platform, but it’s even more important to be able to pursue new business priorities without operational drag. Don’t get left behind because of legacy tech.

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$ATGE Entered Buy position at $ 75.30 Stop Loss at $ 72.25 First Take Profit $ 84.45 (the rest of the position is going to be EXITED according to the chart and the price action).

Are you getting the most out of your collateral? My colleague, Ryan Bond, CFA, MBA, PMP, explores ways to do just that in his latest article. #Investmentmanagement #Assetmanagement #InvestmentOperations #collateral

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Those of us who have been in the non-investment grade credit industry long enough remember a time before all these adjustments became standard operating practice. Here are just a few such adjustments that I view with a bit of skepticism: 1) "One-time" or "Non-recurring" charges that appear every quarter for years. 2) Forward looking cost savings to be actioned, sometimes over the next 24 months. Hopefully they will not impact future revenues. 3) Add-back of PE sponsor/mgmt fees. 4) Future price increases....but of course, no adjustment for future cost increases. Mr. Richards is absolutely right in saying you need to go back to the underlying financial statements and understand real free cash flow. As I told junior analysts who worked with me, "Let's go to the tape."

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What a morning! Heard from our “new” CEO, Salim Ramji. A few of my takeaways: -Our Cash product will extend the Vanguard effect to yet another product category. Disruption like our founder Jack Bogle created with indexing. -Our clients see themselves as Vanguard clients, not 401k or direct. We need to serve them well across Vanguard experiences; it doesn’t matter what our business divisions are. -We can and should democratize fixed income investing. -As a Vanguard leader you can’t love Vanguard if you don’t love our clients. We have the opportunity and responsibility to understand, know and feel what our clients experience. #lifeatvanguard #leadingwithpurpose

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