Valuation Models for Biopharma Stocks -M&A Update In October 2013 we compared emerging biotech stocks after the acquistion of Onyxx Pharmaceuticals by Amgen (AMGN). Now that rumors are “out there” for the acquisition of Pharmacyclics (PCYC) by large healthcare companies such as Johnson and Johnson (JNJ) and Novartis (NVS) we can compare valuations. The $11B++ range is…
The past year month has been flowing into risk on assets like US equities. And when money is flowing into one investment class there is typically an outflow in others. Commodities in general have been beaten up bad but there is some money to be made here using the livestock COW ETF. I is amazing…
Investment A vs. Investment B Investment capital is always looking for a home. Stocks continue to benefit from easy money policies around the globe. From Reuters: “Money is continuing to pour into the (equities) market because of low interest rates, and although stocks are somewhat expensive they’re not overly expensive,” said Stephen Massocca, chief investment officer…
Global Macro Quagmire or Cosmic Soup? The global macroeconomic picture has undoubtedly been mired with a great deal of confusion as markets quickly react to critical negotiations underway in Greece, at ASEAN over Chinese currency policy and whether Crude has bottomed out around a price level that can be maintained for the foreseeable future as…
This is my second column for the Illinois Policy Institute, where I am now a senior fellow. The article was written well ahead of the Moody’s downgrade of Chicago pensions last Friday, with a final edit made on Friday, and posted then on the IPI website. Illinois Pension Plans 39% Funded A “Special Pension Briefing” last…
By Alhambra Investment Partners China Steering Away From or Back Toward Bubbles? The confusing nature of the PBOC’s actions in the past year or so has led now to publications of theories over a potential power struggle at the central bank. While finally acknowledging that last year was all about “targeted” approaches to monetary “guiding” economic…
(Reuters) – It’s not all politics and no play in Washington, D.C. For business travelers like WeWork cofounder Miguel McKelvey, the nation’s capital has plenty to offer the professional-on-the-go. McKelvey frequently makes the train trip from New York City to D.C. to visit the company’s two locations, both of which opened in 2014. WeWork provides…
The auditors of wind turbine maker Suzlon have expressed concern over the company’s financial health as faces liquidity issues and is yet to make payments to its lenders and vendors. In a review report to the stock exchange the auditors said: “The unaudited standalone financial results of the company indicate that it has overdue amounts…
(Reuters) – Finance officials from the Group of 20 leading economies sketched an uncertain outlook for global growth on Tuesday and vowed to use monetary and fiscal policy if needed to stem any risk of stagnation. The United States urged nations at the G20 meeting not to resort to currency devaluations to boost exports, an…
Differences in race, religion and sexual orientation have erupted in violence around the world recently, making it all too clear that tolerance is an ideal that our societies haven’t fully achieved. What isn’t well known is that economists have been studying tolerance and its preconditions for many years, discovering some fascinating yet also unsettling truths….
