Going through 10K now (350pp). This is good, NOI came in a $4M more than my $70M estimate and land sales and operating income from RE affiliates both had great years (up 42% and 51%). The best part remains that 2015 still looks to be an even better year with major operating properties coming online…
Going through 10K now (350pp). This is good, NOI came in a $4M more than my $70M estimate and land sales and operating income from RE affiliates both had great years (up 42% and 51%). The best part remains that 2015 still looks to be an even better year with major operating properties coming online…
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…
