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    Hey guys,

    I'm Jean. I'm an American doing an MSc in Finance and Financial Law in the University of London. I manage an investment partnership focused on undervalued equities and distressed debt. I look worldwide, across all asset classes, for opportunities.

    In this blog I'll be talking about my investments, the global investing landscape, thoughts on investing and finance, and more.

    Here is a link to my Wordpress blog.

    Feel free to follow and comment, whether you're an investor, interested in investing or simply want to know more about finance and the world.
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    Update No. 14: Portfolio Evaluation and Keeping Dry Powder

    The last company I bought into was a small Canadian E&P. It was selling at a market capitalization that was less than the company’s cash holdings, and so I when I bought I basically received cash and assets for free.

    Since then, I haven’t seen many interesting businesses that I could be buying into any time soon. There have been interesting cases, however, either the price isn’t right or my money is better off elsewhere.

    When I consider adding an investment, I first look at what I already own to see whether the new purchase is any better. I use the best, related company I already have as a measuring stick. If the new company I’m considering purchasing isn’t better than what I already own, then it hasn’t met my threshold, and I don’t buy it. I may then decide to add to my current holdings, look at other asset classes, or not do anything at all.

    Right now I’m at a point where keeping dry powder is the best option. I already bought into the opportunities that the commodities onslaught provided both in equities and credit. The time has come to either build up the cash war chest for future opportunities domestically, or to start looking globally.

    I usually prefer investing domestically for tax purposes and the legal system, among other reasons. However, the time has come to look abroad with a more serious eye. Fortunately,my speaking English, Spanish, Chinese and Japanese provides me with better access to markets that speak those languages. I had previously looked abroad mainly for residential real estate deals and for understanding the global picture, however I will start focusing more on equities.

    For those interested in the Japanese market, be advised that the dynamics are different. Amongst other things, equities sell in units, typically of 100 shares. Because of that, the typical Japanese investor focuses on forex rather than stocks. My experiences in Japan have also confirmed this – most of the investors I meet over there are active in currencies and not Japanese stocks.

    If any readers have experience investing globally or are interested in doing so, please contact me. I will be more than happy to share insights and explore countries for opportunities.

    Interesting links:
    Private Equity Trend Report 2016
    Paragon Offshore Says Debtholders Support Restructuring Plan
    Wyoming, Arch Coal Reach Bankruptcy Bonding Deal
    Alpha Says Lenders Offer $500M For Coal Producer’s Assets
    Political Events and Stock Market Shocks
    Startup Bets Its Magic Touch On Seeds Can Boost Crop Yields
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    Update No. 15: Keeping Track Of TheWorld

    The most important factor in future global dynamics is US-China relations.

    The US has been recognized as the global superpower in present times, however, China has been growing bigger and bigger, and so has its power. With its economy shifting and its military playing bold moves, China has been positioning itself as a contender for the title of dominant power. This is something that, surprisingly, the general population has not noticed will undoubtedly play a big role in the future global landscape. It is not a bad idea then, to stay current on developments and to learn Chinese for whatever the future may hold.

    Other interesting developments include the London Stock Exchange and Deutsche Borse merger talks and the concerns over a potential “Brexit”, Britain departing from the European Union.

    Interesting Links:
    An interesting video on US-China relations.
    London Stock Exchange, Deutsche Börse in Merger Talks
    Saudi Oil Minister: Production Won’t Be Cut to Reduce Global Supply Glut
    Japanese Seeking a Place to Stash Cash Start Snapping Up Safes
    This Year’s Biggest IPO Is a Blank Check for the Oil Business
    UK’s EU Referendum / Brexit News
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    Update No. 16: Distress and Opportunity II

    Debtwire recently conducted a survey were they asked the opinion of over 100 American hedge fund managers, long-only investors, traders and private equity investors. They provided their expectations for what 2016 holds for us in distressed. Below you can read some interesting highlights. For the full document, titled “North American Distressed Debt Market Outlook 2016,” click here.

    For the European version of the survey, click here.

    In terms of what sectors offered the most opportunities in 2016, the top five were:
    (Percentages based on number of participants who see significant opportunities)
    1. Financial Services – 51%
    2. Energy – 50%
    3. Industrials – 47%
    4. Consumer/Retail – 27%
    5. Pharma, Medical & Biotech – 27%

    Regarding which macro topics would have the most impact on distressed decision-making, expectations were as follows:
    1. Financial Reform/Regulatory Changes – 60%
    2. US Economic Outlook – 43%
    3. Issues Surrounding the Eurozone Economy – 28%

    Investors believe that the impact of the regulatory environment on securities prices would be most concerning in financial services (40%), power generation (19%) and healthcare (18%).

    Convertible bonds (54%) and equity (53%) come as the top two instruments that will offer the most attractive investment opportunities in this year. The third most popular choice was first-lien debt with 26% of votes. Surprisingly, most respondents expect that US corporate defaults will decrease in 2016.

    Most investors believe that strategic M&A, leveraged buyouts and refinancing will be the lead drivers of primary market activity. These results are similar to expectations for the previous year.

    Regarding politics, most respondents plan to vote democrat as they believe that electing a Democrat for president is most beneficial to the capital markets.

    The survey also polls on Russian sanctions, the current Caesars Entertainment litigation, interest rates and more. Be sure to read the full document for interesting insights.

    Interesting Links:
    The Newest Generation of the Humanoid
    One 3-D Printer for 21 Metals
    Creditors of Bankrupt Rare Earths Miner Molycorp Reach Deal
    Struggling Coal Companies Must Face Their Cleanup Costs – US Official
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    Hi,

    Any particular sector focus?
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    (Original post by leavingthecity)
    Hi,

    Any particular sector focus?
    Hi! Thank you for following.

    I look across all sectors for opportunities, also including alternative assets such as real estate. My focus is rather on undervaluation - exploring for sectors and businesses that are undervalued relative to their intrinsic worth.

    Do you focus on any particular sector?
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    (Original post by jcarlo)
    Hi! Thank you for following.

    I look across all sectors for opportunities, also including alternative assets such as real estate. My focus is rather on undervaluation - exploring for sectors and businesses that are undervalued relative to their intrinsic worth.

    Do you focus on any particular sector?
    Hiya,

    Cool, understood. I used to work as a junior on the trading desk of an US equity research firm in the City.

    I'm going to go to uni late (at 25) to hopefully study physics and then I'll probably go back into equity research, though I feel like I've fallen out of love with finance and the City (see username) because I've had some bad experiences to do with being a young woman in a very male environment.

    Butttttt....I saw your blog and remembered that I do deep down love equities. Weird sentence to type.

    I helped our retail analyst, best in Europe, with some research mainly on Coach COH US. I guess I know more about retail stocks than any other, though I have no accounting experience. Stocks she covered were; TIF COH RL UO AE M JCP mainly.

    I've moved into trading tech temporarily before uni, and need to keep up an interest in equities!

    What are your plans after studying? This blog is a great idea, for your CV too.
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    (Original post by leavingthecity)
    Hiya,

    Cool, understood. I used to work as a junior on the trading desk of an US equity research firm in the City.

    I'm going to go to uni late (at 25) to hopefully study physics and then I'll probably go back into equity research, though I feel like I've fallen out of love with finance and the City (see username) because I've had some bad experiences to do with being a young woman in a very male environment.

    Butttttt....I saw your blog and remembered that I do deep down love equities. Weird sentence to type.

    I helped our retail analyst, best in Europe, with some research mainly on Coach COH US. I guess I know more about retail stocks than any other, though I have no accounting experience. Stocks she covered were; TIF COH RL UO AE M JCP mainly.

    I've moved into trading tech temporarily before uni, and need to keep up an interest in equities!

    What are your plans after studying? This blog is a great idea, for your CV too.
    That's cool. Sounds like a plan. Do you plan to be based in the UK or the US?

    I see what you're saying, as I've heard it before about the gender issues. It's tough for the male analysts, so I can't imagine the pressure on females. If you love it, keep at it though. You get to learn a ton and make a lot of money.

    By what name or nickname can I call you, by the way? Wouldn't want to refer to you as "leavingthecity". Haha.

    Any interesting tech stocks everyone should have their eyes on?

    I'm currently managing a partnership (composed of US investors), and I plan on expanding and getting investors from abroad.
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    (Original post by jcarlo)
    That's cool. Sounds like a plan. Do you plan to be based in the UK or the US?

    I see what you're saying, as I've heard it before about the gender issues. It's tough for the male analysts, so I can't imagine the pressure on females. If you love it, keep at it though. You get to learn a ton and make a lot of money.

    By what name or nickname can I call you, by the way? Wouldn't want to refer to you as "leavingthecity". Haha.

    Any interesting tech stocks everyone should have their eyes on?

    I'm currently managing a partnership (composed of US investors), and I plan on expanding and getting investors from abroad.
    Ahhhh that is the question. I've never even been to the US, and my old firm had a focus on European investors investing in US stocks whilst in European time zones. Which was a very strong usp, but I would quite like to be in the US for a while. Do you have any particular geographical focus? Now I actually remember a few analysts and fund managers criticising management of my old firm for their US only focus. Our competition covered other geographies and for some unknown reason, analysts (senior ones and partners!) would approach our CEO asking to cover European stocks and he said no! This actually caused some analysts to leave.

    Haha you can call me leavingthecity and pray nightly that I will one day rescue the square with my return!

    I'm feeling quite nostalgic now actually....

    Didn't know much about tech then, don't know much about it now. But, talking to you makes me want to dust off my interest in equities and do a bit of research..........

    What sources are you using in your research?
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    (Original post by leavingthecity)
    Ahhhh that is the question. I've never even been to the US, and my old firm had a focus on European investors investing in US stocks whilst in European time zones. Which was a very strong usp, but I would quite like to be in the US for a while. Do you have any particular geographical focus? Now I actually remember a few analysts and fund managers criticising management of my old firm for their US only focus. Our competition covered other geographies and for some unknown reason, analysts (senior ones and partners!) would approach our CEO asking to cover European stocks and he said no! This actually caused some analysts to leave.

    Haha you can call me leavingthecity and pray nightly that I will one day rescue the square with my return!

    I'm feeling quite nostalgic now actually....

    Didn't know much about tech then, don't know much about it now. But, talking to you makes me want to dust off my interest in equities and do a bit of research..........

    What sources are you using in your research?
    Alright then, Ms. leavingthecity! Haha. I scan North America, Western Europe, Hong Kong and Japan. Every now and then I also look at other markets.

    I run my screeners, read a lot of newspapers and other news sources, talk to people, and read the financial and legal documents of the company and comparables. If I'm looking at a company that looks great but is in a business that I don't fully understand, then I'll inform myself on the mechanics of the business too; whether it's primers, books, analyzing comparables, talking to people, etc.

    I've found that when investing abroad it's extremely important to talk to locals. You may find a situation that looks bad but is actually fine (hence making you a lot of money) or you may find a situation that looks good but is actually terrible (hence saving you a lot of money).
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    (Original post by jcarlo)
    Hey guys,

    I'm Jean. I'm an American doing an MSc in Finance and Financial Law in the University of London. I manage an investment partnership focused on undervalued equities and distressed debt. I look worldwide, across all asset classes, for opportunities.

    In this blog I'll be talking about my investments, the global investing landscape, thoughts on investing and finance, and more.

    Here is a link to my Wordpress blog.

    Feel free to follow and comment, whether you're an investor, interested in investing or simply want to know more about finance and the world.
    Hey, very interesting thread!

    I know absolutely nothing about this as a profession, do you have any tips of where to start if I wanted to learn the basics of how it all worked? Be it youtube channels, or lecture series or wherever..
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    (Original post by Architecture-er)
    Hey, very interesting thread!

    I know absolutely nothing about this as a profession, do you have any tips of where to start if I wanted to learn the basics of how it all worked? Be it youtube channels, or lecture series or wherever..
    Hey Architecture-er, thanks for following!

    I would first watch this video by Bill Ackman, a renowned value investor, to get your “investor mind” started. It is a very basic introduction and it introduces important concepts.

    Your reading list will depend on what kind of investor you want to be. Having said that, the following three books contain knowledge that is applicable everywhere.

    1) The Intelligent Investor, by Ben Graham. This is a legendary book now, on value investing. The author, Ben Graham, inspired countless of successful investors such as Warren Buffett, Carl Icahn, Bill Ackman, Seth Klarman, among others.

    The book might be a bit of tough read due to the style the author chose to take. So for any questions you might have on what a word means (whether it’s a word you found on the book or you heard somewhere) I would look it up on investopedia.com
    It’s a great website to look up financial terms.

    2) Alternatively, you may want to start with ‘The Investment Checklist: The Art of In-Depth Research’. This is a great book on doing due diligence and covers a lot of ground. It is a much easier read than ‘The Intelligent Investor’. However, keep in mind that this book is focused on how you should do research, whereas ‘The Intelligent Investor’ focuses more on investor mindset.

    3) Finally, I would read ‘One Up On Wall Street’ by Peter Lynch. It is also a must-read, no matter what kind of investor you decide to be. It is also the easiest read out of all three.

    You can always ask me any questions you have. I’ll be glad to answer. Watching that video and reading those books will provide you with a great base to start.
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    (Original post by jcarlo)
    Hey Architecture-er, thanks for following!

    I would first watch this video by Bill Ackman, a renowned value investor, to get your “investor mind” started. It is a very basic introduction and it introduces important concepts.

    Your reading list will depend on what kind of investor you want to be. Having said that, the following three books contain knowledge that is applicable everywhere.

    1) The Intelligent Investor, by Ben Graham. This is a legendary book now, on value investing. The author, Ben Graham, inspired countless of successful investors such as Warren Buffett, Carl Icahn, Bill Ackman, Seth Klarman, among others.

    The book might be a bit of tough read due to the style the author chose to take. So for any questions you might have on what a word means (whether it’s a word you found on the book or you heard somewhere) I would look it up on investopedia.com
    It’s a great website to look up financial terms.

    2) Alternatively, you may want to start with ‘The Investment Checklist: The Art of In-Depth Research’. This is a great book on doing due diligence and covers a lot of ground. It is a much easier read than ‘The Intelligent Investor’. However, keep in mind that this book is focused on how you should do research, whereas ‘The Intelligent Investor’ focuses more on investor mindset.

    3) Finally, I would read ‘One Up On Wall Street’ by Peter Lynch. It is also a must-read, no matter what kind of investor you decide to be. It is also the easiest read out of all three.

    You can always ask me any questions you have. I’ll be glad to answer. Watching that video and reading those books will provide you with a great base to start.
    Thanks! Appreciate the quality answer

    If I was going to develop my interest into a career it would most likely be in real estate investment (private equity etc) - though the general world of investing feels like an essential thing to have a grasp of in order to avoid being taken advantage of / missing out on opportunity
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    (Original post by jcarlo)
    Alright then, Ms. leavingthecity! Haha. I scan North America, Western Europe, Hong Kong and Japan. Every now and then I also look at other markets.

    I run my screeners, read a lot of newspapers and other news sources, talk to people, and read the financial and legal documents of the company and comparables. If I'm looking at a company that looks great but is in a business that I don't fully understand, then I'll inform myself on the mechanics of the business too; whether it's primers, books, analyzing comparables, talking to people, etc.

    I've found that when investing abroad it's extremely important to talk to locals. You may find a situation that looks bad but is actually fine (hence making you a lot of money) or you may find a situation that looks good but is actually terrible (hence saving you a lot of money).
    Sounds good. I'd only be confident in a single sector that I knew the dynamics of very well, because I have a pretty cautious disposition. I've also watched analysts shout down the phone to IR "no, sorry, you don't understand how your own business works, let ME tell YOU how your own business works" because their knowledge is so deep.

    The hardest part is selling your opinion, in an industry where everyone is judged on quarterly results and doesn't want to get fired hanging around for you to be right long term.

    This was the thing I found so off putting about retail and luxury, where brand perception is all important, intangible, and doesn't transform overnight.

    An analyst can convey a 5 year turn around plan, only for Sales to ask when they've finished talking; "So how will this current flash sale of old stock impact numbers?"!!!

    You asked about tech and I was like errrr dunno sorry. Is this an area that stands out for you in terms of interest/knowledge?

    Are you familiar with the politics; systems and current events for the geographies you mention?

    I may brush up on retail with a view to post on it, not that anyone wants to be in that market right now!!!
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    You program too?

    This is what I need to do!
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    (Original post by Architecture-er)
    Thanks! Appreciate the quality answer

    If I was going to develop my interest into a career it would most likely be in real estate investment (private equity etc) - though the general world of investing feels like an essential thing to have a grasp of in order to avoid being taken advantage of / missing out on opportunity
    No prob. Glad to be of help.

    For real estate, in the beginning, you would have to choose between focusing on residential or commercial and then take it from there. There are different ways to take advantage of the system, depending on what you invest.

    In the US, for example, there are special loans for first-time owners. So, someone who wants to be active in real estate can buy a multi-unit property as his first house, live in one of the units and then rent out the rest. The property pays for itself and then he/she can continue buying more multi-units.

    Of course, if you take the private equity route then it depends on what the particular shop you work for works with.

    You seem to be knowledgeable on real estate, though. So you most likely knew all of this anyway. Haha.
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    (Original post by leavingthecity)
    Sounds good. I'd only be confident in a single sector that I knew the dynamics of very well, because I have a pretty cautious disposition. I've also watched analysts shout down the phone to IR "no, sorry, you don't understand how your own business works, let ME tell YOU how your own business works" because their knowledge is so deep.The hardest part is selling your opinion, in an industry where everyone is judged on quarterly results and doesn't want to get fired hanging around for you to be right long term.This was the thing I found so off putting about retail and luxury, where brand perception is all important, intangible, and doesn't transform overnight.An analyst can convey a 5 year turn around plan, only for Sales to ask when they've finished talking; "So how will this current flash sale of old stock impact numbers?"!!!You asked about tech and I was like errrr dunno sorry. Is this an area that stands out for you in terms of interest/knowledge?Are you familiar with the politics; systems and current events for the geographies you mention?I may brush up on retail with a view to post on it, not that anyone wants to be in that market right now!!!
    Yeah, you're right. On the sell-side it's mostly all about next quarter. Buy-side though you can focus on long-term, depending on what kind of investors you have behind you. Asset managers with long-term money have always done best.

    I really asked about tech because you had mentioned that you had been "trading tech temporarily", so I figured you meant trading tech stocks.
    Yes. I am very familiar with the politics, the legal and financial systems and overall market behavior in the countries I invest in. I wouldn't invest otherwise. It's important to know the dynamics (organizational, legal, structural, etc.) of where you invest. Otherwise you're going to lose your shirt.

    I'm looking forward to reading more on your views.

    (Original post by leavingthecity)
    You program too?This is what I need to do!
    Yeah. I'm now working mainly on web/app development. Using a lot of JS-based stuff (Angular, Bootstrap, Node, etc.). Like everything, it's a never-ending learning journey.

    Besides web development, I'm also very interested in the cyber security space and fintech. I've been attending a lot of fintech meetups here in New York. There's a lot of interesting stuff going on!
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    Update No. 17: 在北京的时候,a Hotel in Dubai and Interesting Links
    在北京的时候
    我今天想谈我住在北京
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