Hayden Capital 3Q18 Letter: Update and Thesis for JD.com

Volatility is back. The Shanghai Composite is down -30% from its January high, and the broader MSCI Emerging Markets Index is also down -25% JD.com (JD) In early September, news came out that Richard Liu (Founder & CEO) was accused of sexual assault while completing a course at the University of Minnesota. Since initial reports, […]

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Joel Greenblatt’s Market Observations

US Equity Markets Remain Very Expensive (based on our 28-year valuation history) S&P 500 and Russell 1000 are both in the 15th percentile towards expensive When markets have been at these levels in the past, one-year forward returns have averaged 2-4% and two-year forward returns have averaged 7-9%, which is well below normal returns historically […]

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Market Cheat Sheet Oct. 18, 2018

Track the Markets: Winners and Losers; Compare the performance of selected global stock indexes, bond ETFs, currencies and commodities (YTD and Current Quarter) – WSJ “Current stretch of European underperformance is unprecedented both in length and magnitude; earnings recovery is coming back very strongly and Europe’s operational leverage is vastly underappreciated; discount to the US […]

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