Operating at the Intersection of Technology and the Capital Markets
Tag: Intercontinental Exchange
Past recessions have taught us that leading Technology companies typically gain marketshare during down economies. I would expect this economic down period to be no different. Good news for Amazon (AMZN), Microsoft (MSFT), and others. Amazon (AMZN) and Microsoft (MSFT): Amazon's AWS unit and Microsoft's Azure unit will be mixed bags: Usage: Usage - and … Continue reading Technology Leaders Will Gain Share
CEORater began an experiment several years ago whereby we built a concentrated "buy and hold" equal-weight portfolio consisting of quality Enterprise Software names that would be held for a minimum of five years. The benchmark is the S&P North American Expanded Technology Software Index (SPNASEUP). CEORater is up 4.2% Year-to-Date vs. 2.0% for the benchmark … Continue reading CEORater Portfolio Ahead of The Benchmark
The CEORater "Quality" Portfolio is an experiment which we began running at the end of 2018. The portfolio consists of a mix of Software, Information Services and Fintech companies, half of which are led by founder CEOs (we generally prefer founder CEOs). The question the experiment sought to answer was "How would a basket of … Continue reading CEORater “Quality” Portfolio Outperformed in 2020
We selected five top CEOs across five Technology categories. Three of the five CEOs are founders: FinTech - Payments: Jack Dorsey, Square (tkr: SQ)FinTech - Capital Markets/ Asset Mgt.: Jeffrey Sprecher, Intercontinental Exchange (tkr: ICE)Information Services: Jerre Stead, Clarivate Analytics (tkr: CCC)Platform Companies: Satya Nadella, Microsoft (tkr: MSFT)PropTech: Andrew Florance, CoStar Group (tkr: CSGP) Click … Continue reading CEORater 2020 Technology CEOs of the Year
Given the significant run up in many Technology stocks (our CEORater Tech portfolio is up 57% YTD, detail end of article), the question for many institutional investors is how best to position the portfolio for 2021? There is a saying in Physics that "big bubbles get bigger". Our expectation would be for Alphabet, Amazon, Apple … Continue reading Where Do We Go From Here?
For our inaugural CEO Hall of Fame class we selected CEO Hall of Fame members largely based upon their contribution toward building their respective companies as well as creating long-term shareholder value. Our selection process included a variety of quantitative and qualitative elements including financial operating performance, total stock returns, longevity, innovation, corporate governance and … Continue reading The CEORater CEO Hall of Fame Class of 2020
In the midst of the most exuberant Tech bubble in history we offer an alternative. We have updated our list of FinTech names, some of which are reasonably valued. Click on the thumbnail below to access the table in large format. Subscribers may access the table in spreadsheet format behind the paywall ($19.99). Click on … Continue reading Capital Markets FinTech UpdatePremium
Intercontinental Exchange (ticker: ICE) recently announced that it agreed to acquire Ellie Mae from Thoma Bravo for approximately $11 billion. It makes sense that a large FinTech company is working to drive automation across the mortgage processing landscape. Ellie Mae will nicely augment Intercontinental's 2018 acquisition of MERSCORP. MERSCORP operates the MERS System, a national … Continue reading The Mortgage Processing Market Is A Riddle Best Solved by FinTech Companies
Not unlike other Technology companies, capital markets-focused FinTech companies have benefited in recent years from the Fed's persistent low interest rate policy and from the Trump tax cuts. The difference between this FinTech cohort and many Bay Area Enterprise Software companies is that this FinTech group generates meaningful cash flow (29% median Operating Cash Flow … Continue reading Capital Markets FinTech Companies Generate Cash for Your Investment Dollar
Here is the full Excel workbook disclosure compiled by the Federal Reserve which lists the various issuers, sectors, cusips, coupons, maturity dates, par values, amortized costs and more for the fixed income securities the Federal Reserve has purchased. Among the securities purchased through June 16th, 48.1% were "AAA, AA and A" rated, 48.3% were "BBB" … Continue reading Federal Reserve Discloses Corporate Bond Purchases
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