I’m sure everyone saw the news that Moderna had some positive early results on its vaccine prospects. As an aside, if the vaccine doesn’t make it to market, prepare for a limit loss on their D&O given they raised over $1B of equity the day of the news. However, let’s Continue Reading
Making The Bear Market Case
Investors are feeling pretty good these days. The S&P is only down 10% on the year and the NASDAQ is actually up. The bull case is very simple: The Fed Won’t Fail Us! That’s it. Sure, you can argue if we get a vaccine soon prices are justified, but that Continue Reading
Why Tesla’s D&O Premium Wasn’t High Enough
Earlier this week, Tesla decided to cancel its D&O insurance because it was too expensive. I will argue it wasn’t expensive enough. A 100% rate on line sounds appropriate to me. Elon Self Insures First, let’s review what exactly Elon did. Below is the language from the revised 10-K (all Continue Reading