Normally, when a company receives an acquisition offer they don’t want, they do one of two things: sell to someone else or stubbornly refuse to sell, usually due to a belief that they are being undervalued by the acquirer. When faced with these two choices, American Equity (AEL) opted for Continue Reading
Burn, Baby, Burn
No, this isn’t about the California wildfires. It’s about the Root IPO. Confused? Don’t worry, keep reading. I explain it all. So I was going to write a detailed page by page guide to the Root S-1 like I did for Lemonade, but two things got in the way. First, Continue Reading
Ian’s Brief #7: AI, AEL, and ESG
Back with another Brief since too many things to talk about and not enough time to write them all up separately… That Didn’t Take Long! It was only a few weeks ago I outlined a new business model for life insurers. I suggested established insurers should focus their energy on Continue Reading
The Death of Factor Models Part II – Killed By Covid
Last time in part one, I discussed the theory of factor investing used by an increasingly large portion of the active management investment complex and the practical impediments to using it well. Today, I will more specifically address the foundational flaws in the practice and how they can lead to Continue Reading