Stanphyl Capital letter to investors for the month ended June 30, 2020, discussing their short thesis for Tesla Inc (NASDAQ:TSLA) and other positions in several small-cap stocks. For June 2020 the fund was down 3.9% net of all fees and expenses. By way of comparison, the S&P 500 was up 2.0% while the Russell 2000 was up […]...
(Bloomberg) -- Remember last earnings season? When companies were reporting their worst quarter since the financial crisis. And nobody dared guess what the future held. Bankruptcy risk was everywhere. Oh, and stocks rallied so hard that $5 trillion got added to share prices.It’s safe to say investors were in a forgiving mood back then. With stocks up 25% since, the time for patience has passed.True, companies had had time to devise plans for a world reordered by the coronavirus. But stocks are also coming off their best quarter in 22 years, with valuations by some measures the most expensive in two decades. Add to that: earnings estimates proffered by analysts are even more speculative this time around, after 80% of companies refused to provide guidance over the last three months.“Investors are going to start demanding a little bit more clarity -- whether it’s good or bad, they just want to know,”...
Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company's chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday. Anglo-Dutch consumer products giant Unilever said last month it plans to ditch its dual Anglo-Dutch legal structure and create a single entity in Britain. Van Beurden did not explicitly say Shell wants to move its headquarters, het Financieele Dagblad said....
