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MACAU: FULL SPEED AHEAD

March closed on a very strong note.

 

 

Incredible results from the last four days of March (~HK$750MM daily table revenue) propelled Macau revenues to a new monthly record of HK19.5BN, representing 48% YoY growth.  March's average daily total revenue was HK$629MM.  We'll know next week how much hold impacted results.  The Asian operators continue to do well, while US operators lag.

 

Here are the total revenue (including slots) market shares for March:

 

MACAU: FULL SPEED AHEAD - macau


Manufacturing PMI In Europe Inflects to Downside

Positions in Europe: Long British Pound (FXB); Short Spain (EWP)

 

We’ve been calling for some of the high frequency data in Europe to slow on the margin. Today’s release of Manufacturing PMI from the 16 European countries that reported is quite telling: only 2 countries saw an improvement in the number month-to-month, while 14 declined (see chart below).

 

We remain long the British Pound via the etf FXB and short Spain (EWP) in the Hedgeye Virtual Portfolio. We continue to like countries such as Germany and Sweden due to their fiscal strength and strong export base, but remain generally cautious on the region due to ever-present sovereign debt contagion threats.

 

Matthew Hedrick

Analyst

 

Manufacturing PMI In Europe Inflects to Downside	 - manu



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Hedgeye Names The Most Interesting Investor In The World CEO; McCullough To Become Chairman Emeritus

This note was originally published April 01, 2011 at 10:08AM ET

Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.

SOURCE Hedgeye Risk Management

NEW HAVEN, Conn., April 1 /PRNewswire/ -- Hedgeye Risk Management, a leading independent provider of real-time investment research and ideas, today announced that The Most Interesting Investor in the World has joined the firm as CEO effective immediately.

Keith McCullough, Founder and retiring CEO of Hedgeye notes, "I’m thrilled to have The Most Interesting Investor in the World accept our offer to become CEO of Hedgeye Risk Management.  He has decades of experiences across markets, and he is really the only person in the world I could envision taking over the helm at Hedgeye as I pursue my lifelong goal of playing in the National Hockey League.”

The Most Interesting Investor in The World has over 50 years experience trading global markets. His vast business experience includes: passing his entire CFA in six months; discovering the Tupi Oil Field in Brazil; teaching Henry Kravis about leverage; advising the Federal Reserve on the creation of Maiden Lane I and II; and managing Warren Buffett’s personal account.

A brief video providing the background of The Most Interesting Investor in the World can be found here:

http://www.youtube.com/user/hedgeye#p/u/5/z0ZwtSaAlR8 (copy and paste the link into your browser if it doesn't open)

 

<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/z0ZwtSaAlR8" frameborder="0" allowfullscreen></iframe>


Daryl “Big Alberta” Jones, Managing Director, adds, “This is clearly an inflection point in the growth of Hedgeye Risk Management, as our competitor, Goldman Sachs, was purportedly interviewing The Most Interesting Investor in the World to succeed Lloyd Blankfein who is rumored to be moving on to replace Timothy Geithner at the Treasury Department.”

According to The Most Interesting Investor in The World, “In fact, I share many beliefs with my new partners at Hedgeye, but most important it is our common view of Keynesian Economics.  In one word: No.  While replacing retiring CEO Keith McCullough will be no easy task, I, too, will wake up at 4:00 a.m. to manage risk for Hedgeye’s subscribers.”

In addition to his new role as CEO, The Most Interesting Investor in the World will also be recommending Dos Equis for Hedgeye’s annual summer picnic.

 

 

 

ABOUT HEDGEYE RISK MANAGEMENT
Hedgeye Risk Management is an online financial media and research company that operates as a virtual hedge fund.  Focused exclusively on generating and delivering actionable investment ideas, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. The Hedgeye team features some of the world's most regarded research analysts – united around a vision of independent and un-compromised real-time investment research accessible to all market participants.  Visit www.hedgeye.com <http://www.hedgeye.com>  <http://www.hedgeye.com> for more information.


Hedgeye Names The Most Interesting Investor In The World CEO; McCullough To Become Chairman Emeritus

Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.

SOURCE Hedgeye Risk Management

NEW HAVEN, Conn., April 1 /PRNewswire/ -- Hedgeye Risk Management, a leading independent provider of real-time investment research and ideas, today announced that The Most Interesting Investor in the World has joined the firm as CEO effective immediately.

Keith McCullough, Founder and retiring CEO of Hedgeye notes, "I’m thrilled to have The Most Interesting Investor in the World accept our offer to become CEO of Hedgeye Risk Management.  He has decades of experiences across markets, and he is really the only person in the world I could envision taking over the helm at Hedgeye as I pursue my lifelong goal of playing in the National Hockey League.”

The Most Interesting Investor in The World has over 50 years experience trading global markets. His vast business experience includes: passing his entire CFA in six months; discovering the Tupi Oil Field in Brazil; teaching Henry Kravis about leverage; advising the Federal Reserve on the creation of Maiden Lane I and II; and managing Warren Buffett’s personal account.

A brief video providing the background of The Most Interesting Investor in the World can be found here:
 

http://www.youtube.com/user/hedgeye#p/u/5/z0ZwtSaAlR8 (copy and paste the link into your browser if it doesn't open)


Daryl “Big Alberta” Jones, Managing Director, adds, “This is clearly an inflection point in the growth of Hedgeye Risk Management, as our competitor, Goldman Sachs, was purportedly interviewing The Most Interesting Investor in the World to succeed Lloyd Blankfein who is rumored to be moving on to replace Timothy Geithner at the Treasury Department.”

According to The Most Interesting Investor in The World, “In fact, I share many beliefs with my new partners at Hedgeye, but most important it is our common view of Keynesian Economics.  In one word: No.  While replacing retiring CEO Keith McCullough will be no easy task, I, too, will wake up at 4:00 a.m. to manage risk for Hedgeye’s subscribers.”

In addition to his new role as CEO, The Most Interesting Investor in the World will also be recommending Dos Equis for Hedgeye’s annual summer picnic.

ABOUT HEDGEYE RISK MANAGEMENT
Hedgeye Risk Management is an online financial media and research company that operates as a virtual hedge fund.  Focused exclusively on generating and delivering actionable investment ideas, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. The Hedgeye team features some of the world's most regarded research analysts – united around a vision of independent and un-compromised real-time investment research accessible to all market participants.  Visit www.hedgeye.com <http://www.hedgeye.com>  <http://www.hedgeye.com> for more information.


TALES OF THE TAPE: KKD, SBUX, BWLD, MSSR

Notable news items and price action from the last twenty-four hours

  • KKD shares gained on accelerating volume but fell in after-hours on the back of weaker-than-expected earnings.
  • SBUX Managing Director for the U.K. and Ireland, Darcy Willson-Rymer, spoke at a conference in London today and stated that he expects coffee supplies to expand over the next three years.
  • U.S. consumer discretionary was cut to Neutral at J.P. Morgan, citing a downturn in economic momentum and consumer discretionary relative P/S (vs S&P 500) at 15-year high pointing to diminished risk/reward.
  • BWLD and MSSR declined on accelerating volume.

 

TALES OF THE TAPE: KKD, SBUX, BWLD, MSSR - stocks 41

 

Howard Penney

Managing Director


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