Global financial markets are in chaos as the decision by Britain to leave the European Union has sent investors fleeing from risk and into any safety they can find. The initial rush out of stocks and other risk assets began in Asia overnight, where the Nikkei 225 Index plunged 7.9 per cent — its steepest one day loss since March 2011, when an earthquake and tsunami devastated the country.
 
North American markets opened with a hard selloff that accelerated as the day went on. The Dow Jones Industrial Average was down 531 points, or 2.95 per cent, in afternoon trading. Canada’s S&P/TSX Composite Index fared slightly better, down 1.3 per cent. But that masked the fact that most sectors, including banks and energy, saw deep losses, with the broader index being lifted by the strong performance of gold stocks.
Published: 24 June 2016
Written by Editor
Brexit  

Resource America, Inc. Signs Definitive Agreement to Be Acquired by C-III Capital Partners LLC

PHILADELPHIA, PA--(May 23, 2016) - Resource America, Inc. (NASDAQ: REXI) ("Resource America"), announced today that it has entered into a definitive agreement to be acquired by C-III Capital Partners LLC ("C-III"), a commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, investment sales and multifamily property management. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, or a total of approximately $ 207 million.

The agreement was unanimously approved by Resource America's Board of Directors following a comprehensive review of strategic and financial alternatives that the Company announced in January, 2016. The price per share represents a premium of over 128% from REXI's closing price on January 28, 2016, the day before it announced it would be reviewing strategic alternatives and a 51% premium over its closing price on May 20, 2016.

Published: 23 May 2016
Written by Editor
Nasdaq   M & A   Up on News  
Read more: Resource America Inc ( REXI )

The Disruptive Discoveries Journal by Chris Berry

In reading the Berkshire Hathaway annual letter this weekend, I was reminded of a response Charlie Munger gave to an investor on how he tests the validity of his investment thesis. Munger’s response was, “Invert. Always invert.” The meaning here is to consciously take the other side of your thesis and try and disprove your beliefs/biases.
 
I’ve spent the past month or so on the road at conferences and meeting with investors to take a temperature check and “invert” our investment philosophy. We’ve also witnessed a huge increase in our subscriber base in recent weeks and so an outline of our view of the world and how we’re positioning is in order and likely overdue.
 
While the content here may be repetitive for long-time readers, I welcome any (constructive) comments as they can only help refine and strengthen our outlook.
 
Despite the overwhelming complexity of the global economy, we simply see a huge struggle against two headwinds. Though we’ve been involved in commodity investment for over a decade, we view the commodity super cycle (2001 – 2011) as definitively over. The end of the super cycle has left the economy with additional supply of commodities now coming on stream just as demand continues to soften.
 
Published: 03 May 2016
Written by Editor
opinion   blog  

Bats Global Markets, Inc. Announces Pricing of Its Initial Public Offering 

KANSAS CITY, Mo.-  Bats Global Markets, Inc. (“Bats”), a leading global operator of exchanges and services for financial markets, today announced the pricing of its initial public offering at a price to the public of $19.00 per share. The size of the offering has been increased from the initially announced 11,200,000 shares of common stock to 13,300,000 shares of common stock.
 
The shares offered are being sold by certain Bats stockholders. Certain selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1,995,000 shares. Bats will not receive any proceeds from the sale of any shares by the selling stockholders. The offering is expected to close on April 20, 2016, subject to customary closing conditions. The shares of common stock are expected to begin trading on the Bats BZX Exchange on April 15, 2016, under the symbol “BATS.”Bats Global Markets, Inc. (“Bats”), a leading global operator of exchanges and services for financial markets, today announced the pricing of its initial public offering at a price to the public of $19.00 per share. The size of the offering has been increased from the initially announced 11,200,000 shares of common stock to 13,300,000 shares of common stock.
Published: 15 April 2016
Written by Editor
AMEX   New Listing  
Read more: Bats Global Markets Inc ( BATS )

By Chris Berry (@cberry1)

·         A full five years after the meltdown at the Fukushima-Daiichi nuclear facility very little has changed within the nuclear industry.
 
·          Nuclear power’s contribution to the global electricity mix remains steady at roughly 11% according to the IEA.
 
·         Globally, the nuclear fleet numbers 440 in size across 30 countries requiring around 170 million pounds of uranium. 66 reactors are under construction and another 173 are planned[1].The existing fleet generates 382 GW of electricity.
 
·         The uranium market is adequately supplied with current demand at 172 million pounds of U3O8and primary supply of 146.5 million pounds plus secondary supplies of 42.9 million pounds as of 2014.
 
·         The current uranium spot price of around $28 per pound reflects an evolving dynamic consisting of excess supply, reactor underfeeding (excess enrichment capacity), and uncertainty around the Japanese reactor fleet where only three of the 54 reactors are back on line.
 
Published: 05 April 2016
Written by Editor
Mining   blog  
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  3. Forecasting Lithium in 2016: What are the Salient Issues?
  4. Is this the Final Leg Down in the Commodity Cycle? How Much Lower for How Much Longer?
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