Absolute Return Podcast

Absolute Return Podcast

absolutereturn.podbean.com
Your source for stock market analysis, global macro musings and hedge fund investment strategies. Hosts Julian Klymochko and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor


#60: The New Bull Market: Looking Past the Coronavirus
Mar 30 • 38 min
A Record 3.3 Million U.S. Workers File for Unemployment Benefits as Canadian Jobless Claims Soar Close to 1 Million. Should Investors be Worried? U.S Government Approves Historic $2 Trillion Stimulus Package. What’s in it? Is it Going to Work? Endeavour…
#59: Governments Fire Fiscal Bazooka to Combat COVID-19 Recession. Will it Work?
Mar 23 • 34 min
Governments Around the World Announce Record-Setting Fiscal Stimulus Measures to Counteract Coronavirus-Led Economic Downturn. Will This Help Combat the Global Recession? Central Banks do their Part in Fight Against COVID-19 by Implementing Substantial…
#58: Black Thursday and the Great Bear Market of 2020. Where Do We Go From Here?
Mar 16 • 29 min
Global Equities Plunge into Bear Market as the WHO Declares Coronavirus a Pandemic. Is the Bad News Priced In? Crude Oil Plummets as a Price War Breaks Out Between Saudi Arabia and Russia.What’s Next for the Energy Market? Aon Announces Friendly…
#57: Emergency Fed Rate Cut Causes Market Panic. Are Yields Heading to Zero?
Mar 9 • 34 min
The Fed Implements Emergency Rate Cut in Response to Coronavirus Panic Interest Rates Plunge to Record Lows as Global Markets Fear Recession Xeros Launches Hostile Takeover Offer for Rival HP as M&A Activity Continues Despite Market Rout Hedge Fund…
#56: Your Coronavirus Bear Market Playbook
Mar 2 • 41 min
Fear Grips Investors as Coronavirus Causes Global Stock Market Rout. What’s an Investor to Do? US Treasury Yields Hit New Lows as Investors Panic-Buy Safe Haven Securities. Should You be Buying Bonds Here? Intuit Acquires Fintech Company Credit Karma for…
#55: Merger Merger: Wealth Management Catches the M&A Bug
Feb 24 • 33 min
Morgan Stanley to Acquire E-TRADE Financial for $13 Billion as Consolidation of the Discount Brokerages Continues. What’s Driving Mergers in the Sector? Mutual Fund Companies Legg Mason and Franklin Resources Merge in a $6.5 Billion Deal. Why Are…
#54: Sprint Stock Nearly Doubles This Week. Will T-Mobile Finally Close This Deal?
Feb 18 • 34 min
Judge Approves T-Mobile’s Merger with Sprint. After Two Years in Limbo, Will this Deal Finally Close? U.S. Federal Trade Commission Cracks Down on M&A by the Largest Tech Companies. Will this Slow Deal Activity? Simon Announces Acquisition of Taubman in a…
#53: Leadership Chat: Steve Feick, the Investor-Operator
Feb 13 • 21 min
Listen to Special guest Steve Feick, Vice President of Special Projects at the Mancal Corporation and President of Mancal Coal. Mancal is one of the most successful private companies in Western Canada and is involved in industries including oil and gas…
#52: Tesla Stock in Ludicrous Mode: Game Changer or Terminal Short?
Feb 10 • 33 min
Tesla’s Stock Shifts into “Ludicrous Mode” as it Hits $968 Per Share. What’s the Driving Force Behind the Share Rally? Intercontinental Exchange Makes Takeover Offer for eBay. Why Did the Market Hate this Deal? Spotify Buys Podcast Company The Ringer.…
#51: Did Warren Buffett Throw in the Towel on the Newspaper Business?
Feb 3 • 21 min
Warren Buffett’s Berkshire Hathaway Sells its Newspaper Business to Lee Enterprises. Is Buffett Really Throwing in the Towel on Newspapers? Volkswagen Makes Play for Navistar in a Bid to Consolidate the Trucking Industry. What’s Their M&A Strategy? Casino…
#50: Leadership Chat: W. Brett Wilson, Redefining Success
Jan 29 • 25 min
W. Brett Wilson is an entrepreneur, philanthropist, FirstEnergy co-founder, former Dragon’s Den star, and owner of the Nashville Predators. He offers his unique insights on: -investment opportunities, career tips for entrepreneurs, how he supports…
#49: Contagion: Should Investors be Concerned About the Coronavirus?
Jan 27 • 23 min
Coronavirus Roils Markets as the Outbreak Spreads. Should Investors be Concerned? Xerox Plans Proxy Battle to Take Control of Rival HP. What is Their Goal? Tesla’s Market Capitalization Hits $100 Billion to Become the Second Most Valuable Auto Group. Why…
#48: Casper Files for IPO. Should Investors Ghost This Deal?
Jan 22 • 24 min
WESCO Wins Bidding War for Anixter at $100 Per Share. Who’s the Real Winner? Recent IPO Troubles Don’t Spook Casper as Mattress Company Files for IPO. Should Investors Ghost this Deal? U.S. and China Strike Phase One Trade Deal. What Does the Agreement…
#47: M&A 101: When Hostile Takeovers Go Friendly
Jan 13 • 22 min
Hudson’s Bay Chairman Settles With Shareholder Activists, Raises Bid to $11.00. Does This Mark an End to the Saga? HP Rejects Xerox Approach After Financing Secured. What’s Next? Softbank’s Vision Fund Continues to Struggle After Zume Pizza Crumbles. Does…
#46: The Stock Market’s Valuation Hits a Record High. Is it Time to Diversify?
Jan 6 • 32 min
Stock Indices Have Banner Year as Valuations Hit All-Time Highs. Is it Time to Diversify? WESCO Starts Bidding War for Anixter, Topping PE Firm CD&R. How High Can it Go? Satellite Company MDA Sells to Canadian Investor Group for $1 Billion. Why are They…
#45: Lower For Longer: Will Today’s Dovish Central Banks Ever Hike Interest Rates?
Dec 16, 2019 • 37 min
Rock Bottom Interest Rates to Remain as the Fed and ECB Keep Rates Steady. Will They Ever Hike? Legendary Central Banker Paul Volcker Passes Away While BoC Governor Stephen Poloz Passes the Torch. Who’s Up Next at the Bank of Canada? Saudi Aramco Hits 2…
#44: Leadership Chat: Jim Beqaj, the CEO Coach
Dec 11, 2019 • 29 min
Jim Beqaj: The CEO coach. Learn how he: Was promoted to president of one of the largest brokerage firms in the country at only 37 years old. Was fired by two Bay Street firms and why he considered himself unemployable. Transitioned from earning $5 million…
#43: A Tale of Two Jobs Reports: US vs Canada
Dec 9, 2019 • 23 min
U.S. Reports Blow-out Jobs Numbers. Is a 2020 Recession Off the Table? Canada Records the Worst Jobs Figures in 10 Years. What’s the Story Behind the Numbers? The World’s Largest Company Goes Public. Why Did the Shares Price so High? A Discussion on Short…
#42:M&A 101: The Bidding War
Dec 2, 2019 • 25 min
Private Equity Apollo Forced to Increase Price for its Tech Data Acquisition. What Happened Here? Catalyst Capital Lobs $11.00 Per Share Offer for Hudson’s Bay, Topping the Chairman’s $10.30 bid. Will This Put the Company in Play? Kirkland Lake Gold…
#41: Brokerage Battle: Why is Charles Schwab Trying to Buy TD Ameritrade?
Nov 25, 2019 • 29 min
Charles Schwab in Talks to Acquire Rival TD Ameritrade to Create $5 Trillion Brokerage Behemoth. Is this the Result of Zero Commissions? Former Uber CEO Travis Kalanick Sells Nearly $1.5 Billion of Uber Shares as the IPO Lock-Up Expires. Why’s He Selling?…
#40: Cannabis Stocks Go Up In Smoke. Buy, Hold or Sell?
Nov 18, 2019 • 27 min
Cannabis Boom Goes Bust as Economic Reality Bites and Pot Stock Prices Plummet. Why are Cannabis Stocks Crowding the 52-Week Low List? Apollo Tees Up the Largest Leveraged Buyout of the Year with $5.4 Billion Tech Data Acquisition. Why is it Trading at a…
#39: The Largest Leveraged Buyout of All Time: Does This Mark the Cycle Peak?
Nov 12, 2019 • 31 min
CPPIB Acquires Canada’s Biggest Wind Power Producer for US$2.6 Billion. What’s the Strategic Rationale? Walgreens Considers Going Private in the Largest Leveraged Buyout of All Time. What are the Chances of it Happening? GFL Environmental’s IPO Flops. Why…
#38: Pre-Arbitrage and the Art of Deal Speculation
Nov 4, 2019 • 32 min
Fitbit to be Acquired by Google for $2.1 Billion. How Did Merger Speculators End Up Doing? French Luxury Giant LVMH Makes Play for Tiffany & Co. Does this Unsolicited Proposal Have a Shot? Canfor Strikes Friendly Deal at Same Price as Previous Unsolicited…
#37: Investor Biases and the Sunk Cost Fallacy
Oct 29, 2019 • 32 min
Softbank Bails Out Near-Bankrupt WeWork as its Valuation Tumbles from $47 Billion to $8 Billion. Did Softbank Commit the Sunk Cost Fallacy? Hudson’s Bay Strikes a Friendly Go-Private Deal as Insiders Bump Their Bid by 9%. But will it be Enough for the…
#36: M&A 101: What’s a Contingent Value Right?
Oct 21, 2019 • 27 min
U.S. and China Reach Preliminary “Phase 1” Trade Deal. Does This Mark the End of the Trade War? Charles Schwab to Allow Investors to Trade Fractional Shares. But Will Individual Investors Benefit? Alexion Announces Acquisition of Achillion in $930 Million…
#35: When Deals Fall Apart: An Investor’s Perspective
Oct 15, 2019 • 35 min
Hong Kong Stock Exchange Drops its Bid for London Stock Exchange. Why are we not Surprised? Greece Sells Bonds at a Negative Yield. Should Investors be Buying? Brookfield Sells North American Palladium to South African Firm in Unusual Deal. What Makes the…
#34: Profitless IPOs: Should You Invest?
Oct 7, 2019 • 33 min
Broker Battle Breaks Out as Schwab Drops Commissions to Zero. How Are They Going to Make Money? U.S. PMI Falls Below 50 in an Ominous Sign for the Global Economy. Is a Recession Imminent? FanDuel Owner Pushes All-In with its $6 Billion Acquisition of…
#33: IPOs: Idiots Purchase Only?
Sep 30, 2019 • 30 min
Peloton Falls as Much as -15% in its Underwhelming IPO. Why Did Investors Sour on the Stock? UFC-Owner Endeavor Pulls IPO Amidst Lackluster Demand. Why Did its IPO Flop? WeWork CEO Fires Himself After Investors Lose Confidence in the Co-Working Company’s…
#32: The Anatomy of a Short Squeeze
Sep 23, 2019 • 37 min
Blackstone Acquires Dream Global REIT in $6.2 Billion Real Estate Deal. What Makes this Deal so Interesting? Attack on Saudi Oil Infrastructure Takes 5% of Global Production Offline. What are the Implications? WeWork Delays its Highly Controversial IPO.…
#31: The Activist Hedge Fund Playbook
Sep 16, 2019 • 35 min
Activist Hedge Fund Elliott Management Targets Conglomerate AT&T. What does the Activist Investor Want? Business Legend T Boone Pickens Dies at 91. What Made Him so Notable? Hong Kong Stock Exchange Goes Hostile for the London Stock Exchange. Why is this…
#30: So You Want to Own a Professional Sports Team? Here’s How
Sep 9, 2019 • 35 min
Canada Notches Best Quarterly Economic Growth Since 2017. What’s Behind the Numbers? Brexit Drama Reaches Comedic Levels as PM Boris Johnson Faces Defeat. Is Brexit Ever Going to Happen? Investors Balk at WeWork’s IPO as it’s Forced to Slash its…
#29: Peloton is Going Public—Should Investors Buy the IPO?
Sep 3, 2019 • 34 min
Argentina Flirts With Default as it Looks to Restructure Over $100 Billion of Debt. What Happened to Argentine Bonds? Tobacco Companies Philip Morris and Altria Confirm Merger Talks. What’s the Catalyst Behind This Deal? Cycling Equipment Company Peloton…
#28: The Yield Curve Just Inverted— Should You Sell Everything?
Aug 27, 2019 • 30 min
Pembina to Acquire Kinder Morgan Canada in $2.3 Billion Deal. What’s the Strategic Rationale? China Fires Back With Additional $75 Billion of Tariffs on U.S. Goods. Why Are They Escalating the Trade War? U.S. PMI Falls Below 50 , Signalling Manufacturing…
#27: What’s Up With Negative Interest Rates?
Aug 19, 2019 • 34 min
US 30-Year Bond Falls Below 2% For The First Time Ever While Other Countries’ Yields Go Negative. Why Are Interest Rates Falling? Office Space Company WeWork Unveils Paperwork For its IPO. How Do Its Financials Look? CBS Announces $30 Billion Merger With…
#26: Currency Wars: A Race To The Bottom
Aug 12, 2019 • 29 min
U.S. Labels China a Currency Manipulator as the Renminbi Hits 11-Year Low. Why Did China’s Currency Depreciate? Crude Oil Hits Seven-Month Low as Trade War Slows Economic Activity. What’s Driving the Price Action? Disney Bundles Disney+, Hulu and ESPN+ at…
#25: Beyond Ridiculous: What to Do When Insiders Cash Out?
Aug 6, 2019 • 41 min
President Trump Escalates U.S.-China Trade War With New Tariffs. What Happened Now? Federal Reserve Cuts Rates by 0.25%. What Did The Market Think? Beyond Meat Insiders Cash Out Of Stock In Droves. How Should Investors Interpret This? London Stock…
#24: Here Come the Rate Cuts!
Jul 29, 2019 • 45 min
T-Mobile And Sprint Win Antitrust Approval For Their Merger. What Did The Parties Do To Obtain The Nod From The DOJ? CannTrust CEO Fired And Chairman Resigns As Scandal At The Cannabis Firm Deepens. What Happens Now? U.S. Economy Grows At 2.1% In Q2,…
#23: Netflix in Flux
Jul 22, 2019 • 36 min
Netflix Stock Drops -10% As Growth Slows. Are Netflix’s Best Days Behind It? Activist Hedge Fund Pershing Square Gets Tables Turned As Investor Unveils Activist Campaign At The Fund. What’s The Activist Looking To Achieve? WeWork Founder Exits Stock To…
#22: SPAC Attack
Jul 15, 2019 • 41 min
Virgin Galactic To Go Public Via SPAC. What Is A Special Purpose Acquisition Company? Can’t Trust CannTrust As Cannabis Firm Controversy Grows. What Did The Company Do Wrong? Fed Chair Sets The Stage For A July Rate Cut. Will It Be 0.25% or 0.50%? Bank of…
#21: The Trade War Truce
Jul 8, 2019 • 31 min
Donald Trump Halts Additional China Tariffs As Leaders Seek To De-Escalate Trade War. What Happened? Group Mach Withdraws $14.00 Per Share Offer For Transat. Did Group Mach’s Bid Ever Have A Chance? Canopy Growth Founder Bruce Linton Fired As CEO. Why Was…
#20: Deals Deals Deals! The M&A Episode
Jul 2, 2019 • 34 min
Abbvie To Buy Allergan in $83 Billion Pharmaceutical Deal. What’s the Strategic Rationale? Additional Activist Takes Stake In Hudson’s Bay As Shareholders Continue Push For Higher Price. What Next? Transat Accepts Friendly $520 Million Takeover From Air…
#19: Is Facebook’s Libra Stablecoin REALLY a Cryptocurrency?
Jun 26, 2019 • 35 min
The Fed Hints At Rate Cuts And The Markets Rejoice. What’s Next? Facebook Announces Its Libra Cryptocurrency. But Is Libra Really A Cryptocurrency? Slack Goes Public Through Direct Listing, Defying Convention. Why Didn’t It Pursue A Traditional IPO?…
#18: The Bond Market IS the Dumb Money
Jun 19, 2019 • 32 min
Germany Sells 10-Year Bunds Yielding -0.24%. Is The Bond Market The Real Dumb Money? Online Pet Supply Retailer Chewy Soars Nearly 90% In Its IPO. Does Its Valuation Make Sense? China’s Industrial Output Growth Slows To 17-Year Low. Is China Losing The…
#17: SEC Goes After Crypto
Jun 10, 2019 • 27 min
Trump Says He’ll Drop Mexican Tariffs As Countries Reach Deal On Migrants. Is a Deal With China Next? Messaging App Startup Kik Interactive Sued By SEC Over $100 Million Cryptocurrency Offering. What Did They Do Wrong? Canadian Unemployment Rate Hits…
#16: Another Trade War?!
Jun 3, 2019 • 28 min
President Trump Nukes USMCA As He Starts a Trade War With Mexico. Is Canada Next? Carl Icahn Launches Activist Campaign On Occidental. Is the Anadarko Deal At Risk? China Digs In Its Heels As It Threatens To Restrict Rare Earth Exports. What Happens Next?…
#15: Retirement of a Hedge Fund Legend
May 27, 2019 • 26 min
Rates On Hold As FOMC Stands Pat For The Time Being. What Are the Fed’s Next Steps? Hedge Fund legend David Tepper Retires. What Happens To His Firm Appaloosa? Google Suspends Huawei from its Android Platform as U.S.-China Relations Worsen. Where Does…
#14: What is AlphaRank?
May 21, 2019 • 30 min
Airline Consolidation Heats Up as Onex Acquires Westjet For $5 billion. What Makes This Deal Interesting? Air Canada Bids For Air Transat And Puts The Company In Play. Hows Does The Quebec Government Play a Role In The Deal? Chinese Economic Data Slows in…
#13: The Trade War
May 13, 2019 • 37 min
U.S. China Trade War Escalates As Trump Implements Additional Tariffs. Where Is It Heading? Occidental Wins The Anadarko Takeover Battle As Chevron Bows Out. But Did They Suffer The Winner’s Curse? Canada Reports Blowout Jobs Numbers With Its Biggest Gain…
#12: Buffett’s Billions
May 6, 2019 • 27 min
Buffett Backs Occidental in Pursuit of Anadarko Takeover with $10 Billion Investment. How Does This Change the Takeover Battle Dynamics? Beyond Meat Sizzles in Stock Market Debut. How Does the Stock Stack Up? U.S. Job Gains in April Exceed Forecasts as…
#11: The Private Equity Mirage
Apr 29, 2019 • 30 min
Microsoft Market Cap Touches $1 Trillion As Q1 Results Beat Expectations. What Drove the Increase In Value? Occidental Announces Hostile Bid For Anadarko, Setting Stage For Bidding War With Chevron. What Happens Next? Bank of Canada Holds Rates Steady.…
#10: Zoom and the Inefficient Market
Apr 22, 2019 • 33 min
Zoom and Pinterest rocket higher on their stock market debuts. Is the IPO pop justified? China economic growth stabilizes. Is it smooth sailing from here? Canopy Growth to buy Acreage in $3.4 billion acquisition. What makes this deal unique? Qualcomm…
#9: 100 Billion Dollar Deals
Apr 15, 2019 • 28 min
Disney announces its new Disney+ streaming service. Is this a death knell for Netflix? Uber files for IPO. Should you buy the stock? Saudi Aramco issues $12 billion in bonds amidst $100 billion in demand. What did the market think? Chevron to buy Anadarko…
#8: The Future of Value Investing
Apr 8, 2019 • 32 min
Tradeweb goes public. Is it the future of bond trading? Mixed jobs reports in Canada and the U.S. How to interpret the numbers. Tesla first quarter disappoints. Can Musk get it back on track? Andreessen Horowitz converts into a financial advisor. Will…
#7: Timing the Stock Market. Can You Do It?
Apr 2, 2019 • 45 min
Canadian yield curve inverts. Is this bad for Canadian stocks? LYFT goes public. Now what? Apple expands its services offering. Why are they getting into TV, finance, gaming and news? Schwab slashes financial advisor fee to $30 per month. Is this changing…
#6: The IPO: It’s Probably Overpriced
Mar 25, 2019 • 35 min
U.S. Treasury yield inverts: Is this a bad omen for the stock market? IPOs: A great buy or is It Probably Overpriced? Canadian banks: Is it time to go short? Fed stands pat on rates: Where to from here? Discussion: The Danger of Return Targeting
#5: Why Buy at the 52-Week High?
Mar 18, 2019 • 26 min
Barrick & Newmont joint venture: Was Barrick’s hostile bid just a ploy? Oaktree goes BAM. Did Howard Marks just call a market top? Boeing 737 aircraft suffers tragic crash. What are the implications? HEXO acquires Newstrike in $260 million deal. More to…
#4: Rate Cuts? We’re Talking About Rate Cuts, Man!
Mar 11, 2019 • 30 min
Jobs, jobs jobs! Canada vs U.S. head-to-head analysis of February job gains. China exports tumble. Who’s winning the trade war? Facebook pivoting to privacy? Yeah right! Barrick and Newmont pursuing joint venture. Was the hostile bid just a ploy?…
#3: The Hostile Takeover
Mar 4, 2019 • 23 min
Hostile takeovers - what are they and how do they work? Q4 GDP growth figures and their implications for interest rates. Wilson-Raubould testimony and its potential effect on TSX returns and the Canadian economy. Chinese tariffs and where the trade war is…
#2: Kraft Heinz – Hold the Ketchup
Feb 25, 2019 • 30 min
Kraft Heinz Kitchen Sink Quarter Barrick Bluffs Newmont PMO SNC Scandal Walmart’s Blowout Q4 Results Fed’s Balance Sheet Plans Value Funds Aren’t Value Investor Dr. Herbie Wertheim Blog: Innovators, Imitators and Idiots Question: What’s Arbitrage?
#1: Trailer
Feb 25, 2019 • 2 min
Your source for stock market analysis, global macro musings and hedge fund investment strategies. Hosts Julian Klymochko and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor