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Will it have more to offer at the climate summit in Glasgow?

The brain trust at the heart of the $550bn semiconductor industry

And as radically as Brexit did

Facebook y Xiaomi han presentado recientemente sus lentes conectadas,un mercado ya existente, pero, hasta el momento, sin mucho éxito. Leer

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Anteriormente, desarrolló tareas de asesoría legal en M&A y Corporate en Chicago en el despacho McGuire Woods. Ya en Madrid, ha trabajado para Baker McKenzie asesorando a compañías españolas, estadounidenses e internacionales en procesos de M&A, Corporate, integraciones de adquisiciones, buen gobierno y asuntos estratégicos.

Sarah Schwartz cuenta con experiencia tanto en España como en América del Norte, América del Sur y Asia. Además, está colegiada para ejercer como abogada en España y en Illinois (EEUU).

Para la abogada, su incorporación en Across Legal supone “una gran oportunidad para poder construir los puentes necesarios que faciliten la inversión cross-border entre EEUU y España, minimizando de esta manera las barreras que pudieron existir entre jurisdicciones así como diferencias culturales, siendo afrontada esta etapa con enorme ilusión.”

Por su parte, el socio director de Across Legal, Ignacio Lacasa, explica que “la incorporación de Sarah Schwartz permite seguir siendo diferenciales al ofrecer a nuestros clientes un equipo altamente especializado a nivel internacional, tanto en M&A como venture capital, y en particular, en lo que concierne al mercado de EEUU.”

Saludos, Camaradas.

Tiene muchos años que no estoy activo en este gran foro, que considero mi escuela.

Ahora que volvi, tengo una duda que buscando en internet no he podido resolver.

Tengo una fragua pequeña de carbon con una fuente y una salida de aire. Funciona bien para hojas de no mas de 10cm que es lo que suelo forjar. Pero para una hoja mas larga de unos 16 a 20 ya es imposible obtener un calor uniforme en toda la hoja.

Mi plan es que en lugar de tener una salida, tenga dos, en forma de Y para que el aire salga uniforme en las dos. Lo que generaria dos puntos de calor y me permitiria alcanzar una temperatura uniforme en una hoja larga de unos 15 cm digamos, poco mas...

Quisiera mantenerme con fragua de carbon pues tengo ya años trabajando con ella y le tengo mucha confianza, ademas de que es mas barato.

Espero puedan ayudarme.

Gori compatibilizará el nuevo cargo con sus funciones como consejero no ejecutivo en los consejos de supervisión y gestión de Apollo Tyres Ltd desde 2015 y consejero independiente de Snam desde 2013 y de Prysmian Group desde 2018.

Con más de 50 años de historia y 12 sedes en Italia, España y Brasil, el Istituto Europeo di Design cuenta con una comunidad internacional integrada por más de 10.000 estudiantes, 1.900 profesores y 100.000 alumnos en todo el mundo cada año. En octubre de 2020, el Grupo abrió su tercera sede en España, en Bilbao, en el Edificio Papelera, gracias a la integración con el Centro Superior de Diseño Kunsthal.

Jaime fortalecerá el crecimiento de la compañía tanto en España, como a nivel internacional gracias a una nueva estrategia global, que permita a Sipay convertirse en el partner de pago omnicanal para cualquier tipo de comercio, posicionándose como un player con servicio de adquirencia 2.0 y una amplia oferta de métodos de pago alternativos a las tarjetas con el que personalizar el proceso de checkout de cada usuario según sus preferencias.

Plataforma de pago que ayuda a los comercios a vender más

Sipay es la plataforma de pagos española que ayuda a los comercios a vender más aportando valor al usuario durante todo el proceso de pago. Su amplia oferta de métodos de pago alternativos a las tarjetas hace que la confianza del consumidor final aumente en el momento de abonar sus compras.

WEST BOYLSTON, MA U.S.A. (September 21, 2021) EMUGE-FRANKEN N.A., a leading manufacturer of high-performance taps, thread mills, drills, end mills and other rotary tools, has expanded its thread gaging solutions to include a new line of thread ring gages to complement its thread gage offering. The new line comprises UNC and UNF Go and No-Go ring gages, in addition to metric and metric fine Go and No-Go ring gages, a total of 152 new gages.

“Our expanded line of accurate, high quality gaging solutions is ideal for addressing today’s challenging thread gaging applications,” said Bob Adamiak, Thread Gages Product Manager, EMUGE-FRANKEN N.A. The new EMUGE Ring Gages accompany the comprehensive line of EMUGE Fixed Limit Thread Gages, consisting of Go/ No-Go Plug Gages and Thread Depth Plug Gages that inspect the pitch diameter and functional thread for internal-threaded components.

EMUGE Go and No-Go Ring Gages are manufactured with hardened tool steel for exceptional durability and feature a fully knurled circumference for maximum gripping ability and safety. No-Go gages are clearly marked with a red ring. UNC and UNF gages have a 2A tolerance. UNC gages are available in 19 sizes from #2-56 to 2-4 ½ and UNF gages are available in 19 sizes from #0-80 to 1 ½ -12. Metric and metric fine gages have a 6g tolerance. Metric gages are available in 19 sizes from M2x.4 to M68x6 and metric fine gages are available in 19 sizes from M8x1 to M48x1. Additional sizes are also available upon request and all gages (UNC, UNF, metric and metric fine) are furnished with a short form gage certificate at no additional charge. Upon request, long form certificates are also available.

Click Here for More Information and a Brochure on the Full Line of EMUGE Thread Gaging Solutions.

About EMUGE-FRANKEN
For over 100 years, the German company group EMUGE-FRANKEN has been one of the world’s leading manufacturers of precision tools for thread cutting, gaging, clamping, and milling. With 1,950 employees, EMUGE-FRANKEN offers an innovative product program with 40,000 in-stock items and a multiple of that with customer-specific tools. The product range focuses on applications in the automotive industry, power plants, aerospace industry and medical technology as well as general manufacturing. As a complete system supplier for the machining industry, EMUGE-FRANKEN has branch offices or sales partners in 52 countries.

About EMUGE-FRANKEN N.A.
EMUGE-FRANKEN N.A. (Emuge Corp.) is a wholly-owned subsidiary of the 1,950 employee German company EMUGE-Werk Richard Glimpel GmbH & Co. KG (Lauf, Germany). EMUGE-FRANKEN N.A. also offers end-user technical support through a network of in-the-field engineers and in-house product specialists, all with extensive tooling and application experience. Over 10,000 types of cutting tools and accessories are stocked in the company’s U.S. and Canadian Headquarters located in West Boylston, MA, U.S.A. The recently expanded 50,000+ sq. ft. facility includes a technology center with a machining and tooling demonstration showroom and classroom, tool manufacturing and coating, reconditioning, warehouse, sales, support and administrative offices. For more information on EMUGE-FRANKEN N.A., call 800-323-3013, at 1800 Century Drive, West Boylston, MA 01583-2121, or visit (www.emuge.com).

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David Garofalo (CEO) and the team at Gold Royalty (GROY.NYSE) are pulling off one of the best royalty acquisitions I’ve seen in years in the space.

The pace at which this team move reminds me of mining legends like Ross Beaty, Lukas Lundin, and Robert Friedland.

This is exactly how those guys ran their massive scores during the early years—only faster.

In fact, Gold Royalty (GROY.NYSE) is moving a lot quicker than even I expected. And I don’t expect anything less than lightspeed with companies I’m involved with.

The details get a little complex, but trust me—it’s worth it…

FULL DISCLOSURE: I, Marin Katusa, am a large shareholder of Gold Royalty Corp. Thus, I am extremely biased. And that’s why I’m buying more shares.

So, let’s get right to it…

KATUSA ALERT:
The is the single best assembly of gold mining legends I have ever seen

Here’s how it went down…

On September 7, Gold Royalty Corp (GROY.NYSE) announced a 3-way merger with Golden Valley and Abitibi Royalties.

Why?

Canada’s largest producing gold mine at 700,000 ounces a year is called Malartic, which is located in the province of Quebec and is ranked as the #1 mining jurisdiction in the world.

It’s owned and operated by Agnico Eagle and Yamana.

• Agnico is a top 5 gold producer in the world and David Garofalo was the CFO at Agnico while it created its first few gold mines in this region.

Abitibi owns a 3% NSR over the Odyssey Underground Portion which is the next portion of the Malartic gold mine.

Currently, the mine is an open pit. Phase two is underground.

The grades are incredible, and it will be the largest underground mine in Canada when in operation.

Now we want you to connect the dots of the billionaire investors in the gold space…

The two companies merging with Gold Royalty are majority-owned by some of the largest players in the gold markets: Eric Sprott, Rob McEwen, and Jimmy Lee.

If you’re not familiar with them, let me put faces to these names…

• Eric Sprott was the largest shareholder of Kirkland Lake, the best performing major gold producer since 2015.
• Rob McEwen is the founder and CEO of Goldcorp, which got a $10 billion buyout. He backed New Found Gold at $0.50 two years ago… and it hit a recent high of $13.50.
• Then there’s Jimmy Lee, a brilliant billionaire investor you’ve probably never heard of. When silent, self-made billionaires like him make huge bets, watch closely.

Each of these men has signed up for hard lock-ups with their Gold Royalty shares.

In other words, instead of cashing in, they’re doubling down.

They clearly see the “double bump” re-rate potential in the share price.

This is Better than Our First Entry

When GROY went public, we had a lot of emails of subscribers asking when they could buy stock.

We said to be patient.

• Now the largest shareholder of Gold Royalty (GROY.NYSE), Eric Sprott has acquired more stock just under the current trading price of $5 per share.

The shares are very liquid and list on the New York Stock Exchange (NYSE).

Patterns To Success

There are certain things the ultra-successful do that the rest don’t. When it comes to investing, the ultra-successful always start with the management team.

Second, is a world-class portfolio of projects that they can buy below its true value.

That is exactly why Eric Sprott, Rob McEwen, Rick Rule, Doug Casey, Jimmy Lee, Ian Telfer, Warren Gillman, and many other incredibly successful and rich gold investors are not only shareholders but also acquiring shares now.

• This transaction, when closed and completed, makes Gold Royalty Corp a top 10 Global precious metal and royalty company.

That is just the start, the company has only been public for less than 6 months.

Other than the Big 4, no other royalty or streaming company have a tier 1 asset like a 3% NSR on a portion of the largest operating gold mine in Canada.

• With this transaction, Gold Royalty (GROY.NYSE) has 72% of their NPV coming from the two best jurisdictions globally in mining (Quebec and Nevada).

The rest in Alaska (3), Idaho(3), Oregon(3), New Mexico(2), Ontario(19), North West Territories(5), Brazil(4), Peru(1), and Columbia(3).

Post this transaction, the company will have 6 royalties on producing assets, 7 royalties in development with near-term cash flow.

This puts it at the top with MCAPs under $1B.

Size Matters

After this transaction, the new co-market cap of Gold Royalty (GROY.NYSE) will be about $500million.

• With that, index funds will be required to purchase more shares as per their rebalancing index rules.

In addition, other funds that are required to hold royalty companies will realize that Gold Royalty Corp (GROY.NYSE) is a vastly superior royalty and streaming company than peers with a similar market cap but nowhere near the royalties on quality assets.

The flow of funds will come into Gold Royalty (GROY.NYSE) and I believe this newly merged entity will rerate post-close.

The risk is the transaction doesn’t close: That being a larger company is willing to pay more.

That is possible and in that case, Gold Royalty (GROY.NYSE) walks away with $15million in break-up fees for their efforts.

There has only been one financing with this company and that was almost exclusively taken down by KRO subscribers and was extremely oversubscribed.

I am very impressed with David Garofalo and his team thus far.

Tomorrow morning pre-market open, I will send you an exclusive interview I just put together with David.

You will want to make time for this interview.

I show up representing the shareholders asking tough questions and David Garofalo delivers big time.

I fully understand why the smart shareholders of Golden Valley and Abitibi like Jimmy Lee, Eric Sprott, and Rob McEwen signed hard lock-ups with Gold Royalty (GROY.NYSE) because they see the re-rate potential in the share price.

FULL DISCLOSURE: I, Marin Katusa, am biased. I believe in the management team and have bought stock in the open market on the NYSE. I am a significant shareholder of the stock and thus very biased. I’m doing this because not everyone can afford my premium research reports and I believe in David Garofalo and the team at Gold Royalty (GROY.NYSE). Go GROY Go.

We will prepare a full report on the company and the breaking news for you.

Regards,

Marin Katusa
Founder, Katusa Research Details and Disclosures

Katusa Research, Marin Katusa and its directors, employees, and members of their households directly own shares of the following Companies which are described in this publication – Gold Royalty Corp (GROY.NYSE). Therefore, Katusa Research is extremely biased. All publications of Katusa Research represent only the opinion of the respective authors and not of the company. Gold Royalty Corp did not review this report or articles. The information in the publications of Katusa Research do not replace and are not to be taken as individual needs geared professional investment advice and is for informational purposes only.

This report and information are neither explicitly nor implicitly to be understood as a guarantee of a particular price development of the mentioned financial instruments or as a trading invitation. Every investment in securities mentioned in publications of Katusa Research involves risks which could lead to a total loss of the invested capital and—depending on the investment—to further obligations for example additional payment liabilities. Katusa Research does not guarantee that any of the companies mentioned in this newsletter will perform as we expect, and any comparisons we have made to other companies may not be valid or come into effect. All information published in publications from Katusa Research is based on public filings and news releases.

The post [ALERT] Gold Royalty Corp appeared first on Katusa Research.

Previously I’ve written about why buying the dip can’t beat dollar cost averaging, even if you were God. However, I feel like that article was a bit too extreme. Buy the Dip was defeated in one fell swoop. It never had a fighting chance. There was no last meal, no departing words, and no funeral procession that followed. But today, I’m going to change all that. Because today I’m going to give Buy t...

The post Why Buying the Dip is a Terrible Investment Strategy appeared first on Of Dollars And Data.

Many fundamental investors really don’t like the momentum effect. And to be honest, it does feel a bit like an insult to one’s intelligence that after all the hard work of fundamental analysis, one can just go out and buy the stocks that have gone up in the past and buy them it will be fine.

But one criticism of momentum investing is that it is extremely prone to momentum crashes, that is sudden massive downturns that are much worse than what the market experiences at the time. In November 2020, we experienced such a momentum crash after the news of a successful vaccine trial broke, and in spring 2009 when the Fed stopped mark-to-market reporting of liabilities on the balance sheets of banks we had a similar-sized momentum crash. In each of these cases, momentum investors lost several years of outperformance vs. the market in a month or two which is why momentum investing is sometimes compared to ‘picking up pennies in front of a steam roller’.

But what if the steam roller announces its arrival with a loud siren and there was a simple way to get out of its way when it comes too close? That is what a new paper from the University of Münster in Germany suggests. The researchers did something quite simple. They looked at the typical momentum factor (WML for ‘winners minus losers’) which is constructed by buying the stocks with the highest returns from 12 months to one month ago and selling stocks with the lowest returns over the same time period. Then they split this time period into two different periods that vary for each stock. They simply looked at the returns from twelve months ago to the peak share price over the last twelve months (HTP) and the return from the peak share price to the share price a month ago (PTH). And then they sorted stocks based on these two measures and formed the usual momentum portfolios based on them.

The result was stunning. The portfolios formed on the HTP momentum factor not only had a better performance than the traditional momentum factor but showed much fewer momentum crashes. In fact, during the 2009 momentum crash, the HTP portfolios had no drawdowns at all. Most of the stocks that crash seem to be captured by the PTH factor, indicating that before they crash many momentum stocks already stop their advances and start to decline from recent peaks. And by eliminating these stocks from the momentum portfolio investors can drastically reduce the probability and severity of momentum crashes. We need to better understand the causes for this effect but it seems to me that this could be a worthwhile avenue for research since markets often seem to ‘smell a rat’ when they see one.

Avoiding momentum crashes with a simple twist to the momentum factor

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Source: Büsing et al. (2021). Note: MKT is the excess return of the US stock market over 3M T-Bills, WML is the return of the traditional momentum factor, HTP is the return of the momentum factor based on historic returns to peak share price, PTH is the return of the momentum factor based on historic returns from peak share price to last month’s share price.

The incipient China Evergrande default finally caught up with global markets. The $200 trillion question on the table IS - is this the global Minsky Moment and is hyper asset deflation imminent?

Today Zerohedge was boasting that they had "predicted" the Evergrande global contagion. And yet they continue to constantly push their hyper-inflation hypothesis. If this IS a global Minsky Moment then we are on the verge of hyper-deflation, not hyper-inflation. Hyper-deflation being a situation in which EVERYTHING is on sale at the same time and no one wants to buy ANYTHING because they are all busy raising cash.

The "trigger" for this event may well be the most leveraged property developer in world history (Evergrande), however from there the downstream effects will ripple out to EM currencies which have been rolling over for months. And from there, crypto currencies will be another domino that already entered bear market back in May of this year. From there it will be a short jump to retail speculators many of who own both stocks AND cryptos in their Robinhood accounts. Of course the Gamestop debacle way back in January was a widely ignored warning of potential retail panic turning into stock market systemic risk.

Remember this?

What we saw back in March 2020 and what we are witnessing again, is that cryptos and stocks are highly correlated. To the downside. We see in the top pane, S&P breadth began rolling over back in May at the same time that crypto peaked. And then they both bottomed at the same time. And then both completed a second wave retracement to a LOWER high:

Nevertheless, U.S. stock bulls remain sanguine as they bought the overnight Evergrande dip amid no signs of panic whatsoever. Here we see via the % of S&P stocks above the 200 day moving average, that breadth is the weakest of 2021:

It should be noted that Dow Transports never confirmed the late August "Jackson Hole" high in the S&P 500. Now we see Transport breadth is back in the crash zone. 

As I noted on Twitter, Bill Gross top ticked the S&P Jackson Hole high with his "Cash is trash" comment. The same way Ray Dalio top ticked the market in 2018 AND 2020 just before the pandemic meltdown. Meanwhile, for those who will say there was "no warning". Record option skew was right AGAIN. Albeit it was the second high that accompanied the rollover. The same as last times. 

In summary, the Fed is on the verge of tapering their monetary policy at a time when the markets are already beginning to crumble. 

Capital markets are now 100% dependent upon monetary welfare for the rich. 

Which is by far the biggest unspoken risk - social mood collapse as evidenced by decade low consumer sentiment and impending bailout failure. There is no way under these conditions that billionaires will get another bailout. The losses will fall where they may. 

Worse yet, the economy that essentially drove the entire world out of deflation in 2008 was China. This time around, China is the weakest link. Therefore they will be flooding the world with deflation on a massive scale via competitive debasement.

Now imagine all of this dislocation taking place while Chinese markets are on a two day holiday break. They will be back in session Wednesday morning Asia Pacific time.

Canada’s prime minister called a pointless election

The debacle is a test of Xi Jinping’s commitment to reshaping the economy

Unusual weather and supply outages are to blame

Big retailers must cope with shortages and with consumers’ stampede back to the aisles

Soaring energy bills are a problem for firms, households and the government