Macro
Michael Frazis

With stocks near all-time-highs, there is steadily accumulating evidence that this may be a historic time to sell. PMIs are diving. PMIs give false signals (eg 2016 was a buy, not a sell) but this is by far the worst they have looked. All through the turmoil of last year,... Show More

Equities
Michael Frazis

It has never been less fun to win on a short. By some counts, Biogen's stock collapse marked the latest failure in over a hundred clinical trials based on the amyloid-beta (Aβ) hypothesis. Biogen deserves full credit for taking such a bold financial risk, but something has clearly gone very... Show More

Michael Frazis

Carvana offers a fully integrated way to buy a second hand car online or via an app. The cars are delivered shortly after using Carvana-owned logistics. You can also pick up a car from one of 15 vending machines in highly visible locations and not even have to speak to... Show More

Equities
Michael Frazis

We’ve been tracking Afterpay’s US roll-out by following inbound traffic on sites like SimilarWeb, which helped us ride out the recent volatility. SimilarWeb showed months ago that Urban Outfitters, a US store, was the number one source of inbound traffic, ahead of any Australian website. This was quite an achievement,... Show More

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