David Koh

=> The U.S. labor market report produced a knee-jerk reaction among major FX – but MXN, COP, BRL, and ZAR are bucking the trend => MXN clearly likes the idea of a stronger growth in the U.S. Further, President Sheinbaum continues to send orthodox policy signals (including the post-election fiscal adjustment), and there is now a possibility that parts of controversial judicial reform might be revised => BRL/COP/ZAR’s outperformance is even more interesting – Domestic factors still getting noticed? (chart’s source - Bloomberg LP)

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Today, I published LVS Advisory's Q3 2024 investor letter which discusses our recent investment performance and an investment in Medpace $MEDP. https://lnkd.in/e67V2EZh

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/3BhRjwT

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/4iBFfY8

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/4iBHqLi

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My latest piece on what to expect at the September FOMC meeting. #fed #federalreserve

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🪐 NYC Investor Breakfast (Dec. 3, 8:30am) Off-the-record U.S. national security discussion with former high-ranking Pentagon officials 🪐 Langschiff Capital Partners and New Vista Capital are pleased to share that we have a select number of seats available to institutional investors for an off-the-record investor breakfast on Tuesday, Dec. 3, 8:30am ET in New York City. Kelly Magsamen (Fmr Chief of Staff to the Secretary of Defense), John Plumb (Fmr Assistant Secretary of Defense for Space Policy) and Kirsten Bartok Touw (Co-Founder and Managing Partner of New Vista Capital) will discuss the state of U.S. aerospace, space, and defense technology. ​ To be discussed: 🪐 Where does the U.S. need to invest to protect its national security? 🪐 Nuclear threat in space: Is it real? How do we protect US assets? 🪐 Is China likely to invade Taiwan within the “Davidson Window”? 🪐 What does China as the “pacing challenge” mean?  🪐 Is the US military stretched too thin? Is now the perfect time for China to open a new front? Please register with the link below to attend the breakfast. We hope you can join us! https://lu.ma/sphdkgul #aerospace #space #defensetech

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A US appeals court has struck down the overreaching SEC rules that would have burdened private equity and hedge funds with unnecessary requirements. The Fifth Circuit Court of Appeals recognized that the SEC exceeded its authority by mandating detailed quarterly reports and limiting side deals. This unanimous decision is a major victory against Gary Gensler's excessive regulatory agenda, which threatens to stifle growth and innovation in the industry. The court's ruling sends a message that regulators can't bypass Congress to push their ridiculous policies. The SEC's failure to link these new rules to fraud prevention only highlights their lack of justification. It's great to see the court protect our industry from costly and intrusive regulations. This decision reaffirms that the $27 trillion private funds industry, which supports pension funds, universities, and individuals, should not be hindered by unwarranted constraints. While the SEC may consider appealing to the Supreme Court, hopefully, the courts will continue to curb such regulatory overreach.

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It was a pleasure hosting Reihan Salam, President of the Manhattan Institute, at the Red Apple Group offices recently. Reihan’s insights into policy, economics, and the future of our cities are consistently thought-provoking. As a regular contributor on platforms like CNN, Real Time with Bill Maher on HBO (Warner Bros. Discovery), and The Atlantic, he remains an essential voice in today’s policy discourse. Fun fact (aka nerd alert!): Reihan and I go way back—30 years ago, we were competitors on two of the nation’s top-ranked speech and debate teams at Stuyvesant High School and Iona Preparatory School. Those formative years sharpened our skills in public speaking and critical analysis, setting the stage for professional journeys defined by rigorous inquiry. It’s inspiring to see how those early days of debate shaped leaders and thinkers like Reihan, who now contributes so significantly to the broader discourse on public policy and governance. Recently, Reihan joined John Catsimatidis, Founder & CEO of Red Apple Group, on The Cats Roundtable on 77 WABC Radio, to discuss the current state of the U.S., with a special focus on New York. As a Brooklyn native and the son of Bangladeshi immigrants, Reihan brings a uniquely grounded and thoughtful perspective on improving New York City and State. This segment originally aired on Sunday, November 3, on New York’s #1 rated station, 77 WABC Radio, owned and operated by Red Apple Group. Reihan’s views on the path forward for New York are well worth a listen.  Interview Link:  https://lnkd.in/ecWY2Eme    Manhattan Institute: Under Reihan’s leadership, is a cornerstone in the world of public policy. Established in 1977, the Institute remains one of America’s leading think tanks. Through rigorous research and data-driven recommendations, the Institute shapes public policy debates, offering non-partisan, research-based solutions to some of the nation's most pressing challenges. Under Reihan's leadership, as cities and states grapple with post-pandemic challenges, the Institute’s research will be more essential than ever, guiding efforts to create resilient, vibrant communities. Through Reihan’s stewardship, the Manhattan Institute continues its mission with a steadfast commitment to integrity, clarity, and data over partisanship. Ultimately, Reihan and the Manhattan Institute exemplify the power of ideas, showing that dedication to facts, intellectual rigor, and principled discourse can lead to real, meaningful change. #ManhattanInstitute #PolicyLeadership #PublicPolicy #EconomicFreedom #Governance #NewYorkPolicy #ThoughtLeadership #RedAppleGroup #WABCRadio #PublicDiscourse #SpeechAndDebateLegacy #FreeMarketIdeas #ConstructiveDialogue #RedAppleGroup #JohnCatsimatidis #WABC770 #NewYork #NewYorkState #NewYorkCity

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December indigestion caused by the Federal Reserve's comments today? The S&P was humming along until the FOMC cut 25 bps as expected, and the changes to the statement were trivial (although the vote to cut wasn’t unanimous). Chairman Powell wasn’t a reassuring voice at this meeting, and the market’s confusion led to hawkish projections and speculations for 2025. The S&P 500 closed at the day's lows, -3%. Capital flow was heavy at 145%. Today's move lower in the stock market was significant. We’re below the 50-day moving average for the first time since September. We’re not oversold (yet), and we’re (only) back at mid-October levels. From a technical standpoint, the rest of December should be a race for the exits….but dip-buyers will (most likely?) do their thing. It's worked for the last 12+ years, so why stop now? Considering today’s drop is rooted in a market unprepared for a Fed that wasn’t gung-ho with spiking the punch bowl a lot more, it could mean that once investors relax and think, they won’t believe this is all that bearish. If that’s the case, watch for an enjoyable bounce back. In summary, the fundamental landscape isn’t radically altered; however, the emotional landscape temporarily is.

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[New Compounders Podcast] Our guest on the show this week was Daniel Rupp, CFA, the Founder and CIO of Parkway Capital. After spending many years at a very well-known, Asia-focused investment firm called Overlook, Dan founded Parkway Capital to take advantage of some of the less liquid and smaller-cap opportunities he was consistently unearthing. Dan is the first Asia-only investor we have had on the podcast, and I was excited to speak with him about: • The types of opportunities he thought he could invest in with a smaller capital base; • How he is building his team and his asset base; • The Parkway portfolio, which consists of Compounders, Defensive companies and Deep Value stocks; • Why he is so constructive on the Chinese market right now; and • The investment case for Chinese white goods manufacturer, Haier Please enjoy this excellent deep dive into the Asian equity markets here: https://lnkd.in/g2ZtnmzU

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Last week, members of TwentyFour's asset-backed securities (ABS) portfolio management team attended the Opal Group CLO Summit in Dana Point, California. With over 2,000 participants, the event showcased the global evolution of the CLO market. Historically US-focused, the conference now sees growing participation from European investors and CLO managers. In his latest blog, Aza Teeuwen discusses why 2024 has been an incredible year for CLOs, but also highlights that tail risk has not gone away and the potential for a bump in the road is substantial. Read more: https://okt.to/jOXDEf #CLOs #AssetBackedSecurities

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On August 19, 2024, the SEC settled a matter against a private fund adviser for violating the pay-to-play rule, Rule 206(4)-5 under the Investment Advisers Act of 1940.  A link to the order is below.  What makes this case worth a read is the fact that it is one of only a few where the violative conduct, i.e., the political contribution, was made by the employee before they were hired by the firm.  Under the rule, there is a look back period ranging from 6 months to 2 years depending on the employee’s role.  The adviser agreed to pay a civil penalty of $95,000.   This case stresses the importance for advisers to implement new hire pre-screening procedures that include reviews of political contributions occurring before employees are hired, perhaps in conjunction with background checks.  If a new hire has a political contribution that is problematic there may be ways to still hire them and avoid a violation, such as a returned contribution or a shift in the employee’s role during the rule’s disqualifying period.  https://lnkd.in/eM-Fqe93

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Marathon Asset Management is pleased to announce the reset of Marathon CLO 2020-15. The reset reinstated the CLO's reinvestment period for another five years and upsized into a $462 Million structure. The fact that a CLO manager has the ability to lower its liability cost via refinancing, while also extending maturities through a reset is one more factor while CLO Equity is viewed as a compelling investment opportunity. Resets and refinancings have the potential to add additional cash-flow that accrues to the CLO Equity.

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@Liz Perenick, Head of Portfolio Management for Private Placements, was excited to join a panel on key industry trends at this year's Private Placements Global Forum: Europe. The conference featured industry leaders covering a comprehensive agenda of today's major topics in private placements, including market updates, issuer perspectives, and much more. #insuranceassetmanagementstrategygroup #insuranceassetmanagement

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PitchBook 1H 2024 exit numbers reflecting practically no change from 2023 1H deal count perspective AND deceleration of deal exit value across the last three quarters . . . E78 Partners #privateequity #privatecredit

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⭕ Harnessing the Power of Ichigo Ichie (一期一会) In this year’s President’s Letter, I reflect on the markets, the balance between long-term resilience and short-term adaptability, and our excitement about the opportunities ahead. 📊 Link to full letter is below Orbis Investments

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