Amazon.com: the Hidden Empire - Update 2013Fabernovel
Our "most favorited" 2011 study revealing Amazon.com's strategies for dominating online retail has been updated to include analyses on all of the company's latest moves, and insights into where they may be going next.
Follow us on Twitter: @faberNovel
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Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
Amazon.com: the Hidden Empire - Update 2013Fabernovel
Our "most favorited" 2011 study revealing Amazon.com's strategies for dominating online retail has been updated to include analyses on all of the company's latest moves, and insights into where they may be going next.
Follow us on Twitter: @faberNovel
Convertible Bonds and Call Overwrites - 2007RYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
Indicators Used to Identify Rich or Cheap OptionsRYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
The Lehman Brothers Volatility Screening ToolRYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
Options on the VIX and Mean Reversion in Implied Volatility Skews RYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
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Risk Premium in Options for the Energy SectorRYAN RENICKER
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Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
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Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. EQUITY RESEARCH
July 20, 2005 North America
Investment Strategy & Macro
Equity Derivatives Strategy Equity Derivatives Strategy
Market CommentaryStrategy Ryan Renicker
1.212.526.9425
Amazon.com: Volatility Sale rrenicke@lehman.com
Sector View:
New: 0-Not Rated
Old: 0-Not Rated
Investment conclusion
q Despite a recent up-tick in Amazon.com (AMZN) front-month implied volatilities, option market participants continue to price in historically
low risk expectations for the company heading into earnings, as measured by AMZN 1-month implied volatility levels. Specifically, AMZN
1-month implied volatilities have generally traded within the range of 43% - 56% as of 1 week prior to each of the past 8 earnings
releases. In contrast, AMZN 1-month implied volatility currently trades at only ~31%. In addition, AMZN 1-month implied volatility is
trading relatively cheap versus AMZN 22-trading day realized volatility. This spread has generally been much wider heading into earnings.
We believe investors should consider expressing directional viewpoints in AMZN by purchasing AMZN calls (bullish) or puts (bearish).
Alternatively, investors not having a directional bias in AMZN should consider going long AMZN volatility through either straddles or
strangles.
Figure 1 : AMZN 1-Month Implied Volatility (Last 2 Years)
60%
55%
50%
1-Month Implied Volatility
45%
40%
35%
30%
= Earnings Announcement Date
25%
20%
07/15/03
08/15/03
09/15/03
10/15/03
11/15/03
12/15/03
01/15/04
02/15/04
03/15/04
04/15/04
05/15/04
06/15/04
07/15/04
08/15/04
09/15/04
10/15/04
11/15/04
12/15/04
01/15/05
02/15/05
03/15/05
04/15/05
05/15/05
06/15/05
07/15/05
Source: Lehman Brothers Equity Derivatives Strategy.
Lehman Brothers does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report.
Customers of Lehman Brothers in the United States can receive independent, third-party research on the company or
companies covered in this report, at no cost to them, where such research is available. Customers can access this
independent research at www.lehmanlive.com or can call 1-800-2-LEHMAN to request a copy of this research.
Investors should consider this report as only a single factor in making their investment decisions.
PLEASE SEE ANALYST(S) CERTIFICATION(S) ON PAGE 5 AND IMPORTANT DISCLOSURES
BEGINNING ON PAGE 6
1
2. EQUITY RESEARCH
• Despite a recent up-tick in Amazon.com (AMZN) front-month implied volatilities, option market participants continue to price in
historically low risk expectations for the company heading into earnings, as measured by AMZN 1-month implied volatility
levels (Q2 release date: July 26).
Figure 2 : AMZN 1-Month Implied Volatility into Earnings
60%
55%
50%
1-Month Implied Volatility
45%
40%
35%
30%
= Earnings Announcement Date
25%
20%
07/15/03
08/15/03
09/15/03
10/15/03
11/15/03
12/15/03
01/15/04
02/15/04
03/15/04
04/15/04
05/15/04
06/15/04
07/15/04
08/15/04
09/15/04
10/15/04
11/15/04
12/15/04
01/15/05
02/15/05
03/15/05
04/15/05
05/15/05
06/15/05
07/15/05
Source: Lehman Brothers Equity Derivatives Strategy.
• Specifically, AMZN 1-month implied volatilities have generally traded within the range of 43% - 56% as of 1 week prior to each of the
past 8 earnings releases. In contrast, AMZN 1-month implied volatility currently trades at only ~31%.
Figure 3 : AMZN 1-Month Implied Volatility 7-Days Prior to Earnings (July 2003 – July 2005)
60%
Risk expectations relatively low
55%
ahead of next week's earnings.
1-Month Implied Vol. 7 Days Prior
50%
45%
40%
35%
30%
25%
20%
April 26, 2005
Apr. 22, 2004
July 22, 2004
July 26, 2005
Oct. 21, 2003
Oct. 21, 2004
Jul. 22, 2003
Jan. 27, 2004
Feb. 2, 2005
EPS Announcement Date
Source: Lehman Brothers Equity Derivatives Strategy.
2
3. EQUITY RESEARCH
• In addition, AMZN 1-month implied volatility is trading relatively cheap versus AMZN 22-trading day realized volatility. This
spread has generally been much wider heading into earnings (Figure 4).
Figure 4 : AMZN 1M Implied – 22D Realized Volatility Spread 7 Days Prior to EPS
30%
Implied volatility relatively
low vs. realized.
1M Implied - 22D Realized Vol. Spread
25%
20%
15%
10%
5%
0%
Jan. 27, 2004
Oct. 21, 2003
Oct. 21, 2004
Feb. 2, 2005
Jul. 22, 2003
Apr. 22, 2004
July 22, 2004
April 26, 2005
July 26, 2005
EPS Announcement Date
Source: Lehman Brothers Equity Derivatives Strategy.
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4. EQUITY RESEARCH
• Against this backdrop, we believe investors should consider expressing directional viewpoints in AMZN by purchasing
AMZN calls (bullish) or puts (bearish).
• Alternatively, investors not having a directional bias in AMZN should consider going long AMZN volatility through either
straddles or strangles.
• Below we plot AMZN’s 1-day stock price return immediately following each of the past 8 earnings releases. On half of these
occasions, AMZN moved more than 10%.
Figure 5 : AMZN 1-Day Stock Return Following EPS Release (Last 8 Quarters)
20%
15%
15%
AMZN 1-Day Return Post EPS
10%
5%
0%
-3%
-5%
-7% -5%
-9%
-10%
-13% -12%
-15%
-15%
April 26, 2005
Apr. 22, 2004
July 22, 2004
Jan. 27, 2004
Jul. 22, 2003
Oct. 21, 2003
Oct. 21, 2004
Feb. 2, 2005
EPS Announcement Date
Source: Lehman Brothers Equity Derivatives Strategy.
• Lehman Internet analyst Douglas Anmuth expects AMZN to report Q2 2005 revenue of $1.75 billion, pro-forma operating income of
$111 million, pro forma fully taxed EPS of $0.14 ($0.08 GAAP), and free cash flow of $149 million. Please see AMZN: Magic for
Muggles, What About Investors? (7/15/05, Douglas Anmuth) for further details.
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5. EQUITY RESEARCH
Options are not suitable for all investors and the risks of option trading should be weighed against the potential rewards.
Supporting documents that form the basis of the recommendations are available on request. Please note that the trade ideas within
this report in no way relate to the fundamental ratings applied to European stocks by Lehman Brothers' Equity Research.
Analyst Certification:
I, Ryan Renicker, hereby certify (1) that the views expressed in this research Industry Note accurately reflect my personal views about any or
all of the subject securities or issuers referred to in this Industry Note and (2) no part of my compensation was, is or will be directly or
indirectly related to the specific recommendations or views expressed in this Industry Note.
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6. EQUITY RESEARCH
Important Disclosures
Rating and Price Target Chart: AMZN
AMAZON.COM, INC
As of 14-Jun-2005
Currency = USD
64.00
60.00
56.00
52.00
48.00
44.00
40.00
36.00
32.00
28.00
24.00
20.00
16.00
12.00
6-02 9-02 12-02 3-03 6-03 9-03 12-03 3-04 6-04 9-04 12-04 3-05 6-05
Closing Price Price Target
Recommendation Change Drop Coverage
Source: FactSet
Date Closing Price Rating Price Target Date Closing Price Rating Price Target
03-Feb-05 35.75 30.00 16-Dec-03 49.50 3-Underweight
27-Feb-04 43.01 36.00 05-Aug-02 12.87 RS-Rating
16-Dec-03 49.50 40.00 Suspended
FOR EXPLANATION OF RATINGS REFER TO THE STOCK RATING KEYS LOCATED ON THE PAGE FOLLOWING THE LAST PRICE CHART
6
7. EQUITY RESEARCH
Important Disclosures:
The analysts responsible for preparing this report have received compensation based upon various factors including the Firm’s total
revenues, a portion of which is generated by investment banking activities.
Related Stocks: Disclosures Ticker Price (07/15) Rating
Amazon.com, Inc C,J,K,M AMZN 37.19 3-Underweight
C - Lehman Brothers Inc. makes a market in the securities of this company.
J - Lehman Brothers Inc. or an affiliate trade(s) regularly in the shares of the subject company.
K - Lehman Brothers Inc. has received non-investment banking related compensation from the subject company within the last 12 months.
M - The subject company is or during the last 12 months has been a non-investment banking client (securities related services) of Lehman
Brothers Inc.
Risk Disclosure:
AMZN: As Amazon opens more stores and extends its third-party platform, focus could be shifted from the core retail business. Amazon
faces increased competition from search providers, portals, and other e-tailers. Amazon is vulnerable to shifts in consumer spending habits.
Guide to Lehman Brothers Equity Research Rating System:
Our coverage analysts use a relative rating system in which they rate stocks as 1-Overweight, 2- Equal weight or 3-Underweight (see
definitions below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry sector
(the “sector coverage universe”). To see a list of the companies that comprise a particular sector coverage universe, please go to
www.lehman.com/disclosures
In addition to the stock rating, we provide sector views which rate the outlook for the sector coverage universe as 1-Positive, 2-Neutral or
3-Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system.
Investors should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.
Stock Rating
1-Overweight - The stock is expected to outperform the unweighted expected total return of the sector coverage universe over a 12-month
investment horizon.
2-Equal weight - The stock is expected to perform in line with the unweighted expected total return of the sector coverage universe over a
12- month investment horizon.
3-Underweight - The stock is expected to underperform the unweighted expected total return of the sector coverage universe over a 12-
month investment horizon.
RS-Rating Suspended - The rating and target price have been suspended temporarily to comply with applicable regulations and/or firm
policies in certain circumstances including when Lehman Brothers is acting in a n advisory capacity in a merger or strategic transaction
involving the company.
Sector View
1-Positive - sector coverage universe fundamentals/valuations are improving.
2-Neutral - sector coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.
3-Negative - sector coverage universe fundamentals/valuations are deteriorating.
Stock Ratings From February 2001 to August 5, 2002 (sector view did not exist):
This is a guide to expected total return (price performance plus dividend) relative to the total return of the stocks’ local market (i.e. the market
where the stock primarily trades) over the next 12 months .
1-Strong Buy - expected to outperform the market by 15 or more percentage points.
2-Buy - expected to outperform the market by 5-15 percentage points.
3-Market Perform - expected to perform in line with the market, plus or minus 5 percentage points.
4-Market Underperform - expected to underperform the market by 5-15 percentage points.
5-Sell - expected to underperform the market by 15 or more percentage points.
Distribution of Ratings:
Lehman Brothers Global Equity Research has 1717 companies under coverage.
40% have been assigned a 1-Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as Buy rating, 32% of
companies with this rating are investment banking clients of the Firm.
42% have been assigned a 2-Equal weight rating which, for purposes of mandatory regulatory disclosures, is classified as Hold rating, 7% of
companies with this rating are investment banking clients of the Firm.
18% have been assigned a 3-Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as Sell rating, 87% of
companies with this rating are investment banking clients of the Firm.
This material has been prepared and/or issued by Lehman Brothers Inc., member SIPC, and/or one of its affiliates (“Lehman Brothers”) and has been
approved by Lehman Brothers International (Europe), authorized and regulated by the Financial Services Authority, in connection with its distribution in the
European Economic Area. This material is distributed in Japan by Lehman Brothers Japan Inc., and in Hong Kong by Lehman Brothers Asia Limited. This
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