Sent from Yahoo Mail for iPhone
Begin forwarded message:
On Friday, April 26, 2019, 23:37, iDrop News <042619@idropnews.com> wrote:
How to Hide Your Real Phone Number & Text Anonymously | Here's How Your Kids Can Bypass Your Parental Controls
Hello World, 谢谢您到访我的网页, http://jasonmtg604.blogspot.com
Begin forwarded message:
On Friday, April 26, 2019, 23:37, iDrop News <042619@idropnews.com> wrote:
How to Hide Your Real Phone Number & Text Anonymously | Here's How Your Kids Can Bypass Your Parental Controls iOS 12.3 Will Have These New Features | What Does Your iPhone Say About You? | Apple Hit with Major Lawsuit
Begin forwarded message:
On Monday, April 15, 2019, 14:13, RBC New Issue <rbcdi.alert@rbc.newissue.sungard.com> wrote:
RBC Direct Investing TM. would like to inform you that the following New Issue has just been announced.Dream Industrial Real Estate Investment Trust (the "Trust")Short Description: Treasury Offering of Trust UnitsPrice: $11.55 CDN per unit.Settlement: April 25, 2019.To review the Terms and Conditions, update your email information, register for additional email alerts or to unsubscribe from email alerts, please visit the RBC Direct Investing online investing website and select the IPO Centre link.If you received this email and have not registered for this service, please contact an RBC Direct Investing investment service representative at 1-800-769-2560.Thank you for choosing RBC Direct Investing.In accordance with the terms of the RBC Direct Investing's IPO Centre user agreement, you are deemed to have received the prospectus to which the above information relates as it is available to you on the RBC Direct Investing's online investing site by selecting the IPO Centre link. No physical copies of the prospectus will be mailed automatically, however you may request one through an RBC Direct Investing investment service representative. For more information or to request a copy of the prospectus please contact an RBC Direct Investing investment service representative at 1-800-769-2560.A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in certain provinces or territories of Canada but has not yet become final for the purpose of distribution to the public. This information shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory.This e-mail message is for information purposes only and is not intended as a research report or recommendation, or to provide a sufficient basis for an investment decision. New Issues are offered subject to availability (including prior sale, withdrawal, or cancellation without notice). This information is only intended for residents of Canada and is intended for recipients only in those provinces or territories where the issue may lawfully be offered for sale.Emails are sent on a "best efforts" basis. Because of the time-sensitive nature of New Issues and of conditions beyond our control, RBC Direct Investing cannot guarantee that an email is sent for every New Issue offered. As the timeliness of this information cannot be guaranteed, the availability of a New Issue cannot be assured. The information in this e-mail has been obtained from sources believed to be reliable, however, we do not guarantee its accuracy or completeness.Communications over the Internet, including instant messages, cannot be guaranteed to be secure or error-free. E-mail messages and their attachments are subject to being intercepted, becoming corrupted, getting lost or delayed, or to containing viruses. Therefore, neither the sender nor RBC Direct Investing accepts any liability for any errors or omissions in the content of this message or problems in its transmission, including those arising as a result of its transmission over the Internet.These securities are only offered in jurisdictions where they may be lawfully offered for sale. RBC Direct Investing Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. * Member-Canadian Investor Protection Fund. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2013. All rights reserved.RBC Direct Investing Inc. | Royal Bank Plaza, 200 Bay Street, North Tower, P.O. Box 75, Toronto, Ontario M5J 2Z5 | rbcdirectinvesting.com
Begin forwarded message:
On Friday, April 19, 2019, 02:00, Steadyhand Blog <info@steadyhand.com> wrote:
The great IPO show of 2019
View this email in your browser
The great IPO show of 2019
by Scott Ronalds
A number of high-profile tech start-ups are planning to go public this year. Among them are the ride-sharing firms Uber and Lyft (the latter is now trading on the NASDAQ), and digital pinboard creator Pinterest (which started trading today). Home-sharing pioneer Airbnb is also considering filing for an IPO (initial public offering), as is corporate messaging company Slack.
These "unicorns" (the urban definition for a privately held start-up that has achieved a market value of more than $1 billion) have big names, big money and big ambitions behind them. They're great companies, but the million-dollar question is whether or not they'll be great investments (the two don't always go hand in hand). With all the hype around these California kids (the above are all based in San Francisco), you may be wondering what our position is on them.
First, some numbers you might find surprising. Two of the more high-profile names, Uber and Lyft, don't make any profits. In fact, they're currently losing millions of dollars. According to a New York Times article, Lyft lost over $900 million last year while Uber lost north of $800 million in the fourth quarter alone. These two companies are spending big money in the hope of one day making big money. But that day isn't today. And indeed, it may be never. Pinterest also lost money last year, although to a lesser degree. In fact, most unicorns are in the red. The managers of our funds stay away from companies that haven't proven they can consistently make money. This means you likely won't see these businesses in your Steadyhand portfolio any time soon.
As for Airbnb, it has turned a profit over the past two years. Like the others, though, it comes with a premium price tag, with its most recent valuation exceeding $30 billion (according to Forbes). Which brings us to another key attribute that our fund managers focus on — valuation.
We focus on buying companies that trade at reasonable prices relative to their earnings, underlying assets and future growth prospects. It's difficult to assign a price tag to tech start-ups because much of their value is based solely on their future growth. And if you get this wrong, look out below. Speculation and frenzy can also build quickly as a company's IPO date nears, driving its price — and risk — higher.
If most of these companies aren't profitable, why are some investors drooling over them? Because they're growing their revenues at a good clip. And the hope is that these fast-growing revenues will eventually lead to outsized profits. Google and Facebook were once in the same category, after all, and they now make billions of dollars. But it will be tougher for this new generation of start-ups to build wide moats around their businesses or reach monopolistic status. Governments and regulators are taking a tougher stance on companies seeking to dominate an industry. And let's not forget, for every Google and Facebook, there's a Snap and Blue Apron.
Snap, the parent of messaging app Snapchat, went public in 2017 and now trades 30% below its IPO price and more than 75% below its high. Blue Apron, the meal prep delivery company, went public the same year and stumbled out of the gate. It currently trades almost 90% below its IPO price. Needless to say, neither company has lived up to its lofty expectations and investors have been burned. It's also been a rough start for Lyft. The company went public at the end of March and was trading 20% below its IPO price at the time of writing.
Our investment process doesn't preclude us from investing in IPOs entirely. If a private company that we like has a history of profitability and its shares are being offered to the public at a reasonable price, our managers are free to participate in the initial public offering.* An example is Aritzia. The Vancouver-based fashion house went public in 2016 and our Small-Cap Fund participated in the IPO (we've since sold our shares at a profit).
The great IPO show of 2019 will be interesting to watch. Millions of dollars will be made, and millions lost. Given the uncertainty and risk associated with investing in these unicorns as they become public companies, we'll be watching this fantasy from the sidelines.
*Note: It can be difficult to receive a meaningful allotment of shares in an IPO, as investment bankers typically have a large list of clients they offer shares to.
Read in browser »
Recent Articles:
Bradley's Brief — Q1 2019
That investment fees are falling is a popular narrative, but it's not the whole story
These two global forces will shape your investing returns for decades to come
Tax season
State of the Union
Copyright © 2019 Steadyhand Investment Management Ltd., All rights reserved.
You are receiving this email because you opted in at steadyhand.com.
Our mailing address is:
Steadyhand Investment Management Ltd.1747 W 3rd Ave, Vancouver, BC, CanadaVancouver, BC V6J 1K7Canada
Add us to your address book
unsubscribe from this list update subscription preferences