EFTA02462433.pdf

From: jeffrey E. <jeevacation@gmail.com> Sent: Sunday, July 8, 2018 12:50 PM To: Paul Barrett Subject: Re: But the yield is important not the coupon On Sun, Jul 8, =018 at 8:13 AM Paul Barrett < wrote: <nlailtc > When I look at buying a bond that has upside price potential, I always cons=der both the 1 year total return expectation as well as the yield to matur=ty. It helps me think about sizing if we are adding to an existing positio=. Paul Paul Barrett Alpha Group Capital LLC 1=2 W 57th Street, 11th Floor, New York, NY 10019 (o) = <=a> (c) On Jul 8, 2018, at 5:59 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gm=il.com> wrote: 1/ ok 2 ok <https://maps.google.comPq=3Dok+3+ok.+.+1&entry=gmail&source=g> =a href="https://maps.google.com/?q=ok+3+ok.+.+1&entry=gmail&=ource=g">3 ok. . 1 bonds t=at receive intersect is not a gain !. 1 the coupon=is 10 but that is immaterial as the current yield is 916= =n Sat, Jul 7, 2018 at 1 <https://maps.google.com/?q=ok+3+ok.+.+1=amp;entry=gmail&source=g> 0:43 PM, Paul Barrett < <mailto > wrote: Hi Jeffrey EFTA_R1_01568944 EFTA02462433 We just got back tonight. I avoid putting on new pos=tions ahead of payrolls but this is what I recommend for Monday:=/u> 1. Fixed Income Idea - We own $2MM of the Exela=10% 2023 bonds. I bought them in October 2017. Currently we are up $250K (=113K from price appreciation and the balance from interest). This is an Ap=llo sponsored technology services company (Apollo owns 20%). Currently the bonds are trading at $102.75 yielding 9.1=%. The JPM credit team this can trade up to $105 plus the 10% coupon givin= a —12% annual return. I think this is a partial replacement for the $3MM =indred bonds that were called this week. I would add $1-2MM. 2. Equity Idea from the team who gave the CD Projekt (=olish gaming stock) idea - Buy InterActive Corp (IA=) on the back of continued success of Match.com <http://Match.com> and Tinder. St=ck trades at 19x 2019 estimates. Fits the mold of asset light platform com=any with 80%+ gross margins and a large digital moat. Stock at $155.50 =/u> 4,=804>Tinder creates around 12 million matches every single day and users s=end 90 minutes a day reviewing their match. Tinder users login, on average, 11 times a day. Tinder's mo=etization on the platform is leading to accelerating growth. Tinder subscr=bers are willing to pay for Plus and Gold services if they increase the ch=nces to connect. And subscription growth remains impressive with 87% sub growth YoY in Q1 leading to 37% ARPU growt= and 3.5M subscribers. Tinder is the second highest grossing app (non-gami=g) worldwide and across Match dating products there are products in 42 Ian=uages, 190 countries and 7M average subscribers." 3. I am still long the August 280 SPY call. It was als= a small $50K position. We paid $1.55 for the options. It closed yesterday=at $1.92. Time decay will start to hurt and I plan to unwind next week. I expect equity inflows to continue next week and will use any =arket strength to unwind (targeting $3.00). Paul Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.comfiq=142+W+57&=entry=gmail&source=g> th =treet, 11th Floor, New York, NY 10019 (o) ■ (c) </=> /a> <mailto 2 EFTA_R1_01568945 EFTA02462434 =/span> <=iv dir="auto"> <image002.=pg> privileged, may and From: jeffrey E. <jeevacation@gmail.com <mailto:jeevac=tion@gmail.com» Sent: Saturday, July 7, 2018 11:48 AM To: Paul Barrett < <mailto Subject: Very odd not to have suggestions? For whole we=k!! please no=e > > The information contained in this communication is confidential, may be attorney-client constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved <=iv dir="auto"> please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited 3 EFTA_R1_01568946 EFTA02462435 and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved =div dir="ltr" class="gmail_signature" data-smartmail="gmail_signatur="> please note<=r> The information contained in this communication is confidential,=may be attorney-client privileged, may constitute inside information, a=d is intended only for the use of the addressee. It is the property of<=r>.IEE Unauthorized use, disclosure or copying of this communication =r any part thereof is strictly prohibited and may be unlawful. If you h=ve received this communication in error, please notify us immediately b= return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communica=ion and all copies thereof, including all attachments. copyright -all r=ghts reserved --000000000000fa8ace05707c5559-- conversation-id 332 date-last-viewed 0 date-received 1531054203 flags 8590195713 gmail-label-ids 7 remote-id 834575 4 EFTA_R1_01568947 EFTA02462436