Adam is the CIO of Irenic Capital Management, a hedge fund he co-founded after eight years at Elliott Management. In this podcast, he shares his perspective on activist investing, particularly in smaller companies. Drawing from his experiences at Elliott and Irenic, Adam offers insights into risk management, market inefficiencies, and the evolving landscape of activist investing.
Demand trends are mixed across the sector, with relative pockets of strength among travel/leisure, restaurant/QSRs, and lifestyle apparel names (with some noting good momentum into Q1 and a resilient consumer). On the other end of the spectrum, the group has seen its share of Q4 disappointments and lower-than-expected guides, with those tied to automotive/recreational vehicles and housing continuing to face a challenging demand backdrop amid still-elevated interest rates.
The Consumer Discretionary sector continues to face challenges, with macro commentary remaining conservative across the board. However, a sense of cautious optimism is building among executives who anticipate improvement over the course of the year — a theme we are hearing across sectors.
Overall performances across the Industrial sector are mixed at this stage in the Q4 reporting season, reflecting the diverse industries across the group.
Post-election clarity has bolstered customer sentiment across several end markets, with demand and order trends taking center stage during earnings calls. However, evolving policy directives continue to command attention, shaping both investor discussions and, no doubt, your schedules over the past week!
Corbin Advisors, a strategic consultancy accelerating value realization globally, today announced two key senior leadership promotions to further its industry leadership, specialization, and differentiation. Robert McConnaughey, current Senior Vice President and Head of IR Advisory and ESG, and Thang To, current Senior Vice President and Head of Corbin’s Investor Day, have been promoted to Executive Vice President, effective immediately.
Yesterday from the indoor Presidential Inauguration parade event at Capital One Arena, President Trump issued several executive orders that may be poised to meaningfully alter American policy and positioning. These orders, many of which were issued with the intent to undo the previous administration’s policies, touch upon issues that are critical to business, such as climate change, immigration, diversity, and government efficiency.
Big Banks kicked off Q4 earnings season on a positive note, largely delivering results that topped Street expectations on both the top- and bottom-lines, with net interest income (NII) guidance for 2025 also well-received by analysts. Overall results have been powered by strength in capital markets, investment banking, and trading activity.
Overall U.S. Big Bank commentary reflects optimism toward the year ahead and the potential to build on solid momentum seen post-election, though enthusiasm remains somewhat tempered by ongoing geopolitical risks and unknowns around how policy will unfold under a Trump 2.0 administration. As observed in our Q4’24 Inside The Buy-Side® Earnings Primer®, the heightened election uncertainty that prevailed in the Fall has been replaced by policy uncertainty.
Survey Finds Muted Q4 Industrial Results Expected, but with a “Change in Momentum” Anticipated for 2025 Despite Policy Uncertainty; Growth Appetite Meaningfully Increases
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