The Efficient Alpha Capital Deferred Revenue Indexes identifies companies that have Deferred Revenue on their Balance Sheets, an account created when a customer pays upfront for a product or service.  Not only do these upfront payments obviously help to enhance a company’s cash flow profile, but they also can be viewed as a “signal” of a company’s superior competitive positioning and differentiation.

Deferred Revenue Whitepaper – Efficient Alpha Capital – June 2020

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There is a window emerging for position reduction in the widely held JPY carry trade. Positions are crowded at the same time that the rationale for the extension of the current benign regime is diminishing (carry, carry-to-vol, policy divergence, etc). There is no sense of danger within analyst expectations or embedded in option pricing. While we lack an immediate catalyst, sometimes price can be its own trigger. With USDJPY around 156 and an easily defined stop loss, the risk reward of engaging with JPY strength is compelling. Escalator / liftshaft price action provides significant convexity. Crowded JPY shorts would also need to be covered in the event of a risk-off catalyst coming from other asset classes. Owning USDJPY puts can be an attractive portfolio hedge for investors concerned about general market complacency or for more active tactical FX managers and traders. Read more →
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