Tuesday, September 24, 2019

Oh my, the UN speech and more...

--- President Trump's speech at the U.N. today was similar to a campaign trail speech in content, but with the curious flourishes that writer Stephen Miller adds for eloquence and historical significance.  While commenting on that is not necessary as readers have their own opinions, at times Trump's words veered seriously into advice for other leaders in a way that could be seen as borderline offensive.  It seems that there are no borderlines that can't be crossed for Trump, except the one with Mexico.

---Until today, the stock market remained without real trends, stable but fully valued some say.  The comments on trade today roiled the markets a bit, the hostile remarks about fellow major member China were almost without precedent at a U.N. presentation(although commentators tried to excuse that because he said a nice word about Xi), and getting specific about an individual stock, Micron Technology, was highly unusual in this setting and must have made the managers of that company cringe.  The market was broadly negative.

---Undeterred, a new speculative position was added today.  ALKS is a U.K. based drug developer with some interesting patents.  It has not performed well recently and is near a 52 week low.  Still, among their top 10 mutual fund holders there are only two index funds, the remainder are discretionary funds that choose to own it, some reputable firms.  Among analysts, ISS-EVA, one that is followed here, has an outperform rating, one other firm has buy rating that's a year old and there is a sell from stodgy Credit Suisse.  An intriguing story seen today is that the firm holds the patent to Naltrexone, an old drug that has been used with modest success for addiction therapy.  Now some say it has significant pain relief attributes, while not being an opiate. The company is balking at further development while some in medical circles are eager to use it.  The current stock price clearly has little or no value ascribed to this patent.  Speculative position, but as usual I find a "reason" for my actions.  Or should that be "rationale", since this type of informed betting is an enjoyed activity, and of course not an addiction!

---More talk among Democrats in the House about impeachment proceedings.  Trump would actually enjoy that.  More ways to rile up the base against the elites.  No matter what they find, few Republicans will peel away from Trump unless there are credible reports of incest or bestiality.  That will not happen.


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