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pierredv : investing   65

Analysts see demand for two or three megaconstellations - Oct 2018
"While there may be enough customer demand for two or three megaconstellations, it will be difficult for the ventures to attract enough financing, according to analysts speaking at the Satellite Innovation conference here."

Chris Quilty, president of Quilty Analytics, a financial services firm based in St. Petersburg, Florida, sees demand for two or three constellations serving distinct markets like broadband and machine-to-machine communications."

"Nick Flitterman, co-founder and telecommunications head for Portland Advisers, a financial advisory firm based in the United Kingdom and Hong Kong, sees global demand for two or three megaconstellations but said it will be difficult to finance that many."
SpaceNews  satellite  NGSO  constellations  investing  finance  business 
october 2018 by pierredv
The ROI Challenge of IoT Smallsats - NSR, Oct 2018
"In the recently released M2M and IoT via Satellite, 9th Edition report, NSR projected over 3.7 million smallsat IoT in-service units by 2027; this will generate approx. $133 million in retail revenues during the same year, but it only represents an overall share of only 5% of total satellite M2M/IoT revenues. ARPUs will be low on smallsat IoT networks"

"To turn a profit on these small satellite constellations purely from IoT, millions of IoT devices will be required. On each constellation. With only several million connected devices to come online on smallsats over the coming decade, competition will be extremely fierce between the 15+ constellations for this purpose, with most either merging or never actually launching."

"Further, satellite renewals must be considered, as the average life span for these satellites is up to 3 years. Any launch failure would significantly impact latency and IoT performance. Nonetheless, NSR expects a few smallsat IoT constellations to reach positive ROIs within the next 10 years, assuming additional financing is available to maintain positive cash flow over the first few years of launch."

"Low data rates (a few bytes) per packet transferred are fine for now; however, this fails to consider the growth of data requirements coming from big data analysis. This results in additional levels of data that will be transmitted, despite more analysis being done at the ‘edge’ and not transmitted via satellite. This is where ‘bigsat’ constellations such as Iridium NEXT and Globalstar’s second generation network come into play."

Bottom line: "the ROI on comparatively low-cost CAPEX of smallsats is depressed by even lower ARPUs and end-user demand."
NSR  market-research  business  satellite  smallsats  IoT  M2M  investing  Kepler  Iridium  Globalstar 
october 2018 by pierredv
Amid concerns, OneWeb gets vague about constellation’s cost -
Jeff Foust's summary: "Speaking at World Satellite Business Week, Eric Béranger, president and COO of OneWeb, would no longer affirm that the company's satellites would cost $500,000 each, instead saying the satellites would cost less than $1 million. Other analysts project the satellites to cost $700,000 to $900,000 each once large-scale production gets underway. OneWeb, meanwhile, has assigned the CEO role that Béranger prevuously had to Adrian Steckel, making Steckel OneWeb's fourth CEO is as many years. "

"OneWeb in 2015 set the goal of building 900 satellites for $500,000 each or less, with the total estimated cost of building, launching and operating the constellation at $3.5 billion. ... Asked by SpaceNews if the satellites could still come in under $500,000 each, Béranger said only that they were now “below $1 million” per unit. Industry analysts who follow OneWeb said as recently as August that OneWeb is looking at roughly $700,000 to $900,000 per satellite"

"OneWeb has raised $1.7 billion in equity since 2015, with Japanese tech giant SoftBank providing $1 billion of that total."
SpaceNews  OneWeb  satellite  NGSO  business  investing 
september 2018 by pierredv
EO Investment Picture: Worth More Than a Thousand Words - Northern Sky Research Jul 2018
"The Earth Observation (EO) market has been in constant evolution and recently, it has transitioned from costly, large EO satellites to smaller, more nimble ones flying as part of constellations. Using many small satellites is enabling real-time earth monitoring and observation, and with this, increasingly large amounts of data are being produced every day. Additionally, medium resolution imaging (1 m. to 5 m.) is abundant, and its price relatively low and declining."

"This combination of price decrease and data profusion has created a business opportunity favoring the entrance of new players and the application of digital technologies into new business models,"

"Small satellite constellations with new sensor technologies have enabled data and imaging of the Earth in large amounts, thereby allowing for a new set of companies to arise at the intersection of low-priced imagery and digital technologies: data analytics.

And it is not by coincidence that NSR’s research found almost 90% of new space companies dedicated to EO are for data analytics; inexpensive imagery and digital technologies can deliver high value intelligence applications at a much cheaper cost."

"45% of new EO companies were founded in North America and captured 84% of total investments."

"Diving deeper into 2017, and more particularly into the dynamic North American market, NSR’s analysis shows most investor attention was focused on two companies: Orbital Insights and Descartes Labs. "
NSR  satellite  space  EarthObservation  remote-sensing  business  market-research  data-analytics  investing  EO  OrbitalInsights  DescartesLabs 
july 2018 by pierredv
Intelsat's FCC Pipedream - Intelsat SA (NYSE:I) | Seeking Alpha, Paul Litchfield, June 2018
Via Rich Lee

"The Mobile NOW Act, passed in March of last year, instructed the FCC to make available at least 255MHz below the 6GHz frequency by the end of 2020, with a goal of making 500MHz available."

"You can see from these points that the satellite companies really do not have much to offer that is of value to the mobile companies or the FCC and thus their proposal is very unlikely to be accepted."

(p. 5)"SES investors have heeded their CEO's advice and built in only a very small premium for any potential FCC windfalls, in stark contrast to the gargantuan gains racked up by Intelsat."

(p. 5) "However, for the sake of argument, let’s assume that the satellite companies are somehow able to accomplish the herculean task of fixing all these six problems. They offer to vacate at least 300MHz of spectrum, they are able to trample the rights of the FS companies, they convince the FCC to act in a seemingly unfair, legally challengeable manner, they get all the other satellite companies on board and they manage to convince the mobile companies to pay for something that they don’t need (satellite service licenses) for time periods that are too short and for licenses that have already expired. In that case, how does this proposal look compared to the usual ways of vacating spectrum?"
Intelsat  investing  spectrum  5G  satellite  legislation  SeekingAlpha  SES  cellular 
june 2018 by pierredv
LEO constellation rush not a threat to Iridium, CEO says - Apr 2018
"Large constellations of satellites planned for low Earth orbit (LEO) present little threat to Iridium’s business despite sharing the same orbit, CEO Matt Desch said April 26."

"Both Iridium’s legacy satellite constellation and its upgraded Iridium Next fleet that is mid-deployment operate using L-band frequencies. L-band is smaller swath of spectrum that can’t offer the same high throughputs as higher frequency spectrum like Ku- and Ka-band, but is known for its robust signal strength, often making it the frequency of choice for safety communications. Most large LEO constellations that have gained significant attention, including SpaceX, OneWeb, Telesat, LeoSat and Kepler Communications, are designing satellites in Ku and/or Ka-band."

"Iridium reported a 14-percent increase in revenue growth for the first three months of 2018 as compared to the same period last year. Money generated from Iridium subscribers, which numbered 996,000 as of March 31 and make up 75 percent of the company’s total revenue base, grew 10 percent."

"Desch said the majority of network traffic going through Iridium is now on the company’s Next satellites, of which 50 out of 66 are currently in orbit. "

"Iridium has since 2014 sought approval from the United Nations’ International Maritime Organization (IMO) to break competitor Inmarsat’s sole hold on emergency maritime communications."
SpaceNews  Iridium  LEO  investing  finance  satellite  L-band  Inmarsat  maritime 
april 2018 by pierredv
Globalstar merging with FiberLight for $1.65 billion - Apr 2018
"Thermo Capital, owner of Globalstar, is merging the satellite operator with a landline company it owns in a $1.65 billion deal intended to help pay off Globalstar’s debts."

"The arrangement diversifies Globalstar’s revenue streams, which have been insufficient to cover the cost of its second-generation fleet of 24 low-Earth-orbit satellites launched between 2010 and 2013."

"Concurrent with the merger announcement, Globalstar also said it reached an agreement with the bank lenders for its satellite constellation to defer amortized payments up to $30 million annually."
Globalstar  SpaceNews  investing  finance  debt 
april 2018 by pierredv
Analyzing Financial Forecasting Models Using AI - Nanalyze - April 2018
A startup called Visible Alpha wants to change the way that analysts construct financial forecasting models by making the data they need (and plenty of data they didn’t know they needed) all readily available at the click of a button.
Nanalyze  investing  NLP  language-recognition  automation  AI 
april 2018 by pierredv
LeoSat's Rigolle: Fundraising Big Focus this Year - Via Satellite - Mar 2018
"NewSpace startup LeoSat, which is building the satellite equivalent of a Virtual Private Network (VPN) in space, plans to focus primarily on raising funds for its Series A round this year. With a glut of major customer agreements already signed, the company’s next hurdle is ensuring it has enough cash on hand to build out its full constellation by 2022, said LeoSat Chief Executive Officer (CEO) Mark Rigolle in an interview with Via Satellite."

"LeoSat also recently signed an agreement with Phasor to develop a Ka-band version of its low-profile Electronically Steered Antenna (ESA). While a traditional mechanized dish will be sufficient for the majority of the company’s services, ESAs could unlock new applications and customer bases, Rigolle said, pointing to embassy networks as an example."
LeoSat  ViaSatellite  investing  VC  Phasor  satellite  antennas 
march 2018 by pierredv
Megaconstellations: Recipe for Disaster or Biggest Opportunity Yet? | Via Satellite, April 2018
"within this enthusiasm for large, powerful LEO constellations and the applications they’ll deliver, the voices of caution are growing louder, tempering much of the fervor around pushing fleets of fresh satellites into the skies. Some of the biggest concerns orbit around the topic of space debris"

"Since 2014, space industry consulting firm Northern Sky Research (NSR) has tracked $2.1 billion in investments for broadband megaconstellations (such as LeoSat and OneWeb), plus an additional $1.5 billion in SpaceX. Additionally, since 2016, NSR has tracked $23.7 million invested in satellite Internet of Things (IOT) startups. "

"Over the last several years, the company has spent more than $3 billion on a massive undertaking — refreshing the company’s existing fleet of satellites with a new constellation known as Iridium Next, an architecture consisting of 66 small, interconnected mobile satellites (plus nine on-orbit spares and six ground spares), which will reportedly cover 100 percent of the Earth’s surface, including oceans and polar regions. "

"One of the younger companies in this space, LeoSat Enterprises, is positioning itself as filling the space between traditional satellite and fiber-optic networks."

"But while LEO possesses latency advantages, Steve Collar [SES O3b mPower] says the cost of deployment is too prohibitive. SES plans to launch seven next-generation MEO satellites in 2021"

"The University of Southampton's debris simulation model, Debris Analysis and Monitoring Architecture to the GEO Environment (DAMAGE), offers scientists a glimpse of the worst-case scenario — whereupon a hypothetical large constellation operator disregards existing space debris mitigation guidelines, leading to series of collisions."

"While international guidelines currently recommend that operators remove spacecraft from LEO within 25 years of the end of the life of the spacecraft, Holger Krag [ESA's Space Debris Office] reportedly told attendees at 2017’s European Conference on Space Debris that only 60 percent of operators actually do that."

"a growing number of startups whose business case is based on their power to mitigate debris [e.g. Singapore-based Astroscale] raised $25 million [in 2017, for a] total raise to $53 million"
orbital-debris  ViaSatellite  LEO  satellite  space  LeoSat  Iridium  IoT  SES  NSR  investing 
march 2018 by pierredv
SATELLITE 2018 Show Daily - Day 3 - What Will It Take to Boost Satellite Stock Prices? | Via Satellite
"despite the industry’s massive technological advancements, investors are generally much less bullish on Fixed Satellite Service (FSS) stocks than in previous years"

"the biggest contributor to the decline is the “dramatic change in capital expenditure per Gigabit per second.” High Throughput Satellites (HTS), and soon Low and Medium Earth Orbit (LEO/MEO) broadband constellations, are bringing more bandwidth online than ever before. But that doesn’t necessarily mean the demand is there to absorb all that extra capacity."

"panelists pointed to in-orbit servicing as one means for operators to squeeze the most out of their existing assets, enabling them to put their capex toward new, potentially more profitable business ventures. Improved hardware on the ground side, such as flat panel antennas, could also be a major gamechanger for operators"

"Overall, the panelists unanimously predicted the satellite industry will see significant consolidation over the next two years or so, as top line growth remains restrained."
ViaSatellite  investing  satellite 
march 2018 by pierredv
Future of the space communications industry, by AlixPartners - Mar 2018
"AlixPartners, the global consulting firm, has released a report with these six predictions" "All of these factors could lead to major industry changes, including consolidation or restructuring or even exits."

2. "Some Planned Constellations May Not Get Off The Ground – Current FCC applications for non-geostationary orbit (NGSO) constellations total an estimated 16,000 spacecraft, with AlixPartners estimating $50 billion to $100 billion would be needed to develop and deploy them all. With the worldwide industry currently at $20 billion, the size of the investment needed makes it unlikely all constellations will be funded."

3. ARPU Might Remain Flat At Best

4. Competition from Terrestrial Providers Will Remain Fierce

5. Satellite Bandwidth Capacity Could Outpace Demand

6. Billionaire and Sovereign Investors Will Continue To Pressure Commercial Providers
space  trends  investing  AlixPartners  broadband  VC 
march 2018 by pierredv
March 2018 - LEO/MEO Satellites Poised to Make a Mark in Military Sector | Via Satellite
"Satellites in LEO and MEO soon will be here to stay thanks to companies like LeoSat, OneWeb, and SES-owned O3b. The question is whether they also can go beyond meeting the needs of commercial and consumer users to also serving the needs of a dispersed, increasingly mobile military. Via Satellite talks to leading LEO and MEO industry figures to see how they envision their constellations supporting military missions globally in a fast-evolving threat environment."

"The United States Defense Information Systems Agency’s (DISA) recent Request for Information (RFI) calling for a low-latency satellite connectivity solution underscores the government’s openness for considering new non-Geosynchronous Earth Orbit (GEO) solutions. And that cooperative posture also has been illustrated during the Air Force’s wideband Analysis of Alternatives (AoA) exercise to define the future space architecture, where several LEO and MEO companies put forth their recommendations."

"LeoSat is on schedule to launch two demonstration satellites in the second half of 2019. Launch of the production satellites will begin in late 2020 and the constellation should be complete by 2022." LeoSat's Abad: “We are not looking to bring broadband down to every single person in the world. We want to provide carrier-grade telecommunications services via space.”

"Both LeoSat and OneWeb have received high-profile funding — SKY Perfect JSAT became an anchor investor in LeoSat in May, while OneWeb received $1 billion from Japan’s SoftBank last December, making it a 20 percent equity owner. OneWeb also has partnered with Airbus on its new high-volume production facility in Exploration Park, Florida."

“What needs to change is the ground infrastructure — you can’t build a LEO constellation realistically with two parabolic antennas and expect to reach the scale and volume that these providers talk about,” says Brad Grady, senior analyst in Northern Sky Research’s (NSR)

"NSR estimates that the defense sector will require about 14 gigabits per second of non-GEO HTS capacity demand by 2025, representing an 18 percent annual growth rate from 2015."

“Everyone has figured out that the critical point in launching these new constellations is the antenna system. You can’t have a successful non-GEO network without a very agile, very capable antenna technology,” says David Helfgott, CEO of Phasor, one of a handful of antenna technology providers who will plan to offer Commercial-Off-the-Shelf (COTS) antenna solutions for these up-and-coming constellations in the next 12 to 36 months.
ViaSatellite  LEO  MEO  ElectronicallySteerableAntenna  Phasor  satellite  defense  DoD  SES  NSR  LeoSat  OneWeb  venturecapital  VC  investing  antennas 
march 2018 by pierredv
10 Space Startups Investors Loved in 2017 - Via Satellite - Jan 2018
While this isn’t a full list of every funding round that took place last year, the Via Satellite team thinks these 10 companies are ones that hold serious potential as the NewSpace arena continues to mature.
ViaSatellite  investing  NewSpace  VC 
january 2018 by pierredv
10 AI Startups Coming for White-Collar Jobs - Nanalyze
"CB Insights recently put together a list of categories where AI is coming after white-collar jobs"

"Founded in 2014, Israel-based LawGeex uses artificial intelligence to review contracts."
Nanalyze  start-ups  VC  investing  employment  automation  law 
january 2018 by pierredv
10 Satellite Stocks for Your NewSpace Portfolio - Nanalyze Jan 2018
"A U.K research firm called Pixalytics put out an interesting article late last year which talks about the number of working satellites orbiting the earth (1,738), a number that is dwarfed by the number of satellites in space that are not working (2,897). Imagine trying to collect all those broken satellites that are screaming around our planet at 17,500 miles an hour. Better just to forget about all that space rubbish for now and launch a isht load more of them, which is exactly what’s happening. By November of 2017, the United Nations Office for Outer Space Affairs (UNOOSA) had recorded 357 objects launched into space in 2017 which is almost 50% more than have ever previously occurred in a single year. "

We present you with our list of 10 satellite stocks involved in various aspects of satellite production, operation, and services.
= Maxar
= Intelsat
= Eutelsat
= Viasat
= Inmarsat
= GomSpace
= Iridium
= Loral
Nanalyze  NewSpace  investing  space  space-debris 
january 2018 by pierredv
OneWeb gets $1.2 billion in SoftBank-led investment -
"OneWeb has raised $1.2 billion in an investor round led by SoftBank, ... [which] invested $1 billion of the total $1.2 billion. ... Combined with the $500 million OneWeb raised in June 2015, the total amount gathered now stands at $1.7 billion out of an expected total cost of $2.5 billion to $3.5 billion for the full constellation of 900 small satellites."
SpaceNews  OneWeb  investing  satellite  SoftBank 
january 2018 by pierredv
SoftBank Backs New High Altitude Pseudo-Satellite Venture - Via Satellite - Jan 2018
"A High Altitude Pseudo-Satellite (HAPS) is a category of unmanned aircraft that AeroVironment thinks could deliver a multitude of benefits to the commercial market through use of Internet of Things (IOT) and other technologies and concepts. The company has announced a joint venture with a Japanese firm to develop a solar-powered, high-altitude, long-endurance Unmanned Aircraft System (UAS) and certificate it. Called HAPSMobile, the new joint venture would be 95 percent owned by Japan-based telecommunications operator SoftBank, AeroVironment said."
HAPS  satellite  ViaSatellite  investing  SoftBank  AeroVironment  UAS 
january 2018 by pierredv
5 Business Deals That Shook Up Satellite in 2017 - Via Satellite -Dec 2017
"MacDonald, Dettwiler and Associates (MDA) finalized its acquisition of Earth Observation (EO) company DigitalGlobe in October, and subsequently changed its name to Maxar Technologies. According to Maxar Chief Executive Officer (CEO) Howard Lance, the newly combined company — comprised of SSL, MDA, DigitalGlobe and Radiant — will pursue a broader range of space capabilities, including EO services, ground stations and advanced data analytics."

"Planet made great strides to expand its EO business this year, kicking off 2017 with the acquisition of Google‘s Terra Bella business and SkySat constellation."

"Northrop Grumman, which is helping to develop NASA’s James Webb Telescope, agreed in September to purchase Orbital ATK for a staggering $9.2 billion. "
ViaSatellite  space  satellite  investing  Maxar  Planet  OrbitalATK  NorthropGrumman 
january 2018 by pierredv
5 Developments in NewSpace for 2018 - Nanalyze Jan 2018
"In our teardown on NewSpace exploding into a trillion-dollar industry, we noted that the satellite sector, which includes everything from manufacturing spacecraft to providing communications services, represents about 75 percent of the total commercial space industry. The industry is valued at about $350 billion today. There’s no reason to doubt that ratio will change in 2018."

"More recent deals include a $3.2 million Seed round to Loft Orbital out of San Francisco in November. The startup, founded only this year, leases space on its satellites for various Earth-observing missions. It even handles the red tape on issues such as licensing and insurance. Another relatively new NewSpace startup, Analytical Space, took in $3.5 million in September for its satellite relay system that uses laser technology to beam data in orbit back to Earth cheaper and faster."

"Seraphim Space Fund recently launched a $100 million initiative and Starburst Ventures, part of Starburst Accelerator, raised a $200 million fund to invest in 35 space startups over the next three years. Meanwhile, the Space Startup Ecosystem plans to help launch 100 NewSpace companies each year. Let’s put that into perspective: Only about 140 angel- and venture-backed space companies have been founded and funded since 2000, according to Bryce Space & Technology, an analytic consulting firm."
Nanalyze  NewSpace  VC  investing  SpaceX  OmniSpace 
january 2018 by pierredv
Investors pour billions into commercial space start-ups - CNBC Aug 2017
= In 2016 space start-ups received a record-setting $2.8 billion in investment, $400 million more than in the year prior, Bryce Space and Technology announced Wednesday.

= Roughly 25 space-venture deals have already been reported in 2017, including $351 million invested in SpaceX.

= The industry may be hurling toward a day of reckoning, with consolidation on the horizon.
CNBC  NewSpace  space  investing 
december 2017 by pierredv
SoftBank to Invest Around $500 Million More in OneWeb Satellite-Internet Venture - WSJ Dec 2017
"Work on OneWeb’s previously announced initial fleet of more than 700 small, low-altitude satellites is “generally on schedule” for launches beginning next year, starting to market service over Alaska in 2019 and expanding virtually around the globe by the end of 2020, according to Mr. Wyler. During a weekend interview, he also said deployment of roughly 900 second-generation, higher-orbiting satellites by the mid-2020s—intended to create the first such large-scale, hybrid constellation on orbit—is projected to increase speeds roughly fivefold to 2.5 gigabits per second."

"... Mr. Wyler’s project has final approval from the Federal Communications Commission to turn on domestic service within two years, barring major technical or manufacturing problems. The approval also is contingent on other conditions.

According to Mr. Wyler, his team also is “trying to lead the charge” in reducing orbital debris stemming from potential satellite collisions or failures. OneWeb’s satellites, weighing hundreds of pounds and expected to cost less than $1 million apiece, are designed to be “as high or higher in quality and reliability” than much larger models costing $150 million or more, he said"

"SoftBank, which has a 40% stake in OneWeb based on a prior investment, ..."
WSJ  OneWeb  SoftBank  investing  space-debris 
december 2017 by pierredv
SpaceX Grows Bolder As More Capital Rolls In - Via Satellite - Dec 2017
"On Nov. 27, SpaceX filed an amendment to its Series H funding round with the Securities and Exchange Commission (SEC), tacking on an additional $101.3 million to the $351 million it already raised in August. According to CBInsights, this latest capital injection brings the total valuation of the company to $21.5 billion — making it the third most valuable private tech startup in the United States after Uber and Airbnb."
ViaSatellite  SpaceX  investing 
december 2017 by pierredv
Seraphim Capital: Investor Interest in NewSpace is Growing Fast - Via Satellite - Nov 2017
"The commercial satellite industry is on the cusp of seeing a slew of exits from former NewSpace startups, according to Seraphim Capital Chief Executive Officer (CEO) Mark Boggett. In an interview with Via Satellite, Boggett pointed to the growing sum of venture-backed capital in the space industry as evidence that a number of young companies are rapidly accelerating toward maturity."

"While Boggett admits that there have been few successful exits thus far, “the wall of [maturing] space tech businesses” has proved an interesting target both for larger incumbent space companies and traditional players in the broader tech market. Boggett highlighted Google’s acquisition of Skybox Imaging (later renamed Terra Bella) and subsequent sell-off to Planet as one example. He also pointed to SoftBank’s intense interest in the OneWeb-Intelsat merger."

"Currently, Seraphim Capital itself has an explicit focus on Earth Observation (EO) companies, as well as the market subcategories that comprise the EO supply chain. "
ViaSatellite  VC  NewSpace  investing  space  Skybox  Planet  OneWeb  Intelsat  SoftBank 
november 2017 by pierredv
Intelsat Exec on Future Collaboration with OneWeb - Via Satellite -Via Satellite Jun 2017
"Although its bondholders’ failed to approve the highly anticipated merger with OneWeb, Intelsat will push forward with its plans to offer hybrid services from both Geosynchronous Earth Orbit (GEO) and Low Earth Orbit (LEO), said Kurt Riegelman, senior vice president of sales and marketing. In an interview with Via Satellite, Riegelman said Intelsat will still work closely alongside OneWeb in the future, leveraging both companies’ constellations to build out services in new and established verticals.

Intelsat’s board of directors approved the merger agreement back in February and expected the deal to close by the third quarter of this year. Unfortunately, even after numerous delays, Intelsat’s bondholders chose not to accept the proposed bond exchange deal before deadline."
space  satellite  ViaSatellite  Intelsat  OneWeb  investing 
november 2017 by pierredv
How to Ensure Your Startup Survives the NewSpace Bubble - Via Satellite - Nov 2017
"According to some financial experts, the space startup industry is in the midst of a bubble — but that may not necessarily be such a bad thing. ....
The big question mark now, said Bessemer Venture Partners’ Tess Hatch, is whether these young companies can sustain their profitability in the long term."

"Although DFJ Growth partner Randy Glein warned that some capital coming into the space market “is not doing it in a particularly discerning way,” he said too that he expects to see more opportunities for exits over the next five years — particularly for companies specializing in data analytics and services."

Komissarova: “You have to factor in the unique properties of your business when it comes to space, but at the same time you have to … forget about the fact that it’s space. Does it still look like a good business?”
SatelliteToday  satellite  NewSpace  investing  VC  remote-sensing  data-analytics 
november 2017 by pierredv
Kingdom of Saudi Arabia to invest $1 billion in Richard Branson’s space companies - The Washington Post Oct 2017
"For decades, space travel was seen as a risky investment, one that venture capitalists shied away from. But recently, the commercial space industry has attracted a growing number of investors that now includes the Kingdom of Saudia Arabia, which announced Thursday it plans to invest $1 billion in Richard Branson's portfolio of space companies."

"The move is another indication of increasing confidence in the industry. Two years ago, Google and Fidelity announced they were investing $1 billion in Elon Musk's SpaceX. Since 2000, more than $10 billion has been invested in start-up space ventures, two-thirds of which has been in the past five years, according to Bryce Space and Technology, a consulting firm."
WashingtonPost  NewSpace  RichardBranson  SaudiArabia  VirginGalactic  VC  investing 
november 2017 by pierredv
Where is the Emerging Space Opportunity? - Northern Sky Research, Oct 2017
NSR’s The Emerging Space Market Opportunity found that the market falls into three broad segments:

Earth -> Space: Infrastructure & Services provided on Earth to facilitate use of Space (e.g. Launch, manufacturing)
Space -> Space: Services delivered in Space (e.g. Satellite servicing, space tourism)
Space -> Earth: Services delivered from Space assets for use on Earth (e.g. Communications satellites, Earth Observation analytics)

… Space -> Earth activities, dominated by satellite constellations and analytics services, have generated strong entrepreneur engagement and the most investor interest.

… The challenge for budding entrepreneurs is that many emerging space markets are saturated with would-be competitors, even while those same competitors have yet to deliver on promises and bring a product to market.
NSR  consultants  space  NewSpace  analysts  investing 
october 2017 by pierredv
A Recent History of Venture Capital Investment in Commercial Space
"Over the past few years, investment in space businesses has increased steadily, reaching an all-time high in 2015 when venture capital firms invested $1.8 billion, a record high. According to a report released by The Tauri Group, a company that offers aerospace and defence consultancy services, more than 50 venture capital firms invested in space businesses in 2015. But, why are these firms investing in an industry that has been viewed by most venture capitalists to be risky and slow in yielding returns in the past? Below is a look at some of the top reasons why venture capital firms are racing to invest in the space industry"
newspace  nextspace  VC  innovation  investing 
august 2017 by pierredv
Which index is best? 14 MAR 2011 - Mail & Guardian
"The SWIX downweights the large dual-listed shares on the JSE to something that is a better proxy for an actual investible universe, which most fund managers now prefer as their benchmark."
south-africa  investing  finance  indexes  ALSI  SWIX 
april 2016 by pierredv
Putting a value on your value: Quantifying Vanguard Advisor's Alpha -- Vanguard Mar 2014
"A new Vanguard research paper, Putting a value on your value: Quantifying Vanguard Advisor's Alpha, by Francis M. Kinniry Jr., Colleen M. Jaconetti, Michael A. DiJoseph, and Yan Zilbering, expands on the 2001 concept of Vanguard Advisor's Alpha™, which outlines how advisors can add value, or alpha, through relationship-based services such as financial planning, discipline, and guidance, rather than by trying to outperform the market.

The authors attempt to quantify the benefits that advisors can add relative to others who are not using such strategies. The paper includes seven "quantification modules" summarizing key wealth-management best practices and providing a reasonable framework for describing and further differentiating advisors' value proposition."
Vanguard  finance  investing 
april 2016 by pierredv
Asset managers: The tide turns - Economist Mar 2016
"a study by Standard & Poor’s, which compiles the S&P 500 index, among other things, found that 91% of active managers in emerging-market equities failed to beat the relevant index over ten years, and that 95% of active bond managers underperformed. This is hardly surprising: the average manager is likely to do no better than the market, before fees. Once fees are subtracted, therefore, active managers are likely to underperform. Morningstar, a data provider, has found that high fees are indeed a predictor of underperformance"
TheEconomist  finance  investing 
april 2016 by pierredv
Hedging Their Bets: How The Pros Diversify Their Poker Portfolios - NPR Planet Money Mar 2016
Story by Keith Romer
"Big league poker tournaments put millions of dollars at stake for the players. But behind the scenes there is another money game going on, something of a mini-Wall Street."
NPR  money  investing  poker  gambling  risk 
march 2016 by pierredv
Should You Count Social Security as a Bond?
The question is, should you actually factor in those Social Security benefits when it comes to determining your portfolio's asset allocation? Or are Social Security benefits different enough from investment assets like stocks and bonds that you should separate them from your asset allocation decisions?
retirement  investing  finance 
january 2014 by pierredv
THere is what $T and $VZ have invested in wireless networks... Walter Piecyk
"Here is what $T and $VZ have invested in their wireless networks since 2005 compared to $TMUS and $S. "
Walter  Piecyk  cellular  Verizon  AT&T  T-Mobile  Sprint  investing 
november 2013 by pierredv
Voice in the wilderness | The Economist - Buttonwood, Sep 2012
inspired by Jack Bogle's new book Problems of "double agency", and not distinguishing between "investment return" and "speculative return"
finance  investing  TheEconomist 
september 2012 by pierredv
International investing
Chart of shift in US and World Market Capitalizations
finance  financialplanning  investing 
january 2011 by pierredv
Drexel Burnham Lambert's legacy: Stars of the junkyard | The Economist
"Twenty years after Michael Milken’s junk-bond firm came crashing down, the financial revolution that it fostered lives on"
Argues for 3 enduring legacies: "a junk-bond market that has grown at least sevenfold since the firm’s demise; the firms and industries, from gambling to cable television, that owed their rapid expansion to the investment bank’s junk bonds; and the influence of the “Drexel diaspora”, "
finance  history  **  TheEconomist  investing 
november 2010 by pierredv
Why Many Investors Keep Fooling Themselves (WSJ)
"So, in order to earn 6% for clients after inflation, fees and taxes, these financial planners will somehow have to pick investments that generate 11% or 13% a year before costs. Where will they find such huge gains? Since 1926, according to Ibbotson Associates, U.S. stocks have earned an annual average of 9.8%. Their long-term, net-net-net return is under 4%."

the bottom line: "All this suggests a useful reality check. If your financial planner says he can earn you 6% annually, net-net-net, tell him you'll take it, right now, upfront. In fact, tell him you'll take 5% and he can keep the difference. In exchange, you will sell him your entire portfolio at its current market value. You've just offered him the functional equivalent of what Wall Street calls a total-return swap.

Unless he's a fool or a crook, he probably will decline your offer. If he's honest, he should admit that he can't get sufficient returns to honor the swap. "
investing  finance  psychology  delusion  x:wsj 
january 2010 by pierredv
The Geography of Innovation
"we focus on the importance of President Barack Obama’s call for a new federal effort to support regional innovation clusters. We know now—from a solid record of state and local achievements and academic research—that regional innovation clusters are a critical component of national competitiveness"
regions  innovation  policy  geography  investing 
december 2009 by pierredv
Finding Treasure in a Spooky Bond Market - BusinessWeek
18 Dec 08: recos for bonds in various categories, incl Baird (BMBSX - muni), Vanguard VFICX (intermed term bond) and Fidelity FSICX (multisector bond)
investing  finances  x:businessweek 
january 2009 by pierredv
Stock Picker's Defeat - Bill Miller -
Regression to the mean gets everyone in the end, even Bill Miller
people  stories  finance  investing 
december 2008 by pierredv
Many advisers think it's smarter to own individual government bonds. That avoids management fees that erode already slender returns.
investing  via:bw 
july 2008 by pierredv
Mauboussin Commentary - Legg Mason Funds :
collection of Mauboussin's papers - great resources on investing, behavioral economics
strategy  economics  investing 
october 2006 by pierredv

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