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Ebix started as a supplier of software and e-commerce solutions to the insurance industry.  However, it branched aggressively into payment, logistics, e-learning, and travel services.  My interest began in late 2018 due to the high (albeit debt-fueled) growth and heavy (50%+) exposure to India, which I saw at the time as arguably the world's most attractive emerging market.  

Ebix stock chart through 2023Unfortunately, that came with all sorts regulatory and geopolitical risks.  I was particularly critical of management's in the wake of the pandemic, even as Ebix was planning to IPO its EbixCash payments IPO in India.  By April of 2020, I began warning about the debt time bomb in combination with those moves.  That pattern continued through the summer of 2023, by which point the IPO was years behind schedule, and my view was completely divergent with the market valuation.  The final nail for me came on the morning of October 2nd 2023, via a forbearance agreement with the lenders.  The market initially took that as a sign of relief, but my base case was already that shareholders would be completely wiped out, and that was eventually shown to be correct.  EBIX stands as an example of how early warning on managment BS can sometimes be the most valuable facet of this service.


Updates:
?5 Ebix denouement, service changes and more09:22 01-Jul-24
?3 a brief Ebix update09:45 01-Apr-24
-3 Ebix auction cancellation, plus another Akoustis WiFi 7 win09:15 12-Feb-24
?3 potential VUZI dilution, plus market & Ebix commentary21:53 09-Feb-24
?2 BGC 4Q23 schedule, Bitcoin ETFs and much more08:33 09-Jan-24
-8 Ebix bankruptcy and more08:58 20-Dec-23
-3 Ebix forbearance extension and more08:12 16-Nov-23
?2 CPI, Vodafone, Ebix and more20:41 14-Nov-23
?3 Ebix untimely filing07:19 09-Nov-23
-6 Ebix lender agreement & Energy Recovery 3Q23 schedule11:33 02-Oct-23
-2 Intel Ireland fab, PCE and more12:37 29-Sep-23
?4 Ebix CEO bonus and more about the BRICS10:59 26-Sep-23
-2 the Fed and all sorts of shutdowns11:34 22-Sep-23
?1 Jackson Hole thoughts and trading summary09:25 28-Aug-23
?2 New Fortress and other post-earnings follow-ups16:40 23-Aug-23
?1 AKTS and other trading thoughts08:25 17-Aug-23
-3 this week's other 2Q23 earnings and more09:15 11-Aug-23
?3 Ebix 2Q23 schedule11:18 02-Aug-23
?3 WFS 2Q23 schedule and more10:15 17-Jul-23
?4 Ebix update, jobs & Polestar deliveries08:57 07-Jul-23
-3 second Ebix debt extension10:04 24-May-23
?2 Display Week, deadlines, and Fed run up21:20 22-May-23
-2 Vuzix 1Q23 results, plus Ebix and trade follow up18:13 10-May-23
?3 Ebix 1Q23 results and macro08:59 10-May-23
?3 Ebix 1Q23 schedule15:31 04-May-23
+6 EbixCash IPO gets SEBI clearance11:24 10-Apr-23
-4 Ebix CFO, New Fortress 1Q23 schedule and more08:50 10-Apr-23
-1 PPI and more20:42 19-Mar-23
-5 Ebix 4Q22 results08:00 15-Mar-23
-1 Fed banking moves and inflation numbers08:57 14-Mar-23
?2 MACom acquires Linearizer and more10:56 08-Mar-23
?3 Ebix debt extension10:03 22-Feb-23
?1 CPI and much more09:14 16-Feb-23
?2 LUMN numbers plus Ebix & Intel updates09:13 08-Feb-23
?2 this week's important macro data plus trade notes08:43 02-Dec-22
+1 Xebec update and global brief10:41 30-Nov-22
+1 COP27 and a more of the same10:58 25-Nov-22
?2 PPI, Vodafone 2Q23 results, and other trivia10:38 18-Nov-22
?2 GRoDT 3Q22 results and commentary on the week08:30 11-Nov-22
?3 Ebix 3Q22 results, Vantage JV, midterms & OMIBs12:01 09-Nov-22
?3 Ebix 3Q22 schedule21:01 02-Nov-22
-2 Schlumberger 3Q22 results and more09:13 21-Oct-22
+1 follow up and trivia16:15 29-Sep-22
+1 Brightspeed debt and trivia ahead of the Fed10:30 23-Sep-22
+1 PCE, Powell and more10:54 26-Aug-22
+2 pre-expiration news and trading notes17:05 19-Aug-22
?3 Ebix 2Q22 results, Akoustis 5G sample, and more12:24 09-Aug-22
?3 Xebec and Ebix 2Q22 schedules12:43 05-Aug-22
+1 jobs and geopolitical destabilization09:31 08-Jul-22
+2 Lumen 2Q22 schedule, Ebix injunction and macro10:38 07-Jul-22
-6 EBIX short report, a look at Fluence, and Fed follow up09:15 21-Jun-22
?1 currencies, value and what comes next11:33 24-May-22
+3 Ebix 1Q22 results13:23 10-May-22