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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.
Unfortunately, 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 more | 09:22 01-Jul-24 |
?3 |
a brief Ebix update | 09:45 01-Apr-24 |
-3 |
Ebix auction cancellation, plus another Akoustis WiFi 7 win | 09:15 12-Feb-24 |
?3 |
potential VUZI dilution, plus market & Ebix commentary | 21:53 09-Feb-24 |
?2 |
BGC 4Q23 schedule, Bitcoin ETFs and much more | 08:33 09-Jan-24 |
-8 |
Ebix bankruptcy and more | 08:58 20-Dec-23 |
-3 |
Ebix forbearance extension and more | 08:12 16-Nov-23 |
?2 |
CPI, Vodafone, Ebix and more | 20:41 14-Nov-23 |
?3 |
Ebix untimely filing | 07:19 09-Nov-23 |
-6 |
Ebix lender agreement & Energy Recovery 3Q23 schedule | 11:33 02-Oct-23 |
-2 |
Intel Ireland fab, PCE and more | 12:37 29-Sep-23 |
?4 |
Ebix CEO bonus and more about the BRICS | 10:59 26-Sep-23 |
-2 |
the Fed and all sorts of shutdowns | 11:34 22-Sep-23 |
?1 |
Jackson Hole thoughts and trading summary | 09:25 28-Aug-23 |
?2 |
New Fortress and other post-earnings follow-ups | 16:40 23-Aug-23 |
?1 |
AKTS and other trading thoughts | 08:25 17-Aug-23 |
-3 |
this week's other 2Q23 earnings and more | 09:15 11-Aug-23 |
?3 |
Ebix 2Q23 schedule | 11:18 02-Aug-23 |
?3 |
WFS 2Q23 schedule and more | 10:15 17-Jul-23 |
?4 |
Ebix update, jobs & Polestar deliveries | 08:57 07-Jul-23 |
-3 |
second Ebix debt extension | 10:04 24-May-23 |
?2 |
Display Week, deadlines, and Fed run up | 21:20 22-May-23 |
-2 |
Vuzix 1Q23 results, plus Ebix and trade follow up | 18:13 10-May-23 |
?3 |
Ebix 1Q23 results and macro | 08:59 10-May-23 |
?3 |
Ebix 1Q23 schedule | 15:31 04-May-23 |
+6 |
EbixCash IPO gets SEBI clearance | 11:24 10-Apr-23 |
-4 |
Ebix CFO, New Fortress 1Q23 schedule and more | 08:50 10-Apr-23 |
-1 |
PPI and more | 20:42 19-Mar-23 |
-5 |
Ebix 4Q22 results | 08:00 15-Mar-23 |
-1 |
Fed banking moves and inflation numbers | 08:57 14-Mar-23 |
?2 |
MACom acquires Linearizer and more | 10:56 08-Mar-23 |
?3 |
Ebix debt extension | 10:03 22-Feb-23 |
?1 |
CPI and much more | 09:14 16-Feb-23 |
?2 |
LUMN numbers plus Ebix & Intel updates | 09:13 08-Feb-23 |
?2 |
this week's important macro data plus trade notes | 08:43 02-Dec-22 |
+1 |
Xebec update and global brief | 10:41 30-Nov-22 |
+1 |
COP27 and a more of the same | 10:58 25-Nov-22 |
?2 |
PPI, Vodafone 2Q23 results, and other trivia | 10:38 18-Nov-22 |
?2 |
GRoDT 3Q22 results and commentary on the week | 08:30 11-Nov-22 |
?3 |
Ebix 3Q22 results, Vantage JV, midterms & OMIBs | 12:01 09-Nov-22 |
?3 |
Ebix 3Q22 schedule | 21:01 02-Nov-22 |
-2 |
Schlumberger 3Q22 results and more | 09:13 21-Oct-22 |
+1 |
follow up and trivia | 16:15 29-Sep-22 |
+1 |
Brightspeed debt and trivia ahead of the Fed | 10:30 23-Sep-22 |
+1 |
PCE, Powell and more | 10:54 26-Aug-22 |
+2 |
pre-expiration news and trading notes | 17:05 19-Aug-22 |
?3 |
Ebix 2Q22 results, Akoustis 5G sample, and more | 12:24 09-Aug-22 |
?3 |
Xebec and Ebix 2Q22 schedules | 12:43 05-Aug-22 |
+1 |
jobs and geopolitical destabilization | 09:31 08-Jul-22 |
+2 |
Lumen 2Q22 schedule, Ebix injunction and macro | 10:38 07-Jul-22 |
-6 |
EBIX short report, a look at Fluence, and Fed follow up | 09:15 21-Jun-22 |
?1 |
currencies, value and what comes next | 11:33 24-May-22 |
+3 |
Ebix 1Q22 results | 13:23 10-May-22 |