COWEN INC. delivered massive losses today. It lost -3.99% to close at 13.0. During the last week it lost -8.58% and saw a maximum drawdown of -10.41% before bouncing back.
Buy-and-Hold investors in COWN experienced a maximum drawdown of -26.39% over the last three months. It lost -15.03% during this strong down trending period. There were both Long and Short signals during this period, where the short signals were significantly more profitable than the long signals. The net profit from Short signals was +5.23%.
During the last three months COWN was mostly loss making and delivered on average -0.22% per day. It's best return during this period (of +6.58%) was on Wednesday, 21 Nov, 2018. While it's worst loss in the same period (of -6.61%) was on Wednesday, 24 Oct, 2018. There was initially a bullish trend during this period which started on 18 Sep, 2018 and went on till 25 Sep, 2018. The bullish trend returned +7.95% to investors. This was followed by a bearish trend that started on 8 Nov, 2018 and ended on 14 Nov, 2018. This bearish trend lost -6.76% of investor capital.
COWN had 5 profitable and 7 loss making months over the last year. During the last year, COWN underperformed SP500 index on monthly return basis. COWN significantly outperformed SP500 index in Apr 2018, when it returned +17.42% compared to +4.75% returned by SP500 index during it's best month in the last one year - Jan 2018. COWN and SP500 index, both had periods of 2 consecutive losing months. It is interesting to note that both COWN and SP500 index significantly outperform during months when quarterly/annual results are announced.
"The monarchy is foremost a business, and it's important to them that the British public continue to finance the excessive luxurious lifestyles of the now quite enormous, wasteful and useless 'royal' family. I find it very sad.
COWN is becoming more volatile overall. In comparison, the SP500 index is seeing a rise in volatility. During the last three months, there was a significant surge in COWN's volatility from 18 Sep, 2018 to 25 Oct, 2018. While there was a significant surge in the SP500 index's volatility from 25 Sep, 2018 to 29 Oct, 2018.
Advanced/professional short-term investors should note that COWN has negative skewness in it's return distribution. This indicates that investors may need to stay invested through long periods of drawdown before expecting a recovery.
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