A Wealth of Common Sense
DECEMBER 9, 2022
Nationwide price declines in the housing market are relatively rare. Since 1987, there have been just three times when the Case-Shiller National Home Price Index has been in a state of drawdown: The first was in the early-1990s when housing prices fell a little more than 2% nationally. Then you have the housing crash at the end of the 2000s when prices fell nearly 27%.
A VC: Musings of a VC in NYC
DECEMBER 5, 2022
The advances in AI over the last year are mind-boggling. I attended a dinner this past week with USV portfolio founders and one who works in education told us that ChatGPT has effectively ended the essay as a way for teachers to assess student progress. It will be easier for a student to prompt ChatGPT to write the essay than to write it themselves.
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The Reformed Broker
DECEMBER 8, 2022
Each Christmas season I do a webinar with my friends at YCharts where we take a look back at the most important charts of the year and discuss which of these trends will remain important going forward. It’s always a lot of fun and registration is free. This takes place tomorrow (Friday) December 9th at 12 noon ET (11am CT). This is a presentation for wealth management and asset management professionals, you can reg.
The Big Picture
DECEMBER 5, 2022
I was working on a longer piece about which economic strata the Fed has the greatest impact on (its more complicated than you might think) when Invictus DM’d me this amazing FRED chart. We looked at this idea earlier this year , but it’s worth revisiting. Using data from the Federal Reserve, FRED analyzed 5 categories: Top 0.1%, the rest of the top 1%, the rest of the top 10%, the rest of the top 50%, and the bottom half.
A Wealth of Common Sense
DECEMBER 6, 2022
Before becoming one of the most important movie studio executives of the 1970s, Robert Evans took a break from the glitz and glam of Hollywood to work for his brother’s apparel line, Evan-Picone. The company was so fashionable in the 1960s that every investment bank was pushing them to go public. Before going that route, Robert’s brother Charles put a call into Charlie Revson, the founder and owner of Revlon.
Mish Talk
DECEMBER 8, 2022
Reserve balances, reverse repos, and interest rate paid to banks from St. Louis Fed, chart by Mish. Chart Notes Data reflects end of month numbers. The latest reserve balance is from the New York Fed. The rest of the numbers are via a St. Louis Fed download. Note the stairstep pattern on interest paid on reserves. The interest rate rises every time the Fed hike rates.
Private Equity Central brings together the best content for private equity professionals from the widest variety of industry thought leaders.
The Big Picture
DECEMBER 7, 2022
There are periods of time when we all flip on the TV and watch live events unfold in real-time. National disasters, wars, crises, big entertainment and sporting events all tend toward communal viewing. In many ways, it is the last vestiges of the early days of television when there were only 3 networks and mornings in the office led to water cooler discussions of the big show broadcast last night. 1.
A Wealth of Common Sense
DECEMBER 8, 2022
A reader asks: People are saying that the bond market is screaming recession. Has the bond market ever been wrong? Any notable examples and why was it wrong? The bond market is known for being much smarter than the stock market but we don’t have to go back very far to find a time when it was wrong. The bond market certainly DID NOT see the pandemic-induced inflation coming.
Mish Talk
DECEMBER 7, 2022
Thanks to president Biden, The Pentagon Marches Off to Climate War. A little-noticed rule-making proposed by the Department of Defense, NASA and the General Services Administration last month would require federal contractors to disclose and reduce their CO2 emissions as well as climate financial risks. The rule would cover 5,766 contractors that have received at least $7.5 million from the feds in the prior year.
The Reformed Broker
DECEMBER 5, 2022
I’m traveling this week (Houston here I come!) so I dug this one out of the archives because it’s one of the things I believe in even more now than when I wrote it a year ago. This post came out in October of 2021 at the height of NFT mania. I never really understood it. Collecting I get. Collecting things that can be infinitely copied and that you can’t hold in your hand?
The Big Picture
DECEMBER 8, 2022
One of the reasons people in the investment community respect Howard Marks so much is he says what he believes and lets the chips fall where they may. His observations are always insightful, and over the years have becomeopular, but what really set him apart were his big contrarian observations, such as the Amazon dot Bomb in 1999. I did not get to his recent What Really Matters?
A Wealth of Common Sense
DECEMBER 4, 2022
It’s been a tough year for investors. Here’s a list of just some of the things that have led to a challenging year in the markets: The highest inflation in four decades Double-digit losses in both stocks and bonds Federal Reserve officials publicly rooting for the stock market to fall Interest rates rising rapidly War in Ukraine Continued lockdowns in the world’s second-biggest economy Record high gas p.
Financial Times: Moral Money
DECEMBER 6, 2022
Activist fund Bluebell Capital Partners previously targeted Richemont, Danone and Solvay
The Reformed Broker
DECEMBER 6, 2022
I’m in Texas this week speaking at the Dynasty Investing Forum and seeing clients. The below was one of my best posts of the year, in my own humble opinion I wrote it at pretty much the worst moment for stocks in 2022, during the peak of the September sell-off that drove the S&P 500 to its lowest low – down about 25% on the year. Since this post, JPMorgan shares are up 26%.
The Big Picture
DECEMBER 9, 2022
My end-of-week morning train WFH reads: • Tony Fadell Is Trying to Build the iPod of Crypto : The product guru made Ledger’s new hardware wallet—a tiny vault for digital cash—flashy and fun. Plus, with this gadget you’ll never get FTX’d. ( Wired ). • Bikeshare Roars Back From the Pandemic : The shared micromobility market has been resilient even as commuting patterns have shifted.
Financial Times M&A
DECEMBER 9, 2022
Combined group worth $10bn represents a fall in valuation as investors turn against lossmaking tech start-ups
Financial Times: Moral Money
DECEMBER 8, 2022
With markets uncertain, picking winning stocks and funds will be tough in 2023
A Wealth of Common Sense
DECEMBER 7, 2022
Today’s Animal Spirits is brought to you by YCharts: Enter your information here to claim a FREE YCharts Professional account through December 16th, 2022 (first 100 submissions) On today’s show we discuss: Immaculate disinflation hopes dashed? Comments on the November employment report Were there really twice as many job openings as unemployed people?
The Big Picture
DECEMBER 5, 2022
My back-to-work morning train WFH reads: • Wall Street’s 2023 Outlook for Stocks : There’s hundreds of pages of research and analysis that come with these strategists’ forecast. The general themes: Most Wall Street firms expect the U.S. economy to go into recession some time in 2023. Many believe forecasts for 2023 earnings have more room to get cut, and some believe those downward revisions mean lots of volatility for stocks in the early part of 2023. ( TKer ). • Burden of proof is on the
Financial Times M&A
DECEMBER 9, 2022
Vote in favour of offer by Canadian group’s shareholders will give it greater control of Oyu Tolgoi copper mine in Mongolia
The Reformed Broker
DECEMBER 5, 2022
Next Friday, December 16th, we will be doing a live taping of The Compound and Friends at the Nasdaq Marketsite in Times Square for an intimate audience of fans and friends. And we’re bringing our pals from the On The Tape podcast along with us – that’s Dan Nathan, Guy Adami and Danny Moses. My whole podcast crew will be there t00 – Michael Batnick, Duncan, Nicole and John.
A Wealth of Common Sense
DECEMBER 5, 2022
Today’s Talk Your Book is brought to you by StepStone: See here to learn more about investing in StepStone Private Wealth strategies and here for disclosure information On today’s show, we are joined by Bob Long, CEO of StepStone Private Wealth to give us an update on all things Private markets. On today’s show we discuss: Private equity valuations Can you time private markets?
The Big Picture
DECEMBER 8, 2022
My morning train WFH reads: • The Cult of the Retail Trader Has Fizzled : The GameStop and AMC manias are long gone, with individual investor returns falling 40% this year and digital currency prices tumbling. ( Businessweek ). • FTX’s Bahamas Headquarters Was the First Clue : Bankman-Fried is just the latest in a long string of notorious characters who moved their business to the island nation, from the pirate Blackbeard to organized crime figures and assorted “financial wizards.” ( Bloomberg )
Financial Times M&A
DECEMBER 8, 2022
US antitrust regulator says proposed deal would let tech group suppress competition in gaming
Financial Times: Moral Money
DECEMBER 5, 2022
Kind actions by companies face harsh legal jeopardy
Integrity Financial Planning
DECEMBER 5, 2022
On their surfaces, index funds and mutual funds may seem interchangeable. Both offer diversification of assets and are commonly invested in a basket of stocks that aim to meet a certain investment goal. However, there are many key distinctions that separate an index fund from a mutual fund – distinctions that may be crucial to your portfolio of retirement investments.
The Big Picture
DECEMBER 4, 2022
Those regional differences from the ideal are eye-opening! Source: Nature. The post Healthy Eating appeared first on The Big Picture.
Financial Times M&A
DECEMBER 7, 2022
Billionaire buys country’s biggest wind power company for $2.
Financial Times: Moral Money
DECEMBER 4, 2022
Asset managers tell companies to phase out hazardous PFAS compounds linked to human health problems
A VC: Musings of a VC in NYC
DECEMBER 9, 2022
I have written many times about the Hour Of Code here at AVC. It is the highlight of the annual Computer Science Education Week which is the first week of December, which is this week. Yesterday Marco Argenti, Goldman Sachs’ CIO, and I went with NYC Schools Chancellor David Banks to the Hospitality Management High School in the Hell’s Kitchen neighborhood in Manhattan to do an Hour of Code with the students there.
The Big Picture
DECEMBER 3, 2022
The weekend is here! Pour yourself a mug of Volcanica coffee, grab a seat by the fire, and get ready for our longer-form weekend reads: • Cutting-edge tech made this tiny country a major exporter of food : The Netherlands has used advances in vertical farming, seed technology and robotics to become a global model. ( Washington Post ). • The dirty road to clean energy : how China’s electric vehicle boom is ravaging the environment ( Rest Of World ) see also Green Factories Are Changing Minds in M
Financial Times M&A
DECEMBER 6, 2022
Emails showing Centrica was told that UK state support for bid was on offer cloud dispute over fairness of process
This is going to be BIG.
DECEMBER 5, 2022
These are the first marketing images of an upcoming movie that I star in with my daughter Mirren about an aging superhero that is absolutely too old for this s**t that winds up having to save some mystical star child. Or, it’s just what “generative AI” does with a series of uploaded images of the two of us if given some creative prompting. Enthusiasts will tell you that this is the beginning of being able to insert yourself into video games, recreate scenes of things that happen to you in the pa
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