Crumbs

• Tesla doesn’t have a captive financing arm, and so has less debt, but that’s a bad thing. Basically, the debt to finance the car finance business is counted, but the loans and leases that were bought with the proceeds of that debt are not counted. Keubiko is worth following on Twitter.

Tweets

I still can’t wrap my head around a guy’s net worth going from $200 million to $20 billion to zero in 8 years. pic.twitter.com/Ud5CEmdzJb

— Conor Sen (@conorsen) April 2, 2021

Morgan Stanley sold $5BN in Archegos stock on March 25; then Goldman piled in. Nomura and Credit Suisse were left with the billions in losses.

If you are a potential client do you go with MS/GS or CS/Nom https://t.co/tmApKq6rNS

— zerohedge (@zerohedge) April 6, 2021

Caviar, champagne, menus de grands chefs et retrait du masque obligatoire…Nos journalistes ont pu pénétrer dans ces fêtes clandestines de haut standing qui se tiennent actuellement à Paris.
🎥@frvignolle Armelle Mehani et @CyrielleStadler en exclusivité pour le 📺#19h45 pic.twitter.com/ClXpIWrVwZ

— M6info (@m6info) April 2, 2021

Wrap

A risk off day:

• 10Y yield down,
• Gold & silver up a bit,
• US stocks flat, at best,

but:

• commodities up, a bit inc. oil,
• European stocks up,
• lithium jumps, up 6%,
• DXY down 0.3%, at 92.3.

No major news flow that I could find. GS and MS getting a lot of negative publicity for dumping Archegos positions.

It seems that GS bought a lot of Deliveroo stock to support the price after listing.

Greensill and GFG companies increasingly look like as though they were engaged in fraud, at the very least. Cameron looking finished.

Yellen has called for a global minimum corporation tax rate. Not sure this has made much difference to markets, as it seems unlikely that this is politically possible, certainly on a Marxists interpretation of history. The largest corporations derive huge profits from corporation tax arbitrage, and they are certainly not going to give that up without a struggle and a tsunami of lobbying.