There is no bubble: says JPM

The Market Ear writes:

The dream team of thought-leaders at JPM had a conference call arguing that there is no bubble in the equity markets or credit markets: “We do not see a broad equity market bubble but rather certain pockets of the market …

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• The NOK should be more correlated with global asset markets (outside of Norway) than the Norweigen economy, says Tor Vollalokken.
• Industrial capacity utilization is up, but still on a downward trend. This will depress inflation expectations.
• Coinbase is IPOing. The population is going mad about SPACs and Bitcoin.
• Modi names …

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Crazy Cathy’s Ark may have sprung a leak

There is a lot of muttering about how once ARK Innovation’s ETF starts getting redemptions, the illiquid holdings will implode. In some cases, ARK Innovation holds a very high part of the free float. This will test Prof Plum’s …

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Crumbs

Mark E. Jeftovic has written a piece called Deconstructing “Wokethink” in which he tries to persuade us to guard against ten cognitive biases that lead us astray. He’s jotted them down on a handy card, but really you should read the whole article. He has targetted “wokethink,” but …

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Crumbs

Cassandra speaks, but nobody listens

Michael Burry is expecting hyperinflation, and therefore likes commodities, and uranium especially.

People say I didn't warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned.

— Cassandra …

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Crumbs

REITs

We all need somewhere to live. Homes are both a necessity, and a luxury good. A house is like a loaf of bread, we must have somewhere to rest our weary head, even if it’s a tent under a flyover. Like art or opera tickets, a house …

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Crumbs

• Steve Mnuchin is looking for live gigs. And Zoom ones. He’s a bargain compared to Janet Yellen. But, maybe he can afford to be generous with his time.
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• SPAC mania continues.

News

Kim Kardardashian has filed for divorce. I’m not sure who she is, but Twitter seems …

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Crumbs

• A good way to play energy is options on SXEP, according to JPM’s Kolanovic (h/t The Market Ear). There is a lot of talk about oil/commodities supercycles. Certainly, commodities have been fairly strong recently, and it’s not difficult to explain: a long period of under-performance …

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Crumbs

The new Bear Cave newsletter (#53) is out. It has picked up that the ARK ETF(s) may implode.

Other bearish tickers:

1/ Why are there so many SPACs?

Answer 1: Great economics for sponsor (average of 20% of money raised upon deSPAC / merging with a target, Eg $400M …

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It looks to me as though oil is going to strengthen in the near future. An alternative to actually buying the commodity or the upstream oil companies I may be wrong, of course!

Inflation

The world has experienced low or negative inflation. This is a great worry to central …

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