Crumbs

• Laurence Fuller bemoans the lack of fiscal action in response to the pandemic,

Wrap

• Gold and silver hammered. Rotation into bitcoin?
• momentum up, value down,
• All yields up except core Eurozone, and then only DE up for 30 year maturity,
• Euro weak against everything: stampede into US assets?
• All …

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Crumbs

• What were we thinking?. Jesse Felder looks back on Scott McNeely’s reflection that Sun Micro was hugely overvalued at 10 times revenue in 1999. Now 60 members of the SP500 trade at this multiple and more. The question is whether, especially if we return to growth and inflation …

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Crumbs

• Shipping predicted to shape up. Again.
• trade is picking up again nicely, thanks:
• it’s a better time to be a low-paid worker in many US states: The US is getting much more comfortable about interfering the the labour market — The Economist.

• The NYSE can’t afford not to …

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‘Lockdown hasn’t been all bad — it’s made me focus on what I really want out of life.’

Crumbs

The Daily Shot today has some lovely charts.

• DXY is testing levels it last reached at the start of 2018:
• bitcoin is blasting into space:

- TIPS investors see inflation coming …

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Crumbs

This article by By Neil Irwin and Weiyi Cai explains how it can be that shutting down so much of the US economy can result in US consumers having an extra $1Trn to spend or save. Basically, there was a lot of govt. support, and a relatively small number …

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Crumbs

• UK trails the world in vaccinating its population
• Trump caught trying to rig election count in Georgia,
• Janet Yellen caught out taking millions of dollars in speaking fees from Wall St. Not illegal, but not a good look. Compare Edward Luce pointing out that the Fed has created political …

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Crumbs

Quantumscape: fraud or no fraud?

The WSJ says that Quantumscape, which is developing solid state batteries that are superior to the liquid electrolyte ones already in use will disadvantage $TSLA because it uses rolled cylinder batteries, whereas its competitors all use prismatic ones. Solid state batteries cannot be rolled …

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Money supply

I’m old enough to remember when the money supply mattered, and was the determinant of inflation, albeit with ‘long and variable lags’. Now, nobody (except Taps Coogan) cares. But all things, including economic theories, move into and out of fashion, so maybe the time has come.

The …

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Crumbs

• US real estate is motoring. Builders of low-end homes have done incredibly well. There is a high level of household formation, and this has resulted in share price increases of up to 74% ($CCS — Century Communities). This must be, at least in part, down to the availability of credit …

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Crumbs

• Tobin’s Q is the market cap (of the SPX) as a multiple of the replacement cost of the assets. When a lot of assets are software and market dominance, this is hard to measure. Either the market is massively overvalued or the metric is no longer meaningful. Suggested …

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