Wednesday 20, April 2022
Tesla is the big story of the day. Elmer Spud writes about it. In my bones I know it’s a Ponzi, but it’s just too damn volatile to short.
This is an amusing post about Ackman and Netflix. Ackman has become an object of contempt for FinTwit.
I can’t decide about Covid. There seems to be so much misinformation, and partial information about it. To get a flavour of what is missing from the MSM, read this. Probably nothing.
Crude oil is not that expensive in real terms, by historical standards.
Beer
For my recent birthday I was bought the Belgian Beer Mixed Case (15 beers). Today I sampled Palm Belgian Amber Ale Can, which I rate at 8/10 and Estaminet Refined Lager which I rated at 6/10. These are personal preferences, not a comment on the quality of the beers compared to some idealized version of the type they represent. I guess I just prefer ales.
Disclaimer: a close relative of works for ABI, which owns Beerhawk, and probably owns some if not all of the breweries that make the beers in this case. Neither of us stand to make anything from advertising the product.
Tweet of the day
— Rothmus 🏴 (@Rothmus) April 20, 2022
Image of the day
Dean West pic.twitter.com/iYpMDau0So
— Daniel Brami (@Daniel_Red_Eire) April 20, 2022
Wrap
Everything seemed to reverse its previous trends. Oil bounced a bit, bonds rallied, equities fell (NDX) or remained flat (SPX), European shares were up, commodities were mixed, equity vol fell slightly, credit generally recovered. This was a light news day. House prices broke new all-time highs, but numbers of transactions were very low. There seems a feeling that the housing market is about to crack.
Thought for the day
United Kingdom Corporate and Individual Tax and Financial Transparency Bill, described here has been stuck in the second reading stage since 2014, and will never be passed. This tells you everything you ever need to know about the appetite of UK governments’ commitment to transparency in ownership of financial assets. Beneficial ownership, a.k.a. real ownership.
The UK is addicted to secrecy. It was a criminal offence to reveal Rishi Sunak’s wife’s tax status (spoiler: she’s a non-dom). In Norway, everyone’s tax return is available for public inspection. The disparity is yawning.
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