Crumbs

• every bull market has it’s shooting star, and for this one, it is undoubtedly Tesla,
• TSMC is going up

Kuppy’s Event Driven Monitor

Kuppy is a fixture on The Market Huddle podcast, and is always good to listen to. He’s started up a new venture, which …

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Crumbs

• gold miners have a higher free cashflow yield than tech stocks. Not sure exactly how measured, but it feels right,
• RAGA rage. A lobbying group to elect Rep. attorneys general has links to unsavoury companies. Colour me gobsmacked.

Wrap

Retail sales fell unexpectedly in Dec 2020. Online trade actually …

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Crumbs

• Heard the one about the wooden car? Wooden body, wooden wheels, wooden engine, wooden go! Now we are going to have wooden satellites,
• Amazing pop in Gamestop ($GME): up over 1000% since April,
• Interest rates look as though they are never going to get off the zero lower bound …

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Crumbs

• Palm Valley, a long-only small cap fund, explains why everything is too expensive and inflation is coming. You’ve heard the thesis before, but this makes the case with some élan.

Wrap

• News: Trump to be impeached a second time, just before Biden’s inauguration,
• inflation running at 1 …

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Crumbs

• Howard Marks has written another of his annual memos. I haven’t read to the end, but it seems to be about defining better what ‘value’ and ‘growth’ really mean. He points out that a company that is not capable of growth should not be considered to have ‘value …

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Crumbs

• This is a fantastic interview with el Erain. He basically says that he would not invest in anything at the moment. He is also highly critical of central banks.

• Lyn Alden has produced her Jan newsletter. She’s good, and interesting, but as nothing much has changed in the …

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Soros on bubbles

https://twitter.com/MacroOps/status/1348342747695108098?s=20

Trump and the attack on the Capitol

A gaggle of Trump supporters marched on the Capitol, egged on by Trump, to protest against the result of the election. Many of them seemed to be actors, maybe hired for the …

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Crumbs

Wandisco

Symmetry invests in a company called WANdisco. Crazy name, crazy business. Read more. I don’t recall where, but I’ve read negative things about WANdisco (WAND.L). One problem is that it seems to offer a one-off service for firms that want to migrate their data to …

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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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