4 Nov 2021
SoFi and IPO access
I am deeply sceptical of all EV manufacturers. Rivian seems to make real vehicles, and good ones, but the field is very crowded so I don’t think I’m in. But it looks like some retail investors will at least get the chance to invest on the same terms as early investors (well, some earlier investors). SoFi, which is some website which I can’t use because I’m not in the US, has some allocation which will go straight to end investors. Not Boring pump. It seems crazy that so many vehicles are ridiculously big and heavy these days. But, that’s how things are, and this shows how little ordinary people care about climate change, in my view.
SoFi. DYOR!
Wrap
The Bank of England presented its inflation target today. The FT did a good job on this. The message seems to be that the bank will raise rates, but not until later. That inflation is a problem, but in the long term will not be. Pundits all seem to think that it will be a problem, but the GBP discount curve doesn’t: the market doesn’t. Either the market believes that the Bank will act decisively, or that current cost push is indeed temporary. I don’t see a lot of indexation in wages or anything else right now, which I think is what will really kindle inflation. Markets are not perfect, but are at least as good as economists at forecasting inflation, and they don’t seem worried right now. Three month Sterling IR futures jumped by 20bp, so the market definitely is not worried.
Oil is still in a steep backwardation, WTI jumped by 2%. Equity markets were generally up. Yields were generally down. The VIX continues to be crushed. The bull lives on.
Image of the day
Comments !