MM 1 December 2020

Quotes

According to Tom Brady, champions “earn it every single day”. What separates the great from the good?: a laser focus on the process and the task at hand + discipline + executing well under pressure

+ want more, learn more

Don’t sell too early

Markets & Macro news

The most important chart in the world, probably

The bullish call on reflation, commodities, gold and emerging markets depends on it, just as the market is looking for an excuse to take profit after record-breaking month

The bears are trying to scare you with some old parallels

That said, bond yields are getting lower allowing leveraged governments and companies to borrow very cheaply

And VIX getting lower

Economic activity is coming back

And some cyclical markets are looking very cheap on an absolute and relative historical basis

Even gold is looking hesitant and no longer calling for the end of the world

Last but not least, Central banks are printing

Themes, Sectors & Corporate news

A world of contrast

If you want more tech, you are gonna need more carbon neutral electricity

And the semi-conductor supercycle (below AMD chart) is telling you the internet of everything is tomorrow

E-commerce the star of Black Friday

High ROE x Asset growth is the secret sauce

The statistical truth is that the rich are always getting richer (on aggregate) because they can save a greater portion of their income and can allocate a greater portion of their capital to risky assets over time