MM 9 December 2020

 Quotes

On courage

On independent thinking

On understanding of cycles

On knowing when you're wrong before it becomes too costly

Markets & Macro news

For those old enough to remember the internet bubble, this is it

Huge fortunes concentrated in one sector

Ridiculous valuations applied to one trick poney stocks

Beating previous records in terms of P/sales

A rising tide floating all boats

Overbought and breadth peaking

Crazy volumes of call buying

All greed, no fear

Too many up days to be honest

A market addicted to "free" money

Where credit risk has vanished

Uncharted territory

When the mood is like this, we know how it ends

A sick world?

The West is no longer leading the league tables in high end education. Here is a ranking of 14 years old in % of students mastering general knowledge and more advanced knowledge. 

Where Tesla can raise USD 5bn directly via Robin Hood bypassing the scrutiny of investment bankers or the SEC...

Private equity are keeping their powder dry

Another way to value Bitcoin = the quantity of energy/electricity consumed by the network

With that I keep some gold on the side, just in case

The main risk is the consensus US dollar short

But 

Inflation is in financial and hard assets for now

Themes, Sectors & Corporate news

At a time where IPOs are making headlines and making new record, Tesla is raising USD 5bn bypassing Wall Street and going direct to Robin Hood traders! Have they got something to hide?

For those who do not know Doordash, it’s a delivery company. All of the money is spent on IT and bikers. The company is losing money on every ride. When you sell USD 2 service, for USD 1, you sell a lot. But over time, you go bust. Obvously, not if you can finance such losses indefenitely.. This is the new business model. See it before, during the internet bubble. Here again, we know how it ends.

In contrast, stores are closing at an accelerated pace