MM 22 February 2021

 Quotes

More than you know, Maubousin

- emphasize process over outcome

- always consider the widest possible range

- more information complicates decision making, leading to overconfidence, not better outcomes

- Stress makes it harder to maintain long term investment perpsective

- Beware social validation seek diverse points of views and opinions

- You must be willing to adapt to succeed

- Historical value metrics are only relevant to the degree they capture current circumstances and should be viewed with caution. Investors should not casually rely on past PE ratios

Candelstick

Markets & Macro news

Roaring 20's start the same way

Inflation expectation = Higher yields

The link between the stock market and bond yields

Small caps have outperformed massively in this context

To the point where valuations look stretched

Both in absolute and relative terms

Danger zone

Insiders are selling en masse

Oscillators suggest correction is overdue

And the level of margin debt and retail speculation suggest it could be nasty on the way down

No valuation support + hard to repeat such big gains

Bitcoin & Tulips

FX and Dr Copper

Silver

Themes, Sectors & Corporate news

Lithium and electrification

Texas and electrifications

Housing

Uranium price to go up

When the Uranium Participation corp trades at a premium to NAV, it typically heralds a rising price for future uranium prices and miners.