It’s all about the digital benjamins I guess. Wonder if Diddy can remix “digital” in from the slammer?
Crypto and all things Tesla continue to look like clear post-election winners. Away from the obvious "Trump Trades", private prisons had a nice pop following Trump naming Tom Homan as his “border czar”. Meme stocks also rallied because why not. Must be that restrictive Fed policy that needs further loosening.
Outside the U.S., Chinese data continues to stink and there has been little in the way of fresh news out of the Middle East.
In the background the debate rages on regarding U.S. debt levels, taxes, growth and the like, but for now optimism in structural reforms and growth are taking the lead in markets (or at least it seems).
On the day ahead it's Fedspeak led by Gov. Waller. Remember record highs on stocks, record highs on Bitcoin, the Dollar is actually performing well and 2Y at 4.25% and 10Y at 4.30%, you're all caught up.
XTOD: Somewhere some hedge fund is justifying to their LPs why they’re down 10% while the market is ripping
XTOD: “total dollars spent on compute will exceed spend on crude oil in the next 10 years,” he said. “Does that mean that compute becomes the largest commodity in the world? I think that reasonable.” https://t.co/sxkhxRyN5d
XTOD: Bernstein ($800 billion AUM) just put out their Monday morning note to clients: “Welcome to the Crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.” Stage 3 really is upon us.
XTOD: What you’re feeling isn’t a temporary high - it’s the relief from the crushing burden of the state, which was getting heavier by the day.
XTOD: The amount of cash flowing into ETFs is ridiculous, about $12b/day for the past week (normal is $3-4b). And it's basically all risk-on: $SPY, $QQQ, $IWM, $MTUM, $HYG, $XLF, $IBIT.. Also +$154b in 1M is unprecedented. YTD now $881b, 97% of way to breaking record, $1T in sight..
XTOD (conclusion from good thread on trade): I would argue however that we have very little experience in the world of free trade because in that world, countries have balanced trade accounts as they export products in which they have comparative advantage in order to import products in which they don't. The system in which we live today, however, is almost a classic beggar-thy-neighbor trading system in which countries compete by preventing the income of workers and households from rising in line with productivity. It is a formula for rising inequality.
XTOD: Steve Jobs on the most important job of a CEO
“The greatest people are self-managing. They don’t need to be managed. Once they know what to do, they’ll go figure out how to do it… What they need is a common vision, and that’s what leadership is. Leadership is having a vision, being able to articulate that so the people around you can understand it, and getting consensus on a common vision.”
Steve continues:
“We wanted people who were insanely great at what they did… and the neatest thing that happens when you get a core group ten great people is that it becomes self-policing as to who they let into that group. So I consider the most important job of someone like myself is recruiting.”
https://x.com/litcapital/status/1856062918946894133
https://x.com/Melt_Dem/status/1856036581598982417
https://x.com/JasonYanowitz/status/1855976870220550600
https://x.com/naval/status/1856074211812663775
https://x.com/EricBalchunas/status/1855957617853563148
https://x.com/michaelxpettis/status/1855827054328979886
https://x.com/StartupArchive_/status/1855231680237474259
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