Friday, November 22, 2024

Daily Economic Update: November 22, 2024

For all the talk that Nvidia earnings were more important than the FOMC and really everything else in the year, it just didn't seem to be the major event that options markets had implied.

Duct tape banana sells for $6.2mm, and I thought NFTs were crazy.  The DOJ continues to push towards Alphabet spinning out the Chrome browser.  SEC Gensler announces his resignation effective Jan 20, no shocker as Trump wasn’t keeping him around.  Bitcoin $100K.  Stocks were positive on the day.  Yields were little changed with the 

In U.S. data, you still can't get fired and you pretty much still can't buy a house.  In Asia, Japanese inflation data is in focus.

On the day ahead it's really just UofM survey.

XTOD: Just keeping a running list for myself to repost in future:
1. MSTR now represents a mid single digit of all converts in US
2. Meme coin bro buys 6.2m banana to eat 
3. 10 year old rug pulls greedy meme coin people for $30k -> someone kidnaps his dog and asks for money back 
4. Some of the best L/S guys I know giving up shorting stocks 
5. 2/3 my feed is not ICBM rockets but “retardio” and “fartcoin” 🚀🚀
6. DJT rumor to be buying BAKKT (FT)
7. James Howell is paying 10s of millions to search landfill for lost bitcoin 
8. SBF would be richest man in world right now 
9. Scottie Pippen knows Satoshi and talks to him in dreams
10. TikTok “ChillGuy” meme coin is now $400m mkt cap and up 400,000%
Feel free to add so we can catalogue this time in

XTOD: Nvidia keeps crushing because Jensen runs it unlike other CEOs:
- No 1:1s
- No 1 or 5-year plans
- No status reports
- 60 direct reports
Once you see why he does it, you can't unsee it  And it explains everything wrong with the traditional way of running a compan

XTOD: Breaking: Top hedge fund managers are growing wary about the debt situation — $35 trillion and counting but also how they believe  @SecYellen  and the  @JoeBiden  were manipulating interest rates in the run up to Nov 5 by selling so much short dated debt so as not to cause a spike in longer dated yields, which would upend stocks and could cause a significant economic slowdown. Now  whoever  @realDonaldTrump  nominates for  @USTreasury  will be stuck with a mess of a balance sheet, a mismatch to unwind that will put pressure on bonds and markets. Story developing

XTOD: Limiting your options now will expand your opportunities in the long run because you can remain focused enough to master something.  Keeping your options open now will reduce your opportunities in the long run because you divide your attention and end up doing an average job on seven different things.  Are you falling into the pattern of always mastering one thing or always chasing the next thing?

https://x.com/JaredKubin/status/1859597910167507219
https://x.com/swaaanson/status/1859597745369280573
https://x.com/CGasparino/status/1859617665922330990
https://x.com/JamesClear/status/1859657972487459097

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