InvestmentTools.com: November 2022

Sunday, November 20, 2022

Birds are departing twitter..

New mastodon users

S&P 500 Stocks at 52 week highs

Notes today:

Sam Bankman-Fried’s bankrupt crypto empire owes its 50 biggest unsecured creditors a total of $3.1 billion, new court papers show, with a pair of customers owed more than $200 million each. This dude bragged that he never reads a book – a clue perhaps?
FTX Bankruptcy, (third-largest, was valued at $32bn) - is worse than anyone imagined.
Software was allegedly used to conceal the misuse of customer funds.
A single, unsecured group email was used to access private keys and sensitive data around the world.
Corporate funds of FTX Group were used to buy homes and other personal items for employees.
Employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform. we do Big Business based onemojis in the chat.
But hey, these dudes where decentralizes and disruptors, not boring financiers.

My Crypto definition = pure speculative rubbish, fundamentally worth ZERO.
(The Tulip mania 1634-1637 had more intrinsic value. Tulips are beautiful and some smell very nice)
Nassin Nicholas Taleb on Crypto / Bitcoin

Notes today:

Mortgage Rates Could Tank Home Prices by 20%, Fed Study Finds
BREAKING: A senior U.S. official states that Russian missiles have crossed into Poland (killing two) - Eagerly awaiting Kremlin explanation- on purpose or accident?
Berkshire Hathaway Inc.’s Charlie Munger, a longtime critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX. "Partly fraud and partly delusion. That’s a bad combination."

“This is a very, very bad thing," Munger said. "The country did not need a currency that was good for kidnappers.

JPMorgan Chase & Co.’s asset-management arm entered into a deal to acquire more than $1 billion of single-family rentals, a sign that choppy markets haven’t scared investors away from suburban housing.
Invitation Homes - a company with a portfolio of some 80,000 homes.

Quick Overview is up to date

Notes today:

Iranian parliament voted to impose the death penalty on all protesters in custody as a "hard lesson" for all rebels ...14,000-15,000 have been arrested
The UN says that as of November 15th the planet will have 8 billion humans.
Seven days ago, he had $16 billion. Today, he has $0. Do we think he’s … crying? I would cry:

Cash held by Americans
Regarding the above chart it is perhaps worth noting that a 1950 $ is worth $12.73 today - making the 5 trillion looking a bit - needy?

Stocks rose in a buy-the whole thing relief rally after slower-than-projected inflation growth spurred bets that the Federal Reserve can downshift its aggressive rate-hike path. The S&P 500 climbed 5.5%...

BREAKING: FTX had a “backdoor” built into its accounting software by SBF, which he used to move billions without triggering alerts to other staff, auditors etc - Reuters
(Digital assets were "supposed" to revolutionize finance - well, reality is setting in)..
Meanwhile: It looks that the founder of #FTX, Sam Bankman-Fried just landed his private jet in Argentina.

Elon Musk, in his first address to Twitter employees since purchasing the company for $44 billion, said bankruptcy was a possibility. Elon the "brilliant" business man..

Something’s up in the silver market. Silver imports into India for the first 10 months of 2022 are now at a record 9100 tons. This, versus some 1030 tons annual world supply. Exchange stocks are dropping. Perhaps - with all the Crypto BS, could people be realizing that some “hard” assets (a bit more difficult to steal) may not be so bad...

Notes today:

Some good news, it seems France and Macron will support a full ban of Deep-Sea Mining.

Elon Musk in April: "For Twitter to deserve public trust, it must be politically neutral."
Elon Musk on Monday: "I recommend voting for a Republican Congress."
Tesla stock has dropped more than 15% since Must took over Twitter, while NASDQ is down about 1% - brand damage!
Bank of Japan’s Suzuki; “ we must seek an exit from massive fiscal stimulus”..

"Let that sink in"

@adamzyglis