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No Indication of a Recession
Williams F1 seemingly ran its entire F1 operation on one excel sheet, global IPO headlines were booming yesterday, Switzerland surprised with a rate cut, Germany betrayed Adidas for Nike, Amazon is fearsome of Temu and Shein competition, and US yield curve inversion is now the longest on record.
Julian Assange Might Beat the Case
Union workers are seeing massive wealth gains, US is no longer a top 20 happiest country, high rates are not slowing borrowing, European borrowers are barely defaulting, the Fed will slow the rate of QT, and Julian Assange might soon be a free man.
Beginning of a Bitcoin Monopoly
JPMorgan set up a sports IB team, Wall Street and Europe IB bonuses declined, Texas schools pulled $8.5B from BlackRock, bond traders are upping short bets, CalPERS will invest over $30B in private markets, and MicroStrategy now owns ~1% of all Bitcoin.
Can Barings Bear the Heat
40 high-profile traders from Citadel and others are expected to debut their own funds this year, BOJ entered a new regime of monetary policy today, PE is seeking help from private credit, the corporate bond rush is defying high rate fears, and the Corinthia-Barings drama might just make for a thriller movie.
No Stopping the Charging Bulls
Traders can’t care less about a selloff, PE funds are struggling to exit China investments, middle managers are facing the worst of layoffs, Nvidia is not the best performing tech stock, SBF considered coming out as Republican, and home buying costs could fall big after a groundbreaking settlement.
Busted Banks to Booming SPACs
Goldman is the sole bull on US commercial real estate, hedge fund leverage is near record highs, PwC Australia let go of 37 partners, a new SPAC plans to merge with failed US banks, and FT published a hit piece on how Evercore is closing in on bulge bracket rivals.
The Goldman Age of Private Credit
Police raided AC Milan over their Elliott PE sale, Toyota shorts are out in full force, Goldman is seeking a $300B private credit portfolio, FC Barcelona may break up with Nike, an ex-Wall Street banker is challenging AOC for Congress, and cocoa markets are on the brink of chaos.
PE is Not Cooking
A Boeing whistleblower was found dead, Jamie Dimon warns a US recession is “not off the table” yet, PE is sitting on record unsold assets, big tech isn’t the sole stock rally driver, Europe’s IPO market is recovering quick, Biden unveiled a $7.3T budget, and ISIS is increasingly relying on crypto to fund operations.
Audi F1: A New Era
Investors dumped tech stocks at the fastest rate ever, investors are flocking to all sorts of bonds, EY deals staff are sick of their leaders, BOJ may exit negative rates, hedge funds are threatening to pull out of India investments, and Sam Altman returned to OpenAI’s board.
Don't Bank on the Banks
US has a growing bank problem, bank profits dropped by half due to bank failure costs, leveraged Nvidia bets are at record highs, SMBs are optimistic despite debt burdens, Canadian bank execs missed bonus targets, and Ray Dalio wants Taylor Swift for President.
PE & Failing Banks: A Love Story
PE has taken a liking to failing banks, OpenAI exposed Musk for hypocrisy, the Fed may reduce Basel capital burdens, Binance launched a perfume, Nvidia insiders cashed in, and NASA is recruiting astronauts in what may be the most competitive job ever.