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Archive
President Gay Is Out at Harvard
President Gay is out at Harvard, stocks and bonds dropped for a tough start to 2024’s markets, Apple shares fell on a Barclays downgrade, India proposed tighter rules for dividend payouts, Manhattan home prices rose, and Trump asked Maine to reserve his state ballot ban.
Bitcoin Had a Big 2023
Bitcoin closed the year with a 164% gain, Fidelity once again wrote down the value of Musk’s stake in X, the PGA Tour and LIV Golf are working to extend their merger deadline, big tech is bracing for a wave of antitrust rulings, and Disney lost copyright protection of the original Mickey Mouse.
Decade-Low Dealmaking in 2023
US mortgage rates hit their lowest rate since May, global dealmaking hit a decade-low in 2023, Google settled a $5B consumer privacy lawsuit, Argentina’s top unions are calling for a strike against Milei’s reforms, and Biden is struggling to push trade deals with allies as election approaches.
New York Times v OpenAI
The New York Times is suing OpenAI and Microsoft, GM sued San Francisco, Goldman and Morgan Stanley expect China’s housing slump to worsen, the UK economy is set to dodge a hard landing, bus stations around the US are closing, and Apple can restart watch sales.
Apple is Fighting Back Against Watch Ban
Apple is fighting the Apple Watch ban in court, big oil enters 2024 with a strong outlook thanks to industry consolidation, Barry Silbert stepped down as chairman of Grayscale, Milei lifted import controls in a free trade push, EV prices are expected to drop in 2024, and the Kock family is backing Nikki Haley.
Chinese Food Keeps Thriving on Christmas
Savings are dwindling while credit card balances are growing, China is stealing AI secrets, Maersk is preparing to resume Red Sea operations, Chinese food on Christmas is still going strong, Harvard’s board is feeling pressure from donors, and today’s kids prefer YouTube to Netflix.
Giuliani Is Broke
Tiger Woods has become the hottest meme template of the year, Rudy Giuliani is down horrendous, Shell extended its job cuts, Harvard stands behind President Gay, container rates hit $10k, Brookfield’s debt was cut to junk by the S&P, and Hyperloop One was shut down.
Big Pay Day for Southwest Pilots
Wells Fargo employees voted in favor of unionizing, Citi is exiting distressed debt trading, Fed’s Harker says rates should move down but not immediately, Milei is privatizing Argentinian companies, US 30-year mortgage rates hit lowest level since June, and Southwest pilots are looking at a 50% pay bump.
Red Sea Shipping Risks
A Colorado court disqualified Trump from its 2024 ballot, Google owes $700M in a Play store settlement, Citi is facing a #MeToo claim, the IRS may be forgiving $1B in taxpayer penalties, Brazil’s credit rating was raised by the S&P, and shippers are avoiding the Red Sea.
Regulators Hated the Figma Deal
Adobe’s Figma acquisition collapsed, Nikola founder Trevor Milton is headed to prison, Washington-area office default risk surpassed San Francisco’s, more Americans own stocks than ever before, the EU is targeting Musk’s X in an illegal content probe, and Binance has to pay the CFTC $2.7B.
It's a Mag 7 Market
Wall Street traders are turning to short-dated debt to trade the Fed pivot, the Magnificent Seven are carrying the market, Gazprom set a record high gas flow to China, Citi employees on edge about layoffs can work remote until 2024, Chanos is bullish on US gaming, and Robinhood is wooing wealthier clients from bigger brokerages.
Blackstone's Cringe Holiday Video
Blackstone dropped an insanely cringe holiday video, markets could continue to rally thanks to money on sidelines, world Central Banks believe victory over inflation is in sight, Yellen outlined plans to improve US-China ties, Argentina still plans to dollarize, and Citi shut down its muni business.