More financial service firms report results Friday morning. All but one are expected to beat results from the first quarter of last year. [Read More...]
LA Area Port Traffic: Strong Imports in March
Note1: Import traffic was heavy in February and March – ships were backed up waiting to unload in LA. “some vessels are spending almost as much time at anchor as it takes to traverse the Pacific Ocean.” They are still backed up in April!Note2: The expansion to the Panama Canal was completed in 2016 (As I noted a few years ago), and some of the traffic that used the ports of Los Angeles and Long Beach is probably going through the canal. This might be impacting TEUs on the West Coast.Container traffic gives us an idea about the volume of goods being exported and imported – and usually some hints about the trade report since LA area ports handle about 40% of the nation’s container port traffic…. [Read More...]
Wednesday links: believing in Bitcoin
MarketsA lot of typical value names are showing up in momentum baskets. (ft.com)StrategyWhy you need to understand the difference between ‘shallow risk’ and ‘deep risk.’ (thefinancialbodyguard.com)You (likely) can’t predict the next market crash, but you can set up your portfolio so that you won’t freak out when it does. (jlcollinsnh.com)CoinbaseBrian Armstrong is going to be a big winner in Coinbase’s ($COIN) listing. (wsj.com)Coinbase ($COIN) was the Nasdaq’s ($NDAQ) first major direct listing. (msn.com)FinanceInvestor relations teams have rediscovered the retail investor class. (nytimes.com)It’s no wonder the big banks are announcing better than expected earnings. (thereformedbroker.com)It’s hard to see how the SPAC explosion ends well. (blog.validea.com)HousingGlobal investors are jumping on the single-family house investment wave. (wsj.com)More single-… [Read More...]
3 takeaways from the first day of Derek Chauvin’s defense in the killing of George Floyd
SOURCE: Yahoo News – Latest News & Headlines – Read entire story here.
Wednesday: Fed Chair Powell, Beige Book
Wednesday:• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.• At 12:00 PM, Discussion, Fed Chair Jerome Powell, Economic Club of Washington Interview, At the Economic Club of Washington (Watch Live)• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts. [Read More...]
Cathie Wood’s ARK Invest Buys Over 680,000 Shares of Nano Dimension
One of Cathie Wood’s Ark Invest funds bought over 680,000 shares of Nano Dimension on April 13. [Read More...]
Research links: thematic disappointments
Institutional managementRichard Ennis thinks institutional investors are doing it all wrong. (papers.ssrn.com)What does it mean to build a truly diverse investing team? (klementoninvesting.substack.com)Track recordsThings to keep in mind when viewing any presentation of investment performance. (occaminvesting.co.uk)How to use factors to help analyze the returns of a manager with a short-term track record. (insights.factorresearch.com)ResearchThe belief that higher economic growth should lead to better stock market performance has plagued emerging markets for years. (morningstar.com)Activist investors like to focus on companies that have already attracted the attention of short-sellers. (institutionalinvestor.com)The 4% withdrawal rule does not work across countries. (papers.ssrn.com)A round-up of some recent Bitcoin-related research. (capitalspectator.com) [Read More...]
Intelligence agencies: China is top threat to U.S. global influence
SOURCE: Yahoo News – Latest News & Headlines – Read entire story here.
Is Another Mania In Overstock Stock A Chance To Short?
Overstock.com (OSTK) has long been a volatile and controversial stock, at least in part due to its founder and former CEO, Patrick Byrne. Although I don‘t short stocks very often and do so even less in client accounts (most of the assets I oversee are in retirement accounts, where shorting is not allowed), Overstock is one of those businesses that makes for an attractive short at times; a much-hyped business with relatively poor economics that loses money. Every so often it sees a huge spike in stock price, only to fall back to earth. And then the process repeats itself at some point. Here is a chart of OSTK shares from 2003 through 2019: During the pandemic, e-commerce businesses have seen an acceleration in sales growth … [Read More...]
Second Home Market: South Lake Tahoe in March
Last month, from Jann Swanson at MortgageNewsDaily: Fannie Warns Lenders on Investment Properties and 2nd Homes. This action will result in higher interest rates on 2nd home and investment property mortgages.I’m looking at data for some second home markets – and will track those markets to see if there is an impact from the lending changes.This graph is for South Lake Tahoe since 2004 through March 2021, and shows inventory (blue), and the year-over-year change in the median price (12 month average). Note: The median price is distorted by the mix, but this is the available data. Click on graph for larger image.Following the housing bubble, prices declined for several years in South Lake Tahoe, with the median price falling about 50% from the bubble … [Read More...]
The Richest Person of All Time From Your State
Throughout the 21st century, wealth in America has become increasingly concentrated at the top, and during the pandemic, that gap has only widened. Since February 2019, the estimated net worths of… [Read More...]
Tuesday links: shrieking about inflation
Aseet allocaitonAsset allocation helps us capture average capital market returns. (capitalspectator.com)@demonetizedblog, “Concentration gets you rich. Diversification keeps you rich.” (ensofinance.blog)CryptoBitcoin has hit a new all-time price high. (coindesk.com)The Coinbase ($COIN) listing is the beginning of a new era. (howardlindzon.com)Patrick O’Shaughnessy talks blockchain with Chris Dixon of a16z. (joincolossus.com)CompaniesStripe emerged from the pandemic stronger than before. (wsj.com)Singapore-based Grab is going public via the largest SPAC deal in history. (cnbc.com)Epic Games just raised another $1 billion in capital. (variety.com)Sports gamblingSports gambling is working its way across the United States with the help of UK-based operators. (ft.com)DraftKings ($DKNG) is going to push deeper into the media side. (axios.com)As sports gambling expands, so will interest in … [Read More...]
Officer who shot and killed Daunte Wright identified as Kim Potter
SOURCE: Yahoo News – Latest News & Headlines – Read entire story here.
Tuesday: CPI
From Matthew Graham at Mortgage News Daily: MBS RECAP: Bonds Look Past Weaker Treasury AuctionToday’s relatively calm reaction to a fairly weak 10yr auction continues the recent tradition of bonds NOT freaking out every chance they get. … [30 year fixed 3.28%]emphasis addedTuesday:• At 6:00 AM ET, NFIB Small Business Optimism Index for March.• At 8:30 AM, The Consumer Price Index for March from the BLS. The consensus is for 0.5% increase in CPI, and a 0.2% increase in core CPI. [Read More...]
Cathie Wood’s ARK Invest Buys Over 460,000 Shares of DraftKings
A few of Cathie Wood’s Ark Invest funds bought over 460,000 shares of DraftKings on April 12. [Read More...]
Adviser links: better abstractions
PodcastsMindy Diamond talks with Michael Kitces about how to profitably grow and scale an advisory practice. (diamond-consultants.com)Rick Ferri talks taxes with Phil DeMuth of Conservative Wealth Management. (bogleheads.podbean.com)Michael Kitces talks succssion planning with Marianela Collado who is CEO of Tobias Financial Advisors. (kitces.com)The bizAddepar has increased its customer base 50% in the past year. (riabiz.com)What is Envestnet planning to do with Harvest Technologies? (investmentnews.com)CustodyFive alternatives RIAs have outside of the new Schwab ($SCHW) and Fidelity. (kitces.com)The amount of re-papering at Schwab-TDA is still to be determined. (riabiz.com)FintechIt’s hard to compete with Riskalyze on the risk management front. (riabiz.com)Estate planning startup Vanilla landed Carson Wealth as a client. (citywireusa.com)The latest happenings in advisor fintech including … [Read More...]
Police officer fired after threatening Black Army officer during traffic stop
SOURCE: Yahoo News – Latest News & Headlines – Read entire story here.
Can Penn National Gaming Live Up To The Hype?
This post is for my buddy Zach, who asked for a Hertz article several times only to have me decline. Spending a lot of time and/or energy on the topic of amateurs day-trading the equity of bankrupt companies just didn’t interest me. For the record, though, I remain long Hertz puts. Hopefully this post makes up for it, Zach, as I dig a little deeper into Penn National, a stock you bought in March in a wonderfully timed contrarian bet provided by that nasty darn virus called covid-19.This is not the first time I have mentioned Penn National Gaming (PENN), the biggest regional casino operator in the United States. A little over a year ago I wrote about how cheap the stock looked at … [Read More...]
Earnings Previews: Goldman Sachs, JPMorgan, Wells Fargo and Bed Bath & Beyond
Three of the five largest U.S. banks will report first-quarter 2021 earnings before markets open Wednesday morning. We’ll also hear from specialty retailer Bed, Bath & Beyond. [Read More...]
Colorado Real Estate in March: Sales Up 13% YoY, Inventory Down 69% YoY
From the Colorado Association of REALTORS® for the entire state:Closed sales for Single Family and Townhouse-Condo in March 2021 were 10,558, up 13.2% from 9,324 in March 2020.Active Listings for Single Family and Townhouse-Condo in March 2021 were 6,732, down 69.0% from 21,729 in March 2020.Months of Supply was 0.6 Months in March 2021, compared to 2.2 Months in March 2020. [Read More...]
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