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BREAKING: Bill Hwang reportedly netted $1 billion from shorting regional bank stocks last month, per Bloomberg. In April 2021, The Wall Street Journal reported that Hwang lost US$20 billion over 10 days in late March, imposing large losses on his bankers Nomura and Credit Suisse.
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In addition to being kicked out of SWIFT, Russian losses in last 24 hrs of its war against Ukraine: SU-30 fighter aircraft, 11 helicopters, 2 Su-25 aircraft, 2 Il-76 air-fighters, a column of equipment and fuel echelon, according to Air Force Command of Ukraine’s Armed Forces.
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BREAKING NEWS: The CEO of Silicon Valley Bank(
#SVB
), Greg Becker, sold $3.57 million worth of stock $SIVB in the two weeks prior to the bank's collapse. Silicon Valley Bank's failure was the second-largest bank failure in US history, surpassed only by Washington Mutual.
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BREAKING: Twitter on Monday accepted Elon Musk’s bid to take over the company, which would give the world’s richest man control over the social-media network where he is also among its most influential users.Donald Trumps Twitter Account is now being worked on to be reactivated.
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Wreckage from the shot down Russian Sukhoi Su-34. List price: 36 million USD. Russian Air Force losses over
#Ukraine
in the past 24 hours:
- 1x Su-34 strike aircraft (pictured)
- 2x Su-25 close air support aircraft
- 1x Mi-24 attack helicopter
- 1 Mi-8 transport helicopter
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Oxford. Preserved Architecture.
1810: At the right edge, the branches of a young tree can just about be seen. A few barely noticeable curves, in front of the building.
2015: The tree grew considerably larger. It now towers over the structure and takes over the sky.
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The Ruble is about to collapse. The Moscow bank run: a queue for a Tinkoff ATM in the Liga shopping center in Khimki. There are about 70 people in line. Eyewitnesses say the money in the ATM runs out within 40 minutes. When the markets open up tomorrow morning they're fucked.
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Credit Suisse is probably going bankrupt…Share price $CS is of great concern. And with P/B=0.22. 2008 moment soon? If
#CreditSuisse
goes bankrupt what bank are people gonna use as a middle man to commit financial crimes? Deutsche bank and HSBC are happy to take the job.
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US-listed Chinese stocks tumble in premarket trading. Bankers, traders, businessmen they all flew to Singapore, Seoul, Taipei, Tokyo, and Sydney. It was just a matter of time. Hong Kong's
#HSI
was down 6.36%, trading near levels last seen in 2008. China's economy has collapsed!
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Warren Buffett Portfolio:
$AAPL: 45.7%; $BAC: 8.6%
$KO: 7.0%; $AXP: 6.9%
$CVX: 5.7%; $OXY: 4.1%
$C $V $MA $AMZN $SNOW $GM $NU and others: 22%. $C (Citi Bank) just made a new low for the year and is selling off into the close.
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This year, Ivy Day is March 31, 2022. This time varies every year but tends to be 7 pm ET. In honor of Ivy Day, remember, the "Ivy League" started as a sports league. And nothing about an admission decision says anything about your worth as a person.
Happy Ivy Day!
#ivyday
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Today’s global market map: what’s going on in China? The Nasdaq Goldman Dragon China Index plunged 20% Monday after Beijing’s power reshuffle. Stocks based in the world’s second largest economy are uninvestable again, via Bernstein sales trading desk. $PDD -34%, $BABA -20%
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The Virgin Galactic(SPCE)space plane Unity landed safely in New Mexico on Sunday morning after a trip meant to make human spaceflight seem unexceptional. Elon Musk has a ticket for a space ride aboard Richard Branson’s Virgin Galactic, the company says. $SPCE $TSLA
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China destroying unfinished high-rises. 2023 GDP will be at least 8%. 15 buildings were demolished in Yunnan’s capital city in
#Kunming
. A lot of the buildings in Dubai are unfinished. It seems one building in the middle refuses to fall. They really haven't got the hang of it…
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LATEST: Oh my God. 1.03, parity coming. Pound slides to lowest against dollar since 1985. Pound Plunge Extends as UK’s Kwarteng Signals More Tax Cuts. Sterling continues fall versus dollar in early trading in Asia. Further slump in UK assets may boost calls for BOE action.
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Credit Suisse appoints Axel Lehmann as new Chairman. The name of
#Lehman
worries you? Market cap of $CS is now a rounding error. 35x leverage. This and Deutsche Bank…a canary in coal mine. CDS on $CS now at GFC highs. If $CS or $DB go down, will there be a contagion effect?
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Blackrock…using their assets under management to control the world. The worst part is this list is just a fraction of the corps that Blackrock owns a massive stack in. Between them, State Street and Vanguard they control the US economy to a degree on par with the Fed.
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History of Goldman's S&P price targets. Almost like them telling people to buy MBSs when their largest investors were shorting them before 2008. Goldman Joins Bull Parade, Raises S&P Price Target To 4,500 From 4,000.
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S&P 500 heatmap showing some sector rotation happening behind the scenes this week. $PANW Palo Alto Network's CEO sold nearly 40% of his stack this week, totaling over $120M. $AMD CEO Lisa Su cashed out $36.7M in shares this week.This was her first time selling since August 2022.
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BREAKING: A new academic study of bank fragility concludes that 186 US banks remain vulnerable to a run on deposits like the one that doomed Silicon Valley Bank, Signature Bank and Silvergate bank in the past week.
In such cases, intervention from the FDIC could become necessary.
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Evergrande timeline. The biggest Ponzi scheme in the history of global finance？
#Evergrande
, headquartered in Shenzhen, Chinese property giant owes $300 billion and is on the hook for as many as 1.6 million apartments. It may owe tens of thousands of its employees money, too.
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China delays the release of third-quarter GDP data, which was scheduled for release Tuesday. China Traders See Tech Focus, More Covid Gloom After Xi’s Speech. Two-hour address highlights policy goals in environment, tech. Property sector woes get mixed signals over state support.
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Elon Musk sells yet another $3.6 billion in TSLA stock to fund twitter disaster.
@ElonMusk
sold approximately 21,995,000 shares of $TSLA. The sale was announced in a Form 4 filing with the SEC on Wednesday night. This has resulted in Musk losing his title as world’s richest man.
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Silicon Valley Bank $SIVB is in trouble. It sold off a $21B bond portfolio for a huge loss to shore up liquidity. The stock is down 60% today. Greg Becker, CEO of SVB, said to investors: "stay calm and don’t panic," Lehman brothers said something on the same lines 15 years ago!
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More and more private jets with no declared destination or Turkey as destination appear over Moscow. The are making a run for it. There is also a Russian National Guard plane in the air. No call sign, destination or anything.
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Chinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, after Russia’s war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries. The paper loss stood at $8 billion on Monday.
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Japan has its best times since your last walkman w/Nikkei at highest level since 1990. Corporate governance is far better and sustained growth may finally be here, but how high the sun rises this time depends much on the yen. Overall, Japan’s stock market is a tell-tale story.
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Customers line up outside First Republic Bank to take their money out. $25BN? They think $25BN will stop this bank run? First Republic Bank ( $FRC)Falls 65% in Premarket Trading on Liquidity. Federal Regulators Launch $25 Billion Program to Protect Deposits.
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Elon Musk says Tesla could make 10M Optimus robots a year, costing $10k-20k each, to do everything from babysitting to working in factories. Tesla can make $1T a year selling them. Optimus is a $25T market cap situation, which in turn would give $TSLA a market value of $33T.
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A $10K investment in Luna last week leaves you $1 today. $Luna, the Ponzi scheme, and sister cryptocurrency of controversial stablecoin TerraUSD, has collapsed to nearly $0. TerraUSD, or UST, has been dragged into the spotlight in the last few days after the so-called stablecoin.
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Returns, Last 10 Years:
Bitcoin $BTC: +1,407,307%
Tesla $TSLA: +14,422%
NVIDIA $NVDA: +5,782%
Netflix $NFLX: +3,653%
Domino's $DPZ: 1,918%
Amazon $AMZN: +1,291%
Microsoft $MSFT: +1,254%
Apple $AAPL: +1,024%
S&P 500 $SPY: +338%
Gold $GLD: +3%
How about the next 10 years?
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China is playing the long game. New decade lows again. China’s holdings of US Treasuries continue to fall. Now down almost $400B from peak levels. China has:
(1) banned cryptocurrencies
(2) sold US treasuries ahead of its implosion
(3) bought up gold
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Exclusive: Tesla CEO Elon Musk kicks off surprise trip to Beijing.Musk's private plane with registration number N272BG has landed at Beijing Airport. Musk is seeking to meet senior Chinese officials in Beijing to discuss the rollout of Full-Self Driving (FSD) software in China.
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UBS Offers To Buy
#CreditSuisse
For $1BN In 0.25 Per Share Takeunder; CS Balks At Offer. At what point would $CS be forced to close all of their positions? Imminent failure and no buyer = sell everything no? Nasdaq and SPX gonna get walloped. Top 40 shareholders of CS.
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Is the global financial crisis about to break out? Default insurance (CDS) on Credit Suisse is approaching same level as during the collapse of Lehman Brothers. Nothing new since April-June. Merger with UBS on the way. They gave up PB business already. $CS
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Warren Buffett in Contact With Biden Team on Banking Crisis. A large number (>20) of Private Jets landed in Omaha yesterday. Jets flew from HQs of Regional Banks, Ski Resorts & DC. Did
#Buffett
just fly all the regional bank CEOs into Omaha and offer a deal to SAVE the banks?
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This is the key trade for the next decade. Tech is vastly overvalued, while commodities are extremely undervalued. However, consider that commodities are finite, limiting their downside, whereas tech equities can capitalize on continuous growth. Previously, tech was in a bubble…
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Total GDP growth between 2000 and 2020:
🇨🇳 China: 1266% 🇮🇳 India: 440%
🇧🇷 Brazil: 316% 🇸🇦 Saudi: 300%
🇦🇺 Australia: 250% 🇹🇷 Turkey: 250%
🇰🇷 S Korea: 220%🇨🇦 Canada: 166%
🇺🇸 USA: 108.7% 🇬🇧 UK: 85.7%
🇩🇪 Germany: 77% 🇫🇷 France: 68%
🇮🇹 Italy: 63% 🇦🇷 Argentina: 33%
🇯🇵 Japan: 6%
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S&P500 Valuations In Perspective: US equity valuations are still elevated vs history; expensive. If it’s any consolation, property is wildly more expensive — most extreme reading on record(!). Commodities meanwhile are about neutral, and bonds by now are starting to look cheap.
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Total deposits are down 3.5% from its highs or more than $650 billion from the peak. This is the largest drawdown in deposits in the last 2 decades surpassing the GFC levels. Whole world is about to be on fire, few will avoid the burns if we continue on the current path. $CS $DB
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When Leonardo Dicaprio met Jeff Bezos and his girlfriend, Lauren Sánchez, at the Art Gala in LA. If Lauren gets the chance to smash she will 100% take it. Jeff Bezos, the founder of Amazon, has a net worth of $200 billion. Leonardo DiCaprio's net worth is around $300 million.
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Blueprint of the 2008 Financial Crisis. If you check past recessions, all started and occurred while rates were being reduced. Just as the market was going higher with higher and higher rates. Perhaps,going to experience the Bull trap now until mid 2024 then the bottom falls out!
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SPX 20%+ declines historically. So we are probably at 20% which means another 40-50% drop to go? In some growth stocks we reached 80%+ drops. TSLA -64% already. I think we will drop further but some tech stocks are already heavily oversold, for example, AMZN, META, TSLA, GOOG…
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Hong Kong stocks hit 13-year low as Alibaba, Tencent pressure index near 16,000-mark, yuan slumps on China growth worries. Hang Seng Index $HSI in waterfall slide spiral mode since Feb 2021, -48%. Challenging the LT secular ascending trendline support of 16170 since Aug 1998.
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Breaking News: Gamestop $GME had more income than Amazon $AMZN in the previous quarter. GME posted a quarterly profit for the first time in two years. The company slashed its inventory levels and costs from a year earlier. Top meme stocks right now: $AMC $SPCE $BBBY $BB $PLTR
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Global government bonds on track for worst annual loss since 1949. Fixed income on track for one of its worst years ever. The global economy wrestles with rising rates and elevated inflation, credit spreads between corporate and government bonds have moved wider.
#governmentbonds
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M2 money supply contracted by -1.2% m/m in March, worst on record. How inflation is still high despite collapse on M2 is astounding. Velocity of money must be surging? The chart is month over-month change, not absolute numbers. The chart is misleading.
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Super Micro $SMCI and Deckers $DECK will be replacing Whirlpool $WHR and Zion Bancorporation $ZION in the S&P 500 on March 18th. Interesting list for S&P rebalancing. 5 years ago, Super Micro was worth just $800 million. Today, its market cap is at a massive $50 billion.
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Growth stocks almost look cheap. The Boom (2020) and Bust (2021-22) in High Growth Stocks...How are the mighty fallen. Nasdaq has had its worst week since March 2020: It is down 28% this year. Ark Innovation ETF is down 59% in 2022. Buying opportunities are starting to emerge.
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Bank Failure timeline 2001-2023 (Inflation Adjusted). We need a bank that puts 100% of its assets in overnight treasuries and makes zero loans, making a small interest % on a large deposit base. Zero risk of a bank run and zero risk of losses. This would be a 100% reserve bank.
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Housing Market Index is now below where it had been in May 2006, which was on the way down into the Housing Bust of the GFC. The median American household would need to spend 44.5% of their income to afford payments in the US, the highest % on record with data going back to 2006.
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This is 100% hot nonsense. Ark Invest Founder Cathie Wood says there is a 25% chance Tesla $TSLA hits $15,000 within 5 years. There’s a 99% chance Cathie Wood is delusional and makes millions from fees from other delusional novice investors.
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CS < 2. No more money for Credit Suisse. That's what Saudi National Bank Chairman Ammar Al Khudairy said when asked about more assistance for Credit Suisse. Credit Suisse is huge in the too big to fail category. CREDIT SUISSE DOLLAR BONDS DUE 2026 PLUNGE TO DISTRESSED LEVELS.
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BREAKING: The US economy adds 303,000 jobs in March—way above expectations. The big gains were healthcare (72k) and gov’t (71k). Unemployment rate: 3.8% (vs 3.9% in Feb). We’re running on government deficit spending stimulus and don’t even know it. Wage growth: 4.1% in past year.
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RMB Vs USD. Quite a change. Chinese Yuan overtakes USD as most-used currency in China's cross-border transactions for the first time in history. Yuan-share rose to a record high of 48%, UP from nearly zero in 2010. U.S-share declined to 47%, DOWN from 83% over the same period.
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Philly Fed Prices Paid and Y-Over-Y Inflation Rate. Everyone is worried about a 2nd bout of inflation.But this indicator is pointing to a collapse in inflation. PPI is also consolidating here. It will take a while until the next wave of inflation hits. Who are you betting on?
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$SPCE is Oversold! Virgin Galactic (SPCE) has been on a downward spiral lately with significant selling pressure. Over the last 12 months, SPCE has shed more than 80% of its value. The stock looks well positioned for a trend reversal as it is now in oversold territory.
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BREAKING NEWS: For the first time ever Nvidia $NVDA is now the LARGEST stock in the world. Nvidia $NVDA has passed Microsoft $MSFT and Apple $AAPL as the world's most valuable company. Congratulations to Jensen Huang, a great Chinese American entrepreneur.
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#Putin
is crazy! Protracted and possibly ramped-up conflict is on the horizon.
Sep 20: referendums on joining Russia to take place from Sep 23-27 in Luhansk, Kherson, Zaporizhzhia and Donetsk.
Sep 21: Putin signed a decree for partial mobilization (amongst current reservists).
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Global Shipping costs have fallen back to 2018 levels. Demand destruction. Production is basically halting and a ton of new ships just entered the market. The government’s not understanding real markets. Soon they lower intrest rates. And hoping people start buying goods again.
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$SPCE up 10.49% at $0.9898 (Volume: 4M, Avg Volume: 22M) in the last 16 minutes. If meme stocks rally this week, keep an eye on this one due to the volume shelf and gap above. Notably, Virgin Galactic's final launch of its first-generation spaceships is scheduled for June 8th.
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Bearish Wall Street strategists such as Morgan Stanley's Mike Wilson and JP Morgan's Marko Kolanovic are having a tough year. Always do the opposite of these strategists tell you to do. When they tell you to buy, because they want to unload the shares at high prices…
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BREAKING: South Korea issues arrest warrant for $LUNA founder Do Kwon. Regulators around the world have been carrying out investigations against Terraform Labs, Founder Do Kwon. Earlier this year, Terra [LUNA] and its native stablecoin UST, shed most of their value.
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Apple market cap climbs above $3 trillions. Germany's GDP is worth around $4.07 trillion. Apple looks over-valued but that is the way it is. Markets know better until proven otherwise. The S&P500 without $MSFT, $APPL, $GOOGL, $AMZN, $NVDA, $META and $TSLA is now flat for 2023.
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Warren Buffett versus Cathie Wood. I don't think C. Wood is a good investor either, but you have to be fair and compare the performance since the start of $ARKK. Thinking selling $COIN before it goes up 100% wasn’t the best thing. Unfortunately, she keeps making a lot of mistakes
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Dow Jones Futures: Dow, S&P 500, and Nasdaq hit new highs. However, meme stocks abruptly reversed course and fell sharply. RenTech, a hedge fund, bought 1 million $GME shares in late March, according to new filings. It also increased its $AMC holdings to 8.7 million shares.
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If you need credit, take it out now. In the past six months, many people have closed almost half of their credit cards, and banks are getting scared. Banking crises are followed by tighter lending standards. Tightening lending standards for small biz vs Fed discount window usage.
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$600 Billion: What Lehman Bros held in assets when they crashed and took the economy with them.
$2800 Billion: What Credit Suisse and Deutsche Bank control in AUM. 4.6x more.
#CreditSuisse
is at a Critical Moment now, says the Chair Axel Lehmann!
What lies in store for the world?
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BREAKING: 2 weeks ago, Gregory Becker, the CEO of Silicon Valley Bank, sold 11% of his shares; Daniel Beck, the CFO, sold 32% of his holdings; CMO Michelle Draper sold 28%. It's called insider trading. They need to see the inside of a jail cell now.Something doesn't seem right..
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Gold price hits 2020 pandemic lows as Fed rate hike expectations weigh heavily on precious metal. Gold is fighting the USD, and expectations of another 75 basis point rate hike from the Fed. There are two problems with the gold price. The first is COMEX and the second is the LME.
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Should
@Servicenow
be replaced with ? The more valuable the company, the shorter official domain name. Example: internet giants FB, JD and QQ；aviation giants AA and BA; financial giants MS, GS and WF; and industrial giants GE, GM and LG.
@BillRMcDermott
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$PYPL Nearly triple the revenue at the same price six years later...Is PayPal undervalued or dying a slow death? My discounted price probability analysis says yes, it is heavily undervalued with profits slightly reducing whereas the revenue keeps growing.
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Every time unemployment rates have crossed above its 24-month moving average, it marked the beginning of a significant deterioration in labor markets.Interesting chart. Remarkable there haven't been any false positives in 50 years! Will Powell be fired next year?
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WATCH: Farm building in Russia's Rostov Region destroyed, hit by shell allegedly fired from Ukraine. 2 Ukrainian soldiers killed in shelling in eastern
#Ukraine
. The oligarchs have withdrawn $ 12.5B from Ukraine.This region, as the successor of Kiev, will repay the debts of IMF.
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Legendary investor Jim Simons, whose genius reshaped finance and mathematics, has passed away at 86 in New York City. Tributes pour in for the pioneering mind behind a $32 billion net worth. Rest in peace, Mr. Simons. 🙏
#JimSimons
#InvestingLegend
#Mathematics
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$HOOD is rejecting orders AGAIN to continue GME’s stock price rise.South Korea Market also is not allowing the buying of GameStop shares in pre-market hours. $GME is up 15% in overnight trading. Roaring Kitty just posted for the first time in 3 years.
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At a P/E ratio of 17, Facebook is...
Facebook ( $FB) is now trading at 17x TTM earnings vs. 23x for the S&P 500. Facebook's earnings grew 36% last year. This is interesting. Investors were very happy to buy
#Facebook
at over 30x earnings last year. Now no one wants it at 17x.
Undervalued
24
Fairly Valued
11
Overvalued
19
0
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While experiencing a mere $50 loss, crypto bros often find themselves in a state of mental distress. In stark contrast, Roaring Kitty fearlessly discloses his most recent Gamestop, $GME, position during a livestream, even though he currently faces a staggering $237 million loss.
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The Fed screwed up! Soft landing is not really gonna be an option. It's so bad that everyone thinks the Fed's only option is to pivot...because they HAVE to pivot right? Short Answer: No. The U.S. Hegemony takes precedence over their Hedge Funds. The Fed understands this.
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The U.S. Now Has: 1.Record $16.5T in household debt; 2.Record $11.9T in mortgages; 3.Record $1.6T in auto loans; 4.Record $986B in credit card debt. Total debt is more than double the 2006 peak. This is all while mortgage rates just hit 7.1% and credit card debt rates hit 24.9%.
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The Afghanistan war is expected become the most expensive wars in US history. Brown University estimates that the war in
#Afghanistan
has already cost $2.261 trillion, out of which $530 billion has been spent on interest payments and $296 billion has been spent on veterans' care.
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Lehman moment approaches. Oh BofA you've been a naughty, naughty bank. Now all of the bank closures over the last 2 years make sense. Three in our area with the fourth due in the next couple months. Limit down tomorrow and every day next week. Mkt might not open in April.
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Deep RED heat map today as we head into the Fed meeting tomorrow. Its balance sheet is still many multiples larger than what it was prior to the GFC, despite the recent runoff of assets, and rates probably can't go lower without pouring even more fuel on the inflation fire.
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More than 33 million puts traded on Friday, the highest single day of put volume since data began 30 years ago. $SPY ETF tracking $SPX saw volume in puts spike to an ATH after a week of central bank-induced volatility in everything from equities and bonds to currencies.Timing..
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$1 from the year 1800 is worth just $0.04 today. Investing is the only way to sustain wealth over the long run. It's incredible that the currency that is so-called "stable" is the worst investment of all asset classes. Now, measure returns since the creation of the Fed.
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Despite US economic activity sharply contracting, the market has been moving higher. This is not the time to FOMO. The trend will accelerate until many bears get out of the game. We believe that around Sep will be the turning point, until then markets will continue to rally.
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Tesla's $TSLA top retail investor, Billionaire Leo Koguan, voted against restoring CEO Elon Musk's $50 billion pay package. An 8.5% of the profit margin is what Musk was set to receive. Look at any CEO profit to salary ratio or percentage globally then ask the same questions !
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Former SEC Chair Jay Clayton reacts strongly on CNBC as $AMC & $GME surge. Who first forecasted this round of meme stock frenzy? Turns out,
@AsiaFinance
was ahead of the curve, spotting the GME surge and signaling a return of meme stocks on May 7—beating
@MrZackMorris
by a day.
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US banks suffered almost $19bn of losses on soured loans in the second quarter, the highest level in more than three years. Rising interest & rising cost of living makes it more impossible to service current debt or refinance internally or externally. Feds and BoE needs to stop.
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NVIDIA $NVDA reported EPS of $6.12B (vs. $5.58B expected) and revenue of $26B (vs. $24.59B expected). They also announced a 10:1 stock split. Jensen Huang, CEO of NVIDIA, is a Taiwanese-American entrepreneur and a role model for the overseas Chinese community!
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Lucid( $LCID), a rival to Tesla, has started production of Lucid Air luxury electric sedans, equipped with a number of sensors including 14 cameras and one lidar. "This is an unprecedented system in terms of its technical sophistication," CEO of Lucid Group, Peter Rawlinson said.
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Can the global economy expand w/China in deepening trouble? This week’s data show that almost all the putative motors of the Chinese economy were growing only at a very disappointing rate. The yield gap between 10y US and Chinese govt bonds is now >160bps, widest since 2007.
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$NVDA has to 3x in 433 days to be at dot-com bubble levels of froth. MAGNIFICENT SENTIMENT OR IRRATIONAL EXUBERANCE? Latest Survey shows most bullish Fund Managers in 2yrs. Cash portion sharply cut to 4.2% as investors stop predicting global recession for 1st time since Apr'22.
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The Fed is forecasting a 0.5% rise in the unemployment rate by Q4 2023. Such a rise in unemployment has always led to a recession since 1949. This is with the data they have now. There will be more data by decision time.
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On August 28th,
@AsiaFinance
foresaw an overvaluation in VinFast's stock, projecting a 90% drop from $86. Fast forward to August 11th, VFS plummeted to $7.49, marking a staggering 91% decrease. Remarkably, Asia Finance stands alone globally in its accuracy.
#AsiaFinance
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The S&P 500 just made a near 100 point reversal in 2 hours, adding+ $660 billion in market cap. After jobs report numbers nearly doubled expectations, we saw a sharp move lower this morning. Markets are buying the news on hopes of downward revisions and adjustments in the numbers
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