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On today’s show we discuss:
- What if interest rates don’t matter as much as we think they do?
- But what if they do?
- Companies with weak balance sheets are outperforming
- Buffett’s annual letter
- Institutions hold less fixed income than they used to
- Two-year auction makes history
- Everything is oversubscribed
- Ray Dalio on bubbles
- Grantham says it’s a retail bubble
- Robinhood IPO
- Bitcoin lost half its value in two days
- Square bought a lot of Bitcoin
- Coinbase is making money
- Broker commissions in real estate aren’t budging
- Where have all the houses gone?
- There’s a lumber shortage
- And a semiconductor shortage
- Our moon landing
Listen here:
Recommendations:
For All Mankind
Wealth, War, and Wisdom
WandaVision
Charts:
Tweets:
Beginning in March, momentum funds will enter into – what we believe – will be the highest turnover period ever.
Financials + Energy will be bought.
Tech + Healthcare will be sold.
In this report, we map out the reasoning, winners, losers, and implications.@3F_Research pic.twitter.com/I9rT3pjOqP
— Warren Pies (@WarrenPies) February 25, 2021
Coinbase reporting $193B in total transaction volume and ~$1B in gross transaction revenues for 2020, implying a fee capture over $5,000 per million. For reference, this is more than 1,000 times greater than the fee capture for listed derivatives. pic.twitter.com/9tuAj7wx9b
— JonBovi (@realjonbovi) February 25, 2021
Only the 1994 experience left to take out🤪Chart shows US 10-year yields' past breakouts higher from 6-mth trading ranges. Can it last?! Let's see interest rate risks migrate into risk assets for signaling. pic.twitter.com/BXas22DID3
— Ben Breitholtz (@benbreitholtz) February 25, 2021
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