As of the end of October, investor's sentiment index was almost at maximum fear
But November turns out to instead be among one of the greatest months in stock market history. Source: J-C Parets
The Payments Value Chain by Quartr
They jave updated our highly appreciated infographic explaining the complex payments layer between consumers and merchants. It illustrates how and where key players such as $V, $MA, $FISV, $ADYEN, $AMZN, and $PYPL fit in. Source: Quartr
Contemporary art beats stocks and Basquiat beats apple
Since 11/84, Jean-Michel Basquiat has been generating higher annualized return than apple... Source: Chartr
Friday Humor
Food for Thought
Is the US banking crisis really over?
Unrealized losses on investment securities held by US banks hit $684 billion in Q3, according to the FDIC. This marks a 22.5% jump compared to unrealized losses seen last year. The jump was primarily driven by rising mortgages rates reducing the value of mortgage-backed securities held by banks. Despite these challenges, the FDIC states that banks remain "well capitalized." This comes as usage of the Fed's emergency funding facility for banks hit another record high of $114 billion. Source: The Kobeissi Letter
Massive change over the past 5 weeks when it comes to what the market is pricing from FED
Source: TME, Bloomberg
The German labor market is now sending out alarm signals despite the shortage of skilled workers
Germany’s unemployment rate unexpectedly rose to 5.9% in November, the highest level in 2.5 years. Joblessness increased by 22k. Source: Bloomberg, HolgerZ
This chart shows that correlation between stocks and long duration bonds remain quite high
This is a regime change from previous decade and has implications for portfolio construction. Source: J-C Parets
