In case you missed it...
The credit default swap (CDS) prices for the US rose sharply during the small banks crisis back in spring, and then went down as the crisis subsided quickly. These prices have been rising steadily since early summer. US CDS are now above Spain, which is considered a higher risk country from a sovereign credit risk perspective. Source: Bloomberg
U.S. interest payments equal military spending for the first time in 3 decades (~1.9 Trillion combined)
Source: Barchart, FRED
Birmingham City Council 2030 bonds yield roughly 2ppts more than UK govt securities as Britain’s second-biggest city in financial dire straits
Source: HolgerZ, Axios Visuals
Japan's 10-year yield surged this morning to 0.70%, its highest level in almost a decade, following weekend comments by Bank of Japan (boj) Governor Kazuo Ueda
Ueda said the central bank’s lifting of its negative interest rate policy will become an option if wages and prices rise, revealing his thinking during an interview with The Yomiuri Shimbun. Ueda said that “there are various options” including lifting the negative interest rate policy once the central bank is confident that Japan has achieved sustainable price increases accompanied by rising wages. The negative interest rate policy is a pillar of the Bank of Japan’s large-scale monetary easing measures. While an easy monetary policy environment will be maintained for the time being, signs of factors could emerge that would allow a decision to be made by the end of the year, he indicated. This is the first time Ueda has given an exclusive interview to any media organization since taking office in April. Source: The Japan News, Tavi Costa, Bloomberg
Out of 28,114 publicly-listed U.S. companies analyzed over the last century, the 25 best stocks have created nearly a third of all shareholder wealth
Put another way, as Visual Capitalist detail below, just 0.1% of stocks have added over $17.6 trillion to investors’ wallets. This graphic, using data from Henrik Bessembinder of Arizona State University, show the best stocks of the last century.
One of the reasons we are not in recession yet. Despite rate hikes US corporate net interest payments are going down so far👇
Source: Michel A. Arouet
Comparing the market capitalization of Big Tech stocks to the GDP of nations, Apple and Microsoft emerge as giants. They would rank 8th and 9th respectively if they were countries
$AAPL $MSFT $GOOGL $AMZN $NVDA $TSLA $META Source: Beth Kindig
Nalanda Capital's approach to investing
Source: What I learned about investing from Darwin by Pulak Prasad Illustration: Vishal Khandelval
