Tencent's stock crashes 16% in minutes after Beijing released draft guidelines aimed at curbing incentives that could lead to excessive gaming and spending
Tencent is China's largest public company and the drop erased ~$55 billion of market cap. This also marks the biggest one-day drop for the company since 2008. Note that NetEase sank by as much as 28% to HK$117.30, breaking briefly below a key technical support offered by a February low at around HK$120.70. In mid-afternoon trade, NetEase shares pared losses to trade down about 20% at HK$129. Source: The Kobeissi Letter, CNBC
The probability of a Fed rate cut in March 2024 has jumped up to 83%. A month ago the odds were only 29%.
Source: Charlie Bilello
Ocean Freight
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mindset
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Buffett. Lynch. Munger. Fischer.
All of these investing legends use checklists. Source: Brian Feroldi
Bond trade looks a bit crowded: Record 62% of Fund Managers polled by BofA in December expect bond yields to be lower in 12 months’ time.
Source: BofA, HolgerZ
The longer you own an actively managed mutual fund, the more likely you are to underperform the market, especially on a risk-adjusted basis
Source: Peter Mallouk
Tavi Costa -> Brazilian equity markets have experienced near-record foreign investments in the last month
Despite all the skepticism about $EWZ is outperforming the S&P 500 by 23 percentage points in the last 2 years. The aggregate market cap of Brazilian stocks relative to its overall money supply remains near historical lows. Source: Crescat Capital, Bloomberg
