The race continues...Bitcoin is up a 'modest' 237% in the last 12 months.
Cocoa is up 310% and NVIDIA 350%. Source: Bloomberg, Jeroen Blokland
In recent years, India’s economy has continued to boom, just as China and other fast-growing countries have endured a post-pandemic slowdown.
But, the country has a long way to go to replicate China’s success, after the economic fortunes of the two diverged dramatically some 30 years ago. Indeed, as recently as 1992, the GDP per capita of the 2 countries — which share a 2,167-mile border — was roughly equivalent: today, India’s is roughly one-fifth of China’s reported $12.7k. The International Monetary Fund (IMF) predicts that India made up 15% of global growth in 2023, and, having overtaken the UK as the world’s 5th largest economy in 2022, it’s now on track for 3rd place behind the US and China by 2030. Source: Chartr
As highlighted by Tavi Costa, today’s US infrastructure spending is likely to dwarf what we experienced during the rebuild period post-WWII by the US and the rest of the world.
Escalating geopolitical tensions and growing disagreements among nations are incentivizing countries to bolster their self-reliance in domestic operations. These circumstances are poised to catalyze what could evolve into one of the most ambitious infrastructure initiatives in history, with the potential to be highly inflationary. The last major infrastructure push in the United States occurred in 1956 with the National Interstate and Defense Highway Act under President Dwight D. Eisenhower. Initially budgeted at $25 billion, equivalent to approximately $207 billion in today's currency. This initiative pales in comparison to the recent Infrastructure Investment and Jobs Act, which authorizes government spending nearly six times that amount, totaling $1.2 trillion. The chart below also considered the Inflation Reduction Act passed in 2022, expecting a significant portion of those funds to be directed towards new infrastructure projects, including those associated with the green revolution and other initiatives. Sources: Tavi Costa, Crescat Capital, Bloomberg
Food for Thoughts
Source: Yasin Arafeh
Returns on different types of luxury goods have ranged from 8% to 280% over the last 10 years, compared to 158.1% for the S&P 500.
However , only one has outperformed the S&P 500 in terms of 10-year returns: Rare whiskey🥃, boasting an impressive 280% return. Source: Genuine Impact
In any thriving workplace, skilled workers often choose to remain because they are rewarded with good benefits and incentives.
Source: agrossoblog.org
Junk bond and leveraged loan issuers have cut ttheir 2024-2026 maturity wall by 40% from a year ago, according to BOA estimates.
"This episode represents one of the most aggressive instances of maturity extension in the history of leveraged finance." Source: BofA, Tracy Alloway
Generative AI:
Market share of leading vendors
