New York City now has 349,500 millionaires, more than any city in the world
Over the last decade, the number of millionaires in NYC has risen by a massive 48%. At the same time, in The Bay Area, the number of people with a seven-figure net worth has risen 82% to 305,700, the second-highest worldwide. This surge has been driven by a massive rally in financial markets and real estate prices. Meanwhile, 78% of Americans live paycheck to paycheck, according to the latest Payroll-org survey. The rich are getting richer at the fastest pace ever. Source: The Kobeissi Letter, Bloomberg
Are investors too complacent?
May Fund Manager Survey (FMS) sentiment is at the most bullish level since Nov’21, BofA says. The average cash level of FMS investors fell to 4.0% of AUM from 4.2%, the lowest level since Jun’21. Source: BofA, HolgerZ
Today’s inflation numbers are seen as a relief by investors… and the FED
Indeed, the just released data shows that US inflation cooled down in April for the first time in 6 months, following several reports of upside surprises. While yoy headline inflation is in-line with expectations (+3.4pct) the positive surprise came from the MoM number (+0.3pct) which is BELOW estimates (+0.4pct). Core inflation number MoM came in as expected (+0.3pct). The core yoy number (+3.6pct as expected) is at the lowest level since April 2021. Bottom-line: this report is bullish equities, bonds, gold and cryptos as it indicated that the disinflation trend might have further to go. Still, we believe that the Fed might wait for some confirmation before turning dovish. We note that the SuperCore (core ex-shelter) rose 0.5pct MoM to 5.05pct YoY. Source: CNBC
Germans already work much less than others, but German unions and some left politicians are seriously requesting move to four days workweek without pay cut
Source: FT, Michel A.Arouet
JUST IN: Vanguard appoints Salim Ramji as a new CEO, a former Blackrock’s Bitcoin ETF lead. Earlier, Vanguard refused to offer BTC ETF 👀
Trump now holds a 6.3 point lead on Biden and Republicans are now on top in the generic head to head. From @maximlott at https://lnkd.in/dT6EHQvp thru bespoke
We've seen a pretty big move in Presidential betting odds over the last week
Trump now holds a 6.3 point lead on Biden and Republicans are now on top in the generic head to head. From @maximlott at https://lnkd.in/dT6EHQvp thru bespoke
“We have to let restrictive policy do its work on inflation.”
Fed Chair Jay Powell Source: Lawrence McDonald, Bloomberg
The P/E ratio of Gamestop, $GME, has spiked to a WHOPPING 1,210x
In other words, it costs $1,210 to purchase just $1 of earnings generated by $GME. By comparison, the P/E ratio of Nvidia, $NVDA, is 34x. Meanwhile, $GME is up nearly 400% this month hitting its highest levels in over 2 years. Over 175 million $GME shares were traded on Monday, 30 TIMES the 1-year average, according to Bloomberg. Source: The Kobeissi Letter
