Cathie Wood's Ark innovation ETF $ARKK just had its best month in HISTORY relative to the Nasdaq 100
Source: Barchart, Bloomberg
The Fed's preferred measure of inflation (Core PCE) moved down to 3.5% in October, the lowest since April 2021
The Fed Funds Rate is now 1.8% above Core PCE, the most restrictive monetary policy we've seen since 2007. Source: Charlie Bilello
As highlighted by The Kobeissi Letter, the US housing market is having its historical moment
The US housing market is having its historical moment. Indeed, Real home prices in the US are currently almost 10% MORE expensive than they were in 2008. In fact, real home prices are now 80% ABOVE the 130-year historical average, according to Reventure. This means that even on an inflation adjusted basis, home prices have never been more expensive. Meanwhile, housing supply is 40% below the historical average. All while mortgage demand is at its lowest since 1994 and the median homebuyer now has a $3000/month payment. Source: The Kobeissi Letter, Reventure
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
