Remember, nearly all of the S&P 500 ETF's $SPY gains since its inception have come from the day after down days. A good reminder after the two red days we've seen to start the year
Source: Bespoke
Abu Dhabi Royal Sets Up Firm to Hold $27 Billion in Assets
Abu Dhabi’s largest listed company, led by a key member of the emirate’s royal family, is setting up a new holding firm with assets worth 100 billion dirhams ($27 billion) across sectors ranging from financial services to mining. The new firm, called 2PointZero, will be transferred into Abu Dhabi’s $239 billion International Holding Co. Its holdings will include portions of Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire, according to a statement late Tuesday. Lunate, Abu Dhabi’s newest fund, will be part of 2PointZero. International Resources Holding, which last month invested more than $1 billion in Zambia’s Mopani copper mine, will also be transferred into the vehicle. Other holdings will include private investment firm Chimera, Egypt’s Beltone Financial, crypto miner Citadel Technologies and Middle East-focused Sagasse Investments. Source: Bloomberg
UPDATE -> Bitcoin $BTC price dumped 9% in 1 hour on the basis of a report by Matrixport predicting an SEC rejection of ALL Bitcoin ETF applications
Their justification? Politics. - 5 voting commissioners are Democrats. - Democrats don't like 'crypto'. - Applicants haven't satisfied the SEC's requirements. - There is not political justification to approve a Bitcoin ETF. Eric Balchunas continues to give a +90% chance of approval due to a number of factors, especially the SEC's significant change in behaviour by way of engaging with applicants and providing them with guidance on updating their applications. Source. Bitcoin Archive
Yesterday Apple $AAPL suffers largest drop since September 6
Source: Barchart
Investing in stocks is one of the best options available to protect your wealth against money debasement
Over time, the purchasing power of the dollar declines, while the stock market increases. That means you need more dollars to buy the same things. If you want to protect your purchasing power, invest in stocks for the long run. Source: Charlie Bilello thru Peter Mallouk
Zombie firms as a % of Russell 3000 is now back to Dot Com bubble levels
Source: Game of Trades
Asset Class Returns since 2011...
Source: Charlie Bilello
Nike sinks 10% after it slashes sales outlook, unveils $2 billion in cost cuts
Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it lowered its sales outlook. Nike now expects full-year reported revenue to grow approximately 1%, compared to a prior outlook of up mid-single digits. In the current quarter, which includes the second half of the holiday shopping season, Nike expects reported revenue to be slightly negative as it laps tough prior year comparisons, and sales to be up low single digits in the fourth quarter. Below details by App Economy Insigths: $NKE Nike Q2 FY24 (ending Nov. 2023). • Revenue +1% Y/Y to $13.4B ($40M miss). • EPS $1.03 ($0.18 beat). • Inventory -14% Y/Y to $8.0B. • Direct sales +6% Y/Y to $5.7B. • New restructuring to cost ~$0.4B. • FY24 revised revenue outlook +1% Y/Y. Source: App Economy Insigths, CNBC
