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Today's Letter
Market Update
Earnings SZN
Trending Cryptos
Top Meme Stocks
Market Update
Circling back to last week we highlighted the moves made by Elon Musk to become Twitter's (TWTR) largest shareholder. This morning before market open Elon tweeted again that he had made an offer on Twitter to make it privately owned in a hostile take-over at $54.20 per share. This would give the deal close to a $43 billion valuation.
... But does really intend to buy the platform? Or was this the grandest of pump-n-dumps? Elon has been known to mess with the SEC, here is what Mark Cuban had to say.
It wasn't long after that some headlines were quoting Musk to saying he may not actually be able to buy Twitter.
This entire thing is a hot mess, but given the fact that Twitter is trading flat for the day means that none of these headlines hold any weight. Time will tell what actually goes down.
Moving onto the things that matter... The U.S 10-year is ripping higher, causing equities to get smacked. Here's a look at the 6m chart.
This reminds me of the days when my parents used the boogie man to scare me... except this time it's in the finance markets and my whole net worth is at risk. Is this real or will my HODLing pay off one day?
In other news, commodities have cooled off, but are still performing extremely strong. If you invested in energy or commodities at the end of last year then you have probably 2x'd your portfolio. For the rest of us that have had faith in a tech rebound I've made this meme for us.
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Earnings SZN
Earnings season is just around the corner. The banks have kicked things off with an ugly start, will the rest follow suit or will the trend change? With all this inflation, cost of goods rising, and supply chain issues, I have a hunch that margins may start to contract.
JPM, Citi (C), and Morgan Stanley (MS) all posted lack-luster quarters. JPM's Jamie Dimon quoted “significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine” on some of the issues to deal with in the short-term.
How long can companies continue to pass these costs down to the consumer before discretionary spending takes a hit? IMO we may not see the full effects of what I mentioned above until Q2 or Q3, but will be interesting to hear the guidance many companies have to offer over the next several weeks.
Trending Cryptos
Bitcoin (BTC) and Ethereum (ETH) secured the #1 and #2 most talked about cryptos.
Meme-coin DOGE has made it's way to number 3, mainly due to Elon's Twitter take-over fiasco.
Other names like Cardano and PancakeSwap (CAKE) have made their way into the top 5 as well.
GRIT is going big or going home on the 20% of our “high-risk” portfolio where we know these investments could go to zero…or 10x! Subscribe to our new CRYPTO NEWSLETTER to follow us along this journey and see what we’re buying, why we’re buying it, what we’re paying, and what else is on our radar!
Top Meme Stocks
The top names on WallStreetBets were all about Elon, Tesla, and Twitter today.
Big tech, Apple and Nvdia, also made it near the top. Sentiment on NVDA seems to be fading to the bearish side.
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