Adderall Shortage & Loud Quitters

🌞Happy Friday🌞

US regulators have all but declared all-out-war on digital assets that look or smell like securities.

A lot of quitting going around: YouTube CEO, Scotland's PM, etc.

US-China relations are strained but the codependence continues...

Let's dive in 🤿 ⤵

✨Trends✨

The Adderall shortages that emerged across the US last year started quietly. (BBG)

🧿As frictionless consumer prescription platforms have emerged (e.g. Hims, Ro, Betterhelp) it is not surprising that the ease-of-access has led to shortages. We also anticipate/hope that the FDA begins to address shortages and tighten regulations across these highly commercialized prescription mills.

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Hermes beats earnings estimates on Asia growth. (RT)

🧿 Crocs is smashing earnings estimates too. As recession and inflation fears persist on a global level it is not surprising that we see the low-end (Crocs) and the luxury brands (Hermes) succeeding with unique value propositions.

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💡 Technology 🦾

YouTube’s veteran Susan Wojcicki stepped down as CEO. Neal Mohan, YouTube’s current chief product officer, will succeed her at the helm of Alphabet’s video sharing platform. (CNN)

🧿Lot's of management changes incoming in big tech. Strategies are shifting and bets are consolidating. Youtube has been Google's crown jewel even in the face of challengers like TikTok. Youtube Shorts seems to be the only product that can hold a candle to TikToks marketing effectiveness.

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Nintendo Buzz:
A theme park, inspired by the world of everyone’s favorite plumber, is opening in California at Universal Studios Hollywood. This marks the second theme park collaboration between the Comcast-owned US entertainment giant and Japan’s video game behemoth, with the first having opened in Osaka, Japan in 2021. (BBG)

 🧿 Saudi Arabia also just took a huge stake in the Japanese Game-Maker as oil-producing behemoths continue to take stake in premier global brands. We've been pounding the table on Nintendo long-term for over a decade. This brand has not even begun to realize it global commercial potential-- thesis: future generations connect with this brand in a deeper way than even Disney.

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🌍 Macro (US-China Relations Edition) 🌍

China Renaissance can’t locate its CEO. Billionaire banker Bao Fan is the latest Chinese business leader to go missing. (QZ)

🧿 Remember when Jack Ma of AliBaba went missing? Let's hope China's top deal-maker resurfaces unscathed, especially as Sino-US tension rise.

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China sanctioned two major US defense contractors. Lockheed Martin and a unit of Raytheon have been blacklisted following their sale of arms to Taiwan. (QZ)

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Ford Needs China's Help this Time: Almost exactly a century ago, Sun Yat-Sen, the father of modern China, wrote a letter to Henry Ford. He asked Ford to help China build a “new industrial system.” Ford kept it curt and short: No thanks. Now Ford needs help from Chinese battery giant CATL. (QZ)

🧿 US-China commercial interests are directly in conflict with non-economic geopolitical interests. We will continue to see efforts by both commercial leaders to forge ahead with relationships while political powers will continue to fight to limit each other’s earning ability across US and Chinese markets. Call this a geopolitical dialectic.
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Digital Assets ⚡️

The SEC’s war on crypto staking, stablecoins, custodians, exchanges wages on.

However, Bitcoin is enjoying rally at $24,000, due in part to Bitcoin NFTs (aka Ordinals) and being the only crypto that isn’t considered a security.

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We'll be pretty focused on digital assets today, follow our Twitter and stay tuned for more!

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