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🌞 GM autonomy gang,
Are we getting over the bank stuff? Personally, no. But markets are.
Investors are shaking off the banking system fears and buying tech (and anything A.I. related).
Meanwhile, certain more solvent banks play regulatory musical-chairs as they try to buy deposits and debt from the now defunct regional banks (Silicon Valley Bank, Signature, Silvergate).
If your bank’s name starts with an S i’d be worried 😂.
Here’s why I’m a little more optimistic than usual today:
The US Consumer and everything that comes with it. You’ll see the correlations from today’s digest.
Let’s teleport in
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TRENDS✨ | Consumer Strength
US consumer confidence unexpectedly rose in March
With personal debt levels through the roof and savings at a low consumer confidence and spending was trending lower. The first 3 months of the year are typically slow for economies and financial markets, there are signs of strength beginning to shine for the US consumer.
Lululemon reported strong earnings & sales driven by wealthier shoppers and issued an upbeat outlook for 2023; their stock jumped 12.5% AH. Consumer strength ftw (for-the-win).
Home prices cooled in January for a seventh-straight month
Home prices are still up close to 4% on a national level and pent-up demand are buoying buyer demand. High (and somewhat volatile mortgages approaching 7% will dictate price moves and appetite in the near term.
ECONOMY 📊 | Banks <> Nu-Fi
Apple released its buy now, pay later (BNPL) service. News of Apple Pay Later’s launch sent Buy-Now-Pay-Later company Affirm’s shares down more than 7%. We’ve said it before, we’ll say it again Apple will take a huge bite out of the financial services market.
A.I. Whisperer Jobs are all the rage
Do you speak A.I.? There’s a high-paying job for you now.
Online trading platform eToro is formidable challenger in NuFi.
As traditional banks flounder neobanks and fintech super-apps begin their conquest. eToro is the Robinhood of the non-US world (not affiliated with RH in any way) and it is growing its way into becoming financial super-app.
MARKETS 💹 | 2023 Outlook Check-In
Canada’s Lundin Mining agreed to buy a majority stake in Chile’s Caserones copper mine for ~$950M. Our 2023 outlook was bullish on commodities especially metals and copper with our exposure to FCX
Berkshire Hathaway raised its ownership stake in Occidental Petroleum to 23.6%. Our outlook also remained bullish on US energy companies with our exposure to XOM.
Here’s a snapshot of our 2023 Outlook ideas year-to-date (excludes BTC which is up 75% year-to-date)
Charts Du Jour 👨🏻🍳📈
How China’s #1 Super-App, WeChat views its business
Meme Digestif ☕️
Have a great day everyone.