| | *past 24-hour performance |
| 💨 TL;DR | The S&P grew 2.2%, and the Dow advanced 1.9% for their first three-win streak since July. The Nasdaq increased 2.4%, its first three-week positive streak since June. Sam Altman was ousted as CEO at OpenAI. OpenAI then nerfed itself while Microsoft carved out all the useful stuff. Self-described anarcho-capitalist Javier Milei handily won the Argentinian presidential runoff election. Crypto ETFs will have to wait until 2024. | 📰 Market Headlines | Sam Altman, who many consider the face of AI, was ousted as CEO at OpenAI. After a dramatic weekend that can only be described as the next “Barbarians at the Gate,” he was ultimately replaced by former Twitch CEO Emmett Shear. Satya Nadella, CEO at Microsoft, hired Altman to “lead a new advanced AI research team.” Former OpenAI President Greg Brockman and other “colleagues” will join him. Nadella has acquired OpenAI’s most useful components (the talent), promising them unlimited resources and computing power, and left a husk behind for Shear. New OpenAI CEO Shear has said he wants to slow down OpenAI’s development to ensure proper guardrails are in place. Sheer has said some fairly…problematic…things in the past, which will probably be an issue at some point. Happy Project Bora Bora Day to those who celebrate. Citi’s management reshuffle and job cuts are announced today. Apple, Disney, Lionsgate, and other companies have joined IBM in suspending their advertising campaigns on Twitter. Musk threatened to file a thermonuclear lawsuit in response. Both the Fed meeting minutes and existing home sales numbers come out on Tuesday this week. Both Manufacturing and Services PMI are due Friday morning. Asian markets were broadly up today. A barrel of U.S. crude oil for December delivery gained 69 cents to $76.73, but it’s still well below its September high of $93. The USD slid to a two-month low. Goldman Sachs thinks it’s unlikely the US will dip into recession in 2024. | | 🧠 What do you think? | | | 🕶️ Market Vibes | 🎰 Market Forecasts and Futures | Brought to you by Kalshi, our favorite prediction market. Get $25 to play around with invest on Kalshi using this link. | Kalshi predicts a 76% chance of a rate cut by July 2024, which sounds low to me. The CME Fedwatch tool has it over 90%. | Q4 GDP forecasts are coming in right around 2% | November unemployment numbers will be released on Dec 8th. Kalshi is forecasting 178k new jobs vs 150k from October. | Finally, the next CPI report comes out on 12th December, and Kalshi is forecasting a 3.22% YoY rise, just a hair above the previous print. | 😱 Fear and Greed Index | | 🎤 What you said | Big shouts for crypto, which was forecast to be the best performer in 2024, and deeper investment analysis. |
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| | Commodities, crypto, and fixed income | “Interested in forecasts of gold, silver, and crypto, with short and long-term projections. Plus money market and cd options for cash positions yielding higher FDIC protected opportunities.” | Crypto | “Crypto is becoming a more popular way to diversify an investor’s portfolio, and most people do not have at least a basic understanding of this asset class.” | | A golden moment for private credit 🤝 | The most interesting thing about the private credit market is what’s happening today. | The market is opening up to ordinary retail investors for the first time ever. It's a golden moment. | Percent is the only platform exclusively dedicated to private credit. They provide accredited investors access to a wide variety of high-yield, short-duration offerings (9-month average). | These shorter-term investments are more responsive to current market conditions and interest rates. This means you can regularly calibrate your investments to meet your needs. | Get as much as 20% APY and more (That’s high) Investment minimums as low as $500 (That’s low) Swaggy readers can earn up to a $500 bonus with their first investment (Neat) | | PS - Check out this guide to investing in private credit: How to analyze risk & reward in alternative lending. This is smart, in-depth stuff. Check it out. | SPONSOR |
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| | 📊 Stocks | | Brought to you by our friends at Public.com, my favorite online broker. | The bull case for Tesla in Q4. Wall St’s ESG craze is over. They’ve shrunk for the first time. A look back on eight of 2014’s hottest IPOs. The collapse of EV charger SPACs. Nvidia reports Q3 earnings Tuesday. Expectations are high. Dick’s and Deere report this week as well. Gap smashed earnings and was up 30% on the news, while Ross Stores climbed 7.2% after reporting stronger profit and revenue than expected. Analysts are reducing their price targets for Alibaba across the board. Apple is America’s worst major company for employee retention. Airbnb shares were downgraded, while Expedia’s were upgraded. Hong Kong Disneyland opened its first Frozen-themed attraction today as part of Disney’s $60 billion expansion. Seven Nasdaq 100 companies have made up the vast majority of the index’s gains this year. Public lets you invest in all of them at once with their Magnificent Seven plan. | | 📊 Income | | The yield on the 10-year Treasury rose to 4.45% from 4.44% late Friday. Just a few weeks ago, it was above 5%, at its highest level since 2007. What’s better for your portfolio? Bonds or bond ETFs? If you want to invest in US stocks from companies that pay high dividends but don’t want to do the research yourself, check out Public’s High-Income Dividend-Paying plan. It follows the top 20 holdings by weight from the iShares Core High Dividend ETF (HDV). |
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| | 📊 Crypto | | The SEC has delayed its approval of a spot BTC ETF again. Once approved, the price of BTC should increase significantly under increased demand from institutional and retail investors. Fidelity has filed an application for a spot ETH ETF. MasterCard is boosting its efforts to detect crypto fraud. |
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| 🌍 Global Perspectives | 🇯🇵 Japan’s Nikkei 225 index broke its September peak, hitting a 33-year high, and then fell to 33,388.03, shedding 0.6%. | 🇦🇷 Self-described anarcho-capitalist Javier Milei handily won the Argentinian presidential runoff election. He wants to abolish not only the central bank ("the worst garbage that exists on this Earth") but also the health, education, and environment ministries. | 🇹🇭 Thailand badly missed its GDP expectations, coming in at 1.5% growth YoY against a forecast of 2.2%. |
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| | | | | | 📺 What to Watch Today | | OpenAI CEO Sam Altman and CTO Mira Murati on the Future of AI and ChatGPT | WSJ Tech Live 2023 |
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| | 📈 Trends you need to know | Brought to you by our friends at Glimpse, my favorite way to spot trends. | |
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| Weight loss drugs are going mainstream. |
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| | That’s all for today. Did we miss anything? Smash the reply button to let us know. | Cheers, | Wyatt |
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| | Notes | Please read this disclaimer. The authors of Alt Assets, Inc. are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content should not be taken as professional advice. They are self-taught accredited investors, sharing information, research, entertainment and lessons learned based solely on their own experience and circumstances. Individual results may vary. The published content is unique, based on certain assumptions and market conditions at the time of publishing, and is intended to serve solely as research, not financial advice. For entertainment purposes only. Not investment advice. Alts I LLC (the “Fund”) is an affiliate of Alt Assets, Inc. and the Fund has conducted a private placement offering under Rule 506(c) of Regulation D of the Securities Act of 1933, as amended. The Fund may invest in one, several, or all of the alternative asset classes that Alt Assets, Inc. publishes content about on its site. Any of the Fund’s investments that have positive designations on the Alt Assets, Inc. site are purely coincidental, as the Fund is actively managed and guided by its own investment parameters, as summarized in the relevant private placement memorandum. Alternative investing involves a high degree of risk, including complete loss of principal and is not suitable for all investors. Past performance does not guarantee future results. The newsletter may contain affiliate links, meaning that Alts.co and its associated entities may receive compensation for referring customers to the noted companies. We recommend seeking the advice of a financial professional before you make any investment in an alternative asset class or any associated entities, and we accept no liability whatsoever for any loss or damage you may incur. |
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