“Global Virus Resurgence Threatens Vigorous Growth Momentum”

This is a headline from Bloomberg yesterday. There were also similar headlines in the Wall Street Journal as India reported a record of new Covid cases. I hesitate to return to a point I’ve made before, but it is concerning that as vaccines are rolling out massively, we keep seeing cases rising. The factors affecting each country’s rollout are complex and unique, but hopefully these numbers will start going down soon, especially once vaccines take full effect. That’s what Wall Street seems to be betting on for now. 

“SPAC transactions come to a halt amid SEC crackdown, cooling retail investor interest”

From CNBC yesterday. This is not necessarily a bad thing; there were too many SPACs chasing too few deals, so issuance had to slow. A cooling of retail investor interest was probably also not a bad thing. Investors needed to rethink what pre-merger SPACs were anyway. They are not a lottery ticket, and they don’t belong in the same conversation as Bitcoin and GameStop. As far as we are concerned, they are a new asset class that has some lack of correlation benefits to individual stocks and has a different type of return stream.

Bitcoin Weakness?

A bunch of people came out yesterday to warn about Bitcoin. Remember, smart money usually isn’t that smart. Not saying Bitcoin is going to rally, but if I were going to buy it (which I am not) I would prefer people to be doubting it. 

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