35 Burst results for "Retail Investors"

Max Levchin's Affirm pops nearly 100% in market debut

BTV Simulcast

04:15 min | 3 d ago

Max Levchin's Affirm pops nearly 100% in market debut

"Hit the market today, almost doubling in its public debut in the latest multi billion dollar tech company start trading significantly higher than its initial offering. Price. Joining me now Max Levchin, the CEO of a firm, so Max, obviously this is a resounding endorsement endorsement of the firm from investors by You also potentially left a lot of money on the table. What is your reaction to the day's events? You know? We know each other for a long time. I think you'll you'll have to agree. When I say I'd like to take the long view. I think it is really, really important to know what this is all about. We're not this is this is not an exit is not on Finish line, and we didn't No. Leave something way started a new labor journey and it's super exciting and the goals were very clear. We wanted to raise at least a billion dollars. We really want to tell our story and we wanted to recruit. Lots of professional and retail investors to join what we think is a almost a revolution in consumer finance. And so all of the girls were accomplished very happy about that. Market will do what it does it'll prices and I just I really hope people evaluate our performance as a stock. In increments of quarters and years, not in one day. Well, and now you are a public company, and you've got to keep up the momentum. I'm sure you were somewhat prepared for this. We saw this happen with Airbnb. We saw this happen with door dash, but, you know Are you at all concerned? This puts additional pressure on the company T O live up to very high expectations. No, I think we've always been very clear and relatively thoughtful. And certainly it's in our DNA to be transparent. What we think we're going to deliver what we think we're gonna build and our job is to tell our story clearly and Yeah. Forecast where we can and guide where would we would we would we take what we can do and be held to that account. It's my first day as a publicly traded CEO, ask me again in a few months what the pressure is like. We most certainly will. Max. You know, I gotta ask you we are in an incredibly volatile, unprecedented political climate. We have the president being impeached for the second time, the first president in history to be impeached. Twice, You know, certainly this impacts sentiment and you are your customers are consumers who many of them are suffering because of a pandemic. They've lost their jobs. What is your outlook on the next year? Given these remarkable circumstances. I couldn't agree with you more. And that's uh, we live in the strangest of times. Certainly in my memory. Um, you know, I think first of all years without saying, but I'll say it anyway. What we witnessed in DC a few days ago is that his grace and as an American and a You know, a relatively late stage in life, American by choice. I take great pride in my citizenship. I Leave in tenets of democracy and rule of law and allow the building blocks this country really important to me, and both as a private, individual and executive founder, So we we saw. I think it was It was, frankly, I get our face for lack of a better term, and I hope to never witnessed that again. And I hope we do better as a society. That said. I think the dream I believed in is this idea when my family came to America is that you could be anything and you could recover from any football And I believe that Our economy will recover and affirm certainly has a major part. To play there where we're excited to to help in the in there in the regrowth of hopefully all the lost jobs and Business. Can you going to use the sales and the customers, But I'm optimistic, but I'm probably semi permanent optimist just by by training and trade.

Max Levchin Airbnb MAX America Football
Who is underpricing Roblox?

Equity

04:10 min | Last week

Who is underpricing Roblox?

"Which filed to go public last year was going to debut as any said before the year some. Ipo's went out that were rather exuberantly received. And is that it. Whoa whoa whoa hold on. Because robots was going to let a lot of shareholders sell their shares at the ipo price in the offering and they didn't those shares me miss price fair enough so what they've done is they have raised a five hundred twenty million dollars series. H at eight twenty nine point five billion dollars valuation effectively replacing what they would have done in the ipo raise. And then they're going to direct list. So everyone will be unburdened in able to sell their shares. That they'd like to their experience the traditional ipo process and into the blocks brand a sufficiently large drive interest in the company. Now guys we've all heard ad nauseam complaints from adventure. Classes danny's old stomping grounds. That banks mismanaging. Ipo's underpricing them and rewarding their clients essentially with free money. Here's my question now. Roadblocks us at a price for itself thousand nine point five billion. What do we say out. And it's worth thirty five billion the first day won't they also have yet again mistrial. Peo- does this situation. This new solution actually fix anything. I think one of the big challenges. They faced the raises past brown from driessen. In february twenty twenty it was valued at four billion and they raise one hundred fifty million bucks with tiny percentage. and what. you're seeing the exact same thing this time with the series h five hundred twenty million at twenty nine point five billion valuation one point seven percent solution. So it's very tiny. But i think what they wanted to do was sent a very strong signal to the market of. Here's where we see the price. Today there are investors who are investing at this price. Last price was four billion. This is thirty. And i think they wanted to market support for the argument that they should be valued at this price. I don't think they looked at a lot of the other things on the market. And like wow. It's really hot. That was the story line. And i just. I'm very skeptical. But i think this is a proof point of saying look. There is actually market depth at these prices. And it sets the tone of the ipo more strongly than if they had just gone out. Kind of blindly. When we're i want to get into take on this but like we hear a lot of complaints from these about bankers mispricing. Startups andriessen bought a bunch of shares from roadblocks earlier in twenty twenty out of four billion dollar valuation. Now it's worth thirty. That's seven and a half times as much. Who's underpricing roadblocks. Here is that the bankers. Or is it andriessen horowitz. I have a suspicion. That it's the bbc's. I think it's amazing that we never talked about that. We always say. Oh the cow. Well the vc's did not dramatically underpriced screwing the employees who are doing the work out of equity and a fair representation for the show when you see these numbers. I know you're more early stage person. But how does this make you feel one. That's awesome framing alex. So i love that. I thought about snowflake when i saw robots giving that twenty nine point billion number when snowflake was planning to go public at its last raise it was valued at twelve point. Five billion obviously one of the most successful. Ipo of twenty twenty its market cap on. A went out was thirty three point. Seven billion a huge difference. And i think maybe roe is feeling in some ways. Like snowflake miss price. Let's just feel that confident about ourselves. I don't know if that's a fair enough. Compared because i'm sure they're very different businesses but if robots is misplaced and a lot bigger it will also be one of the most successful. Ipo of all time. The new price for robotics is crazy over you. I think one of the big questions we have to ask what's flow the ipo. Look at this. And i got his ms price. Well at a certain point of you're only doing one point six percent solution like of course you want to get you want to nail it perfectly. But the reality is if you're only bloating one point six percent who cares the question at the. Are you floating fiber shares ten percent of the shares thirty percent of the shares. Because that to me is a huge difference compared to some of these earlier rounds where the delusion is much smaller. Yeah for sure. And one thing we've seen just circle back to the point of ipo's being cuoco. Mis-priced is a lot of companies have had a very thin flow and start to trade and so you've seen asymmetric demand from retail investors compared to very very limited shares available which of course ratchets up the initial trading price feeding fodder into the argument. That bankers are better pricing. And this is not to defend bankers. The point is this. it's not like everything is as cut and dry as fits into a tweet. That's what i'll say just to be clear. Andriessen is making the most noise about myspace. Ipo's it's actually benchmark. Don't want to conflate everybody in my head is just vc's but it's worth noting that girly for border a bit worker less active invest. Whatever he is america's area go.

IPO Driessen Andriessen Andriessen Horowitz Danny Brown Snowflake BBC ROE Alex Myspace America
Eric Wall: Arcane Assets, The Future of Digital Investments

Epicenter

04:35 min | Last week

Eric Wall: Arcane Assets, The Future of Digital Investments

"Young now the ceo cio at an event named arcane acids. So that's obviously get change coming from the from the permission blockchain space. So i know that for regulatory reasons. You can't tell us everything about this fund but can you tell us a bit. Yes sure. And i suppose it sounds like eh a gear change but from my perspective. It was a something that i have been doing from the moment that i got started. In the cryptocurrency industry was like i was standing on a personal level where i was managing my own cryptocurrency portfolio and. I was doing that starting with bitcoin from two thousand twelve and kept doing doing that in two thousand fourteen. Two thousand fifteen and two thousand seventeen when sort of the mainstream got attracted to the cryptocurrency industry. And they start to talk about okay. We want exposure to cryptocurrencies. But i've heard that the bitcoin is not the scalable or that it's consuming as much electricity s the small country shouldn't have some of these other cryptocurrency assets and then i found myself in the position of advising them and trying to correct the misconceptions that they had and if they wanted some old con exposure. You know. I can facilitate bats. But i want to make sure that we subtract nine thousand nine hundred ninety nine percent of everything. That's just pure bullshit out there. And even i think sometimes as it would even be better decision to have short positions on on some of those all coins that is that can be profitable strategy if you want to maximize your bitcoin holding. So i i. I had all these requests and i started actually in two thousand seventeen as a side project while still working at over to launch a fund together with two other financial professionals in sweden so when the nasdaq acquisition and i quit nasdaq then. I sat down. And i wrote a list of all the different opportunities that i could join and participate in the cryptocurrency market and running managing a fund was on that list and then i just eliminated all the different options on that list until i was only left with one or two and then i chose to go down this route because this genuinely if i could imagine one dream job one thing that i can imagine myself waking up and completely being love with what i do then managing cryptocurrency fund is the thing that gets me closest to the things that i'm passionate about and for those who know me and follow me on twitter at one of the main things that i am passionate about debunking coins reading white papers finding flaws so by running a fund. I can put that interest of mine too fulltime. Use so that i can just detect. What are the things that we should avoid. In the crypto currency fund should be avoiding and there was a norwegian company that had recently launched its called arcane. It's about to become a publicly listed company it's it will be the second the The second company in the nordics is this publicly listed cryptocurrency company and they were very happy to embrace my ambitions at the firm and facilitate so that basically all i have to do is decide on portfolio construction and all the other aspects when it comes to building up the partnerships with the custodians changes and the complying with regulation all that would be taken care of by arcane and i will only managed to fund. So that's sort of the ideal relationship between me and the cane company and we started to find in in april and i have been managing it since so far. I'm very very happy with with that job. And what it's been like especially in this type of environment which we have been which has been extremely exciting and interesting but sadly i cannot talk about what the strategy of the fund ace and other metrics about the phone because we'd have to abide by may two regulations and they are extremely extremely harsh when it comes to talking and marketing cryptocurrency retail investor. So i cannot say that much more about that unfortunately.

Sweden Twitter
XRP, The 3rd Biggest Cryptocurrency Might Be In Big Trouble

Techmeme Ride Home

02:58 min | 3 weeks ago

XRP, The 3rd Biggest Cryptocurrency Might Be In Big Trouble

"The sec has indeed gone ahead and sued ripple. Labs it's ceo. Brad garland house and chairman. Chris larson alleging that they violated federal securities laws by selling x. p. to retail customers. This is actually a bigger deal than i thought it might actually lead to the delisting of x. Rpg from major crypto currency exchanges the price of x. p. is down over thirty percent at the time of this writing quoting coin desk according to a lawsuit filed tuesday ripple raised one point three billion dollars over a seven-year period to retail investors through its sale of sarpi on an ongoing basis. Ripple ceo brad garland house announced monday. That the sec had told his company of the impending lawsuit and published the payment firms wells response a document that seeks to tell the sec wise. Certain activity did not violate us securities laws. The san francisco based fintech firm has long maintained that x. p. the cryptocurrency is separate from the company the cryptocurrency was often referred to as ripple through two thousand eighteen and shared logo with the company. Until later that year the impact could be wide ranging. Several exchanges list are in the us with only one deciding to delist the cryptocurrency ahead of the tuesday lawsuit. If the sec prevails platforms that continued to list. The crypto may have to register as securities exchanges according to the complaint which names ceo. Brad garland house and chairman. Chris larson in addition to ripple labs as defendants ripple violated sections. Five am five. C of the securities act of nineteen thirty three by failing to register x rpi as a security or seeking an exemption quote over a long unregistered offering securities. Ripple was able to raise at least one point three eight billion dollars by selling p. Without providing the type of financial and managerial information typically provided in registration statements and subsequent periodic and current filings the filing said quote ripple use this money to fund its operations without disclosing how it was doing so or the full extent of its payments to others to assist in its efforts to develop the use for x. Rpi and maintain excerpt secondary trading markets and quote. So it turns out that there actually is precedent for the sec sort of inflicting mortal investigations on a crypto currency. And not good precedent. If you're ripple remember excerpt was the third largest cryptocurrency by market cap quoting fiona kobayashi on twitter. Those of you saying the sec suit on ripple will not affect p have a. Look at the sec's twenty. Nine nine suit on kick and its effect on the qin token in the lead up to the filing and over the ensuing one and a half years as noted by catherine wu. It's the same play in terms of process and ugliness and quote

Brad Garland Chris Larson SEC Ripple San Francisco Fiona Kobayashi United States Twitter Catherine Wu
Tahinis Restaurants Puts It's Entire Cash Reserves Into Bitcoin

The Cryptoverse

07:29 min | Last month

Tahinis Restaurants Puts It's Entire Cash Reserves Into Bitcoin

"I think is this. Is chris coney speaking welcome back so you guys might have seen michael salo over the news media outlets recently. The ceo micro strategy You might be familiar with this already. So i'm not going to reiterate. The whole thing is about micro strategy put in most of that corporate cash reserves into bitcoin and then they make a business case for that so yes. We all familiar with that. We were just waiting for that first. Domino to start hitting and snowballing to other companies which is now happening. I was just browsing the old twitter as i do and chemicals this tweet from to heaney's restaurants who basically have just done the same thing and they have this tweet storms. I'm going to read out to you as to why they've done. What's microsoft's don as well now to heaney's restaurants. I've never headed them. But as far as i can tell. A canadian based company is a franchise of mediterranean restaurants. So that we go thus thus who. Who's talking here. So if you want to follow these guys check the tweets out. It's at the real to heaney's which ta h- h. I n i s to heaney's the real to heaney's that's the twitter handle so check this out. This is from the first of december. This was yesterday at five pm. Uk time so it says we converted our entire reserves to bitcoin in august. Twenty twenty. and since then we've been ridiculed and cold irresponsible fools in our community our reserves in dollah. Tam's doubled since then. Here's why we continue to buy bitcoin forever. Time for a threat. So festival says right that they did in august. Why is it took me this long to hear about it. Have you guys head about this already. Let me know if you already had about this book. This is the first. I've heard about it. And that's what august. September october november four five months ago. They did this. Maybe they just didn't say anything and didn't wanna say anything but it sounds like 'cause we've been ridiculed for it. Well they must've told somebody that follow is all the clients customers knew about it but i didn't say that we got so he goes the tweet storm the first thing they say is our current macroeconomic environment implies that there's going to be a ten to fifteen percent expansion twala monetary supply every year for the next three to five years in breakfast or more assets are going to inflate. Bitcoin is digital gold. And it's going to have the highest real yield because tween You can't pick any more of it old. The other investments are overvalued trades bonds our ethical stocks are grossly valued. Gold is a shitty says shitty store value that debases by two percent a year. Gold is a twenty twenty scam. You'll see governments and institutions pumping it to dump on retail investors who are misinformed because bitcoin is a thousand times better across all aspects. All these investments have some upside and more downside. In our opinion there is no way for the average person to get an etch. Bitcoin hasn't asymmetric proposition. You can get an edge here because it has a history that scared most people away. It hasn't been embraced by all the institutional community. That's changing fast. Now if you confront run this will this shift. Then you have an edge. It's being traditionally difficult to buy an old people can't pick up the phone and buy it if you go through the trouble of how to acquire insecure. It's that will give you an edge. It has all the technology upside of apple. Google facebook and amazon combined from a decade ago. And you saw what they did over the last decade. I get tweet namik says bitcoin is the so. That's a that's a combination. The fast fiber didn't i didn't segment in the b- go twenty six as they go on. Bitcoin is the successful successful digital monetary network. If you come into it right now you'll coming in at least so you're coming in at three hundred and fifty billion market cap. And it's unstoppable at this point so it makes sense to be at the ailey to this threat. Trend bowed pony trend. No threat as the price goes up. The value of the offering goes up because liquidity is the value proposition. This is an example of something where the higher the price the mo- value. We get the more people want to have it. And the more robust against this is not true with a stock as the price of a stock goes up it dilemma from its cash flow and it's p. price-to-earnings ratio goes from twenty to forty to sixty to a hundred as with many things as the price goes up. The risk gets higher with bitcoin. As the price goes up the gets lower. It's such a simple beautifully engineered. Winder that doesn't have all the competitive risks that so many other things have because it is so very simple is just twenty one million gold coins in cyberspace which divide all of the competitors. Bitcoin is the winner. They go on by one or a fraction of one and as people adopt the network value proposition increases as the technology gets better. The value proposition increases and his people like get more productive. They'll swap more cash flows into it and the value proposition increases. They go on to say and essential banks print more money. The value proposition increases again. That's just an elevator pitch. The bitcoin rabbit hole goes a lot deeper. If you're interested dilemma. Let us know we would like to thank the cyber hornets. The honey badges the huddle as the maximalists the developers and the good economists without them we would still be in the duck. Educate yourself look is when knowledge meets opportunity also followers for some amazing content. So they we got. They don't specify in this tweet stone. Exactly how much money into has millions of dollars they put into. Bitcoin as reserves micro strategy did actually say how much they put in. All this says in the fest we is. We've converted our entire reserves to bitcoin. So you know. One hundred percent of their reserves. So i suppose that means more doesn't it. What proportion of the company's assets will preserve the cash reserves. They put into bitcoin not the amount. 'cause if micro strategy said we've bought five hundred million dollars worth of bitcoin and that was only ten or twenty percent of their their reserves. It would make me less than putting all right. So i think that's a good metric. What proportion of the companies reserves not. How much money do they invest in it. Because that's more this objective risk that the company is taking rather than the objective value placed on the stack of money right so that we got restaurants the next company to put all of the business currency reserves into bitcoin. Who's going to be next. Who do you think's going to be next. Let me know.

Heaney Bitcoin Chris Coney Michael Salo Dollah Namik Domino TAM Gold Mediterranean Microsoft Twitter UK Winder Amazon
How This Bitcoin Rally Is Different From 2017-2018

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

05:25 min | 2 months ago

How This Bitcoin Rally Is Different From 2017-2018

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous bounce of qb so if that is the case if we have another six or twelve months of lockdown. I think we could really start to see a political demand for direct issuance. Issued in a kind of a fiscal capacity. And many believed that that could be natively more inflationary and of course as a hard asset and an asset with no monetary discretion. Bitcoin is something that people look to as an alternative in that circumstance so really remains to be determined whether get inflation or not but certainly the specter of inflation is looming. And i think that's part of the reason people are taking

Bitcoin Mania United States
How This Bitcoin Rally Is Different From 2017-2018

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

05:25 min | 2 months ago

How This Bitcoin Rally Is Different From 2017-2018

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous bounce of qb so if that is the case if we have another six or twelve months of lockdown. I think we could really start to see a political demand for direct issuance. Issued in a kind of a fiscal capacity. And many believed that that could be natively more inflationary and of course as a hard asset and an asset with no monetary discretion. Bitcoin is something that people look to as an alternative in that circumstance so really remains to be determined whether get inflation or not but certainly the specter of inflation is looming. And i think that's part of the reason people are taking

Bitcoin Mania United States
9 Ways Bitcoin Is at an All-Time High

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

04:42 min | 2 months ago

9 Ways Bitcoin Is at an All-Time High

"One month ago. That coin was it about eleven thousand five hundred dollars and today it's flirting with eighteen thousand dollars and even when as high as eighteen thousand four hundred dollars and wednesday based on that. Hi there were only four days in bitcoin history when the price was higher and yet back then that increase was fueled by the initial coin offering craze in this breathless media coverage an issue runners. A lot less fanfare barely talking about it. So what would you say makes this increase in the price. Different from what we saw in late. Two thousand seventeen in early twenty yeah. There's a few things that are completely different this time. Around endogenously. the markets the structure of the market is totally different and the market infrastructure has evolved and changed dramatically. That's obviously our focus is a fondest financial market Structure and i can tell you that it is completely different this time around. It's much more mature. It's more sophisticated There's just more financial products available and there's more tools that qualified accredited large investors can use to get exposure. So that's you know it's one side which is just practically in infrastructurally speaking it's easier to get exposure to the market today And you know that looks a lot more mature and just generally speaking financial plumbing. His is more functional time around and then of course extra you have real macroeconomic tailwinds which are driving serious alligators towards allocators. Sorry towards the asset like real names and commodity investing the hedge fund world a global macro names who obviously we've heard them expressing a positive view of the price that latter element probably gets a little bit more attention. I'd say the former. Those dodges factors also very critical. I can't say that our current appreciation or rally is directly attributable to that. But it certainly means that we have the capacity onboard much more capital in a shorter period of time. And the other thing that i would mention as you say is that bitcoin was kind of being used as a flow through asset for retail investors primarily to get exposure to isos onto tokens and to trade sort of long 'til on some of these offshore exchanges and bitcoin was their entrance into the market. So a lot of the allocation of bitcoin was really transient. And that's partly why. I think we saw so much reflexively in the price and it's rally was not very enduring back in two thousand seventeen now. Of course the backdrop is different. There's last mania. This fewer new tokens launching. I think the regulators generally discouraging people from launching new isos in the manner that they didn't twenty seventeen and so bitcoin isn't being used in that capacity anymore. So you know it's easy to look at the price chart and see passes prologue. You know what's different today. I think if you look a bit deeper you look at the nature of the market. It really is dramatically different. So you did briefly. Mention the pandemic. And i'm sure this is kind of hard to quantify but i just wondered you know how big do you think. The impact of the pandemic has been on the rise of the bitcoin price this year. Well i wouldn't say directly affected but indirectly for sure. I mean first of all. Bitcoin is kind of a d. Materialized natively digital asset like a lot of those companies that are very sort of capital light. That did very well. During the pandemic era said bitcoin also benefited from that in terms of physical infrastructure. But it's completely distributed doesn't really rely. It's not interfered with by the pandemic directly and then on a more direct basis. I would say the action of central banks to the crisis is probably the big phenomenon. That's fueling bitcoin here. We're seeing people like to say on. Precedent really unprecedented monetary action. Someone say the sort of degeneration of the current sort of monetary orthodoxy. M one that measure of money supply and the us is growing at forty percent. Annualized right now. So we're seeing the monetary aggregates skyrocket in more so than not because you know quantitative easing money issuance. It doesn't necessarily have an impact on cpr prices and the real economy but we are seeing calls for more direct stimulus directly into the economy. Which would presumably be more inflationary in nature. Which would make it into the real economy which was not the case with previous

Mania Bitcoin United States
Q And A With Alex Potter And Rob Maurer

Tesla Daily: Tesla News & Analysis

06:52 min | 3 months ago

Q And A With Alex Potter And Rob Maurer

"Everybody robbing our here today, we are joined live by Alex Potter off Piper Sandler Alex Cover Tesla for a long time, we've had him on the podcast a couple of times. So today we're just going to go through. You know everything that has changed in the last few months with Tesla. Alex. is on a lot of research autonomy on energy and then we're also gonNA talk a little bit about Battery Day We are GONNA be doing Q. and A.. So on Alex's side, they have their investors pepper sandler investors are going to be asking some questions and on my end If you WANNA, ask questions on Youtube feel free to do that. We're going to select a few of those to you also go through So thanks for joining Alexander Smith, and you want to add to that Andrew. I don't think so very much looking forward to it. As Rob mentioned I'm analyst at Piper Sandler. I cover Tesla and for our institutional clients were dowd right now you can. I know there's a Q. A. Function. So Jessen corporate access watching that, and if you have any questions, you would like test me or or rob. You can either use that function or you can send me an email I've got my emails up here. as well. So maybe I don't know what do you want to I'll ask you to do an intro. You introduce yourself I my audience understands who you are and then all of the same. Sure. Yes. Oh. My Name's Roy Moore. I have been a retail investor in Tesla since two thousand, thirteen I started doing the Tesla daily sort of. podcast back in August twenty seventeen the reason I did that was just because I saw a lot of misinformation out there in the media and I thought a lot of investors were having trouble getting good accurate information in a timely manner I felt like I can help with that just because I was doing so much research on the company every single day. So just on a whim, sorta started Tesla daily as podcast, and since then it's grown, I took a fulltime last year on Youtube and over the last year of we've gained about one, hundred, thousand subscribers. So a lot of people definitely interested in Tusla and interested in it from an investment perspective. and I'm lucky to be joined by people like Alex Lincoln, help us understand that. And also has more or less has a monopoly on the question asking. Comes to the quarterly earnings calls as well. I might add so if Obviously the test approach during these earnings calls is is atypical, but for institutional investors and another sell CIDERS You know when we started seeing this say dot com stuff it was sort of Sort of jarring a little bit odd. But for those who are unaware. that works by vote process. So people like rob and others they submit questions on behalf of retail investors and then they get up voted and rob because of the quality of his questions and get basically. Five out of five or something. Questions while you're limited so only. I've cut myself down to two because it's you know everyone should have an opportunity and not everybody else audience. So. That's generous. All right. Okay. So how do you want to do this route I? This is this is going to be the third time that Robin I've had discussion. That's been sort of a an interview. Interviewer interviewee sort of a a a setup but I think this time and we can do it that way as well. I know that we've got some topics we want to get through but then after after that, we can open up to Q. and A., and if nobody has been accused or as than Robin Top, we'll ask her own questions. Yes I think I want to start off with just your last couple of notes since we last talked again as did the the big updates deep dives on both the energy business and the economy business, and that's something that particularly retail investors have been frustrated with. I don't know if it's you know institutions or Wall Street or analyst in general, just not really modeling for those things and so I just like to you know go through what your models are sort of showing and the thought process that you approach them with I don't know that's a broad question. So I guess we're GONNA Kinda start wherever without. So I think it's. It's not just retail investors that are frustrated with it. I mean I think that investors in general are frustrated with IT A. Topics in particular software autonomy, self-driving row taxis. But then also the. Stationary storage business energies are or the. Batteries. Gigantic Mega Pack, Grid scale type batteries a lot of people they approach these topics without really knowing what to do with it like how'd you build a model? in the first place, it's not like the auto business where we're getting tons of data from lots of different regions market share pricing you know people are tracking these things on a daily basis and you can. You can track Tesla's progress. You have a much harder time doing something similar in the stationary storage business like if I was to ask you. How many megawatt hours of stationary storage were installed last month and what Tesla's market share within that in Europe was. People would be like I have no I don't I don't have any of the Ammo to answer that question, but they answer those questions daily for the auto business. Right so partially, it's a question of you know data availability partially, it's also a question of PNL contribution like these topics aren't a big enough needle mover today in terms of what Tesla's going to do in any given quarter. So people just don't devote as much bandwith to it. but that being the case. Especially, the bigger the market cap gets hired valuation goes the more you have to consider. Pieces of the business like this that you know at least if you're GonNa believe, you must take him at his word that these parts of the business. Core right and potentially at one point going to be as large or larger than the automotive business. If that's even the right zip code, then you can't just continue ignoring them. So you know we firstly published a big sort of deep dive on. On autonomy and The soffer opportunity. Then we did a note that wouldn't know that I would call it a deep dive on the energy business because we're still sort of getting our feet wet there But. Yeah. I. I don't know if you had an opportunity to read them that. They get a little bit detailed But. It was educational, one way or another, and at least now we have a framework for thinking through You know how big these businesses could potentially be, and

Tesla Alex Cover Tesla ROB Piper Sandler Youtube Analyst Robin Top Alex. Alex Potter Alex Lincoln Alexander Smith Andrew Jessen Tusla Roy Moore Dowd Europe
A tale of two direct listings

Equity

11:11 min | 3 months ago

A tale of two direct listings

"Hello, and welcome to equity shot are quick hit on breaking news I'm Natasha Mascarenas and today joining me to talk about a tale of not one. But two direct listings on the same Damn Day is Danny Creighton. How are you Danny doing? All right this is exciting. You know we went from a world of no direct listings to an occasional direct listening to multiple direct listings in the same day. So it's an exciting exciting morning. We can finally stop breaking up spotify in slack whenever we say the L word and reinvention Asana, and pollen tear, which are the two news heads we got today it's zoo of curiosities. But lots of great stuff to talk about where where do you WanNa start you WANNA. Start with Asana or palate here. What's more interesting to you I think I have to start with pollen tear and my big question is you've been tracking it through every. You know crazy filing, your high level thought was this a successful debut on the Stock Market for? Today I think it's a definitely a success. You know the stock from January two, thousand, nineteen onwards trading at around five to five, fifty, a share, and then in the last two or three months that price jumped to about nine dollars and sixteen cents as of September first, and so you know when when the reference price came out yesterday from the New York Stock. Exchange which was quoted at seven dollars and twenty five cents. A lot of people were like, wow, that's like a significant drop from nine sixteen like what happened particularly also last week we had the Wall Street Journal reporting they were looking for a ten dollar referenced price. You know none of those numbers were really good but look it's trading. Now it's live as we're. Doing the show, it's ten dollars and sixty one cents a share I'm. So it's better than all the numbers we heard before and it's up fifty percent on day one. So so part of me feels like this reference value was actually chosen precisely to give it a pop on day one you know if they were targeting ten bucks on Day One, this is sort of what they got and so a little bit of a lower reference price might have given them a little bit more of A. Psychological boost on on day one. So I, I think overall to success. Do you. Can you talk me a little bit about how we're trying to value the company right now I feel like I'm seeing a bunch of different numbers out there. Do we have an understanding of its fully diluted market value? We do there's still a little bit abate mostly because Peletier gives multiple numbers for the number of care. So it gives us one point six, billion shares outstanding two point one fully diluted two point one billion fully diluted than two point five billion fully fully fully diluted and so. I would say that its current share price, we would call it around twenty, four, billion in evaluation, which is an uptick from its its last rounds. Again at you know for a seventeen year old company to have the sort of strong debut on Wall Street I think it's pretty good. All things considered. Okay. Cool. I'll put a pin in Pailin tear, but I do want to talk about their lock-up period later, run me through Asana numbers I. saw it opened at a five point two billion value. Yes it's on a similar story. So yesterday, The New York Stock Exchange released a reference value of twenty one bucks per share. It zoomed straight out onto the public market. So it debuted, it's currently sitting at twenty eight dollars a share up thirty three percent on day one so far it's up to about I. Think it peaked at five point, two billion, and as of now is more like three point five, three point seven, five, billion market CAP. But again, that's actually significantly higher than his last valuation, which was an inlet late twenty, eighteen around one and A. Half billion dollars so either oke across the board I think both of these issues you know there's always a lot of risk drake listings. As you pointed out Natasha there haven't been that many is this sort of a novel mechanism. They're still a little bit unclear and exactly how they work, and so it's great to see again similar to slack spotify you know these are two enterprise. Companies to again totally different from the more consumer is random companies particularly spotify, which has tens of millions of consumers who might be retail investors buying into the stock. Most people haven't used the Sauna and certainly must people haven't used Pailin tear and so to see the kind of strength on the markets and the first day is is enticing for other companies considering the direct listing model. Right There I feel like pollen tears total customer base was what one? Hundred Fifty, company, hundred, twenty-five customers. That's a lot of customers Doing Gospel distanced. Something it's probably my favorite statistic about the company and I think I saw Dan Prime tweeting the other day that you know it's no longer going to be a secret of company. So we can stop calling it as such. This is the end of that right that confrontation about pollen tear for. So long we've been having well I, I will say. This about an hour ago. So may not be true today. A ASANA has an investor relations page like a standard like every company who publicly trades Peletier does not like it actually does not have as as of an hour ago that I looked up I could not find an investor relations page for here, which which tells you everything you need to know about the company I, feel like that is like in a beautiful one sentence or describes his relationship with investors, but but I think you're absolutely right you. Know despite the fact that only one, hundred, twenty, five customers despite the fact that took seventeen years three hundred grew it's growing from seven hundred, forty, three, million in revenue last year in fiscal year twenty, nineteen, it gave a revenue projection for twenty twenty about one point, five, billion to it's a growth company. It's SAS more and more SAS today than it was in the past where it was more services driven. So again, it's a positive story despite all the kerfuffle around its governance the last couple weeks do you Do you feel like the direct listing method might now take on more popularity. I. Mean. Maybe in some way, but can we even is? Is it enough of a success? You'd think that other companies might follow suit now that it's not just spotify that that did this. I think the more the merrier right I think Palentinian particular raised capital round back in. July right which was sort of what I was told from some insiders essentially the IPO that was the IPO and then direct listings just the actual market exchange. So I think we're GONNA see more companies taking this approach of bifurcating the capital, raise the float that you would normally do a IPO and just the actual just GonNa Start. Trading today and you know I think that that allows you more time to create the right narrative the right story of and also separates what is a a pretty intense kind of crisis driven process the road show getting the company ready the SEC filings separating out at out you don't put all your eggs in one basket. You can do it in stages and I think more and more companies undertake that approach going forward. My question to is and I'm sure our listeners are curious is with all direct listings. There's no shares offered by the company when the when it debuts and so when we see these prices I, guess how much of them are they vanity metrics much of their HABITA- goals, how important are they for us to care about and think about? I wanted to be precise. So there are no new shares offered by the company. So there's no dilutive in an IPO generally have fifteen, maybe twenty percent new shares offered to the public. There are no new shares but many of the insiders have to pay taxes capital gains they actually do have to sell shares. So you know so far this morning already thirty five, million shares of have already been traded and We have on Pailin tear thirty, two, hundred, and thirty million. Shares sold today, right? So already, there's a market, there's clearly tens of millions of shares being sold. So these prices are real or Israel as any other IPO in which people are you know figuring out what's going to happen? You know the next checkpoint for both of these companies is gonNA come in a couple of weeks when they report their next quarterly earnings and I think by then you'll start to see the analysts get comfortable the companies understand the next steps and what's happening after. And you're speaking with Dustin Moskovitz later today the founder of Asana. So any questions on that? You can kind of tease out right now. Well, I was told. The pure folks. About our stock imagery because apparently no longer has sideburns to. Join, the Line of people that complain but it's like you know there's the old line about taking a haircut. Up Thirty, five percents of they actually gained hair on the market today speak. Clearly. sideburns maybe somewhere else. But? No I. THINK WE'RE GONNA be really interested because some unique company in which its founders, Dustin Moskovitz who Justin Rosenstein, who both met each other at facebook actually majority of the company outright right. We just never see or very rarely see tech companies where the founding to CEO's and and COO own like outright majority like not just a majority of the voting because of class, a class B shares but they just outright own about thirty two percent of the company I believe doesn't owns thirty six. Percent of the company outright and just knowns around sixteen point, one percent and so to me like I'm just curious because it's just a different path for a company it was a slower growth company capital much more efficiently grew much more methodically and the founders sort of maintained ownership over time in a way that most other founders do not think the other. The other thing to put out here is Asana has no lockup though the similar to spotify Ed to black as listing all the shares are available for trade to anyone. Who any insider anyone who owns a share of on this morning can put it on the market and sell it Here is the complete opposite pallares pioneering this new kind of fusion of the IPO and the direct listing one would argue maybe the worst of both of those processes but actually a direct listing with a lockup and so only roughly twenty eight to twenty nine percent of pollen. Tear shares are even available for sale at all with the rest in lockup and market standoff agreements that will expire over. The next calendar year. So you know there's a lot more to wait on right. There's not as much liquidity with Pallares could actually harm the stock price. They might be a little bit inflated right now because there's limited number of shares available for trade, we'll have to watch and see but again, it'll be interesting to see if other companies start to do a directing the lockup because clearly Palin tear has not suffered tremendously using this model. So again, another tool in the tool chest and uber do something similar with lock-up period. mean. They did like all IPO's. Underwriter from a bank, they have lockups in place mostly to make sure that there's not a mass rush to the exit. They don't want hundreds of millions of shares at any price willing to be sold. They WANNA, kinda manager coming out because they're putting oftentimes their own money up through the green shoe at stake, and so again, that's what made direct listings unique is that there wasn't this lockup employees are free to do on day one through whatever they don't have to wait six months as is customary. So again, we'll see kind of where the the system lies in the future. As you know, the New York Stock Exchange also got approval to do a direct. Listening with a capital fundraise so we've gone from this world of like there's an IPO and that's the only way to go public to. You can do a direct listing, a direct listening with a lockup, a direct listening without lockup address listening lock-up in a capital fundraise like you can do anything you want. You know it's it's the it's the Netflix of going public. So to speak I, see the headline now airbnb goes public through a through a pollen tear style direct listing. It's just going to happen and it's going to be horrible but we will be back here to talk about it as always every shareholder gets a free party house for one night so. That'll be the new innovation going on there, but but that's a sonnet that is Pelham Tear Ford they an and we'll have more to come in the next week.

Spotify Natasha Mascarenas Pailin Dustin Moskovitz Danny Creighton Founder New York Stock Wall Street Journal Airbnb Peletier SEC Dan Prime New York
Apple stock continues to drop

CNBC's Fast Money

03:29 min | 4 months ago

Apple stock continues to drop

"We're entering the final stretch of the year in here we all with the five hundred virtually flaps for the year. So far guy in various shows we've talked about various iterations of apple being the king of the market apple being the tell the market appleby and the barometer. Here we are with apple down about fourteen percent. In. The past month. So what does that? Tell you. And I go back to some Steve set a week or so ago that you know he -ticipant at trading down to this or that ninety, five, ninety, six level and I happen to agree with them. One of three that we saw on Monday was a twenty five percent move from peak to trough. But historically, and there is history for this the sell offs of magnitude Annapolis. You've seen anywhere from thirty two to thirty, eight percent and I think you know that ninety five level probably put you right there on the screw so. What it tells me is as much as everybody you know I understand the reason you wanna own apple you just want to close your eyes their here's a stock that's given you many opportunities over the last decade. To get in at meaningfully lower levels than the prior all time high, and in recent past I, mean within the last two years a move from two twenty five, which was at the time it all time high one fifty and a straight line, and then recently I know this is pre split but the move from three twenty, five down to two forty and a straight line. So the stocks given you those opportunities and quite frankly we're on the precipice of exactly that again mill. You know you could two guys point that hundred day moving average is now ninety seven and apple, and you can to a guy just said before you can close your eyes and you've been rewarded with that in the stock for me I think those days are gone. And you'd want dip by as you said before, this is the ultimate buyers barometer. Now you have an upward moving two hundred day it's at eighty, four nine. I'm gone past the ultimate. We really get the sell off that I think we're going to get. That's the level Melissa that's going to be tested in apple and just think about how many people will get gutted in their idea, their brain, their emotions if apple traits to mid eighties that will be terrible for the overall market. Sentiment is is key here Karen especially when you're talking about a lot of retail investors to had gone into the markets in general gone into apple specifically wrote it all the way up and here we are I'm wondering if you think apple is as important a barometer for the market or if there's maybe something else on your screen whether it be a stock you own or not. That is a good tell for you on the market's direction. I think apple is still pretty good on the market's direction. I think long long all the way to the top still long probably by more trades down. If turns on further I. think it still is such an Americana Company and I think that the Nasdaq has obviously moved market up and it's now move the market down I. Still Think it's central to our all of our sentiments very widely owned retail stock as well. So I do think apple is still barometer but I think today I think it was a guy talking early that this fiscal. Floor not being there I think is increasingly important Kudos to Brian Kelly for calling when it really I felt it was very very likely to happen now likely. Yeah. I mean that seems to be out of the market at this

Apple Brian Kelly Steve Melissa Karen
Are We Being Forced to Buy Stocks

Money For the Rest of Us

06:27 min | 4 months ago

Are We Being Forced to Buy Stocks

"Last week in the insiders guide email newsletter I pointed out the expensive valuation of US stocks. Specifically I showed that the forward price to earnings ratio the P. E. based on earnings estimates over the next year was twenty, two point nine. That's three standard deviations above its average of sixteen times going back to two thousand, three at data from Ned Davis. Research. In reply to that email, Andrew wrote regarding stocks being expensive on a forward e true but there's no alternative. What do you do with bond yields near Zero and the vanguard total stock market? Index. Fund. Yielding two percent. By VPI, the vanguard total stock market ETF. JASA forwarded to me a paper by Bridgewater says, which I'll discuss in more detail later in this episode. I had a similar question from a plus member in the money for the rest of US plus member forums. He wrote. So the Fed signals that it wants to keep rates low for three more years. Canada's pension. Fund is reevaluating bond-holdings and you've got an army of small and large investors bidding up companies like Tesla and snowflake to absurdly hype. All this combined to make me think are we as individual investors now forced to buy equities? Is this the mother of all bubbles in which there's literally no other things suitable for purchase. There is a lot of speculation in stocks right now. Jim. Bianco Bianca Research pointed out that small traders are dominating the options market. Bear most of the trades right now and seventy five percent of that volume is an option contracts expire in two weeks. So short term bets. Look at South Korea and article from Bloomberg pointed out that day traders in South Korea have accounted for eighty seven and a half percent of the total value of stocks traded in the first part of September. You. Some men chief strategist at Samsung Securities said retail investors appear to be seeking short-term profits after hearing their next door neighbors earned lots of money from stocks after the March selloff. Receiving a similar situation in India. The Financial Times reports that the number of individual investor accounts rose twenty percent from the start of the year, the twenty, four million, and they point out that around the world, an influx of investors are investing in stocks for the first time. Are. We in a bubble? Is it a speculative frenzy? Are we forced to buy these stocks because there are no alternatives with also? One of the things I like to do investing is think about what's different this time what's unusual? What what doesn't fit the pattern? I had two instances of investing this past week where something didn't fit the pattern Lebron, I were driving up in the mountains of Montana and a small bear cub really bolted right in front of us no idea what it was running from. My son suggested he was running from the year twenty twenty. And then few days later at our front door, there were seven cows drinking water from the driveway eating our bushes. There are no cows around us. We live in an area that nobody keeps cows but there they were right in front of my house. Turns out. They had strayed from the National Forest, which is not very far some outfitters have grazing rights and drop off the cows and leave them there all summer pick them up come late October, and they had straight down because some of that newly cut barley fields, but it didn't fit the pattern. Cows at your front door. Don't fit the pattern. What's different now on investing front that could justify more expensive valuations for stocks. Well, for the first time, ever US interest rates are near zero from short term out to ten years. This is known as a flat yield curve, which is an unusual. We've had flat yield curves in the past. But it's flat near zero. There was a flat yield curve where ten treasury bonds and cash for yielding similar back from two thousand and five to two thousand seven. But yielding four percent. And from two thousand to two, thousand, two cash and tenure treasures were yielding five to six percent. Today, the ten year Treasury yield is zero point, six percent and cash is zero. The Federal Reserve intense to keep it that way. The recent policy statement suggests that they will keep their policy rate. What's known as the Fed funds rate near zero until labor market conditions have improved. The. Unemployment rate has dropped close to to to maximum employment and that inflation has risen to two percent is on track to moderately exceed two percent. They included their economic and rate projections and all, but four officials on the committee. Expect the Fed funds rate is still be near zero at the end of twenty, twenty three. Rates are low across the board. It is a different investment environment than we have ever faced before. And that's what this paper by bridgewater associates was about. It was titled Grappling With the New Reality of zero bond yields virtually everywhere. It was written by Bob Prince Greg Jensen Melissa fear, and Jim Haskell. I. Discussed Bridgewater Associates Founder Ray dallies views back in episode three, hundred changing world order in this paper bills off that. Before we continue let me pause and share some words from one of this week sponsors masterworks. I've shared on the show how low interest rates are on bonds and yields and cash about zero money has to be invested somewhere in preserving your wealth is as hard as it's ever been. That's where masterworks comes in. If you're looking to diversify out of the traditional public markets, then take a look at masterworks. They make blue chip art investing possible works by artists like Banksie, 'cause and Warhol. Art is a one point seven trillion dollar asset class that has performed better than s five hundred by one hundred and eighty percent between two thousand and two thousand eighteen according to Citibank.

United States Federal Reserve Jim Haskell South Korea Ned Davis Bridgewater Bridgewater Associates Financial Times Andrew Bianco Bianca Research Canada India VPI Tesla Bob Prince Banksie
Snowflake's Stock Price Soars in IPO

CNBC's Fast Money

05:53 min | 4 months ago

Snowflake's Stock Price Soars in IPO

"Welcome to pass money a blockbuster debut for the biggest. IPO. Of the year cloud companies snowflake pricing. It's public offering at one hundred, twenty dollars a share closing at two hundred and fifty three dollars a share that is a gain of one hundred and eleven percent. But this isn't the first time. We've seen a monster move in public debut. Let's get to Bop Bassani with more on that Bob. Hello Melissa see you. So you think snowflake over one hundred percent of its first day is a big deal. Not really there's been plenty of companies that have had I ate POPs bigger than that this year loan and they include just take a look here. Biotech firm cure back was up two hundred and forty percent on its first day of trading software as a service firm big commerce up to one hundred percent biotech firm. Berkeley light of nearly two hundred cloud company and Seino up one hundred, ninety, six, percent insurance fintech firm lemonade up. Thirty nine percent on their first day of trading what they have in common is there either tech or biotech firms are they outliers marginally but the first day pop for IPO's this year is notably higher than usual. So the historic first they pop for an IPO usually about fourteen percent. That's. Historically but not this year the average I stay pop in two, thousand, twenty, thirty, six, percent. What's going on? It's not stocks are cheap. The multiple of tech stocks are historically high people are willing to pay more protect because there's just a higher degree of risk appetite out there, and if you're suddenly inspired to start buying these high flying IPO. Cautious. About this look after the first day the post first day returns of other high fliers is not encouraging. So there's been eleven IPO's this year that have popped more than one hundred percent. On the first day they have average a minus, one percent return from the first day closed forward. So be very careful Melissa here big pop on the first day for some of these. But after that very difficult to maintain continued momentum most about you bob thank you good to see you Bob Cassani and who is holding the bag in the aftermarket when these Ip has declined from the first day pop guy probably the retail investor this has been the story of the issue markets. Began though and it continues today. So. You wonder why people get exercise when they see things like this is exactly that I mean I'll say it I'm not. I'm not a banker I never was a banker and I'm sure to upset some people by saying this but. There's no way to put it other than the fact that this was completely misplaced. Now I'm sure the great bankers are J. P. Morgan and Goldman and whoever a city I think was on this deal and company will say, no, we price it right. You can't tell me that a company that has a seventy billion dollar market CAP, which was open it you know price at one twenty and tripled almost in price and had to be halted its some point today for price volatility was priced right and the people watching saying, how is this not a game I? Get it it it upsets me as well but that's the way the business works in that to me is problematic mill. Why does it upset me? WHAT'S THE PROBLEM Tim i? Think they thought it was valued at something investors in the market. Thought it was something else I mean that's the way the markets work right? Again, though it's it's it's terrible price discovery because you have some sense and bankers WANNA price and the companies want a price that deal that leaves him upside for investors but but to be clear this is three times more at least the guide from last week and so the the question really is, how can they be so far off environment where we know people are paying almost anything for growth and actually wear and cloud services but but ultimately, I think the real question is who gets access to this. IPO and the thing that's troubling is that this is not a fair game. And the allocation process is one that makes sense that there are plenty of opportunities for people who did not deserve big allocations to get them and I realized this ultimately. The dynamic of a company. First of all will say I want a certain institutional investor base on my cap stack and those are the people. I want my deal. I. Don't want certain people. Read investors typically are not the group that companies want There's a perception that they're going to be in their flipping those stocks faster. The reality is that there's a lot of hedge funds. They'd probably flip this thing aggressively today. So again to me, my issue is with the allocation process and that it's not. It's it's not a fair process maybe it's not supposed to be asked the bankers that because I think that's what this comes down to to be fair. There are some companies that actually say in the allocation that they want a certain amount to go to retail trading firms like a td Ameritrade for those firms. So then Dole out to retail investors but gosh, I think to brings up a good point in terms of the average per se popping thirty six percent this year that really shows you what this market is these days the search for growth and what investors are willing to pay for that growth. Yeah, and also you got to you have to factor in we're in a different environment. So the offering price is different than the opening price, and all of that is based on interactions with institutions trying to figure out supply demand while everyone is filming from podcast or from an ipad in their home. So it's very different than last year. Very different. The whole IPO process having said that it really speaks to the reach for growth. So, if you have the price action that we saw today. Think about it. It's Tim said you want to have if you're coming out as a public company, you WanNa, put your stock in institutions hands where they're less likely to flip out of that stock on the day of the. IPO. And that's where the whole system. Might be flawed, but it's worked this way for a tremendous amount of time, and there's always going to be a problem with any system anywhere.

Bob Cassani Tim I Melissa Bop Bassani Berkeley Seino Dole J. P. Morgan Goldman
Tesla adds fuel to turbocharged stock with plan for 5-for-1 split

San Diego's Morning News with Ted and LaDona

00:56 sec | 5 months ago

Tesla adds fuel to turbocharged stock with plan for 5-for-1 split

"Finally see Tesla's shares dropped below 300 guys. The problem is that it's going to be result of a 5 to 1 stock split because the stock's dropping stock splits aren't supposed to matter fundamentally. But investors should be ready for more volatility in the aftermath of the Tesla split their ticker symbol T S L. A. Those shareholders will receive four additional shares. For every share held after the close of trading on August 28th. Shares begin trading in a post split basis starting in August 31st and that share count obviously goes up fivefold because the price for a chair gets reduced by 80%. And the total market value of the company will be unchanged. So look in the past stock splits are kind of a bullish sign for aggressive traders because they might signal confidence in the outlook of the stock. But AH lower share price means that more retail investors can afford the stock. If you're reticent about $1500 a share, $300 a share, still pretty high, but it's probably more digestible than 1500. Look, it's important to remember what a

Tesla
Is Apple dying?

Bloomberg Surveillance

05:34 min | 6 months ago

Is Apple dying?

"I want you to bring in our next guests. I've been to an apple apple Amazon all morning, and I think you've got some great insights here. But I got one story I'm standing on Fifth Avenue. With one of the great giants of early Apple Analysis. Lawrence Haverty of Putnam and of Gabelli, and everyone around us was talking about the death of Apple and Larry have already stood. Next to be and he said, Tom, it is total baloney. Larry. However, he was right 10 years ago, telling that might have been the 1st 2nd 3rd 4th Exactly. We've done that. I think we've done it five times since it's well joining us Now we're lucky to have a meet Dario Nardi ever caught outside Apple analyst with us right now, I made how on Earth do south, $26 billion worth of iPhones. Or the world simile Shut down. You know, That's a great question. I think it's a combination ofthe perhaps having the right product launched. I see a lower price product. But importantly in the apple management extensively about this The benefits of the economic stimulus that kind of permeated through the ecosystem. For them. Something is a combination of those two. But for the one of the really make it, perhaps to Corbett, where we've all been fixated on how public cloud off from his data centers are the new narrative. Perhaps the importance of Apple and its ecosystem is also gone up, especially from a consumer standpoint, so I mean, let's be really clear about this. Is this a consumer staple something you have to have or luxury goods company that leverage the massive fiscal stimulus of the last few months? It's somewhere in the middle of this right now. It is definitely a higher prize Luxury. Good, aspirational product. There's no denying that right. You could buy a cheaper for me. Goodbye, Cheaper piece if you want it. So there is a luxury element to this, but it has also the same time become business people built for individuals that work everything delivered in the stats. Apple Hod I thought with fairly impressive, which is 50% of the Max and iPad was the first time buyers ever 75% of Watts was sold to the first time buyers ever. Wow. I mean, that is tremendous, and it really highlights the importance of the hardware aspect of apple. Even though a lot of people were saying heading into this year, This had to become more of a services company. They had to get more revenue. From their iTunes and there are other services that was in line with expectations didn't have the massive beat of the other hardware focused aspects. What do you take away from that going forward? Yeah, you keep it up services are field was up 15% of the no, Not not not a terrible number, but clearly not the way it's been going in the past. I think the reality of services It's a massive business today. There are lots of puts and takes to it. And so what they saw was perhaps the advertising business licensing business. There is actually a ghoul, um, and apple care business, which is effectively the Newport Those those products of those services were declining. A bit more faster, did not grasp the flipside was things like Apple music. Things like APP store did much better if it was a bit of focus. Your tale of two cities. But you step back and think about this just keeps validated the point that this is diversity at scale. And even if you don't see services are iPhones rate, things like Apple Watch Variables and Max are doing better. I mean, I've been looking for an entry point on Apple for seven years, and I'm still searching for myself. A January 1st, mate, I want you to tell me the kiss and kiss January 1 return on Apple. This would 10% dividend growth. And also with that massive, persistent share buyback program, and I locked in for an 8% return day one. You know the buy back alone, a TTE least for the next four years. It's not longer probably will give you about a 6% return that she ever doctor will be about 6% right? You know, the dividend yield. Given the stock has improved. Paramount is about a one person today it's in the ZIP code. It's about 7% return between buybacks and evidence that you get annually. I look at this folks and just extraordinary. What was just said. They're about a 7% return day. One is well. Tim Cook spoke about the social issues. That they are not zero sum. Anybody in economics knows that that is back to Torsten Veblen. Is Apple, adding to society or they just stealing share from everything else out there that can't compete. Um I would imagine that they are more adding to the society. Worse is not, And you know, if you look at Apple's market shit, it is not a large number by any means any metric that they're playing right? Attend a video eating what Apple is done what others have done. Perhaps make things more productive, more interactive or efficient. Everyone benefited from that transition if you may, but I don't think that Taking anything away. That probably added to the society. We tried to have this conversation in the last Lets do it again. What's behind this stock split? Well, I think the official's times was, this makes it more accessible for investors will stand. Julie, not if it matters right. It doesn't create much economic well hear the end of the day, right? If I own one Charlotte for Chester. It's a bit of a non event. From our perspective From economic perspective. It's a non event. But their take is it helps the smaller retail investors more so we should do it.

Apple Larry Lawrence Haverty TOM Dario Nardi Corbett Tim Cook Amazon Putnam Torsten Veblen Julie
How Theyre Really Making Money On Your Free Robinhood Trades

Odd Lots

00:42 sec | 6 months ago

How Theyre Really Making Money On Your Free Robinhood Trades

"The the incredible boom that we've seen in retail trading activity has to be one of the more surprising lines of course, the whole, the whole robinhood phenomenon all these people are home they're not their jobs. There's no sports betting going on. It's like all right. Well, got a few bucks lying around maybe I'll bet on some Tuzla shares for free on Robin. Yeah I think that's it. Isn't it? It's it's not. It's not necessarily that retail investors are jumping into the stock market. It's the way in which they're doing that because we have commissioned free trading. Now you can kind of a punt on a bunch of stuff without necessarily losing that much money at least

Tuzla
Bitcoin at the 3rd Halving: What We See From On-Chain Data

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

06:19 min | 8 months ago

Bitcoin at the 3rd Halving: What We See From On-Chain Data

"When you look at wail activity as well like if we're if we're GONNA be talking just in general about this wealth distribution as curious to know at that upper end like what are you noticing in terms of their activity absolutely into the one way was distribution of quantity per per wall ties but the other was just a quantity of each of these wallets. So then. That's where the the whale accumulation distribution kinda thing happens where while we saw these smaller walls pick up. We also saw considerable growth in the quantity of wallets that. Hold One thousand ten thousand bitcoin and so realistically exchanges are popping up but not at rapid rates. So you're not really seeing so many of these extra walls come up but with the way we kind of think about these. These are a lot of the earlier investors that are effectively. Smart Money If you kind of plot the quantity of wallets that hold over one thousand bitcoin and you plot that against price. You can really see how the amount of these waltz grows when there's after a post peak in the multi multi year sell off the OC those walls accumulate and then as price starts to pick up. You'll see those walls The quantity of those walls decline. And so you kind of see how. These individuals will accumulate during declines and then redistribute basically for for profit and these rallies and so while we we've seen this even just as much as just as recently as this past cycle were now at a point where we're starting to see or we've been seeing strong humilation in growth in the quantity of wallets that are holding at least two thousand bitcoin interesting. Yeah so it sounds like at both ends. There's Kind of huddling activity. I guess you could say amongst both the retail and the whales. Yeah absolutely and even just tracking age of these. You does in kind of thinking about it that way it really shows how out accumulation is happening and you also try to deduce whether bitcoin was being used as a store of value by looking at addresses that you believe or multi. What did you find when you looked at that? Sure so multi are waltz where you need multiple signatures in order to move coins in and out. Basically the the simplest way to describe it and there's different types it's usually you need some kind of majority so two of three three or five but what happens is these when transactions go into these walls. They leave a certain kind of Signature so you can basically track the amount of tokens that are held in these multi wallets and when you think of these types of wall they represent some kind of custody solution or some kind of advanced way of holding bitcoin more security than than your normal retail investor would hold and so you can track all those different types of wallets and just looking back even starting at the end of two thousand sixteen twenty seventeen. You see a really big uptaking. Those wallets and interesting thing is in order to know what type of wallet it sat in. The BITCOIN has to leave. So you basically get this bucket of unspent. Bitcoin so meaning bitcoin that was sent to a multi segment. Hasn't left. And so if you think about what kind of means in east to see that accumulation really pick up and right now you know. We're sitting at almost four million. Bitcoin held in multi-stage that are unspent in almost five across all of them. So I think it's just another really good barometer of institutional adoption just based on the security measures that they would have to go through to kind of store that bitcoin and speaking of institutional interests you did also look at how interest from them has from institutional investors has changed. And what did you see there? It's definitely I think Cova and everything that's happening in the world has accelerated a lot of time lines Both in terms of Without going too far down that rabbit hole in terms of Of Economics facing you're really seeing acceleration in the the. Fed the printing of money in kind of the need to to support the need to provide funding to support the population. Right now. So with all this printing people are starting to think about what does this mean for various asset classes so with equities you kind of see the disconnect between the economy markets and what that means and then a lot of the macro players are thinking about all right so in in this kind of environment you with all this printing but lack of demand see some kind of deflationary situation as the printing continues you soon that inflation would kind of eventually rear. Ted and so people are starting to think about how to invest in order to position myself. Well for that. In and focus is one of the focuses has been scarce assets. See see a lot of macro investors talking about moving into gold and now you're kind of seeing the next frontier and the big big one was obviously Paul Tudor Jones. Coming out and really talking about how he's putting almost two percent of his net worth which is I think about one hundred hundred million into into bitcoin and then also speaking about it with such conviction and and really I think opening the door for a lot of other macro managers. He's almost taking the the career risk away from individuals investing. And now you're GONNA have a lot of these other macro managers think they're going to the bitcoin. Conversations is gonNA come up again. They're going to have to revisit their thesis whether they were bullish or bearish and I think it's just it's now going to be a lot more of a common conversation in those investment committees in kind of what what I think could happen is a bitcoin goes from being a fringe investment to almost the consensus one over the next ten years as as these macroeconomic factors play

Paul Tudor Jones Cova TED
Why Negative Prices Exist and What They Can Teach Us

Money For the Rest of Us

04:37 min | 9 months ago

Why Negative Prices Exist and What They Can Teach Us

"Last week? The price of the May twenty twenty West Texas intermediate crude oil futures contract known as WTI fell to as low as negative thirty seven dollars per contract that means the holder who was long oil was willing to pay to exit the contract. Cnbc markets reporter. Pippa Stevens wrote on Monday for the first time on record west Texas intermediate the US oil benchmark plunged below zero and into negative territory before Monday. Many thought this was impossible. Maybe just maybe it could drop to zero effectively erasing. All value but negative territory seemed unimaginable. Not least because it's hard even to wrap one's mind around it pay someone to take your oil in this episode. We're going to see why oil prices went negative. We'll also look at other examples of negative prices and why they exist and what we can learn from them. The WTI futures contract has a physical settlement which whoever holds the contract when it expires receives a barrel of oil the contract settles in Cushing Oklahoma. That's where that of oil is delivered if he owned the contract. That's where you're going to get your oil or at least arrange for somebody to store it for you. Us crude inventories are near an all time record high. In cushing Oklahoma. Seventy percent of the storage capacity was four as a mid April and a Reuters. Article suggested that most of the available space already leased out. There's nowhere to put that oil. That is being received as part of the future contract settlement. Now the May oil futures contract has since expired and now the June oil futures contract is the front month contract that will expire in the third week of May. Yesterday the June contract fell twenty five percent just under thirteen dollars. They United States oil. Etf USO fell fifteen percent. It has lost eighty three percent year to date leveraged exchange traded funds tied to oil have shut down. They lost all the money products by wisdom tree. Ubs and velocity shares which is owned by Janice. Jim Cramer said there are times in life where people know that there's an instrument that is faulty and they can shoot against that instrument and bury these people there is this financial problem people who are buying the USO that United States oil energy T.F. Bay our financial people. So if you're a real person or you're a large contractor a large player they can wipe out the USO in. I think that's been what's going on. It's not a conspiracy. It's a reality when you have an organization that can't take delivery. Well you should crushed that organization every time and that's what probably happened. Who are these people that are getting crushed that own USO? Well some of them are retail investors. But most are institutional investors John Highland. He's now retired but he was the former investment officer of the United States Commodity Fund which manages USO. He pointed out that eighty percent of USOC shares are held by non retail investors hedge funds include energy trading desk and other professional players the purpose of this ETF was to allow investors to get exposure to the front month contract of oil at the end of twenty nine thousand nine. It had one point. Two billion dollars under management and the vast majority of its investment at the end of December was in the February wti crude oil futures contract that expired in January every month this ETF would sell that contract right before it expired. And then by the next contract in order to make money it needed to sell that contract for a higher price than what it paid for it right now when you look at the price of West Texas intermediate crude futures contract or is a steep premium as you go further out

USO United States WTI Cushing Oklahoma Texas Officer Pippa Stevens Cnbc Reuters West Texas Reporter John Highland Jim Cramer Usoc United States Commodity Fund
"retail investors" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:40 min | 3 years ago

"retail investors" Discussed on Bloomberg Radio New York

"Was at that point who was actually invested in this product was it sophisticated investors or was it mom in part because we talk about the retail investor out there invested in this to show it is very difficult with exchange rate products know exactly who owns these things and if you look at the holders on the bloomberg terminal you'll be glad with the impression that it was by sophisticated rises that's who is aimed for however talking to a number of retail investors it really seems like that was not necessarily the case there were chatting forms about this online talk about how xiv was making people in a huge we've percentage every year we will piling into this putting all of their savings i are spoken to several people who've lost thousands of dollars that will turn the tremendous ripe because while the markets were complacent rachel you've done great reporting on all of this that while the markets were complacent people were making crazy amounts of money that inverse volatility index was making so much money effect the and i think we're volatility started to spite that was something that the people vote well markets have been calm for very long time we'll just see that spike disappear now's a great time to go shortfall instead they really completely out volatility wet higher but why why did they get washed out why wasn't it like any other investment vehicle that goes up goes down you make money you lose money so i mean when you look at kind of what what volatility has moved there for the last week i mean i think a spike up in volatility has been a long way that you right markets have been going was sp has been going higher and higher and higher levels we talking about notes but when we see a correction i think a lot of those countries came home to research speak there we had the better data the previous friday that gay people expectations that we'd see a rate hike and but that kind of spooked a few people in the market why did the underlying investment vehicle why would it could potentially go down at zero right so this is the.

bloomberg
"retail investors" Discussed on BizTalk Radio

BizTalk Radio

01:44 min | 3 years ago

"retail investors" Discussed on BizTalk Radio

"Convey for the last two with three weeks on this show i have been conveying to you on these sentiment fronts that it is about is stretched extended an overbought on the sentiment front meaning every bodies bullish this speculation is frostiness uh the price is battle stretch to the extent that from the norm as we have seen a very long time the retail investors coming in like gangbusters uh into the market now type of thing some of our indicators that we follow our at thirty year highs in two bullish this and that's a contrary indicator so you look at it the other way but we also tell you sent them is not price it's all you got to put the weight of the evidence together you put price with sentiment sentiment the fact that we got so stretched than extended five just me dry let you know about all these things that said as long as the markets acting find terrific terrific directive to terrific the the only complaints we've had is on utilities and real estate stocks interest ratesensitive and the fact also that the bond market interest rates have been taken up a little bit on the long games and that's it and i think we mega mention housing you getting a little lucky and got a lot more icke today the housing stocks to the point where we're telling you that were a bunch of them have now broken the ve day moving average which is no big.

retail investors interest rates real estate thirty year three weeks
"retail investors" Discussed on CNBC's Fast Money

CNBC's Fast Money

01:59 min | 3 years ago

"retail investors" Discussed on CNBC's Fast Money

"So i think on the retail side retail investors you we've seen exchanges like patrick cetera half delivery closers rations because they had hundreds of thousands of people signing up within 24 hours at citrus i think the retail investors are gonna have to wait in line while they get id verified and k ky she pushes has going through these exchanges but the institutional investors in the sovereign wealth funds in sitra literally have these restrictions they can get very they wanted to a large bio five million dollars they can get verify pretty quickly whose exchanges and still make those by so to some extent i think he will impact the retail market as grows but i think this useful market spurrier k on on bitcoin's bitcoin cash as well as appearing that sounds like you're leastfavourite is bitcoin venue like an area of anything bitcoin caches undervalued how you come up with with that sort of analysis in terms of valuation so personally when i look at bitcoin versus burqa cash written about this but coin and big cash actually the focusing on two totally different markets right now these two products are serving different needs in the market the one need is global foss cheap payments with some tradeoffs and the other need is anti fia sort of censure resistant money where everybody can run a node to monitor invalidate the own transactions so yet when i look at it from a product standpoint i think the grated dimond is full of cash than forward digital goals but you know the something which we will not be setting off until a couple of years and this plays out you don't own it sounds like you don't on some of the privacy coins likasi cash ramon erol what do you think is in the pipeline for them in terms of regulation i mean if if regulators are so concerned about the use of cryptocurrencies and criminal activities do you think perhaps privacy coins might face harsher regulations or harsher spotlight than some of the others.

retail investors retail market dimond patrick cetera bitcoin five million dollars 24 hours
"retail investors" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:05 min | 3 years ago

"retail investors" Discussed on Bloomberg Radio New York

"And company says there's no formula for win institutional investors should exit longheld positions but he says it poorly performing stocks have no place in a portfolio he spoke war with bloomberg's carol massar and pimm fox earlier today does the infrastructure support the retail investors matches the institutional investor at this point well the retail investor actually has more information than sheer he has ever had that is he is your question implies that's not necessarily a good thing pray but if uh if they can get some guidance from some people linked bloomberg okay whatever here mike michael halbig read the sign like a kid no no no but fared but but it's very find some people who who can at least guide you into places where you can get you know what i'm saying incomes have i don't necessarily have the ability to trade as quickly as an institutional investor does army now want to i may not want to right so i guess i'm wondering is it still skewed more in favor of institutional investors quick answer most people who are out of the stock market so you to rigged game they've said that for years that that the institutions in the professionals have the edge there's never been true or in terms of shortterm trading because of all the hookups from the electronic things in the so there's no question that are very short term basis in is rigged yes i actually believe that i'm going to get some some of the people yelling at me on on that but it's a new year micheal however that but but pim's response when you are asking the question carol longerterm whether it's warren buffett or lewis threw kaiser benjamin graham of the great people in the business of figured out that the right way to do this game is to play it for the long ball and you state in it to win it would meaning you you find great investments and you stay with them until there's a reason not own them in the great fortunes that i've observed over the decades that i've been in the business have been people have identified that in stayed with it and didn't trade them is is.

bloomberg retail investors stock market pim carol longerterm warren buffett kaiser benjamin graham carol massar pimm fox mike michael halbig micheal lewis
"retail investors" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:01 min | 3 years ago

"retail investors" Discussed on Bloomberg Radio New York

"Of viewers every week and he had people come on the show who by and large were very helpful to investors in terms of how they put money to work in and it was very educational and he did it with humor and i think bloomberg to some extent has a little bit of that i i d allergy where you can keep it interesting and if not very funny what's interesting to that i wonder if investors are better served by the plethora if you will of opinions and coverage i mean i think about when i started doing business is there wasn't a lot there were many competing entities if you will in terms of covering but the business news is it better for investors now a quick answer i i i think he has i i like because people within can pick and choose when things don't work they can reject them i so i'm always for choice in options on them a big fan of that and yet it there is a cacophony i think is the right word of things coming out people right so if they're not educated as to how to pick the right ones it can be an injury estaing and does the infrastructure support the retail investors matches the institutional investor at this point well the retail investor actually has more information than sheer he has ever had that is you is your question implies that's not necessarily a good thing right but if uh if they can get some guidance from some people like bloomberg okay whatever here for my call i call however the sign like i'm snow no no no but finger but but it's very find some people who who can at least guide you into places where you can get you know what i'm saying here comes up i don't necessarily have the ability to trade as quickly as an institutional investor does not army not want to i may not want to right so i guess i'm wondering is it still skewed more in favor of institutional investors quick answer most people who are out of the stock market so you to rigged game they've said that for years that that the.

bloomberg retail investors stock market
"retail investors" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:17 min | 3 years ago

"retail investors" Discussed on Bloomberg Radio New York

"Keep up with and there are a lot of factors at play we have seen uh regulators uh bring globally paying more attention not saying they're going to take action the number of them have waited with comments on it um we see increasingly extremes stories but that suddenly fit the patton the mania phase of a bubble will such as yesterday uh a uh a us companies renaming itself long blohm blocks china was previously long law i learned iced tea coal um they they tripled in olneyville you know more than two hundred sixty percent dang and when you see so he's just just to pay a son on wall street as we head to us the holidays that makes things like that but no is somebody got somebody algorithms sat that says anything with bitcoin in the title block changing the title just by it i hope that we could call it a fun or i thought that is the algorithm because the alternative narrative is the retail investors and um there are things left uh experience so sophisticated investors might buying in two into the mania and ponting into anything that contradicts named two conan o'brien dollars were the fun i mean that's the the company's trading at seven dollars and fifteen million shares traded hands yesterday so i mean that's beyond fawn and end the name as much worse let's be honest long block not as good as long island iced tea at i let me just i want to posit that bitcoin holders are different class of investors you know i i know a lot of kids who have millions of dollars worth of bitcoin and don't own anything else including a house or a car so certainly not other stocks could this be just trying to get some cash together before christmas please no craving two ways uh a non unpredictable affair especially when you've had a year like we have with the uh incredible incredible games i g because bitcoin the history bitcoin sexual and indeed the games the flow of twothree months have been so stella um we have no khanna historical precedent.

us china retail investors bitcoin christmas olneyville ponting conan o'brien khanna two hundred sixty percent twothree months seven dollars
"retail investors" Discussed on Animal Spirits Podcast

Animal Spirits Podcast

01:45 min | 3 years ago

"retail investors" Discussed on Animal Spirits Podcast

"Hold on a whole lot better i got though people can actually see us anyway but yeah knows great in the thing about the the crash callers is you write quote unquote they were right in that's going to happen this time around to some people have the next time we have a bear market assuming they haven't been completely outlawed by the fed who obviously is manipulating things beyond repair if the next bear market happens people who have been calling for a crash since two thousand eleven and two thousand twelve we're gonna feel vindicated when we need a huge crash just to get back to those levels in that's when they started calling for a crash so the i think there's gonna be a lot of people coming out of the woodwork who safety i told you so when in fact the markets don't work like that it's not just the direction you have to get right but the timing that's the tricky part yeah that's the part that you just have to hope that your everyone's on i think this is an analogy that bill gross said when he was on peres podcast everybody has an internal clock and obviously people like granted grantham and fleckenstein there's goes off early which is you know which works for them but it's really hard for investors to be too early and by definition everybody wants to be early tee at an early to get out and it just cannot work that way yeah and the so posts linked to this video it's it's definitely worth watching but i think my favorite part of it was the interview all these retail investors in his almost they're setting these people up for failure i felt i felt really bad for them because it showed this couple in the guy on a small business and they said that they put their life savings into two tech stocks which they ask the wife they said well what are they in his had well one of them used to be microsoft but we sold at all in now i honestly don't even know the name but some guy on the phone told me is going to delay august in this is a 97 so it's possible these people made a bunch of money and then i'm sure loss so shirts in the ensuing crash but you can always find these people in any market i suppose were just looking.

peres grantham retail investors bill gross microsoft
"retail investors" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:44 min | 3 years ago

"retail investors" Discussed on Bloomberg Radio New York

"The potential for security etf some tens as a result think it'll take some time but i think you'll see that is the next frontier and the evolution of bringing no bitcoin two more broad base of users but that's gotta get the sec ready and they are going to have to get comfortable that oversight yeah one other contacts might come out of their mini contact other types of trading did i think we will see derivatives we need to get through a number of different settlements whether it's our settlement process with german i or our competitors settlement process with an index i think you will see derivatives as a result but will be in the months ahead should not be in the weeks and as i say it will be a longer process getting our regulator the sec ready for etf some tense well and that's when he said what about a mini contract because when you're talking about s 16000 dow's in i mean that's a pretty big piece to bite for retail investors certainly in we're onefifth the size of our competitors contracts give you some kind of the scary there might be room for me to contract in the weeks and months to come i'm very curious about wales and the potential for wales and the idea that somebody can see some action figure out who actually is is in the markets and maybe corner it's somehow how are you you know saving that off really difficult to do we are very transparent market we are informationsharing which allows for us to how transparency into their process and that were used to regulating a futures market so we have the cooperation of all of our users so we know our users we'll have the accessibility to look back reconstruct trades and share that with a cftc yellow won't be too late by then if frail does indeed appear it would be difficult you have.

16000 dow retail investors wales sec cftc onefifth
"retail investors" Discussed on P&L With Pimm Fox and Lisa Abramowicz

P&L With Pimm Fox and Lisa Abramowicz

01:55 min | 3 years ago

"retail investors" Discussed on P&L With Pimm Fox and Lisa Abramowicz

"Huge concentration risk and i think it's also another reason people are kind of excited for the futures market they're hoping that a lot of big institutional investors will start to get into the market because now we know the investors are not necessarily institutions pensions are not investing in bitcoin they're really worried about custody issues endowments or not really although people are in talks with endowments certainly they're not investing in this yet so it's kind of limited but it's also a lot of retail investors also so really it's you know somebody wants told me the average age of a bitcoin investors 2002 i don't know how true who had his but it's it's it what i'm trying to do the younger generation so pimps daughter were road well let's hope the thing that occurs to me though is if you have to put up so much more and if the trade moves against you during whatever timeframe nemeb before expires uh how are you going to manage the big price swings you could then get a call from your broker whoever's executing the trades and you've got to put more money in the account by you know four o'clock or we're going to close at your account because it can go up and they can go down as much as we've seen what is it 15000 one day ten thousand another day you're gonna have to be constantly monitoring your march in require that's absolutely true landed people are already thinking about that right now and then you know i wonder to it means you also have less leverage on investment right so i'm wondering that makes it somehow less attractive so let's talk about the deliberations that are going on inside the biggest wall street banks right now at goldman sachs his pim was saying has decided to start clearing bitcoin features from day one what's the debate internally here the debate internally comes from a couple ways we talked about the volatility for awhile that's definitely a huge concern reputational risk i mean we've.

retail investors goldman sachs 15000 one day
"retail investors" Discussed on Invest Like the Best

Invest Like the Best

01:55 min | 3 years ago

"retail investors" Discussed on Invest Like the Best

"Individuals in retail investors joining something like queries and it's the institutional investors who are now blast last and looking at him and going car and so it would be a very funny reversal if the institutional guys all jump in and then there's the crash it'll be sort of like sweet karma going back all the way to two thousand seven and eight which was the seeds of bitcoin itself right so bitcoin emerged out of the ashes of the financial crisis in fact the very first bitcoin transaction had met a data linking to a and article x issue second bill authorizing the geneticists block exactly so i think the tenyear anniversary of coming up next year is going to be one of the most interesting years at the interplay of bitcoin and the and the sort of broader financial markets so anyway it's fascinating last question i always ask everyone which is what is the kindest thing that anyone's ever done for you why how i would say wow that is amazing i wish i had prepared i guess it's better i haven't i'm going to have to say my mind immediately went to like all the mentors i've had in my life who just helped me a different stages which they didn't need to do to teach me something or or to help me meet someone that that lenin me a job or that lenin somewhere but i actually thing i have to go all the way back to my parents and say my parents just telling me you've got to follow whatever you're wherever you're curiosity takes you and just do your best and we'll be proud of you and and and that's all we want from yelling that freedom but also belief in me a sort of cervi really well so i gotta i gotta go with that it's amazing answer i odyssey i have to say i don't say this often this is one of the best conversations i've had thank you sir i really appreciate your time and i hope to see against yeah absolutely appreciate having me this was a lot of fun.

retail investors financial crisis financial markets lenin tenyear
"retail investors" Discussed on Invest Like the Best

Invest Like the Best

01:55 min | 3 years ago

"retail investors" Discussed on Invest Like the Best

"Individuals in retail investors joining something like queries and it's the institutional investors who are now blast last and looking at him and going car and so it would be a very funny reversal if the institutional guys all jump in and then there's the crash it'll be sort of like sweet karma going back all the way to two thousand seven and eight which was the seeds of bitcoin itself right so bitcoin emerged out of the ashes of the financial crisis in fact the very first bitcoin transaction had met a data linking to a and article x issue second bill authorizing the geneticists block exactly so i think the tenyear anniversary of coming up next year is going to be one of the most interesting years at the interplay of bitcoin and the and the sort of broader financial markets so anyway it's fascinating last question i always ask everyone which is what is the kindest thing that anyone's ever done for you why how i would say wow that is amazing i wish i had prepared i guess it's better i haven't i'm going to have to say my mind immediately went to like all the mentors i've had in my life who just helped me a different stages which they didn't need to do to teach me something or or to help me meet someone that that lenin me a job or that lenin somewhere but i actually thing i have to go all the way back to my parents and say my parents just telling me you've got to follow whatever you're wherever you're curiosity takes you and just do your best and we'll be proud of you and and and that's all we want from yelling that freedom but also belief in me a sort of cervi really well so i gotta i gotta go with that it's amazing answer i odyssey i have to say i don't say this often this is one of the best conversations i've had thank you sir i really appreciate your time and i hope to see against yeah absolutely appreciate having me this was a lot of fun.

retail investors financial crisis financial markets lenin tenyear
"retail investors" Discussed on Masters in Business

Masters in Business

01:43 min | 3 years ago

"retail investors" Discussed on Masters in Business

"Three 450 center area in all of it and it really wasn't so you know frankly retail investors and even financial advisers didn't invest in goal i have a pet theory that jld just destroyed the junior gold miners guus what i want management risk execution risk at cetera when i could just for eight bucks go by jld and there's my gold exposure yeah i mean i say i it gave you a different where to get exposure to goal but it gave you exposure to pure gold i mean could geology is backed by physical gold in a vault now is in jail de also back is in part of it um futures contracts as well or is it only physical gold jld at one hundred percent physical gold with a little little tiny bite of excess cash for gold they've sold riot pay expenses the literally there is physical gold bars in of all backing jld there were very very important to the to the structure of the fun there was a wonderful article in the wall street journal about how gold came about i wanna say about five years ago and really it was a function of the world gold council they say hey we have all this excess inventory let's find a way to get this out of our volts into somebody else's hands and how what was at interaction like between state street and the the world gold council and were spies helpful in having you guys when that business i would say so at this point in time we talking we sattar working with them probably 300 and vote three into the four and they had worked very much on the concept in the idea were working very much to the legal process but.

retail investors wall street journal sattar one hundred percent five years
"retail investors" Discussed on Slate Money

Slate Money

01:58 min | 3 years ago

"retail investors" Discussed on Slate Money

"Four people who don't have family offices for people who don't have seven eight nine figure sums at their disposal but four p about who at the same time a kind of disgusted by both the opportunities of the current securities classes and also just they want to actually make a difference with their money roving just throwing it into a mutual fund what should they do what can they do right now share it made it obviously the easiest way for retail investors or m s it is to actually go through a a financial adviser who can and encourage asked at financial adviser for opportunities to invest in the market that's probably the the way that when you say the market mean public equities again we go bob legality has view publicly and public equities as well as impact investing so at however to nor at his alebua kind so let's let me that's really drill down on that uh what kind of impact investing opportunities are available to normal people and where can i find them so dan i it this is getting a little bit technical but there are for example debt issues issued by institutions call community development financial institutions these i explained to my children for that these are banks for the poor and there are cdf ice in every community in this country whose job it is to actually make loans to businesses that commercial national banks will not necessarily make loans to either because are too small or deb dare to risky in the sense that they don't really have that much in assets or there may be new and cdf eyes have had a 30year history of very low defaults and they are many of them especially the national ones such as us have what we call impact notes.

retail investors financial adviser drill down 30year
"retail investors" Discussed on KDOW

KDOW

02:05 min | 3 years ago

"retail investors" Discussed on KDOW

"One point four trillion from five hundred fifty eight billion but everyone also remember lives in the fear that the party will suddenly and it'll be gruesome to people by these stocks they can help themselves but they also fear that yo hey these things could end up badly while corsican of a very badly when retail investors small retail investor on sixty to seventy percent of these five stocks as pushing through exchangetraded funds that is not so confident that these are gonna keep going on that's why the vicks index which is our fear meter is it the lowest ever in our history so you had trump offering the the the these programs the drove the stock market up seventeen percent motionless seventy percent with these five stocks and now people are starting to get disappointed because people are saying wait a minute why we be going what are we gonna be so lucky that he's going to get through the other tax cuts the big tax cut the emphasis infrastructure while we don't be so like he's gonna pass those campeche this thing so what he's going to have to do to maintain the stock market now that he has fallen in love with the stock market's taken ownership where what you call it a big fat ugly bubble he's now calling it a with a beautiful thank you nuts he took ownership so to make sure this market doesn't drop he's going to have to do quantitative easing because when he can't pass these bills remember the why what with the purpose of these programs what was the purpose the purpose of these programs with grow our economy i mean when he was going to repeal and replace obamacare gone through the infrastructure program and all the things used going to do remember that was going to grow our economy to three and a half percent that's when he was talking about we have a big economic grow but.

retail investors stock market obamacare seventy percent seventeen percent
"retail investors" Discussed on KTLK 1130 AM

KTLK 1130 AM

02:12 min | 3 years ago

"retail investors" Discussed on KTLK 1130 AM

"Average investor and we'll call him novice investors you can call retail investors though those individuals out there that are working hard pain or mortgage raizner kits and yet they're returns are average it's just it doesn't seem right l that that there's only that throwing making money one way and that these big institutions are just taking it to the bank literally rewrite will actually if you go back from two thousand until two thousand awesome sixteen the average any return is closer to two and a half percent so basically what you're doing a you're putting all the money at risk and you're only getting two two two and a half percent return for that risk you know we we talk about the the big firms the financial firms and institutions that are making all this money the the the good thing for us is that they are leaving footprints in the market that allow us to identify winner making their trays these guys are there spending maybe millions of dollars a day of on the technology and analysts to analyze the market so they can determine in advance where prices are going to be with them when they get in the market there actually then moving the market and it's just simply a a matter of a relationship between supply and demand in we knew how that works like a distancing example if there is a in the neighborhood said as one house for sale that person wants to get two hundred thousand for their house and there's one person who wants to move into the neighborhood they want to pay two hundred thousand prices and going to go anywhere but if two or three more people come in one of by in that neighborhood the owner can raise the price so when there's more demand for something in in the market that's more buyers price has to go up when there's more supply which are seller's price has to go down in in i really wanna talk more would come to the end of the first section for segment here all but i wanna talk more about that because that's extremely important and the way people really get started his we do offer eighth three hour trading and investing workshop and these things are really powerful and comprehensive how you know to make money by applying that rulesbased strategy that algis reference and these classes or a five hundred dollars value and were offering a.

retail investors five hundred dollars three hour
"retail investors" Discussed on Money For the Rest of Us

Money For the Rest of Us

01:42 min | 3 years ago

"retail investors" Discussed on Money For the Rest of Us

"Why because the market return must equal a weighted average of the returns on the passive and active segments of the market if the first to return to the same the third must be also in other words a market indexes return is driven by the return to the underlying holdings which in turn is driven by the by selling whole decisions of investors sits indexing investors mass the index return before fees that means active managers collectively must also match the index before fees because acted managers have higher management fees and higher trading costs due to higher portfolio turnover then pass managers active managers end up doing worse than index fund investors it is possible though that professional money managers could is a group outperformed the market if active retail investors picking individual stocks did far worse than professionals or professional investors could outperformed the market as a group if the index used to represent the market was too narrowly defined and professional investors were able to pick out performing stocks that weren't part of the capitalisation weighted index i as an investment adviser i saw that i found that us large company managers as a group tended to do better than the s p five hundred when middlesized companies are midcap companies were doing better because many of those large company managers would pick stocks that weren't part of the sp five hundred and if midcap was doing better than they tended to outperform the s p five hundred.

retail investors midcap
"retail investors" Discussed on WCBM 680 AM

WCBM 680 AM

01:49 min | 3 years ago

"retail investors" Discussed on WCBM 680 AM

"Money you know the banks make money the financial trading firms make money the people who don't make money or the uneducated retail investors now people that are doing what someone else told them to do and it's real simple if some one else's telling you to do it and you're not making any money what do you think they're incentive is what are they doing if they've told you what to do and you're not making money what's happening with them my bed is there trading against you and they're making money and so that's that's one of the wonders of this current finance astle system is that you know you're basically telling people what exactly what you're going to do and wondering why you're losing wondering why are not getting the benefit of the risk you're taking and because the financial institutions are relying on our trading against you and what you need just the way wait to make income any way to make more money and so rather than trying to get into all these sophisticated things give yourself the opportunity to develop your own personalized approach to generating income in the market at the online trading academy we know everyone has different goals different motivations different why they want to do this and in one of the things that we do is every student has an education counselor and education council worked review to help you develop your own personalized strategy for your income and wealth education plan and the they'll get into what are you trying to accomplish and y and where your assets now and part of the mission is to identify assets that are unproductive and i can guarantee you if you of assets you have some assets that aren't producing doubledigit.

retail investors