Sell into Bubbles
a16z has returned over $25B to LPs since the firm was founded. Over half of that was selling into the bubble of 2022. (
)
Follow-up from yesterday, Tech capex is contributing about a point to GDP growth. Would we be in a recession without it? (@lisaabramowicz1)
I’m a proponent of cheap abundant energy. Gavekal likes to say, “Economic activity is energy transformed.” Therefore, the chart below makes me a bit nervous. China adding twice the solar capacity as the rest of the world combined. Makes more sense to overbuild energy generation than residential buildings.
And when China’s runaway assembly line (
) oustrips domestic demand, excess panels are dumped on Africa. To be fair, there are worse things than getting cheap solar panels.
China is electrifying their economy faster than any country on earth. (FT)
BYD and Xiaomi’s market caps are over taking Germany’s big 3. (Bloomberg)
Not exactly correct to call Xiaomi an EV giant yet. BYD however, delivers the same amount of cars as Tesla. (Chartr)
One reason the US will support equity markets is because households in the US are much more reliant on public equity wealth relative to other countries. (@zerohedge)
Everything looks expensive relative to short term Treasuries. (Apollo_
Rate cuts are supportive of equity markets, especially if a recession is avoided.(@ISABELNET_SA)
European Defense was the trade post Ukraine invasion. (Bloomberg)
What are the consequences of the chart below? I’d characterize it as dating markets getting more efficient. One would be, I think this exacerbates wealth inequality.
Wow, the brand Pepsi looks like a melting ice cube. Elliott got involved earlier this year, it will be a tough trend to turn around. (Chartr)
