BREAKING: SpaceX has selected Goldman Sachs to lead its record-setting IPO, per CNBC.
Also working on the IPO will be Morgan Stanley, Bank of America, Citigroup, and JPMorgan.
SpaceX could publicly disclose its prospectus as soon as Wednesday.
@StealthQE4 Mortgage borrowers have embedded long put option to refinance out of loan. Lender is short this option. The value of this option has gone up.
Higher rate volatility = increased refinancing risk
@DenverGazette Denver City Council has also taken away my gym! The Rude Rec Center in west Denver is now closed indefinitely to house illegal immigrants… No compensation or pro-rata reimbursement for my prepaid annual membership!
Big Tech Wreck today! Meta down ~25%, Amazon down 4% (plus an additional -19% after hours), Apple down 3%.
The SPX has held up surprisingly well given the Mega Cap crush...
The traditional 60/40 portfolio (60% S&P 500 and 40% Bloomberg US Aggregate Bond) has had it's worst 1st three quarters of a calendar year on record going back to 1976 (the bond index inception).
This 'wipe out' year presents a rare opportunity for investors.
#SPY#AGG
We are pushing the limits of what the economy can tolerate in terms of interest expense. So in my opinion, interest rates are at or near their cycle high.
#InterestRates#Economy#AGG#TLT#SPY
Aggregate US bonds are yielding ~4.7%, which is still low for historical standards. But this must be viewed in the context of the entire system. Debt-to-GDP is currently ~125%, up from ~30% in 1980.
Based on current yields, we are at a record high interest burden on the economy.
SPX is now down nearly 11% since the original tweet. I still expect equities to be challenged over the next twelve months, but today's prices represent a good buying opportunity for the short to medium term.
Or better yet, monetize the vol premiums & sell some OTM puts...
Good luck to anyone buying into this continued rally.
Although the S&P may continue to grind higher over the next 1-2 weeks, I think now is the time to reduce risk / add hedges. We will likely see something ugly (like in June) when the bears show up again. #SPX
Interesting comment from Powell:
“So we probably in the housing market need to go through a correction to go back to that place [of balanced supply & demand]”