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Plus: Magnificent 7 is not so magnificent
Good morning.
Today, weâre diving into Bitcoinâs sharp pullback, global backlash to Trumpâs tariff plans, and Warren Buffettâs bold Q3 moves. Plus, why demand for crash protection is rising and how the "Magnificent 7" tech giants are losing their edge.
Grab your americano and let's get into it! âď¸đď¸
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Markets
𩸠Bitcoin Pulls Back to $92,000 as Crypto Wipes Out $200 Billion in Value
Bitcoin took a breather Wednesday, slipping to around $93,300 after nearing the $100K milestone last week. The dip marks a 6% pullback from its record high of $99,700, as traders recalibrate their bets on the ultra-risk asset. $200 billion has been wiped from the crypto market cap since Friday's peak.
đ Canada, Mexico and China respond to Trump tariff threats
Canada, Mexico, and China are pushing back against President-elect Donald Trumpâs plan to impose hefty tariffs on their exports, warning of widespread economic fallout. Trump has proposed 25% tariffs on goods from Mexico and Canada and 10% on Chinese imports, framing the move as a crackdown on drugs and illegal immigration.
đ§ Warren Buffett's Smartest Move in Q3
Warren Buffettâs Q3 moves sparked mixed reactions on Wall Street, with analysts skeptical about his decision to sell more stocks than he bought. One standout disagreement? Buffettâs sale of 100 million Apple shares, despite 32 of 47 analysts rating the tech giant a âbuyâ or âstrong buy.â However, there was consensus on a few of his buys.
đ Demand for options protection against an equity market crash is rising
Despite record highs in U.S. stocks post-election, demand for crash protection is climbing. Indicators like the Nations TailDex Index and Cboe Skew are ticking upward, signaling heightened caution among investors. While not a prediction of catastrophe, these moves reflect concerns over risks like inflationary pressures and potential disruptions in global trade next year.
đ¤ The Magnificent 7 Are Beginning to Look Average
The "Magnificent 7" tech giants may be losing their shine, with growth forecasts now barely outpacing the rest of the S&P 500. Despite this, investors are still paying a premium, raising questions about their long-term value.
Quick News
S&P 500 retreats from record as US futures slip.
Real Estate Homebuyer demand for mortgages jumps 12%.
Tornado Cash Sanctions Overturned by U.S. Appeals Court, TORN Soars Over 500%
BYD signals itâs preparing for the brutal price war in the worldâs biggest auto market to intensify.
OpenAI gets a new $1.5 billion investment from SoftBank, allowing employees to sell shares.
Dell sees AI-server boom but overall revenue doesnât meet expectations.
Elon Musk wants to block the transfer of InfoWarsâ X accounts to The Onion.
Trending
"Father Time always wins" â and a few more of my favorite lines from the mini-letter that Warren Buffett released yesterday.
â Kevin Carpenter (@kejca)
6:09 PM ⢠Nov 26, 2024
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