1. Highest 4 Month Total in Stock Buybacks 20 Years
BONANZA– Companies are preparing to launch a record wave of share buybacks as executives get comfortable with spending excess cash following a blockbuster earnings season and greater clarity on the trajectory of the world economy. US companies announced $484bn in share buybacks in the first four months of this year, the highest such total in at least two decades, according to Goldman (FT) In what its analysts dubbed a “buyback bonanza”, Goldman projected shares repurchases by US companies would increase 35 per cent this year from 2020.
Long-term weekly chart closes below 50 day but still way above pre-covid 2019 levels
3. Chinese Tech Giants -30% from Highs
Chinese tech giants have borne the brunt of the sector’s retreat this month, after regulators expanded an antitrust crackdown and announced steps to rein in the companies’ fast-growing finance units. Meituan’s stock plunged as much as 8.6 per cent in early Tuesday trading, taking the slump over two days to 15 per cent after the Shanghai Consumer Council released criticism late Monday on issues that hurt consumer rights. With talk of tighter regulation from Beijing, Chinese tech heavyweights Baidu, Alibaba, and Tencent, collectively dubbed the BATs, all dropped more than 3%.
4. Semiconductor Stocks -10% Correction from Highs.
Roughly 55% of $ARKK‘s total lifetime flows are under water now as they came in after Nov 2020, which is the level its price has fallen to. Also true is the fund is STILL up 78% over past 12mo, $QQQ 44%. Can’t not add that context, sorry. Here’s a quick look at the situation:
Short for decentralized finance, DeFi is an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum.
DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum. With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party. As with crypto generally, DeFi is global, peer-to-peer (meaning directly between two people, not routed through a centralized system), pseudonymous, and open to all.
DeFi still is a niche market with relatively low volumes—however, these numbers are growing rapidly. The value of funds that are locked in DeFi-related smart contracts recently crossed 10 billion USD. It is essential to understand that these are not transaction volume or market cap numbers; the value refers to reserves locked in smart contracts for use in various ways that will be explained in the course of this paper. Figure 1 shows the Ether (ETH, the native cryptoasset of Ethereum) and USD values of the assets locked in DeFi applications.
Figure 1 Total Value Locked in DeFi Contracts (USD and ETH)
NOTE: M, million.
SOURCE: DeFi Pulse.
The spectacular growth of these assets alongside some truly innovative protocols suggests that DeFi may become relevant in a much broader context and has sparked interest among policymakers, researchers, and financial institutions. This article is targeted at individuals from these organizations with an economics or legal background and serves as a survey and an introduction to the topic. In particular, it identifies opportunities and risks and should be seen as a foundation for further research.
Change doesn’t have to be bad, even if it’s unwelcome
KEY POINTS
Even as we long for change, we tend to prefer the safety of our routines.
The negative impact of change tends to be overestimated, and therefore avoided.
A mindset of growth, careful risk-calculation, and novelty-seeking can help leverage anxiety control, so you can get on with living your life.
We are afraid of change.
Whether it’s facing post-pandemic bak-to-work, an unknown event forced into our calendar, or the simple change of season requiring the perennial change of wardrobe and routine. Most of us don’t like change, and we seldom foresee its good side, even as it appears a prerequisite for almost all that strengthens us in life. Despite its likelihood of portending something positive, in the face of change, we resist. We cling to what we know – even if stuck in our routines – because we are afraid that we won’t like, and worse, can’t handle what is ahead.
Ironically it is resistance, and not the process of change itself, that actually burdens us. Fighting change ignites fear and anxiety, robs us of novelty needed for health, and is exhausting. In the end, most of adjust, even if we kick and scream. If you feel yourself resisting risk and feel afraid of change, here are a few things to keep in mind that can help ease your dread.
1. We overestimate how bad things might be. Thanks perhaps to negativity bias or simply a habit of catastrophizing, we are prone to overestimate future pain which in turn drives up anxiety and resistance. If one listens to every worry and avoids all risk, success will remain out of reach, and anxiety will continue its escalation, having been reinforced by avoidance. The trick is to learn how to work with your anxiety and discover where your anxiety could be holding you back, rather than just protecting you. There are times when anxiety’s message needs to be considered, but then overturned in favor of action. Action is where the relief is, not avoidance.
2. Taking risks and embracing change allows us to grow. To grow and adapt is to stretch outside our comfort zone, that is to say, depart from what’s comfortable. People in business understand that success in any competitive endeavor involves risk – to take advantage of an upside, one has to be willing to invest when others won’t. This means being uncomfortable. Not all discomfort or risk is advisable, of course, and risks need to be considered carefully. Risk taking isn’t about taking any risk, it’s about taking smart risks.
3. Calculating risk allows you to take control. Still not sure what’s a smart risk, and what’s just a bad idea? Try taking anxiety out of the equation by asking yourself, “what would you do if you couldn’t fail?” This should help you rebalance the thinking parts of the decision from the emotional parts. If you are risk averse, and struggle with letting anxiety get the better of you, look to balance facts in calculating a decision.
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4. Novelty helps . Ironically it is precisely when we are overstretched that we are primed for change, and ready to be inspired by novelty. Novelty requires energy, but can deliver it too. Curiosity, a different perspective, and intrinsic motivation are all helped by new situations and experiences. These are the things we need when we are stuck and overwhelmed. So if you need a boost of motivation, look to find novelty in the changes ahead.
5. How you fail is more important than if you fail. In business, in relationships, and in life, failing is part of learning, and sometimes delivers the most powerful learning there is. Thanks to evolution, we are primed to notice and learn from our mistakes so as not to make them again. But that shouldn’t mean we set out to avoid them all together, an impossible goal. Instead we should aim to manage how we learn from our mistakes. This is what it means to have a growth mindset, to expect failure and change as part of the creative process.
6. Balanced stretching produces the most growth. We can’t grow if we don’t stretch, but we won’t grow unless we rest. Balancing exertion with rest is the key to managing a growth process effectively, and keeping ourselves strong. This means managing your body and your human resources. Making good nutritional choices, moving your body, and prioritizing sleep are the three most important things you can do to maintain optimal mental and physical health.
Change inherently feels uncomfortable, but that doesn’t mean it is bad. Make the best rational decision you can, channel courage – that is, believe something is more important than your anxiety – and take action. Simply making a decision is an action, and action always feels better than avoidance and risk aversion. That’s not to say this is easy, but it works. If you struggle with change, how might you spark your curiosity for what’s ahead, and allow yourself to lose a bit more sight of the shore?
Looking for more help understanding your anxiety? Visit my website , get the Hack Your Anxiety book , or read more about my wellness and anxiety programs here .
Indices that may be included herein are unmanaged indices and one cannot directly invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information included herein is for illustrative purposes only. Material for market review represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Material compiled by Lansing Street Advisors is based on publicly available data at the time of compilation. Lansing Street Advisors makes no warranties or representation of any kind relating to the accuracy, completeness or timeliness of the data and shall not have liability for any damages of any kind relating to the use such data. To the extent that content includes references to securities, those references do not constitute an offer or solicitation to buy, sell or hold such security as information is provided for educational purposes only. Articles should not be considered investment advice and the information contain within should not be relied upon in assessing whether or not to invest in any securities or asset classes mentioned. Articles have been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Securities discussed may not be suitable for all investors. Please keep in mind that a company’s past financial performance, including the performance of its share price, does not guarantee future results. Lansing Street Advisors is a registered investment adviser with the State of Pennsylvania..
1. One Financial Product Group is not Under Industry Fee Pressure—Grayscale Bitcoin Quasi-Closed End—2 Products $1B in Revenue-Double the Revenue of QQQ
Another product that exhibits this power is the Grayscale Bitcoin Trust (GBTC). To be clear, GBTC isn’t an ETF (it’s a quasiclosed-end fund that periodically offers private placements to accredited investors). It’s not even a product that trades on a U.S. exchange (it trades over the counter and is quoted on the OTCQX).
But it is a product that provides exposure to bitcoin in a way that is valued by investors and at a time in which the cryptocurrency has been on fire. GBTC charges a 2% annual fee, which, when applied to its $36 billion in assets under management, equals revenue of a whopping $756 million.
To put that in perspective, that’s more than double the implied revenue of the Invesco QQQ Trust (QQQ), the U.S.-listed ETF with the largest revenue haul. It’s even more than the combined haul of QQQ and the SPDR S&P 500 ETF Trust (SPY), which together generate $650.6 million in revenues.
If you add the $10 billion Grayscale Ethereum Trust (ETHE) into the mix, Grayscale is pulling in an estimated $1 billion per year from just two products (it has another 12 much smaller products).
For Grayscale to generate close to a $1 billion from just two products—the amount Vanguard takes in from all 82 of its ETFs—is truly impressive. For context, the entire U.S.-listed ETF industry generates revenues of just under $12 billion across almost 2,500 funds, with 56% of that going to BlackRock, State Street and Vanguard.
4. ISM Manufacturing Customer Inventories 25 Year Chart….Off the Grid.
Just in time inventory not Covid comeback ready
Source: Jefferies Trading Desk
Percy Allison
Jefferies LLC
5. U.S. Highway Miles Traveled: 2012-Present (yearly trough in February)
Summer driving season coming off 10 year lows with lockdown ending
6. Tech IPO Proceeds in Europe Closing in on 1999 Bubble.
Tech and internet firms have racked up proceeds of $9.2bn on Europe’s exchanges this year, most for this period since 2000, data compiled by BBG show. And w/more offerings under way, as much as $3bn could be added to the tally in the coming weeks.
Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images
The New York Times on Wednesday said it added 301,000 new digital-only subscribers last quarter, its slowest quarter for digital subscriber growth in over a year.
Yes, but: New subscriber growth was weighted much more heavily this quarter towards non-news products than in any other previous quarter in the company’s history. A record 44% of The Times’ new digital subscribers came from non-core news products, like cooking, games and audio, last quarter.
Typically, the percentage of new subscribers from non-news products hovers around 25-35%.
By the numbers: Of The Times’ 301,000 net new digital subscribers added last quarter, 134,000 came from its cooking, games and audio products.
Another 167,000 new subscribers were added to its core news products.
In total, The Times now has nearly 8 million paid subscribers, which is far ahead of even its closest news competitors — The Washington Post and The Wall Street Journal.
The big picture: Times executives for years have emphasized that The New York Times isn’t just a newspaper, but a lifestyle services company.
In the post-Trump news cycle, that focus on lifestyle services has already begun to serve The Times well, offering it a financial cushion when the news cycle is slow.
Bottom line: The Times had a stated goal of reaching 10 million paid subscribers by 2025. Despite a news cycle slowdown, it’s well on its way to meeting that goal ahead of schedule.
1. Perceiving emotions — The ability to identify emotions in self and others. This dimension is fundamental to the remaining dimensions, as it entails the self-awareness and other awareness of emotions that can then inform self-regulatory capacities.
2. Facilitating thought — The ability to understand how emotions can be used to communicate information and, in turn, use that understanding in ways that are context-appropriate. This dimension addresses the idea that it is not enough to be aware of emotions; we must also understand what they mean and how they manifest in unique situations.
3. Understanding emotions — The ability to comprehend how emotions combine and transition and to understand the meaning of such combinations and transitions. This dimension acknowledges that emotions are multi-faceted and fleeting and that some individuals are more adept at understanding these complexities.
4. Managing emotions — The ability to regulate how one’s emotions surface during interactions with others. This dimension is important in that it directly situates the awareness and self-regulatory processes specific to emotions within social settings.
The four emotional intelligence skills
1. Self-awareness — You recognize your emotions and how they are connected to your thoughts and behaviors.
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2. Social awareness — You recognize the emotions of others. This manifests as being more empathetic, such that you recognize the needs of others. It can also manifest as being attuned to the socio-cultural dynamics of situations.
3. Self-management — You are able to manage your emotions in ways that are healthy and situation-appropriate. You are able to separate stimulus from response such that you can choose to respond to stimuli in ways that are most appropriate.
4. Relationship management — You are able to develop and maintain relationships with others. You understand emotions well enough to make good decisions when communicating, influencing, and managing conflict.
Takeaway #2: Ability-based EQ and EQ skills are different constructs.
Emotional intelligence skill development
The theory behind EQ skill development is that individuals can proactively think about and act upon the behaviors that allow them to enhance their ability-based EQ. The exercises below are regularly recommended among proponents of skills-based EQ. Note that there is little evidence directly connecting EQ skill development to ability-based EQ. Nonetheless, each of the exercises below is associated with heightened self-awareness and self-regulatory capacities, outcomes that are associated with ability-based EQ.
· Journal — Conduct a daily reflection on your own emotions and your perceptions of others’ emotions. Then consider what you could have done differently to optimize your interactions with others based on those understandings.
· Meditate — Activities such as mindfulness mediation have proven to help individuals become more aware of their emotions. Additionally, such activities are thought to help individuals create more “space” between a stimulus and their response, which increases the likelihood of having an appropriate response.
· 360-degree assessment — Solicit feedback from peers, supervisors, and subordinates on your strengths and opportunities for improvement. This will help ensure you fully understand whether you are successfully navigating socio-cultural norms.
· Create opportunities for external feedback — Consider enrolling in a leadership certificate program or signing up for leadership/executive coaching. High-quality instructors, facilitators, and coaches can apply evidence-based approaches to deepen your self-reflective capacities. Additionally, obtaining third-party assistance can help cut through the biases and political concerns of undergoing such development within an organizational setting.
Takeaway #3: Participating in EQ skills development is likely to increase some of the correlates of ability-based EQ.
Concluding thoughts on emotional intelligence
Perhaps one of the most important steps of social science is constructing definition. Things get messy when conceptualization is loose, and dimensionality is unclear. My hope is that this article helps clarify some of the most common questions about EQ and, in doing so, helps future researchers and practitioners make sound decisions for advancing their initiatives.
Indices that may be included herein are unmanaged indices and one cannot directly invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information included herein is for illustrative purposes only. Material for market review represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Material compiled by Lansing Street Advisors is based on publicly available data at the time of compilation. Lansing Street Advisors makes no warranties or representation of any kind relating to the accuracy, completeness or timeliness of the data and shall not have liability for any damages of any kind relating to the use such data. To the extent that content includes references to securities, those references do not constitute an offer or solicitation to buy, sell or hold such security as information is provided for educational purposes only. Articles should not be considered investment advice and the information contain within should not be relied upon in assessing whether or not to invest in any securities or asset classes mentioned. Articles have been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Securities discussed may not be suitable for all investors. Please keep in mind that a company’s past financial performance, including the performance of its share price, does not guarantee future results. Lansing Street Advisors is a registered investment adviser with the State of Pennsylvania..
