TOPLEY’S TOP 10 October 30, 2024

1. Crypto Flows 2024 Triple 2021

Crypto asset flows. “Digital asset inflows reached US$901m last week, pushing year-to-date inflows to US$27bn, nearly triple the 2021 record.”

CoinShares

2. 17-Year Low in Credit Spreads

3. Tight Spreads Have Been Followed by Below Average Equity Returns

@Charlie Bilello
Is this a good thing to see? Not exactly. In the past, very tight spreads have been followed by below-average equity and credit market returns over the next five years.

4. IBIT New All-Time High

5. Coinbase All-Time High Stock Price was $429

Perplexity

6. Retail Gas Prices Trend Down-Y Charts

https://ycharts.com/indicators/us_gas_price

7. Yale Endowment Models Falters as VC Distributions Slow

Pitchbook Jessica Hamlin
Yale University‘s endowment reported one of the weakest annual investment performances in the Ivy League. The endowment saw a 5.7% investment return for the fiscal year ending June 30, 2024, as a lack of exits in its private market investments continues to batter the portfolio’s one-year returns. Yale’s FY return places it second from the bottom of performance at the Ivy League institutions that have reported so far this year, landing just above Princeton’s 3.9% gain.
After riding the highs of private market dealmaking and valuations and returning a record 40.2% on its investments in 2021, the endowment has since—along with its peers—endured nearly three years of minimal distributions from its private market managers. In the 2022 and 2023 fiscal years, the now $47 billion endowment returned 1.8% and 0.8%, respectively.
The endowment’s one-year return placed it behind peers like Columbia and Harvard Universities, which saw 11.5% and 9.6% gains for FY 2024, respectively.
In VC, initial public offerings and large M&A transactions have been scarce during this period. In Q3 2024, VC fund distributions to LPs hit a rate nearly as low as the state of returns during the global financial crisis, according to the

Q3 2024 PitchBook-NVCA Venture Monitor. https://pitchbook.com/news/articles/yale-university-endowment-exit-drought?utm_medium=newsletter&utm_source=daily_pitch&sourceType=NEWSLETTER

8. Cash Out Re-Fi’s Go Negative…Pent Up Demand When Rates Move Lower

WSJ By Ryan Dezember
More homeowners are borrowing against the rising value of their properties, suggesting that the worst of the remodeling slump has passed.
Analysts and building-products executives are forecasting lower interest rates will fuel a rebound next year in spending on new kitchens, bathrooms and decks, reviving a reliable source of economic activity and stock-market gains.