#106 - Federal Election Overview, NFTs Bigger than Etsy, TikTok Partners with $AUDIO, and App Store Gravy Train.
In this week's episode of Reformed Millennials, Broc and Joel discuss what the upcoming Canadian Federal Election means for millennial investors, Match.com and the numbers behind a booming online dating market, how long Apple can defend it's 30% app store fees and if they come down what companies are likely to benefit most.
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👉 For specific investment questions or advice contact Joel @ Gold Investment Management.
The Russell 2000 continued to roll over – $RUT tumbled 1.19% for the fourth straight session. The Dow and S&P 500 both pulled back from highs. Here is today’s heatmap:
Some stocks are going up in value.
Most stocks are not.
If there's been one theme that we keep seeing for most of the year, it's that.
Sure, some stocks are doing well. Most stocks aren't. (from JC Parets)
You can really see it in the Nasdaq Advance-Decline line, as it sits at new 8-month lows.
Some people don't understand market breadth.
I'd argue, most people don't.
Deterioration in participation doesn't mean "the market" is now going to fall.
The weaker breadth means that "the market" has already been falling. The Average stock performance and median performance will show you that. Also take a look down the cap scale to see this story.
Some stocks are going up.
Most are not.
Market Tweet of the Week:
💸Reformed Millennials - Post of The Week
Oil Is a Q4 - 2022 Q2 Story
I think it's pretty likely that we're range-bound for the next little while between 66 and 76 for WTI.
76 was the high back in 2018 and 66 was the high in 2019 and earlier this year.
We're right in-between.
And it's likely to stay that way for some time.
YOU LOVE TO SEE THE HYPOCRISY OUT OF DEMOCRATIC PARTY DOWN SOUTH:
President Joe Biden urged OPEC countries to reverse pandemic-era production cuts, calling it an essential step to make gasoline prices more affordable for Americans.
The president’s comments cappeded a series of actions taken Wednesday by his administration to address the rising cost of oil, as the White House eyes inflation as a potential threat to the strength of the economic recovery.
“I want to make sure that nothing stands in the way of oil-price declines leading to lower prices for consumers,” Biden said in remarks at the White House. He stopped short of specifying how fully or quickly the OPEC+ group should reverse output cuts.
Earlier Wednesday, National Security Advisor Jake Sullivan said in a statement that recent production increases by OPEC and its allies were “simply not enough.”
National Economic Council Director Brian Deese also asked Federal Trade Commission Chair Lina Khan to use all available tools -- including monitoring prices, reviewing merger-and-acquisition activity and investigating market manipulation -- to stem price increases.
“Recently, we’ve seen the price that oil companies pay for a barrel of oil begin to fall, but the cost of gasoline at the pump for more American people hasn’t fallen. That’s not what you’d expect in a competitive market,” Biden said.
🇨🇦 Canadian’s Go Back To The Polls
On Sunday, Prime Minister Justin Trudeau stood outside Rideau Hall and announced Canadians will head to the polls on September 20, 2021.
A basic understanding of how our institutions work is an effective way for us to make prudent decisions in the voting booth. The Reformed Millennials crew leans heavily on experts when it comes to their political news.
Check out Melissa Cauette’’s Blog post on Everything you need to know about the 2021 federal election in Canada.
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The Man With The Plan - Erin O’Toole
NDP Commitments - Jagmeet Singh
Liberals plan - no link because they don’t have one. - Justin Trudeau
🎙️Links Mentioned in the Episode🎙️
CryptoPunks Are Worth Millions. Some Of The Largest Sales Have Happened In Just The Last Few Weeks.
The learn to code smart contracts course mentioned.
Tiktok partners with Audius. link
Audius.co the Soundcloud competitor built on Ethereum & Solana
Chris Dixon from a16z crypto
Vogue business article on Burberry & Louis Vuitton approaching NFTs
🌊 Best Links of The Week🔮
Hacking crypto Someone found a bug in the crypto network Poly that allowed them to remove $600m worth of tokens. I’m not entirely sure that bearer currencies that presume you can write software with no bugs are always the best idea.
The UK might block Nvidia/ARM - Another semis geopolitics story - the UK may prevent Nvidia from buying ARM from SoftBank, for $40bn (and other countries might block the deal too).
Here we are in 2021 and the need for storytelling has accelerated. Packy McCormick has a fantastic essay on all this that everyone should read.
Equally, how much radicalization really happens on YouTube? Not much, perhaps. Link
China seeks to tighten rules on unfair internet competition, sending tech shares lower