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Knock On Wood
The earliest price action of 2023 in US equities found two growth heavyweights under pressure, but not from higher rates.
De-rating in growth stocks tied to rising bond yields was last year's story. This year it's about demand and, more to the point, the prospect of recession.
Apple took a hit after a Nikkei report suggesting the world's most valuable company may be dialing back production added to concerns about a holiday quarter marred by disruptions at the world's biggest iPhone plant. "Chi
I initially though the title of the article would lead into a reference to knocking on Cathie Wood’s increasingly dire performance (presumably).
It should’ve led there, and it almost did via Musk’s reference to Wood during the same quoted Q3 call (he took note of her warnings about additional Fed hikes), but ultimately it felt too obvious. Also, I got an Amazon package delivery right when I was finishing this one up and by the time I remembered to go back and add the Cathie joke, so many people had already read it that it would’ve been wasted. I’m highly confident the opportunity will present itself again within a few weeks.
Orbiting solar shades to save the earth and humanity from climate change – that’s my mostly-serious wager for Musk’s next hype hustle.
It’s actually not an insane idea. https://ntrs.nasa.gov/api/citations/20150021454/downloads/20150021454.pdf
He needs to start boosting SpaceX’s valuation, ahead of the eventual IPO and to make up for TSLA’s inexorable convergence with a justified valuation.
Yeah, so in the Matrix when Morpheus says, “we don’t know who started it, but we know we scorched the sky.” I guess now we can assume it was (or will be) Musk who leads the effort.
I’ve long thought an extensible space mirror would be a fun path to take. It’d be almost like a thermostat: expand it to turn down the heat, retract to turn it back up. Light weight Mylar for the mirror, carbon fiber for the frame, easy-peasy.
Perhaps in an Isaac Asimov book, but the trillions of pieces of tiny space bullets would soon turn that lightweight Mylar blanket into a Swiss cheese. The Webb telescope has already been damaged in just a few months and it is far sturdier that any blanket would be.
I remember a similar (but simpler) proposal that involved deploying what would basically be a cloud of Mylar confetti. It wouldn’t stay oriented correctly, but if there were enough of it, that wouldn’t matter. The only problem is you couldn’t control it at all. Of course, over time, it would all drift off, so it’s ultimately a self-limiting system. Still, way less cool than a space mirror.
Incidentally, I loved Asimov as a kid. I’ve probably read 40 of his books, including some of his non-fiction. He famously published at least one book in every single section of the Dewey decimal system.
H-Man, it appears that Covid is having a resurgence in China, If that replicates what happened in 2020, hang on when it lands in the US.