Yesterday, you got our inaugural issue of Institutional-grade options by Benedict Maynard. Make sure to subscribe if you want more like this - it’s half-price for a few more days.

In the meantime, I think traders betting on six rate cuts this year are smoking something. Check out how I’m going to play that if you agree.

Tequila is so hot right now.

The most valuable journey you’ll take this year.

Tequila is the most popular spirit in the US, and it’s only getting more popular among savvy drinkers and investors.

I don’t talk about it here at Stocks & Income, but I run a fund focussing on alternative assets.

In October 2022, we bought six casks of 200L tequila for $25k. Today, they’re worth $48k. That’s a 92% jump in about 15 months.

It’s an underappreciated and still undervalued investment opportunity that intuitively makes sense, and we want to share the knowledge and opportunity with our community.

I want to invite you to our first-ever Investor Field Trip to Mexico, Feb 19 - 23.

This is a unique, all-inclusive adventure for serious investors.

• Hear from experts in Mexican tequila, real estate, venture capital, startups, and infrastructure

• Meet CEOs, VCs, investors, fund managers, and other VIPs

• See world-famous tequila distilleries, art museums, and more

• Taste the world's finest tequila, agave, and mezcal

• Connect with Alts community members from around the globe

​Learn more here.

• CPI came in hotter than expected yesterday, printing 3.4% compared to a forecast of 3.2%. Recall the Fed has said it’ll keep rates up until it’s confident of a 2.0% print.

• Equity markets were muted to mixed, unsure how to cope with this narrative violation.

• Gold spiked after the UK and US dropped bombs on Houthi rebels yesterday.

• The Bitcoin ETF went live yesterday with over $4.6 billion in volume.

• PPI, which measures the costs producers are paying, comes out today. Forecasts are a 0.1% gain verse last month.

• Lots of big banks report earnings today, including JPM, Citi, BofA, and Wells Fargo.

Whisky is the big winner, followed by vodka. I reckon tequila would have ranked dead last a few years ago.

📈 Trends you need to know

Search results are from our friends at Glimpse, my favorite way to spot trends.

Alcoholism in the US is in a long-term decline as non-alcoholic spirits and beer have become drinkable. Any guesses as to why it spiked in late 2016 and late 2022?

Ideas, trends, and analysis

• Global renewable energy capacity grew 50% in 2023.

• US credit card delinquencies are higher than pre-pandemic levels.

🌍 Global Perspectives

🇨🇳 China’s exports rose more than expected in December, but they still saw an overall decline in 2023. For the year, exports were down 4.6% while imports were down 5.5%.

🇯🇵 Up nearly 5% already, Japanese stocks are beating all but one (NVDA) of the US Magnificent 7 so far in 2024.

🇪🇨 Ecuador used to be an “island of peace” but is consumed by violence today.

🇦🇷 Argentinian inflation has surged past 200%.

📊 Income

• A multi-year bear market for bonds could be on its way.

📊 Crypto

• BlackRock’s Bitcoin ETF saw $1 billion worth of trades on its first day. $4.6 billion was traded overall.

  • But Vanguard says nuh uh.

• The cheapest and most expensive BTC ETFs if you’re looking to buy.

🧠 Errata

• Boneheaded anti-immigration politicians are throttling globalization.

• Why car insurance prices are up 20%.

• Next week’s hurricane blizzard in the US will send power prices soaring.

That’s all for today. Did we miss anything? Smash the reply button to let us know.

Cheers,

Wyatt