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- WeWork goes WeBroke
WeWork goes WeBroke
Plus Super Mario smashes earnings
*past 24-hour performance
📰 Market Headlines
Stock Market Uplift: U.S. stocks opened higher, with the Nasdaq Composite leading, following the market's best week this year. This uplift was fueled by the optimism that the Fed might stop raising interest rates, with the 10-year Treasury yield ticking up to trade near 4.62%. (Yahoo!)
Small Caps Investment Opportunities: The Russell 2000 index, which tracks small-cap stocks, experienced its best week in over two years. (Yahoo!)
WeBroke: Once valued at $47 billion, WeWork finally filed for bankruptcy. (NYT)
Disney's New CFO: Disney announced Hugh Johnston as their new Chief Financial Officer. Johnston, a long-serving executive at PepsiCo, is expected to bring his extensive financial and operational leadership experience to Disney (Yahoo!)
Banking Layoffs: Citi is set to sack up to 24,000 employees with CEO Jane Fraser saying, “We’ll be saying goodbye to some very talented and hard-working colleagues.“ (CNBC)
Off the Rails: President Biden announced a $16 billion investment in rail infrastructure for the Northeast Corridor, the most heavily traveled rail corridor in the U.S. (UPI)
Profit Taking: Cathie Woods sold her share of Roku after it pumped 42% last week. (Yahoo!)
Narrative Violation 1: Saudi state oil giant Aramco posted a 23% drop in net profit in the third quarter to Sept. 30, down to $32.6 billion. (CNBC)
Narrative Violation 2: The International Monetary Fund (IMF) raised its China growth forecast to 5.4% for 2023. (CNBC)
Super Mario: Nintendo reported better-than-expected sales and profit for Q2 as it continues to get a bump from the “Super Mario Bros. Movie” and flagship Zelda game released this year. (CNBC)
Putin Runs Again: Russian President Vladimir Putin has reportedly decided to run in the March 2024 presidential election. With little to no opposition in Russia, it’s likely that Putin will be in office until at least 2030 and could continue his tenure until 2036. (Reuters)
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💎 Wealth Watch
The Demise Of Mint And Personal Financial Management: The user base of Intuit’s Mint has dwindled from over 20 million in 2016 to 3.6 million five years later, a decline of over 80%. The downfall of traditional personal financial management (PFM) tools, which focused primarily on budgeting and expense categorization, points to a shift in consumer preferences. Read more »
Digital Nomads: the Rising Number of People Choosing to Work Remotely: Where in the world would you work from if you could? A hilltop village in Croatia? The hip surfing town of Tarifa in southern Spain? Or the lively city of Bogotá in Colombia? All three have recently emerged as locations that are now tempting people to pack their bags and work remotely thanks to their respective digital nomad visas. Read more »
The Fun Things in Life Are Giving Us Buyer’s Remorse: The steeper price we pay for tickets and travel changes our standards for a good time. Read more »
🗳️ Outside the Box
The Avant-Garde Origins of 'Gumby' (Animation Obsessive)
ChatGPT can now see, hear, and speak (OpenAI)
Saudi Arabia is following up its World Cup win by beginning talks with IMG to take over the Miami Open or Mutua Madrid Open. (The Gist)
‘It’s scarily good’: vintage clothing market is flooded with fakes (Guardian)
💡 Daily Visual
Notes
Please read this disclaimer. The authors of Alt Assets, Inc. are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content should not be taken as professional advice. They are self-taught accredited investors, sharing information, research, entertainment and lessons learned based solely on their own experience and circumstances. Individual results may vary. The published content is unique, based on certain assumptions and market conditions at the time of publishing, and is intended to serve solely as research, not financial advice. For entertainment purposes only. Not investment advice. Alts I LLC (the “Fund”) is an affiliate of Alt Assets, Inc. and the Fund has conducted a private placement offering under Rule 506(c) of Regulation D of the Securities Act of 1933, as amended. The Fund may invest in one, several, or all of the alternative asset classes that Alt Assets, Inc. publishes content about on its site. Any of the Fund’s investments that have positive designations on the Alt Assets, Inc. site are purely coincidental, as the Fund is actively managed and guided by its own investment parameters, as summarized in the relevant private placement memorandum. Alternative investing involves a high degree of risk, including complete loss of principal and is not suitable for all investors. Past performance does not guarantee future results. The newsletter may contain affiliate links, meaning that Alts.co and its associated entities may receive compensation for referring customers to the noted companies. We recommend seeking the advice of a financial professional before you make any investment in an alternative asset class or any associated entities, and we accept no liability whatsoever for any loss or damage you may incur.
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