Below are some of the most interesting things I came across this week.
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Bloomberg reports, “‘Options-trading websites and apps on laptops and phones were everywhere,’ says 27-year-old Deepak Prajapat, who sold women’s suits through Facebook and e-commerce company Meesho before turning to trading. He watched as his hometown transformed from a sleepy dairy hub into something closer to a decentralized trading floor. People traded everywhere — from the doorsteps of mud-brick houses, under the neem trees — three generations often crowded around or hunched over one phone screen.”
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From The Financial Times: “Perhaps the most interesting thing about Turkey’s stock market crisis was how long it took to arrive. Everyone saw it coming. Market gains over the past couple of years were so obviously ridiculous that shenanigans were the only rational explanation… ‘It would be naive, or condescending, to assume larger markets don’t share similar characteristics,’ says Lex. Hmm.”
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According to The Wall Street Journal, “The AI build-out is on track to become the biggest economic bet in U.S. history, dwarfing the investments made to fund other huge U.S. infrastructure projects such as the railroads, the highway system and the plumbing for the internet.”
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“Wall Street analysts tend to extrapolate from recent results, which explains the rosy outlook and the wide gap between valuations based on projected and historical earnings,” writes Nir Kaissar.
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Finally, Wasif Latif reports, “We believe the first phase of the Return to Tangibles secular theme, where investors wake up to the new market regime, is ending and the next phase is dawning as geopolitics, national security, inflation, fiscal health and elevated rates put real, tangible assets at the forefront.”
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