🚙 Brake on EVs

Together with Snowball 

Good morning investors! The Fed meeting is on and Bitcoin is fast losing gains.

Today we cover:

• Excited for the future.

• EVs not going anywhere?

• Lower BTC ETF fees soon.

📊 Economy and News 

The future looks bright

A recent Bank of America survey showed that Wall Street optimism on stocks is at its highest level since early 2022, indicating this rally might continue.

Also, Jan Hatzius, the man who predicted a soft landing in late 2022, back when many feared a recession was inevitable, thinks that AI will significantly accelerate economic growth over time by making workers far more efficient.

He said it can be hard to predict the future and while he does expect some workers to lose jobs, he believes we'll see new jobs soon. This is in line with what some other experts think.

If this is true, then we can AI-related stocks to continue to grow.

Global hits:

• The spread between short and long-term ocean freight rates has soared, leaving the market in a standoff.

• Global energy demand will outpace population growth through 2050, Kuwait oil CEO says.

• Japan brings the era of negative interest rates to an end with the first hike in 17 years.

Worth reading: Want to know about the biggest fraud in Chinese history? Beijing says Evergrande is a culprit having inflated revenues by $78 billion.

📈 Stocks

S&P 500 45,178.51 (+0.56%)
DJIA 39,110.76 (+0.83%)
NASDAQ 18,032.20 (+0.26%)
BRENT CRUDE 87.88 (+0.56%)
* Prices as of Mar 20th, 12:20 AM UTC

It was a busy day

Stocks rose Tuesday as the Federal Reserve kicked off its two-day policy meeting. We’ll get more news today, but no major changes are expected.

So, let’s look at what happened in the market yesterday:

• Nvidia had a good day yesterday as investors seem excited about the company coming up with new chips, but another AI stock, Super Micro Computer, tanked -10% on share offering. According to reports, it plans to sell two million additional shares of common stock with Goldman Sachs as the underwriter. Goldman also has an option to purchase up to 300,000 additional shares of Super Micro Computer within the next 30 days. This will push its total shares outstanding to more than 58 million.

• Looks like the EV industry is going to be in trouble with companies delaying or canceling plans. Now after Apple, which canceled, and GM, which delayed, EV-related plans, Bentley Motors is pushing back its plans to transition to all-electric vehicles by a couple of years amid changes in market conditions and a delay in its first EV. CEO Adrian Hallmark said the carmaker remains committed to carbon neutrality and exclusively offering EVs, but it now plans to continue offering plug-in hybrids past 2030.

• Nordstrom shares jumped about 10% following a report that the department store operator is considering going private. This is not the first time that such rumors are doing the rounds. Something similar happened in 2018 and Reuters believes that such a deal may not happen this time either. This, however, comes after a disappointing sales outlook for 2024.

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🔐 Crypto

Bitcoin $30, (-%)
Ethereum $1, (-%)
Total market cap $1. (-%)
* Prices as of Mar 3rd, 12:20 AM UTC

Grayscale BTC ETF fees to come down?

Grayscale’s CEO Michael Sonnenshein recently hinted that fees on its flagship bitcoin ETF will come down over time, softening an earlier stance defending costs above the market average.

Grayscale’s GBTC has logged outflows of more than $12 billion since it was converted into an ETF in early January, due in no small part to its higher-than-average fees.

Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a “mini” version of its flagship product.

💵 Personal Finance

How to make your grown children financially secure

This is a controversial topic but one that needs some attention. A growing number of adults are now choosing to live with their parents due to increasing costs.

Young adults in the US are less likely than those in most of Europe to live in their parents’ home. Only 33% of adults in the country aged 18 to 34 live in their parents’ homes.

In fact, over 70% of adults aged 18 to 34 live with their parents in countries like Serbia, Portugal, Croatia, Greece, and Italy. The number is lower in countries like Denmark and Finland.

On the other hand, it is very common to live with parents in countries like India. In fact, many Indians continue to live with parents even after marriage, which isn’t the norm in Western countries. Furthermore, many adult children are dependent on these countries and it is common for parents to not only fund their education but marriages as well.

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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