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Good morning investors! The market was confused yesterday as Trump’s global tariffs got ruled illegal by US appeals court and the way forward isn’t very clear yet.
Today we cover:
While retail investors chase volatile tech stocks, institutions like BlackRock and KKR are quietly allocating billions to private credit—a market that's grown 19x since 2006 and now approaches $2 trillion globally.
Why? Private credit offers what traditional portfolios increasingly lack: consistent yield potential (Percent's marketplace delivered 14.9% average net returns in 2024), lower correlation to public markets, and shorter investment horizons averaging just 9 months.
With Percent, accredited investors can now access the same institutional-quality deals that were once exclusive to the ultra-wealthy. Start with as little as $500 and get up to $500 on your first investment. Invest like the smart money.
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📊 Economy and News
Trump’s Tariff Ruling Loss and Google’s Antitrust Win Shake Markets
A federal appeals court ruled many of President Trump’s tariffs illegal, potentially requiring billions in refunds and unsettling trade deals.
The ruling, delayed until October 14, has shippers awaiting a Supreme Court appeal, with $142 billion in tariff revenue at stake.
Logistics experts report minimal immediate impact due to earlier import surges, but uncertainty persists.
Refunds could strain the U.S. budget, with small businesses facing delays via third-party importers. Businesses brace for ongoing trade volatility as Trump seeks an expedited Supreme Court ruling.
Global hits:
Egypt’s GDP grows 4.5% in 2024-25, boosted by reforms and manufacturing.
British Pound slides 1.4% against U.S. dollar as U.K. fiscal concerns mount.
Euro zone inflation rises to hotter-than-expected 2.1% in August.
Bank of America Boosts Gold Price Forecast
Bank of America raised its gold price forecast for the next six years by 6% to $3,049 per ounce. The bank remains bullish, targeting $4,000 per ounce in the short-to-medium term, with unchanged near-term forecasts of $3,356 this year and $3,659 next year.
Sponsored by Pacaso
How 433 Investors Unlocked 400X Return Potential
Institutional investors back startups to unlock outsized returns. Regular investors have to wait. But not anymore. Thanks to regulatory updates, some companies are doing things differently.
Take Revolut. In 2016, 433 regular people invested an average of $2,730. Today? They got a 400X buyout offer from the company, as Revolut’s valuation increased 89,900% in the same timeframe.
Founded by a former Zillow exec, Pacaso’s co-ownership tech reshapes the $1.3T vacation home market. They’ve earned $110M+ in gross profit to date, including 41% YoY growth in 2024 alone. They even reserved the Nasdaq ticker PCSO.
The same institutional investors behind Uber, Venmo, and eBay backed Pacaso. And you can join them. But not for long. Pacaso’s investment opportunity ends September 18.
Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.
📈 Stocks
S&P 500 6,415.54 (-0.69%)
DJIA 45,295.81 (-0.55%)
NASDAQ 21,279.63 (-0.82%)
BRENT CRUDE 69.14 (+1.45%)
* Prices as of Sep 3rd, 12:20 AM UTC
Google Stock Surges 8% as Antitrust Ruling Spares Chrome, Bans Exclusive Contracts
Google's stock rose 8% after a federal judge ruled the company can keep its Chrome browser but must end exclusive contracts and share search data.
The decision follows a 2024 ruling that Google illegally monopolized internet search.
Judge Amit Mehta rejected the DOJ's push to divest Chrome or Android, calling it overreach.
Google pays Apple billions annually to be the default iPhone search engine, boosting Apple’s stock 4% after hours. The court also barred “compelled syndication” deals, with a final judgment due by September 10, 2025. Google plans to appeal.
Good to know: SAP to invest over 20 billion euros in ‘sovereign cloud’ in boost to Europe’s AI ambitions. Elsewhere, Microsoft secures deal with U.S. government offering over $6 billion in savings on cloud services over 3 years.
Warren Buffett says he is ‘disappointed’ in Kraft Heinz split; shares fall 7%. On the other hand, Pepsi shares jumped 4% as activist Elliott takes $4 billion stake, sees ‘historic’ value opportunity.
S&P 500 Faces Potential Fall Turbulence After Strong Summer
The S&P 500 ended August up 2%, following a 2.2% gain in July, marking its fourth consecutive monthly rise. However, September historically averages a 0.7% decline, with a 1% drop in years when July and August both gained over 2%, as seen in 11 instances since 1949. Most of those years saw negative Septembers, and seven had negative Octobers, averaging a 2.9% loss. Jeffrey Hirsch of the Stock Trader’s Almanac warns of potential volatility in late Q3 into October, though any pullback is expected to be brief. He maintains a positive 2025 outlook, projecting full-year gains of 12% to 20%.
Reminder: Klarna aims to raise up to $1.27 billion in U.S. IPO.
Aircraft lessor Air Lease, founded by aviation mogul Steven Udvar-Házy, has agreed to a $7.4 billion takeover.
💵 Personal Finance
Embrace Risk for a Fulfilling Life: How Taking Chances Can Lead to Success
Taking calculated risks can pave the way for a more meaningful and successful life. By approaching decisions with an entrepreneurial mindset, you can unlock new opportunities for growth, happiness, and fulfillment. Here’s how embracing risk can transform your life and practical ways to do it thoughtfully.
The Power of Thinking Like an Entrepreneur
Treating your life like a startup means being open to bold moves, whether it’s switching careers, investing in a home, or starting a new relationship. These decisions carry risks, but they also hold the potential for significant rewards, such as greater control over your career, financial stability, or deep personal connections.
To make these choices wisely, think like an entrepreneur launching a business. Research your options thoroughly—whether it’s market trends for a career change or financial planning for a home purchase. Weigh the potential benefits against the risks. If the possible outcomes outweigh the fear of failure, it might be the right move to make.
Overcoming the Fear of Regret
One of the biggest obstacles to taking risks is the fear of future regret. People often imagine worst-case scenarios, which can lead to “risk avoidance” and missed opportunities, research suggests. To counter this, consider all possible outcomes—both positive and negative—before deciding. This mental exercise can help ease fears and build confidence in your choice.
For those hesitant to take big leaps, start small. Try “micro-risks” daily, like striking up a conversation with a stranger or pitching a new idea at work. These small steps can build your confidence over time, making larger risks feel more manageable.
The Rewards of Thoughtful Risk-Taking
Taking risks isn’t about acting impulsively—it’s about making informed decisions and embracing challenges. Planning and reflecting on your goals allow you to approach risks with clarity and purpose. Even if the outcome isn’t perfect, the act of tackling a challenge can boost your confidence and sense of accomplishment.
For example, switching jobs might feel daunting, but it could lead to a more fulfilling career. Buying a home involves financial risk, but it can become a valuable asset with proper budgeting. In relationships, opening yourself up to love carries the risk of heartbreak but also the potential for lifelong companionship.
Practical Steps to Take Risks Wisely
Research and Reflect: Gather information about your decision, whether it’s exploring job markets or understanding mortgage terms. Consider how the choice aligns with your long-term goals.
Evaluate Outcomes: List potential positive and negative outcomes. If the rewards seem worth the risk, it’s a sign you’re on the right track.
Start Small: Build confidence with low-stakes risks, like trying a new hobby or networking with a colleague.
Plan for Challenges: Anticipate obstacles and create a strategy to address them, just as an entrepreneur would plan for business hurdles.
Embrace the Process: Find satisfaction in the act of taking on a challenge, regardless of the outcome. Growth comes from stepping outside your comfort zone.
💰 Be a Better Investor
Not all fear is bad.
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.