⁠Finding Compounders
The best investing related YouTube channel https://t.co/GY7OwVoJ6x
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⁠Hidden Value Gems
A few charts on why Yen carry trade has become such an important factor:

1/ Low rates and low inflation led to Yen weakening, which in turn…

2/ Led to more shorts against Yen and…

3/ More cross-border borrowing in Yen

4/ But a sudden rise in rates and Yen, reversed this “carry trade”.
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⁠Hidden Value Gems
The doom loop and four ways it may end, according to @Gavekal

Falling US stocks lead to US dollar declines expectation to Yen strength to Yen carry trade unwinds to more selling of US stocks and so on. https://t.co/MGmvZ7aYZr

A few charts on why Yen carry trade has become such an important factor:

1/ Low rates and low inflation led to Yen weakening, which in turn…

2/ Led to more shorts against Yen and…

3/ More cross-border borrowing in Yen

4/ But a sudden rise in rates and Yen, reversed this “carry trade”. - Hidden Value Gems
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⁠iinvested
2Q'24 Merion Road Capital on $VCTR, $LAKE

https://t.co/crY8866fjc

More fund letters here:
https://t.co/WRGkdL2eBG https://t.co/C64R152izi
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⁠Hidden Value Gems
Just came across this very interesting chart. US share of world GDP and world stock market used to be moving in tandem until 2010 when the two have almost “decoupled”.

The big tech was probably one of the key reasons behind this. The history suggests the largest companies rarely stay on top for long.
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⁠Librarian Capital
US alcohol consumption charts by Bernstein in the FT

Bernstein characterises the current period (since 2011) as "Per Cap Creeps Up, Beer Loses Share"

Per capita spirits volume growing since 2000

cc: $DGE $DEO
https://t.co/OCJyQyC5Gq https://t.co/IRmiYCD3FP
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