Special Situations 🌐 Research Newsletter (Jay)
IMF: the world may be on the cusp of a recession (oh, really?)
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Special Situations 🌐 Research Newsletter (Jay)
New home sales down 8.3% to 590,000 (missing expectations of 655,000), but FHFA House price index still up 1.4% MoM again for June 2022!

S&P CoreLogic 30 City Y/Y housing prices up 20.5%

$XHB $HOV $TOL $LEN $BZH $KBH $DHI
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Ethan Mollick
Many corporate alliances turn out badly, so why do they happen?

Because the incentives of workers & firms aren't aligned! Looking at 135,580 people in the game industry, this paper shows alliances with better rivals hurt the company, but boosts the career of the workers involved https://t.co/69ECIEGdp0
New paper with @grohsjean forthcoming in SMJ (@Strategic_Mgmt) https://t.co/z9Y1NxPkim. We show that some collaborations hurt firm performance, but help employees' career. 1/10 https://t.co/ZrHpPPuPXP - Henning Piezunka
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Santangel's Review
β€œThere seems to be some perverse human characteristic that likes to make easy things difficult.” - Warren Buffett
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Offshore
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Morning Brew β˜•οΈ
Tonight the Mega Millions is holding a drawing for a jackpot of $810M. If won at that amount, it'd be the 4th-largest prize in history.

Could you win? Probably not. The odds are about 1-in-302 million, which means you're more likely to die from a meteorite strike. https://t.co/Q3vasvQJRH
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Morning Brew β˜•οΈ
The head of Instagram, Adam Mosseri, responded to backlash surrounding Instagram's latest updates saying:

"I do believe that more and more of Instagram is going to become video over time. We're going to have to lean into that shift while continuing to support photos" https://t.co/TzT8RMyDch
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Morning Brew β˜•οΈ
We really did have everything didn't we. https://t.co/DVomRyxdd5
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Special Situations 🌐 Research Newsletter (Jay)
Inventory to sales ratios across U.S. retailers...the pain isn't over! $WMT $TGT $GAP $TJX $EXPR $GES $HD $COST $BIG https://t.co/WvIkHPs8ni
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Santangel's Review
β€œI don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it." - Charlie Munger
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Offshore
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Morning Brew β˜•οΈ
after successfully sending that first email of the day https://t.co/YgshIZcjxw
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Offshore
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Special Situations 🌐 Research Newsletter (Jay)
Tech hedge funds like Coatue have reduced net exposures dramatically:
$TSLA $SQ $MRNA $DASH $V $RIVN $BZ $LCRX $PFE $CFLT $META $SQ $SNOW $MSSFT $NFLX $AMZN $DIS $SE $UBER https://t.co/b1zraKTiBP
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Special Situations 🌐 Research Newsletter (Jay)
According to Bank of America $BAC, for every $100 of equity inflow since January 2021, only $4 has been redeemed. Retail traders have no lost all the money they gained during the pandemic, according to $MS Morgan Stanley.

Will we will fund outflows going forward? https://t.co/jWDVBJH1RA
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