Segregated Classrooms Spark Controversy As Proponents Criticize "White Standard"

Segregated Classrooms Spark Controversy As Proponents Criticize 'White Standard' School districts across the country, primarily in major, Democrat-run cities such as Chicago, Seattle, San Francisco and Oakland, have been offering segregated classes in the hopes of battling a decades-long, race-based achievement gap. Illustration: Taylor Callory for Education Week As the Wall Street Journal reports, Evanston Township, a suburb of Chicago, is the latest to introduce the controversial strategy designed to enhance the education experience of students of color - particularly in advanced placement courses. The local school's 3,600-student high school is 44% white, 24% black, 20% hispanic and 5% asian in a mix of wealthy families and lower income families. Some have suggested that the voluntary segregation of black, latino, and white students raises crucial questions about the progress made since the Civil Rights Movement. "Our black students are, for lack of a better word…at the bottom, consistently still. And they are being outperformed consistently,” said Monique Parsons, Evanston school board vice president, adding "It's not good." A white standard? According to Dena Luna, who leads black student-achievement initiatives in Minneapolis Public Schools, "A lot of times within our education system, black students are expected to conform to a white standard," underscoring what proponents have argued is a need for spaces where students of color can thrive - which, for some reason, Indian and Asian students of color don't typically require. The district offers middle- and high-school students electives focused on African-American history and social-emotional support, taught by teachers of color. Created in 2015 for Black boys, the format has expanded to Black girls and will soon expand to Latino students. An internal study showed improved attendance for Black boys in the program in 2017 and average GPAs of 2.27, compared with 2.14 for Black males districtwide. "In our spaces, you don’t have to shed one ounce of yourself because everything about our space is rooted in blackness," said Luna. Evanston's so-called 'affinity classes,' labeled AXLE for black students and GANAS for latino students, have been met with a blend of praise and skepticism. Students in these classes have reported feeling more accepted and represented. "I feel like I represent me and not the whole black race in this AP class," said one AXLE student, expressing a newfound sense of individuality in the learning environment. "It’s a safe space. In AP classes that are mostly white, I feel like if I answer wrong, I am representing all black kids. I stay quiet in those classes." This year there are at least 105 students enrolled in GNAS math courses, while another 72 are enrolled in AXLE math courses, and 14 in AXLE sophomore English class. A 2019 study on the original program for Black boys offered by the Oakland Unified School District found that students who took the affinity class were slightly less likely to drop out of school. The district also offers elective and advisory classes designated for Latino, Asian Pacific Islander and Arab students, said Jerome Gourdine, director of targeted strategies for the district’s office of equity. Evanston is taking the strategy one step further, offering courses for Black and Latino students in core math classes: algebra 2, precalculus and AP calculus, as well as an English seminar. Evanston’s classes for Black students are known as AXLE, an acronym for Advancing Excellence, Lifting Everyone, and those for Latino students are called GANAS, from a Spanish expression that means “giving it all you’ve got.”  -WSJ Meanwhile, both the legality and the social impact of re-segregating classrooms is a topic of fierce debate. "Integration is a positive social good," said Max Eden, an education researcher at the conservative-leaning American Enterprise Institute, who believes these 'affinity classes' undermine the goal of the Civil Rights Act. "We want students to be colorblind and to treat each other only on the basis of who they are as human beings." But will it help test scores? In Evanston, around 75% of white students in 11th and 12th grade enroll in AP classes according to district data, vs. around 25% of black students and around a third of latino students. Of those, in the 2021-22 school year, 80% of white AP test takers earned a score of 3 or higher - the benchmark typically required for college credit, vs 61% of latinos and 48% of black AP students. As these initiatives continue, their impact on educational equity, racial integration, and societal implications will be closely monitored. Of course, unless students - regardless of race, are willing to devote hours of their lives to studying, preparing, and grinding out homework, we suspect this is just going to stoke widening racial divides. Tyler Durden Sun, 11/26/2023 - 20:25.....»»

Category: blogSource: zerohedgeNov 26th, 2023Related News

Saturday links: greedy jobs

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check... EVsTraditional auto dealers don't really want you to buy an EV. ( are fewer miles than the typical ICE vehicle. ( totaled Teslas ($TSLA) in the U.S. are showing up in Ukraine. ( EV chargers are a crap shoot, at best. ( offshore wind industry is at a crossroads. ( to the grid just keep growing in the U.S. ( burning reduces the risk of massive wildfires for years. ( forests burn they lose their ability to hold earth in place, increasing the risk of landslides. ( are also warming the tundra. ( change affects pretty much everything in the U.S. ( forest grow more will help store addititional carbon. ( temperatures increase the odds of avalanches. ( gold now makes up under 30% of the global supply. ( kill a lot more birds than windmills. ( long-beaked echidna has finally been caught on camera. ( Pacific garbage patch is essentially a new marine ecosystem. ( did commercial air travel get so bad? ( your (small) city has been bypassed by the airlines. ( best and worst U.S. airports of 2023. ( to avoid catastrophizing. ( 'micro-actions' can boost your mood. ( in doubt invite that extra person along. ( you shouldn't write your memoir. ( change in the U.S. means shifting insect-borne diseases. ( FDA has approved the world's first vaccine for chikungunya, which is mosquito-borne. ( healthAmerican women now outlive men by some 6 years. ( vaccine recommendations need some more nuance. ( cases are ramping up. ( body and the brain are more connected than we think. ( UK has approved Casgevy, a treatment for sickle cell disease and beta thalassemia, two blood disorders. ( the future of medicine an umanned pod? ( often do children get sick? Often... ('s cannabis laws are confused, just as in the U.S. ( has different effects on adolescents and older adults. ( makes a food 'ultra-processed'? ( truffle prices continue to go higher. ( farmers are in need of broadband. ('s new rules changed everything...for the better. ( A's will do just fine in Las Vegas. ( kids are gambling on sports. ( things don't end well for authoritarian coaches like Bobby Knight. ( peek at what a combined Hulu+Disney streaming service could look like. ( Rosin talks with David Sims and Shirley Li about Hollywood, post-strikes. ( Garcia, “Why college” is more important than “which college.” ( excerpt from Ben Wildavsky’s forthcoming book, "The Career Arts: Making the Most of College, Credentials, and Connections." ( insights from "Apprentice Nation: How the “Earn and Learn” Alternative to Higher Education Will Create a Stronger and Fairer America" by Ryan Neal. ( America's elite universities are all tied up in knots. ( on Abnormal ReturnsWhat you missed in our Friday linkfest. ( links: the death of radio. ( a lifetime, you can accumulate a lot of stuff. The chances are nobody wants any of it. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaHospitality is relevant for more industries than those typically thought of as hospitality. ( the work. Let the results speak for themselves. ( are some jobs so 'greedy'? (»»

Category: blogSource: abnormalreturnsNov 18th, 2023Related News

Xometry, Inc. (NASDAQ:XMTR) Q3 2023 Earnings Call Transcript

Xometry, Inc. (NASDAQ:XMTR) Q3 2023 Earnings Call Transcript November 9, 2023 Xometry, Inc. beats earnings expectations. Reported EPS is $-0.05, expectations were $-0.14. Operator: Good day, and thank you for standing by. Welcome to the Xometry Q3 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there […] Xometry, Inc. (NASDAQ:XMTR) Q3 2023 Earnings Call Transcript November 9, 2023 Xometry, Inc. beats earnings expectations. Reported EPS is $-0.05, expectations were $-0.14. Operator: Good day, and thank you for standing by. Welcome to the Xometry Q3 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Shawn Milne, VP of Investor Relations. Shawn Milne: Good morning and thank you for joining us on Xometry Q3 2023 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer; and Jim Rallo, our Chief Financial Officer. During today’s call, we will review our financial results for the third quarter of 2023 and discuss our guidance for the fourth quarter and full year 2023. During today’s call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, long-term growth, and overall future prospects. Such statements may be identified by terms such as believe, expect, intend, and may. These statements are subjected to risks and uncertainties which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed before the market opened today, and in our filings with the U.S. Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2022 and our Form 10-Q for the quarter ended September 30, 2023 that will be filed later today. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations. We’d also like to point out that on today’s call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision making purposes. And as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute or superior to measures of financial performance prepared in accordance with US GAAP. To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today in our investor presentation, both of which are available on the Investors section of our website at A replay of today’s call will also be posted on our website. With that, I’d like to turn the call over to Randy. Randy Altschuler: Thank you, Shawn. Good morning everyone, and thank you for joining our Q3 2023 earnings call. In Q3, we had record financial results including our highest revenue and gross profit in Xometry history, we reduced our adjusted EBITDA loss by 51% from the prior quarter on our path to profitability. Behind those strong results with record additions of active buyers and orders, and leverage and all of our operating expenses. With momentum from Q3 carrying into Q4. We are successfully executing what we set out to do in the beginning of this year. Returning to our historical marketplace revenue growth of 40% plus, expand gross margins, improve operating efficiencies, and reduced fixed costs. So we could go from a $11.8 million adjusted EBITDA loss in Q1, to potentially break even in Q4. This positions Xometry for robust growth in full year adjusted EBITDA profitability in 2024. We continue to innovate and expand. In October, we launched Teamspace, a collaboration tool to augment our enterprise sales efforts and increase our organic buyer growth. Additionally, today we announced a new exciting partnership with Google Cloud to leverage Vertex AI to accelerate instant quoting for new markets on Xometry’s AI-powered marketplace. I will outline each in more detail later in the call. Here are some of the financial highlights from Q3 and their expected impact on Q4. Let’s start with revenue. We grew revenue 15% year-over-year to $119 million, driven by strong 22% year-over-year growth in marketplace revenue offset by 16% year-over-year decline in supplier services revenue, primarily due to the discontinuation of our sale of tools and materials. Marketplace revenue included 78% year-over-year growth in our International segment, primarily in our European markets. We had forecast even more revenue growth in international in Q3, but some of that has been pushed into Q4, due to the timing of certain orders. U.S. marketplace Q3 revenue was also strong, with the highest sequential quarterly growth in the last 12 months, growing $9 million quarter-over-quarter from Q2 of this year. In both the U.S. and internationally, growth was across many customer verticals, including general manufacturing, industrial equipment, aerospace and defense. Growth remained strong in injection molding as recent investments in technology and processes are driving an expanding pipeline of business. Underlying activity in the marketplace is strong with active buyers and orders in Q3, growing over 40% year-over-year. In Q4, we expect marketplace revenue growth in active buyer growth to converge, as quarterly revenue per active buyer remained stable year-over-year. Digital power overall marketplace growth of approximately 40% in Q4. Coupled with relatively flat quarter-over-quarter supplier services revenue. We expect overall revenue growth in Q4 in the range of 30%. Next is gross profit. Gross profit increased 13% year-over-year to $46.2 million, driven by 25% growth in marketplace gross profit. Over the last two years, we’ve expanded marketplace gross margins by 550 basis points. In Q4, we expect marketplace gross margins to increase sequentially quarter-over-quarter, driven by our machine learning algorithms and the growth of our network of suppliers. Finally, is our adjusted EBITDA, as I noted earlier, in Q3 we further improved our operating leverage, reducing our adjusted EBITDA loss from Q2 by 51% or $4.4 million. This is a result of higher revenue and gross profits increased operating efficiency and cuts we’ve made in our fixed costs. In Q3, we balanced our advertising investments against profitability goals with advertising spend, down 7% year-over-year. Our marketplace unit economics continue to improve, driven by expanding gross margins, and increasing advertising efficiencies, partly driven by the strong growth in our SEO traffic. We reduced our cost to acquire a net new active buyer by 27% year-over-year. Powering our strong Q3 financial results and the outlook for Q4 with progress we made in different areas of our business. Here are some of the highlights. One, after a successful pilot with several large customers in Q3, in Q4 we integrated Teamspace into the Xometry platform for all of our buyers to use. Teamspace moves the Xometry marketplace from a focus on individual buyers and parts to procurement teams managing assemblies and products. Teamspace further expands our enterprise solutions and land and expand strategy. We expect Teamspace to drive organic user growth on the marketplace and further drive advertising efficiency. The early feedback is positive. With rapid adoption including over 300 teams created since launch. Two, we continue to expand aggressively internationally, customers and orders are ramping at a solid pace in recently launched markets, including the United Kingdom. In Q3, we had Portuguese to our European site and launched new automated inspection reports for buyers. In early Q4, Xometry Asia in collaboration with Alibaba Group’s launched our instant quoting technology on 1688 B2B wholesale marketplace mobile app. Through, and we have leveraged Xometry’s core technology to provide localized marketplaces in 14 different languages with networks of suppliers across Europe and Asia, as well as North America. Three, we made further progress expanding our marketplace menu with new processes materials, finishes, and certifications. In Q3, we launched a new certification on the platform AS9100 which is an important quality management standard for the global aerospace industry. This further expands our capabilities in this vertical and is particularly relevant for customers ordering flight parts. Fourth, we continue to modernize advertising products and expand self-service options on the Thomasnet platform making it easier for suppliers to start their advertising journey. In Q3, we made further investments to move to a pay-for-performance advertising model on Five, today we announced a partnership with Google Cloud leveraging Vertex AI to help accelerate deployment of new auto quoting models within Xometry’s AI-powered Instant Quoting Engine. Since our inception, we’ve been utilizing AI to instantly quote a growing number of categories in our marketplace. Leveraging Vertex AI, Xometry expect to accelerate the deployment of new auto quoting models. With the data we have for hundreds of additional unique categories including many on Thomasnet, we can further grow our customer share wallet, in the giant custom manufacturing market. This partnership represents a formidable combination. Xometry is a technology company disrupting an addressable market that can be measured in multi-trillion dollars and millions of buyers. As we continue to expand the application of our AI, increase the breadth of what we can offer and grow our international footprint. We are serving more and more buyers. Likewise, as we continue to gain market share. We expect more and more suppliers to participate, accepting jobs from buyers, advertising on Thomasnet and using our work center software. Capitalizing on those trends. We not only expect accelerating revenue growth in Q4 this year, we expect robust growth in 2024, and for many years thereafter. We went public in 2021 with the goal of driving significant shareholder value, by building a large disruptive leading technology company in one of the largest global industries. The shift to digital, which has happened in so many other industries is inevitable in custom manufacturing. We are the market leader and every day. We continue to expand our competitive moat by improving upon our proprietary pricing and matching algorithms, growing our data lake, enlarging our network of buyers and suppliers, and increasing our global footprint. Throughout 2023. Our sequential revenue growth and profitability have improved each quarter. In Q4, we expect accelerating revenue growth of approximately 30% and the potential to be adjusted EBITDA breakeven settings Xometry app for a powerful 2024. With that I will now turn the call over to our CFO, Jim Rallo. Jim Rallo: Thanks, Randy, and good morning everyone. As Randy mentioned, Q3 was a record revenue and gross profit quarter for Xometry and we significantly reduced our adjusted EBITDA loss quarter-over-quarter by 51%. Q3 revenue increased 15% year-over-year to $119 million, driven by strong marketplace growth Q3 marketplace revenue was $102 million in supplier services revenue was $16.5 million, reflecting the discontinuation of the sale of supplies. Q3 revenue growth, adjusting for the exit of the supplies business increased 17% year-over-year. Q3 marketplace revenue increased 22% year-over-year driven by a strong growth in the number of active buyers, partly offset by lower average revenue per buyer on a year-over-year basis. Q3 active buyers increased 43% year-over-year to 52,467 with a record net addition of 4,173 active buyers. Our active buyer and order growth, were much stronger than our reported marketplace revenue growth rate in Q3. In Q4, we expect marketplace revenue growth, and active buyer growth to converge. As quarterly revenue per active buyer remained stable year-over-year, this will drive overall marketplace revenue growth of approximately 40% in Q4 year-over-year. In Q3, the percentage of revenue from existing accounts was 96% underscoring the efficiency, and transparency of our business model that leads to increasing account stickiness, and spend over time. Once an account joins our platform, we aim to expand the relationship and increase engagement, and spending activities from the account over time. The number of accounts with last 12 months spend of at least $50,000 on our platform reached 1,223 at the end of Q3, up 26% year-over-year. In Q3, we accelerated the growth of net new accounts with LTM spend of at least $50,000 with 64 versus 50 in Q2. Supplier services revenue declined 16% year-over-year in Q3, we discontinued the sale of supplies in the U.S. in Q2, which negatively impacted supplier services revenue by approximately $2 million year-over-year in Q3. Our core advertising and marketing services revenue remained stable in Q3 quarter-over-quarter. The number of active paying suppliers for Q3, 2023 was 7,415 on a trailing 12-month basis, a decrease of 2% year-over-year. Excluding the impact of the exit of the supplies business, active paying suppliers increased 4% year-over-year. Active paying suppliers is the number of suppliers who have purchased one or more of our supplier services including digital marketing or financial services during the last 12 months. Q3 gross profit was $46.2 million, an increase of 13% year-over-year. Total gross profit margin was 38.9%. Q3 gross margin for marketplace was 31.1%, up 70 basis points year-over-year. Q3 marketplace gross profit dollars increased 25% year-over-year. We are focused on driving marketplace gross profit dollar growth. In Q3, incremental marketplace gross margin was 34% year-over-year providing further visibility to our long-term gross margin expectations of 35% to 40%. We expect marketplace gross margin to expand sequentially from Q3 to Q4. Q3 gross margin for supplier services was an all-time high of 87.2% driven by the high gross margin of Thomas Marketing and advertising services and growing financial services. Supplier services gross margin increased 740 basis points quarter-over-quarter due to the discontinuation of the sales of supplies, which carried a significant lower gross margin. Moving onto Q3 operating costs. Q3 total non-GAAP operating expenses increased 6% year-over-year to $50.5 million. Q3 non-GAAP operating expenses declined $2 million quarter-over-quarter reflecting the full quarter impact of the 4% reduction in workforce and consolidation of office space, we announced in Q2, 2023. Additionally based on our cost savings and operating efficiency initiatives. We are seeing improving profitability in our Thomas Advertising and marketing services business. Within our operating expenses, sales and marketing is our largest component. In Q3, non-GAAP sales and marketing expenses increased 9% to $21.2 million, as compared to $19.5 million in Q3, 2022. This increase in non-GAAP sales and marketing expense on a year-over-year basis, was driven by hiring of additional salespeople to support growth in our land and expand strategy. We delivered record growth in new-net active buyers in Q3, leveraging increasing brand awareness and efficient marketing. Q3 advertising spend decreased 7% year-over-year as we continue to balance growth and profitability goals. Q3 adjusted EBITDA loss was $4.2 million or 3.5% of revenue, compared with 6.3% of revenue in Q3, 2022. Turning to segment reporting. In Q3, revenue from our U.S. and international operating segments was $103 million and $15.5 million respectively. As Randy mentioned earlier, we saw strong order growth in Europe, we had forecast even more European revenue growth in Q3, but some of that has been pushed into Q4, due to the timing of certain orders. We therefore expect particularly strong quarter-over-quarter international revenue growth in Q4. Segment loss from our U.S. and international operating segments for Q3 was $7.9 million and $4.1 million respectively. At the end of the third quarter, cash and cash equivalents and marketable securities were $276.8 million. Now moving on to guidance. We are widening our revenue and adjusted EBITDA guidance range, slightly given the rapid growth and increasing size of our business. In particular for revenue. Our range encompasses the recent strengthening of the U.S. dollar, which creates a potential incremental headwind in Q4 revenue versus our prior guidance on a spot basis. We expect Q4, 2023, revenue in the range of $126 million to $130 million, representing year-over-year growth of 28% to 32%. We expect marketplace revenue growth to accelerate in Q4 on a year-over-year basis to the 40% range. As previously mentioned in Q4, we expect our marketplace revenue growth to largely converge with the active buyer growth rates that we have consistently delivered this year. In Q4, we expect adjusted EBITDA to be in the range of breakeven to a loss of $2 million. Q4 adjusted EBITDA loss will be lower quarter-over-quarter driven by sequential growth in marketplace revenue improving marketplace gross profit, increased operating efficiency, and further measures to tighten operating expenses. We are continuing to invest in key growth initiatives, including enterprise sales and international. In Q4, we expect stock-based compensation expense to be approximately $5 million to $6 million, which we will exclude from adjusted EBITDA. With that operator, can you please open up the call for questions. See also 12 Countries That Produce the Best Music and 15 Biggest Home Appliance Companies in the World. Q&A Session Follow Xometry Inc. Follow Xometry Inc. We may use your email to send marketing emails about our services. Click here to read our privacy policy. Operator: Thank you very much. [Operator Instructions] Our first question today comes from Brian Drab with William Blair. Your line is open. Brian, your line is open. Shawn Milne: Operator, we can come back to Brian in a second if he is not on. Operator: Pardon me. Shawn Milne: We can come back to Brian in a second. If he jumps back. Let’s go to the next caller. Operator: Okay. Our next caller is Nick Jones from JMP Securities. Your line is open. Nick Jones: Great, thank you for taking the questions. I have two, I guess first on kind of the buyer growth, can you speak to how much the Teamspace is contributing to the buyer growth, I think in the short order there was over 300 teams have been created. Just kind of structurally change the type of kind of net adds, we should expect on the active buyer number. And then I guess a follow-up on this would be you know what is the spending behavior of active buyers coming in through Teamspace, do they spend similarly, if you’re going to increase, maybe the net adds from this solution. Does this maybe weigh on marketplace revenue per active buyer near term as you kind of ratchet up the number of active buyers adding? Thanks. Randy Altschuler: Thanks, Nick. It’s Randy and great question. So we didn’t release Teamspace until October. So in Q3, it was still in beta with just a handful of customers, so the record net add in Q3 was not, because of Teamspace but we certainly think that Teamspace in Q4 and beyond will contribute to net active, the growth in active buyers. At this point, we don’t expect there to be any change negative change in revenue per quarter from active buyers to Teamspace potential upside, but at this point. We certainly don’t expect any downside from it. Shawn Milne: Yes, Nick. It’s, Shawn, Just add in Q3. What we saw as Randy said record net additions. We’re seeing really strong growth in SEO traffic. One of the things we called out on the call was that our cost of a net new active buyer was down 27% year-over-year, so seeing very strong efficiency in advertising. We’re also seeing very good growth in Europe as well. And just seeing across the board. Our brand awareness is improving and you should continue to see very healthy net adds going forward. Nick Jones: If I said, to this is quick follow-up on international, you are still strong year-over-year growth, but sequentially, it was kind of flat in 3Q anything to call out on what’s happening internationally are things may be slowing down a little bit, on a sequential basis or just any extra color there would be great? Thanks. Randy Altschuler: Yes, no Nick. Business is very healthy in international and again this year as we talk about [ph] international is primarily Europe order growth and buyer growth is very strong. It was really just a timing issue. So, as we call out on the call. You’re going to see some really strong quarter-over-quarter revenue growth in international, particularly in Europe in Q4. So everything is going great. It’s more of a timing issue and you should see a nice uptick in Q4. Shawn Milne: Yes, it’s Shawn, just to double-click on that. I mean, again that was a very slight timing issue. Although revenues are recognized in October. And we have good visibility there. We expect strong sequential growth, as Randy said top of the funnel in Europe in Q3 year-over-year was very strong in terms of buyer and order growth......»»

Category: topSource: insidermonkeyNov 11th, 2023Related News

Yuan De Facto Peg To The Dollar Looks Here To Stay

Yuan De Facto Peg To The Dollar Looks Here To Stay By George Lei, Bloomberg Markets Live reporter and strategist The US dollar suffered its worse selloff since mid-July last week, bringing some relief to China’s policymakers. With the world’s second-largest economy effectively pegging the yuan to the greenback, Beijing can ride the likely wave of dollar weakness that will also see the Chinese currency depreciate on a trade-weighted basis. Dollar-yuan has traded around 7.30 since mid-August in both onshore and offshore markets: fluctuations, either upward or downward, have been less than 1%. The steady hand of PBOC helped suppress one-month implied volatility on the onshore yuan below 3%, to the lowest since February 2022. In offshore trading, where PBOC has relatively less clout, one-month implied vol is now lower than 4%, at levels last seen in April 2022. PBOC’s favorite tool for stabilizing the dollar-yuan exchange rate is its daily fixing. The Chinese central bank has kept such a tight grip on the reference rate, sending its volatility to almost zero, something that last took place 13 years ago. From the onset of global financial crisis in 2008 to the middle of 2010, Chinese authorities essentially pegged their currency at 6.82 per dollar. Suppressing swings in the dollar-yuan exchange rate is the main route on the road to financial stability. But with it comes side effects that can create headwinds for an economy struggling to recover. Between mid-July and early-October, the Bloomberg dollar spot index rallied almost 7% from its 2023 low to high. While the yuan declined against the dollar over the same period, on a trade-weighted basis it advanced nearly 4%. That’s because the Chinese currency held up much better against the greenback than other currencies under the PBOC’s support. Now, should the weakening dollar trend persist, the yuan will likely follow suit on a trade-weighted basis, helping boost the country’s competitiveness. “It would be too early to declare victory in preserving RMB stability and PBOC will likely phase out its FX policy support gradually,” Ken Cheung, chief asian FX strategist at Mizuho Bank Ltd. said in a client email on Monday. While outflows from onshore equities have moderated recently, China’s property market is still not out of the woods yet and the growth outlook remains generally bearish, Cheung noted. While the PBOC has practically left yuan’s daily fixings flat, the currency has kept trading on the weaker side over the past couple months, sometimes pushing the boundaries set by policymakers (yuan is only permitted to deviate a maximum 2% away from the reference rate in onshore trading). If the PBOC were to loosen its grip, market equilibrium will probably imply a much weaker Chinese currency despite a falling US dollar. Bearish dollar moves are “likely to do much of the work” for the PBOC, which makes it less likely for policymakers to “give up on their defense of the currency,” according to a research report from JPMorgan on Friday. The US bank believes a large downside move in dollar-yuan is unlikely given the easing policy stance, and favors selling 3-month volatility for USD/CNH. Tyler Durden Mon, 11/06/2023 - 21:40.....»»

Category: worldSource: nytNov 6th, 2023Related News

Longform links: remembering sentences

Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at the power... BooksAn excerpt from "Optimal Illusions: The False Promise of Optimization" by Coco Krumme. ( excerpt from Michael Wolff's new book, "The Fall: The End of Fox News and the Murdoch Dynasty." ( Q&A with Taylor Lorenz author of "Extremely Online: The Untold Story of Fame, Influence, and Power on the Internet." ( the 'war on cancer' a failure? ( has yet to come to terms with its CTE issue. ( are we to make of declining testosterone levels? ( understanding of Neanderthals is outdated. ( the origins of the Indo-European language tree. ( communication is more sophisticated than commonly thought. ( profile of 80-year old director Martin Scorcese. ( A24 turned into a cultural powerhouse. ( has now turned to Sam Bankman-Fried's parents. ( history will look back at the tenure of General Mark Milley. ( catch-22: the world needs more air conditioning. More air conditioning fuels climate change. ( state of the global wristwatch market. ( can thank private equity for the mainstreaming of AR-15s. ( profile of OpenAI founder Sam Altman. ( economics professors are paid more than sociology professors. ( to manage the different phases of a creative career. ( downside of AP classes. (»»

Category: blogSource: abnormalreturnsSep 28th, 2023Related News

Hedge Fund and Insider Trading News: Steve Cohen, Cathie Wood, Caledonia Investments, Vapotherm Inc (VAPO), Inhibrx, Inc. (INBX), and More

What’s Next For Bitcoin ETFs? Cathie Wood, ARK Invest Experts Weigh In ( The cryptocurrency industry eagerly awaits the next decision from the Securities and Exchange Commission after a U.S. court ruling a week ago regarding Grayscale Investments (GBTC). Experts believe the ruling moves the U.S. another step closer to getting its first bitcoin exchange […] What’s Next For Bitcoin ETFs? Cathie Wood, ARK Invest Experts Weigh In ( The cryptocurrency industry eagerly awaits the next decision from the Securities and Exchange Commission after a U.S. court ruling a week ago regarding Grayscale Investments (GBTC). Experts believe the ruling moves the U.S. another step closer to getting its first bitcoin exchange traded fund. “We’re really excited about some of the breakthroughs in the regulatory landscape when it comes to crypto,” Cathie Wood, ARK Invest CEO said during the “In The Know with Cathie Wood” podcast episode released late Friday. Steve Cohen’s Point72 Ventures Leads $15M Fundraising in Swiss Fintech GenTwo (Coin Desk) GenTwo, a fintech platform that specializes in securitization, raised $15 million in a Series A funding round led by hedge fund luminary Steve Cohen’s Point72 Ventures, the company said on its website. The Zurich-based firm plans to use the funding to grow internationally and to develop its financial engineering platform. The company’s PRO platform lets investors securitize and bring to market any asset or investment strategy in the form of a bankable security. It allows for non-bankable assets including real estate, fine art or digital assets to be made accessible to all investors. Hedge Funds Block Commercial REIT Merger (The Wall Street Journal) Real-estate investment trusts Diversified Healthcare Trust and Office Properties Income Trust say they won’t move forward with the merger proposed by their manager RMR Group. The deal’s termination follows an opposition proxy campaign by hedge funds with large stakes in Diversified Healthcare, including DE Shaw, Flat Footed, H/2 Capital Partners and Lonestar Capital. The hedge funds said the transaction would burden Diversified Healthcare, which primarily owns retirement communities and medical facilities, with office properties that are struggling to keep tenants. That would protect fee revenue for RMR but hurt Diversified Healthcare shareholders, they said. Source: pexels Caledonia Hedge Fund Encourages Investors to Hold On to Controversial Zillow Investment (ClaytonCountyRegister) Caledonia, the hedge fund run by joint chief investment officers Will Vicars and Mike Messara, has urged its investors to hold and top up on their shares in North American real estate platform Zillow. Despite turmoil in the US property market, Caledonia remains confident in Zillow’s long-term potential. Mortgage rates in the US have reached their highest level in more than 20 years, leading to fewer homes on the market. As a result, some homeowners are unable to move due to the increased cost of switching to higher mortgages. However, Caledonia believes that this situation has created pent-up demand for house moves, which will eventually favor Zillow. Ex-GIC Bond Manager Launches Hedge Fund ( A former credit portfolio manager at Singapore sovereign wealth fund GIC is reportedly launching a hedge fund in London. Ex-GIC bond manager Reuben Abrams will roll out a hedge fund in London, according to a «Reuters» report citing a client note from BNP Paribas. The fund – Adira Investment Management – is a long/short strategy focused on corporate credit and launch in the fourth quarter of this year......»»

Category: topSource: insidermonkeySep 5th, 2023Related News

NYU, Columbia And Other Top Med Schools Face Discrimination Complaints By White, Asian Teens

NYU, Columbia And Other Top Med Schools Face Discrimination Complaints By White, Asian Teens Six medical schools in New York state have been hit with civil rights complaints by white and asian teens who say the schools have made it easier for blacks and other races to join their introductory courses. According to the Daily Mail, Columbia, NYU and other top institutions now face probes by the federal Department of Education, after six letters of complaint were filed with the DoE's civil rights office in New York. The complaints, filed by the nonprofit Equal Protection Project (EPP), say the state's Science and Technology Entry Program (NY-STEP) makes it easier for some 7-12th graders to get a spot than others. Under the scheme, students who are black, Latino, Alaskan native or American Indian can seek a place. Others — including whites and Asians — have to also show they're 'economically disadvantaged' to apply. According to EPP founder William Jacobson, this "additional barrier to eligibility" is illegal. "Erecting additional barriers for some races and ethnic groups in and of itself is unlawful discrimination," he told the Mail. "Imagine if the roles were reversed, and these programs explicitly favored Asians and whites — there would be universal outrage and these medical schools would never accept such funding." According to the report, the discriminatory schemes are designed to give "highly motivated" secondary school students access to the state's top medical schools, where they can learn key skills and obtain a mentor - with the goal to "increase the number of historically underrepresented and economically disadvantaged students" in the medical field, according to Columbia's website. Jacobson says that the policy unfairly assumes that all asian and white kids have it easy. "The eligibility guidelines engage in the types of crude stereotypes that presume students of certain racial and ethnic groups are disadvantaged and in need of preference," he said. Albany Medical College's website features details of the NY-STEP scheme According to EPP, the schools should face fines or lose federal funding. The civil rights office is a 'neutral fact-finder' that aims to investigate complaints and propose resolutions, according to its website. The letters refer to the US Supreme Court's decision in June to strike down affirmative action in college admissions. The justices declared that race cannot be a factor in the process, forcing institutions of higher education to look for new ways to achieve diverse student bodies. EPP says it is against racial discrimination in college admissions. Most of its cases and complaints involve discrimination against whites. -Daily Mail Of note, black students made up one-tenth of those enrolled int he 2022-2023 year according to the report, while Latinos made up 12%. Tyler Durden Mon, 08/28/2023 - 20:00.....»»

Category: dealsSource: nytAug 28th, 2023Related News

Progressive Insurance Sued Over "Patently Unlawful" Racism For $25K Black-Only Business Grants

Progressive Insurance Sued Over 'Patently Unlawful' Racism For $25K Black-Only Business Grants Progressive insurance is being sued for "patently unlawful" racism over a program which awards exclusively black-owned businesses $25,000, while allegedly discriminating against businesses owned by white, asian, hispanic and anyone else who isn't black. Filed in an Ohio federal court on Wednesday by the conservative group America First Legal (AFL) - which is headed by former senior Trump adviser Stephen Miller - the class-action lawsuit filed on behalf of the owner of Freedom Truck Dispatch, Nathan Roberts, claims that Progressive racially discriminated against non-black small-business owners by offering the grants to 10 "black-owned small businesses to use toward the purchase of a commercial vehicle." The lawsuit claims that on May 24, Roberts - a customer of Progressive - received an email advertising "a grant opportunity for their [Progressive’s] commercial-trucking small-business owners," but that "Progressive decided that only black-owned businesses would be eligible for these grants," since "studies have shown how inequities have made it harder for black entrepreneurs to access capital." Progressive is joined by defendant Hello Alice, which it partnered with on the financial award extended to black-owned businesses with 10 or fewer employees and a turnaround below $5 million. The insurance company announced its 2023 winners in a Tuesday press release, which stated that "Progressive is stepping in to provide funding to Black entrepreneurs to help navigate their small business journey." According to Roberts' suit, the entire scheme was nothing more than "racially discriminatory grantmaking" with the "racially discriminatory requirement" to be black in order to qualify. AFL lawyer Gene Hamilton told the Daily Mail that the case was part of a larger pushback against big corporations injecting "racial considerations into every aspect of their business operations, employment practices, and so much more." The lawsuit asks that the court declare Progressive's grants illegal, and to award the plaintiffs "nominal" compensation and legal fees. Tyler Durden Sun, 08/20/2023 - 20:00.....»»

Category: worldSource: nytAug 20th, 2023Related News

Tuesday links: a lot of luck

StrategyDon't make your investments based on who is in the White House. ( do dividend-focused strategies outperform? ( Holdings is planning investments from Apple, Samsung and Intel on its IPO. ( Semi ($TSM) is building a big chip factory in Germany. ( lossIn a study, Novo Nordisk’s ($NVO) Wegovy not only helped people lose weight but also reduced their risk of cardiovascular events. ( large portion of the population is interested in obesity drugs, but don't want to do injectables. ( evidence piles up, insurers will have a problem not paying for the new weight loss drugs. ( capitalSome sectors, like co-working, that turned out to be 'winner-take-none.' ( VCs are pulling back from the U.S. ( mediaWhy the media needs to be more credulous when covering Elon Musk. ( News just raised a new round (~$10 million) of capital. ( does measures of 'economic uncertainty' actually measure? ('s changes may wreck it as a sentiment tool. ( are 'state-sponsored scams.' ( on Abnormal ReturnsResearch links: learning in a bear market. ( you missed in our Monday linkfest. ( links: next generation investors. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaKKR ($KKR) is buying book publisher Simon & Schuster. ( to become a better reader in adulthood. (»»

Category: blogSource: abnormalreturnsAug 8th, 2023Related News

Friday links: troubling economic effects

StrategyWhy you can't hedge inflation in the short run. ( Q&A with William Bernstein author of "The Four Pillars of Investing." ('t confuse collectibles with investments. ( and wearables are the standouts for Apple ($AAPL). ( Apple ($AAPL) is shifting iPhone production to India. ('s new Vision Pro is going to need content. ( ($NFLX) changed how content is made. Hence the Hollywood strikes. ( drinks make up some 75% of Starbucks ($SBUX) sales. ( you really want to get your healthcare from Dollar General ($DG)? ( equity, i.e. KKR ($KKR) is circling publisher Simon & Schuster. ( Housel, "A good reading filter is more art than science. You’ll have to find one that works for you." ( Sarris, "You should start many books and complete few. You should never feel beholden to completing them, there are simply too many worthwhile works to read." ( July NFP report showed a 187k jump in jobs and a 3.5% unemployment rate. ( is continued deceleration in the jobs market. ( American economy is normalizing. ( U.S. economy has reached a new, post-pandemic phase. ( on Abnormal ReturnsPodcast links: having better conversations. ( you missed in our Thursday linkfest. ( links: the case for optimism. ( a plan for your stuff, before someone else has to. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaAn example of how doing a simple task immediately could save a lot of hassle down the road. ( you should treat your to-do list more like a menu. ( people are simply avoiding the news. (»»

Category: blogSource: abnormalreturnsAug 4th, 2023Related News

Saturday links: suppressed complaints

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check... TeslaTesla ($TSLA) has long tried to suppress complaints about vehicle range. ( term Tesla ($TSLA) owners still love their vehicles. ( consortium of automakers is planning to build out a U.S. charging network. ( ($GM) is struggling on the battery manufacturing front. ( makers are upping their goals to create family-style vehicles. ( ways the U.S. car buying experience has changed. ( is a shortage of truck parking spots. ( and e-bikes can be a deadly combination. ( Fervo Energy has demonstrated a viable geothermal energy system. ( offshore wind is transforming these East coast ports. ( fossil fuel assets are stranded they also need to be cleaned up. ( look at some bladeless wind turbines. ('s reservoirs are filling back up again. ( coastal home owners (and buyers) have the climate data they need to make informed decisions? ( Chinese dams affect countries downstream. ( wastewater is the future. ( can't hide from heat, so you have to adapt. ( geoengineering solutions should not be off the table. ( are losing their ability to store carbon. ( you need to know about tarmac delays. ( will bar cruise ships from docking in the city center. ( Clear is controversial. ( patients get the benefits of psychedelics without the trip? ( could hold promise for treating anorexia. ( Tyler Cowen doesn't use psychedelics. ( the youth suicide rate may be overstated. ( are doing your vacation all wrong. ( praise of being lazy. ( ($MRNA) and Merck ($MRK) are pushing forward with a melanoma mRNA vaccine. ( statins can reduce cardiovascular risk for patients with HIV. ( many as 450,000 Americans may be living with alpha-gal syndrome. ( it looks like to treat a population with obesity drugs at-scale. ( should get the new RSV vaccines? ( heat makes taking that daily walk challenging. ( the importance of upping your non-exercise activity thermogenesis. ( has a sustainability problem. ( supplement Kratom is blamed for causing a number of deaths. ( love their energy drinks way too much. ( new avocado breed is coming to market. ( diets account for fewer carbon emissions. ( you trust the labels on tinned fish? ( is baby corn anyway? ( 'The Bear' gets right about Chicago. ( happens when Dave Portnoy walks into your pizza place. ( different states start to eat dinner. ( drop in alcohol consumption from the Middle Ages to modern society is stunning. ( Modelo Especial became the best-selling beer in America. ( states where alcohol-related deaths are on the rise. ( you drink beer from recycled wastewater? ( Snyder was arguably the worst owner in U.S. pro sports, yet still walked away with a $5 billion profit. ( league investments in ESPN would be a poisoned chalice. ( are we to make of Saudi Arabia's investment in soccer? ( Deming, "The bottom line is that going to an Ivy-Plus college really matters, especially for high-status positions in society." ( these twelve colleges and you change the country. ( and wealth are intertwined. ( on Abnormal ReturnsWhat you missed in our Friday linkfest. ( links: how to say no better. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaWhy so many people feel comfortable posting videos of strangers online. ( workers adjust when they switch to a four day workweek. ( luxury works only for those who know what to listen for. (»»

Category: blogSource: abnormalreturnsJul 29th, 2023Related News

Wednesday links: the market’s other plans

MarketsA look at all the signs of risk-on behavior. ( clues that showed the way to a better 2023 for the stock market. ('s ($MSFT) stock is at an all-time high. ( VIX is at it lowest post-Covid level. ( often looks best, when it is the worst investment. ( risk is real. ( debt investors have more inventory coming down the pike. ( ($NDAQ) is hitting pause on its crypto custody plans. ( Tech ($ODD) priced above the range. ( capitalIs the venture capital model based on predatory pricing? ( startups have a limited amount of time to dig a moat. ( the Innovator US Equity Principal Protected ETF is different. ( single-stock ETF now has more than $1 billion in AUM. ('s ($TSLA) board is having to repay $735 million after being sued. ( is Tesla's ($TSLA) self-driving technology worth, if anything? ( ($CMG) is now targeting smaller towns. ( loves hot dogs. Why don't more fast food restaurants serve them? ( Queen rules the ice cream roost around most of the country. ( is a truce in the 'Taco Tuesday' wars. ( is a developing country. ( has started to increase retirement ages. ( are few houses for sale. That's why homebuilders are booming. ( rents are baking in lower inflation down the road. ( home should reflect you, not HGTV. ( Citi U.S. economic surprise index is soaring. ( the inverted yield curve is really telling us. ( on Abnormal ReturnsPersonal finance links: unfair comparisons. ( you missed in our Tuesday linkfest. ( links: the promise of outperformance. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaThree ways that taking a vacation helps well-being. (»»

Category: blogSource: abnormalreturnsJul 19th, 2023Related News

Tuesday links: a geopolitical rift

BooksAn excerpt from Scott Patterson's "Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis." ( from "The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown" by John Jennings. ( insights from Scott Patterson's "Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis." ( OpenAI-Microsoft ($MSFT) partnership is not without conflict. ( Salesforce ($CRM) is position itself for the AI revolution. ( ($ACN) is planning to spend big on AI. ( inside Goldman Sachs ($GS) is growing. ( this activist investor is facing off with John Malone over Comscore ($SCOR). ( fintech lenders abet widespread PPP fraud? ( are still toting up the costs of Covid-19 pandemic relief fraud. ( Japanese officials are doing to boost the stock prices of depressed companies. ( is reopening its office in Japan. ( Thompson talks with Andrew Yeo about falling global fertility rates. ( registrations in China keep falling. ( consumer inflation ran at 4.0% in May. ( shelter prices will drive the next leg down in CPI. ( a plain vanilla term spread model says about the prospects for a recession. ( on Abnormal ReturnsResearch links: time period sensitivity. ( you missed in our Monday linkfest. ( links: paying for advice. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaWhy platform owners keep making the same mistake. ( Athletic is turning its back on its founding ethos. ( is at war with itself. (»»

Category: blogSource: abnormalreturnsJun 13th, 2023Related News

Saturday links: the pickup truck paradox

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check... AutosHow pickup trucks got so darn big. ( longer an EV is driven the better the carbon impact. ( lanes are good for business. ( solar panel prices are falling. ( not turn parking lots into solar power hubs? ('s holding up major renewable projects? ( do you get 'green hydrogen'? ( Feds are going to have to make cuts to state water allocations from the Colorado River. ('s water problems are only getting worse. ( NASA's newly launched Surface Water and Ocean Topography satellite is a big deal. ( the midst of the drought many Californians dropped flood insurance. ('s Great Salt Lake could be gone in five years. ( is happening up to two weeks early. ( air quality has a big impact on learning and cognition. ( Maricopa County tries to reduce heat-related deaths. ('t use your gas stove just to boil water. ( to recycle your old smartphone. ( say light pollution is getting worse, faster. ( NASA's and Tesla's rockets that are set to go to the Moon. ( livestreams ever be made safe? ('s the actual use case for a VR headset? ( new MacBook Pros are a big upgrade over prior versions with Intel chips. ( did Apple ($AAPL) revive the HomePod? ( we move our bodies affects our psychology. ( ways of achieving calmness. ( tripledemic is fading. ( everyone is happy about the development of effective anti-obesity drugs. ( naloxone isn't more widely available. ( to expect when prepping for a colonoscopy. ( boosters are showing effectiveness against the newest variants. ( Covid boosters are shifting to an annual, flu-like, schedule. ( 'excess deaths' tell us about the impact of Covid. ( NPIs worked around the world in 2020. ( overwhelmingly choose this store-bought marinara sauce. ( we shouldn't be surprised about the egg price situation. ('s actually in your store-bought chicken stock? ( Kenji Lopez Alt on which food expiration dates actually matter. ( the relationship between alcohol consumption and health. ( look at how the craft beer space has gotten so competitive in one state. ( is seeing a boost in alcohol exports. ( Tire Ale is rebranding as a 'zero emission' brew. ( its so hard to shut down puppy mills for good. ( pandemic pet bubble has burst. ( sports is full of all sorts of contradictions. ( Formula One teams ship stuff around the world. ( it or not, pro pickleball is coming to your television. ( of the best live sports events in the world including the Monaco Grand Prix. ( 13 best Wall Street movies including 'Trading Places.' ( ($NFLX) and 'Stranger Things' dominate the list of the most-streamed shows in 2022. ( problem with movies today - they look too perfect. ( will be coming to terms with ChatGPT for a long time. ( can pass an MBA operations management class. ( on Abnormal ReturnsWhat you missed in our Friday linkfest. ( links: the simulation of learning ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaTipping sucks, but seems impossible to get rid of it. ( does nonalcoholic beer work as a hydration vehicle after exercise? ( solid majority of Americans are in favor of legalized cannabis. (»»

Category: blogSource: abnormalreturnsJan 28th, 2023Related News

Bitcoin Surges Above $23,000; Best Start To A Year Ever...

Bitcoin Surges Above $23,000; Best Start To A Year Ever... Bitcoin's rampage higher in 2023 accelerated overnight with the largest cryptocurrency topping $23,000 for the first time since August 2021... Source: Bloomberg The latest thrust pushed bitcoin back above its 200-day moving-average... Source: Bloomberg And while Ethereum has also surged, Bitcoin has dramatically outperformed its peers, erasing the year-to-date relative gains of the DeFi surge... Source: Bloomberg As Bitcoin Magazine's Dylan LeClair details, one of the most useful models in tracking the cyclical tops for both the S&P 500 Index and bitcoin since March 2020 has proven to be net liquidity, an original model by 42 Macro. Net liquidity tracks the changes in Federal Reserve total assets, the U.S. Treasury general account balance and the reverse repo facility. A lower net liquidity translates to less capital available to deploy in markets. We find it useful as a key macro indicator to assess current liquidity conditions and how bitcoin trades in the market. Bitcoin has acted as a liquidity sponge throughout its life and contracting liquidity in all markets has had a significant impact on the bitcoin price and trajectory. Ultimately, that’s one of the main drivers of our core long-term thesis that bitcoin’s growth depends on an environment of perpetual monetary debasement and expanding liquidity to work against current levels of unsustainable sovereign debt and deflationary forces. In the short-term, it’s not clear when overall liquidity will increase again en masse. That’s the trillion dollar question and the topic of conversation on which everyone is speculating. Net liquidity provides a view into that trajectory as a measure that’s updated weekly with fresh data. Bitcoin is seeing some of its largest relative strength since January 2021, but it also comes at a time when we’re seeing a significant daily uptick in net liquidity after a period of historically low volatility. The uptick is driven by a much lower reverse repo balance since the start of the year. With the Fed’s position of “higher for longer,” a projected view of Core CPI at 3.5% for 2023 and continued balance sheet runoff, we will likely see net liquidity decline — barring a spontaneous or emergency policy reversal.  Price has broken above the short-term holder realized price. That’s happened only a few times in this bear market and these events were short-lived. As this price reflects the average on-chain cost basis of the more recent buyers, it will be key to see if these market participants are looking to sell here at cost or if they will stay to continue with the momentum. While there is a long way to go in terms of surpassing previous bull market heights, after a year where the enture industry practically imploded, the year-to-date performance is - according to Bloomberg data - the best start to a year in crypto's history... However, not everyone is buying this rally, with some suggesting it's just another 'dead cat bounce'. As CoinTelegraph reports, Asia was leading the way into the weekend, with sellside pressure from market makers being absorbed on exchanges. “Another rally driven by asia bid. TWAP buyers absorbing the sell pressure from MMs. Large spot bid lifting offers & ask wall pulled prior to another short squeeze,” intraday trader 'Skew' commented on a composite chart. BTC/USD annotated charts. Source: Skew/ Twitter On-chain analytics resource Material Indicators meanwhile flagged ask liquidity being removed on Binance the day prior, this allowing Bitcoin’s initial run beyond the $22,000 mark. “Volatility continues. Don't give it all back, be sure to take some profit along the way,” it wrote in part of a subsequent update. BTC/USD order book data (Binance). Source: Material Indicators/ Twitter As ever, Bitcoin was far from above suspicion at its latest highs, with some familiar faces still urging traders to prepare for the worst. “The bigger the pump, the harder BTC will fall down,” analyst Toni Ghinea tweeted, while Crypto Tony argued that the entire move may be nothing more than a “dead cat bounce.” “Regardless if this is dead cat relief wave or a reversal on Bitcoin, it is great to see some optimism back in Crypto,” he summarized. Considering why further gains were coming after the end of the week’s TradFi trading, one popular commentator additionally suggested that traders were being manipulative. “No one who genuinely wants to buy and own crypto waits until the Friday close each week to execute,” an update read, adding that those buyers’ “aim is clear.” Finally, while miners are currently seeing some relief after a tough year, potentially rough roads lie ahead. With the upcoming Bitcoin halving event due in 2024, mining BTC will become even more difficult and possibly more expensive for miners, providing more stress on already thin margins. On the upside, the last halving event in 2019 was followed by a 300% gain for BTC the year before. Tyler Durden Sat, 01/21/2023 - 11:05.....»»

Category: blogSource: zerohedgeJan 21st, 2023Related News

Burger King and Wendy"s both just debuted new Italian-style sandwiches as the chicken sandwiches wars heat back up. Here"s how they compare.

Both brands are taking advantage of decreased chicken prices and betting on popular flavors, an analyst told Insider — but one clearly stood out. The chicken sandwich wars are heating back up with Wendy's vs. Burger King.Mary Meisenzahl/Insider Wendy's and Burger King released similar Italian-style chicken sandwiches at the same time. Both brands are taking advantage of decreased chicken prices and working with popular flavors, an analyst told Insider. The Wendy's sandwich sounded good but had poor execution, but Burger King's was delicious. After two years of high poultry prices, chicken is once again affordable — prompting the fast-food chicken sandwich wars to rev back up.Burger King FranceAPSource: InsiderAlong with a whole slate of new chicken items across fast food companies, Burger King and Wendy's are both selling Italian-inspired chicken sandwiches.Wendy's entrance.Mary Meisenzahl/InsiderIt's not very surprising that the competing burger chains would roll out such similar items right now, CEO and president of Kalinowski Equity Associates Mark Kalinowski told Insider.Burger King rebrand.Burger KingKalinowski said Italian flavors are "widely popular" with broad appeal, and the two biggest casual dining chains, Applebee's and Olive Garden, both serve plenty of Italian food.Patrons enter an Olive Garden Restaurant.Steve Helber/AP PhotoChains usually have a good idea of what items their competitors are testing, so that may have spurred one of them to speed up the rollout to put the items head to head, according to Kalinowski.Wendy's sign.Dan Tian/Xinhua/Getty ImagesI tried both to see how they compare.Mary Meisenzahl/InsiderFirst, I went to Burger King for the Italian Royal Crispy Chicken Sandwich.Mary Meisenzahl/InsiderThe sandwich comes on a shiny potato bun.Mary Meisenzahl/InsiderIt includes a chicken breast, marinara sauce, and a few slices of mozzarella.Mary Meisenzahl/InsiderBurger King does chicken sandwiches really well, and this was no exception.Mary Meisenzahl/InsiderThe chicken was juicy, with crispy breading, and the amount of cheese felt generous.Mary Meisenzahl/InsiderThere was just enough marinara sauce to get the taste in every bite without becoming messy or making the sandwich soggy.Mary Meisenzahl/InsiderIt's simple, with just three ingredients between the buns, but it works really well.Mary Meisenzahl/InsiderI'd eat it again for sure.Mary Meisenzahl/InsiderI paid $10.09 for a meal with fries and a drink, but the sandwich sells by itself for $5.89 in Rochester, New York.Mary Meisenzahl/InsiderNext I tried the Italian Mozzarella Chicken Sandwich from Wendy's.Mary Meisenzahl/InsiderIt's similar to the Burger King sandwich, with a breaded chicken breast, marinara sauce, asiago cheese, and what Wendy's calls "Ooey-gooey fried mozzarella cheese."Mary Meisenzahl/InsiderThat's all served on a garlic knot bun.Mary Meisenzahl/InsiderI was really excited to try this sandwich when Wendy's announced it.Mary Meisenzahl/InsiderThe fried mozzarella is essentially like adding a mozzarella stick to a chicken sandwich, which sounded like a great combination to me.Mary Meisenzahl/InsiderUnfortunately, it was a major disappointment.Mary Meisenzahl/InsiderIt sounds like a good idea, but the sandwich was just too dry and had far too much bread compared to anything else.Mary Meisenzahl/InsiderBetween the bun, the breaded chicken, and the breading on the mozzarella, it was too much.Mary Meisenzahl/InsiderMaybe more sauce and cheese would have helped.Mary Meisenzahl/InsiderWendy's take on the sandwich was considerably more expensive, at $7.99, and I wouldn't order it again.Mary Meisenzahl/InsiderAs fast food chains continue to invest in chicken sandwich deals and prices stay low, it's possible there will be more experimentation with chicken dishes on menus in 2023.Wendy's chicken sandwichChicago Tribune / ContributorDo you have a story to share about a retail or restaurant chain? Email this reporter at the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 17th, 2022Related News

Saturday links: a happiness killer

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check... TransportToyota ($TM) has dominated hybrids, but has been slow to embrace EVs. ( it's like to travel by luxury bus provider, Napaway. ( recalls are on the rise. ( capture and storage is an economic issue, not a technical one. ( recycling batteries could help alleviate material shortages. ( wind can outperform rooftop solar. ( performed pretty well in the wake of Hurricane Ida. ( people don't want to get into the oil and gas business. ( NorthwestSeattle currently has some of the worst air quality in the world. ( snowpack in the Cascade mountains is having downstream effects. ( can thank drones for more accurate hurricane forecasts. ( are still trying to figure out how microplastics can disrupt an ecosystem. ( are warming faster then previously thought ( are 50,000 wrecked ships in the North Sea that could be leaking chemicals. ( treated wastewater can be used to top up depleted aquifiers. ( need more places for water to go. ( invasive species always bad? ( mountain goats are dominating the battle for survival against bighorn sheep over dwindling resources in the Rocky Mountains. ( allows you to identify birds near your house. ( can be trained to sniff out explosives. ( for life in space? Check out Europa. ( are giving scientists a sharper picture of the solar system's history. ( renowned Arecibo telescope, in Puerto Rico, won’t be rebuilt. ( travel3 of the 5 biggest private jet operators will son be publicly traded. ( war in Ukraine erased Finnair's competitive advantage as the fastest connection from Asia and a travel hub for Europe. ( banging people with your backpack on airplanes. ('s ($AAPL) iPad journey is 'erratic.' ( to stop accidentally turning on your iPhone flashlight. ( play a big role in how we approach aging, eating and mood. ( to earlier findings, depressed people may not be more realistic. ( seems to be a "dose response" effect between hours worked and depression symptoms. ( doesn't reduce littering. ( grit be taught? A study. ( stoves are a major source of indoor air pollution. ( are food allergies seemingly on the rise. ('s never too late to upgrade your diet. ( bacteria may play a role in rheumatoid arthritis. ( cord blood banking worth it? ( AI help detect sepsis? ( need a better flu shot. ( the U.S., whites are now dying from Covid at a higher rate than blacks. ( were Boston University researchers testing a lab-made hybrid version of the SARS-CoV-2 virus? ( clearly affects more than the respiratory system, including the brain. ( in pandemic prevention has a positive NPV. ( we should be focusing booster shots on the most vulnerable populations. ( Covid boosters could evolve to an annual update. ( are uninterested in the new bivalent boosters. ( a town in Brazil got nearly everyone vaccinated. ( now feels weird again. ( don't we all just give up alcohol? ( is one bright spot for the UK economy. ( USDA is surprisingly limited in its ability to regulate salmonella. ( a new Costco ($COST) member navigated their first trip. ( there a market for prickly bear cactus? ( high tech the answer to reducing salt consumption? ( marijuana doesn't mean it's safe for kids. ( is coming to Circle K. ( NBA franchise values are soaring. ( professional rugby looks to be a risk factor for developing dementia. ( baseball bats are now a rarity in MLB. ( on Abnormal ReturnsWhat you missed in our Friday linkfest. ( links: IP theft. ( a content creator, authenticity is the only path forward. ( our 17th blogiversary and a book giveaway. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaContinuing a trend, college enrollment fell 1.1% in 2022. ( tapes are the new vinyl. ( we past 'peak newsletter'? (»»

Category: blogSource: abnormalreturnsOct 22nd, 2022Related News

Saturday links: impromptu fun

On Saturdays we catch up with the non-finance related items that we didn’t get to earlier in the week. You can check... AutosWhat it means if California bans the sale of new ICE vehicles by 2035. ( tires make for lower mileage and range. ( people continue to drive on suspended licenses. ( Co., which operates Pilot and Flying J travel centers, is buying a stake in autonomous truck startup Kodiak Robotics Inc. ( hit the rich? Tax private jet travel. ( batteries ever power container ships? ( delivery vans are a no-brainer. ( is making a major shift toward nuclear energy. ( data centers are making plans for electricity outages this winter. ( in the American West means living with smoke. ( China is experiencing an epic heat wave/drought. ( retreat isn't easy but is going to be increasingly necessary. ( methane levels are on the rise. ( to do if you catch yourself grinding. ( to enjoy a party as an introvert. ( of failure boosts performance. ( to avoid the envy trap. ( praise of spontaneity. ( psilocybin-trial show promise in helping treat alcohol addiction. ( psychdelic experiences can lessen fears of death. ( U.S. is still relying on vaccines to do a lot of heavy lifting. ( incubation period for Omicron is much shorter than previous variants. ( are more likely to get vaccinated if they know some one who has died. ( some numbers on the effect of employer vaccine mandates. ('re still not spending enough on improved ventilation. ( dealing with chronic disease is so challenging. ( health case for drinking more water. ( about viral transmission is no easy feat. ( the benefits of combining weight training and aerobic exercise. ( we as a society tend to cycle through fitness fads. ( taping your mouth shut at night actually work? ( phone use is robbing people of sleep. ( water shortages are going to affect food prices. ('s milk has some key micronutrients plant-based milk don't. ( scale organic farming is a bit of an oxymoron. ( veganism isn't wholly sustainable. ( are consuming more honey. ( are going crazy for pickles. ( Dallas Cowboys once again top the list of the most valuable NFL franchises at $8 billion. ( is buying Magnus Carlsen's online platform. ( York City may be back, but the performing arts are still struggling. ( A24 has become a powerful brand. ( the unique joy of watching a movie on an airplane. ( colleges are using data to help students navigate through graduation. ( don't seem to be helped by college interventions, like free tuition. ( U.S. is still dealing with a surplus of humanities majors. ( ProofWhy you should get off the fence to attend the Future Proof festival. ( Proof is almost here! Why it is unlike any finance conference ever. ( Proof is likely the 'best advisor event of the year.' ( Future Proof is a one-of-a-kind event. ( on Abnormal ReturnsWhat you missed in our Friday linkfest. ( links: the American dream. ( careful relying on future generations to implement your philanthropic goals. ( you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. ( mediaWhy some people like to go into the office on Fridays. ( is getting push back from former operators. ( national teacher shortage story is overblown. (»»

Category: blogSource: abnormalreturnsAug 27th, 2022Related News

Elite San Francisco School Sees Record D"s And F"s After Ditching "Racist" Merit-Based Admissions

Elite San Francisco School Sees Record D's And F's After Ditching 'Racist' Merit-Based Admissions A record number of freshman students at San Francisco's elite Lowell High School earned D and F grades this past fall - the first semester after the school board eliminated merit-based admissions that were deemed "racist" by former SF Board of Education Commissioner, Alison Collins - who was ousted along with two other school board members in a February recall over the admissions debate and other issues - including a series of 2016 tweets by Collins targeting Asian Americans. Of the 620 freshman students at Lowell, 24.4% received at least one D or F during the fall semester, which compared with just 7.9% of first-year students in fall 2020 and 7.7% in fall 2019, according to internal SF Unified School District figures obtained by the San Francisco Chronicle. Overall, the number of 9th graders at Lowell with a D or F tripled from 51 in 2020 to 152 in 2021 - bringing the figures closer to those at other high schools in the city. Lowell students in grades 10 through 12 - who were admitted under the old merit-based system, saw a "slight" drop in grades over the same time period, while other city high schools did not see similar rises in D's and F's. In fact, freshman receiving low grades at other schools declined citywide between fall 2019 and 2021. The lower grades, while expected by many, are likely to become part of a fervid debate over Lowell that touches on race, equity and achievement. The grades raise questions about how students — and the school’s teachers and administrators — are adapting to the changes. However, it’s unclear exactly how much the change in admissions policy factored into the rise in D’s and F’s among Lowell’s ninth-graders, compared with other possible factors such as the pandemic. -SF Chronicle In 2020, Collins notably said merit-based achievement and standardized testing are "racist systems" and the "antithesis of fair" - prompting the school to change their admissions policy to a lottery system similar to all other SF city high schools, vs. test scores and grades. However, many parents I've spoken to disagree with that framing, pointing out that academic achievement shouldn’t be demonized. Other parents I've heard from say reform is needed but that the process shouldn’t be rushed and that community input is needed. (4/7) — Sophie Bearman (@stbearman) February 2, 2021 After the school dropped merit-based admissions, Lowell High accepted fewer asian (-4.4%) and white students (-6.5%), and more hispanic (+10%) and black students (+2.9%). According to outgoing Lowell High principal Joe Ryan Dominguez, there are "way too many variables that contributed" to the rise. "Over a year of distance learning, half of our student body new to in-person instruction at the high school level and absences among students/staff for COVID all explain this dip in performance," he said - without addressing the fact that students admitted under the merit-based system were doing better than those admitted under the lottery. "It is important not to insinuate a cause on such a sensitive topic at the risk of shaming our students and teachers who have worked very hard in a difficult year." Pressured by the pandemic, the school board approved a fast-tracked switch from merit- to lottery-based admissions at Lowell starting this school year, citing COVID disruptions to the tests and grades that underpin applications to the school. Lowell’s freshman class this year was the most diverse in decades, with more Black and Latino students. Both before and since the board’s decision, Lowell’s students, parents, educators and alumni have been locked in a debate over how the school should admit its students in the future. Lowell has long been one of the top performing public schools in the country, whose alumni include prominent figures in politics, entertainment, literature and science. It’s viewed as a high-pressure launchpad to elite colleges and has offered more advanced placement courses than other San Francisco high schools. -SF Chronicle Those opposed to the new lottery-based system say it disproportionately hurts Asian American students, who were 'overrepresented' at Lowell vs. other SFUSD schools, and that it ignores the benefits of a competitive school afforded to high-achievers. During a Tuesday school board meeting, departing district Superintendent Vincent Matthews proposed extending the lottery-based admissions system at Lowell through the 2023-2024 school year while the district launches a public process to determine a long-term solution. Tyler Durden Mon, 05/30/2022 - 19:45.....»»

Category: worldSource: nytMay 30th, 2022Related News

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Category: blogSource: gurufocusNov 12th, 2021Related News