🍋 FOMO Remains Alive


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Aug 30, 2021 Sign Up

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"Betting against entrepreneurs who are changing the world has never been a profitable endeavor." – Chamath Palihapitiya

Good morning! Hope y'all had a wonderful weekend and can survive the last Monday before Labor Day weekend. Jury selection begins Tuesday in the criminal trial of Elizabeth Holmes, the disgraced founder and former CEO of Theranos. In a bombshell revelation just days before the trial, newly unsealed court records reveal Holmes’ plans to defend herself in her criminal fraud trial by arguing ex-boyfriend, Sunny Balwani, psychologically abused her. #grabthepopcorn

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1. Story of the Day: FOMO Remains Alive

FOMO remains alive in the crypto world, with lesser-known tokens outperforming again in the wake of recent rallies staged by industry leaders Bitcoin and Ether.

Cardano has doubled this month, becoming the third-largest digital asset. Binance Coin is also up. A token named Avalanche has tripled in August. Meanwhile, prices for digital photos of rocks with laser eyes and cartoon depictions of animals are going nuts, sometimes quadrupling in a matter of days.

Since July, assets under management for digital-asset investment products rose more than 57% to roughly $55 billion. Average daily aggregate trading volumes increased more than 46% to $544 million, the biggest month-over-month rise since May.

There is little consensus as to what's driving the frenzy. Some say that speculators are moving away from boomer stocks to more exciting offshoots. Others see a world awash in cash and ultra-low interest rates, which pushes investors to assets such as JPEGs of rocks.

Young investors are especially more bullish on crypto than the boomers. A recent survey by eToro found that roughly a quarter of the 6,000 investors queried own crypto, a number that increases to nearly 50% for the younger cohort.

Short Squeez Takeaway: It is a great time to be an investor in just about anything at the moment. US equity markets seem to post records daily. NFTs have helped lead the crypto revival after the crash in May. One thing is for sure, the next crypto crash is around the corner, so maybe think twice before you decide to buy a rock JPEG.

Source: Bloomberg

2. Markets Rundown

S&P 500 and Nasdaq finished at fresh peaks Friday, following Fed Chair Jerome Powell’s remarks at the Jackson Hole central bankers’ symposium

Movers & Shakers

(+) Bill.com ($BILL) +30% on higher fiscal Q4 sales.
(+) Joby Aviation ($JOBY) +11% on rumored "bullish option flow."
(–) Cassava Sciences ($SAVA) -18% as the company investigates its lead drug candidate, simufilam, for treating Alzheimer's disease.

3. Top Reads

What you need to know about the CryptoPunks phenomenon (TII)
Not every company has bounced back from the pandemic (WSJ)
Don't expect big changes to Apple's App Store (Verge)
The fascinating story of how Fedex Ground routes are bought, sold and operated (Bloomberg)
Why China made an example of Didi (NYT)
New hires are going to have to prove vaccination status (NYT)
The big hedge funds are requiring vaccination to return to the office (Bloomberg)
The story of how Chamath Palihapitiya became 'king of the SPACs' (RitHoltz)
Ten pieces of hard-earned career advice including 'Don’t worry about your first few jobs' (Bloomberg)
12 pieces of advice for new 18 year olds (HumbleDollar)

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4. Book of the Day: Bubble in the Sun: The Florida Boom of the 1920s and How It Brought on the Great Depression

The 1920s in Florida was a time of incredible excess, immense wealth, and precipitous collapse. The decade there produced the largest human migration in American history, far exceeding the settlement of the West, as millions flocked to the grand hotels and the new cities that rose rapidly from the teeming wetlands.

In Bubble in the Sun, Christopher Knowlton, examines the grand artistic and entrepreneurial visions behind Coral Gables, Boca Raton, Miami Beach, and other storied sites, as well as the darker side of the frenzy. For a while, giant fortunes were being made and lost and the nightlife raged more raucously than anywhere else.

“Nowhere was the glitz and froth of the Roaring Twenties more excessive than in Florida. Here was Vegas before there was a Vegas: gambling was condoned and so was drinking, since prohibition was not enforced. Tycoons, crooks, and celebrities arrived en masse to promote or exploit this new and dazzling American frontier in the sunshine. Yet, the import and deep impact of these historical events have never been explored thoroughly until now.”

5. Daily Visual: How Much Does it Cost to Open a Subway Franchise
Franchise fee and total estimated cost of opening a Subway in 2021

Source: Statista

6. Daily Acumen: Belief Bias

The belief bias is a cognitive bias that causes people to over-rely on preexisting beliefs and knowledge when evaluating the conclusions of an argument, instead of properly considering the argument’s content and structure. Accordingly, the belief bias means that people often accept arguments that align with their preexisting beliefs, even if those arguments are weak, invalid, or unsound, and that people often reject arguments that contradict their preexisting beliefs, even if those arguments are strong and logically sound.

For example, the belief bias can cause someone to accept the argument “all flowers have petals, and roses have petals, therefore roses are flowers”, because they know that roses are flowers, even though the argument itself is logically unsound, since its conclusion does not follow from its premises, and since the premise that “all flowers have petals” is wrong. This issue is highlighted when this argument is contrasted with less believable arguments that have a similar structure, such as “all birds have wings, and planes have wings, therefore planes are birds”.

Source: Effectiviology

7. Memes of the Day

*The information in this advertisement and the prospectus of Sweater Cashmere Fund is not complete and may be changed. We may not sell the Fund’s securities until the registration statement filed with the Securities and Exchange Commission is effective. This presentation is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund and can be obtained by 1.888.577.7987 or emailing support@sweaterventures.com and should be read carefully before investing. All investing involves risks, and past performance is no guarantee of future results.

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