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☕ Big Short
Good morning. Fintwit loves to have a moment every quarter when Michael Burry's (aka the Big Short guy) stock holdings are revealed in SEC filings. You can see it here, but you might say the long and the short(?) of it is he's doubled down on China tech — Alibaba and JD.com make up 20% of his portfolio — and he's taken a contrarian bet on smaller US banks.
☕ Lambo guy
Good morning. In case you missed it last week, a 34yo dude (aka Lambo guy) had a $3m McLaren craned into his $39m Melbourne penthouse — an apartment he's casually calling a "weekender". The guy is behind LMCT+ Group which is reportedly up for sale. On the footy tipping front... almost everyone got tripped up by the Geelong and Sydney upsets, but @Tim Cudlipp continues to lead the comp by 2 with a total score of 62.
☕ Recession risk
Good morning. The Bank of England followed the rest of the world and increased their rates by 25bps to 4.5% — and no longer expects the UK to fall into a recession this year. A bit of a different read to us locally, where an RBA research paper put Australia at an 80% chance of entering a recession this year or next. More below.
☕ Goldies settles
Good morning. Goldies has agreed to pay US$215m to settle a class action over gender discrimination brought by former female employees. With about a third of the settlement to pay down legal fees, the rest will be distributed to about 2.8k former employees — mostly from the IB and securities divisions. More in the Quick Sync.
☕ Budget day
Good morning. It's the hottest P&L to drop this year, with the Aussie Treasurer expected to show a $4bn surplus in tonight's budget. That compares to the $37bn deficit they guided to as recently as October. Shame the Government isn't an ASX-listed company because otherwise that +$40bn guidance uplift would have put a rocket under its share price.
☕ Contagion continues
Good morning. The European Central Bank followed suit and raised rates by 25bps, while over in the US, the regional banking contagion continues to spread. Attention is mostly on the 59th largest bank, PacWest — but Zions Bancorp (40th), Comerica (41st) and Western Alliance (44th) were also massively sold off by investors too.
☕ Pump and dump
Good morning. A warning to your speccy stock-loving, crypto-shilling mate... a Hotcopper punter who used 13 different accounts and various share bidding strategies to create the illusion of demand was handed a 2.5yr jail term. (although he was released on a good behaviour bond). More below.