QuiCQ 03/12/2024
So Long, Legend
"You never bet on the end of the world; that only happens once, and the odds of something that happens once in an eternity are pretty long."
— Art Cashin
Art Cashin passed away last night. He was a legendary figure on Wall Street, known for his extensive career and deep insights into the financial markets. As the Director of Floor Operations for UBS Financial Services at the New York Stock Exchange, his presence and expertise will be greatly missed.
Art Cashin began his career in 1959 and became one of the youngest traders to earn a seat on the NYSE at the age of 23. Over the decades, he witnessed and provided commentary on significant market events, becoming a respected voice in the financial community.
Yesterday saw green prints for equity markets in Europe and the US, though there were some notable exceptions. French stocks for example closed flat after a volatile session, nearly exclusively impacted by political twists and turnings.
The Dow Jones in the US closed slightly lower, and the S&P 500, despite reaching a new all-time high, actually saw more of its constituent stocks falling (319) than rising (181).
At corporate level maybe worthwhile mentioning that beleaguered SuperMicroComputers (SMCI) jumped another 30% after a internal committee found no wrongdoings in accounting, but the company still fired its CFO. Maybe a chance for another attempt to the short side? New auditor BDO has not yet confirmed numbers …
In the rates/fixed income space, most eyes for transfixed on the “French Connection” yesterday, with the spread between France’s 10-year government bond to its German equivalents reaching new cycle highs:
FX markets saw a mainly stronger Dollar, after Trump’s warning to BRIC countries over the weekend. But even stronger was the Japanese Yen, and we have a special “theory” on why that may be, which we highlight in yesterday’s Quotedian (click here).
Have a great Tuesday!
Apple is company that has stopped innovating:
Even Warren Buffet, known for his “forever” holding period, largely exited Apple:
Apple is once again the largest company by market cap on earth:
Amen.
