Thursday, February 2, 2023

Bulls are firmly in the driver’s seat as global markets open for 2021

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Hello and happy new year, Bull Sheeters.

Global stocks are hitting record highs again today, which is the first trading day of the year for much of the world. This is despite a surge in new COVID infections and concerns that the global vaccination effort is not starting slowly.

The big investment story to start the year is Bitcoin. Cryptocurrency is down this morning, but it is hitting new highs every day as institutional investors pile up, pushing its market capitalization over half a trillion dollars and setting off a tsunami of tweets from crypto bulls singing about their crypto net worth.

Let’s check what makes the markets move.

Market update


  • The mainAsia Indexare mainly higher in afternoon trading with the Shanghai Composite high0.9%.
  • India is about to start a mass vaccination campaign in the coming weeks, after public health officials yesterday granted emergency approval to two new COVID vaccines, one of the AstraZeneca-Oxford University team and the other from India Bharat Biotech.
  • COVID-19[female[feminine wiped out 21 years of global air traffic growth, with declining passenger numbers 67%, “Levels last seen in 1999,” a new report shows.


  • theEuropean scholarshipswere higher outside the doors with theStoxx Europe 600 high 0.9%.
  • Shares in AstraZeneca were standing 1.7% half an hour after the start of the trading day as the distribution of its COVID vaccine in the UK is imminent and regulatory approval is days away in the EU.
  • British sports betting firm Entain Plc, owner of the bookmaker Ladbrokes, is at stake. MGM Resorts teams up with billionaire tycoon Barry diller to offer 10 billion dollars for the company, the Financial Times reports. The share almost increased 28% at the start of negotiations.


  • American Futuresstart the year they left off in 2020: climb higher. This is after the three large averages, led by the Nasdaq (to the top 43.6% last year), ended 2020 in the green.
  • And now for the sad news … the United States has overtaken 20 millions recorded cases of COVID-19, break new daily records during the weekend. Health officials fear the Christmas holidays have sparked new super spreader events, similar to what happened during Thanksgiving.
  • Shares in You’re here were stable in pre-market trading after the EV pillar disclosed this weekend that he had delivered a disc 499,550 vehicles in 2020. That was ahead of expectations, but nearly half a million below its annual target (in all fairness, a forecast made long before the COVID outbreak).

Somewhere else

  • Goldis in place, exchange1930 $ / ounce.
  • thedollar is falling as futures rise.
  • Grossclimbs withBrentfutures trading nearby$ 52.50 / barrel even if OPEC + warns that there is the risks to come for oil recovery.
  • Bitcoinis off 2.5% this morning, but who could complain? (Well, maybe the climate hawks are worried about the sheer energy consumption of mining virtual currency.) Digital currency is almost trading $ 32,700, up 42% –42% !!!—Since my last Bull Sheet update on December 18th. Even a cryptocurrency named after a dog has more than doubled in value since the beginning of the year … Has anyone thought of a cryptocurrency with the name of a flying pig?


The big winners and losers of 2020

A pandemic. A global recession. A presidential election that the White House still does not recognize. Brexit. Despite all of this, we have had a tumultuous year with our portfolios in surprisingly good shape.

What was the year 2020? Friday, my annual review of world markets went to live. In it, I’ve broken down the big winners and losers in stocks, commodities, and currencies.

Tech stocks have provided a big boost to investors in Asia, Germany and of course the United States. At the opposite end of the spectrum were Financials and Energy stocks, which drove the UK FTSE lower, which underperformed almost all major stock exchanges in 2020. I break it down in the chart here:

In the very first Bull Sheet Last January, I focused on the Dow Jones, as blue chip stocks were pushing markets into record territory. I made little mention of Bitcoin or Tesla at the time. The dollar was also in a fragile state a year ago around this time, but no one expected it would bomb so low. And who could have predicted that crude futures would turn negative last April?

What can we expect in 2021? In short, more of the same, analysts say. As long as central banks continue to buy assets and keep interest rates near (or below) zero, some of the best returns will continue to come from stocks. Yes, growth stocks are expensive, but nobody thinks the rally is dead.

We’ll cover all of that and more this year.

It feels good to be back.



When Italians speak of love, they use the word “history” (the story). You are embarking on athe storywith someone you love. The story of my wife and I began on a train platform. Track 1, to be precise. It was the Ancona station. A Friday evening in November.

And I was late.

I’ll be the first to admit that our story hasn’t got off to the best start. But I showed up at trail 1 with a map: I had made a reservation for us at Osteria del Pozzo down the road, about a block from the port of Ancona.

This osteria is nothing special from the outside. It is a small family-run establishment where the locals, seated playing by jowl, eat sumptuous meals. Osteria del Pozzo is famous for thebrodetto all’anconetano, a dish so important for the coastal city of Ancona that the city’s fathers choseto dedicate a prominent spaceon the local government website. thebrodettois as much a popular meal as it is a tribute to the Adriatic Sea. The recipe, by tradition, calls for 13 types of fish as the Last Supper.

If you’re a fan of legendary food critic Mimi Sheraton, you might know something about thebrodetto. She has traveled the towns of the Adriatic coast of Italy in search of the most sublimebrodetto, a pieceThe New Yorker publishedin its annual issue on food in 2008. Spoiler: Ancona features prominently in the article.

In Osteria del Pozzo they serve thebrodettoin a giant, deep saucepan. Looking over the edge, you can find an abundance of fish stuck in a thick tomato broth. We laughed at the portion size and then dug in, occasionally pulling out a piece of bread to mop up thebrodetto“What Italians Call”make the shoe. “

If thebrodettohas one downside, which is this: it can get a bit messy. At one point my wife apologized from the table. A few minutes later, she came back and put a tender hand on my shoulder. It was then that I knew: thebrodettohad conquered her.

Why am I bringing this meal all these years later?

The pandemic has forced Italian families to break with the Christmas tradition this year. Travel and home visits were mostly banned. And so, we stayed in Rome rather than celebrating with my wife’s family in Umbria. But it allowed my wife and I to take full control of the Christmas menu, something we could never do if my mother-in-law, an amazing cook, was in the kitchen.

For the night of 24e, my wife and I did the brodetto (pictured below) for the first time in centuries (although we were reasonably sticking to less than 13 varieties of fish). As our daughters walked away, we recounted that night in Ancona, our first date. Girls are of an age where they are fans of such stories – the mushy romantic stuff; they have little patience for their father to spring from the virtues of a good fish stew.

The famous brodetto, an Italian fish stew which, by tradition, uses 13 types of fish.

Hopefully 2021 will bring more opportunities for brodetto meal – and even a trip back to the Osteria del Pozzo for the real deal.


Have a very good day everyone. See you here tomorrow… But first, there’s more news below.

Bernhard Warner

As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.


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