Exchange Invest Weekend Edition 2710: Jack Ma’s Trillion $ Hit
Angry Joe. Internal combustion: our auto future? How Alibaba/Ant lost a trillion. Teen crypto teacher. How AI helps old Hong Kong crooners.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
This weekly edition is a magazine of broader macro topics as well as including our free weekly podcast which reviews the highlights of the week in the world’s market structure.
On this day in 1993, the Tsingtao Brewery became the first Chinese enterprise to list its H Shares on the Hong Kong Stock Exchange.
IN BIGWORLD
From Exchange Invest 2705: Monday, July 10th:
Interesting side point to ponder — might the current Russian travails in Ukraine make a Chinese attack on Taiwan less likely?
One key point to ponder — the Germans as we know recently had barely 3 days ammo to protect the country (although some thought the Bundeswehr had sufficient broomsticks to arm the troops for a fortnight — thanks to then Defence Min Von Der Leyen now Brezhnev’s choice for NATO allegedly). Anyway, pre-Ukraine debacle the Russians supposedly had a state of the art military but it seems a lot of that existed only on paper with generals and others having neatly trousered cash intended for the purchase of weapons…in some cases even selling inventory to third parties it seems. End result the military equivalent of a Potemkin village.
Now China is not Russia in so many respects BUT given the somewhat hyperactive entrepreneurial work of the military in recent times, can the leaders in Beijing entirely be certain they really have all the inventory they are being told?
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY: Season 19: Episode 06
IPO-VID Livestream 114
Guest: Hamish McRae
Tuesday, July 18th: 1800 UK, 1900 CET, 1400 EST
“The World in 2050”
Acclaimed author, former Euromoney Editor, and adjunct professor at Trinity College Dublin, Hamish McRae is one of Europe’s foremost speakers on global future trends in economics, technology, business and society.
He is a columnist for the i newspaper and the Mail on Sunday. His books include “The World in 2020: Power, Culture and Prosperity.” and its sequel “The World in 2050: How To Think About The Future.” Hamish’s other books include “Capital City — London as a Financial Centre,” co-authored with Frances Cairncross.
Watch the stream on:
NOW ONLINE!
Season 19: Episode 05: IPO-VID Livestream 113
Tuesday, July 11th: 1800 UK, 1900 CET, 1400 EST
“Scott Shellady: Chewing The Market Cud With The Cow Guy”
Scott Shellady is an experienced Managing Director with a demonstrated history of working in the capital markets industry. Who is best known as “The Cow Guy.” A financial TV regular for decades, often in his remarkable trading jacket, Scott is Markets Anchor on RFD TV in Nashville Tennessee where he is Host of The Cow Guy Close show.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID Episode 106: Patrick L Young was joined by CME trader turned successful Angel investor, Jeffrey Carter.
Learn from this podcast episode titled “From the Merc Floor To Angel Funding.”
Now available from multiple different podcast sources including:
EI Website Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
LME Make A Chairman Surprise
DB1 SimCorp Delayed
There’s a New B3 NASDAQ Deal
And the UK Extends Short Selling
The Exchange Invest Weekly Podcast 202
VICTORY OR DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
FINANCE BOOK OF THE WEEK
In response to reader’s queries, we have added a book of the week column to the EI weekend edition — You can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
We’re choosing interesting books pertaining to exchanges and markets, investment et al.
This week’s book was written by our IPO-VID guest 013: Dominic Frisby:
In Daylight Robbery, Dominic Frisby offers an alternative vision of a system that is as old as civilisation itself. It will take you on a whirlwind journey through the history of taxation, from ancient Mesopotamia right up to the present day, explaining the key dynamics of taxation around the world and arguing that governments are going to have to radically change who they tax and how if they are to succeed in the future.
Get the book here.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $349 per annum to join “The Exchange of Information.”
BITCARNAGE
It feels like everybody in crypto right now is trying to maintain their best poker face. Then again a lot of them appear to be closer to emulating something more akin to the Lady Gaga song (admittedly without the talent). A side string to this thesis is that behind rictus facial expressions which may or may not be AI representations of reality or just glued on to maintain an unemotional expression…the simple truth would appear to be that the crypto kiddies are finally beginning to have a moment of self realisation that they are atop a criminal, or at best not legal — business and: panicking.
Then again the simple realpolitik is that crypto’s image has been hugely tarnished by a myriad of scandals and the underlying pixels themselves have still failed to answer the core questions “how do you deliver economic value better, faster, cheaper than the prevailing legacy financial world?”
There is a side debate here with the tokenomics folk but the blunt realpolitik there is that where blockchain is the best settlement / record system it will ultimately be sucked into the mainstream and the legacies will broadly dominate.
This leaves those folks espousing their brave new world in a quandary as the regulators are out to get them. The current/future defendants’ arguments against their tokens / cryptocoins / whatever being securities are, at best, threadbare. The V1.0s of crypto have a tricky road to redemption at least in part fuelled by their millennial arrogance and hubris. Their being incapable of admitting they have done wrong is a huge factor here. However, methinks a few months of “is the DOJ really gonna do that?” pressure is now exerting itself upon the V1.0s of crypto as they realize that they can huff and puff against the SEC but actually — with the exception of a few GOP flops suffering Gensler derangement syndrome, support for crypto beyond core cultists is not huge. True, Blackrock amongst ETFer’s fancy some of the filthy lucre flowing their way but we talked about that rollover wonderment issue the other day.
Anyway, Crypto V1.0s are clearly rattled — why else would the previously perma-fawning to CZ head of Binance strategy be amongst those wanting to urgently quit right now? Oh yes, “4: FUD!” and all that malarkey… The latest piece of odd behaviour comes from Brian Armstrong who has shown an admirable ability to run up a hype monster to great effect but — at best — the jury remains deadlocked on what actual management acumen he possesses. Anyway, in what was probably a(nother) rookie error — which surely infers panic on his part — suddenly his Twitter history disappeared. In a more worrying move it also disappeared from “The Wayback Machine’’ which has been a handy historiographical device for the internet as a whole.
Coinbase CEO Massively Deletes His Older Tweets, What’s Happening? notes U Today
However, when you have a mass army of folks who cooperate and have watched this bubble build, it wasn’t a huge surprise to find a sudden resurrection of a kind e.g. Travisbrown’s Github Gist published: Deleted Tweets By Brian Armstrong, CEO Of Coinbase.
To the big q — why delete vast numbers of past tweets? …The poker face is apparent but it’s really really hard to see why you do this now if you:
- Have nothing to hide
- Have nothing to be afraid of
- Believe you are in a good place concerning regulatory ‘enquiries.’
This looks like a move of pure madness. The innocent has suddenly invoked questions as to his guilt…
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
Visualizing The De-Dollarization Of The Global Economy
Yahoo Finance
PLY: My entire lifetime has been marked with folk saying ‘it’s the end of the dollar.” “This time it’s different?”
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
Jack Ma’s Clash With Beijing Has Cost Alibaba And Ant Over $1.14 Trillion
The Straits Times
Salvadoran Teenager Becomes Bitcoin Teacher, No Longer Earning ‘6 Dollars A Day’
Cointelegraph
Old Yeller: Biden’s Private Fury
Axios
Biden’s Foul-Mouthed Outbursts Behind Closed Doors Can’t Change The Reality. He’s Lost It
Telegraph
PLY: A curious article in Axios which has fascinated the political elites as suddenly the media crafted image of a pussycat Biden who loves ice cream and aviator sunglasses gives way to him being perceived as senile. BTW I am not advocating the latter argument per se, Biden has always been specious and contradictory in public. However, he does give octogenarians a bad image. Thus now we hear that the bloke who was sold as the voice of calm common sense to beat the Trumpy one, is actually a grumpy guy who shouts a lot.
This all smacks of desperation to a political parvenu like me but the article is worth reading from Axios, perhaps with the Telegraph chaser added here too.
AI-Generated Hits Of Hong Kong Stars Surprise Fans, Bring Dead Singers Back To Life And Raise Questions About Copyright
South China Morning Post
Britain Should Place A Big Bet On The Petrol Engine
The Spectator
PLY: Interesting article but the key is clean fuel — as I explained months ago in EI Daily. F1 already uses 10% clean fuel, it will be 100% soon. It’s around — just too expensive (although funnily enough at the pump not that uncompetitive if govt e.g. in UK could lose its addiction to fuel duty…). The bath water baby throw out idiocy of the modern govt blob is imbecilic. By all means encourage electric / hydrogen etc as automotive power but clean fuel gives ICE cars a huge future….
LAST WORD
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Catch up on Monday for Exchange Invest 2711…
The future continues in the water cooler of the bourse business…
- Patrick
