Flipping the bird the bird and getting the bird right back

Six datas to enlighten: Coatue's thoughts; Play it again, Sam; Firms in distress; Men at work; Head up, CRE; Breaking up (w China) is hard. Plus, One Twitter polemic to enrage (but maybe enlighten)

It’s time for a very independent Random Walk.

I. Going wide with six datas to drive you deep:

• Coatue has thoughts

• Play it again, Sam or how all streaming is not the same

• Firms in distress

• Men at work

• Keep your head up, CRE

• Breaking up is hard to do (China edition)

II. Then, going deep, with a Great Wall of Text

• Flipping the bird the bird, and getting the bird right back (or RW getting a little preachy-scoldy on the the subject of twitter’s naysayers and taking the short-side of spite.)

That’s it. I love you all, but especially you. All I ask in return is that you push this button:

Scatterplots

Coatue has thoughts

Coatue is a do-everything hedge fund with a yen for data, and since they released their 2023 outlook, RW grabbed a couple of slides that were more interesting than others.

Tech is as important to equities as Energy and Materials were in 1960, but less important than railroads were in the late 19th Century:

The public markets are optimistic, but not stupid:

OK, maybe they’re stupid:

Nothing like peak-pandemania risk premia coupled with an historically high run up in interest rates.

RW doesn’t actually know anything, but it sure seems like there’s still a lot of money sloshing around and people are just trying to find a place to put it because the show must go on and so maybe it just will.

Play it again, Sam

One thing is for sure, the music industry isn’t to blame for inflation. While video streaming services have steadily raised prices, music streaming services have not:

Another way of thinking of about it is that music has become less valuable (from a dollars and cents standpoint), or perhaps it monetizes in very different ways.

All streaming things are not the same.

Damsels in distress

Well, perhaps not damsels, but businesses: