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Trump’s $36 Trillion Inheritance

Trades in Soda and Whisky; During the inauguration speech, European markets were already closed, and the US stock and bond markets were closed for Martin Luther King Day. That left FX, Bitcoin, gold, and Latin American stocks as the only available price signals. Gold rose, and Bitcoin fell, having spiked

$Trump Sucks the Life from Alts

💡This issue covers Bitcoin (BTC), Solana (SOL), and Ripple (XRP). ByteFolio Issue 142; Bitcoin just made a new all-time high, of sorts, as it challenges $108,000, last seen on 17 December. With the inauguration at noon ET (5 PM GMT), it is curious that the breakout hasn’t been

Venture: Portfolio Update

Issue 57; In my latest Atlas Pulse on gold, I discussed gold’s super bull market, something of a step above a mere bull market. I called it a super bull because gold normally follows the bond market, and this time, it is riding high while bonds have been under

Gold’s Super Bull Market

Atlas Pulse Gold Report Issue 101; The gold price used to follow the bond market, yet with bonds plummeting, gold has shown resilience. In this piece, I explain why gold provides shelter from a deteriorating bond market. If bonds are the benchmark, gold is not just in a bull market

Back to the Banks

Trades in Soda and Whisky; On 4 December 2024, just a few weeks ago, the Bank of England pointed to four rate cuts this year as inflation would come down faster than we thought it would. Much has changed since then, and UK inflation expectations have shot up. What looked

Altcoin Rally Delayed as the Market Shifts to Risk-OFF

💡This issue covers THORChain (RUNE) and Polygon (POL). ByteFolio Issue 141; Cutting exposure is never a comfortable thing to do, but last week, sensing the long-awaited altcoin rally had been postponed, it was time. Things may get worse before they get better, and that is largely down to macro factors,

Alliance Pharma (APH) Bid

“The boards of directors of Aegros Bidco Limited ("Bidco") and Alliance Pharma plc ("Alliance") are pleased to announce that they have reached agreement on the terms and conditions of a recommended acquisition by Bidco for the entire issued and to be issued ordinary share capital of

My Journey in Finance: The Difference Between Debt and Deficits

“A government bond is a debt security issued by a government to support spending and obligations. Government bonds pay bondholders periodic interest payments called coupon payments. Government bonds issued and backed by national governments are often considered low-risk investments. Government bonds issued by a federal government are also known as

Venture: Follow-up Note to Issue 55

This is a follow-up note to yesterday's Venture issue. If you haven’t yet read it, you can access it here.

The Multi-Asset Investor: Flash Note

Trade in Soda; Following my recent note it has become clear that the long-end of the bond market is in trouble. In November, I had taken the view that the yield back at 2002 levels represented good value and would prove effective should the stockmarket turn down. That level was

Venture: Japan Auto

Issue 55; Japan offers four attractive things to investors: high-quality companies, low valuations, an undervalued currency, and momentum. Activists add a fifth ingredient and are pushing corporate Japan to a tipping point where shareholder value will receive more attention. Awareness of this trend has been growing in recent years, and

Bonds and Rebalancing Bitcoin

Trades in Whisky and Soda; On Monday, 20th January, Donald Trump will be sworn in as the 47th President. They say a week is a long time in politics; well, that’s nearly two. Before we even consider what happens in the first 100 days, he will probably be sentenced

Altcoins Fail to Stir

💡This issue covers THORChain (RUNE), Arweave (AR), and Near (NEAR). ByteFolio Issue 140; ByteFolio rose by 115% in US dollars last year, which is a great result. The ByteFolio team would be far more satisfied if there was more differentiation in crypto. There are coins that fall to zero, which

ByteTree Track Records in 2024

We are pleased to inform our clients of the updated track records for the services offered at ByteTree in 2024 and discuss the portfolios and the outlook for this year. Key Points * The biggest stocks were the best performers, something we rarely see. They were US-based companies, and they drove