To The Moon

In a widely anticipated move, the US Federal Reserve raised interest rates for the 10th time in just over a year. The Fed fund rate now stands at a target range of 5%-5.25%, which is the highest it has been since August 2007.Source: Bloomberg During the news conference that followed the meeting, Chairman Jerome Powell confirmed that "a decision on a pause was not made today." This is despite the omission of a sentence stating that “the Committee anticipates that some additional policy firming may be appropriate." It appears that the Fed has finally reached the terminal rates it had set out to achieve. S&P 500 & Nasdaq Index, Source: Bloomberg The bond markets initially priced a rate hike in the June Fed meeting. However, the sentiment soon changed into a likely rate pause

🐻 $Coinbase Global, Inc.(COIN)$ stock ended ~7% lower on 5/1 (Mon) in line with losses in the broader cryptocurrency market, as bitcoin (BTC-USD) fell below $29K amid easing of banking fears given JPM’s takeover of $First Republic Bank(FRC)$ Bearish 🐻🐻 Shares of COIN declined as much as 9.9% to their lowest in more than 3 months. 🐻🐻🐻 Shares dropped ~25% from a month ago in the wake of its legal battle against the SEC. However, the stock is still up 49% YTD amid a broader crypto rally. COIN has tumbled 54% over the past 12 months amid turmoil in the cryptocurrency market. But it has rebounded this year, helped by bitcoin’s recovery. 👎 Citi downgraded COIN to Neu

Follow me at @Alice Arnault to learn more Saw quite a number of news stories which talk about valuation, so hope to share a bit on this Relative Valuation - estimates the value of an asset by looking at the pricing of assets relative to a common variable like earnings, cash flows, book value or sales. • Most common multiples: P/E, EV/EBITDA, Price/Book Value, EV/Sales, PEG ratio, free cash flow yield, dividend yield Case: In 2020, the average P/E ratio of the S&P 500 index was around 22x, while the historical average is about 15x. This suggested that the market might have been overvalued at that time. • Historical analysis: how does current pricing compare to history Quant: In 2007, just before the financial crisis

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