To The Moon

News and my thoughts from the last week (26Aug24)

• Port of Portland finds sustaining cargo container terminal would require millions in state subsidies — and lots more business after a loss of $13 million in the last 2 years.

• Sounion is the third Delta Tanker-operated ship targeted by the Houthis. The militants earlier this month attacked the Liberia-flagged Delta Atlantica and Delta Blue tanker ships in separate attacks - G Captain

Ernst & Young said it is cutting ties with many U.S. public companies as audit clients, a move to revamp its audit practice and improve the quality of its work. Is there a quality issue or a wider market sentiment?

• Another Chinese airline has locked in flights to Australia following Qantas scrapping its flights between the two countries because of low demand. Will China benefit more from this? News AU

• A cargo ship runs aground near Montreal following mechanical failure, blocking marine traffic This is expected to clear soon with 6 ships forced to anchor. - CBC Canada

• Its possible sinking in the Red Sea could lead to the fifth worst oil spill of all time, according to statistics carried by the International Tanker Owners Pollution Federation (ITOPF). What would be the costs and environmental impact? - Splash247

• Here is the state of play after Powell's speech at Jackson Hole in equity markets: S&P 500 up 1.3% Nasdaq Comp up 1.8% Russell 2000 up 2.2% DJIA +1.0% - Forexlive

• Contrary to what many believe, investment research firm BCA Research sees that the economy is on the cusp of a recession. Is this possible? - CNBC

• Two years ago, the jobless rate in Canada for people 15 to 24 years old was over 9%, per Bloomberg. Now it’s 14.2% — the highest level in more than a decade outside Covid-19. For younger immigrants — those who’ve landed in Canada in the past 5 years — the rate is around 23%. - X user Unusual Whales. 

  What is going to happen? When jobs leave, do people follow? Does unemployment have a proportionate relationship with crimes?

Dating apps like Tinder and Bumble are losing users at an accelerating rate. - X user RadarHits

• Will we see a civil war in the USA given how binary things develop?

• The State of California moves ahead with $0 downpayment 'loans' for new homes for illegal immigrants. What’s your response to this? Are we staring at more defaults and delinquency?

• The USA has a balancing problem, collecting insufficient taxes for what they spend on.

• I love this quote. Plan like an optimist and spend like a pessimist. Wealth causes us to blur the lines between needs and wants.

• Hedge fund manager issues warning over the future of the stock market 'Close your eyes, think about a world where the market is down 50 to 75% and then think about opening your portfolio. - Daily Mail UK

• U.S. supply chains at risk as Canada’s top railroads begin shutting down networks amid labour dispute - Fortune

• Adverse weather conditions have led to yet another large container vessel losing 99 containers off the east coast of South Africa, according to the South African Maritime Safety Authority (SAMSA). - Splash247

Some highlights from X user The Kobeissi Letter

Kamala Harris says she would raise the corporate tax rate to 28% if she is elected president. The corporate tax rate has been 21% since 2018. This would be the first hike in the corporate tax rate in over 40 years.

@TigerStars

$S&P 500(.SPX)$

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