[The beef 675]
[I'm an image]
âWhat a time to be alive.â - Jason
Hey there carnivores,
Markets were mixed Tuesday, but the S&P 500 hit an all-time high.
Speaking of the S&P, letâs take a look at that below...
Keep raging,
Jeff & Jason
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[I'm an image]
Back on its bullsh*t
Like your first time between the sheets since quarantine, that didnât last long.
The bear market officially ended yesterday as the S&P closed above its most recent high of 3,386.15 on February 19th. The broad market index [closed]( at 3,389.78, an all-time high.
So how long were markets in bear territory? Technically, [just 33 days](, making it by far the shortest in history. Compare that to the median length of a bear market which is 302 days.
No, its gotta be your bull
Let me break it down for you...
After the S&P hit its high on February 19th, the sh*tstorm commenced. The index bottomed out on March 23rd when it closed at 2,237.40, dropping 33.9% in just barely a month. Spoiler: it was COVIDâs fault.
March 23rd was technically the end of the bear market, but we couldnât officially say that until now. According to the sticklers who made the rules, the bear market isnât over until the S&P eclipses its most recent high (read: February 19).
Feel [like your headâs about to explode?](
The new bull market, which is already 5 months old (since March 23rd), has returned 51.5% so far. Seems sustainable.
The bottom line...
So what's been driving the recovery? Well, mostly the government presenting the US with Publishers Clearing House-sized checks of free money. Even if the current stimulus package [negotiations]( are nothing short of a dumpster fire.
Anything else driving the S&P 500? Yup. The hope that a vaccine is on its way to show 'rona boi who's boss before year-end *the My Pillow Guy has entered the chat.*
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Jeff Bishopâs #1 Stock For 2020
(Hint: Itâs Not What You Think)
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[Watch Now](
[I'm an image]
âï¸ Trillionaires. Robinhood isnât the only trading platform getting in on the action. Fidelity announced in its Q2 report that it now [has a record of $3.3T]( under management as of June 30th.
The company has seen 1.2M new retail investment accounts open up as it offered no-fee trading options to compete with the likes of the online robo-traders. Roughly 1.9999M of those accounts bought shares of $TSLA, probably.
In good news for its recovery, Fidelity announced that it also hired 2k employees. It now has roughly 5k in Boston and 45k globally.
âï¸ C-ya later.. ViacomCBS is [selling off]( its tech news and review site, CNET to digital media company Red Ventures LLC. Hopefully, they can turn profits to the green.
The price looks to be settling around $500M as the media giant continues to sell-off its noncore businesses and focus on video streaming. It is also looking to get rid of book publisher (remember books?!) Simon & Schuster for $1.2B, and even its Midtown Manhattan headquarters for $800M.
Viacom is going all-in on what it hopes will be the best streaming service since sliced bread. The company plans to combine the Paramount movie studio with CBSâ TV networks, news, and sports programming to lure in subscribers.
âï¸ Grounded until further notice. Boeing is [sending more employees]( to coach, after it announced that there would be more buyout offers in the works for its employees. COVID has all but grounded jetliner travel, to the point where Boeing cut 19k employees back in July.
While more details will come on August 24th, CEO David Calhoun said that the original number of cuts would be increased by around 10%. Boeingâs already said that it was reworking its manufacturing footprint, in part by possibly closing the one of its two assembly sites for its 787 Dreamliner. You mean airlines canât fill Dreamliners with enthusiastic tourists? You donât sayâ¦
âï¸ Canceled. Ron Meyer is [out]( as the NBCU Vice Chairman, after he disclosed a consensual affair heâd had with a woman back in the day. Meyer alleges that heâd been the target of extortion after outside parties learned of the settlement.
Meyer, whoâd been with NBC for more than 25 years, went as far as to say that heâd made the settlement under threat. He also brought up the fact that the extortionists (not the ones that can fold themselves up to fit themselves in a suitcase, as Iâm now learning) planned to âfalsely implicateâ NBCU.
NBCU CEO Jeff Shell told Meyer that âhe had acted in a manner which we believe is not consistent with our company policies or valuesâ and that he should leave the company. Tough go for Ronnie. Guess heâll have to pay for Peacock now.
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