Jackson Hole-y Smokes

Silver Banana goes to... [Bloomberg Prep. ]( Market Snapshot Markets opened higher and ended the day in a nosedive following Daddy JPow’s remarks about the Fed’s commitment to curb inflation. While it’s not the end of the world, Friday was one of the worst days for markets in recent history. Crude was up around $93, BTC and ETH got crushed just like the Nasdaq, and yields rose into JPow’s comments. S&P: 3.37% Dow: 3.03% Nasdaq: 3.94% We’re excited to announce WSO has partnered with Bloomberg Exam Prep to offer a whopping 100 ‘naners off any CFA exam prep plan. Pick your exam & pass it, guaranteed, by working smarter-not-harder using their premium content & renowned expert tutors. [Use Code WSO100](=) Let’s get into it. Banana Bits - Free government-funded C19 tests have been halted [to conserve supply]( - We ran a story about quiet quitting; [here’s]() the other half of that equation - Joke all you want, but holding a [CFA charter](=) will set you apart from your peers - CNN thinks that we should [ignore Jerome Powell](=). What do you think? Banana Brain Teaser Friday — Once upon a time, there were seven dwarfs who were all brothers. They were all born two years apart. The youngest dwarf is seven years old. How old is his oldest brother? 19 years old. Today — It’s 100 bananas off of our [VC Course](=) for the first 15 correct respondents. Happy Monday! Cut away my skin, and I won’t cry, but you will. What am I? Shoot us your guesses at [vyomesh@wallstreetoasis.com](mailto:vyomesh@wallstreetoasis.com?subject=Banana%20Brain%20Teaser) with the subject line "Banana Brain Teaser" or simply [click here to reply!](mailto:vyomesh@wallstreetoasis.com?subject=Banana%20Brain%20Teaser) Macro Monkey Says Jackson Hole Thoughts — Holy smokes, Batman. Markets cratered after hearing Daddy JPow’s remarks at Jackson Hole. Daddy JPow doled out some hard pills to swallow. To fix this inflation problem, we need to prep for economic pain. It’s that simple. He’s not wrong. We have been saying this for a few months: the Fed is coming for all of these open jobs. They don’t care about unemployment, and they don’t care about DJIA 40k or S&P 5500. Monetary stability trumps unemployment—the recent remarks from several governors echo this harsh reality. If you’ve been a subscriber to The Daily Peel for a while, you know that we like “I told you so’s.” Here’s another opportunity for us to tell you what we told you. On Friday morning, we let you know: “A hawkish Fed could push the bears over the top, driving markets to give back the gains they were able to string together over the summer.” That’s exactly what we just watched on Friday, especially as losses accelerated into the closing bell. Indeed, the market close on Friday was a relief. The bleeding finally stopped. JPow is spot on: it is time to forcefully fight inflation, but even if that just means continued QT and another couple of 50 bps rate hikes, where will markets take us into the fall? The Fastest, Most Effective Way to Pass the CFA Exam [image](=) WSO has partnered with Bloomberg Exam Prep to offer a whopping 100 ‘naners off any CFA exam prep plan. Pick your exam & pass it, guaranteed, by working smarter-not-harder using their premium content & renowned expert tutors. Their adaptive learning technology will take you straight to the point & help you pass on your first shot. Save 100+ hours compared to the other guys’ prep courses, leveraging AI to focus on your personal curriculum target areas. Don’t miss out; grab your prep plan today. [Use Code WSO100](=) What's Ripe Electronic Arts ($EA) — Shares of the maybe, maybe not meme stock $EA moved higher Friday. The reason: big news! There’s a rumor out there that the brand is ripe for an acquisition. Who could possibly want to buy this one? Well, your favorite tech company. I’m not talking Meta; I’m talking about Amazon. The news sent shares higher, closing up 3.57%. Micro Focus ($MFGP) — I’m a sucker for a good sh*tco every once in a while, and Friday’s big winner ticks two exciting boxes. It was up almost 100% in a day, and it still loses money. Frankly, I have no f*cking idea what they really do, but this sh*t is funny, especially on a down day. Their shares were up sharply at the open, and then they hovered at these levels of massive gainz until close. Shares of $MFGP closed up 92.63%. What's Rotten Pfizer ($PFE) — Shares of the pharma giant retreated on Friday, although not as bad as the broader market. But this news is significant. Moderna has filed suit against Pfizer, claiming that $PFE infringed on some of $MRNA’s mRNA technology. On the news, shares of $PFE fell 2.25%. But shouldn’t these patents be owned by the federal government? Their research was almost entirely funded by the taxpayer, and the government subsidized both production and distribution. What gives? Affirm ($AFRM) — Shares of $AFRM closed way lower Friday after posting its earnings results from this most recent quarter. While they did post a revenue beat, their earnings were disappointing. Last I checked, making money is what matters. On a generally down day, investors punished the stock, sending shares lower by 21.33%. Thought Banana History Repeats Itself — With the return of the new Lord of the Rings series to streaming on Amazon, I just have to ask: wtf are producers smoking? Maybe we didn’t learn any lessons when we watched Netflix shares crater earlier this year after posting a fat loss because of subscriber decline as well as losing money. The story there is that $NFLX spent $30mn an episode on the production of Stranger Things. This has big blockbuster energy, but at the end of the day, it’s just a TV show that streams for free on the margin on Netflix. Enter Amazon. Their response? Hold my f*cking beer. The new LOTR drama is officially the most expensive TV show in the history of television. Did you enjoy the new Top Gun? Well, it was 3x as expensive to make compared to Tom Cruise’s newest ego booster that helps him feel taller than 5’6”. Short king jokes aside, who in their right mind thinks that a $715mn price tag is acceptable for a season of a TV show? The show was filmed in New Zealand, and this price tag is 20% of the island country's annual defense budget. That’s an interesting comparison for perspective’s sake. The hope here is that more LOTR will spawn spinoffs and an increased interest in anything that comes out of the expensive IP rights that Amazon pursued in order to get approval to produce the show. But to be honest, this is a tiny fraction of $AMZN’s annual revenue, so just call it a capex, right? It’s an investment in the future of Prime. As a shareholder who has been bit by Amazon’s deal with Rivian, I hate to watch a potentially bad investment come after another bad one. So are you tuning in on September 2nd? Wise Investor Says “In the short run, the market is a voting machine. In the long run, it is a weighing machine.” — Benjamin Graham Happy Investing, Patrick & The Daily Peel Team Was this email forwarded to you? Sign up for the WSO Daily Peel [here](). [ADVERTISE]( // [WSO ALPHA]() // [COURSES]( // [LEGAL](=) Don't want The Daily Peel? [Unsubscribe here](. Click to [Unsubscribe]( from ALL WSO content IB Oasis Corp. 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