Good Morning! Jerome Powell's ("J Pow") comments sent the stock market back to the gulag yesterday after it had recovered on Monday from Friday's disastrous trading session. J Pow admitted that he was no longer part of the "Inflation is transitory" gang after leading the whole country on for the last few months. "We tend to use [the word transitory] to mean that it won’t leave a permanent mark in the form of higher inflation, I think it’s probably a good time to retire that word," he said. (lmao)
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Someone just paid $650,000 for a yacht that exists in the metaverse. Lmfao what? Metaverse is basically a world that exists digitally. Sandbox and Decentraland are two of the largest firms out there creating these virtual worlds.
Turns out the hottest real estate market in the world is neither new York, nor San Francisco, it is the metaverse. Investment firms are piling money into these digital worlds and betting that as more people join the space, the price of these digital lands will go up.
In recent record sales, Republic Realm, a firm that develops real estate in the metaverse, paid $4.3 million for land in Sandbox. Tokens.com paid around $2.5 million for land in Decentraland’s Fashion District.
“This is like buying land in Manhattan 250 years ago as the city is being built,” says Andrew Kiguel, CEO of Tokens.com.
The meta world got supercharged earlier this year when its Lord Commander, Alien Zucc, changed Facebook's name to Meta and said it would focus on building this online world.
Short Squeez Takeaway: Zucc couldn't make friends in real life so he decided that we should all live in the metaverse and here we are... in the metaverse we'll be able to shop for stuff, e.g., buy a painting then hang it up in our virtual home. It will have bars and lounges where we can hang out with "real-life friends." People will be able to gamble at virtual casinos with cryptocurrencies etc etc. Sounds dystopian af to us but these worlds might be our reality sooner than we expect.
P.S. Petition to add B Bar (RIP) to the metaverse.
Movers & Shakers
Ex-Under Armour Execs are changing the game for jeans. How? By taking tried-and-true denim and infusing it with a touch of athletic stretch.
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As an economist and former banker, Mark Carney has spent his life in various financial roles, in both the public and private sector. VALUE(S) is a meditation on his experiences that examines the short-comings and challenges of the market in the past decade which he argues has led to rampant, public distrust and the need for radical change.
Focusing on four major crises-the Global Financial Crisis, the Global Health Crisis, Climate Change and the 4th Industrial Revolution - Carney proposes responses to each. His solutions are tangible action plans for leaders, companies and countries to transform the value of the market back into the value of humanity.
“A fool is someone who knows the price of everything and the value of nothing."
Warren Buffett once told a group of college students that they all lived better than John D. Rockefeller (widely considered the wealthiest American of all time and the richest person in modern history):
“I mean you’re warm in the winter and cool in the summer and can watch the World Series on TV. You can do anything in the world. You literally live better than Rockefeller. His unparalleled fortune couldn’t buy what we now take for granted, whether the field is—to name just a few—transportation, entertainment, communication or medical services. Rockefeller certainly had power and fame; he could not, however, live as well as my neighbors now do.”
Rockefeller never had sunscreen, Tylenol or Netflix, but we don’t compare ourselves to Rockefeller. We judge how well we’re doing relative to those around us. Getting the goalpost to stop moving can be difficult.
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