🍋 What the Metaverse?

Together With

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)

If you are in the market for jeans, check out today's sponsor, Revtown, who are changing the jean game by infusing it with a touch of athletic stretch.  

Forwarded email? Subscribe here.

1. Story of the Day: What the Metaverse?

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.

Source: WSJ

2. Markets Rundown

• US stocks closed sharply lower on Tuesday after Jerome Powell told lawmakers it might be appropriate for policy makers to consider winding down monthly asset purchases more quickly than planned.

Movers & Shakers

• (+) Beyond Meat ($BYND) -6% after HSBC initiated coverage of the protein stock at a reduced rating.

• (+) Dollar Tree ($DLTR) -5% after Goldman Sachs downgraded Dollar Tree to neutral from buy.

• (–) Meta Platforms ($FB) -4% after the UK competition watchdog said the company should sell the GIF-sharing platform Giphy, which FB bought last year.

3. Top Reads

• Lira falls to record low after Powell hints at faster tapering (Bloomberg)

• Ray Dalio still thinks cash is trash (CNBC)

• Counterfeit Covid masks are still sold everywhere (NYT)

• Eco-friendly shoemaker Allbirds posts wider loss despite 33% gain in quarterly sales; shares fall (CNBC)

• Tiger Woods says return to top in golf not realistic after car crash (CNBC)

• Zara founder’s daughter becomes fashion giant's chair (BBC)

• Goldman Sachs unveils Amazon-backed cloud service for Wall Street trading firms (CNBC)

• Meta exec Marcus, who led crypto efforts, is leaving (MarketWatch)

• Twitter will take down pictures of people posted without their permission (NYT)

A Message From From Revtown: The Revolutionary Jeans

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.

After years in athletic apparel, Revtown’s founders decided to take the best parts of workout clothes—think comfort, flexibility and durability—and apply them to denim. The result? Crazy comfort and solid style at a killer price.

You get the point. These jeans can do it all. But don’t take our word for it—try them for yourself. Revtown jeans are delivered directly to your door, which means no retail markup—just great jeans at a fair price.

Plus, domestic shipping and returns are free, so you have nothing to lose.

Slip your thighs into some Revtowns and see for yourself.

4. Book of the Day: Value(s): Building a Better World for All

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."

5. Short Squeez Picks

• Jack Dorsey's going all in on crypto

• Register for the last few spots at the Shaka Club x Overheard on Wall Street Holiday Party (aka the "Holiday Board Meeting") on December 4 at the McKittrick Hotel 

• How this man's ego cost him a billion dollars

6. Daily Visual: Twitter Stock Under Jack Dorsey

Source: Axios

7. Daily Acumen: Better off than Rockefeller

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. 

Source: Collaborative Fund

8. Career Portal

If you are looking for a new job, check out our Career Portal, where we curate the the best jobs in finance and crypto for you.

Employers: If you are looking to hire a candidate and want to post a job, just click on "Start hiring" on the top right corner of the Career Portal.

9. Memes of the Day

Advertise | Wall Street Shop