I hope that you are all having a great Labor Day weekend!
Yesterday I sent out a “CALL TO ACTION” and many of you wrote back that the links to invest in my new venture fund and the Kueski syndicate did not work, my apologies!
Please see the updated links below:
To participate in the ReCurve Ventures fund follow the link, here.
To participate in the Kueski Series C Syndicate follow the link, here.
NOTE: The above investment opportunities are limited to accredited investors and you will need to login to Angel List to participate. Angel List will require that you self-certify that you are an accredited investor. Only invest what you can afford to lose.
BAD NEWS IS GOOD NEWS?
Friday we learned that the non-farm payroll employment rose by 235,000 in August, and the unemployment rate declined by 0.2 percentage point to 5.2 percent. The Bloomberg economist survey expected 733,000 new jobs, making this the third worse miss in history. In June and July the economy created 850,000 and 943,000 jobs respectively.
What is driving the data?
Covid-19 continues to set the tone for the economy. In June the United States was averaging 13,000 newly reported cases per day, companies and consumers were optimistic that things were improving. Today, we are averaging 150,000 newly reported cases per day. Large and small businesses are being more cautious about hiring and expanding their teams, taking a wait and see attitude.
At a State level, South Carolina is averaging more than 5,400 new cases a day and has the country’s highest rate of recent cases; hospitalizations are also near peak levels from last winter. Approximately 44% of the of the South Carolina’s population is fully vaccinated.
The chart below courtesy of the NY Times illustrates that economy still needs to create over 5.3 million new jobs to return to pre-pandemic levels of employment.
In other words there is still a looooooong ways to go to get back to full employment and that means the FED will need to table discussions on starting to taper bond purchases, which means $120 billion of new money will continue to be pumped into the markets every month inflating financial assets further.
If you are an investor and an owner of capital, “Bad News is Good News”.
PODCAST:
There is a lot going on with Digital Assets and I will write more about that soon. Below are a couple more podcast that I listened to last week on the topic, all are well worth a listen if you are following the space.
IMMERSED: AN EASY TO UNDERSTAND EXPLANATION OF BITCOIN - RENOWN investor Cody Willard sits down with Renji, Caleb, and special guest Princewill Imouokhome in this easily consumable conversation about the crypto-currency landscape, with an emphasis on Bitcoin.
BLOOMBERG QUICKTAKE: THE FUTURE OF NFT’S MAY NOT BE FINE ART - NFTs (non-fungible tokens) burst on the scene with a $69 million sale of Beeple’s digital art. Now players behind the so-called metaverse are betting "digital scarcity" will create a whole new ecosystem of play and commerce.
CONFERENCES:
ALTS SILICON VALLEY 2021 - September 9 @ 3:50 PM PDT.
I’ll be on a panel with Matt Hougan of Bitwise, Josh Kernan of Permian Capital and Paul Veradittakit of Pantera Capital on they ups and downs of crypto currencies, when is the right time to invest?
SALT Conference 2021 - September 12 - 15 in New York City
I’ll be on a panel discussing investment opportunities for institutions in the digital asset space. What are the areas that I am most excited about investing in today with a focus on opportunities in Decentralized Finance (DeFi).
World Pension Summit 2021 - October 12 - 14, The Hague, Netherlands
I’ll be on Track A3 Asset Allocation and Investing: Fiat currencies may still be in our pockets, but is it time to put crypto in our portfolios? Is crypto viable or suitable for institutional investors? Can institutional investors help stabilize this market? How long will can crypto assets last?
I hope that you enjoy the letter as much as I enjoyed writing it and please feel free to share the links with friends and associates. If you are interested in startups and are an accredited investor you can join over 750 other backers that follow my AngelList syndicate here.
Stay safe and stay well. Sean Bill / MacroCrunch / Twitter