Click to Co-Create Our 1st V-Neck

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.

It's April 7th, 2021.

I desire all is well with thee. For those of you living in Waco Texas, you can expect scattered thunderstorms early and a high of 83F. SW winds shifting to NNW at 10 to 20 mph. A perfect day to stay inside and nurse the 2-day hangover you're likely experiencing.

The memes of the week include:

  • Easter money, not bunny
  • How to lose $10B in 10 days
  • Coinbase is a beast
  • March jobs report
  • April Fools
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Easter = big money

Jesus isn't the only thing that rises on Easter Sunday. So do profits. Easter marks the first major holiday as we emerge from the pandemic, and people are ready to spend.

Talking points:

According to the National Retail Federation, 8 in 10 Americans plan on celebrating Easter this year.

Total spending is expected to top a record $21.6B.

The average person is expected to spend $179 on the holiday.

Peeps, the iconic Easter candy, is nearly indestructible. The marshmallows can withstand everything from a microwave to sulfuric acid! 

Dig into Easter spending data >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

How one man lost nearly $10B in a matter of days

Bill Hwang, aka the "Tiger Cub", has managed to lose his entire fortune, and the fortunes of many big banks, in just a few days.

It's a classic Wall Street story, the kind you tell your kids about. The protagonist works for a legendary trader, leaves to start their own fund, gets arrested for insider trading, convinces the biggest banks to lend billions of dollars, and then loses billions of dollars.

It almost brings a tear to your eye.

Talking points:

Bill Hwang got his start working for Julian Robertson, the founder of Tiger Management, considered a hedge fund pioneer.

Julian helped fund Hwang's first hedge fund, "Tiger Asia."

In 2012 Tiger Asia pleaded guilty to insider trading charges, and Bill was barred from managing public money for 5 years.

Following his legal trouble, he opened up Archegos Capital, which acted as a hedge fund but was made up of his own money.

Eventually, Archegos got so large (~$10B) that the major banks couldn't help but lend him billions of dollars.

Bill put much of his barrowed money into Viacom and other Chinese technology stocks.

Towards the end of March, things began to unravel. As two of his big investments in China began to spiral, he could not shore up his investment in Viacom.

Sensing trouble, Goldman Sachs quickly began to sell its positions and other banks began to follow suit. Eventually, Credit Suisse was left holding the bag.

Viacom's shares have fallen more than 50%.

Credit Suisse is looking at nearly $5B in losses.

Read the full story >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Coinbase is not joking around...

Coinbase updated investors with first-quarter financials as the company prepares for its direct listing on the Nasdaq next week.

Talking points:

Coinbase has already made 9X the revenue it made in the previous year - estimated to be about $1.8 Billion in Q1 of 2021 alone. That's more revenue than they made in all of 2020.

Net income is estimated to be between $730M and $800M. Yes, you read that correctly, a tech company is outrageously profitable.

They have 56M verified users on the platform.

It's estimated they will go public with a valuation of roughly $100B dollars.

Read the S-1 >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Jobs on jobs on jobs

The March Jobs Report soared past expectations adding nearly a million new jobs. Another strong sign that the economy is making a comeback.

Talking points:

According to the Labor Department, 916,000 jobs were added in March.

The Dow Jones estimated that we'd add ~615,000 jobs in March.

The labor force participation rate increased to 61.5% just a couple percent shy of the pre-pandemic levels of 63.3%.

Bars and restaurants added 176,000 new jobs, while arts, entertainment, and recreation contributed 64,000.

The overall unemployment rate is now lingering around 6%.

Read more about the jobs report >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

April Fools

April Fools Day always delivers both incredibly clever jokes and painfully cringey ones. Here are the best and the worst.

The best:

The worst:

  • Volkswagon changed its name to Voltswagon, leading to a jump in the stock price and a lot of pissed-off journalists. (2021)
  • Gmail's "Mic Drop" prank was a feature allowing users to auto-attach a .gif of a Despicable Me character dropping a mic. It ended up costing people their jobs. (2016)
  • Samsung's wifi connected jeans, that auto-locked the fridge if you got too fat. (2016)

Thanks for reading, please share. Seriously.

If you found this email funny, we'd appreciate it if you forwarded it to a friend or colleague. If you did not find it funny, we'd appreciate it if you forwarded it to an enemy or colleague.

Meme credit is due to the following accounts. If I missed someone, let me know!

@hardcorecomedy2.0
@exec.sum
@cryptofunny
@sadanduselesscom
@oliver.charles.clothing

Finally, please send us memes! 

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.