101 Million+ vaccinations!

Americans have received 101 million doses of vaccines, an average of 2.30 million doses per day were administered.

101 Million vaccinations! ting us that much closer to herd immunity! 1

bloomberg.com/graphics/covid…
The lockdown that started March 2020 with anyone who wants a vaccine targeted by May 2021 gives us a target date in June.

That means we are at the 75% point today.

ritholtz.com/2021/03/light-…
In November we were at the halfway point. June was a hopeful optimistic date. But it is looking more realistic than ever.

You can just imagine what full, safe, healthy re-opening is going to look like

ritholtz.com/2020/11/halfwa…
As fear levels subside, people begin to do what they used to do: We will start to gather in groups — first family, then work + friends.

Life begins to return to normal, as we go back to work, commute, have mask-less social interactions, go public events, etc.
We will go out to restaurants again; we will shop in retail stores, go to bars, concerts, plays, museums, shows. Business travel returns, including conferences. No one will hesitate to get on a plane or travel.
Changes are coming also:

The Monday to Friday 9 to 5 routine is in danger.

Offices will have to learn to adapt. Technology becomes even bigger in our lives, and while there will be a bit of a reset, there is no going back.
Some of the changes are simply accelerations of trends that were well established long before the pandemic began. My firm launched in 2013: from day 1, we were paperless/cloud built, used screen shares/video conferencing, remote work was standard.
But necessity is the mother of invention, and there are new ways to work that are not only different from what existed before hand, but some are likely to be permanent.

ritholtz.com/2020/06/how-mu…
We can see the light at the end of the tunnel.

We have a few more months to get through this, and we will emerge into the daylight.

Stay safe, be smart, and please make sure you are here for when life returns to normal.

ritholtz.com/2021/03/light-…
To reiterate that last point:

This is no time for premature victory celebrations.

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More from @ritholtz

12 Mar
If you had a spare $69 million laying around to spend on Art, would it be in this direction? Or would it be in a more physical, less digital format?

onlineonly.christies.com/s/beeple-first…
That $100k Banksy that was burnt/converted into a NFT sold for 4X its purchase price

news.bitcoin.com/burned-banksy-…
Here's a good explanation of why (and what) this sale was about:

slate.com/technology/202…
Read 4 tweets
10 Mar
Inflationary Risk Factors:

Mild inflation 2-3%
Transitory inflation (3-4%) lasting 2-6 quarters
Robust inflation 4-6%
Deflation (real) -1%
Dis-inflation 0-1%
Stagflation +6-8% + rapidly rising unemployment
Hyperinflation +10-20%

Those are my definitions of various 'Flations

1/
Inflation is in the news again, but not for the reasons you might believe.

It has little to do with nominal real inflation, less to do with actual real inflation, and nothing to with rates.

I suspect it I partly a political stunt. More on this below.
2/
I have been criticizing how BLS, Fed + Wall Street measure inflation for a long time.

The predictions about it have been consistently bad, often terrible.

ritholtz.com/inflation/

3/
Read 17 tweets
3 Mar
"If you were prescient enough to buy a 1954 300SL new for $7k MSRP + locked it away, it would fetch ~$1.4 million today. Annualized return of 8% before inflation, storage + maintenance.

Most funds performed better + required zero oil filters."

bloomberg.com/news/articles/…
To say nothing of the inherent Survivorship Bias in looking at the cars that did appreciate: Selecting investments after the fact is easy; ask yourself this question: What car do you want to buy as an investment for the next 60 years to be sold in 2081?

ritholtz.com/2018/08/surviv…
This is why I have always been a big believer in buying what you like, and driving it (like you stole it).

ritholtz.com/2020/11/my-gar…
Read 7 tweets
4 Feb
$573 Million to settle claims their advice to Purdue Pharma (+ others) led to the aggressive flooding of markets with opioids. It turned out to be damaging, even deadly advice.

Yet another reminder of who consulting giant McKinsey is…

wsj.com/articles/mckin…
1/
Note: A decade ago, I discussed my thesis the consultant always seems to be giving ethically compromised advice that leads to terrible societal outcomes.

Why is that? Is McKinsey & Co. the Root of All Evil ?

ritholtz.com/2011/03/is-mck…
2/
You can even trace the history of wealth inequality in part back to them.

Consider the rise of CEO-to-worker gap. That goes back to a 1951 McKinsey study of CEO compensation and stock options.

ritholtz.com/2013/08/is-mck…
3/
Read 7 tweets
2 Feb
Good explainer as to why Robinhood, an underfunded broker, had to halt $GME trading -- they didn't have the capital to cover the trades

wsj.com/articles/why-b…
1/
Last week, we discussed why your trading platform and B/D looks like a form of Counter Party Risk:

ritholtz.com/2021/01/counte…
2/
And if you want a long form discussion of the history of $GME saga, this one is excellent via @davidjlynch

washingtonpost.com/business/2021/…
3/
Read 5 tweets
30 Jan
US Covid Deaths = 436,839 deaths out of 2,209,277 Global Deaths

USA, once 25% of Covid deaths with only 4% of world's population, has fallen to 19.8% of Covid-mortality.

We suck, just less a little less than we did when the pandemic began . . .

coronavirus.jhu.edu/map.html
And please, see if you can avoid making excuses for negligent mass homicide we witnessed in the USA
Here is the USA versus countries that managed their response well and versus others that did poorly: Cumulative confirmed COVID-19 deaths per million people

ourworldindata.org/coronavirus-da…
Read 5 tweets

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