The Hinge Of History That Was 2020

Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA Yesterday we shared a forensic analysis of the mechanics of the $75 billion SpaceX IPO and how to trade it, while specifically saying we are leaving the fundamentals aside. The reason for that is that the historicals of the company are, to put it mildly, problematic when it comes to projecting how the company grows into a multi-trillion behemoth.  As a reminder, SpaceX posted revenue of just under $20 billion for the LTM period, with approximately...

Cracks Appear In Climate Consensus As Germany's Energy Minister Admits Renewables Are Ruining The Country Authored by Tilak Doshi, When Simon Wakter, Political Adviser to Sweden’s Minister for Energy, posted on X last Wednesday with a simple “Wow, incredible article” and a clapping emoji, he captured the shock rippling through Europe’s energy commentariat. The target of his applause was not some fringe sceptic but Germany’s own Economy and Energy Minister, Katherina Reiche. In a guest column for the Frankfurter Allgemeine Zeitung, Reiche delivered a verdict that would have been career-ending heresy only a year ago: “One fact...

Got Hard Assets? UBS Says "Position For A Commodity Upcycle" As Global Scarcity Emerges One day after veteran commodities strategist Jeff Currie told investors to "get long and buckle up" for the next leg of the commodities rally, UBS strategist Sagar Khandelwal issued a similarly bullish call, urging clients to "position for a commodity upcycle." Khandelwal said electrification, surging power demand, artificial-intelligence infrastructure spending, persistent supply constraints, and years of underinvestment are converging to create a perfect storm for a sustained upcycle in hard assets. Commodities can generate returns while protecting portfolios...