LiveWire

In 2020, 7 start-ups in the US and Europe raised a total of $950m to buy sellers trading on Amazon marketplace. Berlin-based SellerX and Razor, London-based Heroes and San Francisco-based Heyday all did not exist at the beginning of the year. The merchants they target are all part of the “Fulfilment by Amazon” (FBA) programme, who pay to store their stock in Amazon’s warehouses, sell through its main website and app, then have the item delivered (for free, to Prime customers) by Amazon. Source: FT

The majority of global equity markets found a short-term bottom at some point in late October including the US. As shown below, of the 23 ETFs tracking each of these countries' equity markets, nearly all are up double digits since the end of October. A dozen have risen over 20% and Brazil (EWZ) has risen more than any other country, gaining over 40%. Given these moves, most of these ETFs are overbought as defined as trading at least one standard deviation above their 50-DMAs. Only Hong Kong (EWH) and China (MCHI) are not overbought by this measure while India (INDA) is currently the most overbought ETF trading 1.92 standard deviations from its 50-DMA - source. Bespoke.

Asset Weighted hedge fund indices are close to FLAT for this year to November vs. double-digit returns for equities and greater than 5% return for bonds globally. This means that hedge funds collectively delivered this year their WORST ALPHA at least since our history began in 2011. This poor performance appears to be driven by the bigger funds. 2020 represents the worst year since records began in 2005 in terms of the underperformance of big hedge funds relative to the smaller ones. Chart BELOW shows HFRI Asset Weighted minus HFRI Equally Weighted hedge fund index return. Source: The Market Ear, HFRI

Tesla traded down on Apple car news, but step back and and is almost 110% above the 200 day moving average - source: The Market Ear

In Germany, it looks easier for women to be a Chancellor than a Board member or a CEO....New quota bill, asking comps to have at least 1 woman on their boards, will bump up share of female execs to 15%, taking Germany’s ranking to 17 from 24 in 27-member EU, according to Boston Consulting Group - Source: Bloomberg