From the Real Deal:
Warehouses banned in 400,000 acres of North Jersey
The New Jersey Highlands Region won’t be high on industrial developers’ list anymore.
The state’s Highlands Council prohibited warehouse development in 398,000 acres of the 860,000-acre region, NorthJersey.com reported. The independent state agency has the power to set standards in the region, which provides drinking water to nearly half of the state.
The area covers more than 1,250 square miles and touches 88 municipalities, some of which — such as West Milford and Glen Gardner — are entirely in the preservation area.
The ban specifically targets distribution and fulfillment centers in northwest regional communities. Proponents say the industrial properties destroy the scenic region, while critics of the ban point to their economic and benefits and tax revenue.
The action is likely to harm the warehouse and transportation industries and trade, responsible for one-eighth of jobs in the state, according to the U.S. Census Bureau.
The ban has exceptions. Warehouses will still be allowed in existing community zones, redevelopment areas and regional growth centers. Municipalities in the region’s “planning area” — as opposed to the “preservation area” — will be exempt unless they opt into the Regional Master Plan.
…
Residents, while continuing to shop prolifically online, have grown increasingly wary of industrial development, though, complaining about pollution, traffic and community character. But local government officials often prefer warehouse projects to residential development because they don’t push school taxes up by adding students.
First
Now this looks fun to play with.
Rowan Cheung @rowancheung
3. A new ChatGPT plugin for investing
Portfolio Pilot, the first verified ChatGPT plugin for investing, just got released.
Supported by hedge fund models, the plugin is already accessible to those with plugin access.
https://twitter.com/rowancheung/status/1654028336471977985
Incase it was missed last night lol
Lost another house. 57 offers, was in the top 5. Offered 31% over asking waived appraisal and inspection. 35% down and still didn’t get it. Wah wah lol
Sorry to hear that dave…..No worries over 5,000 boomers are dying ever day now, there will be a glut of homes soon enough.
We saw it Dave. Congrats on dodging a bullet. Waiving inspection?
In 2008, Supreme Court Justice Clarence Thomas decided to send his teenage grandnephew to Hidden Lake Academy, a private boarding school in the foothills of northern Georgia. The boy, Mark Martin, was far from home. For the previous decade, he had lived with the justice and his wife in the suburbs of Washington, D.C. Thomas had taken legal custody of Martin when he was 6 years old and had recently told an interviewer he was “raising him as a son.”
Tuition at the boarding school ran more than $6,000 a month. But Thomas did not cover the bill. A bank statement for the school from July 2009, buried in unrelated court filings, shows the source of Martin’s tuition payment for that month: the company of billionaire real estate magnate Harlan Crow.
Ex – Our very own Senator Menendez was brought to trial over such gifts. The jury voted to acquit. When interviewed after the trial the jurors said there was nothing wrong with friends giving gifts to each other, and YES the gifts Menendez received were not declared.
Have the DOJ charge Thomas already, as he is never going to quit. To him this is just another high tech lynching orchestrated by Joe Biden. While they are at it they should also charge a few other politicians who accepted gifts from friends over the years. I can think of a few rather lavish gifts this year alone. Nearly every year as VP Biden and jets to St. Croix and stays at the home of one of his donors for free to ring in Christmas and the New Year. He was there again last Christmas and New Year. All for free..The locals even said they missed him as he was there so often and missed a year because well Covid..
https://apnews.com/article/biden-politics-united-states-government-us-virgin-islands-district-of-columbia-89e3d8d99abb932be55fdc155a65a50c
“Lost another house. 57 offers, was in the top 5.”
Mind bending statement.
Interesting. Congress wants the FBI to turn over a witness interview statement made to Agents in June of 2020 before the election. Seems there is now a whistleblower whispering in the ears of congress about possibly bribery of the former Vice President.
Not well reported in the news, they issued a formal SUBPOENA. The FBI will have to go to a Judge now to deny the request. Also a good way to keep Joe from running again if well they move forward with impeachment. They have the votes for impeachment just like Pelosi did to Trump twice.
https://oversight.house.gov/wp-content/uploads/2023/05/Comer-Subpoena-cover-letter-and-Wray-Subpoena-050322.pdf
What a fantastic headline, from Bloomberg:
New Jersey Is the New Hot Spot for Big Businesses to Go Broke
TD , First Horizon merger called off due to regulatory uncertainties surrounding approval. PAC West on the ropes, Gundlach calling for Fed rate cuts, says it’s the only way to take stress off regional banks.
So in the last week there have been four fuel depots inside Russia blown up , and two fuel trains derailed by explosives inside Russia and the Ukrainians claim they did not attack the Kremlin with those large Cessna sized drones?
BTW – The Russians are now blaming the USA for the attack..
Amazon Choice best seller these days.
https://tinyurl.com/22h59arh
Juice: Saw one Russian exile who said he believes it’s Russian partisans carrying out the attacks inside Russia.
3b – You mean MI-6 backed Russian partisans? There is no telling who did it, but there is allot more going on with dis-information from all sides. Those drones were not repurposed toys. They were large the size of Cessna planes and the fireball explosion was bigger than a house, not something a backyard partisan can cobble toghter.
What is telling is Zelensky said they don’t attack inside Russian in English while in Europe this week.
Here is the link from CNN.
https://youtu.be/aGbAvojqKIo?t=76
We know this not to be true. They celebrated the destruction of lots of stuff inside Russia already, drone attacks at a bomber base hundreds of miles away. There were also four oil refinery attacks inside Russian this week and two oil trains derailed. You cannot fight without fuel etc.
Again the disinformation is coming for all sides. US, Europe, Russia and Ukraine. Who bombed the undersea natural gas pipelines that terminated in Germany? The West says Russia blew up their own pipelines. Why would they do that when they can just turn off the flow? Then there was a story that it was Ukrainian frogmen. Then the story that we did it by a Pulitzer prize winning journalist Seymour Hersh, and other stories as well. There is no truth only dis-information.
FYI our CIA director just gave a closed door briefing to the gang of eight. You can bet they have plenty of Potassium Iodide stocked in medicine cabinets in Washington DC.
3b – re: “Gundlach calling for Fed rate cuts, says it’s the only way to take stress off regional banks.”
Nah FED has much much stronger magic.
Just like they have done before POOF and the stress is gone from the banking system..
Like Harry Potter they can conjure up another special purpose vehicle and just swap those AAA rated assets such as UST and MBS for cash. No mark to market, just hold until the cows come home and pay Blackrock a nice fee to manage those assets too..
It worked before and will work again. What is a few trillion between friends anyway?
https://fred.stlouisfed.org/series/WALCL
The West says Russia blew up their own pipelines. Why would they do that when they can just turn off the flow?
It’s gaslighting by America. Literally. 😂😂😂
If I were Russia and I had decided on nukes, America would be my target over Ukraine as America would nuke Russia if Russia nuked Ukraine.
Just treat it like a divorce and go for the jugular. If you are going to be nuked you might as well smack them as hard as you can going down.
I don’t believe America would try to assassinate Putin in the open like that with drones on film. No way, no how. That’s how you start WWIII. What do you tell the rest of the world if Putin was assassinated like this? But who knows…people are crazy. Just doesn’t make much sense to me.
People have short memories. There was a UJ-22 drone that crashed last week outside Moscow after it ran out of fuel. It was loaded with American made C-4. Putin was supposed to be at an event nearby.
https://nypost.com/2023/04/27/ukraine-attempted-to-assassinate-putin-with-drone-claims/
My concern now is not whether we did it or if it is really a false flag, it is what the response will be from a paranoid delusional old man with really nothing to lose but his grip on power. He may very well decide to destroy it all on his way out.
I’m definitely not digging the whole defacto WW3 thing starting over in the Ukraine.
“TD , First Horizon merger called off due to regulatory uncertainties surrounding approval.”
Painful listening to multiple CNBC hosts stumbling in the dark trying to square what the regulatory concerns were….very simple, nothing more than an excuse. Best $200m TD will spend is that break fee……
“FYI our CIA director just gave a closed door briefing to the gang of eight. You can bet they have plenty of Potassium Iodide stocked in medicine cabinets in Washington DC.”
They, like me, will have the privilege of being vaporized in any first strike attack. Assuming of course the Russians targeting software actually works accurately.
People have short memories. There was a UJ-22 drone that crashed last week outside Moscow after it ran out of fuel. It was loaded with American made C-4. Putin was supposed to be at an event nearby.
If I were Russian, and my people were being killed with American weapons, then America would be my enemy as well-especially since they aren’t weapons purchased from America, they are weapons GIVEN BY AMERICA.
Big difference. America likes proxy wars. Push someone to the edge, you never know what you will get. F around, find out.
Just watched this video. Married woman swings both ways, decides to divorce, hides money from her husband with a friend while she hooks up with another woman. Friend has boyfriend who needs money, friend steals money from married woman. Woman needs money back, going to court. Friend spent money, so kills married woman. Had married woman never stole from her husband she would be alive.
Now that is what I call Karma+
oooookay Phoenix….calm down buddy
BREAKING!
Four members of the Proud Boys, including their former leader Enrique Tarrio, were convicted on Thursday of seditious conspiracy for plotting to keep President Donald J. Trump in power after his election defeat by leading a violent mob in attacking the Capitol on Jan. 6, 2021.
Pardon my ignorance: Isn’t Charles Schwab a brokerage house? I don’t understand why is it circling the drain with regional banks?
What a bunch of tools.
“The Houses Must be White, and the Designs Preapproved. Everybody Wants In.
Demand for property in Alys Beach, a planned community on Florida’s Panhandle, has soared over the past few years—even if there are a lot of rules”
https://www.wsj.com/articles/alys-beach-florida-fa0710cd?mod=hp_featst_pos4
Boomer: Charles Schwab is also a bank.
The banks can all burn.
Don’t worry Ex. We’ll all pay for them as usual.
Lib: Americans will accept it; we are a passive bunch.
Schwab has an embedded bank, apparently solid. As a long time customer though I would short the hell out of them…their software, SSE, while previously good got royally fucked up as they tried to make some changes, have been patching things all over since then. Basic stuff, I put on a spread (two options, paired, for risk or buying power) they show it as two different positions…I close out of part of a written (ie, short) position by BTC (buy to close), instead of the position disappearing they show an offsetting long so I have two positions, the original short and a new long, obviously entirely offsetting and netting out to zero but wtf….this is pretty basic stuff….at a major brokerage, not RobinHood…
I think with the purchase of TDA they originally intended to keep their SSE platform as ‘the one’ and started working on that until they realized the ToS at TDA was much better….so they quit SSE development midstream and started integrating ToS….must be an entire shitshow in their IT dept…probably makes ByS’s situation look like the model of efficiency….
Anyway, as a customer, it sucks and when they do finish integrating they are going to lose Schwab customers who don’t want to switch and TDA customers because of new margin requirements….
Literally 10 minutes ago:
MICROSOFT IS HELPING FINANCE AMD’S EXPANSION INTO AI PROCESSORS
7% gain, almost erasing the entire decline on earnings day in 10 minutes. I wonder if they say AI a thousand times on Apple’s call.
Re: Alys Beach, town of Seaside nearby set the standard. Zillow those homes….
https://en.wikipedia.org/wiki/Seaside,_Florida
Two Americas, baby….two americas….
Left: Schwab has a lot of paper bond losses as I understand it.
Daveman0720,
Lost another house. 57 offers, was in the top 5. Offered 31% over asking waived appraisal and inspection. 35% down and still didn’t get it.
Absolutely stunning. I have no other words.
Was a Schwab customer when they had TTY – no GUI dial up web access. Their first sets off Visa debit cards were the most beautiful debit cards I have seen even till today.
But I digress, the issue is that up to ’02-’05 range generally brokerage sweep account were money market funds or funds held interest free by the brokerage house covered under SIPC rules. ’02-05 is when the first appearance of 0% interest rate, which caused a lot of those money market funds to actually lose money, but they could not break the buck – so most brokerage like Schwab moved to their own “FDIC covered bank account” as standard sweep. Vanguard is one of the few that uses their Money Market Fund as standard sweep.
This move turned out to be a major profit center because they paid next to nothing, I think Schwab still paying out 0.20% and they kept the difference, which allowed them to come up with “free stock trades” and attract a lot of new accounts. As always there is no free lunch because those free trades came out of interest/dividends that you did not get.
So the issue when them is not the same issue as with the fail bank which was lending a lot at very low interest rate and using short term money that is now more expensive to fund those loan.
The issue with Schwab is that what happened to the failed bank has made people pay attention, look for safety and yield, move their money accordingly because in the 0% world it did not matter that where you kept it because no one was paying anything. But now it matters as competing banks are offering 4-5% more than what Schwab offers. Or better yet, if you have a Schwab brokerage account, instead of leaving the money in the bank sweep account, you just make a trade and buy let’s say Schwab Federal Money Market mutual fund and get paid way more, but with this trade money leaves the “bank” side of Schwab.
So this side of their business model is kaput. They are still very big in advisory, and small business retirement plans. So they are not going to disappear, but expect moves like Vanguard and TIAA-CREF have made to move away from the little people and attract bigger size accounts.
Is the waiving of appraisal implicitly tied to paying all cash, or a very large percentage in cash? I (think) I understand that lender would require it, but what is the potential downside of waiving appraisal for the buyer? Aside from overpaying, which doesn’t seem to be an issue.
On .20% sweep to 4.75% interest bearing ETF or mutual fund. Hell yeah. I’ve been waiting for safe interest for half of my life. Couldn’t have come at a better time.
New Study:
https://studyfinds.org/doctors-extroverted-neurotic/
The Docs are nuts.
Lefty,
Take a look at this thread. Seems like Gingko going in the right direction.
https://twitter.com/pierceark/status/1654170844690513948?s=46&t=0eaRjeKWHSIY8WCyPT4KMg
Irrespective of who is right. It is crazy (to me) that someone who works for a professional white collar investment firm makes posts like this while flying the colors of his employer. This must be a Gen Z thing.
“Pierce Jamieson
@PierceARK
·
Feb 22
I wish I had the time and/or crayons to help you Tammy”
Pumps you are f#&d. ARK is an aberration
Boomer,
Did you read my post about professionalism yesterday? It’s a new world out there.
What the hell is an AI Processor?
No, I did not read it.
Your continued refusal to comply with even the most basic rules of citation or attribution, make it extremely difficult to discern whether I am reading your thoughts or something written by some moron on Twitter. As a result, I now furiously scroll past most of your posts. There’s so much copy pasta garbage by the time I figure out what is what, I’ve truly lost all interest.
3:32 a buzzword….
A sign of the times, a promotional email from a bank touts its “top half” ratio status.
“Primis has some of the best liquidity ratios in the industry and capital ratios in the top half of our peer group. And, we plan to keep bringing you the most competitive offerings possible.
That’s why we’ve increased the yield on your Primis Savings account (the one already earning 5.03% APY). We want you to save more. Effective May 05, 2023: 5.10% APY*”
Hoowah!
Love that Primis account.
I see you acted early as well. Now don’t put more than 250K in there under one account. Kapeesh?
Your loss, boomer.
I have another account at CiT. I haven’t been able to log into that one the last two times I tried. Don’t really care to call CS either. It’s amazing how not sticky deposits are. The implicit reliance on FDIC by the general public is off the charts right now.
Boomer re: “The implicit reliance on FDIC by the general public.”
Hedge funder Ackerman and others calling again for blanket protection on all accounts above the FDIC limit to prevent further bank runs. If you are willing to pay you can buy additional insurance but the rich don’t want to pay for it, not when Uncle Sam will step in and guarantee deposits above the $250,000 limit.
There was a story today about the small banks and the FDIC, there used to be 30,000 small banks one in every town and then the bank runs of the 1930s began and the birth of the FDIC. There are still now 4,000 independent small banks way more than most other countries have. For example modern Canada has only 35 domestic banks and another 18 foreign banks. Many other US banks also have remote branches.
Perhaps we are well past the point were the small banks have become obsolete and the only thing keeping them in business is the FDIC guarantee? Brick and mortar Bank branches too, expensive tax paying retail space. Is it really needed anymore, when I can get 5% interest or better from an online only bank?
I would expect the death of many more small banks.There is no way they can comepete anymore now that ZIRP is a thing of the past.
Juice: More ZIRP!!
Tbill auction results:
4-Week No 912797FM4 05/09/2023 5.840% 5.964%
This is maturing June 6th.
What a time to be alive. /s
but really, not worth the risk premium heading into June.
“Is it really needed anymore, when I can get 5% interest or better from an online only bank? ”
Speaking to the comparative value of regionals/brick mortar vs online, you’re probably right in the long term. Also, with every day that passes, new digital banking relationships are forged with younger customers. Deposits may not be sticky but banking relationships are.
https://incendar.com/baby_boomer_deathclock.php
Also:
I think 5-6% is certainly a seductive alternative to risk assets, but when these accounts are paying 3.5% again (and they will), I think cash is going to move back into indices and you will see deposits flee banks once again.
Is there a way for A.I. to do something other than sharpen the knife blade of capitalism? Just to be clear, when I refer to capitalism, I’m not talking about the exchange of goods or services for prices determined by a market, which is a property of many economic systems.
When I refer to capitalism, I’m talking about a specific relationship between capital and labor, in which private individuals who have money are able to profit off the effort of others. So, in the context of this discussion, whenever I criticize capitalism, I’m not criticizing the idea of selling things; I’m criticizing the idea that people who have lots of money get to wield power over people who actually work. And, more specifically, I’m criticizing the ever-growing concentration of wealth among an ever-smaller number of people, which may or may not be an intrinsic property of capitalism but which absolutely characterizes capitalism as it is practiced today.
As it is currently deployed, A.I. often amounts to an effort to analyze a task that human beings perform and figure out a way to replace the human being. Coincidentally, this is exactly the type of problem that management wants solved. As a result, A.I. assists capital at the expense of labor. There isn’t really anything like a labor-consulting firm that furthers the interests of workers. Is it possible for A.I. to take on that role? Can A.I. do anything to assist workers instead of management?
Some might say that it’s not the job of A.I. to oppose capitalism. That may be true, but it’s not the job of A.I. to strengthen capitalism, either. Yet that is what it currently does. If we cannot come up with ways for A.I. to reduce the concentration of wealth, then I’d say it’s hard to argue that A.I. is a neutral technology, let alone a beneficial one.
Many people think that A.I. will create more unemployment, and bring up universal basic income, or U.B.I., as a solution to that problem.
In general, I like the idea of universal basic income; however, over time, I’ve become skeptical about the way that people who work in A.I. suggest U.B.I. as a response to A.I.-driven unemployment. It would be different if we already had universal basic income, but we don’t, so expressing support for it seems like a way for the people developing A.I. to pass the buck to the government. In effect, they are intensifying the problems that capitalism creates with the expectation that, when those problems become bad enough, the government will have no choice but to step in. As a strategy for making the world a better place, this seems dubious.
https://apple.news/A6ruUFKr4SuKJ4JIFFjlvIA
Rich vs poor coming to a street near you. That’s a powerful article. I have not thought about that angle, but it’s def going to happen. The need for human labor is slowly dying. That’s going to turn into a major war between the haves and have nots.
We are finally reaching a time in nearly a generation where banks actually have to pay a
reasonable rate for your cash. 15 years…JFC.
Think about it. AI created a drake/weekend collaboration that faked out half of the internet. Let that sink in. So, pt being, why do you need human artists for music anymore? Why do you need writers anymore? And this is AI still in infant stage of development. Jobs are done…
There’s a great one of Biggie doing Eazy-E’s Boyz in the Hood.
https://www.youtube.com/watch?v=bnXKbSslUag
Two of my favorites in a collab that never happened (probably would have never happened).
No gold teeth, no rainbow hair, no autotuned CRAP, just pure rap…both died too young..
Juice,
That was an awesome era. I was a “cream” disciple…Wu-Tanggggg!!! Lmao
Grim,
That’s straight 🔥. F’ing ai.
Yes, thanks for bringing that up @PierceARK – it’s often lost on people. We run an R&D lab with a factory mindset & footing at @ginkgo.
If you haven’t worked in a biotech lab it’s hard to appreciate what craft-style work the physical wet lab benchwork is today at pretty much every pharma, ag, or industrial biotech company. It’s very hard to move that work to automation in a scalable way (took us 10+ years and a ton of software and hardware work), but once you do there’s no going back.
And then suddenly you have QA/QC teams and operations planning teams focused on lab R&D work !! (and get charts like the one I showed). This exists in places like diagnostic labs, genomics facilities, seed breeding facilities, and a few other places where the lab work is standard and repeatable — but for open-ended genetic engineering R&D (where the lab work is variable) I think we’re the first to get it going at real scale.
The other interesting thing is you need a ton of programs running in parallel (as we now have) to really get quality data on what improves success, etc, to feed to the operations planning team. So we’re hungry to keep adding programs for that reason and were lucky to end 2023 with 96 active programs on the platform.
I covered some of this at Ferment too, 20min keynote here for those interested:
youtube.com/watch?v=2fkz3a…
https://twitter.com/jrkelly/status/1654208219797938176?s=46&t=0eaRjeKWHSIY8WCyPT4KMg
Data…..data data data. DNA is so f’ing undervalued based on DATA holdings alone.
This Jason Kelly reply gives me bigly conviction. This company is for real. And laugh as ark analysts all you want, but CEO gave them a reply and shoutout for pointing this out. These people all care more about the science than the money. Beautiful tail to ride.
Global warming risk is overblown in the short term, but significant in the long term
https://twitter.com/elonmusk/status/1654324102415482880?s=46&t=0eaRjeKWHSIY8WCyPT4KMg
You know he speaks the truth.
The only global warming of consequence to you is the Dutch Oven you foist on your wife.
……..AND jobs come in above forecast.
3.4%.
Bam.
253k vs 186k expected. Another hike in June is warranted.
Economy is strong.
Thanks Dark Brandon for keeping everyone in here employed!
3b,
I am a big believer in the micro explaining the macro. You want a view of America then look at own family and friends. You want to get idea on why economy stays so hot, look at decisions being made by everyday people around you. I talk with lots of millennials, under 40 crowd because we have kids same age. Everyone appears super positive about their home being a golden parachute in future. Guy across street is putting on 2 garage addition. Our friends up street on putting on second story on their home. Mix that with developers now buying tear down lots for 500k when a few years ago it was 250k for land. I just see no fear in any of younger crowd as they see home as winning lottery ticket while two incomes / employment in full swing. When you do further, these people had plans for nearly 8 mos and it is taking impossibly long to get architects, land surveyors, town approvals and construction companies to commit. The demand is so overwhelming. Every run down bldg is now someone’s winning lottery ticket and under construction. Until that stops, via cataclysmic lending collapse, then employment and inflation will stay hot. The Fed is fooling itself.
NJ entertainment:
https://youtu.be/aovDW61K5FY?t=60
Happy Cinco de Mayo
Bystander: I pretty much agree with all that you note. But, a whole lot of younger people shut out as well. The Fed has to decide keep tightening and kill inflation by slowing the economy, or live with higher inflation, and hope it somehow how all works out. I don’t see how that can happen without a recession.
In other news, Man U and Arsenal will be playing in Met Life stadium on July, 22!
Well, stop watching Fox News to learn to live without fear
Crazy Ivan
Prigozhin video is just nuts. Here it is with translation. Warning dead bodies.
https://twitter.com/search?q=Prigozhin%20shoigu&src=typeahead_click
No, it’s not warranted. You want the entire banking system to crash?
Understand, the thing that matters is what no one pays attention to…demographics. There is nothing the Fed can do about this labor market. They have never dealt with a labor market like this because the population was always growing rapidly….always new worker supply. That supply of workers is f/ed….older people are living longer and older people don’t work/need support. The supply of younger people is not there because people are not having babies like in the past. Hence, the Fed can raise rates to crash the economy by destroying the banks stuck with low rate returns and they will still have a labor issue. Ask Japan…
Good thing AI is coming to replace workers…but the govt will have a whole other problem to deal with in trying to create work for human labor when competing machines are now more efficient than human labor. Why should a business sign up for human labor when the machine is more efficient and cheaper?
3b says:
May 5, 2023 at 8:35 am
253k vs 186k expected. Another hike in June is warranted.
I don’t see how we have a major recession with this labor market. Just stagnant growth in the face of a fight with deflation. The stock market has been going sideways for how long now? Deflation…yes, prices are not going up anymore, quite the opposite. Oil is low….lumber took a bat to the head. Shipping costs are dropping significantly. Writing is on the wall. Only thing keeping housing up is tight supply or that would be in free fall too…but they didn’t build enough over the last 1o years and it’s now f/ed.
Lefty,
Could be a positive sign.
“Ginkgo Bioworks Announces Appointment of Steven P. Coen as Chief Accounting Officer
Mr. Coen brings over 30 years of public accounting and corporate finance leadership experience, most recently as Corporate Vice President and Corporate Controller at Charles River Laboratories
Marie Fallon to step down as CAO effective May 15, 2023
BOSTON, May 5, 2023 /PRNewswire/ — Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo” or the “Company”), which is building the leading platform for cell programming and biosecurity, today announced the appointment of Steven P. Coen, CPA, a seasoned finance executive with more than 30 years of public accounting and corporate finance leadership experience, as Chief Accounting Officer (“CAO”), effective May 15, 2023. Most recently, Mr. Coen was the Corporate Vice President and Corporate Controller for Charles River Laboratories, a publicly held global contract research organization for pharmaceutical and biotechnology companies, governmental agencies and leading academic institutions, with approximately 20,000 employees across 150 locations in over 20 countries and annual revenues of approximately $4.0 billion. Prior to that, Mr. Coen served in accounting and finance leadership roles in the technology and medical device industries after spending more than 17 years in the audit practice at Deloitte & Touche LLP.”
Boomer,
My CIT account lets me login with ease. You may want to call CS as painful as that is today.
By/3B,
My employer, which is really doing quite well, offered us the slimmest increases we’ve seen in years. This just doesn’t seem to jibe with the unemployment reports. I swear, someone needs to look into all of the people in this country who are working off the books. Think about all of the money you spend and how much of it goes unreported. Nonetheless, it does not seem like our wide open borders are damaging our economy as much as the right would like us to think.
In other thoughts, I question all of this bank failure business and our government’s solution to make the largest banks even larger. Certainly, the precedent now is for all accounts to be insured, not just accounts under 250K. We also have the debt ceiling looming and two parties less willing to compromise than ever before. Combine this with Biden’s endless spending and there are still tremendous headwinds. Or are they just today’s noise. I plan to let the charts guide me at this point. I sit back and watch until the Nasdaq hits 13K or 1.5K. Until then, I am satisfied with my 5%. Just wish more of it was taxfree.
meant to say 10.5K. Sorry.
3b,
Definitely part of the story. Millennials who bought in 2020-2022 at 30% higher pre-pandemic and locked 3% low rate are breathing sigh of relief. Millennials showing up now with 50% higher prices pre-pandemic, zero inventory and 7% rates are absolutely screwed. The problem with accepting 4% inflation is that it will rot the middle away. Companies giving raises much lower than inflation for years. I read that 55% of workers got no raise at all in 2023 cycle. I did not. I would love to see how many jobs turned over between 2020-2023. I would be shocked if more than 25% of total labor pool, mostly in technology despite how media makes it sound. Mostly, I see the same people here on business side and ops. These people have not been getting bumps needed. Management know this so more meetings on how comp works and promotions, team work..but not more money in the pie. Physical labor and retail sales will have upper hand because no one wants those jobs. They will continue to command more, companies will pass to consumer, consumer will not get inflation-based raise, execs get richer..and we erode away until Brazil. It is already starting.
Lockheed Martin stock might pop way higher.
Their Patriot missile system may have just shot down a Russian Hypersonic cruise missile. From all pictures posted online that is exactly what happened yesterday near Kyiv. Germany had transferred a Patriot anti-aircraft missile system and a set of missiles to Ukraine about two weeks ago so this would have been the first real live fire against the Russian Hypersonic weapons which are supposed to be unstoppable because they travel at Mach 5.9.
https://defence-blog.com/ukraine-shoots-down-russian-unstoppable-hypersonic-missile/
Everyone back to the office Covid is officially kaput.
“The Covid pandemic is no longer a global emergency, according to leaders at the World Health Organization (WHO) — a symbolic moment that the virus’s reign over the world is near its end.
Tedros Adhanom Ghebreyesus, director-general of the United Nations organization, said Friday: ‘It’s with great hope that I declare COVID-19 over as a global health emergency.’
By,
I think one of my first posts here back in the day was to invest in barbed wire because we were headed into a society that more closely resembled Brazil.
Release the kraken!
Yuk yuk yuk
“In summary, as of Q4 earnings last year, ~60% of Ginkgo’s programs were progressing at an expected or higher-than-expected rate (some much higher than expected). Only ~5% of programs were progressing at a rate less than 25% of the expectation…Find anyone who has ever done wet lab benchwork and ask them what % of their projects progressed at a rate greater than 4x their expectations. You’ll get a blank stare.”
And yet with all this ‘outperformance’ they managed to miss revenue forecasts by 100% and profitability that was supposed to be attained by 2024 is pushed off until….when?
What happens when the growth curve continues to slow?
“Irrespective of who is right. It is crazy (to me) that someone who works for a professional white collar investment firm makes posts like this while flying the colors of his employer. This must be a Gen Z thing.”
As parent of corporately employed GenZs it is not the case…this behavior is ARK specific….remember the head of the firm advertised for financial analysts by job posts seeking ‘storytellers’.
Train wreck of a management team here investing in companies run by train wreck managers. They are children.
How does one square lowest unemployment rate in decades with all the layoffs? New New Math?
10:23 America’s permanent underclass cheers for their own demise.
They do fun little dances on TikTok. They rant about how nothing matters
but their ice cold beer and 10-point buck. They seem happy to continue their squalid existence while the rest of us worry about their future.
Guy gets it. The rotation will come or is already happening as we speak. High growth stocks are what people should start buying now before the herd of lemmings do. Buy with them and lose, or beat the herd and make money.
“If I owned $AAPL, I would dump its stock with over 30 P/E and .55% yield and put all that money into the Apple savings or paypal savings that is 100% safe, FDIC insured, and earns 4.15% interest. The risk of capital loss from the mega cap bubble popping could wipe out vast amounts of returns. It will happen once investors stop being scared to own anything else. I would throw in $MSFT into that bubble trap.”
But are we at the bottom? Halfway there? etc?
“This company is for real. And laugh as ark analysts all you want, but CEO gave them a reply and shoutout for pointing this out.”
Surprise, surprise…..the CEO of a company whose personal net worth went from over $900m to $90m as the shares of the company that is his life’s work plummet *actually agrees* with the bullish assessment of one of his largest institutional shareholders holding 11% of the company who likewise rode the shares down from $10 to a buck.
C’mon….seriously?
“These people all care more about the science than the money.”
LOLOLOL.
Even if true you are capturing downside times two….
A scientific management team operating like they have a blank check is like an NFL rookie from Alabama getting his first pro contract, look out below.
An institutional investor caring about science rather than share price or ‘money’, well that just speaks for itself doesn’t it? Why is your money with a manager?
Pumps is a gambler. Only sees the upside and never concerns himself with the downside.
Nice of the WHO to finally figure out what the general public figured out 18 months ago, and some of us well before that
CaliBrazil. Without the beautiful women of Brazil that is.
https://youtu.be/NiwHAGuzQC8?t=10
Chicago @ 8:31
Wait for the revisions before buying all the hookers and blow available. Last three months payrolls revising downward and increasing in amplitude.
In this macro environment….why wouldn’t they miss?
What matters to a long-term investor like me….is below. It’s working and better than expected. That’s what matters to me. Patience will be rewarded if they keep this up.
leftwing says:
May 5, 2023 at 10:33 am
“In summary, as of Q4 earnings last year, ~60% of Ginkgo’s programs were progressing at an expected or higher-than-expected rate (some much higher than expected). Only ~5% of programs were progressing at a rate less than 25% of the expectation…Find anyone who has ever done wet lab benchwork and ask them what % of their projects progressed at a rate greater than 4x their expectations. You’ll get a blank stare.”
And yet with all this ‘outperformance’ they managed to miss revenue forecasts by 100% and profitability that was supposed to be attained by 2024 is pushed off until….when?
Yikes. Please be on the lookout for signs of mental illness and psychological struggles. It’s not just an affliction of the homeless and maladjusted.
https://nypost.com/2023/05/05/google-senior-software-engineer-31-jumps-to-death-from-nyc-headquarters/
Yup, just like China. Corporations going to have to install nets to make sure their employees are put back on the corporate treadmill.
Google engineer, 31, jumps to his death from the 14th floor tech company’s NYC headquarters
A Google engineer, 31, jumped to his death from the 14th floor of the company’s New York City headquarters
Any of you older one’s remember General Magic, the spinoff from Apple that started with PDAs but morphed into voice recognition?
They IPO’d in 1995 at 10, went to 20 almost immediately. They were superhyped, much like DNA. Heck, they spun off of Apple. Had partnerships with every single mega cap in tech. Were going to turn the PDA world upside down. Went bankrupt in 2002.
Something is fundamentally wrong with America when working people have to live like this:
https://www.dailymail.co.uk/news/article-12050937/Shocking-images-TWO-MILE-long-encampment-people-living-RVs-trucks-trailers.html#v-6720585417054532716
Haha. Yeah. Like that is going to help.
They are also planning on hiring a full time social worker to support the encampment residents with their issues directly.
“Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tossed to me, I lift my lamp beside the golden door!” This country’s greatness and true genius lies in its diversity.
What our Government officials are doing with our tax dollars while we work to pay their salaries:
https://twitter.com/amuse/status/1654258629204164608?s=20
Seems on brand Phoenix.
Okay Lefty,
Doing some stock digging and so far, I like Amphastar Pharmaceuticals. They make Primatene Mist among about 20 other bios. Very undervalued. Low debt. No dividend unfortunately, but everything else looks peachy. Revenues are a little soft, but that might be the recession. Take a look when you get a chance.
Meanwhile in Britain $125m to crown some asshat King.
Dr. Rochelle Walensky, the head of the Centers for Disease Control and Prevention, submitted her resignation Friday, saying the waning of the COVID-19 pandemic was a good time to make a transition.
What a trainwreck this woman was
Most companies die, few live a long life. Why investing is so tough.
That’s exactly why I am invested in Gingko….I think they survive the test of time. Growth over the next 2 decades. They have come such a long way already. Talking over 12 years of accumulating data and increasing the efficiency of their models. They are almost there….from a home grown lab to a billion dollar market cap. They aren’t f/ing around. Show me another company with this kind of potential over the next 20 years.
Libturd says:
May 5, 2023 at 1:08 pm
Any of you older one’s remember General Magic, the spinoff from Apple that started with PDAs but morphed into voice recognition?
They IPO’d in 1995 at 10, went to 20 almost immediately. They were superhyped, much like DNA. Heck, they spun off of Apple. Had partnerships with every single mega cap in tech. Were going to turn the PDA world upside down. Went bankrupt in 2002.
That’s why San Fran real estate is taking a bat to the head. It was so overvalued due to the success of the local economy over the previous decades. Now, capitalism going to work, employing pain, as people move out of the location due to the high cost of housing and the bubble popping on tech and their good jobs.
San Fran area of Cali is nice….might be a beautiful buying opportunity for people that want to live there.
Phoenix says:
May 5, 2023 at 1:10 pm
Something is fundamentally wrong with America when working people have to live like this:
https://www.dailymail.co.uk/news/article-12050937/Shocking-images-TWO-MILE-long-encampment-people-living-RVs-trucks-trailers.html#v-6720585417054532716
One more undervalued play, though much more a longer-term hold. OLED.
Ex: From what I hear, the young people in Britain don’t care about the monarchy, and in fact some think it should be ended. Even a lot of the older folks are indifferent at best, perhaps because it’s Charles. I think this whole idea of monarch in this day and age is a joke, but I guess enough Brits like it to keep it going. Interestingly enough apparently Versailles supposedly gets more tourists than Windsor Castle, and the French don’t have a monarchy.
Meanwhile in the People’s Republic of Florida. Small man, Ron Jon Un continues his absurd battle against a private company. His slogan should read Ron DDS-antis 202. Disney Derangement syndrome.
Thu, May 4, 2023 at 9:58 PM EDT
(Reuters) – Florida’s Senate on Thursday passed a bill that will allow a tourism board appointed by Governor Ron DeSantis to cancel development agreements its predecessor body signed, the latest salvo against the Walt Disney Co from the conservative leader.
Under the bill, which now goes to DeSantis for signing into law, the Central Florida Tourism Oversight District board, appointed by DeSantis to oversee development in and around Disney’s theme parks, can cancel agreements that were signed up to three months before the board’s creation.
SAN FRANCISCO — Nordstrom is planning to close both of its Downtown San Francisco stores, choosing not to renew its lease inside of Westfield Mall, the store confirmed Tuesday.
It will also close the nearby Downtown Nordstrom Rack.
Whole Foods also closed there recently.
2:00 the guy is worth just shy of a billion dollars. Dilly Dilly!!
“Why investing is so tough. That’s exactly why I am invested in Gingko….”
LOL, and I say this in a friendly manner, you are a bot. Same response, every single time. Every single topic.
Massive fire in DNA facilities…exactly why I like it, latest batch fermented faster.
Everything in investing is about risk adjusted returns. There is not a valuation upside for DNA you can reasonably derive right now – especially until they can establish baseline profit margins given they already generate nine figures of revenue – that compensates for the visible risks on the horizon.
It’s really that simple Pumps.
Getting not just compensated, but adequately compensated for your risk.
When you’re deep in that paradigm you get outstanding returns (META, 3/2020)…when you venture out you will get your hand slapped…..
Lib, TY. Will look at over weekend.
In other news, proving that business knows best..and the right’s rickety bigoted soap-box is crumbling.
AB InBev is toasting strong results despite calls for a boycott of one its most notable products, Bud Light. The Belgian brewer of Budweiser, Corona and other big-name beers reported a 13.6% jump in first-quarter profits Thursday, substantially outperforming Wall Street’s expectations.
Quick look on AMPH….Nice company, $500m of revenue, 20% operating margin, c. 26% EBITDA…stock tanked two weeks ago on purchase of an inhalable blood sugar drug from Lilly…
Questions for me…
Purchase good/bad? Revenue of $140m, paying $625m firm, just under 4x…not sure where that lands on market. They have $150m of cash. Within their p/l, at current EBITDA margin they’ll generate $35m from the acquired product which would only cover about $400m of debt, ie. not a lot of return if any for the company after financing the acquisition…any return would have to come from op efficiencies, ie. no additional sales effort assuming the salesforce is in front of the same end customer or expanding the end customer sales (can they do better than Lilly did, maybe if this were an orphan in the Lilly portfolio)….Still, acquisition price may high/return suboptimal. Need to see. Market certainly didn’t like it, puked.
Underlying business seems to be insulin/blood sugar concentrated. Would want to diligence how all these new therapeutics in the market may affect the end demand for their portfolio.
Want to check out management…not usually a fan of a leader who takes the COO, CoB, and CSO title all by themselves, especially when they are in their 70s and the one other person holding both the CEO and President title is 76…..
Generally like the sector and the under the radar feel if the above check out.
Yeah, but that campaign was a massive fail.
They’ll be discussing that in business and marketing classes
from now until the end of time.
Ex: Massive amount of wealth. From what I understand he also owns the Duchy of Cornwall, that southwest part of England that juts out into the sea. I believe he collects ground rents on all of it.
Shopify cutting 20 percent of its 11k head count.
Left on the 75 year old multi-titled exec. His compensation is not outrageous and it’s clear this is a quick grower, hence, never felt the need to go exec heavy. I like that their bonus structure is clearly laid out in their quarterly. Yes, that acquisition was not well received, but the price drop was extremely overdone, which is why I like it right here. I did a pretty thorough deep dive on this one. Not a lot of undervalued names in this sector. Nice recession-resistant play.
3b – Old sausage fingers is worth tens of billions. There was a story earlier in the year that the English windfarms pay a billion dollars a year in rent and the king is donating that money. That rent is because they own all of the sea beds surronding England, all of it so the windfarms pay rent to the King.
Phoenix – That Winnebago encampment in Novato CA is about a mile from where my wife grew up. Her childhood home was sold by her parents when she went away to college, it was recently sold again for 300% more than they sold it for in 1998. Her friends that live there cannot afford to buy homes. They are teachers and local workers etc, they cannot afford to live anywhere near the Golden Gate bridge…I would not be surprised if many of those living in those campers etc are in fact locals.
Funny thing is that Gingko’s head of accounting is quitting, a “personal decision” to pursue other opportunities. The lady is leaving in 10 days so clearly must have given notice a while back, the company held this info until they could spin it as a hiring rather than a departure. When is turnover in the accounting department ever a good sign?
This resigning Marie Fallon, by her looks, is much younger than the incoming Steve Coen.
theorg.com/org/ginkgo-bioworks/org-chart/marie-fallon
Juice: Unbelievable, one would think the everyday Brits would be up in arms over this massive wealth, and paying land rents to a monarch. After the Queens passing would have been the perfect time to abolish the monarchy, but I assume the powers that be wish to keep it, makes them think they are still an empire I guess.
3B – Queen Camilla had to choose between an Indian diamond worth $100 million or a South African diamond worth $300 million to wear in her crown tomorrow. She chose
South African diamond. BTW both countries want their jewels back.
Juice: What a stressful decision for her!! I am sure the average British woman can appreciate what a tough decision that must be! As for the jewels they should be returned.
Kenny Akers @KeneAkers
1957 Levittown, White citizens were interviewed and gave their thoughts on the first Black family to have moved into the neighborhood. Everyone thinks this is so long ago. Nope! The alarming part; her children are alive today and more than likely expressing the same views……..
https://twitter.com/KeneAkers/status/1654334300467376128
Fab – what is your point here Shelley v. Kraemer? From the looks of it Levittown is still not very diverse.
https://www.city-data.com/city/Levittown-New-York.html
What percentage diversity is your fabulous Bergen County Abode?
(Texas Accent) Dang, Hell.
George Carlin is right again. America imploding one day at a time. Sucks for the poor trauma teams that have to keep power infusing blood day and night on a weekend for crappy pay, no pensions, no weekends off. At least the cops get lifetime pensions and healthcare.
Eight – including children – are killed in Texas mall massacre