Inventing Virtual Meetings of Tomorrow with NVIDIA AI Research

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Comments of the Day

15 October 2020

Video commentary for October 14th 2020

Eoin Treacy’s view

A link to today’s video commentary is posted in the Subscriber’s Area.

Some of the topics discussed include: competitive currency devaluation and its impact on the Dollar, Renminbi and gold, oil steady, renewables continue to outperform, speculation on how autonomous Tesla’s next release of software will be.

Inventing Virtual Meetings of Tomorrow with NVIDIA AI Research

This video from Nvidia may be of interest to subscribers.

Eoin Treacy’s view

I’m sure I’m not the only one who has been on a Zoom meeting where the video was extremely jerky and the transitions from one speaker to the next suffered from significant lag.

The improvements in quality for video, achieved with less bandwidth, is a truly impressive achievement. This is the kind of innovation that will greatly enhance the product offering of social media, teleshopping and the evolution of the media streaming sector.

NIO, BYD Shares Hit Record on Wall Street Vote of Confidence

This article by Esha Dey for Bloomberg may be of interest to subscribers. Here is a section:

Chinese electric carmaker NIO Inc. received confidence votes from at least two Wall Street analysts on Wednesday, after JPMorgan and Citi both upgraded their ratings on the stock.

While JPMorgan’s action was based on the expectation that the use of new-energy vehicles in China will quadruple by 2025 from last year’s levels, Citi pointed to multiple factors, including a very strong order backlog during the country’s Golden Week national holiday, an increase in NIO’s market share and a drop in battery costs.

JPMorgan analyst Nick Lai expects the penetration of new- energy vehicles in China to accelerate, jumping to 20% of the market by 2025 from less than 5% in 2019. Shifting customer preferences will help drive the trend, along with an expected drop in the cost of electric-car and battery production, the

analyst wrote in a note.

Eoin Treacy’s view

300 miles of ranges appears to be good enough for most investors. Whether that is the case for consumers is another question entirely. The practicality of daily life means 300 miles is probably enough 99% of the time but it also depends on ready access to charging facilities.

Billionaire investor Howard Marks paints grim view of economic outlook: stimulus alone won’t cure ‘down-cycle’

This article from MarketWatch may be of interest to subscribers. Here is a section:

Marks credits the Federal Reserve’s decision to cut its benchmark interest rate to a range of 0% to 0.25% and the signalling of its intention to keep uber-low levels in place for the foreseeable future for providing the most significant stimulus for financial markets in this pandemic era.

That said, investment return expectations, he insists, will be also be hurt by the current state of economy and economic policy over the longer run.

Marks explains the investment return outlook like this:

So the lower the fed funds rate is, the lower bond yields will be, meaning outstanding bonds with higher interest rates will appreciate. And lower yields on bonds means they offer less competition to stocks, so stocks don’t have to be cheap to attract buying. They, too, will appreciate. And if high-quality assets become high-priced and thus offer low prospective returns, then low-quality assets will see buying – implying rising prices and falling prospective returns – because they look cheap relative to high-quality assets.

Eoin Treacy’s view

The default cycle during a recession tends to a long tail because businesses do not all fail at once. The supply of liquidity supported many businesses and partial re-openings will have generated some income. However, the longer reduced activity persists the greater the burden debt will have on companies. Generally, the peak of insolvencies occurs 18 months after the recession begins. That suggests continued ample sources of additional liquidity are essential to support recoveries.

Eoin’s personal portfolio: investment position increased October 2nd

Eoin Treacy’s view

One of the most commonly asked questions by subscribers is how to find details of my open traders. In an effort to make it easier I will simply repost the latest summary daily until there is a change.

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