This week I sat through three-quarters of a training session on Non-Fungible Tokens (NFT’s) – but I couldn’t make it through to the end. The experts -- who clearly know something I don’t -- went through the fine mechanics of the asset class’s creation -- ex nihilo. We then learned that in late 2021 a digital picture of what looks like a few ping pong balls floating in space, sold for 91.8 million really truly-ooly-ooly dollars. Ouch.

 

Our nifty NFT trainer was completely sincere in observing: "If it walks like a duck and quacks like a duck, it's not a cheeseburger, it's an NFT!" Some people were nodding wisely. And it was just then that I got hungry and went out for a cheeseburger. A real one.

 

The Merge

     This spit of bits was created by an unknown artist. A wise choice.

 

     Because, if I had somehow bought it in a stupor of stupid, I might later want to print  it       out and paperbut him with it 91.8 million times. 

 

     The seller remains anonymous, although the very next day it was rumored Bart                 Simpson bought the entire Kwik-E-mart chain. 

 

 

 

 

 

 

Star Trek creators imagined a world where a person could credibly replicate food from a computer/machine instantly, but this NFT stuff is all backwards and inside out. An NFT might replicate actual art, or might not. It purportedly doesn’t matter, since its value is locked into its unique digital signature. Blah blah blah! Oh my flipp’n flibittygibbits, just shut up. … Just don’t.

 

It all smells like too much money looking for somewhere ridiculous to land, like some spoiled Hollywood brat buying up real estate on the moon. If you can’t explain it to your mom, think twice.

 

This week in things less derivative:

 

China’s reopening: Reality check and what to expect

A flurry of activity, to the surprise of many, has returned in China. Public transit ridership and airline travel are increasing, coinciding with lower COVID-19 cases. As the momentum continues, we think benefits for the global economy and select equities will emerge.

 

A turning point for UK equities?

The UK and the EU have struck a deal on new trade rules for Northern Ireland, which may resolve a thorny issue that has driven post-Brexit trading tensions.

 

Regional developments: Canadian GDP growth stalls; U.S. earnings estimates continue to decline; Euro area inflation emboldens the ECB hawks; Strong Chinese manufacturing activity data

 

Full Story here: Global Insight Weekly

 

Enjoy your weekend! I can recommend a good burger joint if you’re interested!

 

Mark