December is here! Which means you’re finally allowed to:

• put up your Christmas tree (any earlier and you’re crazy)

• start going to multiple parties each week (prepare a few good anecdotes and your liver)

• practice your best fake smile for when you open whatever lazy ass gift your dad gave you this year (I’ve gotten a twenty-pack of black socks four years in a row)

It’s a busy month! So let’s get to it.

Markets

Source: CoinGecko.com As of 10:03 AM December 1, 2024

World news

Top news stories of the past week

1) Trump loves tariffs: Incoming U.S. President Donald Trump has said that he plans to slap on a ton of fresh tariffs: 10% extra on China and 25% on Mexico and Canada. Then subsequently, he said he would levy a 100% tariff (?!) on the BRICS countries (Brazil, Russia, India, China, South Africa) UNLESS they committed to not trying to replace the US Dollar as a core trade currency.

2) Adani says “nah, no bribes”: Adani Group, the Indian multinational conglomerate, said they reject all allegations of bribery. They were accused of a $265 million bribery scheme to secure Indian solar power contracts and misleading US investors during funding.

3) People still love shopping: People sprinted to their computers to take advantage of Black Friday deals. In-store sales increased just 0.7% year-over-year, while online sales grew by 14.6%. Is that good news? Yes! The US consumer is still buying. 184 Americans took advantage of Black Friday.

Top WEIRD stories of the past week

1) If you live as a hermit in Alaska, first off, would love to hear how you learned about this newsletter, second, good news! You can have a Thanksgiving turkey air-dropped to you.

2) To all those who said they would leave the US if Trump was elected, good news! This Italian village will let you buy a house for €1. Steal.

3) Bad news! The gravestone used for Ebenezer Scrooge in “A Christmas Carol”, which had become a famous tourist site in a small English village, has been broken. Was it the ghost of Christmas Future? That’s the scary one.

Chart

You like charts? Graphs? Ya you do

To put into scale the potential impact of Trump’s proposed tariffs - China, Canada, and Mexico alone account for 45% of all US imports. So 45% of goods and services would become more expensive? As one case, the US auto industry estimates the tariffs could increase their production costs by 17%.

Investment idea

What are we investing in?

Cars

Hear me out.

Cars are becoming increasingly expensive, especially under prospective policies the like tariffs Trump is asking for, which would materially raise prices. At the same time, the automotive world is rapidly shifting toward electric and self-driving technologies.

As cars become more digital and environmentally conscious, the allure of classic, manual, gas-powered vehicles with roaring engines is surging. These machines represent a bygone era of driving romance, fueling both nostalgia and demand—and pushing prices higher in the collector's market.

Consider examples like the Ferrari F40, which launched in 1987 at $400,000 and now sells for over $3 million, or the Porsche Carrera GT, introduced in 2004 for $450,000 and now trading for $2 million. Even icons like the Ferrari 250 GT, originally priced under $15,000 in the 1960s, now fetch tens of millions at auction.

These represent staggering returns, often outperforming traditional asset classes. Platforms like Rally and Classic.com make it easier than ever to source and invest in such classic cars, offering enthusiasts a chance to combine passion with profit. With Rally, you can buy “shares” of classic cars, making the prospect of investing in this asset class far easier than forking over $52 million.

They aren’t making any more of these and it’s an asset class uncorrelated to things like stocks and bonds. So why not invest? Or better yet, drive!

History

On this day…

…in 2001, Enron filed for bankruptcy. In one of the biggest corporate scandals of all time, the US energy trading company inflated their earnings and hid their debts. The result was enormous: one of the US’s largest businesses went bust, 5,600 people lost their jobs, and billions were wiped from investors’ portfolios.

Music

Banger of the week

Most important thing

Meme? Nah. Art.