Overseas financial media focus: big bears fell under the "bull's hoof" of US stocks Russell Clark ended the hedge fund of the same name

Financial Associated Press, November 12, overnight, overseas markets focused on the global economy and company dynamics. In terms of the global economy, Dalio warned: assets are only paper wealth, and inflation will lead to a contraction in real wealth; big bears fall under the "bull's hoof" of US stocks, Russell Clark ends the hedge fund of the same name; the pace of recovery is faster than forecast, and the European Union raises its 2021 economic growth forecast. In terms of company dynamics, the "Tesla killer" Rivian soared more than 20% the next day after its listing, surpassing General Motors in market value of more than 100 billion; Disney's stock price fell the most in 18 months as the streaming service business slowed. In addition, another wave of COVID-19 has struck, and the ICU of hospitals in the Midwest in the United States is overcrowded; OPEC has cut global oil demand this year, saying that soaring energy prices may lead to weakening demand.

Bloomberg: Dario warns: Rising assets are just paper wealth Rampant inflation will lead to a shrinking in real wealth

As U.S. inflation jumped to its highest level since 1990, Bridgewater founder Dalio sounded the alarm on Thursday and reminded followers that rising portfolio values don't really mean an increase in wealth.

"Some people mistakenly think they're getting richer because they see their asset prices rise, but they don't see their purchasing power being eroded," Dalio wrote in LinkedIn. "The people who hurt the most were those who held cash."

Dalio has long argued that there are better assets than cash in the case of central bank printing money. He said that in times of rising prices, it is more important to see what you can buy with that money.

"When large amounts of money and credit are created, their value drops, so having more money doesn't necessarily lead to more wealth or purchasing power," Dalio wrote, adding that in the long run real wealth is a function of capacity. "If money isn't used to increase productivity, printing and handing out money won't make us richer."

Dario issued a solemn warning to the United States and said that he should bear in mind the impact of policy developments.

"When purchasing power is lost, no individual, organization, nation, or empire can escape defeat," he wrote. "Now the U.S. spends far more money than it earns, and spends money by printing money, and the money is depreciating." To change the situation, we must increase productivity and cooperation. Now we are on the wrong path. ”

Yahoo Finance: Big bears fall under the "bull's hoof" of U.S. stocks Russell Clark ended the hedge fund of the same name

Another "heavyweight" figure surrendered because of the longest bull market in the history of the US stock market. Russell Clark, who has been shorting U.S. stocks for much of the past decade, told clients that he would end the hedge fund of the same name, RC Global Fund, due to a series of losses.

As of the end of October, the RC Global Fund, which Clark has managed since 2010, has fallen 2.6 percent this year, with assets falling from about $1.7 billion in 2015 to about $200 million, according to investor filings read by Bloomberg.

Clark is adept at using macroeconomic analysis to invest in stocks, and as the U.S. stock market continues to soar, a number of long-short stock hedge fund managers have lost, and many investors have left the market, Clark is the latest example.

In a letter received by investors on Thursday, he said it was "time to take a step back, rethink the direction we're heading, and we'll be back when we see an opportunity that suits me to play my talents." The only constant in life is change itself. ”

Clark has been a net short for much of the past nine years, struggling with performance and fundraising, and his company (formerly known as Horizon Capital Management) has shut down two funds.

Clark said in 2019 that he was confident the stock market was on the verge of crashing. In an interview with Bloomberg at the time, he said rarely, "If not, this could be my farewell interview." The S&P 500 hit a record high on Monday.

WALL STREET JOURNAL: The pace of recovery is faster than forecast The European Union raised its economic growth forecast for 2021

The European Union said on Thursday that the eurozone economy was rebounding from the covid-19-induced recession at a faster-than-expected pace and raised its forecast for growth in 2021.

However, the European Commission said that the growth momentum is facing new headwinds, with global supply chain-related disruptions and rising energy prices dragging down economic activity next year.

In its quarterly report, the European Union said eurozone GDP would grow by 5.0 percent in 2021, higher than its 4.8 percent growth forecast in July. The Eu expects EURozone GDP growth to be 4.3 percent next year, down from 4.5 percent it had previously expected. The European Commission expects the eurozone economy to grow by 2.4 percent in 2023. The eurozone is made up of 19 member states.

The European Commission has warned that bottlenecks and disruptions on the global supply side will weigh on economic activity, particularly in the highly integrated manufacturing sector. In addition, after a sharp decline in 2020, energy prices, especially natural gas, have risen sharply over the past month and are now well above pre-COVID-19 levels.

CNBC: "Tesla killer" Rivian soared more than 20% the day after its listing, surpassing General Motors with a market value of more than 100 billion

Shares of electric vehicle startup Rivian continued to climb on Thursday, surging about 23 percent again a day after going public.

The Amazon and Ford-backed company has surpassed Ford and General Motors by market capitalization and is currently more than $100 billion. Still, that's far behind Tesla's market capitalization of more than $1 trillion.

As of press time, GM has a market capitalization of $88.8 billion, while Ford has a market capitalization of $77.6 billion.

Rivian's current market cap means Amazon's 20 percent stake in the company is now worth about $21 billion, while Ford's 12 percent stake is worth more than $12 billion.

Given that Rivian doesn't yet have a mature business model and expects revenue to peak at $1 million in the third quarter, the stock's two-day gain was particularly staggering. The company said in its prospectus that it expects losses of up to $1.28 billion for the quarter.

Rivian beat the competition in the market with an all-electric pickup truck, but has yet to mass-produce its vehicles.

Bloomberg: Disney shares hit their biggest 18-month decline as streaming services slowed

Disney shares fell their biggest drop since the outbreak of the pandemic after the company reported lower-than-expected streaming user growth, sparking investor fears of slowing growth after two consecutive years of explosion.

Disney shares fell 9.2 percent in early trading on Thursday, the biggest intraday drop since March 2020. The decline has resulted in the company's market capitalization being lower than rival Netflix Inc. The inadequacy of streaming is just a microcosm of the general disappointments of the company's various business units that season.

The company announced wednesday that Disney+ added 2.1 million new users in the fiscal fourth quarter, bringing its total to 118.1 million. Analysts surveyed by Bloomberg forecast 119.6 million. That's the smallest quarterly increase since the service launched two years ago.

Disney has made this home streaming product the focus of growth in the coming years, and management has reiterated its goal of having 260 million users by 2024. November 12 marks the second anniversary of Disney+ launch at a $8-a-month fee, and the company is celebrating with new movies and promotions company-wide.

Yahoo Finance: Another wave of COVID-19 is coming, and the ICU of Midwest hospitals in the United States is overcrowded

Hospitals in parts of the U.S. are already starting to see the impact of the covid-19 fall wave, and this latest sign shows that even in areas with relatively high vaccination rates, health systems are still under tremendous pressure from covid-19.

In 12 states, the number of intensive care beds used by Covid-19 patients has climbed from two weeks ago, most of which are located in the contiguous strips of land stretching from Arizona and New Mexico in the south to Minnesota in the north, across the Great Plains of North America. In several western states, many doctors and nurses have yet to recover from the last spike in infections.

"We were running at full capacity and (until a few days ago) couldn't get patients transferred," said Jennifer Riley, vice president of surgery at Memorial Hospital, a rural hospital in remote Moffat County, Colorado. "It's hard to believe that the pandemic has been going on for so long." The hospital has about 25 beds.

The U.S. faces uncertainty in the coming months, with the Delta variant still spreading across the country as the traditional peak of winter virus transmission approaches. Many parts of the U.S. have also experienced unusually warm autumns, and we have yet to see what happens when cold weather prompts people to stay indoors more and the virus spreads more easily.

The Wall Street Journal: OPEC cuts global oil demand this year, saying a spike in energy prices could lead to weakening demand

The Organization of the Petroleum Exporting Countries (OPEC) said Thursday that a spike in energy prices could dampen oil demand in some of the world's fastest-growing economies this year.

In a closely watched monthly market report, OPEC said global oil demand would grow by 5.7 million bpd this year, 160,000 barrels less than last month's expectations. This downhaul means that the oil-producing group now expects oil demand to be 96.4 million bpd in 2021.

Soaring fuel costs in the face of tight global energy supplies show signs of suppressing demand. OPEC said oil demand from China and India could now be lower than expected.

Still, the OPEC expects demand next year to be higher than it was before the pandemic. The organization maintained its demand growth forecast for next year at 4.2 million b/d and expects oil demand to reach 100.6 million b/d next year, 500,000 bpd more than in 2019.