Three Things (5/27)
May 27, 2022
1) Timberlake sells his collection: A fund backed by a private equity firm, Blackstone, agreed to purchase Justin Timberlake’s song catalog for $100 million. The deal represents the largest music-rights acquisition to date, as investors get creative in search of uncorrelated returns and steady cash flow.
Titan’s Takeaway: We're guessing Blackstone's limited partners didn't have "JT’s song catalog" on their 2022 asset allocation bingo card, but in an uncertain market, the definition of alternative assets can get stretched quickly.
2) Higher housing highs: Higher mortgage rates have cast a shadow on the housing market as sellers rush to get their homes on the market before a pullback. The supply of homes for sale jumped 9% last week compared to the same week a year before. New home purchases were down 4% in the month of April creating an interesting supply/demand imbalance.
Titan Takeaway: While home sellers were in the driver’s seat barely six weeks ago, a weaker consumer and rising rates could finally impact home prices and potentially break the back of inflation with it.
3) A bigger piece of the Apple pie: In an internal email that the hardware giant plans to boost the company-wide compensation budget amid the broader downturn. The move comes at a time when technology conglomerates like PayPal, Uber, and Lyft have frozen hiring or cut staff altogether. Hourly workers at Apple have seen a 45% increase in starting wages since 2018
Titan’s Takeaway: As peers slow hiring and look to cut costs, the world's second-largest company is taking the opportunity to double down on talent. With a war chest of over $200B, seems like they can afford it.
Cash Management
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