Three Things (11/28)

Monday, Nov 28th 2022


“No nation was ever ruined by trade.” - Benjamin Franklin

1) Black Friday Tops Records: Black Friday online sales beat its previous record, surpassing $9 billion. Sales were up 2.3% year over year while many consumers pivoted to Buy Now Pay Later (BNPL) payments to help offset price increases. BNPL payments were up 78% compared with the previous week.

Titan's Takeaway: The solid Black Friday showing could be a catalyst for many retailers balancing high inventory and higher input prices. With the holiday season in full swing, the Black Friday numbers are an encouraging indicator and paradox as consumer sentiment remains depressed and inflation still hovering at a four-decade high.

2) Tesla recalls 80,000 Cars: Elon Musk's Tesla is recalling 80,000 vehicles in China over concerns over software and seat-belt issues. The electric vehicle company sold more than 120,000 vehicles in the country in the last quarter after overcoming supply-chain constraints. In September, Tesla recalled over 1.1 million vehicles.

Titan's Takeaway: Musk's attention may be focused on Twitter now, but he may need to refocus on Tesla. The company has struggled this year as regulators have cracked down over vehicle safety concerns.

3) Global Trade Reshuffle: The United States has imported more goods from Europe than from China as geopolitical tension with China and Russia's war on Ukraine has drawn trade and investment between the U.S. and Europe. Despite European manufacturers wrestling with sky-high energy prices, trade with the U.S. is booming as a weak Euro is giving European manufacturers an added advantage. Germany's exports to the U.S. surged 50% year over year in September alone.

Titan's Takeaway: Macro turmoil is reshuffling global trade putting the United States back at the forefront of investment and trade. Foreign direct investment worth $74 billion flooded into the United States in the three months through June, the highest of any other country.

As of this writing, TWITTER, TSLA were a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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