Tech Shares Rise While Airlines Struggle

Catch Up Quick

• The U.S. is considering a ban on TikTok over security concerns

• Boxed wine sales jumped 36% during Q2 2020

• A Citigroup poll of 140 fund managers found 62% expect a Biden win in November

• Beijing's new coronavirus cases fell to zero for the first time in 26 days

• Amazon ($AMZN) stock price rose above $3,000 for the first time

• Trump has begun to withdraw the U.S. from the World Health Organization

• Brazilian President Jair Bolsonaro tests positive for coronavirus

• The FBI director said China aims to become the "world's only superpower"

My Wednesday Opinions

• From February through June, total assets held by the three global central banks (ECB, Fed, BOJ) ballooned from $5.6T to a record $20.1T— this unprecedented market support through debatably artificial demand creates moral hazard, as investors realize market crashes will be met with this degree of governmental response, dangerous levels of equity exposure could be widely assumed

• Analysts slash earnings forecasts by 28.6% while simultaneously ramping up Fortune 500 price targets for the year end— this means Wall Street is betting on even more Fed action to drive equity markets upwards

Thought of the Day

• Following the growth of the tech sector, San Francisco has become one of the most expensive cities in the world

• As companies such as Twitter, Spotify, Square, and Facebook, among others, extend work from home privileges beyond the expected timeline of the pandemic, the average rent for a one-bedroom apartment in San Francisco has fallen 11.8% year over year from this past June

• This highlights a stark decrease in demand housing

• While San Francisco isn't a universal model for demographic trends, this could provide insight to cities with a strong presence of industry in which work from home could help reduce overhead costs without sacrificing material productivity (such as technology)

• These areas may see a rapid shift towards suburbanization, as people themselves look to reduce their fixed costs

The Bottom Lines

• This could result in a major geographical redistribution of wealth as well as an opportunity for those who couldn't previously afford it to live in the city!

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