Never Lose Money, U.S. Interest Rate Hikes Speed, Lab-Grown Foie Gras, Musk & Twitter 3 Week Deadline, Porsche Overtakes VW, OPEC+ vs. U.S. Oil & Gas, $536M BNB Hack, Coinbase Documentary

“When you sell in desperation, you always sell cheap.”

– Peter Lynch

Beat the Market with Rule Number 1: Never Lose Money

"Rule #1: Never lose money.
Rule #2: Never forget Rule #1."
- Warren Buffett

The title of Phil Town’s best selling book (Rule #1) comes from Warren Buffett’s famous quote about not losing money when investing.

DataDrivenInvestor

What Is the October Effect?

The October effect is a perceived market anomaly that stocks tend to decline during the month of October. The October effect is considered to be more of a psychological expectation than an actual phenomenon, as most statistics go against the theory. Some investors may be nervous during October because some large historical market crashes occurred during this month. (Investopedia)

More:

• Three Things I Think I Think – Cramer, The Economics of Home Runs & The Bear Market (Pragmatic Capitalism)
• Where Are The Stock Market Leaders? (ValueWalk)
• Adulting Time (Cove Street Capital)
• Timing the Stock Market vs. Timing the Bond Market (A Wealth of Common Sense)
• Low Volatility Investing and the Conservative Formula with Pim van Vliet (Validea)

Comparing the Speed of U.S. Interest Rate Hikes (1988-2022)

As U.S. inflation remains at multi-decade highs, the Federal Reserve has been aggressive with its interest rate hikes. In fact, rates have risen more than two percentage points in just six months.

In this graphic...we compare the speed and severity of the current interest rate hikes to other periods of monetary tightening over the past 35 years.

Details @ Visual Capitalist

More:

• Our Amazing Somewhat-free Economy (Hoover Institution)
• A Visual Guide To Stagflation, Inflation, & Deflation (ZeroHedge)
• What OPEC+ Oil Cuts Mean for the Global Economy and Geopolitics (The Breakdown)
• Fed’s QT: Total Assets Drop by $206 Billion from Peak (Wolf Street)
• The Fraudulent Social Contract of Bad Money Regimes (Mises)

Lab-Grown Foie Gras Startup Scores Fundraising Round

Paris-based lab-grown foie gras startup Gourmey announced a €48 million funding round on Wednesday. It’s perfect timing: the French haute cuisine delicacy, typically a fatty duck or goose liver pâté, is in high demand as foodie destinations around the globe move to ban the PETA-vilified product. (Daily Upside)

Judge gives Elon Musk and Twitter three weeks to close

Elon Musk has three weeks to close his $44 billion takeover of Twitter, a judge in Delaware said on Oct. 6. The decision came after Musk told Twitter that he was ready to accept the original terms of the deal—buying the social media company for $54.20 per share—if it dropped the litigation, which was set for an Oct. 17 trial in Wilmington. (Quartz)

Porsche has overtaken parent Volkswagen to become Europe's most valuable automaker

The Porsche IPO was last week when Volkswagen sold a 25% stake in its sportscar subsidiary listing price of $82.5 per share. The move above €90 meant Porsche's market cap rose above the €78.1billion valuation of it's parent Volkswagen. (Amplify Trading)

More:

• Tesla Aims to Deliver First Semitrailer Trucks in December to PepsiCo (WSJ)
• Rite Aid may place all store items in showcases due to theft in New York City (Fox Business)
• Wall Street praises Costco as 'best-in-class' retailer following strong September sales (CNBC)
• Cannabis company Canopy applauds Biden's marijuana pardons as stock surges (CNBC)

Texas energy leader: Americans don’t need OPEC+, they need U.S. oil & gas

Railroad Commission of Texas Chairman Wayne Christian issued the following statement regarding the decision by the Organization of Petroleum Exporting Counties and Russia (OPEC+) to cut crude oil output by two million barrels per day. With U.S. energy costs up more than 20% and gasoline prices rising again to almost $4 a gallon, Chairman Christian urges President Biden to unleash domestic oil and natural gas production to lower prices for consumers.

“Winter is coming: the U.S. and our European allies need more U.S. oil and gas today—not after the midterm election,” said Chairman Christian. “OPEC+ and Putin aren’t the answer to our energy security. Harnessing the Permian Basin is. We achieved energy independence under former President Trump in 2019 by increasing U.S. production, and we can do it again.”

World Oil

More:

• US emergency oil supply shrinks to 40-year low as Biden keeps tapping reserve (Fox Business)
• The Radical Plans To Counter High Oil Prices (OilPrice)
• Schlumberger Finds Partner For Battery-Grade Lithium Production (Rigzone)
• Swedish investigative team finds 'detonations' damaged Nord Stream pipeline (Fox News)
• Grid And Charging Speed Bumps Ahead As Amazon, FedEx and Transit Fleets Go Electric (Forbes)
• Shell signals end to record profits run as refining margins drop (FT)

• Apartment demand unexpectedly fell during its busiest season (CNBC)
• No, Mortgage Rates Aren't Lower This Week. They're Actually Back Over 7% (Mortgage News Daily)
• Home listings fall, price cuts and removals surge due to rate hikes (NMN)
• The most advantageous time to buy a home is right now, new data shows (Inman)
• Home Buyers’ Down Payments Are Coming Back Down To Earth (Forbes)

BNB Chain Halted After Suspected Hack, $536M Compromised

On-chain data suggests a large holder of BNB was hacked. At around 17:30 UTC the wallet began withdrawing sizeable sums of coins it had staked from various blockchain ecosystems. It subsequently started swapping and borrowing tokens from a multitude of different protocols in a very rapid fashion. At the time of writing, the wallet controls over $536,930,715 in various assets. (Crypto Briefing)

Two million BNB tokens worth roughly $590 million were transferred to a newly generated wallet to an address that Tether then blacklisted. The blacklisting was highlighted by a Tether bot on Twitter, fueling the rumor of one of the year’s biggest hacks. (Crypto Slate)

Coinbase Crypto Documentary Releasing Friday

More:

• SWIFT Explores the Benefits of a Global CBDC Network (Crypto Potato)
• Crypto Bank Silvergate Capital's Shares Fall After Wells Fargo's Bearish Call (Coindesk)
• European Lawmakers Urge for Crypto Taxation, Use of Blockchain to Fight Evasion (Bitcoin.com)
• Celsius Reveals Names, Transaction Histories of Thousands of Customers in Public Court Filing (Crypto Briefing)