Bernie Madoff could never

Sponsored By April 28, 2022 Good morning traders, Welcome back to The Daily Setup. Markets were mixed yesterday. Here’s what’s on the docket today: - Tenon Medical gains 350% - Bill Hwang gives Madoff a run for his money - There’s now an ETP that trades gold and bitcoin Nick PS: Zuck isn’t going to like our Meeting with the Bobs question today. How'd the markets look? Market Outlook Fix Backs, Make Fat Stacks Biggest Mover [Activision Blizzard, Inc. ]( Shares of Tenon Medical Inc (ticker: TNON) had a better first day trading than, well, anything you’ve ever done for the first time. The medical device company IPO’d on the NASDAQ Wednesday and reached as high as +460% before closing the day up still an astounding [+350%](. The stock opened at $22.05, immediately dipped to a low of $13, and then proceeded to rally back above its opening price and stay there for the remainder of the session. - [Tenon Medical](, “has developed a proprietary, FDA cleared surgical implant system, which is designed to optimize SI-Joint fixation / fusion surgery and corresponding outcomes.” For those not familiar with the SI-joint, they are the joints that connect your pelvis to your lower spine. - On Tuesday, the company priced its [IPO at $5/share for 3.2M shares](, thus giving Tenon’s $16M IPO a market cap of $72M as of Wednesday’s closing price. Pretty, pretty, pretty good. *Larry David voice* From a technical perspective, it’s impossible to gain any true long-term insight from just one day of trading. That said, the more support the stock builds above its opening price of $22.05, the more confident I would feel leaning to the long side on this one. For what it’s worth, I was diagnosed with SI-joint dysfunction years ago and it’s a pain in the ass…both literally and figuratively. Next Time on American Greed Street Stories [Cycling Downhill] In today’s episode of “What Took the Authorities So F*cking Long?”, Archegos Capital Management’s founder Bill Hwang and CFO Patrick Halligan were arrested for market manipulation. If you remember, Hwang’s Archegos imploded in March 2021 and caused $10B in losses for major investment banks Credit Suisse, UBS, Morgan Stanley, and Nomura. Over $100B went “poof” in the course of 2-days, and Hwang is believed to have lost $20B of his own money in that timespan. Unlike my trading losses, his were not a slow bleed. - Hwang’s “family office” used Total Return Swaps to grow their capital from $1.5B in March 2020 to $35B in March 2021. A fantastic thread on Hwang and the Archegos disaster can be found [here](. - Total Return Swaps allowed Archegos to pay a fee to the banks, which those greedy SOBs are always happy to take, and in return Archegos would receive the returns without actually owning them. This gave the appearance that Hwang owned a smaller percentage of a company than he really did and gave investors the appearance that the movements in the stocks he owned were due to market forces and not manipulation. - [The SEC noted]( that in June 2020, “when asked by a colleague whether the rise in ViacomCBS stock “was ‘a sign of strength’”, Hwang texted: “No. It is a sign of me buying.” He added the emoji for tears of joy or laughter.” I mean, if that’s not a red flag then I don’t know what is. Last May, Ark Invest CEO Cathie Wood disclosed that [Hwang had provided the seed funding]( for her first four ETFs.” Looks like American Greed may have a future episode lined up. 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[GET YOUR FREE DRINKS TODAY!]( See disclaimers below: Inflation Avengers, Assemble! Token Talk [Token Talk] In the strangest pairing since Pete Davidson and any attractive woman who consciously makes the choice to date Pete Davidson, there is a new security that [combines exposure to gold and bitcoin](. The ByteTree Asset Management BOLD ETP (exchange traded product) has been listed on the Swiss stock exchange and will track a custom benchmark made up of the two asset classes. - The ETP will have an initial weighting of 81.5% gold and 18.5% BTC and will be rebalanced on a monthly basis. - Whichever asset has a lower volatility over the past 360 days will be given the higher weighting. - While Bitcoin ETFs have had a long and winding road in the U.S. the Europeans have a more open attitude, keeping consistent with their views on teenage drinking and nudity on television. There are currently more than 70 crypto ETPs [trading on European exchanges](. I have to admit, this is certainly an interesting and innovative offering and may be worth a look while searching for inflation fighters to add to the mix. I don’t love the monthly rebalancing however, it seems like it could add expenses to the mix. The [expense ratio]( looks to be a hefty 1.49%. Of course, there’s always I-Bonds on [TreasuryDirect](, currently at 7.12%, which might fight inflation just as well in a much simpler manner Mattel - Playtime’s Over Deals and Rumors [Deals and Rumors] Mattel ([MAT]() may finally be done playing games with shareholders and getting serious about delivering some actual positive returns. Shares of the toymaker were up 10.76% on Wednesday after news broke that the company is [in talks to sell itself]( to a PE firm. The always reliable and in the know [“unnamed sources”]( are hearing that the company has held talks with Apollo Global Management. - PE firms are flush with cash these days, so hitting the toy aisle seems like a natural move, especially when MAT is trading at levels almost exactly the same as where it was two decades ago. - Inflation has hit the company hard, and now Barbie’s Dream House is still technically a million dollar property, but instead of a Malibu beach retreat it is now an 1,800 square foot split level in Van Nuys. I have a suspicion that both MAT and HAS could be in play. Remember that the serial underperformers tried to merge back in 2017, but couldn’t pull it off. PE firms would look to monetize everything that isn’t nailed down (everything that is nailed down is to be sold to fund the “special dividend”) and toymakers have massive amounts of IP that could be licensed to content hungry streaming services. Link Roundup Other News Other News Link Roundup + Everything is Fine…There is Nothing to See Here - U.S. Goods Trade Deficit Hits Record High & GDP Growth Estimates Slashed ([link]() + When Was the Last Time Deutsche Bank Had Good News? - Deutsche Bank’s Profits Rise But Give Warnings on Costs & Buffer Ratio ([link]() + When Was the Last Time Credit Suisse Had Good News? - Credit Suisse Losses Eat Into Capital Buffers ([link]() + It’s Always Easier to Jump Over a Low Bar - Meta Stock Jumps on Earnings Report Despite Low Expectations ([link]() + Whatever You Gotta Tell Yourself - Spotify stock sinks to lowest prices ever as CEO insists it is not like Netflix ([link]() Meme Of The Day Coke earnings going way up in Q2 [other news] Meeting with the Bobs [other news] Welcome to [Meeting with the Bobs](. Reply directly to this email to respond, and feel free to be creative as possible. Tuesday’s question was ‘What are your thoughts on Elon buying Twitter?’. The majority of people voted for ‘[He did it, that crazy s-o-b actually did it](’, while a few of you are moving to Canada. Today’s question: Why did Meta’s costs grow 55% YoY? - They’re investing heavily in the metaverse - Even real estate in the metaverse is overpriced - Utility bills- keeping the lights on for Zuck’s lizard lamp 62 Calef Hwy #233 Lee, New Hampshire 03861 United States Questions or concerns about our products? Email our team here support@thedailysetup.com © Copyright 2022, [RagingBull]( - [Refund Policy]( - [Privacy Policy]( - [Terms & Conditions]( SPONSORED AD PLACEMENT: This email contains an advertisement by a party that is unaffiliated with Raging Bull. Raging Bull does not in any manner recommend or endorse any stock, investment or service that is the subject of this advertisement.. 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