1/ Market Musings is back but with a glitch so here's the tweetstorm instead. December set some capital markets records. DoorDash, Airbnb and Wish all priced $1bn+ IPOs leading up to the Christmas holiday.

2/ It wasn’t long ago that investors were bemoaning how long it took companies to go public. Only a handful were going public each year and they were fueling their growth with private capital.
3/ Starting in 2018 we started seeing more than a dozen IPOs that raised >$1bn each, in the US and globally. Many of these large IPOs have been tech companies and the markets are rewarding growth.
4/ Why did we see 4 big tech IPOs (airbnb, doordash, https://t.co/8Z1JDLbiDS and Wish) price last December? Is going public right before year end common? No, it’s not.
5/ Here are a couple of factors that make the IPO market hot right now:
- Companies originally pushed their IPOs when Covid hit
- The stock market is surging
- Election provided certainty
- The market is rewarding growth cos
6/ Investors are likely to continue pouring capital into the stock market. There are few asset classes offering a return above inflation right now and US equities is one of them. Both the DJIA and the S&P 500 finished 2020 at record highs.
7/ Keep in mind that 2020 was a record setting year for IPOs, but nearly half of IPO activity was for SPACs. SPAC volume was up ~6x from 2019 and is showing no signs of slowing. SoftBank alone is rumored to be considering launching 3 SPACs in 2021.
8/ There are also rumors of more $1bn IPOs waiting in the wings: Instacart, Robinhood and Coinbase. Both Roblox and Affirm had filed prior to year end and are still on the docket to go public.
9/ 2020 seemed to show that the stock market is completely divorced from the economic reality of the US economy. Is that going to continue in 2021? 👇
10/ The economic impact of the virus has been much smaller than expected.
According to NYTimes, salaries and wages fell less in the period between March and November than most people think. Total employee comp was down only 0.5% versus the same period in 2019.
11/ The # of jobs on payroll was down 6%. Covid 19 has disproportionately affected lower paying service jobs while higher paying professional jobs were largely unaffected or may have even increased in compensation.
12/ Also, the CARES Act resulted in American income from unemployment benefits being 25x higher in March - Nov 2020 vs same period in 2019. Part of the jump was from more Americans applying for benefits.
13/ But 73% of the increase came from supplemental benefits (e.g., the $1,200 checks to most American households, many of whom didn’t see a drop in income). As a result, Americans’ cumulative after tax income was $1T higher for March - Nov 2020 vs in 2019!!
14/ Personal savings is estimated to have been 173% higher for Mar - Nov 2020 vs 2019. Some of the increase in savings has been funneled into the stock market which has led to buoyancy in stock price performance. No reason to believe the stock market won’t continue to outperform.

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First thread of the year because I have time during MCO. As requested, a thread on the gods and spirits of Malay folk religion. Some are indigenous, some are of Indian origin, some have Islamic


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Contact with ancient India brought the influence of Hinduism and Buddhism to SEA. What we now call Hinduism similarly developed in India out of native animism and the more formal Vedic tradition. This can be seen in the multitude of sacred animals and location-specific Hindu gods
🌺कैसे बने गरुड़ भगवान विष्णु के वाहन और क्यों दो भागों में फटी होती है नागों की जिह्वा🌺

महर्षि कश्यप की तेरह पत्नियां थीं।लेकिन विनता व कद्रु नामक अपनी दो पत्नियों से उन्हे विशेष लगाव था।एक दिन महर्षि आनन्दभाव में बैठे थे कि तभी वे दोनों उनके समीप आकर उनके पैर दबाने लगी।


प्रसन्न होकर महर्षि कश्यप बोले,"मुझे तुम दोनों से विशेष लगाव है, इसलिए यदि तुम्हारी कोई विशेष इच्छा हो तो मुझे बताओ। मैं उसे अवश्य पूरा करूंगा ।"

कद्रू बोली,"स्वामी! मेरी इच्छा है कि मैं हज़ार पुत्रों की मां बनूंगी।"
विनता बोली,"स्वामी! मुझे केवल एक पुत्र की मां बनना है जो इतना बलवान हो की कद्रू के हज़ार पुत्रों पर भारी पड़े।"
महर्षि बोले,"शीघ्र ही मैं यज्ञ करूंगा और यज्ञ के उपरांत तुम दोनो की इच्छाएं अवश्य पूर्ण होंगी"।


महर्षि ने यज्ञ किया,विनता व कद्रू को आशीर्वाद देकर तपस्या करने चले गए। कुछ काल पश्चात कद्रू ने हज़ार अंडों से काले सर्पों को जन्म दिया व विनता ने एक अंडे से तेजस्वी बालक को जन्म दिया जिसका नाम गरूड़ रखा।जैसे जैसे समय बीता गरुड़ बलवान होता गया और कद्रू के पुत्रों पर भारी पड़ने लगा


परिणामस्वरूप दिन प्रतिदिन कद्रू व विनता के सम्बंधों में कटुता बढ़ती गयी।एकदिन जब दोनो भ्रमण कर रहीं थी तब कद्रू ने दूर खड़े सफेद घोड़े को देख कर कहा,"बता सकती हो विनता!दूर खड़ा वो घोड़ा किस रंग का है?"
विनता बोली,"सफेद रंग का"।
तो कद्रू बोली,"शर्त लगाती हो? इसकी पूँछ तो काली है"।