2021_12_27— THEME: YEAR IN REVIEW — Looking forward

December 27, 2021

Michael’s CIO (Check It Out) Report on the week just past — events, sarcasm, and global macro reflections

THEME: YEAR IN REVIEW — Looking forward

  • Year in review: It’s been quite a journey😉 — vaccines, GameStop, AMC, Reddit, and meme stocks, Clubhouse app mania, breached U.S. Capitol, inauguration, remote work, 🚢Ever Given in the Suez Canal, delayed Tokyo Olympics, Derek Chauvin jailed, Surfside condo collapse, tornados and hurricane Ida🌪, great resignation, higher home prices, online everything, big tech even bigger, thousands of missiles attacking Israel, Afghanistan withdrawal, coup attempts in Myanmar, Armenia, Nigeria, and Sudan, Perseverance rover on Mars, port backups and supply chain issues, TikTok versus Meta, Greek fires, California fires, surging crime and homicides, civilian space tourists, SPACs, Squid🦑Game, 🎮 Ratchet & Clank and Psychonauts 2, U.S.-Aussy submarine deal, Air India sold to Tata, inflation, StayFlation, delta variant, omicron🦠, global protests, boosters, more crypto, NFTs, and DeFi, China and Russia tensions, Rivians on the road, Harnaaz Sandhu wins, and further development of impact, sustainable, and ESG investing — and this list just scratched the surface; please let me know what I missed
  • Volcano in review: After more than three months, over 3,000 properties damaged, and over 106 acres added, the La Palma volcano in the Canary Islands has finally stopped spewing lava — 🔥hot mess
  • Private in review: In 2021, Running Point found appealing opportunities to invest in private credit funds, individual private real estate deals, private real estate funds, individual opportunity zone deals, private structured finance, hedge fund, crypto, and venture capital — we expect new attractive opportunities in 2022
  • Profits in review: Total corporate profits in the U.S. are at ALL TIME HIGHS in terms of level and growth — even with increased labor costs, corporate margins could rise
  • Social media in review: After better than +50% growth in 2021, TikTok is the world’s third largest social network, behind Facebook and Instagram; Snapchat and Twitter rank 4th and 5th — platforms have expanded e-commerce tools, placements, and new systems of revenue for content creators
  • People: Archbishop Emeritus Desmond Tutu, Nobel Prize winner and South African anti-apartheid leader: remembered. On the other side of the globe, Gabriel Boric, the leftist radical student leader, will (at 35) be Chile’s youngest president ever
  • Not yet on Netflix🎬 Princess Haya paid her security staff $9MM to keep her affair with her British ex-Army bodyguard hush, but was still outed — In the largest divorce settlement in UK history, Dubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum must pay his sixth wife, Princess Haya Bint Al Hussein (sister of King Abdullah II of Jordan), $734MM, in order to maintain her lifestyle along with extra proceeds for the children — I’m wondering who has the movie rights to this? — Which reminds me, please talk to us if you’d like a review of your estate documents, just saying😏
  • Future in review: Overt central bank debt monetization in developed economies suggests that on-going liquidity injections could be a staple of long-term policy coordination. The Fed financed the pandemic stimulus and is the largest holder of US Treasury debt; thus, monetized spending initiatives may mean that real interest rates stay persistently low — in my nerdy opinion

Thank you to our client families, team, external partners, readers, peers, and friends for a great 2021 and an amazing 2022 ahead😃,
Michael
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Michael Ashley Schulman, CFA
Partner / Chief Investment Officer

“We deliver bespoke investment solutions, innovations, and unique perspectives to you and your family.”

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Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-21–51

Originally published at https://www.linkedin.com.

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Michael Ashley Schulman

Avid traveler and art fan, also Partner & Chief Investment Officer @Running Point Capital, a multifamily office and ultra high-net-worth money-management firm