The Weekend Rip: Berkshire’s Got Beef With Bitcoin

Tale of the Tape

Good evening, everyone. Get ready for another rowdy week on Wall Street! 🤠 

137 S&P 500 companies are expected to release earnings and the crypto craze is heating up. 🔥

Berkshire Hathaway dropped earnings in dramatic fashion on Saturday. Charlie Munger does not like crypto… 😬 Read more below.  

The market of stocks is still a mess. The S&P 500 barely budged but it was a rocky week-end for the Russell 2000. The small-caps stumbled Thursday and Friday. Is that a head and shoulders or are we about to rip?

Here’s the $IWM daily chart:

Tech tumbled 4 out of 5 days last week while real estate rallied to an all-time high. 

Lumber futures are in ludicrous mode. How high can it go?? Nobody knows. 🌲🎈

Here’s its weekly chart:

The weekly S&P 500 chart:

And last week’s changes: 

S&P 5004,181+0.02%
Russell 20002,266-0.24%
Dow Jones33,847-0.50%

Crypto Candles 🕯

Crypto doesn’t close and the craze continues. 

Bitcoin took a break this weekend after its +7.87% Friday grind. Will we see 60K or break below 50K first? 

Ethereum looks to say, ‘hey’ to 3K. $ETH.X has etched higher 8 straight days. 

Ethereum has noticeably outperformed Bitcoin since April 1st— no joke. JC Parets shared this All-Star chart:

First down month for bitcoin since last September. Ethereum keeps its streak alive with a 7th consecutive month of price appreciation.

DOGE.X and SAFEMOON.X are the most active streams on Stocktwits

Crypto is crazy. 🤪

Berkshire Is Baffled

Berkshire Hathaway released first quarter 2021 earnings at its annual meeting on Saturday. 

Q1 Operating Earnings came in at $7.02B, up $1.15B YoY. Read the full report here

Warren Buffett and Charlie Munger spoke to shareholders for ~5 hours following the release.

Buffett beautifully passed when Bitcoin came up but Charlie Munger had his own words,

Of course I hate the bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.

I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” said Munger, a legendary investor in his own right.

Here’s the full 5-hour feature

We’ll see where $BRK.A breaks on Monday. 

Sunday Links:

🏇🏻 Medina Spirit Is A MONSTER And Wins The Kentucky Derby

⛳️ Tiger Woods 2000 Golf Swing Secret Revealed

🤬 Pinch Yourself, It Still Hurts

🇪🇬 Researchers Discover The World’s First Pregnant Egyptian Mummy

🐎 With Zed Run, the Kentucky Derby Has Some Virtual Competition

🍿 Smart People With Bad Takes… Bitcoin, Robinhood and Price Pays

😎 Adriano Design Spirals Glass Elevator Home From China’s Paddy Fields

The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Monday, May 3rd, 2021:

Economic Calendar:

5/3 April ISM Manufacturing Index (10 AM ET)

5/5 April ISM Non-Manufacturing Index (10 AM ET)

5/6 Jobless Claims (8:30 AM ET)

5/7 Unemployment Numbers (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar