Bond King Bill Gross Says Tesla Acting Like a Meme Stock as Shares Surge 35% in One Month
Bill Gross, co-founder of Pacific Investment Management Company (PIMCO) and known for his pioneering work in bond investing, revolutionised the fixed-income securities market by making it accessible to a broader range of investors. Under his leadership, PIMCO became the largest active fixed-income fund management firm globally, managing over $1.7 trillion in assets by September 2023. Gross, who left PIMCO in 2014 and joined Janus Capital Group until his retirement in 2019, recently commented on Tesla’s stock surge, describing it as "acting like a meme stock" with "sagging fundamentals" despite the company's significant vehicle deliveries and record energy storage deployment in Q2.
In addition to his remarks on Tesla, Gross pointed out the growing trend of meme stocks, mentioning companies like Chewy, GameStop, and Zapp. Chewy's stock experienced a brief surge after a cryptic post by Roaring Kitty, a notable figure in the GameStop trading frenzy. Similarly, GameStop shares spiked with Keith Gill's return to social media but later stabilised. Zapp, an electric vehicle maker, saw its stock soar over 1,000% following announcements of significant funding and expansion plans. The company aims to sell over 5,000 units of its i300 electric bike by FY 2025, with a target run rate of 25,000 units annually by FY 2026. (Full story)
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The S&P 500 Returned an Average of 11% In the Second Half of Election Years with an Incumbent Running for Reelection
The S&P 500 index, established in 1957, is a key indicator of the US stock market's health, tracking the performance of the largest 500 companies and covering 80% of US equities by market cap. Year-to-date, the index has jumped over 18%, with potential for further gains, particularly during presidential election years when incumbents, like Joe Biden in 2024, are running for re-election; historically, the index has returned an average of 11% in such years. Jeff Buchbinder of LPL Financial attributes this to incumbents boosting the economy with fiscal stimulus and pro-growth policies. Concurrently, US Fed Chair Jerome Powell, in his Semi-Annual Monetary Policy Report, noted the economy's resilience and strong labour market, despite concerns about sustained high rates and a potential recession. While inflation is trending downward, Powell indicated that more data is needed before cutting rates. The recent stock market rally, driven by AI tech companies, could continue into the second half of the year, buoyed by robust growth and strong private domestic demand, though corporate earnings season poses a potential challenge. (Full story)
The Ultimate Side Gig: How Disney World Nannies Make $45/hr In The Happiest Place On Earth
Families visiting Disney World often find managing multiple children in a bustling park overwhelming, leading to increased demand for services combining Disney tour guides and nannies, such as Nanny Land and Once Upon a Nanny. These businesses, which have seen substantial growth, provide tailored support to families, including managing wait times, locating baby-changing areas, and creating customised itineraries based on children's favourite characters. The service costs between $40-$45 per hour, with a three-to-six hour minimum, and while it adds to the already significant expenses of a Disney trip, many families see it as a valuable investment for a more enjoyable and stress-free experience. Nannies are required to have professional childcare experience, CPR and First Aid certification, and familiarity with Disney parks, making them well-equipped to enhance the family vacation. (Full story)
From Anywhere to Everywhere: Top 8 Remote Jobs That Let You Work Without Boundaries
The COVID-19 pandemic drastically affected the travel industry, causing a significant drop in international tourist arrivals and global passenger numbers. However, as restrictions have eased, there has been a marked increase in individuals working abroad, with 57% of employees now favouring jobs that offer "work from anywhere" flexibility, according to the International Workspace Group. Some of the most desirable jobs that enable travel include being a pilot or flight attendant, which offer substantial travel perks and salaries; cruise ship entertainer, providing opportunities to perform while exploring different destinations; English teacher, especially in high-paying regions like Asia and the Middle East; and event organiser, which involves coordinating events in various locations. Additionally, careers such as wildlife biologist, translator, scuba instructor, and travel writer offer unique travel experiences and the ability to work in diverse environments, making them attractive options for those wishing to combine their professional skills with a passion for travel. (Full story)
