Chris DeMuth's State of the Markets for March 2023

Yet Another Value Podcast

It's the end of the month, which means its time to welcome back Chris DeMuth for his monthly state of the markets. March 2023 was a doozy, so a lot to breakdown here, including: banking crises, thoughts on Coinbase's wells notice, mergers hanging in the balance (JetBlue/Spirit & Microsoft/Activision Blizzard), and more!

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Show notes:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:40] What's on Chris' mind for March 2023: Banks, Energy, Crypto, Government public policy reaction, plus more!

[3:05] Volatility in Banking

[6:27] First Republic

[7:33] Public policy response to 2023 banking crises

[11:46] Chris' thoughts on Coinbase's wells notice & policy

[12:56] Why SEC paying closer attention to Coinbase now?

[15:57] Andrew's three reasons holding him back from rushing into regional/community bank stocks + Chris' concerns

[23:26] JetBlue Spirit deal and trend towards government agencies taking a more aggressive stance on blocking mergers

[27:32] JetBlue Spirit cont'd: How do they get in a situation where it seems so clear to you and me that this was going to be a regulatory problem? How do they get in a situation where they were in this regulatory issue?

[34:00] Microsoft - Activision Blizzard merger deal

[37:15] Timeline for merger trial

[40:56] Closing thoughts

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