Markets

Sep 9th 2023 - ₹2,151,948.00

Year to Date - 51.33%

Since Jan 1st 2022 - 41.99%

Sep 9th 2023 - ₹135,892.00

Year to Date - 31.43%

Since Jan 1st 2022 - 53.94%

Market Summary

Macro

• Federal Reserve policymakers are indicating that they would like to hold interest rates ahead of their upcoming meeting, waiting for upcoming data releases including CPI.

• In the latest news, U.S. jobless claims hit their lowest since February at 216,000, signaling a stable job market despite recent data suggesting softening. Worker productivity in Q2 increased at a rate of 3.5%, while labor costs rose at a 2.2% rate, impacting inflation control efforts by the Federal Reserve.

• China's yuan hit its weakest level since 2007, closing at 7.3415 per dollar due to capital outflows and a growing yield gap with the US. It's lost 1% this week and 6.1% for the year, impacted by a strong dollar and China's slowing recovery.

Digital Assets

• Exciting news from the G20 summit in New Delhi! With a new initiative known as the Crypto-Asset Reporting Framework (CARF), the world's top economies are fast-tracking a global framework for crypto assets. Starting in 2027, countries will automatically share info on crypto transactions to enhance transparency. This impacts users worldwide, including the US, China, and the EU.

• Also, ARK Invest and 21Shares have sought SEC approval for a spot Ether ETF, marking another step toward mainstream crypto investment, while Grayscale is pushing for the conversion of its Bitcoin fund into a spot ETF, signaling a potential shift in regulatory stance. These developments continue to shape the evolving crypto landscape.

Interesting Finds

• Explore the essence of the "Yale Model" investment strategy as envisioned by David Swensen. The following article delves into Swensen's core principles, such as equity bias, diversification, and alignment of interest. It also touches on his cautionary notes regarding challenges like agency issues and active management. Gain insights into Swensen's views on illiquidity, asset allocation, private equity, and rebalancing, shedding light on the complexities of his groundbreaking investment philosophy. Read here.

Regards,

The BrownRice Capital Team

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.