Did you know that the island nation of Nauru experienced extreme wealth in the 1960s and 1970s due to phosphate mining, once making its citizens among the richest in the world, only to face financial ruin as the phosphate supplies dwindled?

This historical fact underscores two things: 1) How quickly things come and go, and 2) how life goes on and all of us are still here.

In this edition, we delve into these three topics:

• Tesla’s Quarterly Deliveries Fall For First Time Since 2020: First, we analyze Tesla’s recent decline in quarterly deliveries, marking its first downturn since 2020 📉

• Not A Fan Of Bitcoin: Next, we explore the growing skepticism around Bitcoin’s utility and value as a part of investment portfolios ❌

• The Bears Are Excited: Finally, we’ll look at how every market hiccup reinvigorates bearish investors, signaling opportunities amidst perceived downturns 🐻

Stay tuned as we unpack these topics, providing you with insightful analysis to navigate the market.

Tesla’s Quarterly Deliveries Fall For First Time Since 2020 📉

Tesla reported its first year-over-year decline in quarterly deliveries since 2020, badly missing Wall Street’s expectations and stoking further concern about the company’s growth prospects this year.

Tesla car deliveries declined by 8.5% from a year earlier.

Nevertheless, the result was enough for Tesla to sell more EVs than any other car maker, including China’s BYD.

But it is a troubling sign for Tesla and the overall EV market that consumers are less enthusiastic about going electric than the companies had expected 😱

Not A Fan Of Bitcoin ❌

Some financial advisers have begun advising clients to include crypto in their portfolios.

Some healthy skepticism is warranted.

It is nearly impossible to accurately value cryptocurrencies, which don’t produce earnings, cash flow or dividends.

If you cannot assign a value, then how can you be bullish or bearish? 🤔

Furthermore, it is clearly not a hedge against inflation as many have argued.

During times when investors worry most about inflation, Bitcoin has declined sharply 📉

It has not succeeded as a common form of payment.

The one social value it seems to perform is facilitating cross border transfer of wealth.

Interestingly, the creation of Bitcoin ETFs, which has propelled Bitcoin to new heights, undermines that utility for those who own the ETF.

So what is Bitcoin’s real utility?

Nobody seems to know 🤷🏻

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The Bears Are Excited 🐻

Every time the market has a little hiccup, the bears come out of the woodworks to proclaim that the bear market is back.

The latest wobble is no different.

Over time, the buyers will be back.

This is just one more breather in a bull run that will endure 🐂

Inner Circle Macro Update 🔍

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