INK Ultra Money: BMO black eye and crypto gathering discount

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Canadian Insider Ultra Club
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If you are wondering why the BMO (BMO) underperformed the other big banks on Friday, Jack Farley may have the answer in the latest Real Vision Daily Briefing. He does a nice job reviewing the Fed stress test results on banks. A BMO name stands out, and not in a good way. Today, I also look at the stunning developments in crypto finance and some big movers in the Healthcare sector. We also have a discount code for Real Vision's upcoming crypto conference.

In the Friday Real Vision Daily Briefing, Ash Bennington and Ed Harrison dig into the Fed stress test and read between the lines in terms in the report to get a sense of what could lie ahead in the coming months. In brief, they make the case that the Fed is worried.

Jack Farley assesses the stress test that stressed markets Friday (click to watch)

On Monday and Tuesday of next week Real Vison is presenting a live on-line conference focused on crypto currency innovation. The Real Vision Crypto Gathering takes place June 29th and 30th with a range of speakers that both crypto geeks and non-geeks alike will enjoy. I am really looking forward to it.

If you are new to crypto, I am sure this will be a great opportunity find out the latest developments in the space. Real Vision has been kind enough to offer our community a 20% discount on registration. Tickets are US$149 plus admin costs this weekend, but the price goes up by US$100 after Sunday night (INK is not involved with this conference and we do not make any money from it). Use coupon REFINITIV to get 20% off your ticket. As a reminder, spell REFINITIV in all capital letters to get the discount.

As we discussed in the market report Monday, there is a lot happening in the crypto world right now and I believe it is about to roar back, catching many investors by surprise. For example, Compound Finance (or Compound defi) is gathering a lot of attention. It is typically described as a money market protocol which uses a supply and demand algorithm to determine the interest rates on a range of digital coins. Those rates can sometimes be significantly higher than what is available for uninsured savings accounts. In mid-June, Compound defi began providing rewards for both borrowers and lenders in the form of daily distributions of Compound tokens which currently are quoted around US$235 each.

Compound which received an investment from Silicon Valley venture firm Andreessen Horowitz employs a decentralized governance model where Compound token holders get to vote on changes to the algorithm. For example, the community gets to decide which tokens are covered on the platform.

Two tokens on the platform include stable coins Tether and USD Coin which seek to track the US dollar with the objective of maintaining a value of US$1 per coin (digital coins are risky and not guaranteed). The amount of US dollar denominated assets placed on the platform has soared since the company started to distribute the Compound token mid-month. At the end of May, Compound defi had about $100 million worth of US dollar denominated coins placed on its system. As of Friday night, that number had grown to over $600 million. When all the other coins are tallied up, the total value of all coins placed on Compound exceeded $1 billion worth of coins available.

The value of assets placed on Compound has surged

The growth in coin placement in less than a month is nothing short of head-spinning. Skeptics likely point to the reward scheme as a sketchy driver of activity that will not be sustained. However, the rewards are in sense a modern version of the toaster give away that the neighbourhood bank used to do back in the Leave-it-to-Beaver days. Although this toaster cannot be used for frozen waffles, it does come with voting rights. Importantly, there is a free market deciding the value of the tokens, in contrast to the corporate bond market where the Fed is trying to manipulate the price credit.

Compound and other defi alternatives have a range of risks. For starters, there is no FDIC guarantee on any assets placed with any of these protocols. Nevertheless, the defi space has a chance to prove itself as Wall Street starts to grapple with credit write downs and investors are confronted with yield-curve control efforts by central banks. In my view, digital assets along with gold are emerging to offer risk tolerant investors an oasis of investment opportunities uncontaminated by central bank distortions.

There is another oasis of opportunity closer to home located in INK Chat. Nicholas Winton who writes our weekly technical blog for the INK Canadian Insider Index has shared some names in the Healthcare sector that have turned out to be big winners. On April 15th he highlighted Sorrento Therapeutics (SRNE) and the stock jumped not long after he mentioned it. The stock is up 128% since his call.

Sorrento Therapeutics soared shortly after being mentioned in INK Chat

Another of his April 15th picks soared 33% Friday. Nicholas runs a suite of perky newsletters at Hedgehog Trader covering speculative opportunities in mining, healthcare and special situations including OTC bulletin board. If you are a speculative trader, check out what he has to offer. It is a great service for speculators that is not tainted by issuer sponsorships. Like INK, Hedgehog Trader is a subscriber-supported service.

If you are not registered for INK Chat, Canadian Insider Club members should check their email for an invitaion from us. The chat is for invited subscribers and is not open to the public.

Friday was a good day for speculators with S&P/TSX Venture Index gaining 0.5% even as other markets tanked. As we pointed out in Friday's morning report, the valuations of junior mining stocks are starting to run. Stick with INK as we let the insiders guide us towards growth opportunities that still may have room to run. It is going to be a summer of change and big opportunity for those who write new playbooks as events unfold.

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