SRS Portfolio - 13 Nov 2022 and What the FTX !!

The markets died in October, with many counters hitting a new low and I was busy travelling for work when the bloodshed happened.

This week, the inflation data eased a little bit and the markets went into overdrive, with US markets rebounding ferociously over the last few days. As a result, the portfolio snapshot I presented today didn't look quite as bad if I had done a similar posting last weekend. The USD/SGD and USD/CHF also fell quite dramatically over the last few days, indicating the markets are in "risk-on" mode for now.

Portfolio as of 13 Nov 2022

Nothing to update as I had been pretty busy with work and failed to take any action on the SRS portfolio during the recent meltdown. 

Sam Bankman Fried - the most hated man on earth at this moment in time

FTX Bankruptcy - Another Lehman moment in the crypto world

While the stock market crashed, a darling in the crypto world, FTX, went belly up in a very dramatic fashion. For the uninitiated, FTX is one of the world's largest crypto exchanges. This is probably the biggest investment failure in the crypto world, even surpassing the crash of Luna. Many retail investors are burnt quite badly by this latest crash, and they are not the only ones, with many prominent venture capital firms, Temasek and pension plans forced to write off this investment entirely. You can read the list of investors in the NY times article here.

The who's who list of investors in FTX

If FTX had been functioning as an exchange, it probably wouldn't have gone belly up. There are many hidden skeletons and unsound practices. It's amazing Binance is still holding up well, let's see if Binance is a better run company but the crypto winter is for sure not going to end anytime soon.

I have never dabbled in crypto as I don't understand how it works but I know many youngsters are active traders. 

I sincerely hope none of my readers here are burnt badly by this crash. 

 

Sometimes boring is good and the crash of FTX probably sums it all up. 

Take care and happy SRSing!