Chris DeMuth's State of the Markets for March 2023

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 Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/