😎 Don't mess with Coinbase

What Would Elon Tweet? | Airbnb reopens its doors |

Hi Reader, here's what you need to know for May 17th in 3:10 minutes.

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Today's big stories

  1. Soaring crypto prices saw Coinbase more than triple its revenue last quarter
  2. Short seller Carson Block has some advice to help you become a better investor than Wall Street’s “mediocre” money managers – Read Now
  3. With travel demand on the rise again, Airbnb beat analyst expectations for bookings last quarter

Watch This Base

Watch This Base

What’s Going On Here?

Coinbase reported its first quarterly results on Friday since hitting the US stock market last month, and the crypto exchange teased even better things to come.

What Does This Mean?

Whoa mama: Coinbase’s revenue more than tripled from the quarter before and surged almost tenfold from the same time last year. That led to a 300% uptick in the company’s profit from the quarter before. Still, it shouldn’t exactly be a shock: crypto prices have been booming, and investors have been tripping over themselves to trade the digital rascals on Coinbase’s platform. So many investors, in fact, that its total number of monthly active users more than doubled from the quarter before – from 2.8 million to 6.1 million.

Why Should I Care?

Zooming in: Where bitcoin goes, Coinbase follows.
Coinbase makes almost all its revenue from trading fees, and since most of those trades are in bitcoin, the company’s success is closely linked to that of the OG crypto. So it can’t have gone down well when bitcoin’s price tanked the day before its earnings announcement, right after Tesla announced that it’d stop accepting the crypto as payment. The EV-maker’s Technoking cited environmental concerns, and he’s not wrong: bitcoin mining uses more electricity than most countries do (tweet this). And if other eco-conscious companies make the same pledge, bitcoin – and by extension Coinbase – could well take another tumble.

For markets: Such cryptocurrencies. Very competition.
Coinbase’s stock is down more than 30% from the peak it hit on its first day of trading, but it’s not all down to Elon’s tweets. Coinbase has also been facing increased competition from platforms that offer a more diverse range of cryptocurrencies. Cryptocurrencies like dogecoin, the meme-inspired former joke that’s up almost tenfold in the last three months. So now Coinbase wants in: the firm said on its earnings call that it finally plans to list dogecoin in the next two months. So wow.

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2. Analyst Take

Carson Block’s Advice For Investors

What’s Going On Here?

Carson Block has opinions.

That much was clear from our first interview with the world-famous short seller last week, but he had a lot more to say in part two.

He gave us his thoughts on SPACs (“garbage”), on retail options trading (“not healthy”), and on Wall Street investors (“entitled” and “lazy as ****”).

But he has some advice too. Because as Carson puts it, you don’t need to “study years of finance not to have your ass handed to you.”

In fact, he says there’s one simple but underappreciated way to become a better investor than the “mediocre” people on Wall Street.

So that’s today’s Insight: Carson Block’s foolproof advice on how to outdo the professionals.

Read or listen to the Insight here

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The Great Outdoors

The Great Outdoors

What’s Going On Here?

Looks like people are finally getting outnabout again: online travel platform Airbnb booked quarterly revenue that beat analysts’ expectations, initially sending its shares up 2% on Friday.

What Does This Mean?

Vaccine rollouts sure are proving a shot in the arm for Airbnb. With travel restrictions gradually lifting, the company’s global bookings were up 13% last quarter compared to the same time last year. Unlike a trip to Venice in peak tourist season, that was even better than investors had imagined – and a welcome change after a solid year of declines.

The value of those bookings was also higher than expected as customers treated themselves to more expensive trips – with non-urban and whole-family vacations in particular more popular than usual. The only downer was Airbnb’s profitability, which fell well short of estimates as the company repaid some of the hefty debt it took on at the height of the pandemic.

Why Should I Care?

For markets: IP-whoa there.
Travel demand may be rising, but Airbnb’s five-month-old stock price is over 30% below its mid-February highs. True, there’s been a broader tech selloff, but other recent stock market debutantes – including DoorDash and Coinbase – have done particularly poorly recently too. Whether that’s because investors are worried about inflation or just because they realized they got a bit ahead of themselves, they might now be a bit more measured about upcoming market listings.

Zooming out: Not another box set. 
One company that’s less happy about families leaving the house again is Disney, which admitted late last week that its formerly fast-growing Disney+ streaming service attracted fewer new customers than expected last quarter. While Mousecorp maintains it can more than double subscriber numbers to a Netflix-esque 260 million by 2024, Disney+ will also need to improve its average revenue per customer. That’s currently less than half that of its streaming rival, which is only now generating enough cash to actually fund its operations.

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💬 Quote of the day

“If things are too easy, life is a whole lot less interesting.”

– Marian Wright Edelman (an American activist for children's rights)
Tweet this

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📚 What we're reading

  • Sobriety in 2020 was rough (Catapult)
  • Start your bitcoin investing journey with the symbol: GBTC (Grayscale)*
  • Make crypto less cryptic – invest with eToro (eToro)*
  • Want to run further? Go pink (Planet Radio)
  • The rise of Instagram-firmations (Elle)

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🌏 Finimize Live

📢 Say Steve’s name

We pushed this event up top, but no matter how many times you say Steve Hanke, it never gets old. So come to our How To Prepare For The Coming Market Shift with celebrated Johns Hopkins economist Steve Hanke, and let Steve Hanke show you how to navigate the States’ next economic steps. Steve Hanke.

📈 How To Prepare For The Coming Market Shift: 5pm UK time, May 18th
♻️ How To Build A Sustainable Portfolio With Bonds: 6pm UK time, May 19th
📚 How To Do Your Due Diligence On A Stock: 6pm UK time, May 20th
💪 Investment Opportunities In The Circular Economy: 5pm UK time, May 25th
🌍 Why You Should Invest in Emerging Markets: 6.30pm UK time, May 25th
🚨 How To Keep Your Crypto Safe: 12pm NYC time, May 26th
🛍 How To Protect Yourself From Rising Prices: 2pm UK time, May 27th
📲 How to Profit From The AI Industry: 6pm UK time, May 28th
🇨🇳 How To Profit From Chinese Innovation: 5pm UK time, June 1st
🤔 How To Understand Fundamental Analysis: 5pm UK time, June 8th
😎 How To Make Your Own Investing Rules: 5pm UK time, June 9th
💰 How To Get Yield From Crypto: 12pm NYC time, June 14th
💡 How To Build A Robust Portfolio: 5pm UK time, June 15th
🤑 How To Earn A Passive Income From Crypto: 12pm NYC time, June 24th

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