📺 The crossover event of the year

Shark Week, HBO style | We're not in an EM any more, Toto |

Hi Reader, here's what you need to know for May 18th in 3:03 minutes.

☕️ Finimized over a mint mocha at Old City Coffee in Philadelphia, Pennsylvania (14°C/58°F 🌧)

Today's big stories

  1. AT&T’s WarnerMedia and Discovery agreed to merge their businesses to create a new entertainment giant
  2. Pre-owned fashion stocks are suddenly all the rage, and there are a few that could make your portfolio look very chic – Read Now
  3. Investor enthusiasm for emerging market investments has been on the wane this year

Animal Magnetism

Animal Magnetism

What’s Going On Here?

US telecoms giant AT&T agreed on Monday to merge its WarnerMedia content business with rival Discovery, in a bid to create a brand new king of the media jungle.

What Does This Mean?

AT&T only bought WarnerMedia – home to HBO, CNN, and Warner Bros. Entertainment – three years ago. But it’s already planning to spin off the unit into a standalone company which – combined with Discovery’s sports, science, and reality TV empire – could be worth up to $150 billion.

WarnerMedia and Discovery currently have complementary content footprints, and the combined business – 71% of which would be owned% by AT&T and 29% of which by Discovery’s current shareholders – would control everything from Superman movies to European Olympics coverage. So if the deal ends up getting the go-ahead from regulators, it’d mean some potent competition for the likes of Disney+ and Netflix…

Why Should I Care?

The bigger picture: Be skeptical of the hype.
If you think AT&T’s ownership of WarnerMedia sounds short-lived, you’re not wrong. But big merger deals don’t always go to plan, which is why investors – like Discovery’s on Monday – often send their shares down on the back of the announcement (tweet this). In fact, research from management consultancy McKinsey suggests that a lot of small linkups over a longer period tend to add more value than one blockbuster merger.

Zooming out: There are bigger fish to fry.
Netflix may have 208 million subscribers, but AT&T and Discovery’s flagship subscription services – Discovery+ and HBO Max – both grew faster than the streaming frontrunner last quarter. Still, even if these two do join forces, it’ll likely be a long time before they feel confident enough to start cranking up prices on their combined 59 million customers – and even longer before they start turning a profit like the OG streaming platform.

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2. Analyst Take

Fast Fashion Is Out. Pre-owned Fashion Is In.

What’s Going On Here?

Eco-conscious shoppers are paying more and more attention to sustainability these days.

No wonder, then, that they’re increasingly turning to second-hand fashion marketplaces – so much so that the industry’s expected to grow 20% a year for the next five years.

That wouldn’t just make it a fast-growing segment: it’d make it one of the fastest-growing segments in the entire retail industry.

And investors are taking full advantage: several second-hand fashion marketplaces have made hugely successful stock market debuts this year, and there could be a lot more to come.

So that’s today’s Insight: which stocks stand out in this increasingly competitive marketplace.

Read or listen to the Insight

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EMerald City

EMerald City

What’s Going On Here?

A key emerging market (EM) stock index has slid almost 10% since its mid-February high, as investors start to realize there’s no place quite like home.

What Does This Mean?

Investors seem to have been spooked by the surge in coronavirus infections in countries like India and Brazil, as well as the ever-present threat of inflation. Just the prospect that the US Federal Reserve will raise interest rates, after all, is steering investors away from stocks and toward safer bets like new government bonds.

That’s not EMs’ only interest rate-based concern either. The move would likely encourage investors to put more of their money into higher-yielding US assets, which would push up the value of the US dollar. And when the dollar’s strong, both EMs’ dollar-denominated exports and their borrowing in the currency becomes more expensive, hurting their economies and company earnings alike.

Why Should I Care?

For you personally: EM stocks aren’t a monolith.
Still, JPMorgan and State Street think there are EM opportunities out there. They reckon you should look at the places – namely Mexico and Taiwan – that have strong trade links to the US and could therefore benefit from the country’s economic recovery. You might also want to look at big exporters of raw materials, whose prices are rising as countries look to rebuild their economies. That, the money managers say, could be good news for South Africa and – oh, hello again, Mexico.

Zooming out: ESG is the future.
Major investors are increasingly focused on meeting environmental, social, and governance (ESG) targets, and they’ve turned to EM stocks to help them do it. Some argue EM companies are less likely to exaggerate their eco-credentials than their developed peers: they’re not obliged to disclose ESG metrics, so there’s not exactly any pressure to pretend they’re more virtuous than they are.

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🙋 Ask a question

💬 Quote of the day

“Don’t be afraid to question your leaders. But don’t ask too many questions at one time or that are too hard because your leaders get tired and/or cranky.”

– Will Ferrell (an American actor, comedian, producer, writer and businessman)
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📚 What we're reading

  • Should you use Amazon? (The New Yorker)
  • The savings and investments platform of the future – Capital at risk (Chip)*
  • Fashion and the “metaverse” (Vogue)
  • How to fix that burnout you’re feeling (The Irish Times)

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🌏 Finimize Live

⚠️ Crypto safety first

You wouldn’t just leave your bike unlocked or your front door open when you leave the house, would you? It’s the same for your crypto: its safety should be your number one priority. So join Ledger’s Chief Experience Officer for How To Keep Your Crypto Safe, and he’ll give you all the crypto security basics you need to sleep like a log.

📈 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 Buy Coffee And Cars With Crypto: June 3rd
🤔 How To Understand Fundamental Analysis: 5pm UK time, June 8th
😎 How To Make Your Own Investing Rules: 5pm UK time, June 9th
🛒 How To Not Get Lost In Supermarket Stocks: 6pm UK time, June 10th
💰 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
💄 How To Give Your Portfolio A Beauty Makeover: 6pm UK time, June 30th

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