🦢Black Swan Street Weekly Stock Market Summary (Nov. 27th - Dec. 1st 2023)

Welcome to Black Swan Street!

Mark Cuban sells everything, Charlie Munger dies at 99, GM plans $10 billion stock buyback, Amazon announces Q, an AI chatbot for business, Tesla’s Cybertruck is finally here, Royal Carribean makes history...

It was an action-packed week, so let’s get into it:

• Charlie Munger Dies At 99❤️

• Mark Cuban’s Exiting Everything?🚮

• Headline Roundup🗞

• Next Week In The Stock Market🔮

Read time: 6 minutes

Charlie Munger Dies At 99❤️

Charlie Munger - Investing guru, entrepreneur, vice chairman of Berkshire Hathaway, and Warren Buffett’s right-hand man has died at 99.

If you are a long-term, value investor, you most likely know who Charlie Munger is. His philosophies have helped define what value investing truly is.

In addition to being the vice chairman at Berkshire Hathaway, Charlie Munger also was a real estate attorney, chairman and publisher of the Daily Journal Corp, a member of the Costco board, a philanthropist, and an architect. The man did it all.

Here are some of Munger’s best quotes on investing, life, and everything else.

Also this week: Former U.S. Secretary of State, Henry Kissinger, dies at 100.

Kissinger is known as one of the most influential, and controversial, heads of foreign policy throughout history. Read his story here.

Presented by …

Interested in startup investing?

Then Crowdscale is the newsletter for you. Crowdscale covers the hottest new startups, while also providing an opportunity to invest in them.

You can check it out for free here ↓

Mark Cuban’s Exiting Everything🚮

Mark Cuban made two shattering announcements this week.

1. Cuban is selling a majority stake of the Dallas Mavericks

2. Cuban’s leaving ABC’s “Shark Tank”

Let’s talk about it…

1. Cuban is selling a majority stake of the Dallas Mavericks.

That’s right. The man who bought the Mavericks for $285 million back in the year 2000, is now selling a majority stake in the team for, what is reported, $3.5 billion.

$285 million → $3.5 billion = A ~1128.07% return

Cuban’s selling this stake in his NBA team to the family of Miriam Adelson.

Adelson is the fifth-richest woman in the world and is the founder and CEO of the Las Vegas Sands Corporation. Adelson and her family have an estimated net worth of $32.3 billion, according to Forbes.

Also to note: In this deal, Mark Cuban will retain some shares of the team but, more importantly, will retain full control over basketball operations.

2. Cuban’s leaving ABC’s “Shark Tank”

If you’re interested in entrepreneurship and business I’m almost certain you’ve seen at least one episode of “Shark Tank”.

But for those who haven’t, it’s a show featuring entrepreneurs pitching their companies to a panel of investors called “sharks,” then allows the sharks to invest in the company.

Well, Mark Cuban was one of these sharks on the show for more than a decade. Cuban announced after Season 16 ends in 2025, he’s moving on - no more Shark Tank.

Cuban told The Hollywood Reported “I just want to have a couple summers with my teens before they go off on their own.”

Headline Roundup🗞

• Kraft Heinz board approves $3 billion share buyback program - MW

• U.S. New Home Sales: 679k, from previous 719k, and below 721k forecast

• iRobot plunges after EU warns Amazon deal ‘may restrict competition’ - CNBC

• The biggest delivery business in the U.S. is no longer UPS or FedEx, it’s Amazon - WSJ

• Castlelake, an asset manager with $22B AUM, is exploring options, including a sale - BBG

• Fashion retailer ‘Shein’ confidentially filed for a U.S. IPO that could take place next year - BBG

• Reddit is holding talk with investors over a potential IPO as soon as Q1 of 2024 - BBG

• Musk’s Cybertruck is already a production nightmare for Tesla - BBG

• Amazon announces Q, an AI chatbot for business - CNBC 

• OPEC+ mulls new oil production cuts amid middle east conflict - WSJ

• Microsoft secures nonvoting board seat at OpenAI - CNBC

• GM plans $10 billion stock buyback in bid to assuage investors - WSJ

• Cigna, which now has a market cap of ~$77B, is in talks to merge with $59B Humana in a cash-and-stock deal to create a US health-insurance powerhouse; a deal could be finalized by the end of the year - WSJ

• AbbVie to acquire cancer-drug maker ImmunoGen for $10.1 billion - BBG

• U.S. PCE Price Index (PPI) YoY: 3.0%, from previous 3.4%, and inline with 3.0% forecast

• U.S. Core PCE Price Index (PPI) YoY: 3.5%, from previous 3.7%, and inline with 3.5% forecast

Next Week in the Stock Market🔮

Earnings Calendar Next Week:

What the swan is watching:

Tuesday: AutoZone, Nio, Ferguson

Wednesday: United Natural Foods, GameStop, Chewy, Campbell Soup Co

Thursday: Dollar General, Broadcom, Ciena, Lululemon

Economic Calendar Next Week:

The Swan’s Picks🦢

💨Australia vs Vaping: Australia announced they will ban the imports of disposable vapes starting in January. The new law is “in an effort to curb nicotine addiction in children”. Also, new laws to stop single-use vapes from being made, advertised, and supplied in the country will also be introduced.

⚡️Tesla Cybertruck’s are finally here: Elon Musk took the stage this week to release details about Tesla’s Cybertruck. The Cybertruck will range in cost from $49k-$96k depending on the model. Read more here.

🛳️Royal Caribbean hits the record books: Royal Caribbean officially owns the world’s largest cruise ship. The ship boasts some impressive stats with, 20-decks, ~1.2k-feet, and 250,800-tonnes. It’s inaugural voyage is set to depart from Miami, Florida on January 27th, 2024.

The Wrap-Up🔄

This week is in the books!

It was a shorter edition this week, but let us know what you thought about this week’s edition of Black Swan Street ⬇