What we’re reading (12/15)
“Meghan Markle Is Investing In A Trendy Oat Milk Latte Company” (CNN Business). “Meghan Markle, the Duchess of Sussex, is betting big on oat milk. Markle said Monday she invested in instant oat milk latte company Clevr Brands, which sells four flavors of its powdered drink for $28 per 14-serving bag. The company says its products are sustainable, ethically sourced and healthful.”
“Pricey Stocks May Yet Head Higher As Uneven Economic Recovery Maintains Grip On U.S.” (Washington Post). “[T]he bull market may just be getting started. With the Federal Reserve planning to hold its benchmark lending rate near zero for at least three years, stocks are likely to remain attractive in comparison with bonds, according to investment strategists.”
“Tech I.P.O.s Take A Breather” (DealBook). “Wall Street is increasingly muttering the “B” word: bubble. Airbnb’s $83 billion market cap is more than that of Marriott, Hilton and Hyatt combined, while DoorDash’s $56 billion market cap is bigger than that of most restaurant chains. The median valuation of tech I.P.O.s this year is 24 times trailing revenue, the University of Florida professor Jay Ritter told The Wall Street Journal. That measure for the Nasdaq Composite Index is currently 4.3 times, while for tech I.P.O.s for most of the 2010s it averaged about six times.”
“Congress Warms To Possible Covid Stimulus Deal” (Politico). “A bipartisan group of senators finally hit paydirt in its long-running coronavirus relief negotiations. And it may provide a pathway to a deal that has eluded Congress for months.”
“Exxon Promises To Cut Greenhouse-Gas Emissions, End Flaring by 2030” (Wall Street Journal). “Exxon Mobil Corp. pledged to reduce greenhouse-gas emissions from its operations over the next five years and eliminate routine flaring of methane by 2030, responding to pressure from activists and investors to lower its carbon footprint. The Texas-based oil giant said Monday that it would cut the “intensity” of emissions from its oil-and-gas production by 15% to 20% by 2025. It didn’t provide hard numbers on exactly how much of total emissions those reductions would represent.”
