Three Things (1/13)

three-things

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“In Wall Street, the man who does not change his mind will soon have no change to mind.” —W.D Gann
 
1) HR software startup Justworks delays IPO, citing turbulent market conditions following record debuts in 2021
  • The company had sought a valuation of up to $2 billion in its IPO process.
  • Including SPACs and traditional IPOs, 1,000 new issues hit the market in 2021, the most in a single year on record.
  • Of companies that completed an IPO in 2021, excluding SPACs, two-thirds were trading below their offer price at year-end.

Titan’s Takeaway: In our view, the IPO market can offer a window into how much risk investors are generally willing to take on. And while we’ve seen some stabilization in beaten-down parts of the market, it seems IPOs are still signaling caution at the beginning of 2022.

2) Robinhood offers permanent remote work to most employees as delayed office returns become permanent
  • Tech peers including Titan Flagship holding Coinbase, Twitter, and Shopify are among those to go fully remote since the pandemic started.
  • Robinhood says some teams may need to live within a “commutable distance” to an office for regulatory reasons.
  • The company remains headquartered in Menlo Park, California.
Titan’s Takeaway: As we approach the start of year three of remote work arrangements for many companies, we see time and again temporary arrangements becoming permanent. In our view, this reshuffling of worker and employer expectations is only beginning to be understood across the economy, with these impacts likely to reverberate across the labor market for many years to come.
3) Inflation rises 7% over last year in December, the most since 1982 as pricing pressures persist throughout the U.S. economy
  • “Core” inflation, which excludes more volatile food and energy prices, rose 5.5% over last year in December, the most since 1991.
  • The cost of shelter and used car and truck prices were the largest contributors to December’s price increases.
  • Energy prices rose 29.3% over the prior year in December, the most of any category, but fell 0.4% from November to December.
Titan’s Takeaway: The last several months of inflation data have made clear price increases across categories have been more persistent than many predicted in early 2021. The market’s muted reaction to Wednesday’s data, however, suggests investors believe they understand how the Fed is likely to respond to this development in the coming months.

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