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S&P 500 Ends Week at All-Time High, QQQ Leads Gains

Well, the first full week of Q2 is over. The S&P 500 closed at an ATH of 4,128.80. The indexes really move when those large-cap names experience price appreciation. AMZN’s stock had a great day as the vote for unionization in Alabama came down in the company’s favor. Apple and Microsoft were up 2% and 1% respectively today. Despite the leadership of Growth/Defensive names in the beginning of Q2, we are not changing our call that we think the leadership baton, in terms of alpha, will soon be passed back to the Epicenter and cyclical names that are on the verge of meeting the greatest economic boom in living memory with ultra-streamlined business models.

Bitcoin roughly doubled in value over the quarter. Coinbase is now officially the most profitable exchange ever. So, for those of you who feel like you missed out on Growth stocks, we have something for you to find alpha in. My colleague Tom Lee said at an international Bitcoin conference in Istanbul right before the pandemic changed all of our collective lives that once the market-cap for crypto-currency reached about $2 trillion, or approximately 1% of investable assets that institutional adoption and capital would begin occurring at an exponential pace and lead to rapid and astronomical price appreciation. The good news is we just hit $2 trillion and we believe there is plenty of alpha left for those willing to brave the risks of crypto. A Newsweek article this week posed the question, “Is Bitcoin Too Big Too Fail?” Boy, that’s certainly a change of tune from “Is Bitcoin a Ponzi scheme?” Crypto is here to stay and we want to help those astronomical returns you’ve been reading about create wealth for you. If you haven’t started learning about crypto, now is the time.

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