Happy morning, Munchers! 🙏

As always, here's your daily dose from Wall Street to Dalal Street - in 4 minutes and 50 seconds.

That's less time than it takes for Chamath to quit as King of SPACs, Ford stock to nosedive 13%, and Adani to lever up again. 😏

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US stocks continued their retreat ahead of an all-important Fed policy meeting.

• Central bankers controlling the world's largest economy are gonna talk about how far they can tighten it without pushing the US into recession.

• Yields on US govt. debt ticked to the highest in 10 years. 🔥

Story Roundup

1 - Chamath throws the towel in. 👋

The King of SPACs is waving the white flag.

Chamath Palihapitiya made his investors hundreds of millions over the last 2 years.

But as with all things that shine - something goes rotten.

Chamath just shut down a few of his SPACs and returned a jaw-dropping $1.5 billion to investors.

He brought in tons of money (and I mean TONS) to splash on risky businesses with rickety paths to profitability - all of which got routed in 2022's harsh markets.

Belts are getting tighter! 🪢

2 - Ford sheds $7 billion of value. 🏎️

Ford warned investors of an extra $1 billion in costs due to supply chain issues & inflation.

In response, their shares tanked almost 13% - when margins shrink, investor sentiment is tending to sour.

These supply chain problems affect about 45,000 of their vehicles. They can't get access to parts they need for their high-margin SUVs, which is gonna take a $1 billion dent out of their profits.

Executives are waiting to "provide more dimension" when they report their Q3 earnings in a month.

Waiting game. 🔥

3 - Nasdaq wants a slice of the crypto pie. 🥧

After shunning crypto - even Nasdaq wants a bite.

The world's biggest exchange operator issued a fresh sign to the world that they are not deterred by a crash in crypto-assets.

Nasdaq announced that they would be launching a digital asset trading service - which would begin with custody of crypto coins.

They also "might be considering" trading in digital assets.

Related companies like Binance have had a stellar rise in the last few years - seeing $34 trillion of volume last year.

Booooomerang. 🪃

4 - Yes Bank to sell $6 billions of bad loans. ❌

Yes Bank is selling about $6bn worth of loans to private equity - and getting a handsome stake for it.

The Yes Bank board just approved the transfer of loans in exchange for 19.99% of the PE business.

Regulators raised a fair few eyebrows - with very good reason, but all seems to be well now.

Oh, Yes bank. 😂

5 - Adani Group levers up for $13b of cash. 💸

If you thought Adani couldn't lever up more - think again.

He just pledged $13 billion worth of shares in Ambuja Cement. The world's 2nd richest man is hungry for capital - and he's gobbling up everything in sight.

His conglomerate ranges from ports, to processing, to power - and his Midas touch is grabbing everything in sight.

Some analysts are concerned about the high levels of debt Adani is taking on - but US markets have been impressively decoupled from India's, where the impact from rate hikes is lesser.

Chalie Munger said that there are 3 ways smart men go broke.

Ladies, liquor and leverage. 👯‍♀️🥃💸

A few nibbles from Cashee.

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Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

Aryaansh