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EverGen Infrastructure (TSXV: EVGN) (OTCQX: EVGIF) is a renewable natural gas (RNG) infrastructure platform seeking to provide sustainable returns for the planet by using its platform of investments and operational excellence to drive rapid renewable natural gas grid conversion.
The company has been on a tear recently, achieving multiple operational milestones, and nearing its goal of 1,000,000 GJ of RNG annually.
Here are a few of the Company’s highlights from this month:
⚡️ Signed a long-term offtake agreement at its Fraser Valley Biogas Facility which will cover the purchase of 190,000 gigajoules of RNG annually.
🌱 Provided an update on Phase 1 of its GrowTEC RNG Expansion Project which is now 80% complete and is tracking ahead of schedule; Phase 1 is expected to produce 80,000 GJ of RNG annually, while Phase 2 is expected to add another 60,000 GJ annually.
🔋 Appointed its new CFO, Sean Hennessy, effective immediately; Mr. Hennessy has over 15 years of finance and accounting experience in the clean energy and infrastructure industries.
Check out our recent interview with CEO Chase Edgelow, by clicking the link above. 👆👆👆
A Quick Market Recap
What in the world?!
If it feels like the markets don’t make sense anymore, you’re not alone.
After beginning the week on a positive note with the S&P 500 up 4.47% on Wednesday, things took a turn for the worse leaving investors dazed and confused.
Apparently, analysts are blaming the sell-off on the US September labor report which posted more promising results than expected; the US unemployment rate is at 3.5% and average hourly earnings are up 5% YoY.
If that statement seems odd, it should be, because rather than celebrating a resilient labor market, investors are forecasting another aggressive rate hike leading to further economic contractions.
But in a world where an image of an ape sells for $2.85 million, maybe we shouldn’t be surprised at all.
Here is how major indexes performed this week:
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Top News
Source: CryptoSlate
Binance hack leads to $570 million in stolen crypto
Crypto hackers are back at it again with another devious lick on a blockchain network.
If $2 trillion in losses wasn’t enough, hackers are finding success in the metaverse with over $1.4 billion stolen since the start of 2022.
💎 On Thursday, cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers stole around $570 million worth of its BNB token.
💰 Binance said that a cross-chain bridge linking its BNB Chain was targeted, enabling hackers to move around 2 million BNB tokens off of the network.
🕷 The hack was caused by a bug in the bridge’s smart contract that allowed hackers to forge transactions and send money back to their crypto wallet; Adrian Hetman of Immunefi said, “Ultimately, the Bridge was tricked into giving funds from that contract.”
🚔 The BNB Chain worked with its 26 active network validators, to pause the creation of new blocks on BSC, suspending all transaction processing while a team of developers investigates the breach.
😭 Eventually, the Company coordinated with BNB Chain validators to enact an upgrade that froze most of the funds in the hackers’ crypto wallet, but $100 million was “unrecovered.”
🚨 We recently dropped a newsletter on the booming Biotech industry. Click the link to learn more about this revolutionary sector.
Source: Fortune
Legendary investor Ray Dalio steps down from Bridgewater
After 12 years of searching for his heir to the throne, Ray Dalio is ready to call it quits.
With his successors now in place, the famed investor is moving on from his world-renowned hedge fund, Bridgewater Associates.
📈 Founded in 1975 in his two-bedroom apartment, Bridgewater achieved its first institutional investor, World Bank, in 1985 and grew from $5 million in funds to over $150 billion in assets today.
🤝 With Dalio stepping down as one of three co-chief investment officers, “control of the company now sits with our operating board. There is nothing left to do on Ray’s transition. It’s done,” said Co-Chief Executive Officers Nir Bar Dea and Mark Bertolini in a statement.
🧠 Despite reducing his role, Dalio plans to remain as a chief investment officer mentor instead, stating, “Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater because I and they love doing those things together.”
☔️ Since inception, Dalio’s “All Weather” fund has returned 7.8% annually and has achieved positive returns in every one of the last 18 years.
👋 Dalio’s succession plan comes in a good year for Bridgewater’s flagship Pure Alpha fund with it rising nearly 35% YTD and averaging 11.32% since its launch in 1991.
Elon Musk to revive Twitter Deal
Could it be true? Is Elon Musk actually moving forward with his acquisition of Twitter ($TWTR)?
Following months of drama including rebellions, lawsuits, memes, and more, it appears that the two sides are ready to move forward with the deal despite an ongoing trial set for October 28.
🙌 In an SEC filing released yesterday, Musk declared that he plans to purchase the Company with the intent “to close the transaction at $54.20.”
💨 A deal could happen as soon as this week, to avoid a court hearing, meaning that the polarizing social media company would be purchased at the original price of $44 billion.
🤬 This comes after a wild five-month bout where Musk attempted to abandon the deal on grounds that Twitter mislead investors about the number of “bots” on the platform and that they failed to provide Musk with the necessary data related to these spam accounts.
🧳 Instead of accepting these claims, Twitter sued Musk to force him into executing the acquisition, claiming that Musk’s assertions of fraud were incorrect; In September, Twitter shareholders voted and approved Musk’s original bid to purchase the company.
🤑 $TWTR shares are up 14.71% upon the news and are now trading at a share price of $49.13 and a market cap of $37.06 billion.
🚨 Here is what our IG community had to say!
DID YOU KNOW?!
Credit Suisse’s ($CS) credit default swaps (CDS) have surged past Great Recession levels
One of the most polarizing topics this week is whether or not the “too big to fail” bank, Credit Suisse, is on the brink of collapse as its CDSs soared to new heights.
For those unfamiliar, CDS act as insurance on bonds, by transferring credit exposure to another party if the company defaults; the rise in CDS implies that investors suspect Credit Suisse to default due to its overexposure in the bond markets.
CDS played a huge part in the Great Financial Crisis of 2007 and 2008 as banks overexposed themselves to subprime mortgage loans; the first of these major banks to crash was known as Lehman Brothers.
To see whether or not Credit Suisse is on the verge of another “Lehman Brothers Moment”, here is a comparison of the two banks:
Is Credit Suisse ($CS) the next Lehman Brothers?