• A list of cities where even your typical Investment Banking Analyst would struggle to afford a home
• PE firm Vista Equity Partners is exploring an acquisition of Coupa Software in a deal that would take the company private
• Warren Buffett donated $758mn of Berkshire Hathaway stock to various charities, pushing him a micro-inch closer to his pledge of giving away 99% of his fortune
• Tiger Global cut the valuation of its private venture funds by 25% in a move that pretty much sums up 2022 for financial markets

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Federal Reserve Showdown

November’s official Fed minutes were released today, indicating a decidedly dovish consensus among board members, which helped lift hopes for a stock market rebound.

Most Fed officials called for a moderation of rate increases to 50 bps from December onward, as they believe inflation has peaked. Some, including Vice Chair Lael Brainard, have been outspoken in voicing their desire to slow the pace of rate hikes.

On the other hand, Fed Chair Jerome Powell has been forthright in his belief that monetary policy is not yet restrictive enough, pointing to recent strength in the labor market and persistently high, albeit slowing, inflation.

Powell and his board are at odds over the pace of monetary tightening as they grapple with contrasting views on economic indicators:

• Inflation: The never-ending debate continues as to whether or not inflation has “peaked” (the new buzzword replacement for “transitory”) or not. Judging by the recent minutes, most committee members believe inflation has, in fact, peaked based on the last few readings of softer CPI & PPI data, while others dismiss recent inflation readings and cite long-term expectations as a more appropriate measure.

• GDP Growth: The Fed has to balance taming inflation while not sparking a prolonged economic downturn. This is a precarious practice because Fed Hikes take about 12-18 months to see the full impact on the economy. As they fight to reduce inflation, the Fed also needs to project where they think GDP will land. The IMF has cut its GDP forecast for both 2023 and 2024, potentially signaling a need for a slower pace of hikes.

\While Powell continues to remain a perma-hawk, as it stands now, he is on an island all alone. The committee leans heavily dovish, with Vice Chair Brainard as their fearless leader. It will be interesting to see the tension unfold.

Source

Coupa Software ($COUP) ↑ 28.89% ↑

• Coupa Software surged after it was reported that Robert F. Smith’s Vista Equity Partners is exploring an acquisition
• This comes after Vista agreed to pay $4.6B for software-security firm KnowBe4 Inc. While no deal is imminent and either party could back out, Coupa soared 36% on the news

Carvana ($CVNA) ↑ 19.41% ↑

• After a string of recent downgrades from analysts across the street, Carvana finally got a boost after an insider agreed to purchase a block of shares
• Chief Product Officer Daniel J. Gill purchased $1mn in shares, providing a much-needed vote of confidence for a stock that has dropped over 96% YTD