Dashboard Capital Markets January 2024

Jan 2, 2024 | Dashboard, Restaurant Research

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NoBull’s 2023 Wrap

  • 2023 was a good year for Bitcoin, stocks and a bad year for interest rates, the US$ and the VIX fear gauge. To be fair, seemingly strong 2023 performance really was nothing more than a bounce-back from 2022’s dismal declines. Regarding restaurant performance, the strongest stocks were those resurrected from a seemingly sure covid induced death. Oh, and Wingstop… What does 2024 have in-store for us?

NoBull’s 2024 Outlook

  • Let’s start with the consumer. While there is good evidence that John & Jane Public are running out of steam, they are still employed so they are not quite broke (even after spending-up on all those international vacations & usurious Taylor Swift concerts). Inflation is probably not as much a problem as the interest rates hikes which have strangled a large demo of over-leveraged consumers. If rates are cut in 2024, which seems likely to us, look for consumers to get back to buying houses, cars and appliances which have been put on hold for the last couple of years. If Powell overshoots, all bets are off…
  • Ok, now let’s consider that we are talking about 2024. Those who are apocalyptical will be looking to the July primaries and November’s general elections for fireworks. Then there is no small amount of global war mongering in the Middle East, Ukraine & Taiwan. Add-in trillions in annual Federal deficits (which helps explains the US$ weakness) and a completely unsecured Southern border and you can understand why Americans may feel threatened by a heightened possibility for a black swan event this year. Hopefully, y’all will join us in praying for the United States of America. If we can make it past 2024, we’ll be singing our hallelujahs this time next year!  

2023 Financial Highlights

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