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What Happened:
This week was filled with so much crypto drama that it could have its own show on Bravo right after The Real Housewives of Beverly Hills.
Here are some of the top events that happened this week in cryptoland:
Elon Musk continued to troll Bitcoin maximalists while pumping Doge.
Bitcoin Pizza Day on Saturday (11th anniversary).
Dave Portnoy (DDTG) pumped Safemoon in a ridiculous video (scroll down).
The pain for the crypto community started on May 12th when Elon tweeted that Tesla was suspending vehicle purchases using Bitcoin.
As soon as he tweeted this, Bitcoin dropped over $7,000 (~12%). He then doubled down by trolling some of the more well known Bitcoin maxis on Twitter—all the while pumping out Doge memes. Honestly, I thought it was hilarious. It was the “let them fight” scene from Godzilla. Live by the pump, die by the pump. It’s Elon’s simulation, we’re just living in it.
Since Elon’s tweet, the total market cap of the entire crypto market has fallen by $1 trillion (from ~2.5T to ~1.5T in less than two weeks). Where did all of this money go?
While 50-80% drawdowns in crypto are par for the course, it still doesn’t make it easier for the newly minted traders-turned-investors.
As many of you know, I’ve been out of Bitcoin since roughly $38,000—when I sold back in January. My best guess was that it would peak around $40,000. Watching it trade upwards of $60,000 definitely gave me FOMO but I figured I was going to get a chance to get back in at lower prices.
Now that it’s trading 10-20% lower from my most recent exit, I’m starting to get more interested in building a position again. Sorry, it’s just another asset to me—not a religion. If I make gains, I will sell, wait for the dip, buy the dip, wash, rinse, repeat, and hope that someone pays a higher price than what I bought it for sometime in the future.
While Bitcoin continues its dominance of total market cap (~40%), there have been a lot of shitcoins and memecoins on the rise recently. Asscoin, scamcoin, cumrocket, dogecoin—to name a few. While you can make an argument that Bitcoin is speculative in its own nature, gambling on one of these shitcoins to become the next Bitcoin is speculation to the nth power. That would be like saying a penny stock (Aerotyne International) is going to be the next Amazon.
Of course, Davey Daytrader hit the wires early in the week with his shitcoin announcement. Is it really enough anymore to just say “I have no idea how this works” and “Invest at your own risk” and then proceed to pump the shit out of it every chance you get? Hate him or love him, Davey put on a Masterclass on how to market to the youths.
Lastly, Saturday was the 11th anniversary of Bitcoin Pizza Day. On this day in 2010, programmer Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas. At the time, it cost approximately $15. Today it’s worth $300-350 million depending on which minute you’re looking at on the chart. Never in the history of any asset will there be a worst trade than Laszlo made but it makes for one hell of a story. Maybe he should have paid for it in depreciating dollars.
We live in wild times and the crypto space is definitely garnering a lot of attention. I’m more interested in the technology and apps being built on top of these networks versus the price fluctuations of some magic internet money.
Now let’s talk about something that has intrinsic value—stocks.
Discussion:
Now let’s see how the People’s Portfolio did this week…
We were down again for the 5th week in a row as the weakness in the crypto markets seemed to spill over into all overpriced risk assets.
On Friday, we voted Roundhill Esports ETF (NERD) out of the portfolio and replaced it with Disney (DIS). We ended up realizing a 6.27% loss which was quite surprising as ATVI, TTWO, and EA all traded higher over the 10-week span. These stocks are 3 of the top 10 holdings in the NERD ETF. I’ll have to have a discussion about this with my friends over at Roundhill.
Twitter (TWTR) is on the chopping block next week for the 2nd time. We’re currently holding onto an 5.8% gain over the past 20 weeks.
We’re currently -11.77% on the year (lol) and now underperforming the S&P 500 and Nasdaq 100 by too much to count.
Keep an eye out for the new Twitter poll every Friday. It’s your democratic duty to vote each week. Follow along in real-time with nearly 300,000 others on Public.
Portfolio News Highlights:
The biggest stories affecting our portfolio this week:
Twitter Launches Verification Process for the Blue Checkmark (Yahoo)
Square (SQ) Boosts Reach to Restaurants With the Latest Move (Zacks)
Nvidia Stock Pops On 4-For-1 Stock Split, Earnings Expectations (IBD)
Bitcoin falls again as China reiterates crackdown (Yahoo)
Is Penn Stock A Buy As Barstool Sports Betting App Expands Further? (IBD)
Big Oil’s Transition to Cleaner Energy Is Risky. How Investors Can Prepare. (Barron’s)
Charts:
The following charts cover WeRamp Twitter polls Weeks 10 through 19 from the time period they entered the portfolio. Our stock is highlighted in thick green in each poll. Data courtesy of Ycharts.
Coinbase continues to get creamed every day. Bitcoin topped (for now) the same day of the Coinbase IPO. For the boomers who bought Coinbase shares as a proxy for investing in Bitcoin, Ethereum, et. al.—welcome to crypto.
What Else We’re Reading:
Blogs/Articles:
Jack Dorsey Says Bitcoin Can Make the World Greener. Could He Be Right? - Jen Wieczner (Intelligencer)
The Economics of Customer Businesses: Calculating Customer-Based Corporate Valuation - Michael J. Mauboussin and Dan Callahan, CFA (Morgan Stanley)
We’re About to Find Out Who in Crypto Is Really ‘In It for the Tech’ - Joe Weisenthal (Bloomberg)
Fear is the mind-killer: secular growth stocks are becoming increasingly attractive. - Gavin Baker (Medium)
Connecting the stock market, Dogecoin, Bitcoin — and Bernie Madoff - James Surowiecki (MSNBC)
Letter #34: On wanting - Ali Montag (Substack)
Books:
The Premonition: A Pandemic Story - Michael Lewis
Need new reading material? Visit my Amazon page for my most purchased book recommendations.