Alphabet (GOOGL): Q3 2024 Earnings Review

Welcome to YX Insights! YX Insights brings you ++actionable investing and trading ideas++ in: Income Producing Instruments – including US Treasury ETFs and Business Development Companies (BDCs) Equities – including mega-cap tech, financials (banks, asset managers, exchanges, payments companies) Crypto, Gold, and Silver – including the underlying assets and ETFs We produce both short-term trade setups (1-week to 12 months) and long-term outlooks (1-5 years) for every covered instrument. We deploy a multi-model approach in evaluating every instrument, such as comparable valuations, discounted cash flow modelling, liquidity analysis, and Elliot Wave technical analysis. Our analysis structured in a way that is immediately actionable and requires no prior understanding of the instrument. Our work is different to the crowd. Because our work begins with the bond market – actually the interest rate markets. Why? While the equity markets make a lot more noise, the bond market is like the equity market’s big brother, in both size and importance. Equities pricing is heavily influenced by the relative price of money at a particular point in time. This is something driven by the Fed, excess bank reserves, and the forward expectations of the interest rate markets. By understanding the price of money – which we do through our institutional-grade analysis of the interest rate markets – we bring a differentiated perspective to equities and crypto analysis. Not understanding how the Fed’s decision process impacts equities and crypto pricing is a major blind spot for many investors and traders. This is one of the reasons that so many investors – from the smallest to the largest – have been wrong-footed by markets in recent years. Trying to understand equities with a narrow focus on earnings, valuations and so forth has led to many missed opportunities. Why did equities rocket upwards in 2020-21 despite a global recession in the wake of a pandemic? Because the price of money was at a historic low and the supply of money was at a historic high. Why did equities sell off so brutally in 2022? Because the price of money increased at an unprecedented rate, and the supply of money contracted at the same time. Why did equities move up in 2023 and 2024? Because improving expectations of the future supply and price of money drove up asset prices and real spending in the real economy. If you understand rates and bond markets, you have an edge in equities, simple. Our focus is on bringing you that edge. In addition to our actionable ideas, we share with our subscribers extensive in-depth US macroeconomic analysis including key economic data, macro patterns, market liquidity and seasonality, FOMC decisions, the yield curve, and selected macro-linked commodities. This analysis is geared toward helping you make better investing decisions. The underlying work may be complex but our presentation is simple, actionable and delivered in a way that any investor can understand. The service takes a subscriber-first approach to original, institutional-grade analysis. I host weekly webinars and answer thoroughly any questions you may have either in Slack or comments. No question is trivial – even the simplest of questions or comments usually leads to a valuable discussion and better-quality work. YX Insights leverages my institutional trading experience as an FX Swaps and Interest Rates trader, as well as my financial expertise as a Chartered Accountant. I aim to guide our community away from superficial media analysis and talking heads. I break down complex jargon and concepts and connect the dots between rates and stocks. Today, you just need to pay: Monthly Subscription: $145 per month Annual Subscription: $1195 per year (a 30% discount) Subscribe now and lock in this price forever. Plus, enjoy a 7-day free trial to experience the value of YX Insights risk-free. Subscriber Comments On My Published Work “Very clear structure and lots of useful information on which to base the Overweight argument. Really like how you translate that into an actionable trading idea, with prices etc.” – August 2024 “Very helpful - really like the lay-out, datapoints and detail given to explain conclusions”. – August 2024 “I appreciate you sharing your deep knowledge of TLT.” – August 2024 “Well presented, actionable thesis” – August 2024 “Excellent analysis and conclusion in line with mine...that always increases conviction. Thanx” – August 2024 “I really love your reports, crystal clear and dead on accurate, they provide context and rationalization that is spot on.” - June 2024 “Refreshingly sober and rational analysis.” - May 2024 “Thanks for the reasonable, rational note in a sea of generally over-the-top hype or all-out fear-mongering.” - February 2024 “As always, solid logic with some humor. Pay attention to facts and skip the hopium.” - July 2023 “Thank you for revisiting the explanation of T bond issuance, Yimin; it is much easier to understand this version..” - June 2023 “Wow! Illuminating as always. ” - May 2023 “Such an Excellent explanation, thank you. I knew most of this myself but most people haven’t a clue as to what this is, all about. It is a great public service to try and educate so many on what this truly is, I applaud you sir!” - May 2023