Banking, Coinbase, & M&A

Summary:

• Banking crisis.
• Coinbase’s Wells Notice.
• JBLU/SAVE, and ATVI/MSFT.

March 2023 was a doozy, so a lot to breakdown here, including: banking crises, thoughts on Coinbase’s (COIN) Wells notice, mergers hanging in the balance (JetBlue (JBLU)/Spirit (SAVE) & Microsoft (NASDAQ:MSFT)/Activision Blizzard (ATVI)), and more!

– Yet Another Value Channel

Chapters

• [0:00] Introduction + Episode sponsor: Stream by Alphasense
• [1:40] What’s on Chris’ mind for March 2023: Banks, Energy, Crypto, Government public policy reaction, plus more!
• [3:05] Volatility in Banking
• [6:27] First Republic – what was great customer service and going above and beyond, is that the sign of a short?
• [7:33] Public policy response to 2023 banking crises
• [11:46] Chris’ thoughts on Coinbase’s Wells notice & policy
• [12:56] Why SEC paying closer attention to Coinbase now?
• [15:57] Andrew’s three reasons holding him back from rushing into regional/community bank stocks + Chris’ concerns
• [23:26] JetBlue/Spirit deal and trend towards government agencies taking a more aggressive stance on blocking mergers
• [27:32] JetBlue/Spirit cont’d: How do they get in a situation where it seems so clear to you and me that this was going to be a regulatory problem? How do they get in a situation where they were in this regulatory issue?
• [34:00] Microsoft/Activision Blizzard merger deal
• [37:15] Timeline for merger trial
• [40:56] Closing thoughts

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ATVI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

https://seekingalpha.com/instablog/957061-chris-demuth-jr/5549358-legal-disclosure

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