It’s easy to get buried in details in the hobby, and in fact the details are usually where we find outsized value. That said, having a macro view on the space also helps us play the game. I want to focus on two specific instances of major movements in the last couple of days to illustrate the point:
- Yesterday, Chase took over First Republic bank. This sounds like noise for a churner, but it’s not; if you’re banned at Chase maybe you can quickly open an account with First Republic and get back into the Chase ecosystem. If that doesn’t work, there’s probably another bank failure on the horizon too, and Chase is likely to step in on that one because Jamie Dimon so maybe open a speculative account?
- Over the weekend, Hyatt announced that they were going to acquire Mr and Mrs Smith’s hotel platform. In unrelated news, American Express premium cards grant access to Mr & Mrs Smith’s travel club, something like holding status. Maybe if you have status with Mr & Mrs Smith, you’ll get Hyatt matched status over the next couple of months?
Keeping your eyes on the macro can help you with the micro. Bank takeovers and acquisitions matter friends!
Tuesday inspiration, I guess?