Domain Daily: Bezos’ Bots Take to the Sky

The Dose

  • Hedge Funds and Crypto

  • Overstock's Moment

  • Amazon Drones Take Flight

More Hedge Funds Investing in Crypto

38% of traditional hedge funds hold a cryptocurrency position, according to PwC's 2022 Crypto Hedge Fund Report.

The Point: That's a significant jump from the 21% of hedge funds that said they owned crypto in 2021, according to PwC. It's worth noting that the accounting firm conducted this survey before the latest market pullback. Still, there's no doubting that institutions are embracing the asset class. What's encouraging here is that adoption is not only up, but respondents said volatility wasn't holding them back from investing. Instead, the hedge funds surveyed said regulatory and tax uncertainty was the primary obstacle to entering the market.

Crypto Fundamentals

Overstock's Time to Shine

As retailers like Target and Walmart look to sell off excess inventory, Overstock could benefit, argues Bloomberg.

The Point: As their name implies, Overstock specializes in selling goods that their competitors couldn't. Now, as big-box stores look to sell down their stockpiles, Overstock is in a position to add quality merchandise at bargain-basement prices. We've talked a lot over the last month about changing consumer preferences. Walmart and Target have warehouses filled with products their customers don't want (at least at the prices they have to sell them for). Overstock is in the business of buying excess goods in bulk and selling them for less than what they'd cost if they were taking up shelf space at your local big box. If Bloomberg is right, Overstock is about to get the pick of the litter. As the saying goes: one person's trash is another's treasure.

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Amazon Begins Drone Deliveries

Prime Air drones will start delivering packages later this year. That is if you live in Lockeford, California.

The Point: Amazon drone delivery has been a long time coming. The company will introduce the service by the end of the year in Lockeford, a small-town south of Sacramento. The announcement comes on the heels of Walmart's plans to expand its drone delivery service to more than four million households. It isn't often that Amazon is left to play catch-up, but when it comes to drones, the online retailer is lagging behind the competition. That said, unlike Walmart, Amazon's drones won't be piloted by humans. That's a crucial distinction that could allow Amazon to scale the service. And ultimately, scale is the name of the game. If drones can replace delivery trucks, Amazon should be able to make shipping cheaper and faster. That'd be a boon to the company's bottom line.

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*The content team responsible for the above content uses primary and secondary sources they believe to be accurate, which includes but is not limited to Bloomberg, The Wall Street Journal, Financial Times, and CNBC, among others. 

*Domain Money Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission and an affiliate of Domain Money, has (as of this writing) the following assets mentioned in this communication as part of its managed portfolios: AMZN