With the help of Virgil Abloh and Union LA‘s Chris Gibbs, it's now clear that Jordan Brand intended to bring the Air Jordan 2 back in 2022.
The “Future Is Now” collection includes two colorways of MJ's second signature as well as an extensive range of apparel and accessories.

The classic co-branding appears on short-sleeve tees, hoodies, and sweat shorts/sweat pants, all lightly distressed at the hems and seams.
Also, a filtered black-and-white photo of MJ graces the adjacent long sleeves, labels stitch into the socks, and the Jumpman logo adorns the four caps.
Liner jackets and flight pants will also be available, adding reimagined militaria to a civilian ensemble.
The Union LA x Air Jordan 2 (Grey Fog and Rattan) shares many of the same beats. Vintage suedes show age, while perforations and detailing reimagine Bruce Kilgore's design for the future.
The “UN/LA” tag across the modified eye stays, the leather patch across the tongue, and the label that wraps over the lateral side of the collar complete the look.
The footwear will also include a Crater Slide in the “Grey Fog” color scheme.

BUYING

On 4/9 and 4/10 from 9am-3pm, Union LA will be giving away a pair of Air Jordan 2s at their La Brea storefront (110 S. LA BREA AVE. LA, CA 90036). The raffle is only open to LA County residents with a valid CA ID. You must enter by 11:59pm on 4/10 to win. Winners will be notified via email.

Azuki Banner (www.azuki.com)

Disclaimer: This is my personal viewpoint. I'm not on the Azuki team. Please keep in mind that I am merely a fan, community member, and holder. Please do your own research and pardon my grammar. Thanks!

Azuki has changed my view of NFTs.

When I first entered the NFT world, I had no idea what to expect. I liked the idea. So I invested in some projects, fought for whitelists, and discovered some cool NFTs projects (shout-out to CATC). I lost more money than I earned at one point, but I hadn't invested excessively (only put in what you can afford to lose). Despite my losses, I kept looking. I almost waited for the “ah-ha” moment. A NFT project that changed my perspective on NFTs. What makes an NFT project more than a work of art?

Answer: Azuki.

The Art

The Azuki art drew me in as an anime fan. It looked like something out of an anime, and I'd never seen it before in NFT.
The project was still new. The first two animated teasers were released with little fanfare, but I was impressed with their quality. You can find them on Instagram or in their earlier Tweets.

The teasers hinted that this project could be big and that the team could deliver. It was amazing to see Shao cut the Azuki posters with her katana. Especially at the end when she sheaths her sword and the music cues. Then the live action video of the young boy arranging the Azuki posters seemed movie-like. I felt like I was entering the Azuki story, brand, and dope theme.

The team did not disappoint with the Azuki NFTs. The level of detail in the art is stunning. There were Azukis of all genders, skin and hair types, and more. These 10,000 Azukis have so much representation that almost anyone can find something that resonates. Rather than me rambling on, I suggest you visit the Azuki gallery

The Team

If the art is meant to draw you in and be the project's face, the team makes it more. The NFT would be a JPEG without a good team leader. Not that community isn't important, but no community would rally around a bad team.

Because I've been rugged before, I'm very focused on the team when considering a project. While many project teams are anonymous, I try to find ones that are doxxed (public) or at least appear to be established. Unlike Azuki, where most of the Azuki team is anonymous, Steamboy is public. He is (or was) Overwatch's character art director and co-creator of Azuki. I felt reassured and could trust the project after seeing someone from a major game series on the team.

Then I tried to learn as much as I could about the team. Following everyone on Twitter, reading their tweets, and listening to recorded AMAs. I was impressed by the team's professionalism and dedication to their vision for Azuki, led by ZZZAGABOND.
I believe the phrase “actions speak louder than words” applies to Azuki. I can think of a few examples of what the Azuki team has done, but my favorite is ERC721A.

I was ecstatic when the dev team announced it. This fascinates me as a self-taught developer. Azuki released a product that saves people money, improves the NFT space, and is open source. It showed their love for Azuki and the NFT community.

The Community

Community, community, community. It's almost a chant in the NFT space now. A community, like a team, can make or break a project. We are the project's consumers, shareholders, core, and lifeblood. The team builds the house, and we fill it. We stay for the community.
When I first entered the Azuki Discord, I was surprised by the calm atmosphere. There was no news about the project. No release date, no whitelisting requirements. No grinding or spamming either. People just wanted to hangout, get to know each other, and talk. It was nice. So the team could pick genuine people for their mintlist (aka whitelist).
But nothing fundamental has changed since the release. It has remained an authentic, fun, and helpful community. I'm constantly logging into Discord to chat with others or follow conversations. I see the community's openness to newcomers. Everyone respects each other (barring a few bad apples) and the variety of people passing through is fascinating. This human connection and interaction is what I enjoy about this place. Being a part of a group that supports a cause.
Finally, I want to thank the amazing Azuki mod team and the kissaten channel for their contributions.

The Brand

So, what sets Azuki apart from other projects? They are shaping a brand or identity. The Azuki website, I believe, best captures their vision. (This is me gushing over the site.)

If you go to the website, turn on the dope playlist in the bottom left. The playlist features a mix of Asian and non-Asian hip-hop and rap artists, with some lo-fi thrown in. The songs on the playlist change, but I think you get the vibe Azuki embodies just by turning on the music.
The Garden is our next stop where we are introduced to Azuki.

A brand.

The text begins with Azuki's intention in the space. It's a community-made metaverse brand. Then it goes into more detail about Azuki's plans. Initiation of a story or journey. "Would you like to take the red bean and jump down the rabbit hole with us?" I love the Matrix red pill or blue pill play they used. (Azuki in Japanese means red bean.)

It's intriguing and draws you in. Taking the red bean causes what? Where am I going? I think they did well in piqueing a newcomer's interest.
Not convinced by the Garden? Read the Manifesto. It reinforces Azuki's role.

Not to mention the Mindmap, it sets Azuki apart from other projects and overused Roadmaps. I like how the team recognizes that the NFT space is not linear. So many of us are still trying to figure it out. It is Azuki's vision to adapt to changing environments while maintaining their values. I admire their commitment to long-term growth.

Conclusion

To be honest, I have no idea what the future holds. Azuki is still new and could fail. But I'm a long-term Azuki fan. I don't care about quick gains. The future looks bright for Azuki. I believe in the team's output. I love being an Azuki.
Thank you! IKUZO!

Full post here

As you know, I like to turn my intuition into decision rules (principles) that can be back-tested and automated to create a portfolio of alpha bets. I use one for bubbles. Having seen many bubbles in my 50+ years of investing, I described what makes a bubble and how to identify them in markets—not just stocks.

A bubble market has a high degree of the following:

1. High prices compared to traditional values (e.g., by taking the present value of their cash flows for the duration of the asset and comparing it with their interest rates).
2. Conditons incompatible with long-term growth (e.g., extrapolating past revenue and earnings growth rates late in the cycle).
3. Many new and inexperienced buyers were drawn in by the perceived hot market.
4. Broad bullish sentiment.
5. Debt financing a large portion of purchases.
6. Lots of forward and speculative purchases to profit from price rises (e.g., inventories that are more than needed, contracted forward purchases, etc.).

I use these criteria to assess all markets for bubbles. I have periodically shown you these for stocks and the stock market.

What Was Shown in January Versus Now

I will first describe the picture in words, then show it in charts, and compare it to the last update in January.

As of January, the bubble indicator showed that a) the US equity market was in a moderate bubble, but not an extreme one (ie., 70 percent of way toward the highest bubble, which occurred in the late 1990s and late 1920s), and b) the emerging tech companies (ie. As well, the unprecedented flood of liquidity post-COVID financed other bubbly behavior (e.g. SPACs, IPO boom, big pickup in options activity), making things bubbly. I showed which stocks were in bubbles and created an index of those stocks, which I call “bubble stocks.”

Those bubble stocks have popped. They fell by a third last year, while the S&P 500 remained flat. In light of these and other market developments, it is not necessarily true that now is a good time to buy emerging tech stocks.

The fact that they aren't at a bubble extreme doesn't mean they are safe or that it's a good time to get long. Our metrics still show that US stocks are overvalued. Once popped, bubbles tend to overcorrect to the downside rather than settle at “normal” prices.

The following charts paint the picture. The first shows the US equity market bubble gauge/indicator going back to 1900, currently at the 40% percentile. The charts also zoom in on the gauge in recent years, as well as the late 1920s and late 1990s bubbles (during both of these cases the gauge reached 100 percent ).

The chart below depicts the average bubble gauge for the most bubbly companies in 2020. Those readings are down significantly.

The charts below compare the performance of a basket of emerging tech bubble stocks to the S&P 500. Prices have fallen noticeably, giving up most of their post-COVID gains.

The following charts show the price action of the bubble slice today and in the 1920s and 1990s. These charts show the same market dynamics and two key indicators. These are just two examples of how a lot of debt financing stock ownership coupled with a tightening typically leads to a bubble popping.

Everything driving the bubbles in this market segment is classic—the same drivers that drove the 1920s bubble and the 1990s bubble. For instance, in the last couple months, it was how tightening can act to prick the bubble. Review this case study of the 1920s stock bubble (starting on page 49) from my book Principles for Navigating Big Debt Crises to grasp these dynamics.

The following charts show the components of the US stock market bubble gauge. Since this is a proprietary indicator, I will only show you some of the sub-aggregate readings and some indicators.

Each of these six influences is measured using a number of stats. This is how I approach the stock market. These gauges are combined into aggregate indices by security and then for the market as a whole. The table below shows the current readings of these US equity market indicators. It compares current conditions for US equities to historical conditions. These readings suggest that we’re out of a bubble.

1. How High Are Prices Relatively?

This price gauge for US equities is currently around the 50th percentile.

2. Is price reduction unsustainable?

This measure calculates the earnings growth rate required to outperform bonds. This is calculated by adding up the readings of individual securities. This indicator is currently near the 60th percentile for the overall market, higher than some of our other readings. Profit growth discounted in stocks remains high.

Even more so in the US software sector. Analysts' earnings growth expectations for this sector have slowed, but remain high historically. P/Es have reversed COVID gains but remain high historical.

3. How many new buyers (i.e., non-existing buyers) entered the market?

Expansion of new entrants is often indicative of a bubble. According to historical accounts, this was true in the 1990s equity bubble and the 1929 bubble (though our data for this and other gauges doesn't go back that far). A flood of new retail investors into popular stocks, which by other measures appeared to be in a bubble, pushed this gauge above the 90% mark in 2020. The pace of retail activity in the markets has recently slowed to pre-COVID levels.

4. How Broadly Bullish Is Sentiment?

The more people who have invested, the less resources they have to keep investing, and the more likely they are to sell. Market sentiment is now significantly negative.

5. Are Purchases Being Financed by High Leverage?

Leveraged purchases weaken the buying foundation and expose it to forced selling in a downturn. The leverage gauge, which considers option positions as a form of leverage, is now around the 50% mark.

6. To What Extent Have Buyers Made Exceptionally Extended Forward Purchases?

Looking at future purchases can help assess whether expectations have become overly optimistic. This indicator is particularly useful in commodity and real estate markets, where forward purchases are most obvious. In the equity markets, I look at indicators like capital expenditure, or how much businesses (and governments) invest in infrastructure, factories, etc. It reflects whether businesses are projecting future demand growth. Like other gauges, this one is at the 40th percentile.