Britain got a bad deal. 10% tariff on almost everything. Next to nothing in return. That some see this as good just shows how standards have sunk. The U.S. is now a high tariff protectionist country, 10% is the new baseline, and trade deals are judged not on how much they

He said before he would be very happy with 50%. Art of the deal…

The FTC and Bannon MAGA want to break up big tech and $googl seems the “realistic” target. Just like AT&T/Bell Labs this will be a huge mistake. It almost guarantees China wins in AI.

Wise words from the Bill Clinton of high finance.

Genius $googl analyst claims company trading at 16x enough of a reason to completely break it apart.

I’m not an fx guy but funny market reaction to this. No US official will ever say they have a weak dollar policy. Market is reacting to “the sky is blue" .

$Meta revamped FAIR and brought in Robert Fergus to work alongside Yann. Joelle Pineau is gone. So this wsj headline seems like recycled old news.

The downgrade is negative for sure. But perhaps the main channel is that it provides fodder for the GOP hawks demanding cuts to Trump’s spending bill. As far as ability for certain players to hold treasuries I’m not sure what the difference is 2 vs 3 below AAA.

Many folks here too young but back in the day Moody’s used to stamp triple A on super senior tranches of subprime debt that would eventually be wiped out during the GFC.

Amazing how we went to “pretty confident DOGE will cut a trillion” and “by 2028 we’d be at 3%” to now “lets cut taxes and growth will take care of it”.

Next thing you’ll hear is “AI is gonna solve our fiscal problem just like the internet in the 1990s”.

This is a game changer. Recall a few months ago:

Market clearly disagrees $googl

Google's models today are absolutely crushing it today at IO. I'm still not optimistic that competing with ChatGPT is the right play, but I'm happy to see them try. Google cloud to the moon either way.

not anymore

Bond proxies getting clobbered after auction.

Total demand for UST is anywhere from 2-4% of GDP. If we’re running at 6-7% deficits auctions by definition would occasionally tail. This is as true today as in 2023, 2024, 1993-94 etc.

Make Bill Ackman tsy secretary already.

$AAPL should start “iTravel” offering a service to go to Europe on vacation and come back with an iphone upgrade.

David Sachs in the all-in pod saying exactly that lol