Huge. Bitcoin has now performed worse than US Treasuries in 2025

𝗧𝗵𝗲 𝗙𝗼𝗹𝗹𝘆 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝗶𝗼𝗻𝘀 My sense is that most serious investors understand that financial projections beyond the immediate future are a ludicrous waste of time. They will continue to exist among those that have something to sell -

Not a bubble? The chart below seems to illustrate it. For the first time ever, the median value of equities on personal balance sheets has topped $300,000 – more than tripling since April 2020. Meanwhile, consumer sentiment is lower today than the lows of all eleven recessions

𝗖𝗿𝘆𝗽𝘁𝗼 𝗶𝘀 𝗗𝗿𝗶𝘃𝗲𝗻 𝗯𝘆 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆, 𝗚𝗼𝗹𝗱 𝗶𝘀 𝗗𝗿𝗶𝘃𝗲𝗻 𝗯𝘆 𝗨𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆 Investors looking for a market hedge or safe haven should take a glance at the two charts below (courtesy of John Authers - link below). They illustrate what many if

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝗶𝗻 𝗔𝗜? This is an excellent Bloomberg TV Wall Street Week interview with 𝗚𝗲𝗼𝗳𝗳𝗿𝗲𝘆 𝗛𝗶𝗻𝘁𝗼𝗻, 𝘁𝗵𝗲 “𝗚𝗼𝗱𝗳𝗮𝘁𝗵𝗲𝗿 𝗼𝗳 𝗔𝗜.” He says that artificial intelligence could one day outsmart and overpower its creators, warning that tech

𝗪𝗵𝘆 𝗬𝗼𝘂 𝗪𝗼𝗻'𝘁 𝗦𝗲𝗲 𝘁𝗵𝗲 𝗡𝗲𝘅𝘁 𝗖𝗿𝗮𝘀𝗵 𝗖𝗼𝗺𝗶𝗻𝗴 Forecasting a correction is very difficult because it requires you to forecast volatility (“vol”) - the propensity of asset prices to jump around. 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗶𝘀 “𝗯𝗶𝗺𝗼𝗱𝗮𝗹”; prices spend

This performance by Wells Fargo is pretty impressive. I suspect many investors wouldn't have put them ahead of every other major US bank except for Goldman Sachs (with whom it is tied). #investing #banking #banks #stocks #bonds

𝗥𝗲𝗺𝗲𝗺𝗯𝗲𝗿 "𝗗𝗲𝗰𝗼𝘂𝗽𝗹𝗶𝗻𝗴"? The premium investors are requiring emerging market governments to pay over Treasuries has scarcely been smaller. Per the JPMorgan EMBI sovereign spread (the standard benchmark), the spread has only been significantly tighter in the two

Here's the problem from the POV of someone who allocates to private credit: there is absolutely NO FREAKING WAY to tell just how close marks are to what the portfolio is actually worth. Fund managers hold those loans on the books close to par all the way until they have to

If you make a basket of supermarket food companies (Campbell's, General Mills, Clorox and Conagra), their stocks have has lost to the S&P 500 by 38.9% per year for the last 3 years. This just broke the prior record, which was set when uh oh.

SILICON VALLEY’S $170 BILLION LIE: THE ACCOUNTING FRAUD HIDING IN PLAIN SIGHT They are calling it innovation. The SEC filings call it something else. META, Microsoft, Google, Amazon, Oracle: five titans quietly extended server depreciation from 3 years to 6 years between

𝗛𝗶𝗴𝗵 𝗧𝗮𝘅𝗲𝘀 𝗮𝗿𝗲 𝗟𝗲𝘀𝘀 𝗧𝗮𝘅𝗶𝗻𝗴 𝗳𝗼𝗿 𝗦𝗼𝗺𝗲 Western and Northern Europe have some of the world's highest tax rates. But according to a recent poll, 𝘁𝗮𝘅𝗲𝘀 𝗮𝗿𝗲 𝗮𝘁 𝘁𝗵𝗲 𝗯𝗼𝘁𝘁𝗼𝗺 𝗼𝗳 𝘁𝗵𝗲 𝗹𝗶𝘀𝘁 𝗼𝗳 𝘄𝗵𝗮𝘁 𝗺𝗼𝘀𝘁 𝘄𝗼𝗿𝗿𝗶𝗲𝘀

𝗣𝗵𝗼𝘁𝗼𝘃𝗼𝗹𝘁𝗮𝗶𝗰𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝘁𝗲𝗰𝗵 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 It is frankly amazing how much photovoltaic panel prices have dropped - check out the chart below. According to the climate think tank Ember, an “electrotech revolution” is occurring. It works

I posted this back in March, but the recent AI-related sell-off brought it back to mind...

Viral video in Japan: This is a PlayStation ad that is currently being shown at Ryogoku station, near Japan's national sumo arena. You can see this special ad until Friday, November 14th.

𝗚𝗼𝗹𝗱 𝗠𝗶𝗻𝗲 𝗦𝘄𝗲𝗲𝗽𝗶𝗻𝗴 There was an interesting article about gold in Bloomberg today by Bernard Goyder and Monique (link below). Gold miners Newmont Corp., Agnico Eagle Mines Ltd. and Barrick Mining Corp. have all seen gains of around double that of spot gold

The median age of a U.S. homebuyer is now 59, per Apollo

𝗧𝗵𝗲 𝗢𝗻𝗲 𝗧𝗵𝗶𝗻𝗴 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗡𝗲𝘃𝗲𝗿 𝗙𝗼𝗿𝗴𝗲𝘁 𝗔𝗯𝗼𝘂𝘁 𝗦𝗣𝗩𝘀 Special Purpose Vehicles (SPVs) can take a lot of different forms, but as the name implies, generally speaking they are created for a specific purpose and, because they are structured as an

𝗛𝗮𝗽𝗽𝘆 𝗔𝗻𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗿𝘆... 𝘁𝗼 𝗨𝘀 𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗼𝘂𝗿 𝗙𝘂𝗻𝗱 𝗰𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗲𝗱 𝗶𝘁𝘀 𝟭𝟭𝘁𝗵 𝗮𝗻𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗿𝘆! 🥂📈🎆 We've watched a lot of funds come and go over the past 11 years. The key to survival and success? It's stating the obvious -

From this weekend's The Wall Street Journal: Things are getting pretty surreal down here... One mansion on the market for $200 MM, another for $205 MM, and... a $185 MM 𝘵𝘦𝘢𝘳𝘥𝘰𝘸𝘯 #investing #realestate #RealEstateInvesting #mortgage