The 2000-bubble saw a decoupling of prices from earnings. Not so this time.

European Stocks have not been able to grow earnings for the past 17 years That explains why they are cheap and why they haven't done as well as US Stocks

Blue Cross Blue Shield in Connecticut, New York and Missouri has declared it will no longer pay for anesthesia for the full length of some surgeries. It the procedure goes over a certain time, anesthesia will not be covered for the duration. asahq.org/about-asa/news…

That consistency of productivity stands in contrast to the rest of the developed world, which has meaningfully fallen off the trendline of the late 90s and has been running flat. Europe for example has seen a significant deterioration.

In biotech, China now ahead in ADCs, bispecific Ab’s, T cell engagers, and traditional small mlc’s US still slightly ahead on cell and gene therapy, gene editing, and more exotic small molecules (glues, covalents, degraders, etc) China clinical dev timelines 50-100% faster

NOW - DOGE Staffer Speaks Out, Unveiling Mission to Fix IRS’ Outdated Infrastructure | “I really care a lot about this country, and this is a huge program that is currently 30 years behind schedule.” For the first time, a member of the DOGE team has spoken publicly about the

A team of physicists at the University of Arkansas has developed a circuit that can capture the thermal motion of graphene and convert it into electrical current. It is a graphene-based energy harvesting circuit that could be embedded in a chip to provide clean, “unlimited,”

Scientists have created the first map of mitochondria throughout the entire brain go.nature.com/4lnzqyX

Some ball park tariff math based on the estimated increase in tariffs from Alex Etra -- the just pay it cost of today's tariffs are around $500b (1.75% of US GDP), the total Trump 2 tariffs are around $750b (2.6% of US GDP). 1/

Our latest analysis on how the U.S. administration set its reciprocal tariffs has gained significant traction by others. Read our latest Substack by Alex Etra (Alex Etra), head of research analytics at Exante Data, where he breaks down the formula behind these tariffs—showing

Mitt Romney warned us

Trump’s tariffs are the “biggest policy mistake in 95 years,” says Wharton finance professor Jeremy Siegel

Here is a rant about tariff/economics. I do not want to be political. But you cannot separate trade policy from economics, so there is that. Capitalism has proven far superior to communism in generating wealth. State controlled economies tend to do very poorly. Look at North

$JPM CEO Jamie Dimon Last month: "America First is fine. America alone—if we end up alone because, you know, we're tearing the world asunder—we will have made a mistake"

MAGA

NIKKEI 225 FUTURES TRADE SUSPENDED DUE TO CIRCUIT BREAKER

China tonight continues to weaken the Yuan in small steps. This marks a shift in policy and is a clear signal to Washington. Up until "Liberation Day," the official fix (white) was basically stable. No longer. This is Beijing saying - still politely - this is getting too much...

NEW STUDY: More than twice as many diabetic patients exposed to GLP-1 RAs (Ozempic, Wagovy, Mounjaro) developed age-related macular degeneration tinyurl.com/5a29nfh5

Why has it taken over 50 years to publish a study that examined the total lifetime exposure to ‘safe’ glyphosate levels to which most people are subjected and find multiple types of cancer? regenerationinternational.org/2025/06/24/the…

ICYMI: Bloomberg Law @blaw reviewed the 1,000+ comments on HRSA’s (long-overdue) plan to bring rebates into the #340B Drug Pricing Program. My summary: • Providers: “The sky will fall if we have to show where the money goes! Accountability is lethal!” • Manufacturers: “Calm