summer starts now Annapolis, MD

Round 3

hilarious presser

The singular band I wish was still creating and performing music today

Nvidia’s earnings report today should be a clearing event in a good (or even bad) scenario as the cascading selling pressure across the broader market finally exhausts itself. $NVDA

As a reminder, here's why $NVDA matters to investors everywhere. index weightings: $QQQ 8.11% $SPY 6.29% $XLK 13.10% $SMH 18.85% $MTUM 4.29% $IWF 10.37% Cliff Notes: Nvidia is everywhere.

What's currently the biggest dumpster fire?

"Since each of these four ill-fated buy points, US stocks have still returned at least 7.7% on an annualized basis and have outperformed bonds over all four spans." 🤯 Bespoke

Let’s impose 25% tariffs on Mars. These aliens have been jerking us around far too long !

Investors have never been so ready, willing, and able to take significant portfolio risk. Today, some derisively suggest diversification has become “diworsification” because diversifying a portfolio simply constrains the potential for high equity returns.

Quote of the day “Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.” - Merton Miller

Alongside their growing weight in market cap terms, US stocks now account for about 70% of global equity volatility, up from 50% five years ago. What's more, increasing concentration within the US market means Mag 7 stocks now account for ~30% of the risk in global equities.

Quote of the day “People in their 30s know where the world is going because they’re going to do it. I’m in my 80s so I have no idea.” - Daniel Kahneman

Investor conversations have indicated that "De-Dollarization" has become a much bigger theme in 2025, with many noting rising interest in non-USD assets and increased urgency in hedging dollar FX exposures. While central banks, corporates, financial institutions, and households

Quote of the day “The story of mankind is in you. The vast experience, the deep-rooted fears, anxieties, sorrow, pleasure, and all the beliefs that man has accommodated throughout the millennia. You are that book.” - Jiddu Krishnamurti

Is your portfolio missing crypto? Why 10–40% crypto could be the new normal. New post 👇. thesandboxdaily.com/p/is-your-port…

One striking development this year has been the collapse in bitcoin vol from ~60% at the beginning of the year to a historically low level of 30% currently . JPM believes a factor behind the collapse in bitcoin vol has been the acceleration of bitcoin purchases by corporate

Many of us were indoctrinated with the idea that if you wanted a good job, you go to college. We know unemployment rates for college grads have been consistently below those who had lower levels of education. But that gap is narrowing as college grads are having tougher times.

JPM: "The acceleration of bitcoin corporate treasury purchases coupled with the collapse in bitcoin volatility is helping to make bitcoin more attractive from a valuation point of view."

S&P 6,500 wow