Proud HODLer of this one

VOL KILLER: Since the launch of the ETFs the volatility on bitcoin has plumetted. The 90-day rolling vol is below 40 for the first time- it was over 60 when the ETFs launched. I threw in $GLD for perspective. Less than 2x gold, used to be over 3x.

Make the Wilshire 5000 5000 again.

“Everyone will be creating their own truth" -- Derek Tang, economist at LHMeyer / Monetary Policy Analytics on private economic data becoming "quite the cottage industry" (Joe Brusuelas, chief economist at RSM), via Claire Jones Myles McCormick Financial Times ft.com/content/3c8906…

Great visualization of $BRK's allocation to $AAPL via Eric Platt Financial Times Buffett & Co continued to trim in Q2 ft.com/content/8c4d49…

So much for the 'Small-Cap Summer' some (checks portfolio) were hoping for! Cc Sarah Min $SCHA $IJS $IJR $VB cnbc.com/2025/06/09/sma…

"This is as tight as the market has become in good times since the internet was taking off. The similarities, with a new technology promising huge gains in profits and revenues, are obvious. For the internet then, read #artificialintelligence now." John Authers Richard A. Abbey

"The rest of the world benefits from much lower valuations, growth on par with the U.S., a more tractable set of economic challenges, and the tailwind of a very overvalued U.S. dollar. We believe investors who are substantially overweight U.S. large cap stocks would be well

“Most recently, we have been short the US and long European equities . . . and that’s purely a view on equity valuations,” said Dunstan (New Zealand’s NZ$76bn ($44bn) Super Fund), adding that decisions to favour different markets were taken “on a 10-year view”. via

ChatGPT was released in November 2022 There were a lot of stories in the aftermath about how Google was cooked Nope It's doubled up the market since then:

"the bond market’s structure and complexity create substantial inefficiencies so fundamental and inherent that eliminating them anytime soon would be a mammoth and improbable task.” Eric Jacobson #ActiveVsPassive morningstar.com/business/insig…

Dissed....bloomberg.com/opinion/articl…

big if true, via Citywire citywire.com/pro-buyer/news…

From Michael Cembalest: AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022 This is one for the history books assets.jpmprivatebank.com/content/dam/jp…

The AI boom feels a lot like the railway & dot-com bubbles It seems so obvious So why is gold outperforming tech stocks? Why is there $7.7 trillion in money markets? Some thoughts on the weirdest bubble ever: awealthofcommonsense.com/2025/09/the-we…

Simply fascinating. Watch this space: ft.com/content/1a1ae1…

Key to alpha generation over decades:

“qui ne tente rien n’a rien”

"When debt rises relative to income, 'it’s like plaque in the arteries that then begins to squeeze out the spending,'” Dalio with Francine Lacqua via Bloomberg bloomberg.com/news/articles/…

Chart of the week contender? ETF Prime Podcast Nate Geraci via Steve Johnson Financial Times Broadridge a record 75% of US ETF assets was retail owned (incl. financial advisors), up from 56% 10yrs ago, 7x increase in AUM to $8.8tn. Further, Broadridge's survey says "43% of financial