sfstandard.com/2025/10/08/ai-…

🦔 Regional banks are facing a perfect storm of credit problems, with commercial real estate loans comprising 44% of their portfolios versus just 13% for large banks. Office loan delinquencies have hit 10.4%, approaching 2008 crisis levels, while over $1 trillion in CRE loans

Many older Americans are financially comfortable, but they worry their adult children won’t achieve the same kind of economic stability wsj.com/personal-finan…

New House Prices have dropped below Existing Homes for the first time in history 🚨🤯

America holds a sizable lead, but China is working to tip the scales with a sweeping countrywide push, betting ‘swarms beat the titan’ wsj.com/tech/ai/the-ai…

Why I Think Michael Burry Is Shutting Down Scion Now Let’s put a few things together…Burry’s liquidation letter, his depreciation thread on the hyperscalers, and his “me then, me now” Big Short meme and he’s basically spelling out one story. He thinks we’re in an earnings

CDS on the rise on all AI capex.

According to Caixin, former Finance Minister Lou Jiwei says that China's property contraction will continue for at least another five years. I think he's right. Prices will probably bottom out in the next year or two in the top-tier cities, but in the lower-tiered cities they

There were two factors driving this market this year: 1. Easy money due to the resumption of rate cuts 2. Continued optimism on the AI trade which was also helped by the easy money to fund debt related capex build outs Recently these twin pillars of the market have been called

U.S. October freight shipments fell to lowest level since 2009 #MacroEdge

Private Credit & Its “Hidden AI Debt Bomb” “…This system is enormous—bigger than the entire pre-2008 mortgage market—yet almost completely invisible to the average investor… It’s about understanding where the leverage has migrated, where liquidity is illusory, and where the

The writing is on the wall…

PE firms are now credit firms Apollo: 82% of AUM is credit ($723B) Ares: 72% credit ($391B), PE down to 5% from 9% Blackstone: Credit now 33% vs PE at 31% Successful pivot from “financial engineering” to “financing the real economy”

Now the media is really saying the quiet part out loud. Finally “The AI Bubble Is Bigger Than You Think It’s not just OpenAI that looks overhyped. There’s a whole mountain of sketchy financial engineering underneath. ….in one area, Silicon Valley and Wall Street are in

Every time the quantity of batteries in the world doubles, prices fall 18%. This experience curve is one of the most consistent, and consequential, guideposts for predicting the future of energy and transportation.

Shadow Banking Hits $257 Trillion and Regulators Are Worried “The non-bank financial sector's share of global assets grew to 51%, or $256.8 trillion, last year and expanded at double the rate of the traditional banking industry, the Financial Stability Board said on Tuesday.

From AI to Labubus, 2026 could be a year of reckoning. bloomberg.com/features/2025-…

Not surprising to see countries like France and Italy that have run out of national fiscal space push the new Ukraine plan funded by joint EU borrowing, because this creates a precedent for more EU borrowing in the future, which is what they've been pushing for all along. The

Chinese team builds optical chip AI that is 100 times faster than Nvidia’s A100 sc.mp/bsm9y?utm_sour… via @scmpnews

I have to say, it doesn't get old seeing my name in print in the Wall Street Journal 😁 Go read this article, because I would bet my right kidney, this isn't the last we hear of a private evergreen fund going public. Jason Zweig on valuations: "For all fund investors, NAV is