Home Sellers now outnumber Buyers by more than 500,000, the largest gap ever recorded 👀

Too many ornaments

Why are rates continuing to drop if the market believes a trade war and tariffs are coming? The Fed is way behind the 2 year bond yield. Something just doesn’t add up. The bond market always sniffs out whatever is coming next before the market.

GN

Everyone talks about AI slop. No one talks about PE (private equity) slop. - restaurants that lost their soul - medical practices that feel like assembly lines - apartment buildings designed by an Excel formula The algorithm didn’t kill culture. The margin model did.

The creative beauty and technical prowess of Thomas Webb Glass.

Kick off your day with exercise

Eruption on Mount Etna in Sicily gives the illusion of a Phoenix in the sky.

Gold is giving us a lesson in statistics. Today's −5.7% move is rare; a 4.46-sigma move. In a “normal” world, that’s once every 240,000 trading days. In reality −4.67% to −6.00% occurred 34 times since 1971, i.e. in 13,088 trading days (0.26% = 1 in 385 days). Even bigger

In case you haven’t checked the national debt clock in a while, here are the current numbers. Notice that our debt-to-GDP ratio is 120%.

Self-driving taxi company Waymo is now doing 876,000 rides per month in California, a 6x increase over the past year and 69x increase since August 2023.

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This is one of the best-preserved medieval streets in all of Europe. —the Shambles, York, England.

GM

The average cost of a family health insurance plan is now 27 grand PLUS a 2k deductible but I'm supposed to care about some early retirees premiums going up

What are the most underrated cities in France?

A staggering $7.5 Trillion is now sitting in money market funds, a new all-time high 🤑💰

GM

JPM: "Oracle's debt to equity ratio is already 500% compared to 50% for Amazon, 30% for Microsoft and even less at Meta and Google. In other words, the tech capital cycle may be about to change" (Cembalest, Sept 24) Also JPM: "Hi Oracle, here is $38 Billion in debt"

This is the joy of having children🥰