This is a clear sign that the lower income part of the economy is running out of cushion. When you see subprime auto delinquencies hitting record highs like this, it means the stress has finally moved from abstract macro talk to real life households. During the pandemic,

A lot of people are reading this chart wrong. People think it means that there is too much speculation (and they aren't wrong), but what it really says is you should be long $CBOE

It's not just sub-prime car loans people. Nobody Special

So Just to recap, $TSLA ’s ‘strong quarter’ ahead of the EV tax credit cut off delivered a 5 year low op margin and 37% YoY decline in net income…that’s quite impressive

Have to ask, but why are TriColor and PrimaLand pronounced Tree Color and Prime a Land? Seems like they were doomed at incorporation. $CVNA should be cooked between Bridgecrest and Drivetime and subprime bankruptcy trends.

...and another one. $500mm evaporated. This one in the telecom space is accused of - get this - faking invoice collateral. This is starting to appear endemic. At some point the big boys who have been financing all these redistribution finance schemes thinking they were all

More cockroaches in the California banks… 👇🏼

Look at that, the dreaded Eiffel Tower Formation, all in just one day. That’s a first. Kevin Muir

Goldman Sachs says that the hyperscalers alone account for 27% of the S&P 500’s capital expenditures and that their outlays will grow more than 20% next year. That is not sustainable. $MSFT $META $GOOG $AMZN $ORCL

Good luck to all the $TSLA shareholders…

More fraud-related charge-offs in the regionals Danielle DiMartino Booth Darth Powell RealJohnGaltFLA

Going to frame this when $CVNA implodes. Golden age of Fraud.

What are the chances that Carvana's "miraculous turnaround" to profitability was simply Bridgecrest selling the same loans twice? 🤔 > Bridgecrest services auto loans for both Carvana and DriveTime > Carvana is a spin-off of DriveTime, and the two companies claim to be

New Investor Letter from Kuppy just dropped. Always a must read. New blurbs on EM and Gold basket positions, an update on $JOE.

I do not own enough $CBOE

This shouldn’t surprise anyone given the recent increase in announcement on Fraudulent loans. ⁦junkbondinvestor⁩

Holy Smokes, some whale got nervous today bought 10,148 put contracts on $SPY at 20% below the current price of 677.

Happy weekend everybody!

Great chart from Jim Bianco.