Newsletter

Gold has outperformed stocks YTD. China is buying more gold than declared. Central banks are loading up on gold. Nuclear is green. Virtue-signalling rich kid socialist for NYC mayor.

Unemployment signals US recession. US housing isn’t getting any cheaper. US stocks aren’t getting cheaper either. PE companies don’t look great. Climate policies are luxury goods.

Boom in US tariff revenue. Historic bond drawdown. Delinquency rate on office-linked debt skyrocket. US$ weakens at record pace. Trump and Musk are back at it.

Israel-Iran truce. US is the no.1 oil producer. US$ down 10% YTD. NASDAQ loves July. Self-censorship threatens democracy.

The world is invested in the US. Is it time for EM?. JPM expects US stocks to underperform. Gold is 20% of CB reserves. China buys Iran’s oil.

The TACO trade. EU might have some leverage on US. China is 50% of e-commerce. BoJ owns 52% of the gov’t debt. New BTC ATH.

Printer goes Brrr again. US$ has weakened significantly. A 40% weaker US$ would eliminate the trade deficit. Vietnam’s Dong still weakens against the US$. Learn to code, they said.

The TACO trade. EU might have some leverage on US. China is 50% of e-commerce. BoJ owns 52% of the gov’t debt. New BTC ATH.

US inflation expectations through the roof. 5%+ UST yields are back. Money supply is growing again. New ATH for BTC. Lego beats luxury.

Socialism sucks. 50% drawdowns are common. The UST yield challenge. Time for Emerging markets?. The illusion of choice.