Newsletter

66% of S&P 500 stocks are outperforming. EM earnings estimates are rising the fastest. 84% of people have never used AI. Non-US equity funds saw US$17bn in inflows last week. When to buy the dip.

No central bank gold-buying frenzy. Bond yields are expected to go higher. Lower diversification benefits from bonds. China ramps up trade with Latin America. Sector performance depends on the business cycle.

China’s UST holdings have dropped. Everyone wants Google debt. AI increases work. Bitcoin trades below production cost. Korea to the moon.

US becomes more active in Africa. The US bond market’s historical drawdown. US bonds yield negative for foreigners. The American grid can’t support data center buildout. AI agents to eat SaaS.

Gold hits new ATH. Gold beats stock. China is gaining strength in Latin America. Xi’s purge of the military. Europeans own >US$10trn US stocks.

Greenland is strategically important. Danish pension fund exits UST. Gold makes new highs. The yellow metal is overvalued. The Woke Economic Forum does a 180.

US printer goes brrr…:. China’s trade surplus grows. Iran escalation and de-escalation. A big issue with AI. Another issue with AI is energy.

US captures Maduro. Venezuelan oil reserves may be misstated. Double US weight in the world index. Energy is <3% of the S&P 500. China continues to load up on gold.

Fed cut rates. Central banks are still buying gold. Quality matters in small caps. Consumer Staples underperform. Silver hits another ATH.

Gold reserves on the rise. Miners see wide margins. Silver jumps to a new ATH. The average investor underperforms bonds. Get 5% yield in Japan.