Newsletter

Trump extends the US ceasefire with Iran. China is still stockpiling gold. Strong 10-day rallies are bullish. US Gov’t to start refunding US$166bn in tariffs. Moody’s upgrades Thailand’s credit outlook.

The US blockade of Hormuz tightens. Amazon’s exponential capex binge. US consumer sentiment hits a 74-year low. While America sells, China buys. The average person today lives better than yesterday’s kings.

Trump announces ceasefire with Iran. Japanese government bond yields are OFF THE CHARTS. Berkshire’s war chest: US$373 bn of cash and Treasury bills. President Trump’s other inflation headache is beef. Most people think oil = petrol.

Energy is on a tear. The Strait of Hormuz doesn’t just move oil. Foreigners are dumping Asian stocks. Stagflation risk has increased. Foreigners own less US Treasuries.

Commodity prices can go way higher. Food prices are likely to rise. Saudi Arabia is rerouting its oil. Is gold going to beat the bear?. Green energy deforests the Amazon.

Traditional correlations are breaking down. US inflation ticking up. Private credit doesn’t look good. Chinese home prices fall further. Non-green energy security.

Asia is the most dependent on Middle Eastern oil. Fertilizer stops with a closed Hormuz. Iran attacked Thai-flagged vessel. Private credit defaults continue to rise. Remember, free market capitalism is the only way.

Thailand and Korea hit by rising oil prices. Some Asian markets have very low oil reserves. Hormuz isn’t just about oil. Oil prices above US$100/bbl correct themselves. BYD sees massive sales drop.