Newsletter

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.

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.