Newsletter

AI takes over office workers. AI gets facts from Reddit and YouTube. AI capex might be at a peak. Taxed to death. Taxed to death twice.

Air conditioning is crucial. US-EU trade deal is about optics. Energy is the AI bottleneck. Levered up. Higher taxes lead to lower tax revenue.

Chinese entrepreneurship is dead. Bubble trouble. Only Mag 7 makes money. Starbucks is struggling. LinkedIn is not struggling.

Air conditioning is crucial. US-EU trade deal is about optics. Energy is the AI bottleneck. Levered up. Higher taxes lead to lower tax revenue.

Remember, it’s a long game. The private equity wonderland. Massive productivity gains at Amazon. Socialists for growth. Oil firms may produce less.

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.