Newsletter

US net liquidity has risen. 45% of S&P 500 tech. Is the AI bubble about to burst?. Unfunded pension entitlements are massive in Europe. European working population shrinks.

Unemployment to rise in the US. Small caps perform record bad. Milei sorts out Argentina. Young French rejects centrism. Buffett is no longer buddies with Gates.

Inflation might be higher than we think. Higher inflation can lead to greater efficiency. US Treasuries send worrying signals. Julian Assange is free. Hillary Clinton proposed to drone Assange.

US retail sales are weak. Foreigners hold less US debt. A house might not be the investment it once was. India to add a lot of coal power. Asia is big in important metals.

Fed keeps rate unchanged. Invest like the US Congress. India appears pretty expensive. The Canadian real estate bubble. Flying is back.

Bond/Gold ratio signals global financial weakness. Nvidia gains US$1trn+ and overtakes Apple. China dumps US Treasuries for Gold. Buffett likes US Treasuries, though. US$9trn of US gov’t debt maturing soon.

Tough times for small US businesses. Asset managers don’t expect a recession. China drives copper demand. Oil and gas are here to stay. Nvidia dominates the data center compute market.

US gov’t debt service to exceed S&P profits in 2025. Gold hits another ATH. 70%+ investment advisors allocate <1% to gold. Nvidia hits US$2.5trn market cap. Real ESG progress in the US.

China replaces UST with gold. Meme stonks redux. Electricity inflation is the highest in 40 years. US small cap debt coming due. Magical PE vol.

0% return over the next 10 years. Berkshire Hathaway got US$189bn in cash. US is no.1 in oil. Risk of an RMB devaluation is real. Gang crime threatens the Swedish economy.