Newsletter

The US dominates the World index. Not so fun to borrow anymore. It’s hard to keep up in the US. 10% drawdowns happen every 1.6 years. “War is good”.

Make US$155k to afford a house. Rates to stay permanently higher. The labor market is weakening. Wall Street no longer sees a recession. Japan is attractive for stock pickers.

50% of listed US firms are lossmaking. Runner-up issuance year for US Treasuries. Unemployment points to recession. Stock market bottoms when unemployment races up. Investors flee renewables.

US$ on a rally. China might not be getting out of US$. Corporates took advantage of QE. We’ve heard about soft landings before. Truckers yell, “Recession!”.

Long-term US Treasuries reach a new low. 7 stocks drive the S&P 500. Small caps & EM dominated the 2000s. Gold trades at a premium in China. German house prices in free-fall.

Fed screws the middle class. Small caps are getting crushed. ECB hikes another 0.25%. Chinese real estate is the largest asset class. The end of free trade?

Low expectations on China. Long big tech, short China. Apple still relies on China. US CPI rebounded in August. German bankruptcies on the rise.

Housing is quite affordable in the US. US gov’t spending continues. China is no longer no.1 in US imports. China has cut UST holdings by 35%. Brazil is back.

There’ll be no US recession. CRE is not doing well. Credit card delinquency at 30-year high. China’s private debt may have peaked. Chinese gov’t stimulates stock trading.

Bottom record for China’s GDP. High rates hit hard when debt is massive. US money supply continues to fall. Thaksin returns to Thailand. If government…