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The Profits Are Fine
Earlier this week, I suggested US equities would have a hard time rising without Nvidia.
That was a rational thing to say. After all, the stock has, at various intervals, been just about the only thing that matters for the "broad" US equity market. Indeed, as one PM-turned Bloomberg blogger pointed out, Nvidia's capable of singlehandedly moving the entire market by 1% or more.
But I was wrong. Wrong to suggest equities couldn't muster gains at the index level absent an assist from Jensen Huang
Note: The first published version of this article was a draft that accidentally pushed into the publication queue. It had some typos. They should be fixed now.
It’s either transaction or devaluation, it seems. The market consensus seems to be fully on the devaluation side as tax increases appear politically difficult.
*It’s either taxation or devaluation
Tax the rich to benefit the poor. A topic that was likely on the table at The Last Supper.