Money, like faith, is the product of the human imagination. — David McWilliams in The
Category: Markets
Alphabet Posts Strong Growth In First Quarter As AI Leader
The stakes were high and, thanks to the company’s furious comeback in the race to
How AI Went From Tailwind To Headwind For Stocks
Earlier this week, I mentioned that forecasts for hyper-scaler capex in 2026 are up more
‘Loan-ageddon’ Looms As SaaS Scare Menaces Private Credit
“Well what the hell are we supposed to do with it?” “I dunno. Should’ve thought
Anthropic Threat Sparks ‘SaaSpocalypse’
It won’t be painless. The AI revolution, I mean. I can’t say I’ve consulted the
Tech Still Has An Oracle Problem
Oracle’s down 50% from last year’s vertiginous highs. Did anyone else notice that? I’m not
Gold And Silver Are More Meme Stocks Than Money
I’ll say it again: Excessive volatility can negate store of value considerations when it comes
Precious Metals Carnage Spills Over, Bleeds Crowded Trades
It got worse for precious metals on Monday if you can believe it. At one
What The Gold Bubble Says About The Nature Of Money
What are the desirable characteristics of money? It’s a straightforward question, and it’s tempting to
For Gold, Silver: Black Friday
Well, you can’t say they weren’t due for a pullback. By “they” I mean gold
Two Wild Charts Show Scope Of Gold Frenzy
Gold’s “getting bubbly.” And, along with silver, it’s “nutty overbought.” The quotes are from BofA’s
Kevin Warsh Wins World’s Worst Job
When Kevin Warsh was last in the running for the big seat at the Fed,
Apple Delivers Best Quarter In Years
“Way” back in October, Tim Cook said iPhone sales and also total revenue at Apple
Riding The Bubbles
There’s some nascent unwind risk emanating from the CTA universe. I realize that’s a little
Meta, Microsoft Beat As AI Costs Scrutinized
Meta and Microsoft both beat estimates in results released after the bell on Wall Street
Jerome Powell’s Got Nothing For You
Jerome Powell has nothing for you. On anything. Or at least not on anything you
Waller Joins Miran In Dovish Dissent As Fed Holds Rates
The Fed kept rates on hold Wednesday, as widely expected. Stephen Miran naturally dissented, but
The Poli-Sci Catalyst Behind Gold’s Epic Rally, Dollar’s Deepening Disaster
The paradox of power for America vis-à-vis the dollar-based financial architecture which grew out of,
Dollar Bears Everywhere!
I spent a lot of time early this week lamenting the rampant uncertainty engendered by
What Immigration Crackdowns And De-Dollarization Have In Common
Rule of law. It matters. In fact, it’s the only thing that matters in the
Gold Soars Above $5,000 As Chaos Rally Goes Parabolic
I love the smell of flaming fiat in the morning. On Monday, gold added to
What To Expect From 2026’s First FOMC Meeting
Jerome Powell, spendthrift renovator, will defy Donald Trump’s calls for more rate cuts at this
Weekly: The Existential Threat To US Treasurys
I’m pretty sanguine about the outlook for risk assets but… BUT. At the end of
Remember: ‘The Markets Have No Heart’
I’ve said it a few dozen times before and I’m sure I’ll say it at
Bond Vigilantes Beat Down The Door In Japan
I wouldn’t say this was an “all’s well that ends well” week for the Japanese
The Stocks Are Fine. The ‘Fake’ Polls, Not So Much
If you’re a politician and your poll numbers aren’t great, there are a couple of
Unhedged Pros Perilously Exposed To Stock Drawdown
If nothing can go wrong, I suppose you don’t need hedges. I’m reminded of an
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