Behold: Rent Deflation
Good news for America’s renters. That’s something I don’t say very often. Maybe I shouldn’t
How The AI Trade ‘Breaks’
Investors are “buying the dream.” That’s the message from BofA’s Savita Subramanian headed into 2026,
Sam Altman’s ‘Code Red’
It’s tough being Sam Altman since November 18. That’s the day Google launched Gemini 3.
Congress Needs To Stop The Drug Boat Bombings
Obviously, the US government shouldn’t be involved in the commission of war crimes. Alas, the
Google AI Coup Presages Clash Of The Titans
I spent an enormous (but not inordinate) amount of time last month editorializing around what
New OpenAI, Nvidia Deals Fan Bubble Banter
One of the most talked about phenomena across markets over the past three months is
American Manufacturing’s ‘Forever Recession’ Rolls On
Another month, another lackluster read on the US manufacturing sector which, according to Donald Trump,
BoJ Wobbles Risk Sentiment With Rate Hike Nod
Market documentarians were back to peddling the BoJ “structural shift” narrative on Monday in the
Bookkeepers
Book of Genesis Big Tom was a gangster. We didn’t know that. Being 11,
Business As (Un)usual
It’s jobs week in the US. Sort of. In the normal course of business, the
Weekly: Scott Bessent Was Lucky
In prepared remarks for this year’s Treausury Market Conference (it’s an annual event co-hosted by
Goodbye November, Hello December
November was supposed to be a decent month for US equities. It wasn’t. However Friday’s
‘Just Forget It’: US Home Sellers Are Giving Up
You know what? Forget it. That’s what scores of American home sellers said in September,
Nation Of Immigrants Institutes ‘Reverse Migration’
A country of immigrants whose unofficial mascot beseeches the world to, “Give me your tired,
Despite 2025 Rally, Bonds Haunted By Shifting Buyer Base
When it comes to sovereign bond yields, popular discourse tends to turn on supply for
Trump’s Inflation Problem Is Getting Worse
This month, US households delivered successive damning indictments of the US economy. Both the University
Spare A Thought For America’s Impoverished Retail Workers
As Black Friday approaches and America enters the holiday shopping season, spare a thought for
Steve, Vlad And Don
No one should need “coaching” on how to deal with Donald Trump. As capricious as
What Layoffs?
Don’t look now — seriously, don’t, because it’s immaterial to pretty much everything including and
Google’s Awake
Nothing to see here, folks. Nvidia’s still light years ahead of the competition and Jensen
Consumer Confidence Collapses Second-Most In Four Years
Consumer confidence among American households crumbled in November, according to a highly unfortunate read on
More Bad Jobs Data Puts Fed Doves In Charge
“Curtailed.” That’s job creation among private sector employers in the US, and that’s not my
Meanwhile, In US Housing…
Good news, although I realize most of you aren’t here for that. Contract activity in
Spending Tepid, Wholesale Prices Mixed In Delayed US Data
Retail sales in the US rose at just half the expected pace in September, and
$4 Trillion Doomed To Underperform
It’s hard to beat a benchmark when you’re condemned to be underweight the names driving
Weltschmerz (It’s Lonely Being A Real Bear)
Everyone’s always looking for bear market canaries, crash harbingers and bad omens more generally. I
Google Comes For Everybody
The “Google’s winning” narrative has some real traction all of a sudden. Maybe you noticed.
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