In Japan, The Stocks Are Happy
Spend it if you got it! Or hell, spend it even if you don’t. Lord
America’s Tarnished Statistics Agency Takes Center Stage
Barring another US government shutdown (don’t laugh: the situation inside the Beltway’s even more dysfunctional
Takaichi Landslide Spotlights Japanese Assets Amid Spending Worries
Sanae Takaichi’s gamble paid off. When Japan’s first female prime minister called a snap legislative
Wall Street Thinks Main Street Might Win In 2026
In August of 2020, amid a late-summer melt-up in high-flying US tech stocks (remember “The
Weekly: The All-Crushing Claude
This was the week Anthropic took the lead in the AI race. Or at least
Big Tech Bets Its Balance Sheet On History’s Most Expensive Moonshot
“Way back” Tuesday, I noted that street forecasts for full-year hyper-scaler spending on the AI
Fear The Steepener?
Don’t fear the inversion, fear the steepener. Although a bit “inside baseball” vis-à-vis the casual
Happy Or Sad? It Depends On The Size Of Your Portfolio
The Trump administration enjoyed some additional, minor relief on the consumer sentiment front Friday, when
Amazon’s $200 Billion Capex Guide May Scare Investors
It was all about AWS when Amazon reported results after the bell on Wall Street
McElligott Has Unified Theory For Bitcoin, SaaS Plunge, Gold Rally
If you’re searching for a unified, Occam’s razor-friendly theory to explain gold’s meteoric rise over
‘Trustless’ Bitcoin Confronts Another Confidence Crisis
Money, like faith, is the product of the human imagination. — David McWilliams in The
Terrible Trio Of US Labor Market Updates ‘Dims Expectations’
All around bad. That’s an apt description of the trio of US labor market indicators
White Collar Job Openings Evaporate In America
The hits just keep comin’. Shortly after a trio of private-sector updates cast a pall
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
US Services Sector Steady, But Stagflation Lingers
The US services sector’s generally fine. In case you harbored any doubts on that front.
Trump Tariffs Triggered Dramatic Hiring Slowdown, New Data Shows
Mind the revisions! Private sector hiring in the US was far slower than expected last
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
Credibility Is America’s Real ‘Deficit Problem’
It’s a good thing there’s no viable alternative to the dollar and US Treasurys, because
The Housing Market Is One Giant Antinomy
There are two ways to describe the US housing market. One says this remains among
Fine Print Throws Cold Water On Wild US Factory Rebound
“We are so back.” Factory activity in America picked up dramatically at the beginning of
Trick Question: How’s Earnings Season Going So Far?
How’s earnings season going so far in the US? That’s a trick question. Don’t answer
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
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