The SPY is +2.7% for the month, yet SNDK is +100%. We have seen a rotation out from tier 1 names into tertiary stocks, providing us all with first class insipid entertainment. We understand how some of these runners resolve and should exercise caution as to the percentage of assets one allocates to them. All...Read More

Let’s review.Markets are at ATH2-10 spreads +532-30 spreads +112FOMC cutting ratesEarnings have been greatIn the midst of largest CAPEX spend on recordHeading into seasonally strong period for stocksI understand why people get nervous at highs — the disbelief and doubts seeping in, a recognition of it all being “too good to be true.” And then...Read More

As the jackhammers hammer at House Fly and water finds its way down to my living room ceiling below, we enter the arena of the Fed. We are expecting a cut of 25bps, but the commentary is most important. Will it be dovish or hawkish or moderate? I think either scenario leads us down a...Read More

Markets have entered the euphoric phase of the current bear run, heading into FOMC day. We gained +71bps today, comfortably ahead of the SPY — thanks in large part to clever and opportune positioning. There is a concerted effort around AI and power stocks, one of which we are long in small size (AMRC) has...Read More

I took 5 Goldman reports and fed it to AI for a summary and this is what it produced. Absolutely amazing tool.1. AI Adoption Tracker (Q3 2025: AI Hardware Investment Remains Strong)Authors: Jan Hatzius, Joseph Briggs, Sarah Dong, Megan PetersAI Adoption Tracker_ 2025Q3_ AI…Investment TrendsAI-related investment continues to surge, especially in semiconductors (+38% revenue growth projected...Read More