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

I was watching a Goldman analyst on CNBC describe the history of FOMC cuts with markets at highs and he cited 9 times it had occurred with all leading to higher stocks. Moreover, he discussed market gains from 2009 to present being 75% driven by earnings 16% dividends and just 9% multiple expansion. In other...Read More

We made +73bps but I’m not in the celebrating mood, all things considered. This being the 24th anniversary of 9/11, the gruesome subway killing and now the assassination of Charlie Kirk. That aside, and maybe this is something to remember for future reference — markets are almost automatic on 9/11 anniversaries.Make that 15 of 17...Read More

This remarkable young man lost his life at 31 years of age to an assassin who disagreed with his way of life or opinions. This has become endemic in America — the polarization and de-humanization of people and it only seems to be getting worse. We had been sold on many ideas over the past...Read More