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

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