The edifice of the liberal world order is being upended and they don’t like it. The recent salvo was Trump’s announcement of tariffs for Mexico, China and Canada, which has led to rhetoric and threats and all sorts of fears being sowed into the tape. Does the small amount of trade with Canada and Mexico...Read More

This week we were bookended by tape bombs. On Monday we learned about DeepSeek and today the Trump tariffs. In both cases, deleterious trading action was the net result, with the latter being somewhat tepid in comparison.Late in the day, Trump affirmed his commitment to Mexican and Canadian tariffs, resulting in a full collapse of...Read More

The broader indices did not reflect how good today’s tape was, weighed down by MSFT. We had risk on, especially in the shares of data center centric names, many of which we own. The SPY jumped by 0.54% today, NASDAQ +0.25% and we booked +162bps in chaotic trade. Towards the end of the session, Trump...Read More

The best quote from today’s FOMC meeting was when Powell said this in response to a question from a reporter: “Uncertainty is with us all the time.”While it’s true on a long time line, things tends to go up and with the benefit of hindsight, it looks easy. But in the present, we are enveloped...Read More

Early going it was looking rough for markets, as the open was sold off hard, with emphasis on Datacenter ecosystem names. I took the opportune to wade into some software names for reasons I’ll discuss in a moment. We bought NET, ADSK, ADBE, TEAM and AFRM with idle cash.As many of you know the datacenter...Read More