If you waited for a dip from April till now, the most you got was -3%, which I believe occurred during the Iran spat. In other words, we have provided bears with zero opportunities to accumulate cheap shares and markets have beautifully trended up most of spring and all through the summer, even during the...Read More

We gave a little back today, off by 56bps after an early jump and what looked like was going to be another scorcher. But that didn’t pan out and we ought to not think about the reasons as to why, mind you, stocks go down for a day, perhaps two. I am surrounded by traders,...Read More

Much of what we do is a guessing game based upon news events and reading the tea leaves. The news today of NVDA investing $100b into OpenAI, who will then in turn buy more chips from them, cannot be understated. This, effectively, hastens the pace at which OpenAI is going to grow and develop models....Read More

The SPY merely gained +46bps, yet across the investment landscape were runners of magnanimous and generous proportions. We managed +73bps for the session, thanks to a sundry of things working in our favor. It wasn’t Bitcoin or COIN or AMZN or MSFT or COST, but incessant bidding up into shares of ORCL, AAPL, NVDA, GEV...Read More

For as long as I’ve been trading stocks, circa 1990s, they’ve been “expensive”. Part of the reason why they appear to be richly valued is because we are constantly transitioning from a brick and mortar economy to a digital one, increasing productivity and efficiencies along the way. Case in point is the current AI build...Read More