In many ways the AI trade has turned the market into a carnival with barkers around every corner professing things that are both untrue and designed to self aggrandize. These are supposed to be the best of times, after all, and yet SJM is outperforming AVGO by 30% this year. The greatest company of all […]

This week was highlighted by Sec. Bessent’s flaccid girl throw attempt at stemming US interest rates, which are primarily under pressure now since winning the Iranian war and opening the Strait. Because of all of the winning, the equilibrium is off, which in turn is applying pressure to many different parts of the economy, such […]

Back in 1970, Ginnie Mae was created to securitize the mortgage industry. Previous to it, mortgages were originated at a local bank and said bank held onto it for decades. Once securitized, it was pooled into an SPV and then sold to an institutional investor. This freed up capital at the banks to make even […]

Gents, Ladies — Factset: The bear case now lies almost exclusively inside of some of your brains — visions conjured up in the middle of the night — awoken by nightmares of black smoke and red flames, chards of metal bustling through your city squares. The line that is often bandied about by many a […]

This had to be one of the craziest fucking months I’ve seen since COVID. The fact the SPY was barely down made it all the more mocking. First the carnage, just to get an idea what it is I speak of. MTD collapses SPCX -38%, TSLA -25%, MU -28%, INTC -35%, AMAT -30%, CAT -23%, […]