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Margin Debt and Non-profitable Tech soaring. "Hysteria" (click) ? The best description of what the "Earnings Season" has become: a "Kabuki Theatre"(source). Most questions on the conference call are completely irrelevant to the long-term value of a company. "Analysts" are just trying to find data points for the next "Kabuki session". My personal highlight this season so far: a bulge bracket analysts asking a company selling >10 year life-time machinery, whether a 4-day IT update distorted their order intake... Nicholas Taleb is highly controversial. Silba thinks: "To truly learn from Taleb, you must disagree with him"
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"The Analyst" founder Mark Hiley has some interesting views on market structure, buy-side, sell-side and short-selling
I don´t agree with the thesis that "stablecoins are a USD 3tr government scam". But critical questions about the motives and beneficiaries of the "Genius Act" must be asked. Why this generous legislation? Why now? "Stablecoins are not a bridge to the future of finance. They are a Trojan Horse, designed to exploit the decentralized trend and install a permanent pipeline to fund the American government's ever-expanding debt." Former GMO analyst Malcolm Brown thinks Auto1 can still tripple from here over the next 5 years
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The Economist with some very deep thoughts about the economics of AGI. A word of caution: it´s probably the most dangerous moment for massive capital deployment, when a new technology looks so revolutionary, so palusible and when everybody starts discussing the societal changes the new technology will bring upon us. It all looks so close, so plausible, so inevitable, so tempting to chase returns. In reality, it will take (much) more time (and capital) than we imagine today (taking the Dot.com / internet revolution as a blueprint).  The GLP1 bubble has burst. Is it time for a basket to pick up the rubble yet? What´s probably getting ignored short-term is the (so far largely unexplained) health benefits beyond obesity (source). Should also work as an urgent warning for all the Defense, German Infrastructure spending bulls out there... Founders podcast is profiling Colin Chapman, Bernie Ecclestone and Dietrich Mateschitz |
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Art as an Asset Class has underperformed (source). "Sales of >$10mio paintings collapsed as high interest rates flushed speculators out of the market" Almost 1 in 10 Americans is now a USD millionaire Think about it this weekend Enjoy the Weekend!
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