AI Narrative Risk: The Hyperscaler Story Changes Again.
The week the labor market cracked was the week stocks had their best run since April. Friday’s close of 7,757.64 on the S&P 500 set a record, up 3.6% over five sessions. The Nasdaq Composite gained 5.2% to 26,690.62, and the Dow added roughly 3% to 54,036.93.
Moonshot AI Raises Red Flags In The AI Industry
Moonshot AI, a Chinese company, just released AI model Kimi K3. Kimi K3 is a 2.8 trillion-parameter open-source AI model that the company claims is the largest ever built. With Kimi K3, Moonshot AI believes it can compete with Claude […]
The Deficit Spending Problem With A Non-Political Fix
The national deficit debate usually focuses on entitlement and defense spending. While they have merit, they miss the single largest driver of America’s deteriorating fiscal picture. After the pandemic-related deficits, the cost of borrowing itself, not spending, has been the […]
Why Retail Traders Consistently Underperform Over Time
Decades of data across global markets reach the same verdict: the more frequently retail traders trade, the worse they perform. The infrastructure has never been more inviting. The losses have never been more documented. Here are some key statistics we […]
Momentum Meltdown Catches Traders By Surprise
The headline number this week was boring, but the action underneath was not, as the momentum meltdown was tearing through the market's most crowded trade. The S&P 500 slipped about 1.5% to close at 7,457.69, the Nasdaq 100 gave back roughly 4%, and the Dow held up with a fractional loss.
Home Affordability: Better Than Headlines Suggest
Let's start with a recent survey. Two out of three Americans now say it's a bad time to buy a house, the most negative reading Gallup has ever recorded.1 Another study showed that a record 25.2 million adults under 35 are living with their parents.
US Energy Efficiency: We Have Come A Long Way
The graph below paints a very interesting picture of US energy efficiency and a key structural economic change in this country. For roughly 25 years after WWII, the US economy’s crude oil consumption nearly tripled. Feeding the growth were a […]
Are Flattening Curves And Style Rotations Deceptive Omens?
Bond market pundits often warn that bear yield curve flatteners or inverted yield curves ultimately lead to recessions. Similarly, some equity experts caution that periods of violent back-and-forth rotations among stock sectors and/or style factors are precursors to a market […]
Margin Debt Risk: The Ratios That Mislead Investors
Margin debt just set another record. In May 2026, investors owed their brokers a combined $1.42 trillion, the highest in history and a 53.7% jump from the prior year.1 Every time this number prints a new high, the same charts circulate: margin […]