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Abel Takes Charge at Berkshire Hathaway
Greg Abel just completed his first full quarter as the CEO of Berkshire Hathaway, taking the throne from Warren Buffett. In his first earnings announcement, Abel sent strong signals of a strategic pivot. Most important of these, Berkshire repurchased $4.5 billion of its own stock in the second quarter, its largest quarterly buyback since a […]
Aug 12, 2026
Leveraged ETFs: Math Often Trumps Hype
The Tweet on the right below irresponsibly suggests that if SK Hynix shares double, as Cantor Fitzgerald’s $300 target implies, a 2x leveraged fund like SKHA offers “magnified exposure” to that outcome. Assuming the stock doubles, the leveraged trade ETF sounds like easy money. However, even if Cantor is right and the stock doubles, the […]
Aug 11, 2026
BLS And ADP Reports Take Rate Hike Off The Table
The Friday BLS employment report showed the economy lost 23k jobs. Along with last Wednesday’s ADP report (+44k), the two reports suggest the spring pickup in job growth is stalling. Adding to the bad news, the BLS revised May and June jobs down by a combined 103k jobs. The labor market has now averaged a […]
Aug 10, 2026
AMD and SanDisk Set A High Bar For Nvidia
AMD and SanDisk (SNDK) delivered earnings beats this week, yet both stocks fell. AMD posted record revenue up 50% year over year, with data center revenue more than doubling. Its CEO Lisa Su said she expects “Data Center sales to accelerate in the second half of 2026.” Guidance for the current quarter came in near […]
Aug 7, 2026
Palantir Earnings Provide Hope For The Software Sector
Software stocks have taken a beating this year on fears that AI will erode pricing power across the industry. While the fear may be genuine for some companies, Palantir posted earnings that told a vastly different story. To wit, its CEO Alex Karp described Q2 earnings as “otherworldly.” Palantir shares surged by nearly 30%, its […]
Aug 6, 2026
The BEA Is Reformulating Its Key Inflation Gauge
According to A Statistical Revamp Is About To Lower Inflation by The Wall Street Journal, the Bureau of Economic Analysis (BEA) is reformulating its Core PCE calculation. The markets seem to focus on CPI as its inflation gauge, while the Fed often touts PCE as its key inflation indicator. Economists expect the BEA’s changes will […]
Aug 5, 2026
Bessent Is Buying Yen In Support Of US Bonds?
The US Treasury bought Japanese yen last Friday and again Monday morning in its first coordinated intervention in the currency since 2011, following Japan’s earthquake and tsunami. It is only the third such move since 1998. Treasury Secretary Scott Bessent confirmed the action: “Friday’s coordinated foreign exchange actions countered disorderly yen movements,” and pledged, “we […]
Aug 4, 2026
Leverage Turned A Winning Thesis Into A Stupid Bet
Leopold Aschenbrenner’s Situational Awareness Fund turned $225 million into as much as $45 billion. Not bad for a 24-year-old with little experience. In June alone, his fund was up 439% year-to-date. Despite the rapid wild success, last Thursday the fund was forced to sell all of its public investments to satisfy margin calls. Furthermore, they […]
Aug 3, 2026
Long Bonds Are Weary Of Warsh’s Inflation Resolve
At Wednesday’s FOMC press conference, Chair Warsh made it clear that the Fed’s number one goal is returning inflation to its 2% target. The reaction in the long end of the bond market was one of disbelief. The 2-year yield fell roughly 4 basis points to 4.24%, while long bonds like the 10-year climbed by […]
Jul 31, 2026
A September Rate Hike Is On The Table
Despite the market assigning a moderate 35% chance of a rate hike at yesterday’s FOMC meeting, the Fed left rates unchanged. However, three dissenting voters (Hammack, Kashkari, and Logan) wanted a rate hike. The Fed Funds futures market is now pricing in near 80% odds of a September hike. The question is whether 3 to […]
Jul 30, 2026
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