It's fascinating. The deficit of one sector emerges as the surplus of another. Basically, 30% of wealth is held by the top 1%, 67% by the top 10%, and just 2.5% by the bottom 50% of households. One sector rises to the extent the others sink. Not politics. Just accounting.

'The affordability issue, which seemed to be a rocket exploding upwards 12 months ago, now looks more like a bomb to which the Republican Party finds itself tightly strapped.' www.derekthompson.org/p/the-democr...

'In the “very worst case,” Zuckerberg said, Meta ends up with several years worth of excess data center capacity. That would result in a “loss and depreciation” of certain assets, but the company would “grow into that and use it over time,” he said.' www.cnbc.com/2025/10/29/m...

“Bitcoin is warning investors to sell their racy AI stocks.” www.bloomberg.com/opinion/news...

“All four of us who fired him came to the conclusion that we just couldn’t believe things that Sam was telling us and that’s just a completely unworkable place to be in as a board that is supposed to be providing oversight, not just helping the CEO raise more money.” www.theverge.com/ai-artificia...

‘Friar’s use of the word “backstop” wasn’t a slip of the tongue, it was a candid admission of what everyone already knows: The stock market, the economy, and the government are all-in on AI. If OpenAI can’t find the funding, the spillover effects will be significant.’ www.barrons.com/articles/ope...

‘Discontent with the economy is once again proving to be the primary force in U.S. politics, defining elections in three states on Tuesday and punishing the party in power.’ www.wsj.com/politics/ele...

‘Retail broker stocks are ripping. This outperformance by brokers is yet another sign of speculative excess in the U.S. stock market today. Throughout history, periods when brokers have prospered amid frenetic trading have been followed by market declines.‘ www.acadian-asset.com/investment-i...

‘The Barclays Equity Euphoria Index measures the proportion of equities that have liquid options, currently around 11% vs. its long-term average of 7.1%. The gauge peaked above 10% during the dot-com era of the late 1990s and the meme-stock frenzy of 2021.’ www.bloomberg.com/news/article...

‘The Cleveland Fed chief said she estimates inflation won’t reach the Fed’s 2% target until a year or two after 2026. That would mean the Fed will miss its price target for “the better part of a decade,” and risks embedding high inflation in the economy.’ www.bloomberg.com/news/article...

“There is an opportunity to buy new homes at really low rates. The big surprise is why sales are still so soft.“ www.bloomberg.com/news/article...

‘America’s biggest builders are struggling to sell homes even when they offer buyers a 4% mortgage. Their experience suggests rate cuts alone won’t be enough to boost weak sales in the wider housing market.’ www.wsj.com/economy/hous...

Every day I look at my screen and think "that's it, that's the quote that sums up this mad era." And then the next day there's another one. www.axios.com/2025/11/06/o...

In an asset-backed economy, high beta momentum stocks are actually the real cyclicals.

‘Bubbles end with a bang.’ www.wsj.com/finance/stoc...

Saudi Crown Prince Mohammed bin Salman has a fantastical vision for a new way of living. But The Line, his plan for a vertical city in a vast mirrored wall, is rapidly being undone by the laws of physics and finance. Here is an #FTEdit 🧵 of eight mind-bending facts about this moonshot in the sand 👇

‘Referencing Amara’s Law with respect to AI, that we overestimate the impact of a technology over the short term and underestimate it in the long term, feels like a modicum of solid ground.’ www.man.com/insights/the...

‘The over-all time spent on traditional social media peaked in 2022 and has declined ever since. The largest platforms, meanwhile, are populated primarily by passive consumers who don’t care enough to unfollow those they’re no longer interested in.’ www.newyorker.com/culture/infi...

‘Best way to describe the market is bonkers’ on.ft.com/4qK7lV3

‘Wall Street analysts are stuck in outdated, favoritism-driven ways of thinking and can't understand the success of “baller” companies like Palantir.’ www.axios.com/the-axios-show

‘While it’s tempting to dunk on OpenAI’s grandiose plans, one cannot do so without also acknowledging that the current valuations of Nvidia, Oracle, Microsoft, AMD and many other firms rest in part on OpenAI’s relentless spending on servers and chips.’ www.theinformation.com/articles/ope...

’When predicting the stock market’s subsequent 12-month return, the gold/platinum ratio “outperforms nearly all existing return predictors.” The ratio’s drop this summer implies the market could fall 16% over the next 12 months.‘ www.marketwatch.com/story/this-l...

‘The risk now is that what might be considered a “natural” amount of inequality develops into something “extreme” and leaves the economy at large more vulnerable to duress. “It triggers discontent, social unrest and is more corrosive than conducive to growth”.‘ www.bloomberg.com/news/article...

‘Even for this court, allowing any president to impose the largest tax increase since 1982 ($3.9 trillion over a decade, Trump’s own budget office estimates) without any input from Congress may be a bridge too far.’ www.wsj.com/politics/pol...

US Companies Announce Most October Job Cuts in Over 20 Years www.bloomberg.com/news/article...

‘Will accommodative monetary policy provide a boost to commodity prices?’ thedailyshot.com/2025/11/06/c... via @thedailyshot.bsky.social @topdowncharts.bsky.social

“With four Titanic signals and two Hindenburg signals recently, this count has now exceeded 5, triggering our cluster model.” www.dailychartbook.com/p/791 via @dailychartbook.bsky.social

‘What happens to commodities if China so much as shows a sign of life?‘ www.dailychartbook.com/p/791 via @dailychartbook.bsky.social

Today, OpenAI’s CFO said the US government should guarantee the debt the company takes on to finance its infrastructure build. Not a sign of a sustainable business model that can stand on its own. www.wsj.com/tech/ai/open...

We’re in the “OpenAI-CFO-thinks-the-government-should-backstop-AI-financing” part of the cycle. 🤡 @bloomberg.com www.bloomberg.com/news/article...

‘Tell your congress person — today — that you don’t want your taxes used to bail out overhyping and economically shaky AI companies that spend far more than they earn. Workers, already feeling the knife from layoffs, should not be footing the bill.‘ garymarcus.substack.com/p/if-you-tho...

There will be lots of talk that America moved leftward last night. It didn't. It moved downward and discovered there is more bipartisan vulnerability at the bottom of the K than people thought.

If you’re an Nvidia bull, the worrying thing about Jensen Huang saying that “China is going to win the AI race” is what’s left unsaid at the end of that sentence: “despite not having access to Nvidia’s flagship chips or wanting its nerfed ones” sherwood.news/markets/nvid... $NVDA

You know how ChatGPT 5 is meant to fix stupid mistakes in maths? Not so much. Even when asked about stupid mistakes in maths.

‘Enthusiasts say that unlike previous episodes of market mania this one is driven by companies that are profitable. Now, however, some observers say pockets of risk are building in parts of the financial system populated by opaque, hard-to-trade illiquid assets.’ www.reuters.com/business/fin...

‘RBC analysts wrote that the incredibly strong AI demand cited by Microsoft, Amazon, Meta, Oracle, and Google largely reflects spending on model training, deployment, and AI-native firms — not a broad-based surge across traditional enterprises.‘ www.businessinsider.com/enterprise-a...

‘Amid growing inequality and an affordability crisis, will Americans turn toward socialism, or is this just a politically idiosyncratic moment?’ www.nytimes.com/2025/11/05/b...

BMO, on #ISM Services “The backlog of orders plunged. .. hovering around the lowest level since 2009. The Prices Index climbed to a three-year high, suggesting cost pressures are bubbling .. “.. Meanwhile, the employment gauge held in contraction terrain for the fifth month in a row .. Not good.”

‘A BofA Global Research's monthly fund manager survey revealed that 54% of investors said they thought that AI stocks were in a bubble compared with 38% who do not believe that a bubble exists.’ www.reuters.com/business/fin...

‘Long-time Bitcoin holders have offloaded around 400,000 Bitcoin over the past month, an exodus of about $45 billion that’s left the market unbalanced.’ www.bloomberg.com/news/article...

‘Fast-food restaurants are holding up better than fast-casual chains.’ www.bloomberg.com/news/article...

‘An oversupply of DATs, waning retail and institutional buying, and fierce competition for day-trader capital are breaking what had been the virtuous cycle of this year’s crypto rally. Now, some firms built to hoard tokens are selling into weakness.’ www.bloomberg.com/news/article...

US ISM Service Sector prices paid hit three year high. Demand for services across the economy-especially from upper end households is driving service-based inflation. #Econ #EconSky

‘The Trump administration is wielding the possibility that parts of the economy are in a recession as it raises pressure on the Federal Reserve to cut interest rates, hoping to ensure that the central bank will bear the blame for any economic weakness.’ www.nytimes.com/2025/11/04/u...

‘The roaring AI trade has masked the worsening pain among consumer shares. Strip out Amazon and Tesla from the S&P 500 index that tracks makers of discretionary consumer products, and the gauge is flat in 2025.‘ www.bloomberg.com/news/article...

‘In a market captivated by the relentless AI-powered rally in US equities, few on Wall Street seem to mind that only a handful of companies are leading the charge.’ www.bloomberg.com/news/article...

“How can a company with $13 billion in revenues make $1.4 trillion of spend commitments?” Gerstner asked him. “You’ve heard the criticism, Sam.” “If you want to sell your shares, I’ll find you a buyer,” a taken-aback Altman replied curtly. “Enough.” futurism.com/artificial-i...

“With the shorts it’s very complex... honestly I think what’s going on here is market manipulation. We delivered the best results anyone’s ever seen. I mean these people, they claim to be ethical but they are actually shorting one of the great businesses of the world.” www.cnbc.com/2025/11/04/k...

“If you look at the insurance business there is a looming systemic risk coming through because of lack of effective regulation. In 2007 subprime [lending] was all about rating agency arbitrage.” www.ft.com/content/73ee...

‘The future is in wafers. Data centers will be the size of a box, not vast energy-hogging structures.’ www.wsj.com/opinion/the-...