Gold: The Anti-Bubble. ht #BOFA

U.S. Equity Risk Premium is now negative 🚨 On a risk-adjusted basis, stocks offer zero return for investors 👀

S&P 500 Earnings Yield is near 100-year lows 🤯The only time it was lower was during the Dot Com Bubble 😱👻

“Don't let making a living prevent you from making a life.” — John Wooden

BREAKING: The US financial conditions Index is down to 98.3 points, the lowest since early 2022. Financial conditions have been in a firm downtrend over the last 3.5 years. This comes as the Fed has cut rates by 175 bps since September 2024, to 3.75%, the lowest since October

The women of Nowogródek came running to the convent that terrible night in July 1943. They were crying. Begging. The Nazis had just arrested their husbands, their fathers, their sons. One hundred and twenty men. All sentenced to die by firing squad. "Please," they sobbed to the

International stocks outperformed in 2025 by the widest margin since 1993. But zoom out. On a rolling 5-year basis, U.S. stocks have now outperformed for 15 years running. This is the longest stretch of U.S. outperformance in history.

"The latest [CAPE] reading shows that equity valuations are near the highest levels since 1880" -Apollo Slok

"There’s nothing more insufferable than people who boast about their own humility." — Marcus Aurelius

BREAKING: Americans with four-year college degrees now account for a record 25.3% of U.S. unemployment. The percentage has doubled since 2008, leaving more than 1.9 million degree-holders age 25+ currently unemployed. This is the highest level since data collection began in

A reminder that about 1/4 of US debt matures in the next 12 months. The last two times we saw similar refinancing pressure, policy rates were at 0%. Today rates are 3.75% with the market pricing fewer than 2 cuts by year-end. Hard to see this aligning with Trump and the new

Anger is never without reason, but seldom with a good one. - Benjamin Franklin

The Father who never left his son behind

The Interest Expense on US National Debt rose to a record $1.27 trillion in the last 12 months, more than doubling over the past 4 years. The US Government now spends more money on interest than it does on National Defense. Video: https://t.co/PR32mJguhV

In the first 3 months of the 2026 Fiscal Year the Federal Government took in $1.2 trillion and spent $1.8 trillion. Don’t try this at home. Video: https://t.co/PR32mJguhV

Japan’s 30-year bond yield has spiked to 3.46% - the highest level on record. A preview of what’s coming for the US if we don’t get our deficit/debt spiral under control. The chickens eventually come home to roost.

Price Increases over last 5 years... CPI New Cars: +19.2% CPI Used Cars: +19.9% CPI Food at home: +25.5% Family Health Insurance: +26.5% CPI Shelter: +28.3% CPI Food away from home: +30.2% CPI Gasoline: +36.2% CPI Electricity: +36.8% US Home Prices: +42.9% CPI Transportation:

The US collected a record $267 billion in customs duties in 2025, more than 3x higher than what was collected in 2024 ($81 billion). Who is paying this tax?

Father Mike is such a gift

The top-10% of #income #earners now account for nearly 50% of all consumer #spending. I guess you can't have too many G5s in the driveway. 🤣