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Here are 4 charts from @SarnaCapital that underscore many of the points I’ve made in my recent interview about America’s Energy Achilles’ Heel and the Hydrocarbon dependency shifting to Natural Gas:

From @SarnaCapital’s excellent substack this am: A reminder why I like to call Private Credit and by extension BDCs “Jump To Default Short Puts.”

Musings of the Day, 1/19/26: Realpolitik doesn’t care about feelings. Realpolitik cares about both economic and military leverage, among other factors. As my Canadian friend @SarnaCapital lays out in his Substack this am, Carney’s choice to embrace China whether symbolic or not

ICYMI: Weekly S&P500 #ChartStorm blog post https://t.co/B6LMmhvLSZ Thanks + follow reco to chart sources @jfahmy @SamRo @topdowncharts @RyanDetrick @Marlin_Capital @MebFaber @SarnaCapital

I wrote about some of the economic travails facing the UK above. These blurbs from @SarnaCapital highlight the misguided notion that taxing the wealthy will lead to better outcomes. What’s happening to the UK is a cautionary tale for NY, CA, and the US generally.

Lots of pushback around Europe not having the wherewithal to commit economic seppuku willingly. I agree. But if the current admin is competent they will have a binder full of coercive steps they can take that will make the cost for Europe a lot higher than shutting out

What if the next decade delivers 0% for U.S. equities and 4% for Treasuries? The conditional historic method — which ties starting valuations to forward returns — points in exactly that direction. Based on today’s earnings yields and bond yields, history suggests: Equities: ~0%

“No sir we sold those to Malaysia”

jesus christ they euthanized the datadog

Musings of the Day, 7/17/25: Good chart from Apollo by way of @SarnaCapital that reminds people that FX Strength (or lack thereof) does not have anything to do with FX Adoption. The “USD is Doomed” thesis views the world in a vacuum without considering alternatives that can

@BullionStar @RonStoeferle @IGWTreport As you referenced family offices and #gold , this via @SarnaCapital

L’Oréal warned of tariff pressures, but has multiple levers to protect margins "One is price increases… we had built some inventory… and yes, we can relocate some of our productions. But we don't want to take any measures on something that might be temporary."

@markminervini I do not support tariffs exceeding 10% which I made abundantly clear in the interview you cite

Great question. Energy multiples have historically had little correlation to inflation and/oil rate of change. If anything they are negatively correlated in absolute terms. However earnings has a higher correlation with oil/inflation, etc for obvious reasons. Energy

Musings of the Day, 3/26/25: Good charts from @SarnaCapital this am. Highlights my contention that there can be no meaningful Deficit reduction until Macro Conditions warrant sustainably Lower Rates. The primary obstacle I see: These conditions must hold true for RoW as well,

Pharma, healthcare, and biotech sectors seem undervalued. Chart: JPM via @SarnaCapital

Never underestimate the Power of Compounding. Chart: Hayden Capital via @SarnaCapital

Lots of angst in Europe over US potentially ending aid to Ukraine, yet no one wants to bear that responsibility. If only a Fairy Godmother existed… H/t @SarnaCapital

"Interesting data point. Since Trump's second inauguration, the US has ranked as the worst-performing G7 equity market and is one of the few down during this period"- via @SarnaCapital sub🥞

🚨 The Market Is More Overvalued Than Ever 🚨 By multiple measures, today’s market is at unprecedented valuation levels. And as every investor knows, the price you pay directly impacts your future returns. This suggests that long-term returns from current price levels could be