It’s been one of the most fascinating years for positioning, honestly, I’d call it the year of the retail trader. Anyway, positioning still looks like everyone’s bracing for a crash, so I wrote a short piece about it yesterday https://t.co/dwCiaddEXw

“muh puts are going to be up yuge”

You can just imagine the chest thumping from the bears

ES UNCH after being down 150bps earlier Thanks for playing

Volume 4 of Zero to Stock Hero is coming soon… So if you missed the first three, all three Zero to Stock Hero volumes are now in one post. (Free to read) https://t.co/kWPKgcLEqB

For an unapologetically deep guide to FX here’s the From Zero to FX Hero post https://t.co/zf1pOJlXXg

Volume 4 of Zero to Stock Hero is coming soon… So if you missed the first three, all three Zero to Stock Hero volumes are now in one post. (Free to read) https://t.co/kWPKgcLEqB

Artificial Ambitions. The next phase of the AI theme is about CAPEX sustainability, productivity, ROI and the commodity resources needed. The theme is evolving from an equity story to a multi asset one. My latest thematic note is below. https://t.co/d2Rqc5Fyel

Literally the tippy top tick of the day

https://t.co/7jl9W8u4iX @lord_fed Ty for this

BESSENT ON SURGE IN GOLD PRICE: MORE BUYERS THAN SELLERS

NO CRYING IN THE CASINO! https://t.co/ANJ8ry8BMB

Bonnie Blue gonna have to do some crazy shit to keep that revenue ticking over

SAM ALTMAN SAYS OPENAI WILL ALLOW EROTICA FOR ADULT USERS - AXIOS More deals coming, need a lot more compute for the down bad gang

“Back to that “this is a bubble” talk. Yes, valuations rhyme with past bubbles, but this cycle is underpinned by real earnings growth and record profitability. Oppenheimer called it “a high-valuation market, not a speculative one.” I think that distinction matters. We’re not

4.9 -> 48.5

Stick to your pet rocks

I thought careers were ending today

This isn’t a bubble, it’s a bull market built on disbelief. Maybe it’s the start of a bubble but there’s been a lot of lazy “this is a bubble” talk again, mostly from people who haven’t looked at an earnings model in two years. The reality is less exciting: the market’s expensive

“Back to that “this is a bubble” talk. Yes, valuations rhyme with past bubbles, but this cycle is underpinned by real earnings growth and record profitability. Oppenheimer called it “a high-valuation market, not a speculative one.” I think that distinction matters. We’re not