...lower barriers to building software don’t destroy value, they expand the market and concentrate it.

...a capital efficient way to express downside the March- & June-end SPY put-spreads stand out...

The Kospi suffered its worst day since the August 2024 Carry Trade crash... The move lower was so unrelenting it triggered multiple circuit breakers.

This 3-legged stool of upside performance, however, is now being met with uncertainty on all 3 legs...

"It is very discouraging for anybody who believes that China was offering an alternative because there is no alternative. China won’t be there if you need them."

And?

"Don't be a hero..."

Blackstone wants “mom and pop" to jump into the AI data center boom...

If the dispersion trade unwinds, the playbook looks ugly for the S&P 500 remaining calm...

“Like, why is a bank allowed to do that?”

"The AI system shall not be intentionally used for domestic surveillance of US persons and nationals..."

So far today, none of these conditions has been met...

The dollar, Treasuries, stocks and commodities cannot be expected to behave as in prior risk-off periods...

On geopolitics, the market was set up for contained, tactical conflict (think Venezuela)...

“Sentiment is gradually drifting from an orderly selloff to a panic selloff. We are now starting to see overreaction by investors. This increased panic selling may last for a little longer, but will eventually open up buying opportunities.”