...from one white powder to another.

The US’ pressure on “irrelevant” Denmark’s sovereignty is an assertion of primacy framed as pragmatism, with tariffs as the go‑to tool. The subsequent Trump‑Rutte arrangement does not at all mark a return to rules or procedures.

...instinct is there’s a window to own short-dated upside calls on the big US tech stocks for the reporting period...

You think commodities — you think Brazil.

“This action responds to the WHO’s failures during the COVID-19 pandemic and seeks to rectify the harm from those failures inflicted on the American people.”

The market’s problem is that these disruptions are fighting a macro backdrop that still points to a 2026 glut...

...backed by managing investors Oracle, Silver Lake, and MGX. The app’s Beijing-based parent company retains a 19.9% stake.

No inflation… unless you look at commodities.

"Winter is Coming for Appalachia. "

Russia will consistently pursue its objectives on the battlefield...

If the 10-year isn’t pricing much in the way of geopolitical or inflation risk, then the MOVE is pricing even less chaos — which is exactly how convexity starts to look interesting.

...market valuations are a much better measure of “investor psychology” and a manifestation of the “greater fool theory.”

Year-ahead inflation expectations fell back to 4.0% this month. This is the lowest reading since January 2025...

 "The survey is signalling annualized GDP growth of 1.5% for both December and January, and a worryingly subdued rate of new business growth across both manufacturing and services adds further to signs that first quarter growth could disappoint."

Comes after UBS analyst Jay Sole's note... 

The notification comes after the two criticized each other’s comments on US-Canada and international relations in public speeches this week...

Retail investors have continued to set new records this year, culminating with an impressive $12.9BN this week, largely due to near record buying during Tuesday's market rout.

"First, AI came for my RAM. Next, it came for my video card." 

“I hope that the geopolitical situation starts to ease so that the market can focus on substance versus noise,”

By pressuring the Fed to keep policy rates ultra-accommodative, the Trump administration is making a return to 2 percent inflation increasingly unlikely...