Caveat Emptor

Hyperscalers go cash-flow negative, the housing market seizes up, and Paris burns. Plus, waiting for the October surprise and a look ahead to next week’s FOMC meeting.

The labor market shows signs of cooling as inflation numbers come in hot, a Le Pen moment in France, the unraveling of CoreWeave, gold revaluation, selective defaults, a diesel deal with Russia and gold-backed Treasuries.

A look ahead to potential fourth-quarter developments, including interest rates, the Fed, oil, equities, superintelligence, the midterms, French elections and a couple of interesting hires at the Treasury Department.

Anthropic’s leaked prospectus, a look ahead to the midterms, AI crushes the insurance industry, $6 diesel, 7% mortgage rates, and the competition for capital. 

The housing market cools down, interest rates surge, diesel export controls, artificial intelligence, and the life insurance industry gets a private equity wake-up call.

A new hiking cycle has begun, private credit defaults hit record highs, Canada flirts with the EU, AI CEOs beg for regulation, Zelensky defies Trump, and the Houthis seize the Bab al-Mandab.

More stimmy checks, the case for bonds, "I am the house," the war ends after the midterms, and the end of humanity.

The broken housing market, the stock market’s more important than Social Security, a potential jumbo hike by the BOJ, a military disaster, and Chairman Warsh goes hiking.   

Economic D-Day, interest rates are signals, Druckenmiller schools Bessent, data center pushback, and Lake America.

The Treasury puts its thumb on the long end of the curve, gold rips higher, Fed meetings reduced to six, United Wholesale Mortgage, Guggenheim, 777 Partners and Trump Bank.  

Yen intervention, AI securitization funds, live Fed meetings, the war with Iran, and the labor market and inflation.

Artificial Intelligence, Crypto, Bonds, Oil, the Fed, and what about Japan?

Chairman Warsh's first testimony to Congress, CPI coming in negative for the first time since 2020, ways to play the AI trade and how to avoid it, and the situation in the Middle East are all discussed.

The end of the ceasefire, what could stop the AI bull market, a Persian Gulf Insurance Company, the future of OPEC, and the end of the petrodollar.

The Supreme Court rules on Lisa Cook, Mervyn King named first task force chair, Gold, Bitcoin, Yen, private credit and AI.

Price gouging at the pump. The AI trade. The war is over. Alan Greenspan's legacy as Fed Chairman. And a Super El Niño!

Kevin Warsh announces sweeping changes for the Fed at his first press conference, the US and Iran agree to a 14-point MOU giving us “peace for our time,” and the SpaceX IPO did not disappoint… yet!

The largest IPO in history, a live Fed meeting, the war with Iran, a new crypto winter, and a housing market correction.

Biggest IPO’s in history. Market manipulation. Private credit gates. A profile in courage. And dangerously low oil inventories.

John, Mitch and Brandon are joined by former SEC enforcement accountant Dan Brinks to discuss the recent explosion in public interest in insider trading cases associated with prediction markets as well as traditional commodities and securities markets. 

Data centers, inflation, insider trading, SpaceX, beans and Boeings. 

Incoming Chairman Warsh is confirmed. Inflation is running hot. Stocks are at all-time highs. Trump visits the Great Hall. And the strait is still closed.

Spirit Airlines. Gamestonk. Silicon Valley Bank. OPEC. The housing market. China Summit. And the Strait of Hormuz.

Fireworks at Powell's last press conference, Meta reports earnings, oil retests the highs, the UAE leaves OPEC and the new logo are all discussed.

Treasury Secretary Bessent declares economic war on Iran. The Petrodollar system continues to fracture. Hank Paulson argues for even more bailouts. The government buys an airline and Avis goes full meme stock.