Getting a lot of Whitman.... ~ JM Focus and intent.

Some classic Chevy Chase lines from Fletch, which is 41 today. Under the laughs, it’s a tight, well-built detective story: drug trafficking, murder-for-hire, and a film-noir backbone; just brighter, with punchy one-liners. Might rent it tonight. I’ll charge it to the Underhills.

Some good points here from McQueeney.

"...if you want to learn from a great spiritual master, get a dog,.." ~ Jed McKenna

Sometimes you are so divinely protected. That you do not get what you want.

You were brought up to take everything seriously, to have goals, ambitions. Where do these things lead you? Robert Adams, Transcript 111

"Almost the whole world is asleep. Everybody you know. Everybody you see. Everybody you talk to...only a few people are awake and they live in a state of constant total amazement." Joe vs. the Volcano via Jed Talks #2

You've entered the chapter where it all goes right.

Natural gas prompt moves past $3/MMBtu. L48 weather forecasts saw only minor changes from Friday. The Rockies cooled nearly 26°F, but that was offset by the rest of the L48, keeping the overall shift limited. Power demand gained 5.4 Bcf/d from Friday as temperatures warm to a 74°F L48 average (Criterion). Modeled demand is expected to stay elevated through the back half of the week before easing into the weekend. Prices are also starting to factor in El Niño risk (NGI). El Niño typically drives hotter global temperatures and more extreme heat. NOAA’s CPC now shows an 82% chance of development by July. On the structural side, US data center buildout appears stalled (NGI). Hyperscalers are planning $650–700B in capex for AI, but timelines are slipping versus actual progress. About 80% of announced projects remain in pre-construction. Gas-fired generation is expected to anchor that buildout over the next several years.

2026, day 139 Good morning from Asia. ‘Trump says 'clock is ticking for Iran' after call with Netanyahu on China, Hormuz’ (JPost); ‘US, Iran Far From Hormuz Deal as Trump Says Clock Ticking’ (BBG); ‘‘No tangible concessions’ in US response to Iran proposal: Iranian media’ (AFP); ‘Trump: There won’t be anything left of Iran if it refuses peace deal’ (Telegraph); ‘Drone attack that damaged UAE's Barakah plant designed to 'send message' to UAE, sources tell Post’ (JPost); ‘Saudi Arabia says it intercepted three drones entering from Iraq’ (Al Arabiya); ‘The Iran War Is Crippling One of the World’s Wealthiest Nations’ (NYT) - “Iranian attacks and the stoppage of seaborne transit have paralyzed Qatar’s vital gas exports, stalling the economic pivots intended to anchor the country’s growth”; ‘Israel strikes Lebanon while Hezbollah calls talks ‘dead end’’ (AFP); ‘’Now 60%’: Netanyahu admits Israel taking more territory in Gaza, despite ceasefire’ (ToI); ‘Ukraine’s deadly drone strikes on Moscow ‘entirely justified’, says Zelenskyy’ (FT); ‘Following attack on Moscow, Zelensky touts 'shift in the balance' on battlefield, signals more deep strikes’ (Kyiv Independent); ‘U.S. eyes attack-drone threat from Cuba’ (Axios); ‘Trump advisers fear China may target Taiwan in next 5 years’ (Axios); ‘Will the Trump-class battleship really be able to deter China?’ (SCMP); ‘Trump says ‘nothing’s changed’ on Taiwan. But his words belie a big shift’ (Japan Times); ‘South Korea to host Prime Minister Takaichi as quasi-state guest’ (Japan Times); In geoeconomics, ‘Iran energy crisis enters new phase as peak summer season approaches’ (FT) - “Emergency measures spread as oil stockpiles run low”; ‘Gulf freight rates jump as shipping companies turn to trucks to move cargo’ (FT); ‘The future of America’s military industrial complex’ (FT) - “In an age of disruption, defence is undergoing seismic and lucrative change”; ‘This Arkansas Town Is Humming With the Sound of Missile Making’ (WSJ) - “To meet wartime demand, Camden is channeling its residents into defense manufacturing”; ‘China to buy at least $17 billion in US agricultural products annually, White House says’ (Reuters); ‘India restricts most silver imports to cut import bill, support rupee’ (Reuters); ‘Stung into action: How Europe can deter both China and the U.S.’ (Euractiv) - “Brussels doesn’t hold any trump cards over Washington or Beijing. But this doesn’t mean it always has to fold”; ‘A sinking ship? Why the EU and China could be heading for a trade war’ (SCMP); ‘China investor gobbles up 120-year-old German sewing machine maker’ (Nikkei Asia); ‘Maserati Is Teaming Up With China: Report’ - (Motor1) - “The Italian automaker is allegedly in talks with Huawei and JAC to develop and build Maseratis in China based on Chinese technology”; ‘Japan's Sumitomo Metal, Sojitz look to Southeast Asia for rare earths’ (Nikkei Asia) - “Philippines, Malaysia and Vietnam hold promise for building China-free supply chain”; ‘Australia Orders Chinese Investors to Sell Stakes in Mining Firm’ (BBG); ‘’Loophole’ to allow millions to negatively gear homes’ (AFR); ‘Samsung, Labor Union to Meet in ‘Last Chance’ to Avert Strike’ (BBG); In politics, ‘Spain’s Conservatives lose majority in Andalusia, leaving far-right deal likely’ (Politico); ‘Eurovision faces tough questions over country participation’ (Politico) - “The song contest’s existential moment over Israel’s participation is far from over”; ‘Burnham retreats on push to rejoin EU’ (Telegraph) - “Labour leadership contender distances himself from previous calls following backlash”; ‘Tories should stand aside for Reform in Makerfield, says Rees-Mogg’ (Telegraph); ‘GOP lawmakers battle as conservatives press for third budget reconciliation bill’ (The Hill; In markets, ‘Bond Traders See Tipping Point Toward New Era of Higher Yields’ (BBG)

Listen to that little bastard.,.

momento mori

SCOTUS decision winner/losers: Winners: Plantiffs attorneys Defense attorneys Risk management consultants Insurance brokers Mega truckload carriers Top 200 freight brokers Lobbyists Fraud and compliance software Losers: Anyone not a top 200 freight broker Small trucking firms Load boards Factoring companies Anyone working with small truckers or brokers Criminals and fraudsters

OMG, this is the most pivotal moment in trucking history since Deregulation. It could be an extinction event for 30-50% of all freight brokers. Matt Lefler and I will be on the air at 11AM ET to discuss. Live, streaming on X.

stay out of my business

BREAKING: President Trump announces that he will be giving a press conference in 30 minutes from the White House Press Briefing Room.

Commercial and industrial loans made by banks are up 7.4% year-over-year, the biggest jump in three years: @PantheonMacro While this can indicate a pickup in capex spending, this time it shows how banks are taking the place of private credit firms that are pulling back: Pantheon

Two thoughts from Amelia Earhart “The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do.” “Never interrupt someone doing what you said couldn't be done.”

Factoring firms, whether transportation only or general will benefit. why? 👇 darebizcapital.com/the-coura…

Was at an energy conference today and my mind was blown about how early we are in this cycle. The partnership between energy data centers is going to power the trucking super cycle