It has been ridiculous for a very very long time.

The successful SpaceX fundraising illustrates yet again the power of US capital markets. While admiring the markets’ ability to fund companies at an ever-increasing scale, a question will attract more attention in the months ahead: Can the supply of long-term funding expand to meet what is likely to be significantly higher multi-front demand? Here is why: ft.com/content/3d2d7f0f-3f74… @FT #capitalmarkets #markets #economy

BREAKING: 🇺🇸🇮🇷 JD Vance confirms that Iran will get $300 billion for war damages

June @NAHBhome builder sentiment fell to 35 vs. 37 est. & 37 in prior month

The deficit spending crisis is in full-swing. The US Treasury's budget deficit fell -$23 billion YoY, or -7% in May, to $293 billion. However, adjusted for the timing of certain government payments that shifted between months, the May deficit would have been $74 billion larger than a year ago. In the first 8 months of the FY2026, the US deficit hit $1.25 trillion, the 3rd-highest in history. This is only below the $1.37 trillion recorded over the same period in FY2025 and the $2.06 trillion seen during the 2021 pandemic recovery. Meanwhile, net interest rose $59 billion YoY, or 8% in the first 8 months of the FY2026, to a record $723 billion, tracking as the 2nd-largest government outlay only behind Social Security. There is no long-term plan here.

"AI is likely to produce neither a job apocalypse nor productivity utopia, but something harder to measure: a quiet degradation of the quality of the jobs that remain," per Bloomberg

The middle class in America is shrinking But it's happening b/c more ppl are moving into the upper middle class American households are getting richer but the rich are getting richer at a faster pace Wealth inequality is complicated awealthofcommonsense.com/202…

RT @GasBuddyGuy: 🚨 BREAKING: The Strategic Petroleum Reserve has just fallen to its lowest level since August 1983- 340.3mb. That's a 42 yr…

NASDAQ 2.8%

Apollo's Torsten Slok delivered one of today's best presentations on how AI is eating the entire U.S. economy. TL/DR: the new 60/40 portfolio is now 60%:AI/40%:Non-AI because AI is now everywhere in equity and fixed income portfolios.

The national average price of gasoline has continued to drop, falling to $3.986/gal this morning, down 9c from a week ago according to GasBuddy. Diesel has dropped 12c/gal to $5.18/gal over the same time. With oil prices down ~5%, the drop should continue- for both gas & diesel.

Amen to that @michaeljburry!

Here are 7 stocks over 50% undervalued using our DCF calculator. Are you buying any of these?🧵 1) $ADBE Adobe Current price: $204.02 DCF fair value: $353.84 (73.4% undervalued)

Wall Street consensus estimates for hyperscaler free cash flow. Provides a good snapshot of where the market's head is at, I think:

We are drawing inventories at unprecedented rates with no end in sight, and investors are the most bearish on oil in a decade... I guess we need outright shortages for them to turn bullish.

"Hedge funds, asset managers and other speculators accumulated $27.8 billion worth of bets that the dollar will strengthen as of June 9 ... It's the most since February 2025." @AnyaAndrianovaV

Amazon said its global data-center operations withdrew about 2.5 billion gallons of water in 2025, as data center companies around the world face growing scrutiny over the environmental impact of artificial intelligence on.wsj.com/4xpgp4X

The strength of the housing market very much depends on where you live. Lots of divergence now…

NEW: Trump’s approval rating hits 28%. The lowest for any president in U.S. history.

Blackstone President and COO Jon Gray made a very good point. Any rule-based businesses, like accounting, legal, finance, will be completely disrupted by AI. 🎯 e.g. JPMorgan dropped proxy advisors for shareholder votes, replacing them with AI.