Cash appears to have the greatest opportunity cost at the precipice of when you'll need it most. Have been nibbling here and there of late, but the confluence around October is too incredible to ignore.

🚨 SpaceX just pulled off the greatest financial engineering feat of the century. In about a week. Here's everything that happened, in order: – Folded xAI into a rocket company, turning "space logistics" into an "AI infrastructure" story overnight – Priced the IPO at a flat $135. No book-building, no range. Take it or leave it – Floated just 4% of the company. 556 million shares against 13 billion – Raised $75 billion at a $1.77 trillion valuation, near 100x revenue – Lobbied to get into major indices in ~15 trading days. Amazon took years. Forced buying, by law – Handed an unusually large slice of the float to retail. Tiny supply, an army of buyers – Watched the stock rocket past $200, up nearly 20% in a single session – Saw ~46% of the entire float trade hands in one day – Then announced a $60 billion all-stock buyout of Cursor, the AI coding tool – Structured it so the higher the stock trades, the fewer shares it has to print to pay A company losing $4 billion a quarter is now buying AI startups with paper it manufactured out of a 4% float. The scarcity that pumped the stock now makes its shopping spree cheaper. This isn't aerospace. It isn't even AI. It's the finest financial engineering of the century, and it's only week one.

Oil prices might be more valuable in the future as well. But the forward curves are backwardated because today you can invest to bring on new capacity in the future for both products at a cost below today's prices.

your move kev

Knicks Era

NEW YORK OR NOWHERE

The asymmetric trade right now may now be dovish. If rate hikes do not materialize, SOFR has to price them out. Even if Fed simply stays flat, that becomes a passive easing impulse. The point is not that cuts must arrive immediately. It is that max hawkishness may already be in the price with two hikes.

Honestly the last time I saw the city like this, I was there in person: the night Obama won in 2008. City was electric that evening.

no where like usa amen

The entire city of New York is singing Empire State of Mind. Incredible. (via @TrindonHo11iday)

Baby boom of NYC 2026 will be historic

it’s no secret the coastal elites disappear from nyc every summer. they’re in the hamptons. they’re in europe. they’re somewhere on a boat. but for the first time in a long time, the center of gravity feels like it’s in the nyc/US this summer. the Knicks. the world cup. america 250. fomo is now working in reverse.

what a great city

job’s done ✅

Jalen Brunson is legitimately going to get standing ovations in every room he walks into in NYC for the rest of his life.

New York has 2021 summer energy. COVID is over energy. The euphoria of being alive energy. If you don’t meet your soul mate on the street by Labor Day this year I just can’t help you.

Do the Right Thing reunion hell yea

even introverts are like lets go out

Lets go Knicks! Parties on every corner of the city in New York right now.

i dont even like basketball