Back Shorting SPY
At $767.82.
Position: Short SPY (VS)
The Anthropic IPO Stretches the Accounting Envelope
Position: None
The Market as a Casino
Position: None
Politics and Cannabis
Position: None
It Feels Like Deja Vu All Over Again
Position: None
The Consumer Is Spent Up, Not Pent Up
Most in the business media are looking at the rear view mirror in their assessment that the consumer is in good shape.
Nonetheless, I remain bearish on the U.S. consumer based on the emergence of negative real incomes (since March 2026) coupled with the steady reduction in the savings rate:
Position: None
Shorted More Apple
I shorted more Apple ($AAPL) in the premarket.
Position: Short AAPL (S)
More on AI’s Circular Financing Gambits
I have been warning about Meta’s ($META) off-balance sheet liabilities, its need for equity capital and I have suggested avoiding Meta’s shares since the abrupt post EPS rise (and then -$100/share fall over the last week or so):
Position: None
Questioning the AI Sales GAP and AI ROIC
There is currently a wide range of expected AI revenue outcomes.
Market participants appear to be embracing the optimistic scenarios and dismissing the pessimistic possibilities:
Position: None
Talking My Book on the ‘Quality’ of S&P Profit Growth
* The headlines scream mania — the tape is pricing risk…
Position: None