1. U.S. Equity Risk Premium Turns Negative
Barchart
2. History of Negative Equity Risk Premium
Perplexity
3. Inflation Ticking Up in 55% of CPI Items
Apollo
4. Semiconductor Stocks $1.3B Inflows Last Week…Retail Buying
The Kobeissi Letter
5. Gold Trading with High Correlation to S&P
Bloomberg
6. Big Tech CDS Spreads Widening
Big Tech CDS. “The Big Tech CDS has surged this year with Oracle CDS leading the rise. The big Tech CDS is now highest in over 2 years, rising from cycle-lows. While the standalone chart show concerns, when compared with the broader IG market, the spreads are still below the aggregate Investment Grade credit and that the IG CDS is still near cycle lows.”
Manish Kabra – SocGen
7. Historical Returns After 2% Dip-Marketwatch
Joseph Adinolfi
8. AAII Bears History
9. Subprime Auto Loan Delinquencies Break-Out Above 1990’s Record
Reuters
10. A good business vs. a useful idea
Ideas open doors, lead to connections and make things better.
But not all good ideas are good businesses.
Crop rotation is a good idea. So is sous vide cooking and the sport of juggling. But these aren’t good businesses.
A business thrives when it can charge a premium–selling something for more than it costs. That means that there has to be a competitive advantage, an asset that produces value. Easy substitutions are a challenge for businesses, but useful ideas are often based on how easy they are to share.
Create something of value. And then find a reason why people will eagerly choose your version and happily pay extra for it. https://seths.blog/