1. Valuation Without Mag 7…19.6X Forward P/E
From Irrelevant Investor Blog-Michael Batnick
https://www.theirrelevantinvestor.com/p/the-compound-and-friends-strength-leads-to-strength
2. Since 1981 Tax Revenue Up 4.9x -Debt Up 44x
I would check these numbers.
https://www.zerohedge.com/precious-metals/end-us-economic-and-military-empire-rise-gold
3. Investors Hedging Run Away Spending with Gold–Gold Miners GDX Chart
50-week moving average thru 200-week to upside
2011-2012 Chart Hit $60
4. More Speculative Junior Miners Same Chart
50 week moving average thru 200 week moving average to upside
GDXJ Hit $160 in 2011-2012 Era
5. Silver +41.5% YTD-Chart
SLV breaks above 2020-2021 levels….Next resistance 2012 levels.
6. Record Debt, Gold New Highs…But U.S. Dollar Still Going Higher
Renmac Dollar Overbought Chart
7. ASML Shows Chip Sector Still Cyclical Business….$8B Revenue Quarter in 2023 to $2B 2024
8. What’s at Stake in a Strained Microsoft-OpenAI Partnership- DEALBOOK NEWSLETTER
Andrew Sorkin
But tension is building in what Altman once called “the best bromance in tech.”
Microsoft began to get worried after last year’s upheaval at OpenAI and moved to hedge its A.I. bets. That included spending at least $650 million to hire most employees from Inflection, an OpenAI rival led by the former Google executive Mustafa Suleyman. At Microsoft, Suleyman’s role includes building tech that could supplant OpenAI’s products, which has riled some of the ChatGPT parent’s executives.
From The Times:
Some OpenAI staff recently complained that Mr. Suleyman yelled at an OpenAI employee during a recent video call because he thought the start-up was not delivering new technology to Microsoft as quickly as it should, according to two people familiar with the call. Others took umbrage after Microsoft’s engineers downloaded important OpenAI software without following the protocols the two companies had agreed on, the people said.
OpenAI executives are also complaining that Microsoft isn’t providing enough computing power. The start-up has already negotiated their to let it sign a $10 billion contract with Oracle for additional compute, and secured reductions in how much Microsoft charges for its cloud resources.
Both sides are working with investment banks — Goldman Sachs for OpenAI and Morgan Stanley for Microsoft — over how much of a stake the tech giant should have when the A.I. start-up becomes a for-profit entity, according to The Wall Street Journal.
https://www.nytimes.com/2024/10/18/business/dealbook/microsoft-openai-ai.html
9. Top 10 States with Highest Average Retirement Savings Per Person
Visual Capitalist
https://www.visualcapitalist.com/sp/emp01-ranked-the-top-10-states-by-average-retirement-savings/
10. Elite Sports and Business-Farnam Street
Rob Fraser discusses the mindset required to excel in elite sports and business.
“Sometimes you don’t push as hard because there’s no personal mission there. There’s no reason to push. You don’t necessarily take that mindset into everything you do, but it’s really helpful for those larger goals. And it’s similar with business; I think success in any large goal comes down to your ability to endure over the long term. Perseverance. Resilience. People always talk about hacks and quick wins and “How can you shorten the timeline?” And ultimately I think that leads to maybe a quick win here and there, but not longevity. In business and in sport, careers are built on longevity, and that really comes down to a mindset because along that path on anything worth doing, there are just so many ups and downs and sideways and there’s just so much going on.”
— Listen now on Apple, Spotify, or watch on YouTube. (Members have access to the transcript and my reflections.) https://fs.blog