Incredible charts by BofA...
Bitcoin and gold are the two best best performing assets YTD and over the last few years... However, fund managers are massively under-exposed to those 2 store of values... Indeed, 75% of fund managers have no exposure at all to cryptos. And even more surprisingly, 41% of fund managers have no exposure at all to gold... The least we can say is that they don't look as crowded trades... Source: BofA thru Callum Thomas
Free cash flow of pure electric vehicles makers
Updated for Tesla, Rivian, Lucid, and Ford EV Q2 2025. His key observations: 1. The EV business is a tough one 2. Only Tesla manages to generate positive free cash flow. 3. Ex Tesla, the shown companies accrued $88 billion in cash burn (net negative cumulative free cash flow). 4. In terms of cash burn, Rivian is the most underperforming EV maker: nobody has accrued a higher cash burn, not nearly. Will we see a similar story with robotaxis? Source: AJ @alojoh
Despite the breakout, there is record amount of shorts on ether $ETH
Source: zerohedge
The power of stepping away
Source: @HumanGlowRoom
Gold had its worst day in 3 months
Source: Barchart
Apollo's Sløk says the U.S. remains the most dynamic economy in the world — and he uses one simple chart to make his point: the number of new business applications.
Source: Apollo, HolgerZ
Donald Trump has extended a trade war truce with China for another 90 days, two US officials have said, just hours before his Tuesday deadline to steepen tariffs on the world’s biggest exporter.
Source: FT
Watch out US CPI electricity today
Recent BBG article cites the recent 2x increase in electricity vs. broader inflation. Source: Bloomberg
