The Pentagon just proposed the largest defense budget in U.S. history at $1.5T or +42% in one year.
• $65.8T (warships & support ships) - Largest shipbuilding program since Kennedy. • $54.6T (autonomous warfare) • $6.1T (next-gen B-21 bomber) • 85 F-35 jets • 18 battle force ships • 16 non-battle force ships • Golden Dome missile defense • 12 critical munitions restocked • critical minerals supply chain investment Record drone investment. 44,000 new troops. The Iran war costs are not included. That’s a separate bill. America is no longer preparing for a war. It’s preparing for wars (with a "s")👁️ Source: Visual capitalist, Voronoi
LPs are rotating.
Infrastructure and liquidity solutions (secondaries, opportunistic) are in. Software, buyouts and direct lending are out. Source: Illiquid Insights
The Psychedelics ETF $PSIL has destroyed its daily volume record in first 30min of trading...
Why ??? Trump just signed ex order expediting research/access to psyche drugs to cure depression. The sector has been in dog house, waiting for catalyst, up 10% today. Watch this space. Source: Eric Balchunas
For anyone wondering whether the fossil fuel crisis in the Middle East is driving interest in clean energy technologies:
China's exports of batteries, EVs and solar products shot up in March to $21.9 billion! This is an all-time record and a 70% increase over March 2025. Source: Nicolas Fulghum
The current bull market is 3.5 years old and up 99.2%. As we've noted many times, once bull markets get past their third birthday they rarely end anytime soon.
Source: Over the past past 50 years, 5 made it past their 3rd birthday and those lasted eight years on average".
THE WHITE HOUSE BASKET (aka "Don't fight Trump") is massively outperforming the S&P 500
Don't fight the Fed, or the White House Investing alongside Trump's tweets and White House moves ("White House basket") has returned about 75% since the start of his term, versus roughly 20% for the S&P 500, led by Intel and USA Rare Earths, found @psarofagis. Note: Tuttle has been trying to ETF-ize this strategy in the Government Grift ETF but no exchange will list it because it too controversial (?) Source: Eric Balchunas on X
WHEN SPACEX IPOs, THESE ARE THE STOCKS THE MARKET WILL CHASE NEX
Source: Justin Banks
The S&P 500's CAPE Ratio has moved up to 40, its highest level since 2000 and now above 99% of historical valuations. $SPX
Source: Charlie Bilello
